TORONTO–(BUSINESS WIRE)–Despite national inflation, rising interest rates, and a volatile public market, a new survey from HomeStars reveals that Canadian homeowners have spent significantly more on renovations this year than in years past. On average, those who completed indoor renovations in the last 12 months spent $13,000, up from $8,300 last year. Although more Canadians have indicated an intention to pause home renovations in the coming year, and even with rising material and labour costs, it is estimated that Canadian homeowners on average, will double their total home reno spending this upcoming year.
With 80 per cent of respondents reporting to have cash on hand to fund planned home renovations, there was an average increase of 57 per cent in total spending for indoor renovations, demonstrating that Canadians want to reinvest where they’re living. Along with increased spending, HomeStars also saw the continued trend that Canadians want to stay put. Three-in-four (76 per cent) of those surveyed reported that they are not considering moving in the next 12 months, while 14 per cent are currently undecided.
“Given the unique climate that Canadians are currently living in, we were surprised to see the increase in home renovation investments made over the past 12 months,” says Shir Magen, CEO of HomeStars. “We’re seeing pandemic changes year-over-year; however, what’s interesting with this year’s data is that despite pandemic restrictions easing, Canadians aren’t reverting to their pre-pandemic tendencies. We’re seeing that homeowners are sticking to the renovation spending habits that they had at the height of the pandemic, and for the second year in a row, the extra funds that might have been used for travel or entertainment are instead being reinvested into their homes.”
Though most of Canada has eased out of many pandemic restrictions, the pandemic continued to motivate