Home renovation industry will be strong in 2019
By Newinhomes on Feb 05, 2019
If you’re familiar with Newinhomes.com, you know that we typically focus on new home construction and the Greater Toronto Area housing market in general. But, this month, we’ll also be focusing on home renovation tips!
We realize a home renovation may be an alternative to buying a new home, and something that typically isn’t needed when buying new construction, but it’s sometimes needed when buying a fixer upper or selling, and we want to share tips for all homeowners, buyers, and sellers!
We’re particularly interested in the types of renovations you should do right before you sell. There’s a delicate balance here because if you’re buying a pre-construction home, you have to put down post-dated deposits, but then you also need to sell your home for as much as possible, which could require you to get some work done. Budgeting for this can be a challenge because you have money tied up in different areas.
Throughout February, we’ll be sharing a few home renovation tips regarding organization, budget management, project efficiency, cleanliness, trendy upgrades, where you’ll see your best return on investment, and many other interesting topics!
With home prices out of reach for many families in and around the GTA, and the mortgage stress test weakening borrowing power, we wouldn’t be surprised to see an increase in home renovation projects throughout 2019.
According to the Building Industry and Land Development Association and Altus Group, Canadians spent $77.7 billion on residential renovations in 2017. Renovations accounted for 57% of all residential construction two years ago. The industry is huge. The 2016 census found that more than 900,000 homes across the country were in need of major renovations.
Of course, we’ll still be keeping our eye on the real estate market and reporting on new openings and releases by builders and developers, but we’ll have a few home renovation features peppered in throughout the coming weeks.
Whether you’re hiring contractors or taking on a home renovation on your own, we hope you stay tuned!
