Home Service Requests Still Rising In Canada

HomeStars, a partner company of Angi, a U.S.-based online service that matches homeowners with contractors, says homeowners are still busy sprucing up their homes, with a 142 per cent increase in service requests in May compared to May 2020. The top service request year-over-year increases at HomeStars include interior painting or staining at 159 per cent, kitchen remodel at 141 per cent, bathroom remodel at 130 per cent, air ducts and vent cleaning at 85 per cent, and sod installation at 67 per cent. The home service market in the U.S. gained an increased level of awareness and popularity following the overwhelming impact of COVID-19 on human welfare and overall economic growth, says Angi. The estimates a total addressable market (TAM) of $595 billion and a total of 728.3 million household projects for 2021. Increased consumer spending on remodeling, combined with an unexpected jump in home equity, more household cash flow due to mortgage refinancing, spending substitutions due to reduced spending on restaurants and vacations, cheap loans due to lower interest rates, and a spike in prices and inflation due to COVID-19, has resulted in a 17 per cent increase in the TAM for home services. The report forecasts further growth in the market due to further supply shortages and rising input prices as well as digital migration.