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Homeowners in the mood to renovate
Canadians are spending thousands of dollars to renovate their homes, according to a new study by Canada Mortgage and Housing (CMHC). The report says households in 10 major urban centres spent more than $11,000 on renovations on average in 2006.
About 1.5 million households in those 10 cities spent more than $17.3-billion on renovation related spending in 2006. The CMHC report also suggests the spree isn't over: almost half of homeowners surveyed said they plan to spend $1,000 or more on renovations in 2007.
More than a third of households went over their planned budget last year for the renovation. Most people said they renovated to “add value or to prepare to sell the residence.”
This is the first time the CMHC has published its expanded study on the market, so comparable numbers aren't available. But the pace of renovations may be slowing: two years ago, the average Canadian family expected to spend $14,000 on home renovations, the agency reported in 2005.
The top three renovations completed last year were re-modeling of rooms, painting or wallpapering and hard surface flooring and wall-to-wall carpeting. More than a third were do-it-yourself attempts.
The share of households who spent $1,000 or more on renovations last year was the largest in St. John's, followed by Halifax. Future renovation plans are strongest in Edmonton and Winnipeg and the lowest in pricier cities of Toronto and Vancouver, the government agency said.
June 16, 2007 in Home Maintenance Matters | Permalink
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Posted by: Rox | Jun 23, 2007 6:41:58 AM
