2023 Reno Report explores results of local weather change, financial system and the way forward for renovations
TORONTO, Sept. 25, 2023 /CNW/ – For 5 years working, HomeStars has launched its anticipated annual Reno Report primarily based on a nationwide survey of Canadian owners who’ve renovated prior to now 12 months. It additionally seems to be to the longer term and intentions to renovate within the subsequent yr.
“We’re seeing fairly a couple of new and rising developments in 2023 – from weather-related emergency repairs to the way forward for multi-generational residing,” says Shir Magen, CEO of HomeStars. “Whereas total spending is down from final yr, because of inflation and rising rates of interest, nearly all of owners surveyed are nonetheless planning to renovate.”
The report additionally examines Canada’s favorite residence design aesthetic, most fascinating residence location within the nation, the demise of the fixer-upper, sustainable renovations, neighbour disputes over renovations and extra. Highlights embrace:
- On common, the Canadian owners surveyed spent $12,300 on renovations prior to now 12 months. Anticipated spending within the subsequent 12 months will doubtless be down nevertheless, at $10,264 on common, unsurprising contemplating the financial surroundings
- One third of house owners (32%) had accomplished emergency repairs because of weather-related occasions, peaking in Atlantic Canada at 41%
- Fashionable Farmhouse is the primary residence aesthetic, adopted carefully by Ranch/Bungalow fashion properties
- If given the choice to maneuver their present residence to a dream geographical location, Canadian owners selected the waterfront – with lakeside residing taking the highest spot at 30%, adopted by oceanside residing at 23%
- The vast majority of respondents (79%) acknowledged that sustainability was “vital” when selecting constructing supplies for renovations, however solely 59% who renovated prior to now 12 months have used inexperienced merchandise
- Respondents over 60 years previous had been considerably extra inclined to think about sustainability “essential” when selecting constructing supplies for renovations at 41% in comparison with the 23-39 age group at 26%.
- Whereas 15% of house owners purchased or offered a main property within the final 12 months, solely 28% purchased a fixer-upper vs 44% in 2022, indicating they’re shopping for newer or beforehand renovated properties
- Of the nationwide respondents, 16% personal an earnings property with owners in British Columbia main the best way as landlords at 21%
- 79% of Canadian owners surveyed had the money readily available to pay for renovations
- Albertans took the highest spot with the overwhelming majority (85%) having the money readily available, outpacing the nationwide common
- Just one in three (34%) plan to postpone deliberate renovations because of rising rates of interest
- Practically three quarters of respondents (73%) plan to do at the least one residence renovation within the subsequent 12 months
- Within the subsequent 10 years, 25% say they’re more likely to stay in a multigenerational family
- Just one tenth (12%) of surveyed owners say they’ve been in a dispute or disagreement with a neighbour over a renovation, most ceaselessly over property traces and the constructing of fences and decks
For added findings on laneway properties, good residence options and the way belief impacts hiring service suppliers, go to the 2023 HomeStars Reno Report: https://homestars.com/reno-report/
These are the findings of a survey carried out by HomeStars from July 20 to July 27, 2023, with a pattern of n=1,105 Canadian owners aged 23 years or older (excluding Quebec) who accomplished at the least one residence renovation or restore prior to now yr. All respondents had been members of the net Angus Reid Discussion board, and the survey was carried out in English. Regional boosts had been added to succeed in a minimal of 200 completions every in Alberta and British Columbia, and 100 completes in Atlantic Canada.
HomeStars is Canada’s largest on-line market connecting owners with trusted residence service professionals. In 2022, 7 million owners visited HomeStars searching for a professional for his or her subsequent residence enchancment mission. HomeStars was created in 2006 to assist owners make higher hiring choices. HomeStars is predicated in Toronto, Ontario, and is an working enterprise of Angi, Inc. (NASDAQ: ANGI). To study extra, go to @HomeStars on Fb, Twitter or Instagram.
SOURCE HomeStars
For additional data: For interview requests and extra information, please contact: Lauren Wasley, Carlaw Communications, , 647-883-9439