This is just more of Maclean's typical fear mongering journalism
"Yes, maybe low interest rates have helped fuel this so-called (renovation) "boom" but, as a second generation renovator with 50+ years (as a family business), there has always been more work than we could handle."
August 29, 2014 by Steve Payne
The renovation boom is too reliant on consumers taking on debt, hoping to make huge returns by renovating and selling their houses, an article in Maclean’s magazine says. Since renovations represent 4 per cent of the national economy (according to Altus Group), this boom – in the event of an interest rate spike, or a housing crash, or both – could “threaten” our entire economy, the article continues.
We asked you if you buy into this pessimism.
Jason Denkers certainly doesn’t…
“This is just more of Maclean’s typical fear mongering journalism. I for a time was an avid Maclean’s reader til I noticed that I was borderline depressed after reading each new issue. If you read and believe their articles, than the sky is always about to fall. Yes maybe low interest rates have helped fuel this so-called “boom” but as a second generation renovator with 50+ years combined family renovation business, there has always been more work than we could handle. Renovating as a consumer decision has more to do with common sense and necessity than media hype for big returns on resale.”