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As of the recent October 2024 announcement, the Bank of Canada has lowered its benchmark interest rate to 3.75%, marking a significant shift in the financial landscape. For homeowners, this creates an ideal opportunity to reconsider how they manage their mortgage and home equity. Specifically, if you’ve been contemplating home renovations or improvements, now is the time to act. Here's why.

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1. Access to Cheaper Borrowing
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The primary reason this rate cut is such a game changer is simple: lower borrowing costs. When the Bank of Canada reduces its interest rates, it leads to lower interest rates across various borrowing options, including home equity lines of credit (HELOCs) and mortgage refinancing. Pulling equity from your mortgage to finance home renovations is now cheaper, allowing you to borrow more affordably than at any time in recent months.

With a reduced interest rate, the cost of borrowing drops significantly, meaning you can take out a larger loan or access more equity for your home improvement plans without facing exorbitant interest charges. For major projects—like a kitchen overhaul, adding a bathroom, or building an extension—this can make all the difference in the world.
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2. Increased Equity Due to Rising Home Values
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Over the past few years, the real estate market in the Ontario has experienced significant appreciation, particularly in key markets like Kitchener-Waterloo, Guelph, Cambridge and the surrounding Tri-City regions. Many homeowners are sitting on much more equity than they realize due to the rising value of their properties. This gives you the financial leverage to unlock that equity and reinvest it in your home.

Renovating while your home is worth more not only improves your quality of life but also increases your property’s market value, creating a smart long-term investment. By tapping into your home’s equity at today’s low rates, you can effectively use this equity to enhance the value of your property—setting yourself up for even greater appreciation in the future.
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3. Protection Against Rising Interest Rates in the Future
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While the recent drop to 3.75% feels like a financial break, it’s also worth noting that interest rates are historically unpredictable. Inflationary pressures, global economic conditions, and monetary policy changes could lead to rate hikes in the coming months or years. By locking in a home equity loan or refinancing now, you can take advantage of the current low-rate environment before rates potentially rise again.

Renovating now, while interest rates are low, ensures that you’re borrowing under the most favorable conditions. If rates were to increase in the future, you’d be paying much higher costs for the same home improvement projects. By acting now, you can lock in the benefits of lower rates and avoid potential future financial strain.
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4. Boosting Home Value Before Selling
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Even if you aren’t planning on staying in your home long-term, now is an ideal time to consider pulling equity for home improvements. Renovations like kitchen remodels, bathroom upgrades, or energy-efficient improvements can significantly increase your home’s resale value.

With the Tri-City regions housing market showing signs of stabilization, enhancing your home’s appeal through smart renovations can make a big difference when it comes time to sell. Buyers are more willing to pay a premium for homes that are move-in ready and updated with modern features. By investing in upgrades now while borrowing is cheaper, you’re putting yourself in a better position to get top dollar when it’s time to sell.

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5. Renovating for Comfort and Sustainability
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Beyond the financial reasons, home renovations are a great way to enhance your quality of life. Whether it’s modernizing outdated rooms, improving energy efficiency, or creating more space for a growing family, renovations can make your home more functional, comfortable, and suited to your needs.

With sustainability being top of mind for many Canadians, now is a perfect time to invest in energy-efficient renovations, such as better insulation, solar panels, or upgrading to energy-efficient windows. Not only do these improvements lower your energy bills, but they also add value to your home—something future buyers will likely appreciate. And with borrowing rates down, financing these upgrades has never been more affordable.

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6. Flexible Financing Options
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Lower interest rates typically bring about more favorable terms on home equity loans and HELOCs. This rate cut is likely to encourage lenders to offer flexible financing options, meaning you could have greater choice in how you access your home’s equity. Whether you opt for a fixed-rate or variable-rate loan, today’s low-rate environment allows for more predictability and control over your finances.

With more affordable monthly payments, you can execute home renovations without straining your budget, allowing you to prioritize your project without the stress of unmanageable costs.

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Wrap Up
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The Bank of Canada’s recent interest rate drop to 3.75% represents a golden opportunity for Tri-City homeowners. Whether you’re looking to enhance your living space, increase your home’s resale value, or make sustainable improvements, now is the ideal time to pull equity from your mortgage. With lower borrowing costs, more home equity to tap into, and the potential for rising rates down the road, acting now allows you to take full advantage of this financial window.

Your home is one of your most valuable assets—by investing in renovations at a time when borrowing is affordable, you can increase its value and enjoy the benefits for years to come.

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Next Steps
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For more information, or to discuss your home renovation plans, please reach out to us to schedule a no charge consultation, where we will walk you through all of the steps involved and create a plan with you to achieve the vision you have for your home.
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Eagleview Construction
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Office: 226-756-1487

Cell: 416-529-3755

Emal: chris@eagleviewconstruction.com

Web: www.eagleviewconstruction.com

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When it comes to planning a home renovation, few decisions are more important than choosing the right construction partner. Whether you're dreaming of a kitchen overhaul, an addition, or a full home transformation, who you work with can make or break your experience—and your budget.

