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3 June 2021

Home renovation costs at all-time high, but so is the demand

Home renovations in Canada have seen exponential growth throughout the pandemic. In 2020 alone, home renovations increased by 40%, with half of Canadians undertaking home renovation projects. However, due to the pandemic, many manufacturers haven’t been able to keep up with the demand for home renovations supplies. One of the most affected industries have been the lumber manufacturers. This has greatly increased the costs of materials for consumers and contractors.

According to Natural Resources Canada, Eastern spruce-pine-fir two-by-fours were selling for $1,400 per thousand board feet in March 2021, and Western spruce-pine-fir two-by-fours for $1,200. In March 2020, when the pandemic has started, these prices were between $550 and $600 per thousand feet. That is an increase of rough 170%!

Many consumers are looking to get their home renovation projects underway, but many are postponing them due to the higher costs.

But contractors can still capitalize on the growing demand by offering a payment plan to their customers. This allows the customer to enjoy their renovations now, while paying over time – and the contractor gets paid right after the renovations are completed.

Payment plan options make every quote count

With the increasing costs of home renovations, a payment plan might be just the competitive advantage you need to make every quote count. Partnering with LendCare allows you to offer your customers renovation quotes with low monthly payment options.

Our Home Improvement Program features interest rates starting at 9.9% and extended 180-month amortization periods. Longer amortization terms mean your customers can afford to maximize their renovation plans, while making smaller monthly payments on their loan.

Partnering with us allows you to make your services for affordable and accessible for your customers, while we ensure you get paid within days of the renovation project being completed.

Check out our Home Improvement Financing page today to learn more about our financing services, or signup now by emailing us at: enroll@lendcare.ca.


Canadians say adios to 20.6 billion worth of debt

It seems Canadians have collectively used their time at home during the pandemic to pay off an impressive amount of debt. Read more on the LendCare blog HERE.