The pandemic has prompted many home renovations in Canada, and most of them have been done without incurring additional debt, according to a new study.
RATESDOTCA and BNN Bloomberg say that for the duration of the pandemic, homeowners have managed to increase their savings and decrease their non-mortgage debt.
The study said that half of the homeowners surveyed are doing renovations or plan to do so in the future.
Twenty-seven percent said they have renovated since the pandemic, 20% said they will address the renovations in the near future, and 60% said they were financing the work out of savings.
Despite an increase in home equity lines of credit and increases in Canadian home values, only 2% said they chose this route for renovations.