Adrian Humphreys – National Post

[dropcap]C[/dropcap]hannel surfing on any given night, it’s easy to think home renovation and real estate flipping is an abiding national obsession. Turns out, it is. A new study of residential construction and renovation over the past decade shows a doubling in the value of a Canadian home. Across 16 major markets — from Toronto becoming the continent’s condo capital to Regina’s nation-leading price surge; from Hamilton’s industrial rejuvenation to Vancouver bungalows being flattened by large custom builds — Canada’s love of their homes is transforming the landscape, with rises highest in Western Canada, according to Housing Evolution, a report by RE/MAX real estate. Adrian Humphreys notes the trends and highlights:

BIG BUSINESS

From 2000 to 2010, the average value of a Canadian home doubled, rising to $339,030 from $163,951. The money involved is huge, with the value of residential building permits issued across Canada in the past decade pegged at $340-billion. But even that huge figure is eclipsed by the cash pushed into home renovations in the same time period — estimated to be $450-billion. The TV shows know a good market when they see it.

CONDO CAPITAL

Toronto’s skyline has been transformed by high-rise condo development in recent years, flooding the downtown with high density housing. There was a 212% increase in the number of units sold between 2000 and 2010. The condo craze ranges from modest pads for young, first-home buyers to the most expensive sale in the city, the $28-million penthouse of the Four Seasons Residences. “Toronto has become the largest condominium market in North America,” said Michael Polzler, executive vice-president of RE/MAX Ontario-Atlantic Canada. With so much condo development, it has increased demand for single-family detached homes in core neighbourhoods, led by Leaside, where house price rose by 111%.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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