Some 65% of Canadian homeowners are planning renovations in the next 12 months and expect to spend an average of $8,992 according to the recent Scotiabank Home Renovations Poll.
Among the provinces, homeowners in Manitoba and Saskatchewan are the most likely to renovate (74%) in the next year and plan to spend the most with an average spend of $12,920. The province least likely to renovate in the next 12 months is British Columbia (55%), with homeowners planning to spend the least at $5,700.
For those planning renovations in the next 12 months, the most popular method to pay for their project is cash savings (73%), followed by a line of credit (25%) and credit cards (16%).
Men are more likely than women to use cash savings (77% vs 68%), with home owners in Atlantic Canada (81%) and Saskatchewan and Manitoba (80%) being the highest among the provinces to choose this payment method.
Interestingly, one in four (25%) homeowners planning to renovate in the next 12 months indicate they do not have a renovation budget.