Costs related to renovating kitchens and bathrooms rose significantly across North America in 2018. This upward trend of spending continues into 2019.
Tariffs on imported building materials, including cabinetry, countertops, plumbing fixtures and vinyl flooring, from China continue to rise.
Which Rooms are the Most (and Least) Popular for Canadians to Renovate?
Canadians continue to renovate for two main reasons, increasing resale value and investing in the overall enjoyment of their home instead of relocating. Kitchens and master bathrooms continue to lead the way as the two most popular rooms to renovate in 2019. As much as many Canadian say that they would love a customized closet, they are the least popular area of a home to renovate.
Interpreting the Numbers
The median amount spent on kitchen renovations over the last three years follows*:
● $10,000 in 2016
● $11,000 in 2017
● $14,000 in 2018
* Funds are in US dollars, and represent survey participants from the United States.
According to economists, the median is considered a more useful measure than the average because the average can be skewed easier than the median. From 2016 to 2018, the average kitchen renovation cost 40% more. These figures include do it yourself (DIY) and professionally managed kitchen renovation projects. Over 80% of kitchen renovation projects included in this survey included professional designers, plumbers, contractors, etc.
Master Bathroom Renovation Trends
Increases in spending to complete master bathroom renovations followed the same trends as the heart of the home, also known as the kitchen. From 2016-2018, the median investment in master bathroom renovations rose from $7,000 to $8,000, a 14% increase. Renovations to non-master bathrooms are less popular renovation projects, but the median cost for these renovations rose 17% from 2016-2018. Large and small projects from the United States were included in this survey featuring DIYers and professionals. Costs in materials are the main reason for the increases.
What Does the Renovation Future Look Like?
While renovation-related costs rising across North America, there are ways to achieve your dream kitchen, bathroom, bedroom, etc. for a reasonable cost. Our design team will share clever ideas to help you meet your budget (and schedule). Contact us for a free appointment to discuss your renovation project today!