SYS-CON MEDIA Authors: Carmen Gonzalez, Dana Gardner, Peter Silva, Kevin Jackson, Jessica Qiu

News Feed Item

CIBC Poll: Renovation Nation? Canadians say they'll spend almost 30 per cent more on home renos in 2014

HGTV's Scott McGillivray offers advice on making the most out of your renovation budget

TORONTO, March 27, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Nielsen finds that four in 10 Canadian homeowners are planning some type of renovation this year, with an average expected cost of almost $20,000 - up almost 30 per cent from a year ago.

Highlights of the poll include:

  • 40 per cent of Canadian homeowners plan to renovate their home in the next 12 months, comparable to last year's findings, when 39 per cent planned to make renovations

  • $19,754 is the average amount Canadian homeowners plan to spend on their home renovations in 2014 - up 29% from CIBC's 2013 poll, when the average was $15,300

  • Basic home maintenance (57 per cent) is the top planned renovation, followed by bathrooms (33 per cent) and kitchens (32 per cent)

"Our poll shows that home renovation will continue to be a big business in Canada this year," says Todd Lawrence, Senior Vice-President, Products & Payments at CIBC. "However, enjoying the benefits of renovating your home really begins with getting your financial house in order and knowing what you can afford."

"When you start a renovation you usually have a mental picture of what the end result will look like but you should also have a picture of how paying for that renovation will fit in with the rest of your financial obligations," says Mr. Lawrence.

A CIBC poll earlier this year found that the top financial priority for Canadians in 2014 was paying down debt, with building savings second on the list. Since renovations can carry a significant price tag for many homeowners, they need to set a clear budget up front and understand their financing options, to ensure they don't derail their progress towards other financial goals.

HGTV's Scott McGillivray advises on how to maximize your renovation investment and stay on-budget

"It's good news that so many Canadian homeowners have the willingness to invest in their homes," says Scott McGillivray, host of HGTV's Income Property. "It shows not only that they have confidence in the housing market, but that they see the value in safeguarding their investment."

But homeowners still need to be savvy about how they spend their budget, as some renovations provide more value than others, according to Mr. McGillivray.

"While renovating rooms like kitchens and bathrooms are always good investments, I'm encouraged to see that a large number of homeowners are also planning to spend money on general upkeep this year," adds Mr. McGillivray. "Keeping your house in good repair helps to protect its value."

It always pays to be proactive rather than reactive when it comes to home maintenance, advises Mr. McGillivray. Replacing items, such as roofs and windows when needed, will cost less than having to repair damage resulting from leaks, he says.

To make sure you stick to your renovation budget while getting the greatest return on your investment, Mr. McGillivray offers the following tips:

  • Get it in Writing - You should always get quotes from contractors before any work starts, and have a signed agreement that details the scope of work to be done and itemizes the cost. You also need to be clear on what's not included in your contractor's quote so that you are not caught off guard by unexpected costs that can blow your budget.

  • Expect the Unexpected - Regardless of how much you plan in advance, leave a cushion in your budget for the unexpected.  You should set aside an additional 25 per cent to cover any unexpected costs.

To help fund your home renovation, CIBC offers the following options:

  • Mortgages that provide cash back - CIBC's Cash Back mortgage offers up to 3 per cent cash back based on the amount and term, and can be used to finance renovations, or to furnish or decorate your home.

  • Combined mortgage and secured line of credit - CIBC's Home Power Plan, which offers Canadians with equity in their homes a low-cost borrowing solution that can be used to finance expenses, such as home improvements. As you pay down your mortgage, more money becomes available on a line of credit for whenever you need it.

  • Unsecured line of credit - This is another option that can be used to finance home renovations, for those who may not have enough equity in their home for a secured line of credit, and is a good solution for borrowing smaller amounts with a plan in place to repay the amount owing.

KEY POLL FINDINGS

On average, amount Canadians homeowners planning to renovate say they will spend on their home renovations in the next year, by region:

National     $19,754
Atlantic Canada    $12,691
Quebec     $12,346
Ontario     $23,879
Manitoba and Saskatchewan   $19,896
Alberta      $21,577
British Columbia    $28,434

Percentage of Canadians who say they plan to renovate in the next 12 months, by region:

National     40%
Atlantic Canada    46%
Quebec     49%
Ontario     36%
Manitoba and Saskatchewan   37%
Alberta      35%
British Columbia    42%

Top planned renovations (among Canadian homeowners planning renovations):

Basic home maintenance (including painting, flooring,
general repairs and replacing appliances)
57%
Bathroom renovations 33%
Kitchen renovations 32%
Replacing windows or doors 29%
Landscaping (including outdoor deck) 27%
Basement 23%

*Each week, Nielsen Consumer Insights interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered in a sample of 1,015 Canadians between February 6-10, 2014. A sample of this size has a margin of error of +/-3.1%, 19 times out of 20. Sample sizes for regional groups under Key Findings are smaller than typically reported and provided only as reference data.

About CIBC

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com

SOURCE CIBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArcho...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how thes...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) ir...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn rea...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder ...
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice s...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...