Page 21 - Lumber-Building - Reporter Magazine NovDec24

...MESSAGE FROM THE PRESIDENT continued from
page 6 auto-stak

the pandemic period. Renovation spending will be
$100 billion across Canada in 2024. Two-thirds of Design • Engineer • Manufacture • Install
that spending is on alterations and improvements.
Basic renovation spending has been on a downward • More than 30 years

trend since the pandemic ended. Some increases
are expected in 2025 and into 2026. The decrease
in interest rates will be a key contributor to the rise
in renos. Actual renovation spending for 2024 will
come in at the same level as 2019. This number is
$20 billion less than the pandemic years.

Take aways from these projections:
The housing mess that we are currently in did not
form overnight and will take a while for it to improve.
Greed, waste, and mismanagement in many parts
of the industry and government have created the
current environment that cannot continue without
some corrections. Condominiums that were bought
just to flip when they were built have turned into
bad investments in many cases. Mismanaging
immigration targets, excessive development fees and
poor land development has added fat and cost to an
overweight new home price.
If you end 2024 at levels like 2019, I think you are
on the right track. Part of this also means that your
fixed and variable costs need to be similar to 2019.
Interest rate reductions are a help, but they will not
fix things entirely. If you operate outside of the GTA,
2025 should be an improvement. If your business
feeds the GTA market, particularly the new condo
market, you need to plan for 2025 and beyond to be
poor.
Anyone who has been in the industry for 20 plus
years know that we have cycles of boom and bust in
this industry. 2024 was the first poor one we have Email us a request for our digital catalogue
had in a while. Depending on where you are and info@autos k.ca
t
a
what you supply 2025 could be good or bad. auto-stak www.autostak.com
I hope everyone has a good year in 2025 and a
safe and happy holiday season. 1-888-318-0141

...INSURANCE UPDATE continued from page 8 mental wellness care under the 1 Lyra Health, “2024 State of Workforce Mental
company health plan, adding a Health Report,” accessed April 22, 2024.
their insurance? Are enough sessions provided meaningful number of therapy visits 2 Deloitte, “As workforce well-being dips, leaders
through the EAP/EFAP — and are employees even to an EAP/EFAP, offering digital options, ask: What will it take to move the needle?” June
aware of the benefit? Are workers in different or carving out mental health and 20, 2023.
demographics disproportionately using — or contracting with a third-party vendor 3 The Hartford, “Race and Culture Affect U.S.
finding it difficult to access — the benefits? that offers enhanced support. Workers’ Comfort Talking About Mental Health,”
• Up your communication. An organizational-wide • Make sure leadership is supporting July 14, 2022.
mental health awareness campaign can help the strategy. Make sure leadership is 4 Human Resources Executive, “As employees call
destigmatize mental health issues and make committed and accountable for creating for more wellbeing support, how HR can help,”
employees aware of available resources. Adding the psychologically safe workplace March 18, 2024.
a layer of mandatory mental health training for employees need. Obtaining executive
managers and optional mental health support support and ensuring they act as mental
training for all interested employees can help wellness role models will be paramount
leaders identify workers who may be struggling. for a successful program.
• Consider offering more robust mental health
supports. This might include providing more
www.lbmao.on.ca LBMAO Reporter - November-December 2024 21