In the hot housing market, many people put offers on houses without restrictions, including inspections, which further led to a significant loss of employment for certain Ottawa home inspectors. Mike White, the owner of HomePro Inspections, has been inspecting residential homes for 16 years but claims his revenue has just been reduced by 50%.
According to a recent report by the Canadian Real Estate Association, Canada’s home industry had its busiest year ever in 2021, with average selling prices reaching record highs. Unfortunately for White and other Ottawa house inspectors, the boom has resulted in a business bust.
According to White, things began to fail in the middle of 2019 and continued to worsen by early 2020. “I’ve heard of a few folks who have retired early,” he added, “perhaps because business has slowed and expenditures have risen.”
Peter Weeks, president of CAHPI, home inspectors throughout the nation are feeling the pressure. Weeks, who has been in the business for 20 years and also inspect properties in Ottawa, estimates that about a third of new home inspectors who sought membership with CAHPI this year left the industry.
Weeks admitted, “To be honest, I was questioning it myself since my numbers were down and you have to maintain a lifestyle.” Further, he expressed optimism about an improvement in things, and he urges anyone interested in the field to continue their study.
Weeks believes that one out of every four residences sold in the country gets inspected, although that figure is substantially more than it was even six months ago.
Len Inkster, executive secretary of the Ontario Association of Certified Home Inspectors, stated that the growing cost of insurance is another difficulty for home inspectors.
Source: CBC News
