Upcoming Webinar: Renovation Outlook for 2025 and Beyond  

DECEMBER 11 @ 1PM ET 
How will you position your renovation business for success in 2025 and beyond? Join us on Wednesday, December 11 at 1-2pm EST to uncover essential economic and market trends that will shape the renovation industry in the future. You will also learn how CHBA is advocating for Renovators with the federal government, including recent renovation ‘wins’ and new strategies to garner support. This webinar is designed to provide renovators with actionable insights and growth strategies to boost your business. Register here.  

Updates to the RenoMark® Code of Conduct and Deadline Extension 

Changes to Secondary Suite Financing: A Big Win for Renovators           

On October 8, the federal government introduced new measures for homeowners wanting to add a secondary suite. Homeowners can now refinance their current mortgage and construct a secondary suite, with borrowers able to access up to 90% of the home's value, including the value of the extra suite. The borrower will be able to amortize the refinanced mortgage over a period of 30 years. The federal government also said it is increasing the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite. CHBA has long called for measures to allow for gentle density, including adding secondary suites or other types of ADUs like laneway homes. This announcement will go a long way toward making it easier for homeowners to finance these types of renovations. 

New Residential Renovation Price Index from Statistics Canada   

The Residential Renovation Price Index (RRPI) is a program that provides a comprehensive portrait of the changes in the cost to complete residential renovation projects in Canada. CHBA provided feedback to Statistics Canada on their proposed design and coverage of this new RRPI data product late last year. The national composite RRPI increased 3.7% year-over-year in the second quarter. From the RRPI's first available data in 2017 to 2024, the national composite index has increased 66.5%. CHBA is particularly concerned about the economic output of residential renovations. As a historically stable part of the economy, residential renovation has seen an unprecedented decline in output through the first half of 2024; a direct result of higher interest rates. This new RRPI product adds to improving available data on residential construction and helps quantify the unique challenges that renovation services face relative to new home construction. 

Enter Your Renovation in the CHBA National Awards for Housing Excellence    

The deadline for the 2025 CHBA National Awards for Housing Excellence entries is December 17th at 6pm ET. Canada’s premier housing awards recognizes the best in renovations, new homes, community development, and residential marketing. There are 12 categories for renovation, including: Best Kitchen Renovation (x3), Best Bathroom Renovation, Best Basement Renovation, Best Exterior Renovation, Best Single Room Renovation, and Best Whole Home Renovation (x5). Check out these Helpful Tips to learn how to enter today. You can also sign up for a live information session on November 21 @ 2PM ET.