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Press release from CNW Group

Dreaming of demolition? 4 in 10 Canadians planning major home renovations in next two years: Scotiabank Study

Tuesday, May 21, 2013

Dreaming of demolition? 4 in 10 Canadians planning major home renovations in next two years: Scotiabank Study

07:00 EDT Tuesday, May 21, 2013

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  • Canadians Ready to Renovate Know Where They're Getting Their Funding

TORONTO, May 21, 2013 /CNW/ - It's the season of home renovations and according to the Scotiabank Mortgage Landscape Study, 4-in-10 Canadian homeowners (44%) are planning significant renovations to their home in the next two years.

Quick Facts

  • The majority of all homeowners planning to renovate (93%) say they know how they will finance their project. The top financing sources being cash savings (62%) and a line of credit (29%).
  • Canadian homeowners say they would most like to renovate their kitchen (33%), followed by their bathroom (16%) and their basement (16%).
  • Renovations that are eco-friendly can add real value to homes and help owners save money over the long term. The Scotiabank EcoLiving Home Energy Savings Calculator helps Canadians calculate home energy costs and see savings that can be achieved through specific energy efficient projects and everyday practices. The calculator is found at ecoliving.scotiabank.com/calculator.

Quotes

  • "From painting a room to replacing your kitchen, financing a renovation should be based on your goals with budget and timeline being key to the whole process," says David Stafford, Managing Director of Real Estate Secured Lending at Scotiabank.  "The top three things to remember are understand what you can afford, have a budget and stick to your plan."
  • "Renovations can add great value to your home and when you choose environmentally friendly renovation options, you can save energy, water and money," says Kaz Flinn, Vice President of Corporate Social Responsibility at Scotiabank. "Making your home energy efficient will be a benefit that will continue to pay off over the years. We recommend looking at our Scotiabank EcoLiving Home Energy Savings Calculator to help discover easy steps to make your home eco-friendly."

Regional Breakdown

Plans for Significant Home Renovations in Next 2 Years

Plans for significant renovations in
next 2 years
Total Region
Atlantic Quebec Ontario Man/Sask Alberta BC
Yes 44% 47% 43% 45% 40% 46% 42%
No 26% 25% 30% 24% 24% 26% 31%
Haven't planned that far ahead 29% 28% 25% 30% 35% 26% 27%

Sources of financing for
renovations
Total Region
Atlantic Quebec Ontario Man/Sask Alberta BC
Cash savings 62% 54% 56% 68% 56% 50% 63%
Line of credit 29% 31% 18% 30% 29% 37% 26%
Credit card 8% 2% 11% 8% 5% 5% 9%
Government assistance 6% 3% 6% 8% 5% - 6%
Loan from the bank 5% 5% 14% 4% 2% 2% 1%
Money out of RRSP/investments 4% - 2% 6% 5% 5% 2%
Refinance mortgage 3% 5% 7% 2% - 2% 3%
Borrow money from family/friends     2% 2% 1% 2% 7% - 3%
Second mortgage 1% - 3% 1% - - -
Other 2% 2% 1% 1% 4% 4% 2%
Don't know 6% 5% 7% 6% 5% 7% 6%

About the polling data
Using Harris/Decima's proprietary panel of Canadians, a total of 1,000 completed surveys were collected from a random sample of panel members across Canada. The study was conducted from February 14-25, 2013. Subsequent to completion of the study, the data was weighted by region, age, and gender proportionate to the population of homeowners. To qualify, respondents must currently own their primary residence.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 employees, Scotiabank and its affiliates serve some 19 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 $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

 

Image with caption: "Scotiabank Mortgage Landscape Poll: Plans for significant Home Renovations in next 2 years, by province. (CNW Group/Scotiabank)". Image available at: http://photos.newswire.ca/images/download/20130521_C8135_PHOTO_EN_26880.jpg

SOURCE: Scotiabank

For further information:

For media inquiries:

Diana Hart
P: 416-866-7238
E: diana.hart@scotiabank.com

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