B.C. residents who plan to renovate are outspending the Canadian average, per each project, by more than 40 per cent
B.C. residents who say they are planning to renovate in the next 12 months say they will spend $28,434 on their projects, on average. That compares to the next-highest province, Ontario, at $23,879 and the lowest-spenders in Quebec at $12,346.
April 25, 2014 by Steve Payne
B.C., when it dropped the HST just over a year ago, ended up dramatically lowering sales taxes on home renovations.
The effect of that?
Well, the following chart, while it doesn’t prove the HST-dropping in B.C. had a stimulating effect on renovations, does show that B.C. residents are planning to spend much larger sums than the national average.
Data courtesy of a recent CIBC poll conducted by Nielsen.
Average amount Canadians homeowners planning to renovate say they will spend on their home renovations in the next year, by region: