Canadians are willing to shell out good money for renovating their homes
As the desire for home improvement increases for Canadians, the costs are rising too. The average expected renovation cost now stands at $19,000, which is nearly double the reported spend of $10,000 in 2019.
That being said, these home renovators are not going in blind, but rather diligently preparing their finances to avoid slipping into financial rubble.
Over half (57%) of surveyed Canadians have paid for or plan to cover costs using cash or personal savings, with 49% having a detailed, budgeted plan in place. Furthermore, 80% express confidence in their budget, timeline and scope.
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Get StartedWhat kind of home renovations are Canadians doing?
In keeping the possibility of increased home value in mind, these are the top renovations Canadians have prioritized within the last year:
- Small upgrades and renovations (painting, general repairs etc.): 46%
- Bathroom upgrades or additions: 39%
- Flooring upgrades: 32%
- Kitchen upgrades or remodels: 27%
- Basement finishing: 26%
It goes beyond the value of a home
Upping the value of their homes is a big instigator for Canadians doing renovations, with 27% reporting this as their purpose, but that’s not the only reason they are shelling out for improvements.
Around four in 10 (41%) renovators cite cosmetic reasons as the purpose of the renovation, followed by functionality (39%), and addressing wear and tear (39%)
Additionally, over half (59%) of Canadians are willing to pay more for a renovation that makes their home more environmentally friendly, and 73% of Canadians who have completed renovations or are planning them in the coming year say they are interested in incorporating smart, sustainable and/or energy efficient technology.
Survey methodology
The results come from an Ipsos poll conducted between Sept. 18 and 25 on behalf of CIBC. A sample of 1,500 Canadians aged 18+ were interviewed online, sourced from the Ipsos panel and weighted by data to ensure the sample’s composition reflects the adult population.
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