The federal home renovation tax credit has helped stem the decline of home renovations in B.C. according to a new survey by RBC Financial Group.
According to the survey conducted by Ipsos-Reid, about 65% of B.C. homeowners plan to renovate their homes over the next two years, down from 69% in 2008.
But the figures could have been worse.
The survey found 66% of B.C. renovators plan to take advantage of the federal government's home renovation tax credit this year. Just over half (52%) said they have renovated more because of the tax break.
The average amount B.C. homeowners plan to spend on renovations is $10,129, which is the second lowest amount in Canada, second to Quebec's average spending of $7,734.
Residents in Saskatchewan and Manitoba plan to spend the most, about $15,133 on average, followed by Atlantic Canadians ($12,586), Ontarians ($12,428) and Albertans ($12,374).
Nationally, 63% of Canadians plan to take advantage of the federal government's home renovation tax credit and 47% have done more renovations because of the credit.
Sixty-two per cent plan to renovate to make their home more attractive, while 18% are doing it to make their homes easier to sell.
The most common upgrades include exterior improvements, general renovations such as painting and floors, followed by bathrooms and kitchens.
More than three-quarters of Canadian renovators are planning to finance their improvements with cash or savings, up from 70% in 2008. Only 24% plan to use a credit card to finance their renovation, down from 32% in 2008.
British Columbians, however, are the most likely to consider borrowing against the equity they have in their home to finance a renovation.