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Spending spree expected on home renovations: CMHC

A spending spree on kitchens, bathrooms and basements is being predicted for the Ontario housing market, according to analysts with the Canada Mortgage and Housing Corporation (CMHC).

The biggest spending will come from homeowners in the 55-64 age bracket, who will be reinvesting in their properties with new kitchens and baths.

At the other end of the spectrum, as reported by The Toronto Star, will be first-time buyers renovating basements to rent them out as apartments, helping pay down the mortgage.

The CMHC forecast sees many renovations focused on turning older homes into better properties. And it won’t just be individual housing needing fix-ups, as many apartment buildings are due for retrofits, specifically those built in 1960s and 1970s.