According to a latest poll commissioned by the Canadian Imperial Bank of Commerce (CIBC) and conducted by Nielson, four out of 10 Canadian homeowners have plans to renovate their homes this year. With nine months into 2014, it’s possible that many may have completed renovations or are in the process of performing renovations.

What B.C. Residents are Ready to Spend on Home Renovations

The poll also revealed that homeowners, given the costs associated with renovation, already have a good idea about how much they’re willing to spend. Nationally, homeowners from British Columbia say they’re ready to pay – on an average – $28,434 to spruce up their living space. That’s at the highest price range, with Ontario homeowners ready to put down $23,879 and at the lowest range, Quebec homeowners comfortable paying $12,346.

Among the percentage of homeowners planning to renovate by region, Quebec tops the list with 49%, followed by Atlantic Canada at 46% and British Columbia at 42%. Besides flooring and general repairs, bathroom and kitchen renovations are the proactive measures being taken by Canadians to protect their home value.

Getting a Loan or Using Savings?

Canadians had listed paying off debt and increasing savings as their top financial priorities in a CIBC poll conducted early this year. If you’re still hopeful about renovating this year, it’s best to use your savings to fund some or all of the renovation. Other low-cost borrowing options include secured and unsecured lines of credit.

Seniors in British Columbia can claim the seniors’ home renovation tax credit. Eligible expenses are costs involved in improving the principal residence or land on which the home is situated to help seniors (a) enjoy better access or become more functional within their home or (b) lower the risk of injury/harm to seniors in the home or land. A maximum of $10,000 can be claimed. Devices like insulation replacements or new windows are ineligible.