Canada’s declining interest rates have sparked a renovation boom. According to a CIBC poll, 49 percent of Canadians are planning, executing, or have recently completed home improvements. The average expected renovation will cost $19,000, up from $10,000 in 2019. More than half will pay for their renovation using personal savings.
The top three renovations undertaken by homeowners in the past 12 months were small upgrades and renovations at 46 percent, bathroom upgrades or additions at 39 percent, and flooring upgrades at 32 percent.
Sarah McGoldrick
