Survey: 49% of Canadians taking on renovations

Nearly half of Canadians are engaged in home renovations, with expenditures averaging $19,000, nearly double the $10,000 reported in 2019, according to a CIBC poll released Thursday.

The findings, based on an Ipsos poll of 1,500 Canadians, indicate that 63% of homeowners are motivated by personalizing their homes and increasing property value, while 60% prefer renovating over selling. Popular projects include painting, bathroom upgrades, and kitchen remodels.

Eco-consciousness is a significant factor, with 59% of respondents willing to pay more for sustainable and energy-efficient improvements. Despite rising costs, 80% express confidence in managing renovation budgets and timelines.

“Canadian homeowners are investing significantly in practical upgrades to their homes right now, with sixty per cent choosing to renovate instead of selling their homes,” said Carissa Lucreziano, CIBC vice-president of financial planning and advice.