HomeStars has released its third-annual Reno Report which surveyed Canadian homeowners who had renovated since the beginning of COVID-19. The findings were surprising and contrary to popular media reports. It was widely believed that pandemic lockdowns had influenced the types of renovations homeowners took on – like better work, education or enjoyment spaces. However, more than two-thirds of respondents (68%) said that COVID-19 did not influence their decision to renovate, with the top motivation being to improve the overall aesthetics in their homes.
“While extra time at home and unused vacation budgets have undoubtedly contributed to this ongoing renovation boom, we were surprised to see that homeowners weren’t making changes for their new reality,” says Shir Magen, CEO of HomeStars. “Despite a worldwide pandemic that contributed to major material shortages and price increases, we’ve seen the demand for home improvement continue to grow.”
Key findings from the report:
- Of the Canadian homeowners surveyed who had completed renovations during COVID-19, 94% took on indoor renovations while 66% of respondents did outdoor renovations during the pandemic.
- Only 32% said COVID-19 influenced their decision to renovate, while 68% said they renovated for other reasons.
- Most respondents say their biggest motivation to renovate, at 58%, was to “refresh” the look and feel/improve the aesthetic.
- Tied for second place with 35% of respondents each was fixing the small jobs/wear and tear as a result of staying at home more and renovating to improve their outdoor space.
- 81% of respondents had the cash on hand to fund their renovations during COVID-19.
- When we asked respondents what their fantasy reno would be if cost or space were not an issue, most (40%) chose an outdoor cabana with full chef’s kitchen.
- 35% postponed renovation plans due to the high cost of materials.
For a full PDF of the report, please click here.