For the first time in three years, Ontarians are spending less money on home improvements after reaching all-time highs during the COVID-19 pandemic, according to the Municipal Property Assessment Corporation (MPAC).
Officials with MPAC told CTV News that home renovations are down across the province, but note that doesn’t appear to be the case in Windsor-Essex.
“Although we’re seeing about a 12 per cent decrease in residential permit activity overall in Ontario, [in the] Windsor-Essex area, what we’re really seeing there is a decline of about 6 per cent,” said Carmelo Lipsi, MPAC vice president and chief operating officer.
Lipsi said the decrease across the province could be credited to an increase in the cost of financing, with higher interest rates making things more expensive.
Also, homeowners are now spending renovation money on travel experiences instead of their homes.
“The cost of any renovations or permits now has gone up,”