British Columbian homeowners are less likely to renovate their homes within the next 12 months than anyone else in Canada, according to the results of a Scotiabank study released October 3.
A poll of homeowners across the country found that 55% of owners in this province are planning to renovate – significantly lower than the national average of 74%.
In addition, those in B.C. who are planning to renovate expect to pay less than those in any other province. The survey found that British Columbians plan to spend an average of $5,700 – 36% less than the Canadian average of $8,992. And 32% of B.C. homeowners planning to renovate in the next 12 months say they do not have a renovation budget, compared with the national average of 25%.
In B.C., 20% of homeowners planning to renovate in the next 12 months plan to do all the work themselves rather than hire contractors.
Homeowners in Manitoba and Saskatchewan are the most likely to renovate, with 74% saying they were planning to do so. The average amount owners in those provinces plan to spend is $12,920.
Among respondents across Canada, the top reasons cited for renovating include:
- adding comfort to the home (45%);
- increasing the value of the home (22%); and
- repairing damages (19%).
The survey found that 73% of those planning to renovate intend to pay for the projects in cash, while 25% intend to use a line of credit and 16% plan to use a credit card.
