Renovation boom underway, CMHC says, as empty nesters need more space for adult chicks

Aging Canadian homeowners are increasingly deciding to stay where they are and renovate instead, especially since more adult children are still living under their roof.

That was one of the conclusions of a CMHC report on Ontario’s housing market Tuesday, which looked at the booming market for home renovations.

  • Calgary plumber finds $50K gold brick during reno

Ontarians spent an estimated $25 billion on renovations last year, a figure that the housing agency says is forecast to keep increasing in the coming years. That’s because the housing market itself is booming, and most buyers typically undergo some sort of renovation job within the first 12 months after they buy, indicate numbers by the Canada Mortgage and Housing Corporation.

  • List of overvalued housing markets is growing, CMHC shows

Even more choose to improve their homes later, once the high costs of buying a new home are considered.

According to the latest Statistics Canada data, some of the more popular reno jobs include:

  • Basement upgrades.
  • Painting and wallpapering.
  • Heating and air conditioning.
  • Landscaping.

On the whole, Ontario’s housing stock is aging. Roughly 57 per cent of all the homes in the province have been constructed since 1980, and those almost 40-year-old homes are in need of a few licks of paint — or more.

The trend is even more the case in rental units, where landowners can get around limits on rent hikes by spending money to improve their units’ quality. “Existing homeowners and landlords looking to sell or rent existing space have undertaken more renovation work,” the CMHC says.

Get all the details of this article here: