Subject: ANALYSTS' COMMENTS
The Residential Renovation Market Boom Will Continue for a Long Time in Ontario
MONTREAL, March 11, 2022 (GLOBE NEWSWIRE) -- RenoAssistance releases the results of a new survey on the renovation intentions of homeowners in Ontario. The study, conducted last December, was related to the nature of the renovation projects, the expected budgets, the motivations, and the financing of the work Ontarian households intend to complete on their residence. In partnership with the Association des professionnels de la construction et de l'habitation du Québec (APCHQ), this study was also conducted in Quebec at the same time.
"In Ontario as well as in Quebec, we may observe that homeowners are willing to renovate and improve the place they live in, and there's ample evidence that the pandemic had an impact on this trend. Homeowners want to feel good at home, as the results show: almost 3 homeowners out of 4 (70%) plan to renovate in the next three years", says Eric Périgny, RenoAssistance Chief Operating Officer and founder.
The inaugural edition of this survey focused on homeowners who planned on spending at least $5,000 in renovations over the next three years. RenoAssistance intends to conduct this study annually to identify renovation trends and continue to support homeowners with their various projects. In the present study, projects were grouped into three categories: interior renovations, exterior renovations, and expansion/conversion.
"The survey reveals that, more than ever, Ontarians need to be connected to the right contractors for their needs. Demand for qualified contractors will continue to be strong, as two thirds (68%) of respondents intend to give renovation jobs, in whole or in part, to verified and licensed contractors" says Mr. Périgny. "General reputation is a determining factor in the selection of the contractor, even more so than the price."
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Major renovations to living spaces are very popular
More than three quarters (80%) of homeowners expect to complete interior renovation projects within the next three years. The average planned budget is approximately $29,000. A major upgrade to bathrooms (30%) and kitchens (27%) are unsurprisingly among the most popular. But the resurfacing or replacement of flooring ranks number one at 32%. Following bathrooms and kitchens, basements (21%), bedrooms (12%), and laundry rooms (12%) are other areas that make the list. We also noted the intent to complete energy-efficient renovations. Heating and air-conditioning as well as insulation come in at 11% and 10% of projects, respectively.
Ontarian households look to improve their exterior
More than a third (39%) of respondents consider doing exterior renovations by 2024. They are looking at an average budget of $27,000. The most common are renovations related to the deck, balcony, or patio as 32% of homeowners are planning such projects. Following that, a quarter of respondents (28%) stated upgrades to landscaping and doors/windows. It is also worth noting that one owner in every five is considering renovating their driveway or parking pad (22%).
Expansion or residential conversion
Finally, 8% of the surveyed households consider expanding or converting their residence. In these cases, the average budget amounts to just more than $122,000. Expansion (64%), suppression (37%), and addition (29%) of bulkheads, a secondary suite (24%), home adaptation (17%) and conversion (17%) are the main items on the list.
Motivation to renovate... or not
Unsurprisingly, owners renovate first and foremost for aesthetical reasons (61%), but many of them also do it to increase the value of their property (52%). Maintenance (40%) and repairs (43%) are also important factors, especially when it comes to exterior renovation. As for the respondents who will expand or convert their home, they will do it mostly to make their dwelling more functional (57%). Lastly, one out of five respondents (21%) were willing to renovate in order to improve the energy efficiency of their property.
Homeowners also shared the reasons stopping them from renovating over the next three years. Insufficient budget is listed as the number one reason at 30%. Building material costs (20%) and the uncertainty of the economy (10%) are other reasons referred to for not renovating.
Survey methodology
The web panel survey was conducted by Ad Hoc Research from December 6 to 13, 2021 on behalf of RenoAssistance and Desjardins, involving 1,000 Ontarians aged 18 years or older, who owned at least one property and intended to complete renovation or maintenance work valued at least $5,000 during the next three years.
The same survey was done for the Quebec market. To consult it, click HERE (French only).
| About RenoAssistance Established in 2010 by Eric Périgny and acquired in majority by Desjardins in January 2020, the head office is situated in Laval. RenoAssistance has 100 employees, partners with 1,500 professionals, and has served over 100,000 clients since it began. Dedicated to eliminating unpleasant experiences, RenoAssistance is a comprehensive solution to help homeowners and businesses succeed in their renovation and construction projects by having access to the best contractors. The Verification Process contractors must complete to be part of RenoAssistance network is the best audit process in the industry. The client is charged nothing for tenders submitted by the 53-Point Verified Contractors, or for the assistance provided by the Advisors. For the moment, RenoAssistance services are offered in the Montreal, Quebec City, and Toronto metropolitan areas. For more information, visit renoassistance.ca |
| About Desjardins Group Desjardins Group is the largest co-operative financial group in North America and the fifth largest co-operative financial group in the world, with assets of $389.3 billion. In 2020 it was ranked as one of the world's Top 100 Employers by Forbes magazine. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry. |
| About the APCHQ Established in 1961, the APCHQ is a non-profit private organization whose mission is to promote and develop the professionalism of its 19,000 business members regrouped within 13 regional associations. Through its technical, legal, occupational safety and health, industrial relations, and training service offerings, as well as its governmental and public interventions, the APCHQ helps its members increase their competencies and grow in a highly competitive environment. In addition, for the renewal of collective agreements in the construction industry, the APCHQ is mandated to negotiate on behalf of the 15,000 employers of the residential sector. |
Media Information:
| RenoAssistance |
| Ariane Tremblay |
| Strategic Director, Communications and Public Relations |
| Cell.: 514 730-5408 |
| [email protected] |
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