Home Sweet Home: Majority of Canadians Would Rather Renovate (83%) than Sell (17%) if their House Needed
Major Repairs

Toronto, ON - If their house needed major repairs and they were faced with the decision to either renovate or sell their home, the vast majority (83%) of homeowners in Canada who know what they would do in this situation would elect to renovate their home rather than sell (17%), according to the 19th annual RBC Housing poll conducted by Ipsos Reid. Two in ten (18%) are unsure of the decision they would take in this instance.

Most homeowners are planning some type of home improvement or renovation, either in the next year (39%) or two (22%). When asked what types of home improvements they were planning, four in ten (43%) are planning to spruce up the bathroom, while an equal proportion (43%) will renovate their kitchen. One in three (33%) intend to renovate the basement, with half (47%) focusing on other areas of the home.

Reasons for wanting to renovate vary, but two in three (66%) say it's because they want to make their home more attractive and make upgrades. Others say their motivation is to increase the value of their home (46%), for safety/maintenance repair reasons (39%), to increase energy efficiency (39%), to make their home easier to sell (23%), to make their home more eco friendly (16%), to create more space (10%), to generate rental income (3%) or some other reason (5%).

Nearly half (46%) of all renovators intend to do the work themselves, compared to fewer who intend to hire a contractor (42%), or enlist the help of their spouse/partner (25%), a family member (21%), friend (13%), or some other person (2%). The average amount of money these renovators expect to spend is roughly $6,750. Nearly one quarter (23%) will spend more than $10,000 on their renovations, while three quarters (77%) will spend $10,000 or less.

Thinking about how they'll finance their renovations, most (71%) will use cash or savings, but some will use a line of credit (15%), home-equity line of credit or add-on mortgage (13%), credit cards (10%), a line of credit secured by an asset other than a home (4%), a personal loan (4%), or some other source of financing (4%).

These are some of the findings of an Ipsos Reid poll conducted between January 24 and 30, 2012, on behalf of RBC. For this survey, a sample of 1,328 Canadian homeowners from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 2.8 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults who own a home in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error.

For more information on this news release, please contact:

Sean Simpson
Associate Vice President
Ipsos Reid
Public Affairs
416.572.4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,363 billion (1.897 billion USD) in 2011.

Visit www.ipsos-na.com to learn more about Ipsos' offerings and capabilities.