Företagsnytt

The majority of Canadian homeowners who are remodeling say they plan to stay in their home for the long term (65 percent), according to the third annual Houzz & Home survey with more than 20,000 respondents across Canada. Fifty-six percent of Canadian homeowners who are remodeling their home say they are doing so to increase its resale value but have no plans to move in the next five years. Just 17 percent of homeowners plan to sell their home in the next two years. In addition, funding renovation projects and staying on budget was far less of a challenge for Canadian homeowners this year with just 18 percent saying this was a challenge versus 26 percent in 2013.

Among Canadians remodeling, nearly a quarter (24 percent) would prefer to move but say remodeling their home makes more economic sense at this time, a comparable number to homeowners in the U.S. However, rising home prices appear to be having a bigger impact on Canadians, with 28 percent of Canadian homeowners saying that home prices are too high to even consider moving at this time versus only 22 percent in the U.S.

Sentiment around the Canadian housing market varied greatly by province. Respondents were most likely to say that their local housing market has improved somewhat or significantly over the past year in Alberta (73 percent), followed by Manitoba and Ontario (both 60 percent), and Saskatchewan (58 percent). Conversely, slightly more homeowners in New Brunswick said the market declined versus improved (28 percent versus 25 percent respectively) while those in Nova Scotia were just as likely to declare improvement as they were decline (both 29 percent).

“Homeowners have an emotional connection to their home and, while economic issues prevent some from moving, the majority is choosing to update their existing space versus find a new one,” said Liza Hausman, VP of Community for Houzz. “Significantly more Canadian homeowners on Houzz are able to fund their renovation projects this year compared with last year, and we see them investing to create a home that meets their needs now and for the long-term.”

Bathroom and kitchen remodels top the list of planned projects among Houzz users in Canada again this year, with 22 percent of respondents planning a bathroom remodel or addition, and 20 percent planning a kitchen remodel or addition in the next two years. Kitchens continue to receive the highest share of dollars overall as Canadian homeowners spent an average of $24,942* to remodel this heart of the home. Homeowners in Ontario and Alberta, who tend to spend more on renovation projects overall, spent an average of $26,588 and $26,052 on kitchen remodels, respectively. When compared to U.S. homeowners, Canadians are more likely to have enlarged their kitchens (29 percent versus 20 percent), bathrooms (27 percent versus 20 percent) and closets (38 percent versus 31 percent) in the last five years. Homeowners in Montreal are even more likely have added finished square footage across the board including nearly half of closets (48 percent), 35 percent of bathroom remodels and 33 percent of kitchens.

Other key findings among Canadians:

• While cash remains the dominant source of financing for home remodeling projects (73 percent), Canadian homeowners were more likely to have used a credit card (26 percent) and to take out a loan (22 percent) than their U.S. counterparts (22 percent and 15 percent, respectively).
• Top challenges for homeowners renovating are: finding the right products (42 percent), defining my style (31 percent), making decisions with their spouse/partner (27 percent), staying on schedule (23 percent) and educating themselves (21 percent).
• Homeowners who plan to hire a professional service provider over the next two years are most likely to hire a general contractor (50 percent) and a carpet and flooring professional (32 percent).
• In addition to buying paint (49 percent), respondents are most likely to purchase lighting (40 percent), accessories (38 percent) and interior furniture (33 percent) in the next six months.