Why are most homeowners doing renovations?

Given the surge in sales activity and skyrocketing property prices, one would think that most Canadian homeowners would be undertaking renovation projects to increase the resale value of their home and capitalize on the glowing market.

However, a new survey by RE / MAX Canada found that “lifestyle impact” is the number one reason for renovations. 29% of respondents said they were renovating to improve their lifestyle for non-essential reasons (aesthetic and / or recreational purposes) 29% said they were doing it for essential reasons (safety and maintenance).

Continue reading: Sotheby’s: Home renovations lead to further price increases in cities

Meanwhile, only 16% of respondents said that their motivation was “to add value to their home to sell in the next one to three years”.

However, the survey found that practicality was never far from the surface. Over half (59%) of the respondents stated that they “always consider the return on investment that a renovation will have on the total market value of their home”.

“The concept of home ownership as an investment continues to be an important consideration for Canadian homeowners. However, they clearly value home for what it is meant to be: a place to live and enjoy time, ”said Elton Ash, regional executive vice president for RE / MAX in Western Canada. “The pandemic has affected virtually every aspect of our lives, including what Canadians want and need in a home. The uncertainty also forced many sellers to marginalize or renovate their homes to meet current quality of life demands, which has further exacerbated conditions in many Canadian real estate markets. “

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