Canadian homeowners cut 13 per cent from renovation budget

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Many Canadian homeowners are choosing to renovate rather than move but their budget is lower this year than last. A survey conducted by Nielsen for CIBC reveals that while the number of homeowners planning to renovate has increased – from 40 per cent last year to 42 per cent in 2015 – the average budget has fallen from $20,000 to $17,000. The largest spending bracket is $5,000-$9,999. General repairs and decoration are the top priorities (64 per cent) followed by landscaping (28 per cent) and new bathrooms (29 per cent) and kitchens (28 per cent). Barry Gollom, vice president of mortgages and lending at CIBC says: "Prioritizing where to spend your home improvement dollars is smart, but before you begin, you should make sure that you have a clear plan in place and access to the funds that you need to get the job done."

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