Canadians Double Down on Home Renovations with Smart and Green Upgrades

Home renovations are becoming a top priority for Canadians, with a recent CIBC poll showing 63% of homeowners plan to invest in updates that enhance both personal style and property value. On average, renovators are budgeting $19,000 for their projects—a sharp increase from the $10,000 reported in 2019.

This surge in home improvement activity aligns with declining interest rates, making it easier for homeowners to focus on upgrading their spaces. Currently, nearly half of Canadians are in various stages of home renovations, whether planning, actively working on, or recently completing projects.

Financing and Budgeting Renovations

More than half of homeowners (57%) rely on cash or savings to fund renovations, while 49% create detailed budgets to stay on track. Confidence is high among renovators, with 80% reporting they feel well-prepared to manage timelines, scopes, and costs.

However, significant sacrifices are often required. Three out of four renovators report cutting back on leisure activities, family time, and discretionary spending to achieve their goals.

Popular Projects and Priorities

The most common upgrades include painting and repairs (46%), bathroom renovations (39%), flooring updates (32%), kitchen remodels (27%), and basement finishes (26%). These efforts are driven by a mix of motivations, from enhancing aesthetics (41%) and improving functionality (39%) to addressing wear and tear (39%) and increasing home value (27%).

Focus on Sustainability and Smart Features

Eco-friendly and energy-efficient upgrades are a growing trend, with 59% of Canadians willing to pay more for sustainable solutions. Smart home technology is another priority, with 73% of renovators incorporating these modern features into their projects.

Expert Advice for Success

Carissa Lucreziano, Vice-President of Financial Planning and Advice at CIBC, highlights the importance of careful planning: “Many Canadians are consulting financial advisors to create effective budgets, anticipate unexpected costs, and ensure their projects run smoothly.”

As more Canadians invest in their homes, this trend underscores the shift toward creating tailored, sustainable, and future-ready living spaces. With the right planning and priorities, these renovations will not only improve daily living but also add lasting value to homes.