2019 Report: Home Renovation Trends by the Numbers
From small improvements to bigger renovations, here’s 2019 in numbers.
As we keep rolling into 2020, the past year is showing up more clearly in our rearview. Since we’re in the business of home building, home renovations and customer care, we like to keep an eye on what people are doing when it comes to their homes, their projects and their budgets to better serve our clients. So, here’s what went on in 2019:
People are renovating, but they’re watching their wallets
According to the 2019 CIBC poll on home renovations, Canadian homeowners are renovating in droves. In fact, CIBC reports, 49% of homeowners planned renovations in 2019. From basic maintenance to landscaping to bathroom renovations, the improvements were on every part of the home — and costing less than they have in years past. While the average number of homeowners planning to renovate went up, the average renovation spends per household is down, from $10,959 in 2018 to $10,211 in 2019. We’re also seeing that Canadians aren’t planning enough for their renovations, but instead are tending to go over budget. When you work with G+B, we’ll develop a budget at the start of your project so that surprises are few.
The older generations are making big moves
A survey of over 16,000 Canadian homeowners on Houzz about their renovation plans for 2019 showed that baby boomers and Gen Xers have the market cornered when it comes to home renovations. In fact, the two generations account for a whopping 86% of the renovation activity with an average cost of around $15,000 a renovation. The survey also showed us that those who are remodelling their homes aren’t doing so to sell at a later date — instead, they’re renovating their homes so that they can stay in them longer. We understand the deep connection that our clients feel with their homes, and this makes huge sense to us.
Most homeowners are making changes to their homes
What the data also shows us is that homeowners across Canada aren’t all dropping huge amounts of money on big renovations, which is to be expected. However, most people — 57% of homeowners, according to the 2019 HomeStars Reno Report — have completed at least one to two smaller repairs during the year. The report also shows that Canadians aren’t just jumping into new projects. Instead, 88% of them researched before choosing a contractor, builder or professional to help them with their services. When it comes to looking ahead to 2020, 64% of all survey respondents are looking into some bigger renovations.
At Gilbert + Burke, we’re huge proponents of helping you explore your options and come up with the best plan for you. Whether that means a smaller renovation or a huge project, we’re here. From helping you to plan out your 2020 projects to working with you on a budget, our job is to help you create a home from your wildest imagination. Contact us today to start that 2020 project sooner than you can say “new decade.”