With demand for renovations growing Calgary business offers one-stop shop
Calgary is expected to see a strong increase in home renovation spending this year in a market dealing with new stringent mortgage rules, a still recovering economy and stagnant house sales, say recent reports.
That is spurring interest in renovations, adds a local businessman.
“Rather than selling their home and not making any money, people are choosing to remain in that home and use their equity to help fund a renovation,” says Dan Tremblay, president of Signature Floors, which has seen increasing demand for its in-house design and project management expertise for home renovations.
Clients looking to stay in a location they love often need more space for a growing family or want to update areas such as kitchens or bathrooms, Tremblay says.
A family-owned business launched 12 years ago, Signature Flooring has grown far beyond its extensive offering of flooring. To help meet demand, it opened the 6,000-square-foot Signature Floors Design Centre and company headquarters 18 months ago.
The centre, located at 1667 32nd Ave. N.E., includes a 3,000-square-foot showroom (with wet bar, client lounge area and two design stations) and 3,000 square feet of warehouse/office space.
Signature has several staff and freelance designers along with in-house trades, from plumbers to electricians, carpenters to finishing carpenters and all types of flooring installers.
The company also works with outside design teams.
“What sets us apart is we offer consultation with our designers who not only help choose and design your space, but also manage the project,” Tremblay says.
That saves customers money because they don’t need to hire a general contractor and it puts a professional in charge of timelines and trades management.
Tremblay says clients sometimes feel overwhelmed by the thought of undertaking a renovation, not sure where to start and unsure of the process.
The designers will sit with customers to develop renovation plans and choose products that fit together while establishing project timelines, all based on the client’s budget.
Because the designer is the project manager, it gives the customers peace of mind that things will be done on time and to the standard they are seeking.
Signature’s growing renovation services come as spending in Alberta is expected to ramp up. In a July report, global real estate research company Altus Group forecast renovation spending will jump by 3.5 per cent in Alberta in 2018 (and a further three per cent in 2019), after a 2.3 per cent drop last year.
Even with the decrease in 2017, Albertans spent an estimated $8 billion on renovations on everything from alterations and improvements to conversions and repairs. That was part of the $77.7 billion spent in Canada as a whole in 2017. About $17 billion of that was financed by existing home equity through lines of credit or mortgage refinancing.
Renovation spending increases come in what remains a buyers’ housing market. A growing inventory of Calgary homes for sale continues to put downward pressure on prices. There were nearly 8,500 active July listings according to the Calgary Real Estate Board, with 1,547 homes sold, five per cent lower than the same time last year.
Potential homebuyers also face both increased interest rates and new mortgage rules. Those new rules require even homebuyers with more than a 20 per cent down payment to prove they can service their uninsured mortgage at a rate that is two per cent higher than the current rate, or matches the Bank of Canada’s five-year benchmark rate, whichever is higher.
That is why Signature’s one-stop renovation program continues to see growth, says
Tremblay.
While clients have a variety of needs and budgets, he says the most in-demand renovations are kitchens or bathrooms.
“They’re in homes that are typically 15, 20, 25 years old, where today’s design and products have changed significantly.”
Those products include durable (especially with pets) vinyl plank floors that look like hardwood, quartz countertops rather than granite, high-gloss cabinets, pullout garbage and recycling bins, upgraded spice racks with large pullout doors, pot and pan drawers and butler pantries.
“People are looking for something that is well laid out, and is very accessible,” he says.
He adds that the designers are seeing many customers from established areas such as Douglasdale and Edgemont are looking to update around “golden oak” cabinetry, which can be painted.
“The designers can help them pull things together without having to pull out the cabinetry,” says Tremblay.
New paint colours are also used to update rooms — greys are popular — and new mixes can be created to suit a client’s taste.
In the bathroom, popular updates include full-sized steam showers with dual showerheads, which require less maintenance than jetted tubs.
What sets Signature apart, says Tremblay, is always doing what’s best for the customer.
“We offer the complete package, saving time and money.”
For more information, visit signaturefloors.ca.