Renovation Spending To Increase

Despite national inflation, rising interest rates, and a volatile public market, 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, says HomeStars in its ‘2022 Reno Report.’ Although more Canadians have indicated an intention to pause home renovations in the coming year, even with rising material and labour costs it is estimated that Canadian homeowners, on average, will double their total home renovation spending this upcoming year. 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. The cost of materials still played a role in the decision to renovation, with two in five respondents postponing some of their planned renovations due to the high cost of building materials, a six-percentage point jump from last year. Plumbing repairs were the single-most common emergency repair, nearly twice as common as appliance repairs, the next highest issue. As for favourite home ‘fantasy’ features, an outdoor cabana with full chef's kitchen ranked number one for the second year in a row.