According to a report in the Financial Post, renovation spending was $63 Billion in 2013 and will rise another 3% next year. The 2015 Ontario economic and employment numbers are very rosy.
One amazing fact that reflects how things have changed in the last 20 years is that home renovation dollars spent per household is up 80%. Now that we’re through the worst of the prolonged recession, you’d have to believe we’re in a very positive period for home improvement.
Is it Really TV Shows, or Canadians Wanting a Better Life?
Some are suggesting that home improvement TV shows such as the Property Brothers, Holmes on Homes, and Decked Out on HGTV are responsible for whetting appetites for big home overhauls. The truth is likely that Canadian lifestyles have changed and we’re demanding homes that fit us. That’s quite in contrast to the past when we were expected to adjust to homes that didn’t really suit our lifestyle or family sizes.
Ontario’s growth in home renovation spending this coming year is expected at 2.6% or better. However with a low price of oil and our dollar hovering at 85 cents US, economic conditions could be very promising here in Ontario.
Most homeowners are financing using home equity. With interest rates likely staying low, the increase in home value vastly outweighs the cost of borrowing. From an investment standpoint, it’s a smart way to go.
Do you know the difference between fiberglass and vinyl windows. Do you understand what is different between PVC and uPVC windows? How about your old windows? Are they leaking out dollars? The Ontario winter weather forecast suggests the storms will start after Xmas. Still time to get your jobs completed.