home renovations

Albertans are big spenders on home renovations…

Alberta homeowners plan to spend the most on their home renovations this year, according to a new poll released Monday by the CIBC.The poll, conducted by Harris/Decima, said Albertans plan to spend on average $22,900, much more than the national average of $15,300.
The poll found that 39 per cent of Canadian homeowners say they plan to renovate their home in the next 12 months.
Regionally, Alberta residents are among the most likely (52 per cent) to say they plan to renovate their home in the next 12 months, while British Columbians are among the least likely with only 25 per cent of homeowners saying they plan to renovate.
“Renovation spending is linked to resale transactions and income, which is rising in Alberta,” said Lai Sing Louie, regional economist for the Prairies and Territories for Canada Mortgage and Housing Corp.
“MLS sales increased by over 12 per cent in Alberta last year and this will translate to a higher level of renovation spending this year. Many resale homebuyers budget for renovations after taking possession. Our last forecast is projecting about four per cent growth in 2013.”
The poll also found that Canadians aged 45-54 plan to spend among the most on their home renovations this year ($18,300 on average), nearly $3,000 more than the national average.
“Whether it’s replacing an old roof or updating a kitchen, home renovations can help you get more out of your property, but you do need to consider how the costs will fit with your overall financial plan,” said Colette Delaney, Executive Vice President of Mortgage, Lending, Insurance and Deposit Products, CIBC.
Scott McGillivray, host of HGTV’s Income Property, said “kitchens and bathrooms are always value-adds, so if you’re prioritizing your renovations and looking to make your dollars go further, plan on doing those rooms first.”

By Mario Toneguzzi, Calgary Herald April 22, 2013