According to RE/MAX Canada, a significant shift in consumer trends has been experienced and the current pandemic has impacted the return on investment (ROI). All of this has made a great impact on the real estate market of Canada.
While all of this is true, it is indeed surprising that the majority of house owners in Canada have renovated their property for reasons other than investment such as lifestyle change.
Why are people renovating their properties during the pandemic?
Pandemic has changed almost every aspect of everyone’s life and homeowners are spending more time at their homes than ever before. Uncertainty of life has never been more apparent, therefore not just sellers but also homeowners are renovating their homes, for better life quality.
The sudden home renovation trend during the pandemic stems from the fact that most people now feel the need to make essential improvements so they can accommodate their life well during the pandemic.
There are also some people who are making renovations to increase the value of their property, so they can sell once the Covid-crises end.
Pandemic and its impact on homeowners
Although the impact of specific renovations has been great, ROI keeps varying in every Canadian region. To sum it all, the housing market of Canada has demonstrated that one can not go wrong with anything that seemingly improves your home.
Having said that, even after one year of pandemic, homeowners in Canada are still busy with renovations based on their lifestyle during the cross-country lockdown. According to a recent survey, more than half of the residents have either done a home renovation or are thinking of doing it.
RE/MAX brokers also conducted a survey that identified that landscaping and fresh paint are two major upgrades that yield the highest ROI, despite being minor in nature and modest in budget!
This is great news for almost 50% of Canadians who are willing to keep their budget for home improvement as low as possible.
According to another survey by RE/MAX brokers, kitchen upgrades like countertops, appliances, and cabinets yield the highest sellers’ ROI. Most realtors in Ontario, Canada have claimed the kitchen renovation is the top home improvement that appeals to the buyers in the real estate market of Canada.
Insight of regional market regarding Canadian Real Estate and renovations
In Calgary, Edmonton, Victoria, and Western Canada, the home buyers are demanding the move-in ready experience, which means that in the aforementioned regions, the home movers are preferring the already renovated properties. Evidently, home sellers in these places can clearly see the potential of a large return on their renovated homes.
Outdoor home improvements are also being considered as one of the chief ways for homeowners at Greater Vancouver to acquire the highest ROI. Furthermore, landscaping is also one of the top five most demanded renovations in this region. Also, it is the most common home improvement that people of this region do it themselves rather than asking a professional to do it for them.
In Ontario, brokers are reporting that houses are being sold at an incredible pace, despite their renovation status. Especially in popular regions like Ottawa, Toronto, Niagara, Burlington, London, etc.
So if you are fortunate enough to have a home in these regions and you wonder “What is the market value of my home?”, count on our services. We, at RE/MAX, offer the best home value estimator in Ontario, whose estimates can always be relied on.