The Pandemic Changed Renovating

2020 changed “why” Canadians renovated their homes. Lifestyle became more important than increasing value.

The pandemic has changed “why” Canadians renovated. Remax 2021 Renovation Investment Reported that more than half of Canadians renovated their home in 2020, with 29% of those renovating to enhance lifestyle and only 16% to increase market value.

Lifestyle impact was the #1 reason to renovate.

In Vancouver, the focus was on outdoor environments expanding living to the backyard. While 50% of renovations were to change the home layout by adding walls and rooms. Kitchen and baths still top lists, but making the home work for life at home and family was most important.

Whether you are renovating for outdoor space or a new office, make sure you have the right mortgage before you start.  A mortgage with a re-advanceable HELOC will give you the flexibility to make the changes you want and pay it off at your own speed.  Your line of credit increases as you pay down your mortgage so you continue to have access to the equity in your home without having to reapply at the bank and pay fees to access.  Having a mortgage solution in place before you start helps avoid high credit card debts, keeps you on a budget and changing the amortization to manage the payment will decrease cash-flow challenges.