Heading to a home show? Two thirds of Canadian homeowners likely to renovate in the next 12 months: Scotiabank study

  • Most Canadians use cash savings to finance reno projects
  • Scotiabank partners with Jonathan and Drew Scott of W Network's Property Brothers to offer reno advice

TORONTO, Oct. 3, 2013 /CNW/ - According to the Scotiabank Home Renovations Poll, 65% of Canadian homeowners are planning renovations in the next 12 months and expect to spend an average of $8,992. 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.

Quick Facts:

  • Topping the wish list of home renovation projects is bathrooms (38%), kitchens (33%), outdoor renovation/structure of home (26%) and the basement (24%).
  • Men (27%) are more likely than women (19%) to renovate the basement.
  • The top reasons for home renovations are adding comfort to a home (45%), to increase the value of the home (22%), and to repair damages (19%).
  • On average, Canadian homeowners planning home renovations in the next 12 months will do nearly half (45%) the work themselves.
  • Two in 10 (18%) Canadian homeowners planning to do renovations in the next 12 months plan to do ALL the work themselves.
  • 84% of those planning renovations in the next 12 months that intend to do some/none of the work themselves will hire a professional to help with renovations.
  • The key consideration when hiring a professional to help with renovations is reputation (88%), followed by budget (74%) and referral (52%).
  • The top sources for home renovation inspiration are television programs (35%), family, friends and neighbours (34%), followed by magazines (33%) and renovation stores (30%).

Scotiabank is pleased to announce a two-year partnership with Jonathan and Drew Scott of W Network's Property Brothers to provide Canadians with helpful home renovation advice.

Jonathan and Drew offer five key considerations when hiring a professional to help with your renovations:

  1. Do your research - get recommendations and interview potential candidates.
  2. Meet in person and make sure the candidate can answer your questions in a way that satisfies you.
  3. Check references and ask to see the finished projects he/she has done in the past.
  4. Create a project plan and get bids - remember, the cheapest bid isn't always the best bid.
  5. Get it in writing - create a contract detailing the scope of work, a payment schedule and proof of insurance.

Scotiabank will be presenting Jonathan and Drew at the Toronto Fall Home Show on Saturday, October 5 and at the Vancouver Home + Design Show on Saturday, October 19. At the events, the brothers will take to the main stage at 1:00 p.m. (local time) to offer tips for Canadians looking to buy a home or renovate. There will also be the opportunity before and after their presentation to meet and get a photo with them at the Scotiabank booth.

Quotes:
"It's no surprise that bathrooms and kitchens top the list of renovation projects as these are areas of the home that offer the greatest return on investment," said Ahmad Dajani, Vice President of Investments, GICs & Sales Tools at Scotiabank.  "What is surprising is a quarter of Canadians planning to renovate don't have a budget. Incorporating renovation plans into your overall financial plan is an easy way to map out how to best use the resources available to you to achieve your renovation goals."

"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," said 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," added Jonathan Scott.

About the polling data
Using Harris/Decima's proprietary panel of Canadians, a total of 1,004 current home owners completed an online survey from a random sample of panel members across Canada. The study was conducted from August 21-27, 2013.

About Drew and Jonathan Scott
'Known as W Network's dynamic duo, Drew and Jonathan Scott bring to their audience over 15 years of experience in real estate and renovation. As hosts of the three hit TV series Property Brothers, Buying & Selling, and Brother vs. Brother, the twins educate and inspire viewers while entertaining them with their lighthearted and hilarious banter. Beyond their television projects, Drew and Jonathan travel across North America as keynote speakers, sharing their experience on topics surrounding real estate investments and renovations. To get in touch with the brothers, message Drew @MrDrewScott and Jonathan @MrSilverScott on Twitter and Facebook'

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank - Products & Services

For further information:

For media inquiries:

Patty Stathokostas
P: 416-866-3625
E: patty.stathokostas@scotiabank.com


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