Last year, Canada’s construction and renovation industry rose to a record high of over $75 billion. However, due to the fears of COVID-19, the industry was suddenly put into limbo. With so many people out of work or with their jobs in limbo, homeowners drastically stopped spending on construction and renovation projects. Ongoing construction and home renovations projects were also affected, as fewer workers were allowed on site due to social distancing protocols.
After months of lockdown, many people have shifted from working in downtown offices to working from home. Our new reality has many Canadians opening up their wallets to make their “temporary” workspaces more permanent and to transform their existing spaces to work better for them and their families.
Many people have expressed the need to make their space more functional by adding rooms and features that they would normally enjoy outside of the home. For example, a big focus for many has been on home offices with nice backdrops that are ideal for video conferencing. There has also been an increased demand for home gyms, finished basements for the kids to play in, and even backyard pools. People now want to build their own little hideaway so they can hunker down away from the world.
In fact, the demand for new construction and renovations has been so great that B.C’s lumber industry is being hit very hard. During the pandemic, the lumber industry slowed down production to meet the market demands. Now, with construction picking up again, the demand for lumber is at an all-time high and causing some issues for builders trying to source materials.
While indications are that the construction and renovation market is finally recovering, the initial decline from the pandemic was very steep. Even with the current resurgence in work, it is unlikely that spending in 2020 will come out ahead of last year's strong pace.
Do you have a construction or renovation project in mind? Do you want to make your living space work better for your family? Are you planning a new build? George Martin of Well Balanced Designs is one of Vancouver’s leading Design-Build experts, with over 46 years of experience in construction and renovations. He is familiar with Vancouver’s building types and materials, from lane homes and Yaletown condos to Westside single-family homes and Kitsilano heritage homes. Schedule a call with George today to discuss your needs!