According to a recent study, inflation, rising interest rates and the current economic environment have influenced the renovation market in Quebec.
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According to the survey by Soumission Rénovation, a platform connecting customers and renovation companies, the year 2023 is characterized by a 27% decrease in the average project value compared to 2022.
There are more jobs under $10,000 during the year (77,548 projects) than in 2022 (69,439). There was a decrease in large projects over $50,000, from 3,289 projects in 2022 to 2,298 projects in 2023.
Soumission Rénovation believes that high interest rates “have a direct impact on the popularity of projects that require a significant loan,” while smaller projects “paid for in cash or with a modest loan continue to gain in attractiveness.”
Less renovation work in chalets
Quebec residents also appear to be prioritizing their primary residences when it comes to renovations. In fact, the study also shows a decline in requests for renovation work in chalets (-17%), commercial properties (-9%) and multiplexes (-11%).
The platform also saw an increase in requests for submissions for work to be completed “within a month or less.” These inquiries now account for an impressive 65.38% of all inquiries received, 4.18% more than last year.