Today we are going to discuss about the true cost of windows replacement in 2023. So, are you thinking about replacing your windows in 2023? It’s a common renovation project that homeowners across Ontario do because of necessity and because of the return on the project investment.
But 2023 is a unique year. There are a variety of economic factors in play that can affect the true cost of your replacement windows. Inflation and increasing interest rates are top of mind for many people. Both are leading to higher prices across most industries in Canada.
From a homeowner’s perspective, even though you may need new windows or want to upgrade them as part of a renovation doesn’t mean you have unlimited money to do it. Everyone has a budget they are working with.
The cost of living is of high priority for households and rising inflation rates are now a consideration when planning to replace windows.
Below we will outline some key things to think about in relation to inflation in Ontario and the true cost of replacement windows in 2023.
The Current State Of Inflation
For those not familiar with how inflation works, it is the decrease in the value of your money. When prices for goods and services increase, it diminishes your purchasing power. Higher inflation today means that your budget for your windows project will not go as far as it did in the past.
Inflation is the highest it has been since the early 1990s. Statistics Canada talks about the current inflation levels:
“In January 2023, Canadian inflation surpassed 5% for the first time since September 1991, rising 5.1% on a year-over-year basis and up from a 4.8% gain in December 2021. In comparison, the headline Consumer Price Index (CPI) increased 1.0% on a year-over-year basis in January 2021.”
As of February 2023, the Canadian inflation rate increased to 5.7%. Why has inflection gone up so much? The effects of the pandemic are a key reason.
COVID-19s Impact On Inflation
The pandemic has been a significant factor in the current state of our economy. The effect the pandemic has had on society has led to a trickle-down effect that has driven inflation and the cost of goods and services up. This includes:
- Manufacturers increase production costs because the cost of materials and wages have increased
- Factories were forced to shut down as a result of outbreaks
- Operations have been changed because of government regulations such as social distancing
- Companies were running with less staff, which resulted in delays and reduced efficiency.
- The Producer Price Index (PPI) for materials inputs to construction is up 14% year over year.
- Steel Prices are up 60% to 100% in the last six months
- Contractors and skilled trades are having more challenges finding skilled labourers
The Effects Of Inflation And True Cost of Replacement Windows
For people wanting to get new windows, this has meant an increased cost to you. There are a number of ways for you to think about it.
- Put the project on hold: If you do this, you could see prices get even higher than they are currently. You also will continue to have inefficient windows. This will cost you more money on your energy bill. Plus, you risk other issues arising.
- Increase your budget: You could choose to increase the budget for the project. You will immediately experience the energy cost savings associated with energy efficiency vinyl windows.
- Modify your project: You could choose to do a fewer number of windows to stay within your original budget. For example, you could choose to do all the windows on your main floor now and do the rest of the windows at a later date. It makes the most sense to replace the windows that are in the worst condition now.
- You can finance your windows: Choosing the finance for your project allows you to get it done now. It is an alternative that will minimize the financial impact o the windows. Plus, you are protected against price increases in the future, helping you to keep costs down long term.
The True Cost Of Not Replacing Your Windows
Even though the cost of windows replacement in 2023 could be on the rise, the true cost comes in not upgrading your windows. If you have old and inefficient windows, you are losing money every month in the form of higher energy bills.
Taking steps to make your home more efficient can help you save money and keep costs down. You will be surprised how much of an impact new home windows will have on your electricity bill. Plus, it will take pressure off and reduce the wear and tear of your furnace and air conditioner.
Finance Your Replacement Windows To Reduce The Financial Impact Of Inflation
Are you thinking about financing your window replacement project? If you are, Ecotech Windows and Doors can help. In addition to offering deals and specials to help you save money, we also offer financing to our customers through our collaboration with EcoHome Financial and Snap Home Finance. Our plans allow you to make monthly payments at affordable rates. You could also qualify for 0% financing on approved credit. It is a great choice to consider if you need to replace your windows right now.
We offer financing options that start as low as $49 per month.
Get A Free Estimate For Upgraded Windows
Call us at 1-888-837-6569 for a free in-home estimate! Our window consultants will come to your home to assess your windows. Depending on what we find we will recommend a repair or replacement windows. Start by looking at our vinyl window collection. Check out our winter special for even more savings!
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