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London’s Lifestyle Home Show opened its doors Friday amid a more upbeat tone for the housing industry in the city, boosted in part by lower interest rates and the upcoming launch of a new rebate program for home improvements.
More than 350 booths from construction, renovation and home improvement companies filled the Agriplex at Western Fair District for the three-day show that organizers expect could attract close to 10,000 people during the weekend.
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“There definitely seems to be a lot of excitement this year,” said Jared Zaifman, chief executive of the London Home Builders’ Association.
“Last year was a little challenging when we were doing the show because interest rates had gone up like crazy. It was a difficult time generally in the economy. But with interest rates coming down, there’s definitely a little more excitement and interest from people looking into new homes again and renovation work as well.”
Earlier this year, the Ontario government also announced a rebate program that could cover up to 30 per cent of the cost of energy efficiency renovations and improvements, such as new windows, doors, insulation, air sealing, smart thermostats, heat pumps, and rooftop solar panels and battery storage systems.
Energy Minister Stephen Lecce said at the time of the announcement the home renovation program that officially launches Tuesday will mean both upfront and long-term savings for Ontarians.
“A family … looking to keep themselves warm over the winter by upgrading their insulation, their windows and doors, they’d receive a rebate of up to $8,900 for insulation, and $100 for every door, for every window that they will replace,” he said at a news conference.
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“Take for example a homeowner who invests $15,000 in a new heat pump. They could see a $4,500 rebate up front while benefiting from an ongoing savings of up to 50 per cent on their heating portion of the electricity bill.”
Though some details are yet to be finalized, and not all home renovation projects will qualify, the program could be the final push some homeowners need to pull the trigger on some energy conservation projects, said Curtis Godick with Builders Choice Air Systems that was at the Lifestyle Home Show Friday.
“Every time these green programs are announced, there are people out there who want to know how much they are and what the rules are,” he said. “I think it’s going to help the industry; it’s going to help the environment, and it’s going to help customers save on efficiencies.”
The home renovation program is similar to one the Progressive Conservative government cancelled in 2018, though Lecce argued it is different because more homeowners will qualify and the new program has a longer commitment.
The government has said, under all of its energy-efficiency programs, spending will be about $900 million a year on average during 12 years, compared to an annual budget of $342 million on average during the past 13 years.
With Canadian Press files
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