Saskatchewan and Manitoba Lead Canada in Renovation Intentions, RBC Survey

    Regional Real Estate Boom Begets Renovation Boom

    WINNIPEG, Oct. 3 /CNW/ - Homeowners in Saskatchewan and Manitoba are
among the most likely in Canada to be planning on renovating their homes over
the next two years, a new survey from RBC/Ipsos Reid shows.
    According to the survey, 75 per cent of homeowners in Saskatchewan and
Manitoba plan to renovate or make home improvements within the next two years
and 62 per cent plan to do so within the next 12 months with an average spend
of $9,799.
    "The appetite for renovating is just about as hot as the housing markets
in Saskatchewan and Manitoba," noted Don Peard, vice-president, Mortgage
Specialists. "Homeowners in this part of the country appear absolutely
committed to maintaining and improving their homes. However, with the highest
percentage in Canada of people using credit cards (34 per cent) to pay for
renovations, many may want to investigate less costly financing options."

    As for how homeowners in Saskatchewan and Manitoba compare to homeowners
in other regions:

    -   Most likely to cite the length of time it took to complete the
        renovations as their biggest renovation headache (52%)
    -   Most likely to not use a budget for their renovations (42%)
    -   If their home needed major renovation work, they are most likely to
        renovate instead of move (79%)
    -   Most likely to consider borrowing against the equity in their home to
        finance renovations (49%)
    -   Most likely to say upcoming renovations will include environmentally
        friendly components (70%)
    -   Most likely, along with Alberta and Atlantic Canada, to choose an
        environmentally friendly renovation approach if it saved money in the
        long run (80%)
    -   Most likely to consider having an environmental audit (80%)

    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 340 from Saskatchewan and Manitoba. With a representative sample of
this size for these provinces, the results are considered accurate to within
+/- 5.31percentage points, 19 times out of 20, of what they would have been
had the entire adult population of Saskatchewan and Manitoba 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: Liz Redston, Media Relations,
(204) 988-3516; For full tabular results, please see the Ipsos Reid website at; Downloadable graphics also available at

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