Forecast home improvement industry sales in Canada 2010-2023

Home improvement industry sales reached approximately 58.5 billion Canadian dollars in 2021. This was an increase in comparison to the figure in 2020. The sales value was projected to continue growing in the coming years. Canada is home to many home improvement retailers, with the largest number of stores being located in Ontario.

Competition for sales

Building centers and big box stores are the two main types of stores where consumers spend their money on home improvement products. They hold a share of around 51 and 29 percent of the whole market, respectively. When it came to retailers, in 2020 Home Depot is the industry leader in terms of annual sales. That year, Home Depot Canada brought in approximately 10.4 billion Canadian dollars in sales. Lowe’s Canada and Home Hardware Stores followed in second and third place, with sales of roughly eight and 7.7 billion Canadian dollars respectively.

Consumer’s preference

According to a 2019 survey, Home Depot is Canadian consumers’ favorite DIY and home improvement retailer to shop at by a large margin. There were a total of 182 Home Depot stores nationwide in 2022.