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At Eagleview Construction, we know how overwhelming this decision can feel. Many homeowners don't realize there’s a difference between hiring a General Contractor (GC) and partnering with a Design-Build Firm—and that difference can have a big impact on your time, cost, and stress levels.

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Let’s break it down.

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Home Renovations Are Complex—Period.

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And they’re usually your largest single investment. That’s why having the right team in your corner is critical.

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Both GC’s and Design-Build firms can lead renovation projects—but they do so in very different ways. One puts you in the driver’s seat whereas the other offers a turn-key experience with a single point of contact from start to finish.

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So, which is right for you?

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What Is a Design-Build Firm?

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A design-build firm, like Eagleview Construction, manages the entire process under one roof—from initial design, through construction phase to the final clean.  

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Instead of hiring a separate Architect, Designer, Project Manager, and contractor, you get a unified team that collaborates from Day One. The goal? A streamlined experience with fewer surprises and better alignment between your design vision and your construction budget.

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Key Features of a Design-Build Approach:

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• Integrated Team: Designers, Project Managers and contractors all work for the same company.  With an experienced team and a proven process—the project flows through seamlessly. There is less risk of costly redesigns or delays—and more confidence that your vision will be brought to life.

• Unified Technology: From the start of your engagement through to the pains of the project—all your points of contact are using the same technology, notes and project management systems.  

• Consistent Communication: With one fluid team, there is less hands offs making for less communication gaps.

• Budget-Conscious Design: We consider your budget before we put pen to paper, not after. We design based on what you want and what you’re comfortable spending.

• Transparent Process & Clear Roadmap: You'll know what decisions are coming and when through our guided process.  

• Fixed-Price Contracts: The entire project is scoped and priced before we begin so you know the total cost. At Eagleview Construction, we are proud to complete 98% of our projects on time and on budget because great work shouldn’t come with surprises.

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With design and construction working hand in hand, there’s less risk of costly redesigns or delays—and more confidence that your vision will be truly brought to life.

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What About a General Contractor?

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A GC typically steps in after you’ve completed your design with an Architect or Designer. Their role is to manage the construction phase and coordinate trades—but the rest is up to you.

That means you're in charge of:

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• Hiring and managing your Designer or Architect

• Getting permits and navigating local bylaws or variances

• Requesting and comparing bids

• Managing communication between design and construction teams

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This option gives homeowners more control, but also more responsibility—and more room for a disconnect between design and budget.

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Key Features of a General Contractor Approach:

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• Builder, Not Designer: GCs build from completed plans and rarely get involved in design development.

• Homeowner as Project Manager: You’ll coordinate between all professionals involved.

• Variable Pricing: Many GCs use cost-plus contracts, meaning you pay for time and materials plus markup, which can lead to unexpected budget increases.  

• Separate Design and Build Phases: There's no collaboration during the design stage to ensure budget feasibility.

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So, How Do You Choose?

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If you’re trying to decide which approach is right for your home, it comes down to your goals, time availability, and risk tolerance.

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Here’s how to know if a Design-Build Firm might be the better fit:

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1. You Want Clarity on Your Budget and Timeline Right From the Start

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We’ve seen it too many times, a homeowner works with an Architect, falls in love with a design and then learns it's way over budget. Like our client Steve—who came to us with a stunning two-story addition plan. Unfortunately, his $550K budget wouldn’t stretch to the $750K plus price tag.

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Had Steve started with a Design-Build Firm, we could have worked with him to design within his means—saving time, money, and a whole lot of frustration.

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2. You Want a Seamless, Stress-Free Experience

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Most of our clients don’t want to manage trades or juggle timelines—they want a trusted team that handles it all. At Eagleview Construction, 98% of our projects finish on time and on budget because we do the planning work upfront, with transparency every step of the way.

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3. You Want to Stay on Schedule

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Design-build teams move faster because we’re already aligned on scope, materials, and cost. No need to pause and re-design when the construction quote comes in too high. With us, design meets budget from day one.  

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When Is a General Contractor a Better Choice?

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The GC model works well for homeowners who are:

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• Hands-on: You enjoy overseeing the details and managing professionals.

• Experienced: You’re comfortable reading plans, comparing quotes, and managing a complex project.

• Looking for Specific Experts: Maybe you already have a Designer in mind, or you're hoping to compare multiple construction bids.

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This path can offer more flexibility, but it also comes with more moving parts to juggle.

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Bottom Line: There’s No One-Size-Fits-All Answer

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Choosing between a GC and a Design-Build Firm depends on how involved you want to be, and how important budget alignment, communication, and simplicity are to you.

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If you are considering a renovation project and have any doubts about where to start, feel free to give us a call. We’d be happy to chat about your project and where we think you’d be best served. For those in our area, we love the opportunity to refer people to great specialty trades or other GCs if we’re not the best fit for your project. If you’re outside our area, we’re happy to offer broader advice about who might best serve your needs. When people have a great renovation experience, it benefits the entire industry, and we’re passionate about improving that experience. So, please don’t hesitate to connect.

