Inflation, housing prices squeeze renovations

Some real estate experts are sounding a note of caution about home renovations, The Globe and Mail reports. Nasma Ali of One Group Toronto Real Estate said homeowners with significant balances on their mortgages should “be careful with renovations right now”. Not only are costs of materials and labour high, but interest rates are rising as well as a counter to mounting inflation. Meanwhile, cooling house prices mean that major renovations could add more to a homeowner’s debt than to the house’s value, Ali warned.