Top of Form Prairie homeowners lead nation in renovation plans

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Homeowners in Saskatchewan and Manitoba are among the most likely in Canada to be planning on renovating their homes over the next two years, according to a new survey from RBC/Ipsos Reid.

According to the survey, 75 per cent of homeowners in Saskatchewan and Manitoba plan to renovate or make home improvements within the next two years and 62 per cent plan to do so within the next 12 months with an average spend of $9,799. Some 49 per cent of respondents in Manitoba and Saskatchewan said they would borrow against the equity in their home to finance the renovations.

"The appetite for renovating is just about as hot as the housing markets in Saskatchewan and Manitoba," noted Don Peard, vice-president, Mortgage Specialists for RBC. “Homeowners in this part of the country appear absolutely committed to maintaining and improving their homes. However, with the highest percentage in Canada of people using credit cards (34 per cent) to pay for renovations, many may want to investigate less costly financing options."

The survey shows that, compared to homeowners in other provinces, those in Saskatchewan and Manitoba are most likely not to use a budget for their renovations (42%), most likely (70%) to say upcoming renovations will include environmentally friendly components; and homeowners in the two prairie provinces are most likely (80%) to consider having an environmental audit done.

The report also says that 15 per cent of homeowners in Saskatchewan and Manitoba said they planned to sell or move within the next two years, the lowest percentage of all regions surveyed.