Home Renovations Are Booming In Ontario

According to the Canada Mortgage and Housing Corporation, the $25 billion construction sector in Ontario is expected only to grow as home renovations and the updating of aging rental buildings ramps up in the province over the coming years.

Baby boomers enjoying the huge growth in the value of their homes will be funding big bathroom and kitchen renovations, while younger homeowners will be renovating to create basement apartments in order to rent them out and help them pay off their mortgages.

In only a couple of years, those aged 55 to 64 will make up just under a third of of the homeowners in Ontario, and only about a fifth of this demographic is planning on downsizing their homes according to the Canada Mortgage and Housing Corporation.

Check out this article here in the Toronto Star for more, including infographics, detailing more about home demographics in Ontario and the Greater Toronto Area.


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