TORONTO — HARDLINES Editor Michael McLarney was on Business News Network (BNN) to discuss a recent trend in Canada’s hottest housing markets. With steadily rising prices of homes, Canadians are instead turning to renovations to make their current homes fit their needs. “People are definitely back spending money on their homes,” says McLarney. “It’s their biggest asset in most cases.”
There could be upwards of $68 billion dollars being spent on home renovations in Canada this year. “When you talk to our dealers in the industry, some are carrying $600 faucets, you’ll find people are willing to spend that kind of money,” says McLarney. “It’s no longer just, ‘What can we get by with?’ It’s a style, it’s a fashion statement, and they’re spending big dough.”
And in some of Canada’s softer housing markets, sellers are using renovations to give their homes an edge on the competition, which is a positive for home improvement dealers across the board.
To catch the full interview, click here.
