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Renovating your home

Renovating a home can improve the value of the property and the quality of your life. Whether it's an addition to the house or just a face-lift for a room, you'll need to equip yourself with good resources to ensure there's value added to your hard work. But before you start your planning, make sure to secure your finances to give yourself a budget to work with.

Use the power of your home equity to secure a lower interest rate and help finance your renovation. Or contact us at 1-866-525-8622 for more information.

Renovations – what renovations add value?


What types of renovations add value to your home?

  • Improving the kitchen
  • Adding or remodeling a bathroom
  • Creating a master bedroom with an en suite bath and/or walk-in closet
  • Adding a family room, especially on the main floor
  • Creating a sun room

What types of renovations are value-neutral to your home?

  • Adding a swimming pool, sauna or hot tub
  • Installing a central vacuum system
  • Reducing the number of bedrooms to fewer than three
  • Installing paving stones in the driveway

Before you renovate


There are lots of things to consider before you renovate your home. Here is a general list to help you plan your next project.

  • Find out about federal, provincial and municipal government programs that offer subsidies or tax credits for certain renovations
  • Look up the "Information and Referral to Federal Programs and Services" listing in the blue pages of your telephone directory; a simple telephone call could save you dollars on your home renovation
  • Make sure your renovation plans meet municipal/zoning bylaws and fire regulations
  • Carefully research any professionals, tradespeople or contractors you hire to do the renovation
  • Ask your friends, neighbours and co-workers for recommendations
  • Draw up a contract for any work that is to be done

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.