HomeStars releases third-annual Reno ReportCanadian Contractor canada contractor homestars reno report
HomeStars 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.”
Heading back inside
While the 2020 Reno Report found that outdoor renovations led in popularity, this year there was a distinct shift to indoor renovations. Of the Canadian homeowners who completed renovations during COVID-19, 94% took on indoor renovations while 66% of respondents did outdoor renovations. The most popular indoor job was interior painting, followed by installation of new appliances.
Spending stays strong
Canadian homeowners have continued to spend on renovations and most (81%) had the cash on hand. For homeowners planning to renovate in the next 12 months, they expected to spend, on average, the same amount of money as those who renovated since the beginning of the pandemic. This applies to both indoor and outdoor renovations.
Regionally, homeowners in Ontario spent the most on renovations during COVID-19. Albertans spent the least on renovations, yet in the 2019 Reno Report they were most likely to have done larger projects over $50,000. In terms of future spending, Ontarians are again projected to spend the most on renovations in the next 12 months.
Sustainability and smart homes
Among respondents, the overwhelming majority (80%) indicated that sustainability is important to them when choosing building materials and making renovation decisions and 56% used green products, with energy efficient appliances taking the top spot. But it was more than the environment that homeowners were passionate about, as creating a smart home was also high on the list. Two thirds (68%) of respondents shared they have at least one smart home technology device – the most popular being a smart home thermostat.
On a lighthearted note, homeowners were asked for their top fantasy renovation, if cost or space were not an issue, and most (40%) chose an outdoor cabana with a full chef’s kitchen. This was followed by a resort-style outdoor pool with waterslide. On the East coast, an indoor pool and sauna was the most popular fantasy reno.
Trust in professionals
The 2021 Reno Report found that the majority of Canadian homeowners (69%) hired a professional to do renovations and repairs since the beginning of COVID-19, but they’re doing their due diligence before hiring. A recent survey by HomeStars of their homeowner base revealed that more than 98% of homeowners read reviews before making a purchasing decision. This research is likely a contributor to strong consumer confidence when it came to renovation costs, with 65% of homeowners who hired a professional confident they had been charged a fair price.
For more insights, spending and findings, check out the full 2021 Reno Report: https://homestars.com/reno-report-2021