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BC homeowners cutting back on home renos due to household debt: survey

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Summary

Nearly half of Canadians asked plan to renovate this year, but spending expected to be lowest in five years

VANCOUVER (NEWS 1130) – Are you thinking about sprucing up your home? The burden of household debt is getting the blame for a drop in spending on renovations.

A new survey finds fewer big ticket renos are being done, especially in western Canada.

While nearly half of Canadians surveyed by CIBC plan to renovate this year, spending is at its lowest in five years.

“That is particularly true in British Columbia,” says Mike Stevenson with the bank.

He tells us spending on home projects is down, with household debt and housing prices at all-time highs and interest rates on the rise.

“The survey tells us that many more homeowners in BC plan to renovate this year than just two years ago. Yet, their spending has dropped sharply.”

The bank says British Columbians are spending an average $3,000 less than last year. Still, it’ll be around $10,000.

Homeowners say they are focusing more on lower-cost maintenance and repairs rather than large projects.

“They’re looking for ways to stretch their dollar,” says Stevenson. “Staying on top of maintenance and repairs may not be as exciting as remodelling your kitchen, but these smaller projects can go a long way to brightening up your home or saving you money down the road.”