2021 Renovation Investment Report
- Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market.
- Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay or those selling.
- More than half of Canadians renovated their home in 2020 with the intention of living in it, with 29% renovating to enhance their lifestyle for non-essential reasons (aesthetic and/or recreational purposes) and 29% doing so for essential reasons (safety and maintenance)
- Only 16% of Canadians said they renovated to increase the market value of their home in order to sell within the next one to three years.
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