Survey finds Canadians turning more to cash to fund home renovations

The Canadian Press ~ The News
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TORONTO - An Ipsos Reid survey suggests Canadians are less likely to use credit cards to pay for home renovations this year than they were in 2008.
The survey, conducted for RBC Royal Bank, finds 76 per cent of respondents plan to pay for their home improvements with cash or savings. That's up from just 70 per cent who said they'd pay in cash last year.
Conversely, fewer people say they'd use a credit card to finance their renovation. The number dropped to 24 per cent this year from 32 per cent in 2008.
The survey contacted about 3,000 Canadian home owners in September. About two-thirds of them say they plan to renovate within two years.
The average amount that the renovators expect to pay this year is $11,272.
Almost half of the respondents (47 per cent) say they have done more renovations because of a federal tax credit announced in January.

Organizations: Ipsos Reid, RBC Royal Bank

Geographic location: TORONTO

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