A recent RE/MAX Canada report has highlighted shifting consumer trends in Canadian real estate, driven primarily by challenging market conditions and Covid-19. The 2021 Renovation Investment Report found more than half of Canadians renovated their home for personal enjoyment, not the perceived return on investment (ROI) that was the driver behind many renovation decisions in the past. Tightening market conditions from coast to coast and the “lockdown effect” of Covid-19 were factors in the shift.
Renovation Trends in Canadian Real Estate
- Three in 10 Canadians (29 per cent) renovated for non-essential “lifestyle” reasons, such as recreation/entertainment projects.
- More than half of Canadians renovated their home in 2020 for personal enjoyment. Of them, 29 per cent renovated to enhance lifestyle and 29 per cent renovated for essential reasons, such as safety and maintenance.
- Only 16 per cent 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