{"id":12754,"date":"2017-06-22T01:00:53","date_gmt":"2017-06-22T05:00:53","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=12754"},"modified":"2018-10-11T14:25:44","modified_gmt":"2018-10-11T18:25:44","slug":"56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/","title":{"rendered":"56% of Homeowners Are Choosing to Renovate Than Move: CIBC Report"},"content":{"rendered":"

With the cost of housing at record highs right across Canada, more and more people are electing to renovate their homes rather than move up in the market. A new poll commissioned by CIBC reveals that 48 per cent of homeowners are choosing to renovate this year, a significant jump from 2016\u2019s figure of 37 per cent.<\/p>\n

And, as the personal debt levels of Canadians present a huge concern for policymakers,<\/a> this trend will represent welcome news that more people are deciding to improve their existing home, rather than lending to buy a new property. Debt also appears to be a factor in the poll\u2019s finding that homeowners will spend less on renovation work this year. Respondents expect an average spend of\u00a0$11,800 \u2013 the lowest in three years \u2013 to address basic home maintenance such as painting, flooring, and replacing appliances. That is down from last year\u2019s total of $13,017 and $12,293 in 2015.<\/p>\n

Related Read: What You Should Know About Home Renovation Rebates<\/a><\/strong><\/p>\n

Ontario Homeowners Most Likely to Renovate<\/h2>\n

The study surveyed Canadians from across the country, and with real estate values diverging significantly across provinces, this was reflected in renovation plans. With housing costs in the GTA exploding over the past year, it isn\u2019t surprising to see homeowners in Ontario having the highest amount with $16,000 expected for\u00a0home improvements. British Columbia was next with $13,200,\u00a0and at the other end of the scale is Alberta with $7,531, down from $22,952 last year as the effects of the province\u2019s deep recession linger on.<\/p>\n

Building Around Buyer Gridlock<\/h2>\n

For the nation as a whole, the economy is performing relatively well with strong job growth so far in 2017. Despite this, the costs of homes, particularly in hot markets like Vancouver and the GTA mean trading up isn\u2019t an option for most people. The CIBC study showed this is the primary reason for the increase in home renovations, with 56 per cent saying they are\u00a0choosing to renovate instead of selling and buying a new home.<\/p>\n

Of those deciding to stay put, 32 per cent stated that they \u201cneed to do repairs,\u201d 25 per cent \u201cwant to make their home look nice\u201d and\u00a012 per cent\u00a0want to increase the value of their home in order to sell down the line. The most popular renovation projects are basic maintenance (48 per cent); landscaping (38 per cent); and bathroom renovations (31 per cent).<\/p>\n

With household debt levels in Canada now higher than GDP, it is encouraging to see that 67 per cent of respondents to the survey say they intend to use cash or savings to fund their projects, while\u00a025 per cent\u00a0will cover the costs with a loan, line of credit or credit card.<\/p>\n

Prepare for Pricey Reno Pitfalls<\/h2>\n

While the decision to improve your existing property is usually a less risky option than purchasing a new Toronto condo<\/a> or detached home, there are a number of factors to consider in order to ensure that a renovation is a success. The poll indicates homeowners starting renovation work are most worried about project delays, household disruption and overspending. While 86 per cent state that \u201crenovations end up costing more than you plan for\u201d and\u00a031 per cent\u00a0reveal they went over budget on a previous project, almost two-thirds (61 per cent) said they don’t have a detailed budget for their upcoming project.<\/p>\n

Related Read: 6 Home Renovations That Will Decrease Your Home\u2019s Value<\/a><\/strong><\/p>\n

Proper planning is something Scott Wambolt, senior vice president of retail and business banking at CIBC, believes separates those who get what they want from a renovation project from those that are left disappointed. With the popularity of home DIY shows on TV, he also cautions against overextending yourself when it comes to remodeling a property.<\/p>\n

“Renovations can be stressful, but having a detailed budget can help minimize the disruption and keep your project on track,” he says. \u00a0“Be clear about the goals and limits of your project, as well as the costs before you head over to the hardware store or pick up your toolbox. While DIY can add up to some cost savings, it could end up costing you more if you don’t know what you’re doing.”<\/p>\n","protected":false},"excerpt":{"rendered":"

