HomeStars has released it’s fifth edition of its Reno Report. Since 2019, the annual Reno Reports have examined the behaviour, attitudes, trends and intentions of Canadian homeowners who have renovated in the last 12 months. It also looks ahead – to renovation plans in the next 12 months. Key findings from the 2023 Reno Report include:
- Average spend on renovations in the past 12 months was $12,300 – this is anticipated to fall slightly to $10,264 in the coming 12 months ahead.
- One third of homeowners (32%) had completed emergency repairs due to weather-related events, peaking in Atlantic Canada at 41% due to catastrophic flooding.
- Almost a quarter of homeowners prefer the Modern Farmhouse as their number one home aesthetic, followed closely by Ranch/Bungalow style homes.
- 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.
- 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.
- 79% of Canadian homeowners surveyed had the cash on hand to pay for renovations.
- Just over 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.
To read the full report, visit the HomeStars website.