Annual study snapshots renovation spending

Annual study snapshots renovation spending

October 4, 2023

Photo credit: HomeStars

HomeStars has released its annual Reno Report based on a national survey of Canadian homeowners who have renovated in the past 12 months, which includes an outlook into spending into 2024.
“While overall spending is down from last year, due to inflation and rising interest rates, the majority of homeowners surveyed are still planning to renovate, ” said Shir Magen, CEO of HomeStars.
The report also examines Canada’s favourite home design aesthetic, most desirable home location in the country, the demise of the fixer-upper, sustainable renovations, neighbour disputes over renovations and more.
Highlights of the survey:

$12,300 was the average spend on renovations in the past 12 months; anticipated spend in the next 12 months will decline to an average of $10,264, considering the economic environment.
32 per cent completed emergency repairs due to weather-related events—peaking in Atlantic Canada at 41 per cent.
79 per cent stated sustainability was “important” when choosing building materials for renovations, but less than 60 per cent actually used green products.
15 per cent bought or sold a primary residence in the last 12 months.
28 per cent bought a fixer-upper versus 44 per cent in 2022—possibly signalling a trend toward buying newer or previously-renovated homes.

Insights from survey respondent profiles:

16 per cent own an income property—British Columbia leads the way at 21 per cent.
79 per cent had cash on hand to pay for renovations—Alberta takes the top spot with 85 per cent having cash on hand.
73 per cent plan to do at least one home renovation in the next 12 months.
25 per cent say they are likely to live in a multigenerational household within the next 10 years.

The report includes additional findings on laneway homes, smart home features, and how trust impacts hiring contractors and suppliers, according to Toronto-based HomeStars, an online marketplace connecting homeowners with home service professionals.