Almost 50% of homeowners have completed, undertaken, or are considering home reno projects, poll shows
Nearly half of Canadians are currently planning, executing, or have recently completed home improvements, according to a recent Ipsos poll commissioned by CIBC.
The poll revealed trends in Canadian home renovation activities, indicating increase in renovation spending, with the average expected renovation cost reaching $19,000 – nearly double the $10,000 reported in 2019.
57% of homeowners were reported to use cash or personal savings for home renovations, while 49% developed detailed, budgeted plans for their home improvement projects.
Most renovations undertaken in the last 12 months include minor improvement and repair activities such as painting and general maintenance work, which 46% of homeowners did. Projects that improved or added a bathroom accounted for 39% of renovations; replacing flooring came in at 32%; remodelling the kitchen, 27%; and 26% of renovations involved finishing the basement.
Cited reasons for conducting these renovation activities vary from aesthetic changes (41%) to functional improvements (39%), wear and tear considerations (39%), and improving home value (27%).
Amid reported rising costs, Canadian homeowners notably are investing in practical upgrades to their homes right now, according to CIBC vice president for financial planning and advice Carissa Lucreziano.
"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," she shared.
Sustainability has become a strong trend in home renovations. 59% of Canadians said they would pay extra for green improvements, and 73% of renovators now and in the future are interested in smart, sustainable, and energy-efficient technologies.
However, these improvements do not come without challenges. Three-quarters of renovators said they had to make sacrifices to get what they wanted from their renovation, including less leisure time and more spending.
A total of 1,500 online interviews with Canadian adults were conducted for the poll between September 18-25. The research maintains a credibility interval of ±3.1 percentage points, 19 times out of 20, providing a snapshot of current home renovation trends in Canada.
Ipsos conducted the poll on behalf of CIBC. The survey was an online panel survey of 1,500 Canadians aged 18 and older during the specified period in September 2024.
