June 18, 2018
Canadian homeowners plan to trim spending on renovations in 2018 and will instead focus on maintenance and repairs, according to a CIBC poll.
Top projects include basic maintenance (52 per cent), landscaping (39 per cent), and bathroom renovations (39 per cent).
While nearly half of Canadians plan to renovate their home this year, spending is down seven per cent since 2017, reaching its lowest in five years at $11,000.
“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,” said Edward Penner, executive vice-president of CIBC personal and small business banking.
The poll also found that 45 per cent of homeowners aged 55 or older would prefer to hire a contractor than do the work themselves.
Ontarians plan to spend $13,600 – the highest in the country, down from $16,000 in 2017. Albertans plan to spend $8,100, the lowest in the country, compared to $7,400 in 2017.
Spending drops to $9,900 in British Columbia from $13,200 last year but edges higher in Quebec and Atlantic Canada at $9,900 and $9,500, respectively. www.cibc.com