BC Homeowners Are Still Up For The Renovation Challenge, RBC Survey

    Seventy Per Cent Plan Home Improvements

    VANCOUVER, Oct. 3 /CNW/ - Seventy per cent of BC's homeowners plan to
renovate or make home improvements within the next two years and 58 per cent
are planning to start their projects within the next 12 months, an RBC/Ipsos
Reid survey shows.
    According to RBC's 2007 Renovation Survey, B.C. homeowners expect to
spend an average of $11,629 on their renovations and bathrooms (39 per cent)
and kitchens (37 per cent) remain the most likely targets for makeovers.
    "I'm fairly certain British Columbians will continue to see dated kitchen
and bathroom sinks being thrown out with the trash or the recycling for some
time to come," noted Kevin Lutz, manager, Mortgage Specialists for B.C.
"Renovation intentions are down in most parts of Canada, while they have
actually increased here."

    As far as how BC compares to other regions:

    -   Most likely to pay for renovations without any cash or savings (7%)
    -   Most likely to turn to a home improvement show for inspiration (28%)
        along with residents of the Prairies and Ontario
    -   Most likely, along with Saskatchewan and Manitoba, to use the
        internet for inspiration (25%)
    -   Most likely, along with Ontarians, to hire a contractor to perform
        home renovations (42%)
    -   Most likely, along with Ontarians, to renovate to make home easier to
        sell (13%)
    -   Most likely to cite the quality of the workmanship as the biggest
        renovation headache (14%)
    -   Most likely to sell their home and move if their home needed major
        renovations (25%)
    -   Most likely to be motivated by a home improvement store employee to
        make environmentally friendly renovations to their home (42%)
    -   Lowest average ($309) for what they believe an environmental audit

    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
    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 581 British Columbians. With a representative sample of this size
for BC, the results are considered accurate to within +/- 4.07 percentage
points, 19 times out of 20, of what they would have been had the entire adult
population of B.C. 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 further information:

For further information: Media Contact: Christie Smith, Media Relations,
(604) 668-4031; For full tabular results, please see the Ipsos Reid website at
www.ipsos.ca; Downloadable graphics also available at www.rbc.com/newsroom

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