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
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
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, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
You are moving to the Cloud. The question is not if, it’s when. Now that your competitors are in the cloud and lapping you, your “when” better hurry up and get here. But saying and doing are two different things. In his session at @DevOpsSummit at 18th Cloud Expo, Robert Reeves, CTO of Datical, explained how DevOps can be your onramp to the cloud. By adopting simple, platform independent DevOps strategies, you can accelerate your move to the cloud. Spoiler Alert: He also makes sure you don’t...
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, shared the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...