Despite the continuing financial turmoil and economic downturn, Canadians are still intent on renovating their homes, according to RBC's fifth annual renovation survey.
Roughly 70% of respondents to the survey, which was conducted in the first two weeks of October, said they were still planning on renovating their homes in the next two years. That's up from 66% of respondents in last year's survey.
The proportion of respondents who were intending to buy a home in the next two years remained steady at 22%.
How Canadians plan to finance their renovations, however, has changed. Only 28% of respondents would consider using the equity in their home to pay for their renovations, down from 41% in 2007. Less than half, about 47%, said they would pay with cash or their savings, down slightly from 51% of respondents last year.
An RBC survey done in August found that the average amount British Columbians spend on their renovations is $10,064, down from $11,629 in 2007.
B.C. residents were the most likely Canadians to pay for their renovations with cash or savings (74%).
According to the survey, 71% of those who plan to do renovations are doing so because they will increase the attractiveness of their homes; 42% said they do it to increase their home's value.
Three-quarters of B.C. respondents would choose an environmentally friendly approach if it would save money in the long run, even though it might cost more upfront.