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.
Topping the wish list of home renovation projects is bathrooms (38%),
kitchens (33%), outdoor renovation/structure of home (26%) and the
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
The key consideration when hiring a professional to help with
renovations is reputation (88%), followed by budget (74%) and referral
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:
Do your research - get recommendations and interview potential
Meet in person and make sure the candidate can answer your questions in
a way that satisfies you.
Check references and ask to see the finished projects he/she has done in
Create a project plan and get bids - remember, the cheapest bid isn't
always the best bid.
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
"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
"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,
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'
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
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