Home renovations increase although with lower budgets

With higher house prices in many areas and economic uncertainly weighing heavily on some homeowners’ minds, more are choosing to stay in their current homes and renovate.

A survey conducted by Nielsen for CIBC reveals that the number of homeowners planning to renovate has increased from 40 per cent last year to 42 per cent in 2015. However, the average budget has fallen from $20,000 to $17,000.

Top priorities are general repairs and redecoration (64 per cent) followed by landscaping (28 per cent) and new bathrooms (29 per cent) and kitchens (28 per cent). The largest percentage of people are planning to spend between $5,000 and $10,000.

Scott McGillivray, a real estate investor and host of HGTV's Income Property, commented: "I find that more and more people right across Canada are looking for creative solutions to add more space so that they don't have to move.”

He advises homeowners to concentrate on practical improvements rather than spending money on “wow” factors such as a swimming pool: "You don't want to build a $150,000 custom kitchen in a $200,000 home. You have to be realistic about your needs, and where money is best spent." 
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?