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