Canadians say they’ll spend almost 30 per cent more on home renos in 2014
In 2012 the renovation and repair industry provided 14,600 jobs in Calgary, one of the largest employers in the region.
So it is no surprise to hear that Canadians plan on spending almost 30 per cent more on home renovations this year, according to a recent CIBC poll.
“Our poll shows that home renovation will continue to be big business in Canada this year,” says Todd Lawrence, senior vice-president, Products and Payments at CIBC.
But how big is big?
On average, Alberta homeowners planning to renovate say they will spend $21,577, well over the $19,754 national average, a number which has increased from the 2013 average of $15,300.
And that isn’t the only number that has increased since last year: 40 per cent of Canadians are saying they plan to renovate in the next 12 months, compared to 39 per cent in 2013. In Alberta, 35 per cent of homeowners expressed a plan to renovate.
View the infographic for more information.
Important for homeowners to understand the renovation process
With such a large percentage of homeowners looking to renovate this year, it is important that they understand the renovation process, which is why CHBA – Calgary Region has hosted informational sessions in the past, and most recently, the How to Hire a Renovator session at Fort Calgary in March.
We had a good number of potential consumers who came out to hear representatives not only of our RenoMark™ program and a number of renovators who sponsored the event, but experts from such agencies as Revenue Canada, Better Business Bureau, CMHC, and the City of Calgary.
“Get it in Writing”, a collaborative initiative between CHBA and CMHC provides a step by step process of working with a good contractor, and getting a written contract to help ensure building or renovation projects go smoothly.
Some important tips include:
1. Get informed: be aware of what should be addressed in a written contract, including: building codes and permits, insurance, liens, workers’ compensation, and warranties.
2. Hire a professional: determine the type of contractor you will need, where the best places are to find the right contractor and learn about what you need to ask when interviewing a contractor.
3. Get it in writing: understand what should be included in a written contract and why you need one.
Another great resource to consider when hiring a contractor is our national RenoMark™ program, which helps homeowners find reliable and professional renovators. To be a member, renovators must agree to a Code of Ethics and a renovation-specific Code of Conduct including offering a minimum two-year warranty on all work, carrying a minimum of $2 million liability insurance, providing a detailed, written contract, and more.