For the first time ever, Canada’s largest home service marketplace, HomeStars has published a report surveying four generations of Canadian homeowners on their attitudes, preferences and home improvement renovations.
The comprehensive report looks at current renovation trends and predications for the year ahead. The sample included over 1,000 respondents from across Canada who were either the sole or joint decision-makers, and who had completed at least one renovation project in 2019.
The main findings highlighted in the report were:
Over half of Canadians completed both repairs and renovation projects in 2019
The survey also found that57 per cent of respondents carried out more than one projects in their houses to either fix them up or improve existing structures and add value. When it comes to the size of these investments, larger projects such as basement renovations or building additions, over half of respondents of all ages undertook at least one or two such major projects and spent a substantial amount of money.
Most Canadians live in older homes which drives the need for household improvements
Finding shows that the majority of houses can be anywhere between 20 and 69 years old, making it necessary for homeowners to invest in repairs and renovations. Around 62 per cent said they live in a property built between 1950 and 1999. Out of all generations, Millennials were most likely to spend larger budgets on freshening up their homes. A startling 77 per cent of respondents reported having cash ready to carry out their home renovations.
Canadians are staying put and investing in their homes
As a result of mortgage stress and affordability challenges, particularly in bigger cities such as Toronto, many Canadian homeowners are choosing to stay put with only 9 per cent considering selling their property in the upcoming months. In addition to this, about 48 per cent are considering renovating part or all of their home in the year ahead.
A spokesperson for long-standing renovation company based in Toronto, Basement Finishing weighed in on the findings, reinforcing them from a supplier perspective, “From what we have observed in 2019 and following ongoing discussions with our clients, we are seeing similar trends to those emphasized in the HomeStars report. Specifically, we are expecting Millennials to be the generation driving the next era of home improvements. We are thrilled that Canadians are now getting into the mindset of fixing up what they have rather than moving houses, which can be costly and strenuous. Our team is 100 per cent prepared and excited for 2020’s projects pipeline”.
About Basement Finishing Company
With a long-standing heritage of over 20 years, Basement Finishing Company has undertaken the mission of providing full and partial home renovations to Canadians across the Greater Toronto Area. Their dedicated team of specialists provides integrated services including plumbing, electrical and other specialties, as well as counsel with planning and advice on materials and approaches.
Company Name: Basement Renovations & Finishing
Contact Person: Media Relations
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Address:219 Connie Cress, Unit 11a, Concord
State: Ontario L4K1L4