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Not Sure About Trading Up to a Faux Chateau? Renovating Offers a Cost-Effective Alternative

TORONTO, Ontario, September 29, 2010 — Renovation investment in Canada grew 14 per cent in the second quarter of 2010, marking the second largest year-over-year increase in nearly a decade. And as the housing market in Canada continues to moderate, some Canadians may be looking to follow that trend heading into 2011.

“You don’t need to buy a starter castle to make your house your dream home,” said Martin Nel, Vice President, Personal Lending and Investment Products, BMO Bank of Montreal. “Canadians looking to upgrade should also consider renovating their current home to meet their aspirational goals.”

As the appetite for home renovations increases, Canadians looking to give their homes a facelift should be seeking out the best financial tools and advice available to ensure they make a responsible investment.

“Those looking to renovate need maximum flexibility to respond to unexpected contingencies, as well as opportunities,” added Nel. “A home equity product such as BMO's Homeowner ReadiLine ensures Canadians choosing to make upgrades will have the financial resources available when they need it, while reducing the cost of borrowing.”

In addition, Canadians can save further costs by making energy efficient upgrades to their homes in the process of renovating, which will result in lower energy bills heading into the fall and winter months.

Renovations on the Rise: Fast Facts

  • According to BMO Economics, renovation investment in Canada grew 14 per cent in the second quarter of 2010 from the same period a year ago, the second largest year-over-year increase in nearly a decade.
  • Furthermore, in 2009, homeowners across Canada spent approximately $40.3 billion in home renovations.
  • A recent survey commissioned by the Canada Mortgage and Housing Corporation showed an estimated 2.1 million households in major city centres completed a renovation in 2009 – an increase of 27 per cent from the previous year.
  • The most popular home renovation in 2009 was remodelling a room – 34 per cent.
  • Over 50 per cent of home renovations in Canada were done with the intention of adding value to the home.

News source: BMO Financial Group

 

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