Home Renovation in Toronto Turn Profitable for Housing Values

Shweta Mazoomdar
6 Min Read

It has come to news through a news report that a boost has been seen. This is with regard to spending on home renovation during the pandemic. This is because it helped to contribute to higher prices for single-family homes despite downward market pressure.Furthermore, the report on home renovation by Re/Max Canada looked at the evolution of housing stock. It also looked at the trends which are affecting home values in the Toronto and Vancouver areas. These are known to be Canada’s two largest real estate markets.

What did the Home Renovation Report Say?

The report which was released on Tuesday, said that the national home renovation spending increased. This was by an estimated $300 billion between 2019 and 2023. It thoroughly led by home renewal and revitalization projects in the Toronto and Vancouver markets. This holistically marked up an eight percent jump from the previous five-year period.

The report on home renovation said about revitalization. It thoroughly added that it remains as one of the most underestimated factors behind escalating housing values.

“The landscape is changing as a staggering amount of money is funnelled into renovation while infill is redefining neighbourhoods, particularly in areas where the value of existing structures has not kept pace with increasing land values,” said the report.

More on Home Renovation…

Regarding the home renovation, with regard to urban planning. The infill strongly refers to building on underutilized land within existing areas that are largely developed.

“Case in point are wartime bungalows and smaller two-storey homes that continue to be primary targets, making way for custom builds that transform working-class neighbourhoods into up-and-coming hot pockets.”

Also, the Re/Max Canada president Christopher Alexander said that home renovation and revitalization projects are significantly affecting housing supply and affordability.

At What Time of the Year Should You Go For a Home Reno?

Below is the time of the year when you should be considering to go for a home reno. Home renos are quite good and it gives off a fresh air vibe when people decide to do one. Thus, you too can go for a home reno. However, you need to be aware of the points given below:

  • In March the weather is quite pleasant. This is because it offers longer daylight hours. 
  • March is the best month to buy furniture and other home improvement supplies. This is because of the fact that many showrooms have End of Year Sales in March and they offer great discounts.
  • Renovators are known to work more productively and finish projects on schedule. This is thoroughly done without worrying about delays caused by bad weather.
  • You should also go for the fall season. September through November are the most favourable months for renovators due to the milder temperatures.

What Should You Not Miss Out On During a Home Reno?

The following list must be kept on your mind and written down somewhere else as it is very important. Therefore, take note of these:

1. Budget Planning

    2. Design Inspiration

    3. Contractor Selection

    4. Permits and Regulations

    5. Timeline Development

    6. Material Selection

    7. Demolition Plan

    8. Inspection Schedule

    9. Finishing Touches

    10. Final Walkthrough

      What More Has Been Noted on Home Renovation?

      With regard to the home renovation, Alexander in a press release mentioned,

      “With all available tracts of land in the city committed to high-density construction, the single-detached home is quickly becoming a unicorn”.

      “Existing homeowners who can’t find what they want in the market will buy an older home in an area of their choice and renovate or build their vision. We expect this trend will strengthen in the years to come and serve to drive price growth in single-detached housing even further.”

      During the same 2019-2023 period, the value of residential building permits issued for single-family dwellings in the Toronto. Plus, the Vancouver areas sat at just over $27 billion. This was according to the Statistics Canada data cited by the report.

      That was down almost 24 percent from the previous five-year period. This was when more than $33.7 billion worth of residential building permits were issued in the single-family category.

      The report further said that the renovation and infill trend is unsurprising given close to 30 percent. This was of the existing housing stock in the Greater Toronto Area. Plus, an estimated 20 percent in Vancouver was constructed in 1960 or earlier.

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