A New Unicorn in Canada’s Housing Market

During the pandemic, many Canadians focused on renovating their homes, leading to rising values for improved single-detached homes. With new home supply tight, RE/MAX Canada expects these properties to significantly impact Toronto and Vancouver markets. Renovation spending reached nearly $300 billion from 2019 to 2023. Detached home prices soared almost 35% in Greater Toronto and 38% in Metro Vancouver. Factors like intergenerational wealth transfer and high property taxes are driving the trend of "renovate versus relocate."