As a leading authority on home improvement, HomeStars is always looking for ways to educate and empower Canadian homeowners. It is with this mission in mind that we compiled our first-ever Reno Report. We surveyed more than 1,000 Canadian homeowners in order to shed some light on their attitudes towards home improvement and what they have planned for their homes. In case you haven’t had the chance to check out the full report, here’s a summary of our most interesting findings.
You’re Investing in Your Homes
First and foremost, our research confirmed what we already suspected – Canadians are investing in their homes. Fifty-seven percent of homeowners reported that they completed one or two major projects in the past year. These larger projects include things like kitchen and bathroom renovations, landscaping, and installing a new HVAC system.
We were able to attribute this behaviour to a few factors. Sixty-two percent of Canadians live in homes built between 1950 and 1999, so logically, these homes are going to need upgrades. However, it also seems like buying and selling real estate is currently not an attractive option for the majority of Canadian homeowners – only nine percent of homeowners are considering selling their homes in the next 12 months. Instead, due to a number of market factors, a growing number of homeowners are opting to improve their current homes over relocating.
…And You Don’t Plan on Stopping
So, we know that 2019 was a strong year for the Canadian home improvement industry, but how will it perform in 2020? The majority of our survey participants reported that they planned on matching their 2019 spend in 2020, with many stating that they plan on spending more. Clearly, there’s no shortage of projects that need doing around the home, and Canadians have money to spend – seventy-seven percent of homeowners reported having cash on hand to cover the cost of their projects.
These Projects Are in High Demand
We were also curious about what exactly homeowners were changing about their homes. Our results show that painting, bathroom renovations, and kitchen renovations were topping homeowner wish-lists in 2019. Flooring upgrades, landscaping and roofing were also popular amongst our respondents.
For the most part, these are big-ticket projects, which further confirms that Canadian homeowners are opting to upgrade their current homes rather than moving into a newer home. If you’re interested in any of these projects, find out how much they’ll cost with our cost guides.
You’re Doing Your Research
We also found that while homeowners are keen to invest in their homes, they’re being careful about how they do it. Eighty-eight percent of Canadians will research cost information before hiring service professionals for major projects, and eighty-three will do the same for a small repair.
It seems like their research is paying off – three-quarters of Canadians are confident they were charged a fair price for recent major home projects and with tools like HomeStars, it’s never been easier to get informed. Before connecting with a pro, we encourage homeowners to check out our comprehensive cost guides to gage a cost baseline for their project.
When it comes to hiring, our matching feature allows you to get quotes from multiple home improvement professionals interested in your job. To make your decision even simpler, we approve over 8,000 project reviews for publication on our site every month. With these resources readily available, Canadian homeowners feel that they are ready to tackle any projects their home may need.
Alberta Is Home to Canada’s Top Spenders
While home improvement spending is up across the country, Alberta reported the highest percentage of home improvement renovations costing more than $50,000. While the real estate industry is most-competitive in Toronto and Vancouver, the recession and Fort McMurray wildfires meant that Alberta out-paced the rest of Canada in their home improvement spending.
Despite unpredictable circumstances, homeowners remain eager to spend money on their homes – and for good reason. When done correctly and with the right amount of research, your home can be a fantastic investment in times of uncertainty.
Looking at the big picture, it’s clear that the future of home improvement in Canada is robust. We hope that our findings have given you the confidence you need to undertake your dream project – millions of Canadians are doing so as we speak. With more resources available than ever before, it’s never been easier to transform your home. Get started today on HomeStars.
