According to new reports, Canadians are turning to renovations more and more, with their current homes and new purchases as well known as ‘fixer-uppers’. This is what people are referring to as the ‘HGTV effect’. It is no secret that right now, the home renovation shows are all the rage on television right now. From shoes like Disaster DIY, Property Brothers, love it or list it, we cannot deny that these shows are all the rage right now. Spending for this hit a record of $63.4 billion last year and is on the rise to surpass that figure for 2014. Based on figures, more money is being driven into home renovations than new constructions in Canada.
Recently, we have seen many purchases being purchase plus improvements and refinances for the sheer fact of renovating the current home. What this means is, we are seeing people pulling equity out of their homes, to put it back in again. This is great for continually building equity and re-sale value if you are looking to list.
Contact Robert Clancy today for all your mortgage needs, whether it be a purchase plus improvements or a refinance to be able to do the renovations you want to gain more equity in your home!