Renovating Atlantic Canadians are in it for the long haul

Atlantic Canadians are more likely to renovate their homes than other Canadians but spend a lot less money in any given year when they do – and then, only for a little bit of work at a time.

Julie Charest, an analyst with Statistics Canada, says while some homeowners do plunk down big bucks to remake entire kitchens or bathrooms in one shot, many choose to spend less per year and spread the work out over several years.

“In the Atlantic provinces, half of the households reporting a renovation expense for their ... principal residence reported costs of less than $2,500,” she said. “This could indicate that some households complete … only part of a renovation project in a given 12-month period.”

Throughout the country, slightly more than a third of Canadian households renovated their homes in 2016, the latest year for which figures are available. By contrast, 41.7 per cent of Atlantic Canadian households coughed up coin for renovations that year.

But homeowners in Nova Scotia, Prince Edward Island, Newfoundland and Labrador and New Brunswick spent a lot less on average that year than other Canadians when it came to getting that work done. The average cost of renovations across the country was almost $8,200 in 2016. In Atlantic Canada, the comparable figure was roughly 24 per cent lower at slightly more than $6,200.

New Brunswickers spent the least of all Canadians to upgrade their homes that year, with an average expense of just under $5,100 per household undertaking renovations. Ontarians spent the most, with an average expense of almost $9,400.

Among those households that undertook renovations in 2016, Nova Scotians spent an average of slightly more than $7,000 and Islanders plunked down an average of just over $6,300. In Newfoundland and Labrador, where almost every second home saw some type of renovation in 2016, the average expense was $6,200.

Financial experts agree that the best way to pay for those renovations – for those who have the means to do so – is with cash.

“If you’ve got the money in your savings account, absolutely use it for your home renovations because you have more of a chance of making money by selling your house down the road,” said Stephanie Morrison, a mobile banking specialist with the CUA credit union.

A big plus for using cash is the speed with which it allows a homeowner to pay a contractor or, for doit-yourselfers, buy building supplies.

“You’ll be able to get the work done more quickly than if you have to be approved by a bank,” said Morrison.