A new survey on the outlook for the home renovation season has uncovered an interesting tidbit that just might be a factor putting a damper on the sale of residential properties.
The study, by CIBC, shows Canadians are planning to rein in their renovation spending intentions this year ….at least that’s the plan. But more of us are not making a budget which increases the likelihood of cost overruns which might upset that plan.
And it shows that two-thirds of us are more inclined to renovate our existing home rather than buy a new one, a trend that could be a factor in the number of houses being bought and sold.
On average, we plan to spend just over $10,000 on home improvements which is down a few hundred bucks from last year with landscaping seeing a larger share of the expenditures this year. And here’s another interesting tidbit….the vast majority plan to pay for the enhancements with cash and savings. Despite the widespread growth in debt levels, it turns out some of are savers after all.