Canadians are acting upon a pent-up desire to upgrade their living accommodations.
With housing prices and supply getting most of the attention these days, it seems many of us have traded ideas of moving up to upgrading.
A report prepared by CIBC has identified a rapidly growing trend towards people renovating their current property instead of trading it for a different one.
Falling interest rates have roughly two-thirds of us looking to update their existing homes. And half of us have started or are completing the work. The average budget is $19,000 – which is about double what people were spending when we went on a renovation spree back during the COVID lockdowns.
And here is one other COVID hangover – the majority of the renovations are being funded with cash, savings that were accumulated during the lockdowns when our ability to go out for entertainment or holidays were curtailed.
Smaller projects such as repairs and painting top the list but larger renos are popular as well. 40-percent are opting for bathroom upgrades, one-third are redoing their flooring and a quarter are doing kitchens and basements.
