Spending On Renovations Continues To Climb

Following the reopening of the economy after more than a year of the pandemic, Canadians still chose to allocate their finances to invest in home renovations, says a study by Simply Group, a non-bank consumer lender. The study says there was roughly a 30 per cent increase in home renovation loan applications in the second quarter of 2021 compared to the first quarter. Interestingly, this trend continued through August, which had a 15 per cent increase in loan applications compared to July. From the summer months of May through August, June saw the most loan applications, followed by August and May, reflecting the surge in home improvement projects during summer. Simply Group expects this trend to continue throughout the remainder of the year. Loan applications for essential renovations such as roofing, windows, and doors grew by 36 per cent quarter-over-quarter. Quebec led the provincial race for largest percentage change in home improvement applications from the first quarter to the second at a 96 per cent increase. Alberta followed with a 40 per cent increase in applications, and Ontario with a 12 per cent increase.