According to the 2022 U.S. Houzz & Home Study. "Renovation spending went up 20% in 2021 compared with the previous year, also has hit its highest rate in four years."
Ontario has also had a boom of renovations in 2021. Information from Statistic's Canada reveals that from 2017-2020 money Ontarian's spent was steady but made a jump in 2021 as well.
This jump from 2020 to 2021 here in Ontario was 33%.
Many factors could play a part in why there was such a jump including more Ontarians taking advantage of renovation grants provided by the government and also the higher cost of materials to complete these renovations. Another factor cold be that affordability crisis that had many thinking more about making their home a) comfortable because they would not be in a position to move in the near future or b) to increase their value and get the most for their home as they could.
What's also thought to be a big influencer is COVID, the lay-offs and working from home it caused.
Abacus data reported that 44% of the 1,500 Canadians surveyed had already done or are planning to do home renovations during the pandemic. Whether it be free time to do these renovations that had been going by the wayside or the boredom of the shutdowns, Covid did seem to have something to do with the increase.
