Tag: housing market

Renovation Costs Will Nearly Double in the Next 12 Months: Report

Written By
Erin Nicole Davis

If you’re in the market for a home renovation, you may want to get the ball rolling on it now. 

According to the fourth annual Reno Report for 2022 from HomeStars, despite a decrease in planned home renovations, renovation spend will nearly double in the next 12 months for Canadians. 

To gauge Canadian homeowner behaviours and sentiments towards renovations, HomeStars surveyed Canadian homeowners who had completed renovations in the past year. 

Like the cost of gas and groceries, the price of home renovations has been climbing. According to the report, the average spend on home renovations has increased from $8,000 to $13,000 from the previous year. Nearly 20% of Canadians are financing their home renovations. The largest renovation investments were made inside homes; on average, homeowners who completed renovations in the past 12 months spent about $13,000 (up from $8,260 last year). Outdoor renovations followed

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HomeStars Launches Home Renovation Flexible Refinancing in Partnership with Perch To Help Canadian Homeowners Bring Their Dream Home to Life

TORONTO–(BUSINESS WIRE)–HomeStars, Canada’s largest network of verified home service professionals, is proud to announce a new partnership with Perch, a technology platform offering homebuyers and homeowners the financial insights they need to build wealth through real estate. This first-of-its-kind partnership will help homeowners find flexible refinancing solutions to fund their renovation and home improvement needs.

Through the new partnership, HomeStars offers a refinancing option to Canadian homeowners looking to make home renovations, repairs, or improvements. Homeowners can now receive cash based on the equity in their homes and use these funds for home improvement projects.

“We couldn’t be more excited to partner with Perch and offer Canadian homeowners flexible refinancing options to fund their home renovations. It’s been a difficult year for Canadians, with the volatile housing market and economic pressures making purchasing newer homes less accessible and forcing many Canadians to stay in their homes

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