Fewer Canadian Homeowners Plan to Renovate This Year
Annual poll on home renovations suggests that 45 per cent of Canadian homeowners plan to renovate this year, down slightly from last year.
As the home renovation season heats up, a new poll suggests that 45 per cent of Canadian homeowners plan to take on renovations this year, down somewhat from last year when 48 per cent had renovation intentions. Perhaps most notably however, for the third consecutive year, Canadians are tightening their belt on how much they spend on their home improvement projects.
Less renovations, tighter budgets
On average, Canadians expect to spend about $10,959 on this year’s renovation projects down from last year’s budget of $11,795 and $13,107 the year before that (2016). So not only are fewer Canadians planning to give their home some TLC this year, but for those taking on a project the expectation is they’ll spend less than years’ past. The poll also found that most (59 per cent) plan to pay for their home’s renovations by using savings or cash on hand.
"Canadians continue to see the value of investing in their homes, but they're taking a very practical approach by focusing on lower-cost projects this year," says Edward Penner, Executive Vice-President, CIBC Personal and Small Business Banking.
Most popular renovations
Similar to past years, homeowners are mostly planning to tackle projects that address wear and tear. Of those who plan to renovate this year, the top projects include basic maintenance (52 per cent); landscaping (39 per cent); and bathroom renovations (39 per cent).
"Staying on top of maintenance and repairs may not be as exciting as remodeling your kitchen, but these smaller projects can go a long way to brighten up your home and save you money down the road," says Mr. Penner.
- Related Read: The Truth About Renos—Test Your Home Improvement Savvy
Renovating and your home insurance
A new roof, paint job, flooring, patio, or a fresh take on your landscaping are great projects to improve the livability of your indoor and outdoor space, but there are some renovations that may have an affect on your home insurance. Bathroom, kitchen and basement renovations, for example, may increase the value of your home, while swimming pools on the other hand may increase your liability exposure. Before doing any major renovations to your home, give your home insurance provider a call to ensure you’re properly covered during your renovations and after once the renovations are completed.
It’s time to fix what you pay for your home insurance
While sprucing up your home is nice, your home insurance likely could use some work too. Compare home insurance quotes today from InsuranceHotline.com’s network of more than 30 insurance providers for the best price.