Homeowners in Saskatchewan and Manitoba are planning to spend on home renovations despite of the slowing economy according to a recent Royal Bank of Canada (RBC) survey.
The RBC survey found that 73% of Saskatchewan and Manitoba plan to make renovations on their home within the next two years. The report goes on to say that residents of both provinces also plan to spend more than any other region in Canada on the amount of their renovations.
The amount homeowners in Saskatchewan and Manitoba will spend on renovations reach around $15,133 per household.
In the west of Saskatchewan, Alberta has the planned budget of renovations is about $12,374 per households.
Another finding that the RBC survey shows that homeowners will be taking advantage of the federal government’s home renovation tax credit and 65% of renovators plan to use the incentive and 39% renovating more because of it.
Eco-friendly home improvements are being use more frequently. Saskatchewan and Manitoba are most likely to use eco-friendly improvements as well. The percentage of homeowners choosing ec0-friendly home improvements is 60% and 79% of renovators would choose an environmentally friendly approach as it will save money in the long term even if it will cost more to do now.
Renovations are important to homeowners as it can make their home more accessible for them to live in and it can help increase the resale value of their home. Clearly Saskatchewan and Manitoba understand this, and are preparing for the time when the housing market is at a point where they can maximize the profit of their home, which in my books is a great idea.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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