HomeStars has been producing a Reno Report since 2019 to gauge Canadian homeowner behaviours and sentiments towards renovations, spending, trends, and more. This year’s reno report is based on surveyed Canadian homeowners who had completed home renovations in the past year. The continuation of a global pandemic, a record-breaking hot national real estate market, inflation, and economic uncertainty, have drastically changed the average Candian homeowners’ views on home renovation and upgrades.
Here are 5 major key takeaways from our Reno Report 2022:
All Your Fantasy Projects
Putting the reality aside, Canadian homeowners were asked if money and space were not an issue, and which projects they would like to take on. 40% of Canadians said an outdoor cabana space with a full chef’s kitchen will be their first choice for a fantasy project. The second most desirable fantasy feature was a fitness centre or home gym (34%), followed by an indoor pool or sauna (31%). However, 27% of respondents from this survey reported needing help with financing. So don’t let lack of funds be a hurdle in getting that beautiful cabana or a relaxing indoor pool or sauna. You can take advantage of the new HomeStars & Perch partnership to get refinancing against your home equity for your fantasy home renovation project.
A global pandemic, economic turmoil and alarming global warming effects highly impact the way Canadian homes function. Barring the planned renovation or improvement projects, 59% of survey respondents said unplanned or emergency repairs impacted their day-to-day lives. The most common emergency repairs homeowners need a pro for are plumbing, appliance repair and HVAC. Whether you are living in Atlantic Canada or the Pacific, with HomeStars you can get your emergency tasks done. When submitting your service request, you can specify to the pro whether if its an emergency service and get the work done as soon as possible.
Funding Canada’s Renovation Trends
The pandemic and looming economic state of the nation has drastically changed the spending pattern of Canadian homeowners. The majority of homeowners who successfully completed home renovation in 2021 used credit cards or a line of credit. Our pulse survey taken in early June demonstrated that 66% of respondents reported having cash on hand, 27% reporting they’ll need to finance at least part of their home improvement projects and 7% noted that they’ll need to finance the project in full.
If you find yourself in a similar boat, we have brought some interesting finance solutions for you. If you are a Toronto resident, you can take advantage of our Deals by HomeStars offering. For larger projects, get refinancing against your home equity with HomeStars & Perch partnership. To budget, plan and execute your project, check out our latest Project Guides. Or to gauge how much a home improvement project can cost you, have a look at our regional Cost Guides.
Getting Smart & Going Green
Canadian homeowners are adapting to a greener and smarter lifestyle with different types of home automation services. Home automation costs can vary based on the project type and scope. Ontario, Alberta, and Atlantic Canada exceed the national average for smart technology use, with seven-in-ten homeowners using smart technology systems in the past 12 months. The most commonly used smart tech by these homeowners is the thermostat (34%), closely followed by Internet-based home assistants (33%). Homeowners are also investing in smart security cameras, and video doorbells as home security tech continue to be on the rise.
When it comes to going green, Canadians have always been known to take advantage of various initiatives such as the Canada Greener Homes Grant. From our survey, British Columbians rose to the top spot in the nation, with 83% agreeing that sustainability is important to them. In 2022 Canadian will be investing more in energy-efficient appliances (29%), low VOC paint (25%), and energy-efficient furnaces (14%).
Investing in Indoor & Outdoor Renovations
75% of surveyed homeowners who completed renovations in 2021 expect to do so again in 2022. When it comes to indoor & outdoor renovations, more homeowners are expected to invest in indoor renovations. This will help them improve the resale value of their property, create extra living spaces as well as create rental-friendly homes. Bathroom and kitchen renovations have scored the top renovation projects for Candian homeowners from coast to coast. 59% of the Canadian homeowners stated the top reason to renovate was to refresh the look and feel of their space.
To read more about 2022 home improvement trends, read our full 2022 Reno Report today!