Home improvement mania continues to sweep
Atlantic Canada, according to RBC survey
HALIFAX, October 03, 2006 — Atlantic Canada
still stands as the country's most renovation-enraptured region,
as a new survey from RBC Financial Group reveals the east
coast has the highest percentage (80 per cent) of Canadians
who plan to renovate or make improvements to their homes within
the next two years.
"If the saying is true that 'a good home must be made,
not bought,' then Atlantic Canadians are certainly not wasting
any time," said Wendi Bacon, regional vice-president,
Atlantic Canada. "I think we can expect to see a continued
flurry of renovation activity across the Atlantic Provinces
well into 2007."
According to the RBC survey, Atlantic Canadian homeowners
are more likely than those in other regions of the country
to be planning deck or patio renovations (38 per cent) and
more likely to be planning work on their kitchen (32 per cent).
The survey also found that the region has the highest percentage
of homeowners who intend to install new windows or doors (29
per cent).
However, Atlantic Canada is also home to the least number
of do-it-yourselfers in Canada, with only 42 per cent of east
coast homeowners saying they will tackle a majority of their
reno work on their own. Forty per cent said they will hire
a contractor to look after the bulk of their renovations.
The RBC Survey also found that the majority (62 per cent)
of homeowners planning renovations in the region are doing
so to make their homes more attractive, while 25 per cent
said they plan to renovate for safety and maintenance reasons.
Another 18 per cent indicated they will be renovating simply
to add to the enjoyment of their homes. Atlantic Canadians
estimate they will spend an average of $10,195 on their planned
renovation and home improvements, up from the national average
of $8,982.
Other facts about Atlantic Canadian homeowners and renovations:
- Sixty-eight per cent have completed renovations in the
last two years.
- Sixty per cent say they had a budget for their renovations
and 36 per cent of those who did went over by an average
of 81 per cent.
- When asked about their biggest renovation headache, 36
per cent cited the time it took for the renovations to be
completed.
- A majority (75 per cent) said they would rather renovate
than sell if their current home was in need of major renovations.
- They are among the least likely (63 per cent) to pay for
all or most of their renovations with cash or savings.
- Of those who plan to finance, 40 per cent plan to use
a line of credit, 14 per cent plan to use their credit cards,
and 21 per cent will add-on to or refinance their mortgage
to cover the cost.
- Forty-eight per cent will get their inspiration from family,
friends or neighbours and 37 per cent said their ideas will
be from big box stores.
As far as how Atlantic Canadians compare to homeowners in
other regions of the country when it comes to renovating plans
for the next two years:
Atlantic Region - 80 per cent, down from 82 per cent in
2005
British Columbia - 65 per cent, down from 75 per cent in 2005
Alberta - 75 per cent, down from 76 per cent in 2005
Saskatchewan/Manitoba - 75 per cent, down from 77 per cent
in 2005
Ontario - 71 per cent, down from 78 per cent in 2005
Quebec - 66 per cent, down from 71 per cent in 2005
These are some of the findings of an RBC Royal Bank poll
conducted in English and French by Ipsos Reid between August
17 and 21, 2006. The online survey is based on a randomly
selected, nationally representative sample of 2,367 Canadian
homeowners. For Atlantic Canada, the sample size was 163 homeowners
who had renovated or were considering renovations.
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Media Contact:
Lori Smith - (902) 421-8121
For full tabular results, please see the Ipsos-Reid website
at www.ipsos.ca.
Downloadable graphics also available at www.rbc.com/newsroom.
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