Home renos using savings popular during pandemic: Study

The pandemic has led to many Canadian home renovations and the majority of those have been done without taking on additional debt, a new study found.

RATESDOTCA and BNN Bloomberg say over the duration of the pandemic, homeowners have managed to increase savings and decrease their non-mortgage debt.

The study said half of the homeowners surveyed are doing renovations or are planning to do so in the future.

Twenty-seven per cent said they have renovated since the pandemic, 20% said they will tackle renovations in the near future and 60% said they were funding the work from savings.

Even though there was an increase in home equity lines of credit and rises in Canadian home values, only 2% said they chose this route for renovations.

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