Canadians Are Spending More on Home Improvements

OAKVILLE, ON--(Marketwired - Aug 8, 2013) - Fix or flee? That's one of the questions facing Canadian homeowners in a new Remodeling Sentiment online survey, which queried 1,200 homeowners across the country. The survey, conducted by Moen Canada in March 2013, revealed Canadians are more likely to stay put and "make my home fit my lifestyle" as opposed to moving.It also discloses healthy remodeling activity, with future plans pointing to more of the same.

Moen has monitored Canadian remodeling views semiannually since 2010, with the latest survey results showing kitchens and baths remaining strong remodeling areas that add to home value.

Spending More at HomeMore than 80 percent of Canadian homeowners taking part in the survey reported the completion of at least one home improvement project within the past year, a similar percentage as in years past, with 65 percent reporting completion of multiple tasks. In addition, 78 percent plan to tackle one or more in the next six months.

On a positive note, the value of home improvement projects increased over a year ago, according to the recent Moen survey, with Canadian homeowners spending a median of $16,350 on their updates in the past 12 months versus $15,830 the year prior.

"Repair or replacement of the roof, a kitchen remodel, and replacement or addition of new windows were the most expensive projects Canadian consumers undertook," said Suvak.

Overall, homeowners plan to spend more on remodeling projects in the next six months than they had planned a year ago. Homeowners expect to spend the most on new roofs ($2,500, up from $2,000 a year ago) and kitchen remodels ($2,000, the same as last year). Exterior siding, windows, patios/decks/porches, bathroom remodels and other room remodels are additional projects where homeowners plan to spend at least $1,000. "These investments are geared toward improving the outside look of the house, while making sure that homeowners are not challenged by Mother Nature," Suvak explains.

Making My Home MineThe Moen Remodeling Sentiment Survey firmly establishes a tendency toward remodeling over relocating -- so when the remodeling decision is made, what's the goal? It's all about comfort, as "making my home fit my lifestyle" was cited by 82 percent of respondents. Also popular: "increasing the value of the property" and "making my home more energy-efficient." So how do homeowners go about sprucing up the homestead?

"Interior painting and gardening/landscaping were the most prevalent home-improvement projects," said Suvak, relaying findings from the survey on projects completed in the past 12 months. "Bathroom remodels were more popular than kitchens, due to the smaller investment required and multiple bathrooms per home."

Over the next six months, homeowners plan similar projects, with gardening/landscaping leading the pack; however, fewer interior painting and hardwood flooring projects are slated.

Kitchens and Baths Always PopularNew faucets lead the way in products to install during bathroom remodels planned for the next six months. With 16 percent of homeowners planning to update their bath, 59 percent of those projects will include installing new faucets. Updating paint, tubs/showers and sinks are the other new changes identified for 50 percent or more of planned remodels.

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Canadians Are Spending More on Home Improvements