With the cost of housing at record highs right across Canada, more and more people are electing to renovate their homes rather than move up in the market. A new poll commissioned by CIBC reveals that 48 per cent of homeowners are choosing to renovate this year, a significant jump from 2016\u2019s figure of 37 […]<\/p>\n","protected":false},"author":47,"featured_media":12755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[166],"tags":[],"class_list":["post-12754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-improvement"],"yoast_head":"\n56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa<\/title>\n<meta name=\"description\" content=\"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-22T05:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-11T18:25:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/06\/Choosing-to-renovate-than-move.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"612\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\"},\"author\":{\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\"},\"headline\":\"56% of Homeowners Are Choosing to Renovate Than Move: CIBC Report\",\"datePublished\":\"2017-06-22T05:00:53+00:00\",\"dateModified\":\"2018-10-11T18:25:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\"},\"wordCount\":696,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Home Improvement\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\",\"name\":\"56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2017-06-22T05:00:53+00:00\",\"dateModified\":\"2018-10-11T18:25:44+00:00\",\"description\":\"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.zoocasa.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"56% of Homeowners Are Choosing to Renovate Than Move: CIBC Report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"name\":\"Zoocasa Blog\",\"description\":\"Home Buying & Selling Tips, Real Estate Market Trends & News\",\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\",\"name\":\"Zoocasa\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"contentUrl\":\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png\",\"width\":800,\"height\":800,\"caption\":\"Zoocasa\"},\"image\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Zoocasa\",\"https:\/\/twitter.com\/Zoocasa\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3\",\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g\",\"caption\":\"Daibhead O\u2019Ceallach\u00e1in\"},\"description\":\"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa","description":"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/","og_locale":"en_US","og_type":"article","og_title":"56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa","og_description":"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...","og_url":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/","og_site_name":"Zoocasa Blog","article_publisher":"https:\/\/www.facebook.com\/Zoocasa","article_published_time":"2017-06-22T05:00:53+00:00","article_modified_time":"2018-10-11T18:25:44+00:00","og_image":[{"width":612,"height":612,"url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/06\/Choosing-to-renovate-than-move.jpg","type":"image\/jpeg"}],"author":"Daibhead O\u2019Ceallach\u00e1in","twitter_card":"summary_large_image","twitter_creator":"@Zoocasa","twitter_site":"@Zoocasa","twitter_misc":{"Written by":"Daibhead O\u2019Ceallach\u00e1in","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#article","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/"},"author":{"name":"Daibhead O\u2019Ceallach\u00e1in","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3"},"headline":"56% of Homeowners Are Choosing to Renovate Than Move: CIBC Report","datePublished":"2017-06-22T05:00:53+00:00","dateModified":"2018-10-11T18:25:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/"},"wordCount":696,"commentCount":0,"publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"articleSection":["Home Improvement"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/","url":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/","name":"56% of Homeowners Are Choosing to Renovate Than Move | Zoocasa","isPartOf":{"@id":"https:\/\/www.zoocasa.com\/blog\/#website"},"datePublished":"2017-06-22T05:00:53+00:00","dateModified":"2018-10-11T18:25:44+00:00","description":"A recent CIBC poll finds 56% of homeowners are choosing to renovate rather than move, as high real estate prices make the cost of selling and purchasing...","breadcrumb":{"@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.zoocasa.com\/blog\/56-of-homeowners-are-choosing-to-renovate-than-move-cibc-report\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zoocasa.com\/blog\/"},{"@type":"ListItem","position":2,"name":"56% of Homeowners Are Choosing to Renovate Than Move: CIBC Report"}]},{"@type":"WebSite","@id":"https:\/\/www.zoocasa.com\/blog\/#website","url":"https:\/\/www.zoocasa.com\/blog\/","name":"Zoocasa Blog","description":"Home Buying & Selling Tips, Real Estate Market Trends & News","publisher":{"@id":"https:\/\/www.zoocasa.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zoocasa.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zoocasa.com\/blog\/#organization","name":"Zoocasa","url":"https:\/\/www.zoocasa.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","contentUrl":"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/09\/zoocasa-square-logo-800x800px.png","width":800,"height":800,"caption":"Zoocasa"},"image":{"@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Zoocasa","https:\/\/twitter.com\/Zoocasa"]},{"@type":"Person","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/c0d08780fafb880638fe17d0ded87bb3","name":"Daibhead O\u2019Ceallach\u00e1in","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2a539d6520266b56c3b0c525b9e6128858baeccb5ee9b694a2906e123c8d6dd3?s=96&d=blank&r=g","caption":"Daibhead O\u2019Ceallach\u00e1in"},"description":"Daibhead O\u2019Ceallach\u00e1in is a freelance writer from Ireland that moved to Toronto in 2010. Writing for his local newspaper, he covered real estate during Ireland\u2019s \u201cCeltic Tiger\u201d era and the subsequent housing crash and financial crisis. Today he writes about real estate, finance and politics in Canada, the U.S., Ireland and England.","url":"https:\/\/www.zoocasa.com\/blog\/author\/daibheadoceallachain\/"}]}},"_links":{"self":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/12754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/comments?post=12754"}],"version-history":[{"count":0,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/12754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media\/12755"}],"wp:attachment":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media?parent=12754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/categories?post=12754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/tags?post=12754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}