OTTAWA, ON - Canada Mortgage and Home Corporation said an estimated 1.7 million households in 10 major centers invested in renovation projects during 2011.

Canadian Homeowners Spent $21B on Renovations in 2011According to CMHC's Renovation and Home Purchase Survey, approximately 37% of homeowners, down from 42% in 2010, undertook renovation projects. CMHC added, however, that the estimated average cost of renovations in 2011 was $13,709 compared to $12,972 in 2010.

Of the 10 major centers surveyed, CMHC said the highest percentage of homeowner households that renovated in 2011 was in St. John's, NL, 43%; followed by Quebec, 42%; and Winnipeg, 41%.

 

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