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The trend continued within the third quarter when mortgage applications went up by an extra 15%. Only 16% said the renovations had been to increase the market worth of their home whereas 29% renovated to boost their way of life and one other 29% carried out maintenance work or improved the protection of their properties. However, 59% of Canadians mentioned they at all times think about the return on their investment when deciding to renovate.

The recommendation from the Appraisal Institute of Canada is to spend not more than 15% of the home’s total worth on kitchen renovations. In the third place were toilet renovations with 21% of house owners choosing this as their top job. Reasons included bathrooms being relatively fast and easy to renovate, but having high personal worth as a place to chill out in. In 2019, 57% of householders in Canada had completed one or two small tasks or repairs in their houses.

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