Two-third of Canadians planning home renos in the next year

TORONTO—Sixty-five per cent of Canadians homeowners are planning renovations within the next year, according to Scotiabank’s Home Renovations Poll.

Forty-five per cent are planning to do half the work themselves while18 per cent are planning to do it all without hiring help.

The good news for contractors is that 84 per cent of individuals that plan to do some the work themselves, or none of the work, intend to hire a professional.

And since 30 per cent of respondents rely on their renovation stores for inspiration, retailers should pay careful attention to their in-store displays.

The results are based on a random online survey of 1,004 of Harris/Decima’s propriety panel of Canadians. The study was conducted between August 21 and 27.

The top three reasons provided for undertaking a renovation were:

• adding comfort to the home: 45 per cent;
• increase the value of the home: 22 per cent;
• repair damages: 19 per cent

Nearly 40 per cent of respondents reported intentions to redo the bathroom, followed by the kitchen at 33 per cent, outdoor renovation and structural changes at 26 per cent and the basement at 24 per cent.

“It’s no surprise that bathrooms and kitchens top the list of renovation projects as these areas of the home that offer the greatest return on investment,” said Ahmad Dajani, vice-president of investments, GICs and sales tools at Scotiabank. “What is surprising is a quarter of Canadians planning to renovate don’t have a budget.”

Of the respondents who do have a budget, the average planned amount is nearly $9,000.

Regionally, the hot spots in the country are Manitoba and Saskatchewan.

More homeowners than average—74 per cent—reported renovation plans, and residents of those provinces reported a higher average budget of about $13,000.

Homeowners in British Columbia are least likely to renovate within the next year and if they do, only plan to spend an average of $5,700.