B.C. homeowners still keen on home improvement RBC survey
finds
But intentions to renovate in the region are down over last
year
VANCOUVER, October 03, 2006 — B.C. homeowners
continue to have a healthy appetite for home improvement,
although renovation intentions in the region may be cooling,
according to a new survey from RBC Royal Bank. The survey
found that 65 per cent of the province's homeowners plan to
renovate or make home improvements within the next two years
- down 10 per cent from last year.
"A rise in interest rates this year, compared to last,
may at least partially explain why renovation intentions are
down slightly this year over last," explained Kevin Lutz,
manager, Mortgage Specialists, RBC Royal Bank. "Sixty-five
per cent still indicates we'll be seeing a lot of renovation
activity across our province over the next two years."
According to the survey, conducted by Ipsos Reid, more bathrooms
in B.C. will likely be getting facelifts than in any other
region in the country, with 43 per cent of homeowners focusing
on that particular renovation. B.C. also had the highest percentage
of Canadian homeowners who plan to paint (53 per cent), put
up or repair fencing (15 per cent) or install a hot tub (6
per cent). The survey also found that among homeowners who
are planning renovations, just under half (48 per cent) will
be rolling up their sleeves and picking up their tools to
do a majority of the work on their own, while 39 per cent
plan to hire a contractor.
The majority (56 per cent) of B.C. residents who plan to
renovate in the next two years will be doing so to make their
homes more attractive, while 25 per cent said it will be to
add to the enjoyment of their homes. Another 23 per cent stated
their renos will be for maintenance purposes, and 20 per cent
will be doing renos to increase the value of their home.
"Whatever their reasons for doing so, B.C. homeowners
are sparing no expense with these renovation projects,"
said Lutz. "Our survey found that, on average, B.C. residents
anticipate spending $11,683 on their renovations and home
improvements - the highest average in the country."
Other facts about British Columbian homeowners and renovations:
- Fifty-nine per cent have completed renovations in the
last two years, making them the least likely homeowners
in the country to have done so.
- Sixty-two per cent said they had a budget for their renovations;
30 per cent of them went over those budgets by an average
of 47 per cent.
- When asked about their biggest renovation headache, 41
per cent cited the inconvenience involved.
- A majority (61 per cent) said they would rather renovate
than sell if their current home was in need of major renovations.
- Sixty-six per cent plan to pay for all or most of their
renovations with cash or savings.
- Of those B.C. homeowners who plan to finance their renovations,
32 per cent plan to use a line of credit, 31 per cent said
they would use their credit card, and 19 per cent will add-on
to or refinance their mortgage to cover the cost.
- Forty-two per cent have or will get their inspiration
from big box stores and 39 per cent from magazines.
As far as how British Columbians compare to homeowners in
other regions of the country when it comes to renovating plans
for the next two years:
British Columbia - 65 per cent, down from 75 per cent
in 2005
Alberta - 75 per cent, down 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
Atlantic Region - 80 per cent, down from 82 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 British Columbia, the sample size was 216
homeowners who had renovated or were considering renovations.
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Media Contact:
Lynn Hatcher Brandt - (604) 665-4031
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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