This year marks HomeStars’ 5th annual Reno Report. The idea behind this report is to showcase the behaviour, attitudes, trends, and intentions of Canadians who have completed home renovation projects in the past year. Read on to hear about the key findings from the 2023 Reno Report.
Average Spending
We need our homes just as much as our homes need us. Homeowners are still willing to put in the time, money and effort to improve their living conditions, both aesthetically and functionally. Of the homeowners surveyed, 96% completed an indoor renovation in the past year and 73% are planning one in the upcoming year. Additionally, 32% of the homeowners underwent exterior renovations to improve their outdoor space for better enjoyment. While homeowners are still completing, undergoing, and planning renovations the average spending amount is significantly less from the year prior ($25,222) at $10,300.
Given the current economic climate, surprisingly, across the country 79% of homeowners surveyed had cash on hand to help pay for their renovations. This goes to show that despite everything else, homeowners are still saving and planning to invest in their home.
Emergency Repairs
This past year, Canada saw weather conditions worsen. From wildfires spreading across the country, as well as flooding impacting the East coast, homeowners were in dire need of emergency repairs. One-third of homeowners surveyed completed an emergency repair and over half of those homeowners surveyed are proactively planning a project to update their home in response to the ever-changing climate and weather conditions.
Going Green
In light of the worsening weather conditions, it’s no surprise that homeowners are shifting to think Green when it comes to their home. Canadians are recognizing the impact of going ‘Green’ and are even willing to spend more money if it means that their renovations are considered “green” and “sustainable”. In fact, 79% of Canadian homeowners that were surveyed stated that sustainability was “important” in relation to the building materials and other renovation decisions. On top of that, 59% of homeowners who underwent renovations or upgrades this past year opted to install efficient appliances.
Future Households
Now more than ever, we see the stress that today’s economic climate has on younger generations. In line with the affordable housing crisis, in the next 10 years, multigenerational homes are going to be more common as 25% of homeowners admitted to this reality. In order to accommodate more individuals living under the same roof, homeowners are planning updates to their home. This can include updating current spaces, such as converting a basement to an in-law suite, or apartment, or adding extensions to their current home’s footprint. If you find yourself in this situation, the government does offer a tax credit for these types of renovations. You can learn more about that here.
Trust
Homeowners looking to hire a Pro for their renovations emphasize trust. In fact, 67% of homeowners are willing to pay more for a professional that they can trust. While almost all homeowners read reviews before hiring a company, around 80% of them only trust online reviews “at least sometimes”. Reviews are at the forefront of HomeStars, and with over 900,000 verified reviews, HomeStars’ goal is to allow homeowners to confidently hire right the first time.
Read all about the findings from our 2023 Reno Report here. And if you’re a homeowner who is looking to undergo any home renovation project in the near future, get started at HomeStars.com.
