Majority of Alberta homeowners plan to spend big on renovations, RBC survey



    Albertans renovate for the joy of it

    CALGARY, Oct. 3 /CNW/ - Homeowners in Alberta plan to spend more on
renovations and home improvements than their counterparts in other regions of
Canada, a new survey from RBC/Ipsos Reid shows.
    According to the survey, 69 per cent of Alberta homeowners plan to
renovate or make home improvements within the next two years, with an average
estimated spend of $13,012. Albertans are also the most likely to renovate
purely for the increased enjoyment of their home (44 per cent) which could
explain why it is also the only region in Canada where outdoor decks and
patios (34 per cent) are more popular targets for renovation projects than
kitchens (28 per cent) and bathrooms (33 per cent).
    "Although intentions are down from last year, I think we can expect to
see a flurry of renovation activity across the province," said Don Peard,
vice-president, Mortgage Specialists. "Whether the reason for renovating is
about basic maintenance or increasing resale value, homeowners who are
planning renovations should plan ahead and consider all the costs involved
before undertaking a new project."

    
    As for how Albertans compare to homeowners in other regions:

    -   Most likely to use a line of credit (34%) or home equity line of
        credit (41%) to finance the non-cash portions of their renovations
    -   Most likely to be inspired by a big-box store (46%) and model
        homes (17%)
    -   Most likely to cite the reason for their renovations is to make their
        house more attractive (67%)
    -   Most likely to cite contractors or tradespeople as their biggest
        renovation headache (20%)
    -   Most likely to stick to a renovation budget (63%)
    -   Those who do exceed their budget exceed their budget by the least,
        when compared to the rest of Canada (31%)
    -   Most likely, along with Sask/Man and Atlantic Canada to choose an
        environmentally friendly renovation approach if it saved them money
        in the long run.

    Intentions among Regions                         Average Spend
    ------------------------                         -------------

    BC                   70%                               $11,629
    Alberta              69%                               $13,012
    Sask/Man             75%                               $ 9,799
    Ontario              66%                               $10,495
    Quebec               64%                               $ 6,861
    Atlantic Canada      67%                               $ 7,588

    Those Who Would Consider Borrowing Against Home Equity by Key
    -------------------------------------------------------------
    Demographics
    ------------

    BC                   42%
    Alberta              42%
    Sask/Man             49%
    Ontario              37%
    Quebec               45%
    Atlantic Canada      44%

    Renovate or Sell/Move
    ---------------------

    Region            Renovate         Sell
    ------            --------         ----
    BC                   71%            25%
    Alberta              75%            20%
    Sask/Man             79%            15%
    Ontario              72%            24%
    Quebec               78%            15%
    Atlantic Canada      73%            23%
    

    These are some of the findings of an RBC poll conducted by Ipsos Reid
between August 1st and August 7, 2007. The online survey is based on a
randomly selected representative sample of 3853 adult Canadian homeowners,
including 461 Albertans. With a representative sample of this size for
Alberta, the results are considered accurate to within +/- 4.56 percentage
points, 19 times out of 20, of what they would have been had the entire adult
population of Alberta been polled. These data were statistically weighted to
ensure the sample's regional and age/sex composition reflects that of the
actual Canadian population according to the 2001 Census data.

    For full tabular results, please see the Ipsos Reid website at
www.ipsos.ca.

    Downloadable graphics also available at www.rbc.com/newsroom.





For further information:

For further information: Media Contact: Diana Ward, Media Relations,
(403) 292-3372


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