The Canadian DIY and home improvement market is substantially smaller than the American market, but is still experiencing a healthy level of growth. In 2017, the retail sales of hardware and home renovation product stores amounted to approximately 37.7 billion Canadian dollars. Ontario is home to the highest number of building material and supply stores, and home improvement centers in Canada, at 3,440 and 630 locations respectively in 2016. Of the 630 home improvement centers, 88 are Home Depot stores. Home Depot is the top home improvement retailer in Canada, generating over eight million Canadian dollars in sales in 2017. Lowe’s is another major player in the Canadian home improvement market, with 31 stores operating in 2011, and over twice that number operating in 2017.
The amount of time and money one is willing to spend on home improvement and renovations depends on a variety of factors, including the level of confidence in one’s own workmanship, the amount of disposable income, and the difficulty of the task at hand. The average Canadian homeowner is willing to spend around 11,000 Canadian dollars on home renovations as of 2018, with the highest share of homeowners planning to spend less than five thousand dollars on home improvements. The average willingness to spend is highest in Ontario and lowest in Alberta.
Skimping out on more expensive building materials might seem like an easy way to save money, but many homeowners rethink the decision when they consider that the cheaper materials might not look very good or last as long. Opting for more expensive materials is the top reason for Canadian homeowners to go over budget in their home improvement plans. The kitchen is the most popular interior home remodeling location among Canadian homeowners, followed by the guest bathroom.
