How Many Canadians are Renovating this Year? How Much are They Spending?
A recent poll conducted by CIBC shows that nearly one-third of Canadians are planning on making renovations to their home within the next twelve months. But which provinces are going to be making the most improvements to their home, and how much is the average Canadian spending on those renovations?
Among the 39 per cent of homeowners that say they plan on making renovations, the average amount they’re going to spend sits at around $15,000. But, not all provinces are equal when it comes to whether or not they’re going to do something to their home. Albertans are most eager, with 52 per cent of homeowners in that province saying that they’re planning on doing a project of some sort. Those in British Columbia however, are least likely to do anything this year, with only 25 per cent of homeowners making any plans.
With so many Albertans planning on making renovations, it might not be surprising to find out that they’re also the group that plans to spend the most amount of money on those home renos. Over $7,000 above the national average, Albertans plan to spend over $22,000 on average. Those in Atlantic Canada plan to spend the least amount on renos, with an average of $11,000.
CIBC says though that when it comes to home renovation financing, homeowners need to make sure that they’ll be able to pay for those renovations, without going into too much debt. And of course, hopefully none at all.
“Whether it’s replacing an old roof or updating a kitchen, home renovations can help you get more out of your property, but you do need to consider how the costs will fit with your overall financial plan,” says Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products at CIBC.
“Most people taking on a renovation have a clear vision of how they want their home to look when it’s done. Our message is you need the same clear plan for repaying any debt you might incur along the way,” she continues.
She says that in order to make sure you’re not getting buried under when taking on new projects, the importance of planning cannot be undermined.
“The most important part of a renovation is the planning. It sounds cliche, but planning really is half the battle. In my experience, the homeowners who plan ahead are also more likely to be happy with the end result, and are better at sticking to their budget.”