Quebec homeowners hungry for home improvement,
according to RBC survey
But intentions to renovate in the region are down over last
year
MONTREAL, October 03, 2006 — A new survey from
RBC Royal Bank has found that Quebec homeowners continue to
have a healthy appetite for home improvement, although renovation
intentions in the region may be tapering off. The survey found
that 66 per cent of the province's homeowners plan to renovate
or make home improvements within the next two years - down
5 per cent from last year.
"We've found that renovation intentions have softened
somewhat this year over last, but at 66 per cent they still
remain strong," says Danielle Coutlée, manager,
Sales Strategy and Support, Quebec, RBC Royal Bank. "We
still expect to see a lot of activity across the province
through 2007, despite the upward trend in interest rates that
we've experienced since last year."
According to the RBC survey, conducted by Ipsos Reid, bathroom
and basement renovations lead the way as the most popular
planned renovation items among Quebec homeowners (tied at
28 per cent). Twenty-four per cent said they were planning
to renovate their kitchen and 21 per cent said they had landscaping
work planned. Among home improvement projects, 45 per cent
said they intend to paint and 29 per cent said new floors
were on the agenda. Fifty-two per cent of would-be renovators
said they would roll up their sleeves and take on the majority
of the work themselves, while 33 per cent said they would
be hiring a contractor.
The majority (62 per cent) of Quebec homeowners who plan
to renovate in the next two years are doing so to make their
homes more attractive, while 28 per cent say it will be for
their own enjoyment. Another 28 per cent stated their renovations
are for maintenance purposes and 14 per cent are doing so
to increase the value of their home. Quebec homeowners expect
to spend an average of $6,783 on renovations, compared to
a national average of $8,982.
Other facts about Quebec homeowners and renovations:
- Sixty per cent have completed renovations in the last
two years; however even at this pace, they are among the
least likely homeowners in the country to have done so.
- Sixty-six per cent said they had a budget for their renovations
and 47 per cent of them went over by an average of 147 per
cent.
- When asked about their biggest renovation headache, 48
per cent cited the time it took for their renovations to
be completed.
- A majority (73 per cent) said they would rather renovate
than sell if their current home was in need of major renovations.
- Seventy-two per cent plan to pay for all or most of their
renovations with cash or savings.
- Of Quebec homeowners who will be using financing options
for their renovations, 41 per cent plan to use a line of
credit, 25 per cent plan to use their credit card, and 13
per cent will add-on to or refinance their mortgage to cover
the cost.
- Forty-four per cent are looking for inspiration from big
box stores and 39 per cent from magazines.
As far as how Quebec compares to other regions of the country
when it comes to renovating plans for the next two years:
Quebec - 66 per cent, down from 71 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
Saskatchewan/Manitoba - 75 per cent, down from 77 per cent
in 2005
Ontario - 71 per cent, down from 78 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 Quebec, the sample size was 369 homeowners
who had renovated or were considering renovations.
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Media Contact:
Raymond Chouinard, Media Relations, (514) 874-6556
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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