April 25, 2005 Toronto, ON � According to a recent study conducted by Ipsos-Reid on behalf of the Bank of Nova Scotia, two-thirds (65%) of Canadian homeowners are likely to renovate their homes in the next 12 months. Half (47%) of Canadians with intentions to renovate expect to spend $5000 or less, with cash being the preferred method of financing (59%). And, which areas will they be renovating this year? The bathroom(s) (37%) and the kitchen (35%) top the list, closely followed by landscaping/gardening (33%), the basement (30%), outdoor renovations (26%), the family room/living room (25%) and the bedroom(s) (24%).
These are some of the findings of an Ipsos-Reid poll conducted on behalf of the Bank of Nova Scotia between April 6 and April 11, 2005. The poll is based on a randomly selected sample of 1884 adult Canadian homeowners from the Ipsos-Reid Online Panel. With a sample of this size, the results are considered accurate to within �2.3 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population of homeowners been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.
Sixty-five per cent of Canadian homeowners plan to renovate their homes in the next 12 months with 34%�very likely� and another 31% �somewhat likely� to renovate. In comparison, one-third (33%) is �not likely� and 3% are unsure. Half (47%) of Canadians with intentions to renovate plan to spend $5000 or less, 28% expect to spend more than $5000, and another 25% is undecided on their budget.
Cash (59%) is the most preferred method of financing this renovation, followed by personal lines of credit (26%), credit cards (10%), refinancing an existing mortgage (6%), personal loans (5%), borrow from family (3%), open a new mortgage (1%), take out a second mortgage (1%), and savings (1%). Another 1% mentions some other means, 9% is unsure, and 3% have no answer.
The Bathroom(s) (37%) and the kitchen (35%) are the two areas most homeowners will be renovating this year, closely followed by landscaping/gardening (33%), the basement (30%), outdoor renovations (26%), the family room/living room (25%) and the bedroom(s) (24%). Less common areas are windows (4%), the garage (1%), flooring (1%), doors (1%), painting (1%), the deck (1%), the entranceway (1%), and the roof (1%). Another 4% mention some other area and 2% is unsure.
Ipsos-Reid
Ipsos-Reid is Canada’s market intelligence leader and the country�s leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos-Reid�s Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada�including the Ipsos Trend Report, the leading source of public opinion in the country�all of which provide clients with actionable and relevant information. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, visit: www.ipsos.ca
