HomeStars releases Reno Report 2019Canadian Contractor
"77 per cent of homeowners reported they had cash on hand to carry out their anticipated home improvements"
For the first time in Canada, HomeStars has published a Reno Report outlining Canadian’s preferences, spending habits and inclinations where housing is concerned. the 15-page report was compiled from answers provided by over 1,000 Canadians in four categories: Millennials (23 – 38 yrs), Generation X (39 – 54 yrs), Boomers (55 – 73 yrs) and the Silent Generation (74-94 yrs).
Some key findings from the report:
– 91 per cent live in homes worth less that $1 million.
– 77 per cent of homeowners reported they had cash on hand to carry out their anticipated home improvements
– Millennials were the most likely group to finance renovation using their credit card
– Of the provinces, Alberta counted the highest percentage of renovations over $50,000
– The average bathroom renovation costs is $13,393 with Millennials the most likely to do a bathroom renovation
The report suggests the future looks bright for our industry. The trend in home owning seems to be to “improve instead of move” with the vast majority of respondents to this report intending to stay in their homes and only nine per cent indicating a move was in their future.
And perhaps the best news of all: three quarters of those surveyed say when they did renovations, they were charged a fair price.
You can download the complete report here.