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A new survey found 65% of Canadian respondents plan some kind of home renovation in the next 12 months and they expect to spend, on average, $8,992.
The study found 38% of those planning to renovate will tackle their bathrooms, followed by 33% who said the kitchen needs work, 26% will do an outdoor renovation or structural fix-up, while 24% are going to update their basements.
Most (73%) said they will pay for at least part of the renovations with cash savings, while 25% said they'd use a line of credit and 16% said credit cards.
The Harris/Decima survey was conducted for Scotiabank using an online panel between Aug. 21 to 27. In total, 1,004 current homeowners completed the survey. No margin of error was given.