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Everyone has heard horror stories about shady contractors, or renovation projects gone wrong. So, in order to protect yourself against these nightmare scenarios, one of the best things that you, as a homeowner, can do is follow a thorough selection process when choosing which contractor to work with. Choosing the right contractor for your project is crucial to its success and can significantly impact both how stressful the process is, and ultimately, the overall quality of the final product.

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As a General Contractor ourselves, we’re likely biased about what makes a good contractor; however, we’re also well positioned to see what works and what doesn’t.   At Eagleview we’re obsessed with ensuring that our clients have a great renovation experience, and we work hard to make that a reality. Despite there being other amazing contractors out there who share that same goal, every year, we receive calls from homeowners who are stressed out beyond belief and in the throes of a dispute with their contractor. Many times, they have had to fire their contractor and are looking for assistance to get things back on track. While we endeavour to assist these folks, it often quickly becomes obvious that there were many red flags that were ignored early on, and had they been paid attention to, could have avoided a lot of pain and suffering.

So, here’s our best effort to summarize what you can do to confidently choose a fantastic contractor for your project:

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1. It Starts with You

• Begin by defining the intent of your project and what problems you are looking to solve.
• Set a budget. When heading into a renovation, know that you own your budget and stick to what you are comfortable paying for on a project. Any contractor should be respectful of that and take staying within those parameters very seriously. To assist with understanding what certain types of projects costs, please read our article titled “How Much Will My Renovation Cost.” It can also be helpful to speak with a financial advisor or mortgage broker very early in the process to assist in determining what you are able to spend.
• Understand your desired timeline for when you would like the work to be started and completed.

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2. Create a Shortlist of Potential Contractors

• Find out what type of contractor you need. To do so, please see our article on that.
• Gather recommendations from friends and family. Another source is finding contractors with high reviews and ratings online.

3. Interview Potential Contractors

• Ask about their process (hint: if a contractor doesn’t follow a set process or is willing to change their process based on your demands, that’s a red flag).
  • For design and build contractors, they should be able to clearly outline both the design process as well as the build portion of the project.
• Ask about their experience with similar projects (e.g. Similar sized projects and similar aged properties, etc.).  Or even ask to see examples of their past work.
  • Reputable contractors are very proud of their past projects and happy to show them off!
• Ask for references and check online reviews. A reputable contractor should be more than happy to provide you with past clients who can share their experiences.
• Ask about insurance and warranties. A reputable contractor will be able to easily summarize their insurance coverages and even provide a Certificate of Insurance if requested.
• Ask about who they use as subcontractors and how long they’ve worked with their trade partners.
  • A general contractor’s sub trades are integral to a project's success. A general contractor’s ability to maintain longstanding relationships with excellent trades is typically a strong indication that they are a competent contractor.
• Ask about affiliations and organizations that they are a part of. Organizations such as the Better Business Bureau and RenoMark require members to adhere to strict codes of conduct and provide proof that they are in conformity.
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4. Get it in Writing

• A reputable contract should put everything into writing that will clearly outline what they will be delivering, how you will pay for it, timelines that you can expect, and any other details that are pertinent to your project.

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5. Making a Selection

• In addition to everything above, it’s also important to ensure that communication style, professionalism and values of a potential contractor are in alignment with yours. Renovation projects are typically long-term relationships, so it’s critical that you will enjoy who you’re working with.
• Don’t just base your decision on price. There are so many aspects of a project that add value to a project than simply the initial price.

In August 2023, Eagleview Construction was listed as one of the Top 3 Home Builders in Kitchener, ON by ThreeBestRated! ThreeBestRated® helps 4.5 Million customers find the best local businesses, professionals, restaurants, health care providers, etc., in key cities. They have thoroughly evaluated and updated our business based on a rigorous 50-Point Inspection. Customers use Description, Price, List of Specialties, Awards, 6 High-Resolution Photos and Video to find the best businesses.

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Check out our listing & Inspection Report here: https://threebestrated.ca/home-builders-in-kitchener-on

On April 12, 2019, Eagleview Construction was the recipient of both the Most Outstanding Kitchen and Most Outstanding Bathroom awards at the Waterloo Region Home Builders' Association Annual SAM Awards! We are also proud to announce that we were finalists in the Most Outstanding Renovation over $100,000 category. As such, we would like to share our winning projects with you!

Our clients dreamed of an ensuite escape; a place to relax and unwind after a busy day of juggling work and family. The mission was clear—prioritize clean, bright lines, and maximize the use of the space. We worked closely with our clients to incorporate high-end, luxurious features such as: in floor heating, quartz surfaces and a relaxing rain shower. 
The floating white oak vanity adds depth and a modern focal point, without taking away from the crisp white and black that dominates the room. The extra long shower niche adds further visual length to the wet room. The stunning matte arctic white tile selected for the s hower wall was purposefully planned to add the illusion of height to wet room.