Latest HomeStars News
Oct 27, 2023
HomeStars has released its fifth annual Reno Report based on a national survey of Canadian homeowners who have renovated in the past 12 months. This year’s findings came from a sample of 1,105 Canadian homeowners aged 23 years or older (excluding Quebec) who completed at least one home renovation or repair in the past year. Results were collected from July 20 to July 27, 2023. Regional boosts were added to reach a minimum of 200 completions each in Alberta and British Columbia, and 100 completes in Atlantic Canada. The report examines cost, sustainable renovations and neighbour disputes over renovations. It also looks to the future and intentions to renovate in the next year. On average, the Canadian homeowners surveyed spent $12,300 on renovations in the past 12 months. Anticipated spending in the next 12 months will likely be down however, at $10,264 on average. Advertisement One third of homeowners (32 per cent) had completed emergency repairs due to weather-related events, peaking in Atlantic Canada at 41 per cent. The majority of respondents (79 per cent) stated that sustainability was “important” when choosing building materials for renovations, but only 59 per cent who renovated in the past 12 months have used green products. Respondents over 60 years old were significantly more inclined to consider sustainability “very important” when choosing building materials for renovations at 41 per cent compared to the 23-39 age group at 26 per cent. While 15 per cent of homeowners bought or sold a primary property in the last 12 months, only 28 per cent bought a fixer-upper vs 44 per cent in 2022, indicating they are buying newer or previously renovated homes. Seventy-nine per cent of Canadian homeowners surveyed had the cash on hand to pay for renovations. Albertans took the top spot with the vast majority (85 per cent) having the cash on hand, outpacing the national average. Only one in three (34 per cent) plan to postpone planned renovations due to rising interest rates. Nearly three quarters of respondents (73 per cent) plan to do at least one home renovation in the next 12 months. In the next 10 years, 25 per cent say they are likely to live in a multigenerational household. Only one tenth (12 per cent) of surveyed homeowners say they have been in a dispute or disagreement with a neighbour over a renovation, most frequently over property lines and the building of fences and decks. For additional findings, visit the 2023 HomeStars Reno Report: https://homestars.com/reno-report/ Advertisement
HomeStars Frequently Asked Questions (FAQ)
When was HomeStars founded?
HomeStars was founded in 2006.
Where is HomeStars's headquarters?
HomeStars's headquarters is located at 49 Spadina Ave, Toronto.
What is HomeStars's latest funding round?
HomeStars's latest funding round is Acquired.
Who are the investors of HomeStars?
Investors of HomeStars include HomeAdvisor and Maple Leaf Angels.
Who are HomeStars's competitors?
Competitors of HomeStars include Bidmii.
Compare HomeStars to Competitors
Jiffy on Demand is a mobile service platform that connects homeowners with service providers in real time, based on proximity and availability.
Smart Reno provides a matching service between people who have renovation projects looking for qualified and available contractors. By placing their renovation project online, the user receives three free quotes in less than 24 hours.
Billdr is a company that focuses on home renovation within the construction industry. The company offers a platform that helps homeowners plan and manage their renovation projects, providing access to architects and general contractors, and enabling management of the renovation from a digital dashboard. Billdr primarily serves the residential sector. It was founded in 2020 and is based in Montreal, Quebec.
Bidmii provides a platform to streamline the process of bidding and paying for home improvement jobs. It offers an automated marketplace for homeowners where they can hire trusted contractors to complete their projects and contractors can also connect with qualified homeowners through the platform. The company was founded in 2020 and is based in Toronto, Canada.