Homeowners report spending more on renovations, with an average expected cost of $19,000, almost double the $10,000 reported in 2019.
Over half of these renovators, 57 percent, rely on cash or personal savings to cover the costs. 49 percent have developed detailed budgets, and 80 percent feel confident about their plans, timelines, and scopes.
“Despite rising costs, Canadian homeowners are investing significantly in practical upgrades to their homes right now, with 60 per cent choosing to renovate instead of selling their homes,” says Carissa Lucreziano, vice-president, Financial Planning and Advice at CIBC.
She adds, “Our results show that a quarter of renovators are consulting or expecting to consult with a financial advisor in advance of their project, to help them create a plan, a budget and also manage any unexpected costs along the way.”
Renovators report making sacrifices to achieve their goals. Three-quarters of Canadians undergoing renovations have faced compromises, such as dealing with inconveniences, reducing leisure and family time, cutting back on discretionary spending, and managing higher costs.
