The amount Canadians spent renovating their homes has dropped to a five-year low this year, according to a CIBC report.
The study, released Thursday, found that renovation spending is down five per cent to an average of $11,000 per planned spend in 2018. The study found that 45 per cent of Canadian homeowners planned to renovate this year, down from 48 per cent in 2017.
"Canadians continue to see the value of investing in their homes, but they’re taking a very practical approach by focusing on lower-cost projects this year," CIBC Executive Vice-President, Personal and Small Business Banking Edward Penner said in a release.
British Columbia is seeing the steepest renovation spending drop, with a planned $9,900 expenditure per household. That…