Return of renovation tax credit unlikely to match last economic boost

The federal Conservative campaign pledge to revive the popular home renovation tax credit comes at a time when Canada’s renovation industry is already outperforming the broader economy and booming past the market for new homes.

Canadians spent $68-billion on home renovations last year compared with $48-billion spent building new homes, according to a recent report from real estate consultancy Altus Group Ltd. Over the past seven years, spending on renovations has grown 3.6 per cent, versus overall economic growth of just 1.6 per cent. Last year, home renovations accounted for 3.4 per cent of Canada’s GDP.






Bahador Abadi

Bahador Abadi

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