Outdoor renovation project costs also ballooned, with an average spend of around $6,600 in the last year – up nearly 43% over the 12 months prior.

HomeStars surveyed 985 Canadian clients in June on their views about the current market compared with their outlook during the spring.

Interest rates and borrowing costs that have crept steadily upwards this year present a new challenge for Canadians who turn to financing solutions for their home renovations, according to HomeStars’ CEO Shir Magen (pictured top).

“The last two years, we’ve seen that 80% of Canadians have cash on hand to fund their renovations, and that was really a huge point of strength for the housing market [and] the home service pro industry in Canada,” she told Canadian Mortgage Professional. “Now what we’re seeing – and it makes a lot of sense, it’s not surprising to us – [is] 27% of homeowners indicate they’re going to need help with financing.

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