More Canadian homeowners are into renovation projects–report

HomeStars has released its annual Reno Report, which is based on a national survey of Canadian homeowners who have done renovations in the past 12 months or have intentions of renovating in the next 12 months. In 2023, more homeowners are working on renovation projects, including weather-related emergency repairs and renovations for a future of multi-generational living, said Shir Magen, CEO of HomeStars. The majority of homeowners have also been planning to renovate. 

Key highlights in the report include: 

• On average, Canadian homeowners spent $12,300 on renovations; anticipated average spending is at $10,264 

• 32% emergency repairs were due to weather-related events 

• The majority of respondents (79%) stated that sustainability was "important" when choosing building materials for renovations, but only 59% used green products 

• 34% plan to postpone planned renovations due to rising interest rates