CURRENT ISSUE: SPECIAL FRANCHISE FOCUS
Home, Sweet Home Services
Just when it seemed like contractors could take a breather, another wave of reno-ready Canadians has cropped up. Home renovation services were booked and busy through the COVID-19 pandemic, as people noticed that their interiors could use some sprucing up. While that pandemic effect has worn off, rising housing costs and inflationary pressures are causing homeowners to find housing affordability by moving to coastal and rural regions, or to stay in place and make updates around the house to create additional value and extend the enjoyment of their existing spaces.
As such, home service businesses are expected to grow through 2023. Prospective franchisees can find a range of opportunities in industries aligned with their interests, from providing inspections and upgrade jobs like painting, to full-fledged home makeovers through deckbuilding and flooring upgrades. Meanwhile, eco-minded consumers’ desire for sustainability has led to an influx of smart home devices and the growth of renewable energy usage. When fixing up existing housing isn’t an option, Canadians are moving away from cities and toward coastal regions, with StatsCan data revealing net migration losses in three major census areas.
From maintenance issues to moving services and efficiency upgrades, there’s a lot required to meet homeowners’ needs, and a lot of opportunity for prospective franchisees. Read on for statistics and information highlighting the growth of the home services industry.
Previous Issues: Special Franchise Focus
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November/December 2022
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