DIY and home improvement market in Canada - statistics & facts
DIY and home improvement can be of the most satisfying and rewarding experiences for a homeowner or anyone with spare time on their hands. Although you could always pay a professional to install a new lighting fixture or paint a room, it can be much cheaper to do it yourself, and is often not as daunting as it might seem at first. Some of the top global retailers of home improvement supplies are Home Depot, Lowe’s, and Sherwin-Williams. Home Depot’s global net sales increased from 77 billion U.S. dollars in 2007 to around 132 billion dollars in 2020. In the United States, the total home improvement market generated sales of over 450 billion U.S. dollars in 2020, and is projected to increase to 510 billion dollars by 2024.
The Canadian DIY and home improvement market is substantially smaller than the American market, but is still experiencing a healthy level of growth. In 2019, the retail sales of hardware and home renovation product stores amounted to approximately 41.9 billion Canadian dollars. Ontario is home to the highest number of building material and supply stores, and home improvement centers in Canada. Home Depot is the top home improvement retailer in Canada, generating around 8.8 billion Canadian dollars in sales in 2019. Lowe’s is another major player in the Canadian home improvement market, with 61 stores operating in 2020.
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 10,200 Canadian dollars on home renovations . Some 11 percent of Canadian homeowners planned to spend over 25,000 Canadian dollars on home renovations in 2021, following a remodeling trend started during the coronavirus pandemic in 2020.
The Canadian DIY and home improvement market is substantially smaller than the American market, but is still experiencing a healthy level of growth. In 2019, the retail sales of hardware and home renovation product stores amounted to approximately 41.9 billion Canadian dollars. Ontario is home to the highest number of building material and supply stores, and home improvement centers in Canada. Home Depot is the top home improvement retailer in Canada, generating around 8.8 billion Canadian dollars in sales in 2019. Lowe’s is another major player in the Canadian home improvement market, with 61 stores operating in 2020.
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 10,200 Canadian dollars on home renovations . Some 11 percent of Canadian homeowners planned to spend over 25,000 Canadian dollars on home renovations in 2021, following a remodeling trend started during the coronavirus pandemic in 2020.
