Starting in 2019, HomeStars has been conducting annual surveys among Canadian homeowners. These surveys aim to gain insights into the latest trends in home renovation and the dynamic home improvement market. By doing so, we strive to better equip ourselves and our partners for the challenges and opportunities that lie ahead. Given the unique circumstances, such as the ongoing impact of the pandemic, increasing interest rates, inflation, and a highly competitive real estate market, our research on the year 2022 and the first half of 2023 has become an essential study. It provides valuable knowledge that will help us all navigate the evolving landscape with greater confidence and preparedness. Here’s taking a look at the top 4 key takeaways from our Reno Report 2023:
Renovations Remain Top-Of-Mind As Found In Reno Report 2023
Canadians love renovations and what better way to give your home a fresh feel than some upkeep projects around the house? We found in our survey that 96% of Canadians had undertaken indoor renovations in the past year with 73% planning to do so again in the next year. It’s not surprising as renovations around the home can not only lend a fresh to your living space but also generate a better ROI on your home. While indoor painting, bathroom renovations and appliance replacement were the top categories, we also saw an upward trend in outdoor work such as decks, patios, pools etc. So if you are in the renovation space, this might just be the year for you!
Canadians Are Great Savers
With rising interest rates, unprecedented inflation and an uncertain real estate market, people were surely facing financial challenges. But as it turns out, Canadians are great at saving for their homes and the future. Among the respondents in our survey, 79% of homeowners had the cash in hand to execute their home renovation projects. This helps us understand that Canadians are willing to put in the work in their homes when needed and they are prepared for it!
Design Trend Alert in Reno Report 2023: Modern Farmhouse Style Homes
As a contractor or a home design expert, you may be wondering what’s on the Canadian homeowner’s mind when it comes to design trends. We got that answered for you! We found in our survey that the modern farmhouse aesthetic appeals to a whopping 23% of respondents. Coming in at a close second was Ranch/Bungalow style (22%), followed by Contemporary Design/Modern at 15%. So if you are in this space, you know what your clients will possibly want!
Trust In The Best
In our survey, we found that confidence in the professionals handling renovation work is paramount for homeowners, with a significant majority (67%) expressing their willingness to invest more in services provided by a trusted professional. Encouragingly, an impressive 69% of homeowners have faith in the fairness of the prices charged by professionals they’ve hired.
With an extensive database of over 900,000 reviews spanning the entire nation, HomeStars proudly stands as Canada’s largest network of verified and community-reviewed home service professionals. Each review undergoes meticulous verification by our dedicated team to ensure precision and reliability. All this is to safeguard your profile and enable our homeowners to make well-informed hiring decisions. HomeStars also goes above and beyond by providing valuable information, such as the Star Score rating, which takes into account various factors like overall ratings, recency, reputation, and responsiveness. Additionally, our Verification badge signifies that the service professional has undergone thorough criminal background and financial checks, adding an extra layer of assurance.
With these robust safeguards in place, HomeStars serves as an invaluable resource for Canadian homeowners, allowing them to hire with confidence, knowing they have access to trusted professionals who can deliver on their home improvement needs. So by joining HomeStars, you put your best foot forward in front of project-ready homeowners.
To find out more about our survey and our interesting findings about the home services industry, read our full Reno Report for 2023.
