A new CIBC Poll conducted by Harris/Decima reveals more than one-third of Canadian homeowners plan to take on some form of home renovation project this year, with an average expected renovation cost of just over $15,000.
Highlights of the poll include:
- $15,300 is the amount Canadian homeowners say they will spend on their home renovations this year, on average
- 39 per cent of Canadian homeowners say they plan to renovate their home in the next 12 months
- Among Canadian homeowners planning to renovate, Alberta homeowners plan to spend the most on their home renovations this year ( $22,900 on average), while Atlantic Canadians say they plan to spend among the least ( $11,000 on average)
- Regionally, Alberta residents are among the most likely ( 52 per cent) to say they plan to renovate their home in the next 12 months, while British Columbians are among the least likely with only 25 per cent of home owners saying they plan to renovate
- Among demographics, Canadians aged 45-54 plan to spend among the most on their home renovations this year ( $18,300 on average), nearly $3,000 more than the national average
"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," said Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products, CIBC.
Previous CIBC research shows that Canadians named paying down debt as their top financial priority for 2013, suggesting that those Canadians taking on a home renovation will need to keep a close eye on their renovation budget to stay on track towards their financial goals.
"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," added Ms. Delaney.