By Canadian Contractor staff
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Announcing results of the second annual Renovation Intentions Survey, confirming its partnership with the Ottawa Senators and its presence at the Ottawa Home & Garden Show.
March 22, 2023, Ottawa – Two-thirds of Ontario homeowners intend to undertake at least $5,000 worth of renovations or maintenance over the next three years, according to new survey results from RenoAssistance, a platform that aims to help homeowners and commercial operators complete renovations by giving them access to the best possible contractors.
The second annual Ontario homeowners’ renovation intentions survey reveals that renovation intentions remain stable, though economic barriers are a top concern. RenoAssistance is also announcing a partnership with the Ottawa Senators to become the team’s official renovation referral platform until 2025.
“Data from our renovation intentions survey shows Ontarians’ continued demand for home renovations and support from licensed contractors throughout the process, which may partially be due to the large number of properties that changed hands during the pandemic,” says Paul Bégin, Chief Operating Officer of RenoAssistance, in a press release.
The web survey, conducted in January 2023, shows that insufficient budget is the top obstacle to renovation work, with inflation outpacing measured increases in overall renovation budgets. The average budget across all three renovation categories (interior, exterior, and expansion or conversion work) remains around $40,000, while fewer Ontarians report having small budgets (less than $15,000).
Seventy-nine per cent of homeowners plan to use their personal savings to finance their renovation work. For larger projects like expansion and conversion work, 62 per cent will consider external financing, including lines of credit, refinancing mortgages, and other loans, to support their renovation goals.
While most homeowners (61 per cent) are worried about the current economic climate, around half say it will not impact the timeline or scope of their planned renovation project. However, 45 per cent say they will postpone their project due to current financial uncertainty.
New units on the rise
Interior renovations are still popular among Ontarians, with 82 per cent of respondents planning one in the next three years. That said, almost 40 per cent are considering outdoor renovations. While less than 10 per cent of homeowners are planning to expand or convert their property, 39 per cent of them are doing so to create an additional dwelling unit, which is a 15 per cent increase from last year.
When it comes to motivations for expansion and conversion work, 71 per cent state they would like to make their home more functional, compared to 57 per cent in 2022. The use of RenoAssistance’s website has also grown in popularity for this type of renovation, up seven per cent from 2022.
Licensed contractors provide peace of mind
For those planning renovations, hiring a licensed contractor is the preferred choice (64 per cent) versus doing it themselves (29 per cent); using a friend, family member, or acquaintance (22 per cent); or hiring a handyperson (23 per cent). The primary motivation for hiring a licensed contractor is to ensure quality work (77 per cent).
The top three selection criteria for licensed contractors are general reputation (67 per cent), recommendation from family and friends (50 per cent), and price (48 per cent). Price is a greater priority for younger age groups, with 44 per cent of those aged 18 to 34 ranking it as the most important factor in their decision.
RenoAssistance expands Ottawa presence through Senators partnership
In addition to the survey results, RenoAssistance is also announcing a partnership with the Ottawa Senators, which will make it the hockey team’s official renovation referral platform until 2025.
The Ad Hoc Research web panel survey was conducted from January 12th to 22nd, 2023, on behalf of RenoAssistance and Desjardins, among 1,008 Ontarians aged 18 and over who own at least one property and intend to do at least $5,000 worth of renovations or maintenance over the next three years.