Renovators should ready for a boom in 2021
April 13, 2021
Six in 10 Canadian homeowners are planning to renovate in the next two years— with backyards, kitchens and bathrooms topping the list, according to a March 2021 survey from Scotiabank.
Among homeowners planning renovations, about 25 per cent are looking to start in the next six months, the survey found.
Regionally, plans for renovations are highest in the Prairie provinces where 70 per cent in Manitoba and Saskatchewan, and 62 per cent in Alberta, say they will have home upgrades done.
In a separate recent survey by Home Stars, almost 75 per cent of Canadian homeowners said they are planning renovations in 2021.
Toronto-based HomeStars is an online marketplace connecting homeowners with contractors and other professionals. In 2020, nine million homeowners visited HomeStars looking for a pro for their next home improvement project.
"Despite the pandemic, last year was incredibly busy for renovations and there's no sign of it slowing down anytime soon," said HomeStars CEO Shir Magen.
The national survey conducted among HomeStars' homeowner base found the most popular projects homeowners plan to complete in 2021 will be outdoor work including landscaping and decks— at 54 per cent of homeowners. In second place came bathroom renovations at 32 per cent, followed by kitchens at 23 per cent—these confirm Scotiabank survey findings.
Basement renovations and appliance replacements round out the top five at 17 and 12 per cent, respectively, according to HomeStars.
In terms of anticipated spend, the top budget ranges were $1,000 to $10,000 ( chosen by 46 per cent of respondents) and $10,000 to $25,000 ( chosen by 24 per cent)—11 per cent said they plan to spend more than $25,000.