Real estate markets across the country may be showing signs of softening, but some home stagers and renovators say their business has been booming.
The latest data from the Canadian Real Estate Association signals that a weakening in markets like Toronto and Vancouver is starting to attribute to lower national home sales.
In October, national home sales fell for the second time in a row while the average price for a sold home came in just under $496,800, down 1.5 per cent compared with a year ago.
David Foster, who is with the Canadian Home Builders’ Association, says a weaker real estate market can also mean more demand for renovations as homeowners forgo a move up due to lack of supply.
“Renovation is seen as the affordable option when someone can’t get their dream home either because they can’t afford it or it’s not available,” said Foster, whose group represents 8,600 contractor firms across the country.
The CHBA says home renovations was a $77 billion industry in Canada in 2017.
Foster says home improvements are often done within the first two years of purchasing a home, but they also remain a popular option for those who want to wait out a slow market in undersupplied cities like Toronto and Vancouver.
Fulya Altunyay /realestatecoulisse.com