B.C. Leads Canada in Home Renos

Nearly half of British Columbia homeowners plan to renovate, and the province leads the country in the amount they plan to put into their homes

British Columbians are the biggest spenders in the country when it comes to home-renovation planning, according to a poll released Thursday by CIBC.
Forty-two per cent of B.C. homeowners plan to renovate within the next twelve months, according to the poll, conducted by Neilsen Consumer Insights on behalf of CIBC. That’s slightly lower than the percentage of homeowners planning to renovate in Quebec (49 per cent) and Atlantic Canada (46 per cent). But B.C. homeowners plan to spend the most: an average of $28,434 per renovation. Ontario renovators have the next-highest average renovation budget, at $23,879. That compares to a national average of $19,754 budgeted per renovation.
“It’s good news that so many Canadian homeowners have the willingness to invest in their homes,” says Scott McGillivray, host of HGTV’s Income Property.” However, he cautions that some renovations add more value than others: “While renovating rooms like kitchens and bathrooms are always good investments, I’m encouraged to see that a large number of homeowners are also planning to spend money on general upkeep this year,” adds Mr. McGillivray. “Keeping your house in good repair helps to protect its value.”
CIBC cautions that it’s important to place home renovations within broader budgeting priorities. “When you start a renovation you usually have a mental picture of what the end result will look like but you should also have a picture of how paying for that renovation will fit in with the rest of your financial obligations,” says Todd Lawrence, senior vice-president, products & payments at CIBC.