Kitchens are the #1 reno investment

The kitchen is almost always the heart of the home, and the most important room for homebuyers. So it's no surprise that kitchen renovations consistently provide the best return on your renovation investment: from 75% to 100% according to the Appraisal Institute of Canada.

While kitchen renovations can also be extremely costly, there's no need to gut the kitchen and start over to see a boost in value. Upgrades like granite countertops to replace tired laminate – or stainless steel appliances, new light fixtures and fresh paint – are mid-range investments that can dramatically boost the value of your home, while making it a more pleasant and attractive room for you and your family.


Desperate to replace your dated kitchen cabinets? Consider a partial facelift with a fresh coat of paint and updated hardware. Or get a quote on replacing the cabinet doors and drawer fronts – for a brand-new kitchen look at a fraction of the price.


When planning a kitchen renovation, remember to keep the project in line with the style and quality of the rest of the house and neighbourhood. Kitchen renovations are among the most disruptive undertakings, so buyers especially appreciate upgraded fixtures, appliances and décor.


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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.


The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.


The next rate-setting day is October 22nd.

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