Fewer Ontarians planning home renovations: Survey
October 21, 2009
Tony Wong
BUSINESS REPORTER
Fewer Ontarians are planning renovations over the next two years compared to a year ago, according to a survey.
The recession is likely one reason, with consumers having less disposable income. But a federal renovation tax credit may also have encouraged some of those consumers to complete projects this year, instead of in the future.
According to a poll released today by Ipsos Reid for the Royal Bank of Canada, 67 per cent of Ontarians are planning renovations in the future, but that number is down from the 71 per cent figure of last year.
"The renovation tax credit may have spurred more Ontarians to renovate this year and could be part of the reason for this cool down in renovation intentions," said Doug Crowe, vice president of mortgages for RBC.
Ontario homeowners are expected to spend an average of $12,428 on home improvements this year, higher than the national figure of $11,272.
The survey found that cash remains king during unsteady times, with 76 per cent who are planning to renovate saying they will pay for their projects out of savings. That's compared to 70 per cent in 2008. Fewer plan to use their credit cards at 24 per cent compared to 32 per cent just last year.
Bathroom and kitchen renovations are the most popular planned renovations.
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More on the Home Renovation Tax Credit
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thestar.com