Home renovation spending soars in Canada

Canadians are investing more in home renovations than ever before, with an average spend of $19,000—nearly double what was reported in 2019, according to a CIBC poll. As declining interest rates fuel this trend, 63% of homeowners are upgrading to reflect personal tastes and increase property value.

Nearly half (49%) of Canadians are either planning, starting, or have recently completed renovations, with a focus on smart, energy-efficient technologies. Sustainability is a priority, with 59% willing to pay more for eco-friendly upgrades.

The most common renovations are cosmetic, including painting and repairs (46%), followed by bathroom upgrades (39%). Despite challenges like rising costs, 80% of homeowners feel confident about their projects.

“Our results show that a quarter of renovators are consulting or expecting to consult with a financial advisor in advance of their project,” noted CIBC’s Carissa Lucreziano.