Renovation on Homeowner's Minds

Thursday, October 13, 2005

All across British Columbia, the dust could be flying and the paint could be drying, as a new survey from RBC Financial Group shows 75 per cent of the province's homeowners plan to renovate or make home improvements within the next two years. Existing homes in the province could also have the nicest bathrooms in Canada with 42 per cent of would-be renovators focused on that particular room.

B.C. has some of the most do-it-yourselfers in Canada with 55 per cent of intended renovators expecting to do the majority of the work on their homes themselves. Another 39 per cent plan to involve their spouse or partner, while 37 per cent plan to hire a contractor.

"Home improvement is a going concern in B.C.," said Kevin Lutz, manager, Mortgage Specialists. "An abundance of options and low borrowing costs should keep the momentum going and the paint flowing well into 2006."

Seventy per cent of B.C. homeowners have completed renovation projects within the last two years. Of those who plan to do so in the next two years, 73 per cent say the primary reason is to make their home more attractive, and 35 per cent say it's for maintenance purposes and/or because they enjoy renovating. If given the choice between having to make major renovations or selling, 69 per cent of B.C. homeowners would rather renovate.

Other facts about British Columbian renovators and home renovations:

• Average estimated spend - $4,538
• Percentage who plan to pay for the entire project with cash - 50
• Percentage who plan to pay with a line of credit (secured and unsecured) - 25
• Percentage who would definitely continue with their project if house prices were to level off - 70

The most popular major renovation project is the bathroom at 42 per cent (the highest level in the country)

The most popular home improvement is painting/staining/caulking at 60 per cent

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