HomeStar’s 2023 Reno Report explores the future of renovations

HomeStars has released its fifth annual Reno Report based on a national survey of Canadian homeowners who have renovated in the past 12 months.

This year’s findings came from a sample of 1,105 Canadian homeowners aged 23 years or older (excluding Quebec) who completed at least one home renovation or repair in the past year. Results were collected from July 20 to July 27, 2023. Regional boosts were added to reach a minimum of 200 completions each in Alberta and British Columbia, and 100 completes in Atlantic Canada.

The report examines cost, sustainable renovations and neighbour disputes over renovations. It also looks to the future and intentions to renovate in the next year.

On average, the Canadian homeowners surveyed spent $12,300 on renovations in the past 12 months. Anticipated spending in the next 12 months will likely be down however, at $10,264 on average.

One third of homeowners (32 per cent) had completed emergency repairs due to weather-related events, peaking in Atlantic Canada at 41 per cent.

The majority of respondents (79 per cent) stated that sustainability was “important” when choosing building materials for renovations, but only 59 per cent who renovated in the past 12 months have used green products. Respondents over 60 years old were significantly more inclined to consider sustainability “very important” when choosing building materials for renovations at 41 per cent compared to the 23-39 age group at 26 per cent.

While 15 per cent of homeowners bought or sold a primary property in the last 12 months, only 28 per cent bought a fixer-upper vs 44 per cent in 2022, indicating they are buying newer or previously renovated homes.

Seventy-nine per cent of Canadian homeowners surveyed had the cash on hand to pay for renovations. Albertans took the top spot with the vast majority (85 per cent) having the cash on hand, outpacing the national average.

Only one in three (34 per cent) plan to postpone planned renovations due to rising interest rates. Nearly three quarters of respondents (73 per cent) plan to do at least one home renovation in the next 12 months.

In the next 10 years, 25 per cent say they are likely to live in a multigenerational household.

Only one tenth (12 per cent) of surveyed homeowners say they have been in a dispute or disagreement with a neighbour over a renovation, most frequently over property lines and the building of fences and decks.

For additional findings, visit the 2023 HomeStars Reno Report: https://homestars.com/reno-report/