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Renovating in 2023: Top Trends and Tips for Homeowners

Contractor speaking to client - Renovating in 2023: Top Trends and Tips for Homeowners

2023 is shaping up to be an affordable year for home renovations. With demand slowing down and supply catching up, it's the perfect time to take advantage of decreased costs and fresh design trends.  

In this article, we'll explore the top renovation trends in 2023, what to expect in terms of costs, and what budget-friendly ideas you should jump on to maximize your home's value. Let's dive in! 

What Are the Top Renovation Trends in 2023? 

Some of the top home renovation trends in 2023 include: 

  1. Switching to sustainable and eco-friendly materials 
  1. Open-concept living spaces  
  1. Smart home technology integration  
  1. Multipurpose rooms and home offices  
  1. Outdoor living spaces and functional landscaping 

This year's trends focus on reducing environmental impact, improving functionality in small and large spaces as well as enhancing the overall living experience. 

Renovation Costs in 2023: What to Expect? 

You might be wondering: is a renovation worth it this year? Although inflation numbers are still relatively high, renovation costs in 2023 are expected to decrease due to the shift in supply and demand. As production for supplies ramps up post-COVID, demand decreases. And as demand falls, tradespeople and suppliers are cutting costs, making it a more economical time for homeowners to renovate.  

Will Home Renovation Costs Go Down in 2023? 

Yes, home renovation costs are expected to go down in 2023 as supply catches up with demand and tradespeople and suppliers reduce their prices. Overall though, prices may still be higher than a few years ago due to inflation.  

What Are Some Budget-Friendly Renovation Ideas? 

Budget-friendly renovation ideas include: 

  • Repainting walls and cabinets  
  • Updating lighting fixtures  
  • Installing new hardware on cabinets and doors  
  • Adding or replacing the backsplash in a kitchen or bathroom  
  • Exterior paint jobs and improvements to increase curb appeal 

What Home Renovations Always Add Property Value? 

Some home renovations that consistently add property value include: 

What's the Best Time of Year to Renovate? 

The best time of year to renovate depends on the project and local climate. Generally, spring and summer are the most popular seasons for renovations due to favourable weather conditions and longer daylight hours. However, indoor projects can be completed year-round, and some contractors offer off-season discounts during the fall and winter months. 

Are Home Renovation Taxes Deductible in Ontario? 

In Canada, home renovation expenses are generally not tax-deductible. However, there may be exceptions for certain energy-efficient upgrades and home accessibility improvements for seniors and persons with disabilities. Consult with a tax professional to determine eligibility. 

How Long Does it Take to Renovate a Kitchen? 

The average time it takes to renovate a kitchen is 6-12 weeks, depending on the scope of the project, contractor availability, and any unforeseen issues that may arise. Small kitchen upgrades may be done in a weekend, however, if you're just looking for a style refresh.  

How Long Does it Take to Renovate a Bathroom? 

Renovating a bathroom typically takes 2-3 weeks, but the timeline may vary depending on the extent of the renovation and contractor availability. If you plan to change the plumbing configuration, you can tack on a few more weeks, as the project will require more extensive work.  

Can Home Equity or a Mortgage Be Used For Renovations? 

Yes, homeowners can use home equity for renovations by refinancing their current mortgage or obtaining a home equity loan. Additionally, the Canada Mortgage and Housing Corporation (CMHC) suggests various home renovation loans and financing options, including personal loans, lines of credit, and energy grants and rebates. Make sure to consult with a financial advisor or mortgage professional to determine the best option for your situation. 

Work With a Reputable Home Renovator Today 

To summarize, 2023 is an excellent year to embark on your home renovation journey, and Team Shane is here to help you create your dream home. As experienced custom home builders and renovators, we pride ourselves on delivering top-quality craftsmanship and exceptional customer service. Don't miss this opportunity to capitalize on the favourable market conditions and the latest renovation trends.  

To learn more about our services and how we can bring your vision to life, contact Team Shane today, and let's start transforming your home together!  


Ask Team Shane 

At Team Shane, we have a team of designers that work directly with clients to create beautiful home designs while providing advice and direction on selections (interior design) and up-to-date cost implications which will help you make decisions for the final design. Our build team takes those designs and makes them a reality.
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