Canadian homeowners are projected to spend an average of $13,017 per household on renovations and home improvements this year, according to the latest poll by CIBC.
In a June 22 press release, CIBC announced that around 37 per cent of those surveyed are planning renovations and improvements for their properties in 2016, a decline from the proportion of homeowners who undertook such projects last year (40 per cent).
54 per cent of the respondents said that they would focus on basic maintenance, while 42 per cent indicated a greater interest in updating their landscaping (including elements such as patios and decks).
Meanwhile, only 33 per cent would be renovating their bathrooms, and 26 per cent would be improving kitchens.
“The [CIBC poll] findings show that Canadians are focused on outdoor projects,” HGTV's Income Property host Scott McGillivray said.
“Spending more on the outdoors may not necessarily be the first option when it comes to return on investment, however you should never underestimate the value of curb appeal,” he added. “If you've already taken care of the big hitters inside the home and have the renovation funds, why not turn your attention to outdoor projects?”
However, while fully 52 per cent of Canadian homeowners surveyed said that they are primarily concerned with spending too much, only 34 per cent said that they already have their respective budgets prepared.
When it comes to improving one’s home, possibly for future selling, a circumspect approach in the financial aspect would never hurt, CIBC officials said.
“It's critical to stay on budget as it is easy to lose control of your spending if you don't have a detailed and comprehensive plan,” CIBC vice president for mortgages and lending Barry Gollom said.