Bidmii Report Finds Majority of Millennials Plan To Renovate in 2021

Bidmii International Inc., Canada’s first online home improvement marketplace, today released its first annual Spring Home Renovation Report. Findings suggest that a seismic shift is on the horizon for the home renovation industry with nearly 7 out of 10 millennial homeowners planning to renovate their homes in 2021. This is significant since young homeowners under the age of 36 now represent an estimated 43 per cent of homes owned in Canada.[1]

“Millennials are comfortable using technology for everything from dating and ordering groceries, to making retail purchases and managing investments,” said Jon Christensen, CEO, Bidmii International Inc. “With large numbers of younger homeowners planning to renovate this year, the home improvement industry needs to adapt to provide these tech savvy consumers with relevant tools and solutions that fit their lifestyle and meet their expectations.”

When asked to rank their top-3 most desired renovation projects for 2021, millennials listed interior painting, kitchen renovations and bathroom updates as their top priorities. Not surprisingly, 64% of millennial homeowners turned to social media for their home decor inspiration, beating out other platforms like home improvement television shows and industry magazines which resonate more with older homeowners.

“As millennials move into their prime earning and spending years, the old-fashioned ways in which contractors and tradespeople have gone about quoting on projects, communicating with customers and marketing their services requires its own renovation,” said Christensen. “The Bidmii platform is an end-to-end solution allowing homeowners to easily post projects, monitor incoming quotes, and coordinate details with their selected contractor all from their mobile device or laptop.”

Furthermore, despite the uncertainty and disruption caused by COVID-19, half of all Canadians surveyed are more likely to invest in their homes this year as a result of the pandemic, with 74 per cent planning to spend more or the same amount of money on their homes compared to last year.

“With Canadians forced to spend more time at home than ever before, we’re all looking for ways to enhance the quality of our living spaces,” said Christensen. “From home office renovations and bathroom makeovers, to upgraded dream kitchens and creating backyard living spaces, Canadians are maximizing their greatest asset in meaningful and creative ways.”

[1] TD Canada 2019 Home Equity Trend Watch

Other findings from the report include:

• 64 per cent of Canadians plan to take on a home renovation project in 2021. That number jumps to 67 per cent in Ontario where homeowners are most eager to renovate this year.

• 8 per cent of Canadians plan to sell their home in 2021.

• Interior painting is the number one job on homeowners ‘To Do’ lists this year, with landscaping and a bathroom update rounding out the top-3 projects Canadians would most like to complete in 2021.

• 61 per cent of Canadians planning to move this year are looking to upsize their space, while 21 per cent are looking to downsize.

• The top-5 most popular pre-listing renovation projects are:

1. Interior painting (23 per cent)
2. Repair drywall (19 per cent)
3. Replace carpeting (15 per cent)
4. Landscaping (13 per cent)
5. Exterior Painting (12 per cent)

The full Bidmii Spring 2021 Home Renovation Report is available here for download:

Report Methodology:

Bidmii surveyed 400 Canadian homeowners between January 19 – 23, 2021. Respondents were 51% male and 49% female and representative of the following age groups:

18 – 24 (9.0%), 25 – 34 (17.25%), 35 – 44 (23.75%), 45 – 54 (16.75%), > 54 (33.25%)