Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market
Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay and those selling
More than half of Canadians renovated their home in 2020 with the intention of living in it, with 29% renovating to enhance their lifestyle for non-essential reasons (aesthetic and/or recreational purposes) and 29% doing so for essential reasons (safety and maintenance)
Only 16% of Canadians said they renovated to increase the market value of their home in order to sell within in the next one to three years
A new report by RE/MAX Canada is shedding light on shifting consumer trends in home renovations and the perceived return on investment (ROI), as impacted by COVID-19 and historically tight conditions across the Canadian real estate market. The RE/MAX 2021 Renovation Investment Report found that more than half of Canadians renovated their home last year for personal or “non-ROI” purposes, with three in 10 (29 per cent) choosing to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects.
https://blog.remax.ca/canadian-real-estate-renovation-tren…/
Canadian Real Estate Renovation Trends (2021)
Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay and those selling More tha…
