How Covid and Inflation Impacted the Cost of Home Renovations
Covid and inflation have had a significant effect on home renovations across the Canada. With material costs rising, labour becoming more expensive, and other factors impacting the affordability of home renovations, it is more important than ever to know what to expect before starting a project. Let’s take a look at how Covid and inflation have impacted the cost of renovating your home so you can plan for any potential changes.
Rise in Material Costs
One of the most significant impacts Covid has had on home renovations is an increase in material costs. This is due to several factors, including supply chain disruptions, raw material availability, and price increases from suppliers. For Example, Lumber prices skyrocketed through Covid and have dropped marginally in recent months. As a result, many people who planned on renovating their homes are finding that they need to re-evaluate their budgets due to higher material costs.
Increased Labour Costs
In addition to increased material costs, labour costs have also been significantly impacted by Covid-19 and inflationary pressures. When it comes to renovation projects, labour is typically the largest expense after materials. With the current economic landscape experienced trades have become scarce for multiple reasons, inc trades people moving to other provinces. As a result, many trades are raising their rates as demand for their services continues to increase. This means that if you are planning on hiring professionals for your renovation project, you may need to adjust your budget accordingly due to increased labour costs.
It is difficult to predict exactly how long these effects will last or if they will become even more pronounced in coming months or years. The best thing you can do when planning a renovation project is be prepared for any potential changes in price along the way. Working with experienced professionals who can provide accurate estimates based on current market conditions can help you stay ahead of any surprises that may arise during your project timeline.
Covid-19 and inflation have both had an impact on home renovations across the country—from increased material costs and labour rates to uncertainty ahead as we move into 2023 and beyond. It’s important that homeowners understand these impacts before beginning any renovations so they can plan accordingly and be ready for any potential changes along the way. At LBProjects, we understand these challenges better than anyone else because we specialize in helping our customers navigate them with ease every step of the way when it comes time for a renovation project! Contact us today for more information about how we can help make your dream renovation project come true!