A recent Canadian Imperial Bank of Commerce (CIBC) poll shows a three-year low in Canadian homeowner’s spending for basic fixer-upper renovations and that over half of homeowners are choosing to repair instead of hitting the homebuying market.

The CIBC poll found that this year on average, homeowners plan to spend $11,800 to fix basic home maintenance issues such as painting, new appliances and flooring. Although 48 per cent of homeowners say they are planning to renovate, which is up from 2016, the average they plan to spend is down from approximately $13,000 last year.

According to the poll, over half of homeowners are planning to stay in their home and renovate rather than putting their home on the market or look to buy a new home.

“These findings show that the decision to either renovate or relocate comes down to your financial situation, emotional attachment to your home and ultimate real estate goals,” real estate investor and TV personality Scott McGillivray said in a press release. “While moving into a new home can help address your need for space, a renovation can often help achieve the same goal while keeping you in your neighbourhood and, if done right, adding value to your home.”