More homeowners opt for renovations

More Canadian homeowners are choosing to renovate this year, but are spending less to do so, according to a May 2017 survey by CIBC. Homeowners will spend $11,800 on average in 2017 – the lowest in three years – the survey found.
Further, more than half of the homeowners who plan to renovate are choosing to stay put and spruce up their space instead of selling their current home and buying another.
Key poll findings of the CIBC survey include:
• 48 per cent of Canadian homeowners intend to repair or improve their home this year, up from 37 per cent in 2016.
• Homeowners in Ontario and British Columbia plan to spend the most at $16,000 and $13,200, respectively.
• Nationally, average planned spending is $11,000, down from $13,000 in 2016. 
• 56 per cent are choosing to renovate instead of selling and buying a new home
• Top renovation projects include basic maintenance (48 per cent); landscaping (38 per cent); and bathroom renovations (31 per cent).
• 67 per cent will use cash or savings to fund their projects, while 25 per cent will cover the costs with a loan, line of credit or credit card.