Did you complete (or at least start) a home renovation project during the last year?
A recent report from RE/MAX Canada found that a significant number of Canadians have undertaken a home-improvement project since the onset of the pandemic.
According to the findings, 29 per cent began renovations to enhance their lifestyle, while 29 per cent began renovations for essential reasons—such as safety or maintenance—and only 16 per cent did it to increase resale value.
However, while most took on projects for reasons other than resale value, 59 per cent said they always consider the return on investment these projects will have on their home’s value.
“The notion of the home as an investment continues to be an important consideration for Canadian homeowners; however, they clearly value the home for what it is meant to be: a place to live and enjoy spending time,” Elton Ash, regional executive vice president for RE/MAX of Western Canada, said in a news release.
“The pandemic has influenced virtually every aspect of our lives, including what Canadians want and need in a home. The uncertainty also compelled many sellers to move to the sidelines or renovate their home to accommodate current quality-of-life needs, which has further tightened market conditions,” he continued.