Ever wonder what your fellow Canadians are doing when it comes to home improvements and real estate spending? Now, we’ve got answers. Recently, HomeStars shared key findings in their first-ever renovation report. From home trends to snapshots of typical Canadian homes, it all gets broken down for you.
A Real Fixer-Upper
According to HomeStars, 57 per cent of Canadian homeowners completed between one to two small repairs on their homes in the last calendar year, while another 36 per cent finished between three to 10 repairs. In terms of money spent, 24 per cent shelled out somewhere in the ballpark of $5,000 and $20,000.
A Total Overhaul
Out of the homeowners who braced themselves for much larger home projects, 57 per cent did only one or two major renovations, with 26 per cent spending an average of $5,000 to $20,000. Of those, 77 per cent of all homeowners reported that they had cash on hand for covering materials and contractors.
Dishing out the Dough
This year, it turns out Alberta was the province with the highest percentage of home renovations costing more than $50,000. Find out where you should buy a house in Canada in 2019.
Digging Into Finances
According to the report, the majority of Canadians – 88 per cent, to be exact – thoroughly research price points before hiring home service professionals for major renovations. Not sure when to hire the job out? Check out these projects that always require a professional.
When broken down room-by-room, bathrooms won the battle (at 24 per cent) among Canadian homeowners when it came to major home renovation plans in the next 12 months. Just be sure to take heed of these major mistakes to avoid when renovating your bathroom.
Coming in a close second at 20 per cent, kitchens are next on many homeowners’ renovation to-do lists. Concerned about money? Fear not, because it’s totally possible to save money on your kitchen remodel.
A Piece of History
More than half of Canadians (62 per cent) live in a home built between 1950 and 1999. Check out these must-know tips for renovating an old house.
A whopping 79 per cent of Canadians live in a detached home. But, don’t fret: there are plenty of ways to turn a narrow semi-detached home into an expansive urban oasis.
A Cool Million
Of those polled, 91 per cent live in homes worth less than one million dollars. So that should help make you a little less envious when reading about the world’s most expensive houses – and who owns them.
With regards to the spending forecast, the survey found the majority of homeowners plan to spend as much or more on their homes in the next year as they did in the last. Millennials are the most vocal in the group, with 74 per cent saying they will spend just as much money on both small and major projects. That being said, it appears that 63 per cent of millennial homebuyers regret buying their homes.
All of these stats make a whole lot of sense when paired with the fact that Canadians are planning on staying in their homes for the foreseeable future – in fact, only a mere nine per cent are considering selling in the next 12 months. If you happen to be a part of that small percentage, here’s how long it’ll take to sell a home in these 20 Canadian markets.