The economy is impacting Canadians’ 2023 home renovation plans

“While some may have the option of shifting their renovation dates around, for those who are needing to make necessary upgrades, this can make for a challenging situation. It’s not surprising that younger Canadians, who likely have less disposable income than their older counterparts, are being impacted at a greater rate.”

With 43% of respondents declaring an interest in knowing more about the various choices, the Leger poll shows that Canadians are becoming increasingly open to and keen for alternative payment methods. Among those respondents aged 18 to 34, this percentage jumps to 57%.

Finance It merchants were also requested to submit an analysis of their current business activity since the onset of the country’s economic challenges as part of the survey. Up to 90% of them said they expected business volume to fluctuate as customers became less willing to spend.

Even as Canadians want to hang on to cash for a rainy day, many are taking on home improvements out of necessity. “We’ve seen that increasing mortgage payments have resulted in households renovating their basements either to create a multi-generational home or to generate rental income,” said Medi Zadegan, president and CEO of White Orchid Build & Design.

In 2023, the home renovation industry is expected to be impacted by housing market activity in addition to growing financial reluctance and worry.