One of Canada’s biggest banks – Scotiabank – has teamed up with two of Canada’s favourite renovators – Jonathan and Drew Scott of Property Brothers – to look into the renovation habits of Canadians. From how much they’re planning to spend, to what renovation projects they have brewing, and if they’re going to hire help, below are the very interesting results.
As you can see from the chart above, during a recent survey the bank and the brothers showed that the majority – 65 per cent – of Canadians are planning some renovations for the year. The average amount that these Canadians are willing to spend is $8,992. But when you break that down into individual provinces, the results go even further.
As you can see from the chart above, Manitoba and Saskatchewan are most likely to renovate, while B.C. is the least likely. Manitoba and Saskatchewan are also the provinces planning on spending the most at $12,920; and those in British Columbia – the province least likely to plan renos – is also planning on spending the least, with just $5,700 set aside in their budget.
And speaking of spending money on renos, how are homeowners planning on paying for them? As you can see from the chart above, the overwhelming majority are planning on using cash savings, while others will borrow for their renos, using lines of credit and credit cards.
What might be most frightening of all the survey results is that many homeowners plan on making renovations to their home, with absolutely no budget set aside for them. The chart above shows just how many of those there are.
“What is surprising,” says Ahmad Dajani, Vice President of Investments, GICs, and Sales Tools at Scotiabank, “is a quarter of Canadians planning to renovate that don’t have a budget. Incorporating renovation plans into your overall financial plan is an easy way to map out how best to use the resources available to you to achieve your renovation goals.”
But does it matter whether you’re a man or woman planning renos? Well, when it comes to the actual planning, it might. Perhaps not surprisingly, more men are planning renos than they women.
Of course we all know that bathrooms and kitchens renovations are often the main projects planned by any homeowner. So it might not be surprising that when it comes to renos, it’s these projects that are at the top of the list. Outdoor and structural renovations along with basements follow these main two.
“It’s no surprise that bathrooms and kitchens top the list of renovation projects as these are the areas of the home that offer the greatest return on investment,” says Ahmad Dajani, Vice President of Investments, GICs, and Sales Tools at Scotiabank.
But why are these renovations being done in the first place? The above chart shows the three main reasons – to add comfort, to add value, and to repair damages – as well as the percentage of homeowners that are planning renos for these very reasons.
And the next big question is: are you going to do the work yourself, or are you going to hire a contractor? As you can see from the chart above, fewer than half Canadians are planning on doing some of the work themselves while a small minority is planning on doing all the work on their own.
For those planning on hiring someone, how do you decide? It comes down to three factors – reputation, budget, and referrals. The chart above shows this, and the percentage of homeowners that rely on which hiring factors.
“Whether people are looking to renovate to add value, or to simply update the look of their home, we are pleased to team up with Scotiabank to help Canadians realize their renovation dreams,” says Drew Scott. “When it comes to hiring a professional, remember to check references, create a contract and set a payment schedule that works for you.”
But before any renos can be done, something needs to inspire the homeowner to do them. And when they’re embarking on those renos, they may need somewhere to turn in order to get ideas for them. When that’s the case, the chart above shows just where homeowners turn.
Are you planning on making home renos this year? If so, where do you fall within these results? Do you have savings set aside, or how are you going to pay for them? Which reno projects are you planning, and where are you drawing your inspiration from?
