With more time spent at home, 26 percent of Canadians are considering a renovation to their current home.
That’s one finding from the Scotiabank 2020 Housing Poll, conducted by Maru Blue, of 1,509 respondents on Aug. 24.
“The pandemic has caused many Canadians to turn their living rooms into classrooms, their dining rooms into offices and their basements into home gyms,” says John Webster, head of real estate secured lending and Scotia mortgage authority at Scotiabank. “It’s a great time to take advantage of the low interest rate environment and get a better understanding of your borrowing power.”
Home renovations are a $2.7-billion industry in Calgary and area, creating more than 19,000 jobs annually and, despite COVID-19, home renovations are deemed an essential industry, and renovation companies are busier than ever, says Danny Ritchie, president of Ultimate Renovations.
“People are stuck at home, looking around at how it looks or functions, and feeling dissatisfied,” says Ritchie. “Some have decided they’re not going to pay rent for outside office space, so they’ve decided to just stay home and put money into their house. They also can’t travel, so they’re allocating money into something like an outdoor living space that they can enjoy year-round, without going to Mexico.”
It’s important to plan well in advance.
Scott Lawrie, owner of Creek Stone Fine Homes, says September is not the time to go shopping for a renovation you want done by November or by Christmas.
“There can be a lot of structural tie-ins — a lot of engineering that needs to be done. And it’s important to find a contractor you’ll be best suited with, who shares your beliefs. It’s a team effort between client and builder,” says Lawrie.
— With files from Cindy Stephen
Copyright Postmedia Network Inc., 2020
