Click here to close now.



Welcome!

News Feed Item

CIBC Poll: Renovation Nation? Canadians say they'll spend almost 30 per cent more on home renos in 2014

HGTV's Scott McGillivray offers advice on making the most out of your renovation budget

TORONTO, March 27, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Nielsen finds that four in 10 Canadian homeowners are planning some type of renovation this year, with an average expected cost of almost $20,000 - up almost 30 per cent from a year ago.

Highlights of the poll include:

  • 40 per cent of Canadian homeowners plan to renovate their home in the next 12 months, comparable to last year's findings, when 39 per cent planned to make renovations

  • $19,754 is the average amount Canadian homeowners plan to spend on their home renovations in 2014 - up 29% from CIBC's 2013 poll, when the average was $15,300

  • Basic home maintenance (57 per cent) is the top planned renovation, followed by bathrooms (33 per cent) and kitchens (32 per cent)

"Our poll shows that home renovation will continue to be a big business in Canada this year," says Todd Lawrence, Senior Vice-President, Products & Payments at CIBC. "However, enjoying the benefits of renovating your home really begins with getting your financial house in order and knowing what you can afford."

"When you start a renovation you usually have a mental picture of what the end result will look like but you should also have a picture of how paying for that renovation will fit in with the rest of your financial obligations," says Mr. Lawrence.

A CIBC poll earlier this year found that the top financial priority for Canadians in 2014 was paying down debt, with building savings second on the list. Since renovations can carry a significant price tag for many homeowners, they need to set a clear budget up front and understand their financing options, to ensure they don't derail their progress towards other financial goals.

HGTV's Scott McGillivray advises on how to maximize your renovation investment and stay on-budget

"It's good news that so many Canadian homeowners have the willingness to invest in their homes," says Scott McGillivray, host of HGTV's Income Property. "It shows not only that they have confidence in the housing market, but that they see the value in safeguarding their investment."

But homeowners still need to be savvy about how they spend their budget, as some renovations provide more value than others, according to Mr. McGillivray.

"While renovating rooms like kitchens and bathrooms are always good investments, I'm encouraged to see that a large number of homeowners are also planning to spend money on general upkeep this year," adds Mr. McGillivray. "Keeping your house in good repair helps to protect its value."

It always pays to be proactive rather than reactive when it comes to home maintenance, advises Mr. McGillivray. Replacing items, such as roofs and windows when needed, will cost less than having to repair damage resulting from leaks, he says.

To make sure you stick to your renovation budget while getting the greatest return on your investment, Mr. McGillivray offers the following tips:

  • Get it in Writing - You should always get quotes from contractors before any work starts, and have a signed agreement that details the scope of work to be done and itemizes the cost. You also need to be clear on what's not included in your contractor's quote so that you are not caught off guard by unexpected costs that can blow your budget.

  • Expect the Unexpected - Regardless of how much you plan in advance, leave a cushion in your budget for the unexpected.  You should set aside an additional 25 per cent to cover any unexpected costs.

To help fund your home renovation, CIBC offers the following options:

  • Mortgages that provide cash back - CIBC's Cash Back mortgage offers up to 3 per cent cash back based on the amount and term, and can be used to finance renovations, or to furnish or decorate your home.

  • Combined mortgage and secured line of credit - CIBC's Home Power Plan, which offers Canadians with equity in their homes a low-cost borrowing solution that can be used to finance expenses, such as home improvements. As you pay down your mortgage, more money becomes available on a line of credit for whenever you need it.

  • Unsecured line of credit - This is another option that can be used to finance home renovations, for those who may not have enough equity in their home for a secured line of credit, and is a good solution for borrowing smaller amounts with a plan in place to repay the amount owing.

KEY POLL FINDINGS

On average, amount Canadians homeowners planning to renovate say they will spend on their home renovations in the next year, by region:

National     $19,754
Atlantic Canada    $12,691
Quebec     $12,346
Ontario     $23,879
Manitoba and Saskatchewan   $19,896
Alberta      $21,577
British Columbia    $28,434

Percentage of Canadians who say they plan to renovate in the next 12 months, by region:

National     40%
Atlantic Canada    46%
Quebec     49%
Ontario     36%
Manitoba and Saskatchewan   37%
Alberta      35%
British Columbia    42%

Top planned renovations (among Canadian homeowners planning renovations):

Basic home maintenance (including painting, flooring,
general repairs and replacing appliances)
57%
Bathroom renovations 33%
Kitchen renovations 32%
Replacing windows or doors 29%
Landscaping (including outdoor deck) 27%
Basement 23%

*Each week, Nielsen Consumer Insights interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered in a sample of 1,015 Canadians between February 6-10, 2014. A sample of this size has a margin of error of +/-3.1%, 19 times out of 20. Sample sizes for regional groups under Key Findings are smaller than typically reported and provided only as reference data.

About CIBC

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com

SOURCE CIBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...