Almost Half of Albertans Planning Major Home Renovations

Forty-six per cent of Albertans are planning to make significant home renovations in the next two years – second after Atlantic Canadians (47%) and two per cent above the national average, says a new survey by Scotiabank.

The Scotiabank Mortgage Landscape Study also found that Albertans are more likely to use a line of credit to pay for renovations (37%), which is well ahead of the other regions of the country and the national average (29%).

While dipping into their cash savings to pay for renos is common among Canadians (62%), Albertans are the least likely among the regions to do so (50%), according to the study.

Canadian homeowners say they would most like to renovate their kitchen (33 per cent), followed by their bathroom (16%) and their basement (16%).