Home renovation spending heats up again after COVID-19 pandemic led to deep freeze
After rising to a record high last year in Canada, spending on home renovations fell off a cliff in the early days of the COVID-19 pandemic.
But the months of lockdowns and the seemingly endless purgatory of working from home have Canadians once again opening up their wallets to make their temporary workplaces as tolerable as possible.
In a recent report, Toronto-based real estate consultancy Altus Group calculated that Canadians spent more than $80 billion on home improvements last year, a tally that outpaced growth in the overall economy.
And the year’s home reno boom was especially impressive, considering that