4 Reasons Why You Should Get Into the Home Renovation Business


Home renovations have become an important part of the Canadian economy. Canadians are making a shift away from buying new homes in favor of renovating their existing spaces. There are a number of possible reasons for this, including low interest rates, old homes, and a changing real estate market. 

Regardless of the reasons, the home renovations industry is booming, and now is the time to get involved. Joining this industry as a business owner, contractor, or designer is a great way to take advantage of this huge moneymaker of an industry. 

Here are four reasons why working in the home renovation business is a good idea

#1 Fixing Homes Vs. Buying Homes

According to an article by the Financial Post, Canadians are spending more money fixing up their existing homes than they are buying new ones. A number of reasons my cause this flip in spending, including low interest rates. 

One expert cited in Post article suggests that low interest rates are beneficial for people who wish to renovate their homes. With interest rates as low as they are, homeowners who renew their mortgages are almost all getting a lower rate, leaving cash in their pockets. That cash can go toward home improvements and adjustments. 

In addition, there is a high number of homes across Canada that are fifty years old or older. Homes that are this old are dated in both style and construction, so buyers of these homes are investing in renovating them. The average renovation cost after a home purchase is nearly $10,000.

#2 Renovations Follow Real Estate

The real estate market in Canada is also influencing the number of home renovations that homeowners are undertaking. There is a huge discrepancy between the cost of a starter home and a luxury home, which seems to be driving more people to upgrade their existing spaces. 

The majority of spending on home remodeling is going toward cosmetic alterations and improvements. Indeed, 75% of spending in the industry is dedicated to adding square footage, bathroom remodeling, kitchen remodeling, granite renovations, and other similar changes. 

That means that only 25% of home renovation spending is dedicated to structural repairs on homes. 

#3 Growing Renovation Market

It should come as no surprise, after reading about the increase in home renovations, that the industry is growing. In 2014, Canadians spent $68 billion on remodeling their homes, an increase of a whopping $20 billion over 2013. 

Altus Group, a real estate research company, told the Financial Post that their research suggests that home remodeling is projected to grow by 3% in 2016, which is a rate faster than the Canadian economy as a whole. In fact, home renovation is a key component for the economy, making up 3.4% of the GDP. 

#4 Opportunities Are Everywhere

The number of opportunities in the home renovations industry is incalculable. There are so many aspects of this industry—interior design, construction, installation, demolition—that finding a niche in this industry that fits your skills and interests is easy. 

One of the easiest ways to get involved in the home renovations industry is to invest in a franchise opportunity. There are franchises for kitchen remodeling, bathroom remodeling, or even more specific parts of the industry, like flooring updates or granite renovations. 


As the real estate market in Canada changes, so does the home renovations industry. The way interest rates, income disparities, and real estate markets have evolved indicates that the home renovations industry will be strong for many years to come. So find the area that interests you, and get involved!

What is your personal opinion? Can you give any more reasons why a person should get into the home renovation business? I would like to read your opinion in the comment section

Similar Articles

virtual office

Virtual offices are booming in the global market, and the Indian market is rapidly shifting its physical offices to virtual offices to save money and boost productivity. This article describes the journey of virtual offices in India and why they are a must for startups and entrepreneurs.

Corporate Business

Starting a business is one of the most rewarding experiences that anyone can have. When starting a new business for the first time, try to give your new enterprise the best chance to succeed.


Scaling back operations and closing hotels have become synonymous with the pandemic right now but there are a group of investors turning these hotels into great investments.

How to Update Your Company File After Upgrading QuickBooks

QuickBooks is one of the top-rated accounting tools used by businesses to ensure swiffer financing! Are you still using an older version of the accounting platform in your system? It’s time to update the existing QuickBooks tool to an upgraded version for best use! Some of these upgrades are free & some need to be purchased!         

Man using a laptop with a cup of coffee to his left and a small desk plant to his right.

Freelancing is a great career option for creatives all around the world. Whether you’re an artist, a writer, photographer, or some other form of creativity, freelancing is a great way to share your talent with the world on your terms.


If you are like most people, chances are you dreamed of being the next Bill Gates or Vera Wang at some point in your life. Maybe the world’s most successful entrepreneurs inspired you to become one yourself, or maybe you just find them to be great role models.

Coworking Space

The workspace is constantly changing. Companies around the world are constantly working to improve the spaces in which we work and the way we interact with them. Coworking has become one of the biggest innovations in the office landscape in recent years.  

Tips for Growing Your CNC Machining Business

Entering the business world is a challenging goal, especially if you are joining a market with well-established and huge competitors. One of these businesses is the CNC machining industry which is used by various businesses in using and selling their products.

5 Tips for Success for Women Entrepreneurs

While women’s role in business has been steadily increasing, women are still underrepresented in entrepreneurship. One of the most daunting choices for a woman is the decision to start a business, but taking the plunge can result in great rewards