Two-thirds (66%) of Quebec homeowners plan to renovate within the next three years
MONTREAL, Feb. 26, 2024 (GLOBE NEWSWIRE) -- EspaceProprio, which brings together a group of companies that offer support services related to home ownership including RenoAssistance, in collaboration with the Association des professionnels de la construction et de l'habitation du Québec (APCHQ), unveils the results of its third annual Quebec homeowners' renovation intentions survey. This major study of more than 1,000 homeowners in the province examines the types of projects planned, anticipated budgets to carry out the work and also measures the impact of the current economic climate on the advancement of residential renovation initiatives.
The survey shows that two out of three Quebec homeowners (66%) 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 results over the last two years (65% in 2023 and 66% in 2022).
"The renovation intentions of residential homeowners remain stable again this year. Even though the economic situation isn't ideal, homeowners want to keep maintaining their property. Many homeowners are therefore choosing to spend more time brainstorming and planning the projects they want to undertake, which is great news in and of itself! This initial step is often overlooked yet is the key to cost savings and achieving a successful renovation project," says Pascal Laflamme, Chief Operating Officer and Chief Integrated Experience Officer at EspaceProprio.
More likely to renovate than buy
Renovations are proving to be a more attractive option for many homeowners faced with an inventory of homes for sale at an all-time low and high interest rates. In order to respond to their various housing needs, three out of four Quebec homeowners (76%) currently plan to undertake renovations instead of buying a new property (24%).
A project often carefully considered
When asked what motivated their renovation project, 41% of respondents said they acted on a well-thought-out decision. Conversely, for more than one in four people (28%), an inconvenient situation like something broken, dated or damaged forced them to act quickly.
Postponing work for a while
- However, there is a tendency to postpone work over the shorter term. Among those planning to renovate, 33% expect it will be done in the next year, a significant drop from 2023 (42%).
- Among those planning to wait more than 12 months to carry out their work, waiting to see how the economic situation (33%) and interest rates (26%) evolve has been a growing consideration for Quebec homeowners over the past two years.
An economic situation where nobody is spared
One in two respondents (50%) are worried about their renovation project in the current climate. Very few respondents (8%) said they feel very confident.
This concern is persuading many homeowners to rethink the timeline and scope of their project. More than half of them (53%) believe the economic conditions may force them to postpone their project and 42% think they may have to scale back the scope of their renovations. However, those planning to renovate in the next year are not as concerned by the impact of the current economic climate; homeowners who have already committed to their project will push forward at all costs.
Budgets on the rise
Despite many households feeling an increasing financial pinch, personal savings still account for the most widespread source of financing for renovations, representing 76%.
Homeowners surveyed expect to spend on average $34,000 on their renovations. That means an average of $24,000 for interior renovations, $21,000 for exterior work and $79,000 for expansion or conversion projects, an upward trend compared to last year.
Choosing a licensed contractor remains the standard
Working with a licenced contractor remains the most popular preferred choice (57%) for those planning to renovate. The main motivation for homeowners to overwhelmingly turn to licensed contractors is the guarantee of quality work (74%). Consulting the RenoAssistance website (23%) remains one of the top three sources used to find licensed contractors, behind word of mouth (48%) and Google searches (25%).
Interior renovation work remains popular
Among those planning to renovate within the next three years, 75% intend to undertake interior renovation work, a figure far ahead of the 46% who plan exterior renovations and the 8% who expect to start an expansion and/or conversion project. In the case of exterior work, this is a notable decrease compared to last year (53%).
Again this year, kitchen and bathroom renovations, as well as refinishing or replacing floors are the most popular interior renovations, while work on the deck, balcony or patio is the most common exterior renovation.
Energy efficiency: programs worth talking about
Improving energy efficiency remains underrepresented (23%) as a motivating factor to undertake renovations. This result can be explained in part by a lack of awareness by 39% of respondents who are not familiar with the main energy-efficiency renovation assistance programs.
"Households need to be encouraged to consider the benefits of carrying out eco-energy work if we want to reach the ambitious energy efficiency and transition targets set in Quebec. There are already many generous government financial assistance programs offered to consumers and contractors in support of this trend. You can find out about available programs on our website," explains Paul Cardinal, Director of Economic Services at the Association des professionnels de la construction et de l'habitation du Québec (APCHQ).
Survey methodology
The Ad hoc Recherche web panel survey was conducted from December 6 to 13, 2023, on behalf of RenoAssistance and the APCHQ, among 1,016 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. Renovation projects were divided into three categories, including interior renovations, exterior renovation work and expansion or conversion work.
About EspaceProprio
The EspaceProprio ecosystem was created in Quebec in 2022. With over 420 employees in Quebec and Ontario, EspaceProprio is an initiative of Desjardins Group that brings together a group of companies offering support services for current and prospective homeowners. For everything from renovation and maintenance to the sale or purchase of a property, EspaceProprio's mission is to provide current and aspiring homeowners with the tools they need to realize their real estate ambitions. The full lineup of EspaceProprio services includes DuProprio, which empowers homeowners to sell their homes broker-free with assistance from a professional team, RenoAssistance, which provides made-to-measure support for renovating and maintaining residential and commercial properties1 and Confia, a real estate brokerage which recommends partner brokers who are dedicated to helping people buy and sell property. EspaceProprio's advisory service provides speedy access to a network of reliable, competent professionals. Because a house is more than a place to live, it's a place of fulfillment.?
About APCHQ
The APCHQ brings together over 20,000 companies in 13 regional associations. Specializing in housing and renovation, it is the employers' representative for the residential sector. The APCHQ is committed to being a unifying agent of change, promoting sustainability and quality in housing for the benefit of Quebec society.
Media information:
EspaceProprio
Laurence Lafforgue-Lapointe
Advisor, Communications and Public Relations
Cell.: 514?583-1316
[email protected]
APCHQ
Cyriaque Gaborieau
Advisor, Media Relations and Public Affairs
Cell.: 514 237-7096
[email protected]
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