Canadians continue to see the value of investing in their homes but they're taking a very practical approach by focusing on lower-cost projects: CIBC

Mario ToneguzziThe number of Albertans planning to renovate their homes in the next 12 months has increased this year from a year ago but average spending is on the rise.

The annual CIBC Home Renovations Poll, released on Thursday, said 45 per cent of Albertans plan to renovate in the next 12 months. That was down from 48 per cent in 2017 but up from 33 per cent in 2016.

The average spend for home renos in Alberta is expected to be $8,073 this year, which is up from $7,351 last year. However, it’s still quite behind the pace of $22,952 set in 2016.

“Canadians continue to see the value of investing in their homes, but they’re taking a very practical approach by focusing on lower-cost projects this year,” said Edward Penner, executive vice-president of CIBC Personal and Small Business Banking.

“No matter how big or small the project, your first step is to figure out what’s needed, what you can afford and how you’re going to pay for it so you can enjoy your space without the worry of overspending and unnecessary debt.”

In Canada, intentions to renovate have fallen to 45 per cent this year from last year and the average spend has also dropped to $10,959 from $11,795.

Canadian homeowners trim spending on home renovations in 2018: CIBC Poll

 

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

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