TORONTO, /CNW/ – For five years running, HomeStars has released its anticipated annual Reno Report based on a national survey of Canadian homeowners who have renovated in the past 12 months. It also looks to the future and intentions to renovate in the next year.
“We are seeing quite a few new and emerging trends in 2023 – from weather-related emergency repairs to the future of multi-generational living,” says Shir Magen, CEO of HomeStars. “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.”
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 include:
- On average, the Canadian homeowners surveyed spent $12,300 on renovations in the past 12 months. Anticipated spending in the next 12 months will likely be down however, at $10,264 on average, unsurprising considering the economic environment
- One third of homeowners (32%) had completed emergency repairs due to weather-related events, peaking in Atlantic Canada at 41%
- Modern Farmhouse is the number one home aesthetic, followed closely by Ranch/Bungalow style homes
- If given the option to move their current home to a dream geographical location, Canadian homeowners chose the waterfront – with lakeside living taking the top spot at 30%, followed by oceanside living at 23%
- The majority of respondents (79%) stated that sustainability was “important” when choosing building materials for renovations, but only 59% who renovated in the past 12 months have used green products
- Respondents over 60 years old were significantly more inclined to consider sustainability “very important” when choosing building materials for renovations at 41% compared to the 23-39 age group at 26%.
- While 15% of homeowners bought or sold a primary property in the last 12 months, only 28% bought a fixer-upper vs 44% in 2022, indicating they are buying newer or previously renovated homes
- Of the national respondents, 16% own an income property with homeowners in British Columbia leading the way as landlords at 21%
- 79% of Canadian homeowners surveyed had the cash on hand to pay for renovations
- Albertans took the top spot with the vast majority (85%) having the cash on hand, outpacing the national average
- Only one in three (34%) plan to postpone planned renovations due to rising interest rates
- Nearly three quarters of respondents (73%) plan to do at least one home renovation in the next 12 months
- In the next 10 years, 25% say they are likely to live in a multigenerational household
- Only one tenth (12%) of surveyed homeowners say they have been in a dispute or disagreement with a neighbour over a renovation, most frequently over property lines and the building of fences and decks
For additional findings on laneway homes, smart home features and how trust impacts hiring service providers, visit the 2023 HomeStars Reno Report: https://homestars.com/reno-report/
These are the findings of a survey conducted by HomeStars from July 20 to July 27, 2023, with a sample of n=1,105 Canadian homeowners aged 23 years or older (excluding Quebec) who completed at least one home renovation or repair in the past year. All respondents were members of the online Angus Reid Forum, and the survey was conducted in English. Regional boosts were added to reach a minimum of 200 completions each in Alberta and British Columbia, and 100 completes in Atlantic Canada.
SOURCE HomeStars
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