Manitoba & Saskatchewan homeowners
are revving up for renovations, according to RBC survey
WINNIPEG, October 03, 2006 — The highest percentage
of do-it-yourself home renovators reside in Manitoba and Saskatchewan,
according to a new survey from RBC Royal Bank. Fifty-four
per cent of homeowners planning renovations in these two provinces
said that they plan to tackle the majority of their planned
reno work themselves. Only 33 per cent of homeowners surveyed
indicated that they will be hiring a contractor to do the
bulk of the work. As well, within the next two years, 75 per
cent of the province's homeowners plan to make renovations
or home improvements.
"Renovation intentions in the region remain strong
and homeowners are certainly not shying away from getting
their hands on power tools and paint brushes," said Don
Peard, vice-president, Mortgage Specialists. "The next
two years or so are going to be very active ones on the home
renovation front."
The RBC survey found that bathrooms (34 per cent) are the
region's most popular planned renovation item, while 33 per
cent plan to reno their basements - the highest percentage
in the country. Among planned home improvement projects, painting
leads the way (41 per cent), with new flooring and new windows/doors
tied for the next most popular choice (tied at 23 per cent).
When asked why they were planning renovations, 52 per cent
of homeowners in Manitoba and Saskatchewan stated their primary
reason was to make their home more attractive. Another 30
per cent said they were doing so for safety and maintenance
- again, the highest percentage in the country - and 21 per
cent confirmed they would be renovating to increase the value
of their homes. Manitoba and Saskatchewan homeowners expect
to spend an average of $6,073 on their renos, well below the
national average of $8,982.
Other facts about Manitoba and Saskatchewan homeowners and
renovations:
- Sixty-seven per cent have completed renovations in the
last two years.
- Fifty-nine per cent say they had a budget for their renovations;
38 per cent of those who did went over those budgets by
an average of 154 per cent.
- When asked about their biggest renovation headache, 45
per cent cited the time it took for the renovations to be
completed.
- A majority (69 per cent) said they would rather renovate
than sell if their current home was in need of major renovations.
- They are the least likely (61 per cent) of all Canadians
to pay for all or most of their renovations with cash or
savings.
- Of those who plan to finance, 35 per cent said they would
use a line of credit, 29 per cent plan to use their credit
cards, and 14 per cent will take out a personal loan.
- Fifty per cent said their renovation inspiration is coming
from big box stores and 40 per cent said magazines.
As far as how Manitoba and Saskatchewan homeowners compare
to homeowners in other regions of the country when it comes
to renovating plans for the next two years:
Saskatchewan/Manitoba - 75 per cent, down from 77 per
cent in 2005
British Columbia - 65 per cent, down from 75 per cent in 2005
Alberta - 75 per cent, down 76 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 Manitoba and Saskatchewan, the sample size
was 119 homeowners who had renovated or were considering renovations.
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Media Contact:
Liz Redston - (204) 988-3516
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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