Pandemic Home Renovations Drive Up Housing Values in Toronto and Vancouver

A new report reveals $300 billion in renovation spending has significantly boosted single-family home prices despite market pressures.

National renovation spending increased by an estimated $300 billion between 2019 and 2023, with Toronto and Vancouver leading the trend.
The report by Re/Max Canada highlights that home revitalization projects are a key factor behind rising housing values.
Infill construction, transforming older homes and underutilized land, is reshaping neighborhoods in major urban areas.
The value of residential building permits for single-family dwellings in Toronto and Vancouver dropped by almost 24% in the same period.
A significant portion of the existing housing stock in these cities was built before 1960, leading to higher renovation costs and challenges.