Despite Fewer Canadians Planning Home Renovations Over the Next 12 Months, Those That do Intend to Renovate are Likely to Spend Nearly Double, According to HomeStars 2022 Reno Report
HomeStars' fourth annual survey reveals that despite a downturn in planned home renovations, Canadian homeowners do expect to spend nearly twice as much on renovations, on average, in the next 12 months as they did in the previous year.
With 80 per cent of respondents reporting to have cash on hand to fund planned home renovations, there was an average increase of 57 per cent in total spending for indoor renovations, demonstrating that Canadians want to reinvest where they’re living. Along with increased spending, HomeStars also saw the continued trend that Canadians want to stay put. Three-in-four (76 per cent) of those surveyed reported that they are not considering moving in the next 12 months, while 14 per cent are currently undecided.
“Given the unique climate that Canadians are currently living in, we were surprised to see the increase in home renovation investments made over the past 12 months,” says
Though most of
Other key findings from the survey include:
- Cost of materials still played a role - two in five respondents postponed some of their planned renovations due to the high cost of building materials, a six percentage point jump from last year. Atlantic Canadians are significantly more likely (53 per cent) than those in other regions of the country to have postponed renovation plans in the past year due to the high cost of building materials.
- Emergency Repairs - Plumbing repairs were the single-most common emergency repair, nearly twice as common as appliance repairs, the next highest issue.
- Funding Major Home Improvement Projects -Among those who financed their renovation (20 per cent), the vast majority used a credit card or line of credit.
- Use of Smart Technology - Smart thermostats and Internet-based home assistants remain the most widely used “smart tech” products, while Internet-connected appliances are still more of a novelty, with only about one-in-eight surveyed homeowners using them.
- Fantasy Feature - Outdoor cabana with full chef's kitchen ranked number one for the second year in a row; however, with many COVID restrictions being relaxed or removed in the past year, there has been a decline in the proportion of homeowners yearning for a resort-style pool in their own backyard (25 per cent, down from 36 per cent in 2021).
- Moving Areas - At the beginning of the pandemic, we saw many Canadians moving out of city centres to purchase larger homes and have more space. Our recent survey showed about two-thirds (65 per cent) of homeowners who bought a new home stayed in the same setting as before. However, the pandemic is still driving movement within rural, urban or suburban areas with 44 per cent of those who previously lived in an urban centre moved to the suburbs or a rural area.
- Though the proportion of Canadian homebuyers moving locations did not change from last year, the percentage of Canadian homebuyers who changed the type of home they were living in increased. Among those who purchased a home in the past year, about a third (32 per cent) changed what type of home they were living in, a significant increase from 2021 (19 per cent).
Since this survey was conducted in March, inflation continued to rise, prompting the
For more insights, information on spending, and findings, check out the full 2022 Reno Report: https://homestars.com/reno-report/