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Renovation Boom
November 25, 2022

Renovation boom continues even as project costs increase and interest rates rise

Susan Lambert is in the process of having her entire home renovated and is hopeful it will be completed by early next year.

“We are knee-deep in a reno,” she said.

After going through plans with an architect last year, getting the necessary approvals and some pandemic-related delays, the project officially started this past spring.

Ms. Lambert said her and her husband were motivated to upgrade their house after realizing a lot of smaller fixes were needed.

“We needed new windows, we needed a new roof. Our kitchen was falling apart – the cabinets were all broken, our fridge was broken, our stove. So we were kind of needing to do a bunch of things,” she said.

The renovation industry saw quite the boom in the first two years of the pandemic as people spent more time in their homes, and that momentum has continued despite heftier costs and rising interest rates.

Dave Kenney, who runs BroLaws Construction with his brother-in-law, said a kitchen renovation might cost between $15,000 and $20,000 more than it did just a couple of years ago.

A job two years ago and a job now aren’t comparable, which is a little hard as a business owner when you get callbacks for other jobs that people have used you for before,” he said.

Keep reading on theglobeandmail.com


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