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

According 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%.