OTTAWA, ON -- An estimated 2.1 million Canadian households in 10 major surveyed centers indicated they completed renovations last year according to the Renovation and Home Purchase Survey released by Canada Mortgage and Housing Corporation (CMHC). The average cost of renovations was approximately $12,100.
The survey covers St. John’s, Halifax, Québec City, Montréal, Ottawa, Toronto, Winnipeg, Calgary, Edmonton, and Vancouver.
“More than $25.8 billion was spent on renovations in 2009 across the 10 major surveyed centres, an increase of about $4.5 billion compared to 2008,” said Gustavo Durango, senior economist at CMHC. “As well, when Canadian homeowners were asked about their renovation plans for this year, 43 per cent indicated that they intend to spend $1,000 or more by the end of 2010.”
The main reason given by households for renovating in 2009 was to update, add value or to prepare to sell (52%). Thirty-two per cent said the main reason for renovating was that their home needed repairs. The top three renovations completed last year were: remodelling rooms (34%); painting or wallpapering (29%); hard surface flooring and wall-to-wall carpeting (27%).
Of the 10 major surveyed centers, the highest percentage of homeowner households that renovated in 2009 was in St. John’s at 59%, followed by Ottawa at 58%, and Halifax and Winnipeg (both at 55%). The center with the lowest proportion was Montréal at 45%.
Renovation intentions for 2010, across the 10 surveyed centers, are highest in St. John’s, where 55% of consumers indicated they plan to undertake renovations costing $1,000 or more. This is followed by Halifax, Winnipeg and Ottawa (each at 50%). The proportion of potential renovators is lowest in Québec City and Montréal (both at 39%).
Read Canada Home Mortgage and Housing Corporation's press release.
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