Manitoba and Saskatchewan Lead Country in Home Renos: RBC Poll

Oct 27, 2010 | Corporate Member News

Staying within budget remains biggest challenge

Manitoba and Saskatchewan led the country in sprucing up their homes over the past two years with 75 per cent of homeowners completing renovations since 2008, well above the national average of 66 per cent, according to the 2010 RBC Home Renovation Survey.

The majority of Prairie home renovators had a budget (70 per cent); however, one-quarter (25 per cent) identified “going over budget” as their biggest home improvement mistake. Of those who overspent, 39 per cent estimated they did so by between 11 and 20 per cent.

“While homeowners in Manitoba and Saskatchewan were the most likely in Canada to set up a budget for improvement projects, many had difficulty sticking to their original spending limits,” said Richard Schwan, regional vice-president, Mortgages for Manitoba and Saskatchewan, RBC. “Seemingly tiny or last-minute additions to home renovations can really add up if they aren’t included in your original budget. It is important to keep your financing options as flexible as possible to avoid going into renovation debt.”

Despite the recent high levels of renovation activity, future intentions are slightly cooler in comparison with 67 per cent of homeowners in the region planning to undertake renovations over the next two years. However, this is still above the national average of 62 per cent and the highest level across the country.

The RBC survey also found that the majority of Prairie residents are more likely to stay in older homes, with almost three-quarters (70 per cent) indicating that they live in a house that is at least 25 years old. Furthermore, half (51 per cent) expect to live in their current homes for at least the next 10 years and almost two-thirds (64 per cent) said they would rather renovate than sell and move if their home required major renovations.

2010 RBC Home Renovation Survey – Regional comparisons at-a-glance

Regional Renovations Intentions for next 2 yrs. Completed since 2008
BC 55% 59%
Alberta 58% 61%
Saskatchewan/Manitoba 67% 75%
Ontario 61% 68%
Quebec 65% 66%
Atlantic Canada 63% 72%
National 62% 66%

 

Biggest mistake BC AB SK/MB ON QB AC National
Going over budget 31% 25% 25% 29% 28% 24% 28%
Using the wrong contractor/tradespeople 17% 16% 17% 18% 11% 14% 15%
Doing the job myself 14% 12% 15% 13% 10% 16% 13%

 

Overspend BC AB SK/MB ON QB AC National
1-10% 30% 23% 28% 22% 23% 28% 24%
11-20% 28% 37% 39% 35% 36% 38% 35%
21-30% 16% 16% 16% 21% 21% 20% 19%

 

Current home BC AB SK/MB ON QB AC National
Have lived in more than 10 years 42% 41% 45% 44% 50% 50% 45%
Expecting to remain in more than 10 years 36% 37% 51% 40% 58% 58% 46%
Home over 25 years old 49% 48% 70% 56% 63% 68% 58%
Reno if needed major renovations, rather than sell and move, if had a choice 57% 51% 64% 60% 73% 68% 63%

These are some of the findings of an RBC poll conducted by Ipsos Reid between September 17-22, 2010. The online survey is based on a randomly selected representative sample of 3,565 adult Canadian homeowners including 289 Manitoba and Saskatchewan residents. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample’s composition reflects that of the actual population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of 289 Manitoba and Saskatchewan respondents, with 100 per cent response rate, would have an estimated margin of error of ±6 per cent, 19 times out of 20.

For further information:

Media Contact:
Liz Redston, Media Relations, (204) 988-3516

Similar Posts

Advertisement

advertisement advertisement

SOCIAL

Thank you @HStefansonMB and @CliffCullenMLA for spending time with @mbchambersofcom Board members to discuss a wide range of issues - competitiveness, immigration, workforce development, healthcare and opportunities in rural and Northern MB #VoiceofBusiness #PoweroftheNetwork

Join the national movement of GivingTuesday on Nov 29. It’s a movement that encourages people to do good. Check out our Non-Profit members here: https://1l.ink/WQD5GKM

Black Friday and Cyber Monday are good for the economy. GivingTuesday is good for the community.