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Canada’s home renovation boom under pressure amid soaring costs, rising rates

Hillary and Andrew Strack-Cheng with their kids Leland and Juniper in their home on June 22.Cole Burston/The Globe and Mail

Home renovations can be unpredictable and anxiety-laden at the best of times. But soaring costs, rising interest rates, cooling home prices and uncertainty about Canada’s economic outlook are increasing the financial risks associated with a major property uplift, some real estate experts warn.

Homeowners with large mortgage balances should “be careful with renovations right now,” said Nasma Ali, broker and founder of One Group Toronto Real Estate.

On top of sky-high materials and labour expenses driven by supply chain

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