{"id":17908,"date":"2021-05-26T15:15:00","date_gmt":"2021-05-26T22:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17908"},"modified":"2021-05-26T09:34:41","modified_gmt":"2021-05-26T16:34:41","slug":"almost-50-increase-in-home-renovation-projects-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/05\/almost-50-increase-in-home-renovation-projects-during-pandemic\/","title":{"rendered":"Almost 50% Increase in Home Renovation Projects During Pandemic"},"content":{"rendered":"<p style=\"text-align: justify;\">Home renovations in Canada increased by 47% last quarter compared to Q1-2020, according to non-bank lender Simply Group, with a substantial amount funded by home equity lines of credit (HELOC).<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve seen an almost 50% increase in home renovation projects during COVID,\u201d said Lawrence Krimker, CEO of Simply Group and owner of SNAP Financial. \u201cProperty values have been increasing in the single-family detached segment and a lot of that is being driven by people looking for more space while working from home. As prices have been going up, people have more equity in their homes. There\u2019s been a big increase in demand for HELOC products; customers have been pulling out equity if they\u2019re not wanting to sell their homes.\u201d<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s housing market has been white-hot during the COVID-19 pandemic\u2014there were a record number of new listings in March\u2014and home renovation projects are often a way to augment the value of a home before it hits the market. Others, dissuaded by runaway housing prices, have decided to stay put and give their homes cosmetic upgrades.<\/p>\n<p style=\"text-align: justify;\">\u201cCertain people are looking to downsize and they\u2019re making that decision sooner to capitalize on their increase in home equity,\u201d said Krimker. \u201cPeople are moving up north outside of city centres. Selling their homes, that triggers home renovation projects.\u201d<\/p>\n<p style=\"text-align: justify;\">Simply Group found that non-essential upgrades, like kitchen and bathroom renovations, as well as smaller projects involving windows, doors and flooring, rose substantially in the last year, which Krimker attributes to people, by virtue of spending more time in their homes, noticing imperfections.<\/p>\n<p style=\"text-align: justify;\">\u201cThe non-essential stuff has been kicked into high gear and that\u2019s because of the fact that people are at home and have more disposable income to go around, so they\u2019re identifying issues in their homes that they may not have noticed before,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Simply Group noted there was a 30% year-over-year spike in Q1-2021 of generic consumer loans for the purpose of financing home renovations, which could be explained by rising material costs as a consequence of COVID-19 disrupting supply chains.<\/p>\n<p style=\"text-align: justify;\">According to Charles Newton, owner of SmoothBrush Painters, there has been no shortage of work during the pandemic, however, he has had to diligently plan ahead, sometimes by weeks, to secure certain materials.<\/p>\n<p style=\"text-align: justify;\">\u201cMost paint stores are sold out of primer because of a work stoppage in Texas, so it\u2019s harder to get primer and drywall mud,\u201d said Newton, adding that most of the homes he\u2019s painted in the last year were slated to hit the market. \u201cAs a painter, it\u2019s only affected my pricing a little bit, but anything involving wood has become very expensive<\/p>\n<p style=\"text-align: justify;\">\u201cI often have to drive to different locations, upwards of five stores sometimes, to find material. I recently drove all the way from Toronto to Waterdown. A $60 pale is almost double in price and you have to wait a week, so if you don\u2019t buy stuff like primer in advance and keep stock for yourself, you\u2019re in trouble.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/home-renovations-spiked-47-during-pandemic-334651.aspx\" target=\"_blank\" rel=\"noopener\">Home Renovations Spiked 47% During Pandemic<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home renovations in Canada increased by 47% last quarter compared to Q1-2020, according to non-bank lender Simply Group, with a substantial amount funded by home equity lines of credit (HELOC). &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/05\/almost-50-increase-in-home-renovation-projects-during-pandemic\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-17908","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Almost 50% Increase in Home Renovation Projects During Pandemic &#8226; 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