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Real Estate

Toronto Offers Glimpse of Housing Pain as Renovations Slow Down

  • As rates rise, homeowners are cutting back on improvements
  • Housing market, with renos, made up 8.5% of GDP in pandemic
A contractor works on a home in Barrie, Ontario.

A contractor works on a home in Barrie, Ontario.

Photographer: Galit Rodan/Bloomberg

Home contractor Anthony Sayers thought he had a budget of C$160,000 ($124,000) for a home renovation project he had agreed to do in Toronto. Then the housing market turned and his client cut that almost in half. 

“The realtor came in and basically showed them that the market is done,” he said, explaining that the clients had been depending on the sale of another property to fund the renovation. “It has turned down, and the money that they put in, they might not get back.”