2019-2023 pandemic-era renovations in Toronto and Vancouver increased single-family home prices by 8%, driving demand and affecting affordability and supply.
A Re/Max Canada report indicates that pandemic-era renovations have significantly raised single-family home prices in Toronto and Vancouver, with national spending surging by an estimated $300 billion from 2019 to 2023, an 8% increase. Despite a 24% decline in residential building permits, revitalization and infill developments are reshaping neighborhoods and driving housing demand. This trend is expected to persist, affecting affordability and supply in these markets.
September 24, 2024
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