Dec. 16, 2008 – The current state of the economy may have Canadians
tightening their belts on spending, but a recent Angus Reid survey
reveals that nearly two-thirds of the population will embark on a home
renovation project in the next 12 months.
The current state of the economy may have Canadians tightening their
belts on spending, but a recent Angus Reid survey reveals that nearly
two-thirds of the population will embark on a home renovation project
in the next 12 months. And despite reports of what is happening in the
United States real estate market, nine out of 10 Canadians still
believe that their home is a more secure investment than the stock
markets.
With less spending money available, home improvement trumps travel:
half of Canadians are choosing to invest in a home improvement project
– compared to one-third who are choosing to spend extra money on a
vacation. The stay-at-home vacation is becoming an increasingly popular
way to spend time off and 42 per cent of Canadians are planning to take
more of these "staycations" in the upcoming year.
By Canadians spending more time at home and committing to renovation projects, they are pledging to invest in their nest and enhance their living space. Despite not owning their homes, renters are also keen to make
their spaces their own, and no less than one-third of renters will
undertake a home improvement project this year. Even with 57 per cent
of renters reporting that they have less spending money than they had
at this time last year, the majority expect to spend up to $1,000
refurbishing their home.
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