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Aug. 10, 2022

Homeowners Choose Renovations

Many homeowners are choosing to renovate their homes due to a difficult housing market and surging mortgage rates, says a study by House Market. It found 55 per cent have renovated a part of their home in the past year. Homeowners renovated their homes to increase their enjoyment, upgrade and modernize, and fix safety issues. Bathroom and kitchen renovations were the most popular among homeowners at 27 per cent and 23 per cent, respectively. Of the renovations completed, millennials accounted for nearly 50 per cent of all bathroom renovations and over 40 per cent of kitchen renovations. Sixty per cent of respondents chose not to use a contractor for their renovation.

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