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People in BC likely to use savings to fund home renos

VANCOUVER (NEWS1130) – British Columbians have Canada’s highest level of personal debt, yet a poll shows we’re among those most likely to pay for home renovations out of their savings.

The survey finds three out of five BC respondents (63 per cent) would finance their major renovations from cash on-hand, second only to Ontario, where the level is five points higher.

A line of credit is favoured by 26 per cent in BC.

However, the Scotiabank survey done by Harris/Decima finds BC with the second-lowest level of respondents who plan significant renovations in the next two years: 42 per cent.

Nationwide, the renovation of choice is the kitchen, followed by the bathroom and basement.