Virksomhedsnyheder

Over a third of Canadian homeowners on Houzz who renovated in 2014 embarked on the project because they finally had the financial means or the time to do so*, according to the fourth annual Houzz & Home survey from Houzz Inc., the world’s leading platform for home renovation and design. The survey, which received 30,500 responses in Canada and 260,000 globally, revealed that discretionary projects drove most home renovation activity in 2014, rather than essential upgrades. A key motivation for renovation projects among Canadian homeowners was enhancing the design and functionality of their homes, as reported by nearly nine in ten of renovating homeowners (91 and 87 percent, respectively).

Canadian homeowners on Houzz are actively improving their homes, with 77 percent renovating in 2014 and/or planning a project in 2015, and 78 percent decorating in 2014 and/or planning a project in 2015. Homeowners are keen on discretionary projects, with 20 percent of decorating homeowners updating all of their interior spaces. Furthermore, similar to other countries, kitchen remodels were more common than roofing updates in Canada (27 percent versus 18 percent, respectively). Homeowners were also as likely to build an addition to their homes as those in the U.S. (14 percent versus 11 percent, respectively). One in 20 built a custom home, and a sizable one, in 2014. Nine in ten custom homes are multi-level, and two-thirds are over 400 square meters in size.

“Canadian homeowners on Houzz, similar to those in the U.S., are investing in their homes in a variety of ways,” said Nino Sitchinava, principal economist at Houzz. “The top priority for these investments is to address their own design and functional needs, to make their home just right for themselves and their family. This explains the prevalence of discretionary projects such as kitchen and bathroom remodels, as well as why homeowners delay renovations until they have the financial means or time to get exactly what they want.”

Kitchens, living/family rooms and guest bathrooms are the most popular interior remodeling projects, with a quarter of renovating homeowners in Canada tackling each of these rooms in 2014 (24-27 percent each). Kitchens command the greatest spend, however. Homeowners spent an average of $34,500 CAD on major remodels** of a large kitchen (more than 15 square meters), and $22,700 CAD for major remodels of a small kitchen (less than 15 square meters). When it comes to popular projects among homeowners who decorated in 2014, nearly half focused on their living or family room (48 percent), and nearly a quarter updated a master or guest bedroom (24 percent and 23 percent respectively).

Other key findings among Canadian homeowners on Houzz who renovated in 2014:

• Financing: The vast majority of homeowners leverage savings or personal finances to pay for their home upgrades (86 percent). However, Canadian homeowners are among the most likely to use a credit card to pay for home upgrades (26 percent), along with homeowners in the U.S. (26 percent). Loans to finance home renovations are used by only 12 percent of Canadian homeowners.
• Challenges: Staying on budget tops the list of challenges homeowners face (35 percent), followed by finding products (34 percent) and professionals (29 percent). These are similar to the challenges faced by U.S. homeowners (32, 33 and 33 percent, respectively).
• Smart Technology: Twenty-six percent of homeowners rate smart home tech as a very-to-extremely important consideration for recent renovations (similar to U.S. homeowners at 25 percent). A quarter installed home automation systems as part of a renovation in 2014 (25 percent).
• Green Homes: Homeowners are divided on the importance of integrating green and sustainable materials into their homes. While 37 percent rate this consideration as very-to-extremely important in recent renovations, 13 percent rate it as entirely unimportant.
• Professional Help: Eight in ten homeowners hired a professional to help with their renovation, decoration and/or custom build project in 2014. Among these homeowners, positive reviews or recommendations continue to be the most important factor when choosing a service provider (81 percent), followed by experience with projects of similar scope (55 percent) and good communication/organization skills (46 percent).