Now in its fourth year, the HomeStars Reno Reports are designed to gauge Canadian homeowner behaviours and sentiments towards renovations, spending, trends, and more. This year, similar to the 2021 report, HomeStars surveyed Canadian homeowners who had completed home renovations in the past year to better understand how behaviours and attitudes have shifted as many national and regional pandemic restrictions have eased in the last year.

Key Findings

  • In the first survey of early Spring, 80% of Canadian homeowners had cash on hand for home renovation projects. The follow up pulse survey to HomeStars customers found a slightly lower proportion of Canadian homeowners with cash on hand, as 27% of respondents from this survey reported needing help with financing.
  • 40% surveyed homeowners say the presence of COVID-19 restrictions influenced their decision to renovate in the past year, a significant increase from 2021 (32%).
  • At the same time, more homeowners also report postponing planned renovations this past year due to high building material costs (41%, up from 35% in 2021).
  • Amongst those who have completed outdoor renovations (e.g. landscaping/yard improvement projects) in the last 12 months, the average spend was about $6,600, an increase of nearly $2,000 from 2021.
  • The increase in average spending for indoor renovations was even more significant: Canadian homeowners who completed such renovations in the last 12 months spent about $13,000 on average, up from $8,260 in 2021.
  • There are notable regional differences when it comes to home renovations, both in terms of specific projects undertaken and overall spending levels. Ontarians, for example, have spent roughly twice as much on outdoor projects on average than homeowners in the Prairies and Atlantic Canada.
  • 59% of the Canadian homeowners stated the top reason to renovate was to refresh the look and feel of their space.

Looking Ahead

  • The expected average spend for the next 12 months is nearly twice the amount of 2021, suggesting that many Canadians expect to scale up home renovations in the months ahead. The June survey of HomeStars customers demonstrated the same trend of doubling spend from the amounts reported in 2021.
  • 75% of surveyed homeowners who completed renovations in the past 12 months expect to do so again in the next year.

To view the full report, visit the HomeStars website. 

Source: Homestars