Home renovation spending up to a record $63-billion

Renovation spending has been steadily rising for the past 15 years and has reach a record $63.4-billion in 2013, partly due to the "HGTV" effect.

HGTV is a television station in Canada that launched in 1997. It is a home renovation themed network. The "HGTV effect" has many homeowners badly wanting to renovate their homes.

Canadian aren't just spending to fix leaky roofs or crack foundations, but are spending on new designer kitchens. According to the article on Financial Post, three of every four renovation dollars are being spent on real home improvements which help increase the prices of homes in today's markets.

Due to the low interest rates and home equity, Canadians are pulling money out of their house only to put it back in. Mortgage financing and home equity line of credits were the most used method to finance these improvements.

Follow the link to read the full article at the Financial Post