Owners were less inclined to carry out work on their rental property in 2023, according to data released by Soumission Rénovation, a platform that connects clients and renovation contractors.
Although these figures are limited to projects submitted on the platform, their considerable number – more than 100,000 per year – offers an interesting portrait.
Thus, Soumission Rénovation notes a “notable decline” in large-scale projects undertaken by rental property owners in 2023.
Compared to the previous year, work valued between $10,001 and $50,000 decreased by 16.09%, while projects exceeding $50,000 fell by 27.65%.
Also, faced with rising mortgage rates, many owners are sticking to urgent work, putting off those that focus on occupant comfort such as installing air conditioning or renovating the bathroom. A harsh observation for tenants in a context of housing shortage.