Ontarians could be curbing their enthusiasm for home makeovers, as intentions to renovate decrease, RBC survey

    TORONTO, Oct. 3 /CNW/ - The frenzied pace at which Ontarians have been
renovating appears to be moderating, according to a new survey from RBC and
    According to the 2007 RBC Renovation Survey, renovation intentions are
levelling off, with 53 per cent of Ontario homeowners expect to renovate or
make home improvements within the next 12 months, a decline of four per cent
from 2006. Two-thirds (66 per cent) of the province's homeowners intend to
renovate within the next two years and they expect to spend an average amount
of $10,495 on renovations. Bathrooms (35 per cent), kitchens (30 per cent) and
basements (27 per cent) are the most likely targets for makeovers.
    Of Ontarians who have renovated in the last two years, 72 per cent had a
budget and 42 per cent of that group went over budget. On average they went
over budget by 80 per cent, the highest percentage when compared to home
owners in other parts of Canada.
    "It's crucial to get quotes, investigate financing options and be
realistic about how much the project is really going to cost," said Catherine
Adams, vice-president, Home Equity Financing. "Otherwise, it's easy to
overlook your budget and to keep adding projects to the "to do" list. It's a
typical pitfall of renovating."

    As for how Ontarians compare to homeowners in other regions:

    -   Most likely to indicate they are not planning to renovate in the next
        two years (27%)

    -   Most likely to pay for their renovations with cash or savings (54%)

    -   Most likely, along with British Columbia, to use a contractor (42%)

    -   Most likely to have a budget when renovating (72%)

    -   Least likely (37%) to consider borrowing against the equity in their
        home to finance a renovation

    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 1378 Ontarians. With a representative sample of this size for
Ontario, the results are considered accurate to within +/- 2.64 percentage
points, 19 times out of 20, of what they would have been had the entire adult
population of Ontario 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    
    Downloadable graphics also available at www.rbc.com/newsroom.

For further information:

For further information: Media Contact: Judi Levita, Media Relations,
(416) 974-8810

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