Home improvement
Red hot renovation market shows no sign of slowing down
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Hey there, time traveller!
This article was published 11/03/2017 (3397 days ago), so information in it may no longer be current.
It’s shaping up to be another banner year for Winnipeg’s red-hot home renovations market.
“We’re coming off one of the busiest years we’ve ever had and we’re straight into one of the busiest winters we’ve ever had,” said Ivan Plett, project manager for Winnipeg-based Rempel Builders and chairman of the Manitoba Home Builders Association’s Renomark Renovators Council.
“Typically after Christmas time, things go a little quiet and you have a chance to catch your breath and regroup for the next construction season,” Plett said. “But… we haven’t had that opportunity. We’ve had a number of really good-sized jobs come our way, and we’re keeping our guys busy.”
It’s the same story at All Canadian Renovations, one of the city’s largest home renovation companies.
“Normally we slow down around December and we usually don’t pick things up until March,” said partner Curtis Breslaw. “But I can tell you, we haven’t had a lull. We’ve seen no slowdown in January or February.”
Breslaw said it’s been so busy the company had to hire two extra employees just to keep up with all of the work. And he and Plett said they don’t see things slowing down any time soon.
“I tell you, 2017 is shaping up to be a very, very busy year for us, and we haven’t done a stitch of advertising,” Breslaw said.
“Based on the phone calls we’re getting… and the jobs we’re bidding on right now, I’d say we’re going to be, for sure, as busy as last year,” Plett added. “Honestly, our phones are ringing off the hook.”
Manitoba Home Builders Association president Mike Moore said he’s not surprised to hear that.
“We’re the hottest renovation market in Canada,” Moore said, citing a recent Canadian Home Builders Association survey which found 58 per cent of Winnipeggers surveyed said they plan to do a home renovation project this year.
“We’re also the only province in Canada that has spent more money on renovations every year, for the past 12 years, than we do on new (home) construction,” he added. “The renovation market (here) is huge.”
He said there are a number of reasons for that. Interest rates remain low, which reduces the cost of larger renovation projects. Winnipeg also has the third oldest housing stock in the country after Halifax and Montreal, “and older homes require renovations,” he added.
Moore also noted Winnipeggers tend to be very “neighbourhood driven.” They prefer to buy a home in the same part of the city where they grew up, and if it’s an older, established neighbourhood, that usually means buying an existing home.
“You want your home to reflect your tastes, so the first thing you do is renovate.”
Breslaw thinks the city’s new growth fee, which is scheduled to take effect on May 1, may also be playing a role because it will increase the cost of a new home in specified areas of the city.
“So a lot of people are considering renovating instead of building new,” he added.
“We’re the hottest renovation market in Canada.”– Manitoba Home Builders Association president Mike Moore
Moore agreed the new fee, which is being challenged in the courts by local homebuilders and developers, may be a factor.
“(It) is definitely scaring some people off.”
Breslaw and Plett said kitchen, bathroom and basement upgrades remain some of the most popular home renovation projects among local homeowners.
“Kitchen and bathrooms is where you’re going to see a good return on your investment,” Plett said, and adding a basement rec room is a good way of increase the living space in a home. Building an addition onto the house is another.
Both said they’re also seeing an increase in exterior renovation projects. It seems when one or two homeowners in a neighbourhood renovate the outside of their homes, that inspires others in the area to do the same, Plett added.
Joanne Parsons and her husband, Darren, are among the Winnipeg homeowners who will be undertaking a major home renovation project this spring and early summer.
They’ve hired Rempel Builders to renovate the kitchen and living-room area of their 1960s-era Southdale home. That includes removing a wall between the two rooms to create a more open-concept, expanding the kitchen, installing new cabinets, countertops and an island, and installing new hardwood floors, trim, and doors throughout the main floor.
Parsons said they bought their home about two years ago with the intention of renovating and updating it. They’re tackling the biggest project first, but eventually plan to also renovate their bathroom and basement.
“They’re smaller and we feel we can tick those off one by one,” she said. “We know there are going to be some hiccups and some stress involved. But we’re really excited about it.”
murray.mcneill@freepress.mb.ca