Ontario Still Keen on Home Renovations

Despite the current unfavourable economic climate, Ontarians’ intentions to renovate remain the same as in 2022. In fact, even more homeowners want to undertake exterior work this year. 

According to the second annual Ontario homeowners’ renovation intentions survey, conducted on behalf of RenoAssistance and the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), interest in home renovations does not seem to be waning. The survey shows that two thirds (66%) of homeowners believe they are likely or very likely to carry out at least $5,000 worth of renovations within the next three years, virtually unchanged from 2022 (70%). “This stability in intentions to renovate can be partly explained by the fact that many properties changed hands during the pandemic. Many of these homeowners want to turn their new house into a home,” says Paul Bégin, Chief Operating Officer of RenoAssistance. 

One would think that the sharp rise in inflation and interest rates, as well as the threat of a recession, would have discouraged Ontarians from spending large sums of money to renovate or expand their homes. However, the economic situation does not seem to have affected the confidence of those surveyed, with 39% saying that they are comfortable with their renovation project. Even though half (53%) plan to stick to their original budget, a significant proportion of homeowners (35%) are nevertheless considering scaling down their project. It should be noted that more than three quarters (79%) of respondents plan to use their personal savings to partially or fully pay for the work. 

In this regard, the projected budgets for interior work ($31,000) and exterior work ($25,000) remain fairly similar to those in 2022. Caution is most apparent in expansion and conversion projects: respondents plan to spend an average of $114,000 on their project, down from $122,000 the previous year. As for the timeline, homeowners are divided. Roughly half (45%) are thinking of postponing, while the other half (43%) say the economic situation will not have an impact. 

Exterior renovation projects are gaining ground

Interest in exterior renovations has remained stable: 40% of homeowners plan to carry out such work by 2025, a small increase from 2022 (39%). The most common renovations are, unsurprisingly, work on the deck, balcony, or patio (37%). This is followed by landscaping (30%), doors and windows (27%), roofing (23%), and driveway/parking (22%). 

Nevertheless, interior improvements remain the most popular, with 82% of respondents planning to undertake them in the next three years. Flooring (32%) tops the list, followed by bathroom renovations (28% major renovations and 23% minor renovations). There is also some interest in remodelling the kitchen (27% major and 18% minor). In addition to these spaces, the basement is among the rooms most likely to be renovated (26%). Finally, 7% of the households surveyed are considering expanding or converting their home. 

Licensed contractors: A criterion for selection 

Using licensed contractors is the preferred choice for 64% of those planning to renovate, well ahead of doing it themselves (29%), relying on a family member (22%), or using a handyperson (18%). The main motivation for homeowners turning to licensed contractors is to guarantee the quality of the work (77%).

Overall, the slightly less favourable economic climate has not dampened Ontarians’ enthusiasm for renovations. Optimism is highest among homeowners aged 18 to 34, who remain very confident that their renovation project will proceed as planned! 

*Market stats presented herein are based on the Ad Hoc Research web panel survey was conducted from January 12 to 22, 2023, on behalf of RenoAssistance and the APCHQ among 1,008 Ontarians aged 18 and over who own at least one property and intend to do at least $5,000 worth of renovations or maintenance over the next three years.

Renovation intentions still strong in Quebec 

Meanwhile, on the other side of the Ottawa river, Quebec homeowners remain unfazed by the current state of the economy. Much like last year, two-thirds (65% vs. 66% in 2022) of respondents believe that they are likely or very likely to carry out a renovation project worth more than $5,000 in the next three years. More than half (54%) are confident in their decision to carry out a renovation project, and 51% plan to stick to their original budget. 

Market stats presented herein are based on the Ad Hoc Research web panel survey conducted from January 12 to 22, 2023, on behalf of RenoAssistance, the APCHQ, and Desjardins, among 1,018 Quebecers aged 18 and over who own at least one property and intend to do at least $5,000 worth of renovations or maintenance over the next three years. Due to rounding, the sum of frequencies for some single-response questions may vary between 99% and 101%.