According to HIRI, the sales of home improvement products in Canada are projected to increase by 17% in 2020, with an estimated $47 billion in total spending. Currently, two types of retail outlets dominate the home improvement market in Canada, big box stores and building centers. The latter, which make up 46% of the market, are the two most popular places for Canadian consumers to shop for their home improvement needs. The forecast is based on an ongoing study of the trends and purchasing behaviors for different home improvement projects, with estimates updated monthly.
Largest housing development retailer
Home Depot Canada is the largest home improvement retailer in Canada, with sales of $8.8 billion. Lowe’s Canada and Home Hardware Stores follow with $7.1 billion in sales, respectively. A recent survey of Canadians shows that 27% of consumers remodel their kitchens and 25% remodel their bathrooms. However, interior painting and other projects account for another 25% of renovations. These projects are based on a homeowner’s budget, style, and personal preference.
Growth will continue
The home improvement industry in Canada is expected to continue to grow. In 2018, the worldwide market for home improvement products topped $904 billion. In Canada, the home improvement industry generated about $50.2 billion in sales. Currently, 41.8% of Canadians choose the Home Depot as their primary retailer. In 2019, there are 229 home improvement stores operating in the country. They employ 88,870 employees. The companies are the leaders in the Canadian market.
Development industry growth will continue
According to a recent survey, Home Depot Canada was the biggest retailer of home improvement products in Canada. It generated $8.8 billion in sales in 2019. The Home Hardware Stores and Lowe’s Canada combined accounted for $6.7 billion in sales. In fact, Canadian homeowners are likely to undertake home renovation projects during their lifetime, with 25% of them remodeling their kitchens. Interior painting is the most popular DIY project, with 73% of Canadians carrying out their own renovations.
Global market will grow
The global market for home improvement products is expected to grow 15% annually. In Canada, the growth of the industry is twice as fast as that of new home building. It is estimated that 41.8% of Canadians surveyed have completed some type of home improvement project in their lifetime. Moreover, they are likely to remodel their kitchens, guest bathrooms, and their homes. While they all share the same goals, Canadians are more likely to undertake a renovation project if they can see the results before they invest.
Industry is constantly growing
Despite the high cost of home improvement, the industry continues to grow. In Canada, the sales of home improvement products in 2019 were $50.2 billion. This figure is much higher than the previous year. In fact, it is the third largest retailer of this type of product in the country. If you’re a Canadian homeowner, you may be wondering whether or not to purchase the best home improvement products in the country. This question is important as it will help you choose the right store for your needs.
The industry is improving
The numbers of home improvement products in Canada show that people are making more purchases each year. The industry is thriving. Across the country, 41.6% of Canadians have some sort of home improvement project planned. The most popular are interior painting and flooring. Among all, these three projects make up the largest part of the Canadian home-improvement industry. If you’re not sure what to do, you can check out the statistics and find out whether you can do it yourself or need to hire a professional.
The best home-improvement professional
If you’re looking for a reliable home improvement contractor, there are many resources available for you to find the right one. These websites have ratings for all the best home-improvement professionals in Canada. Most of them have their own websites, so you can be sure they’re a good fit. Most retailers offer free installation and support for their customers. However, it’s up to you to choose the best home improvement contractor.
The biggest home improvement industry in Canada was valued at $904 billion in 2018. While the total cost of a home improvement project in Canada ranges from $13,600 to $23,603, the average cost of a bathroom renovation is approximately $14,400 and up. Depending on the size of the renovation project, the costs can range from as little as $750 to over $20,000. The statistics also suggest that most Canadians opt for home improvement projects that include interior painting, while others prefer to renovate their entire home.