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Renovation Spending Reaches $22.8 Billion Across 10 Major Centres

OTTAWA, Ontario, June 29, 2011 — An estimated 1.9 million households, surveyed in 10 major centres, indicated they completed renovations last year, a slight decrease from the 2.1 million households that completed a renovation in 2009. This represents 42 per cent of homeowner households (down from 50 per cent in 2009), according to the Renovation and Home Purchase Survey1 released today by Canada Mortgage and Housing Corporation (CMHC). The average cost of renovations was $12,972.

“Almost $23 billion was spent on renovations in 2010 across the 10 major surveyed centres,” said Bob Dugan, Chief Economist at CMHC. “As well, when Canadian homeowners were asked about their renovation plans for this year, 39 per cent indicated that they intend to spend $1,000 or more by the end of 2011.”

Of the 10 major surveyed centres, the highest percentage of homeowner households that renovated in 2010 was in St. John’s, NL at 48 per cent, followed by Halifax and Ottawa (47 per cent each) and Winnipeg (46 per cent). The centre with the lowest proportion was Calgary at 39 per cent.

Renovation intentions for 2011 are highest in St. John’s, where 50 per cent of consumers indicated they plan to undertake renovations costing $1,000 or more. This is followed by Halifax (44 per cent) and Ottawa and Winnipeg (43 per cent each). The proportion of potential renovators is lowest in Montréal (37 per cent) and Toronto and Québec City (both at 38 per cent).

On the home purchasing front, six per cent of all households indicated they bought a home in 2010, unchanged from 2009. The largest share of homebuyers was in Winnipeg, Ottawa, Halifax and St. John’s (all at seven per cent). The lowest share of homebuyers was in Vancouver, Toronto and Montréal (five per cent each).

Overall, the share of households that intend to buy a primary residence in 2011 is four per cent. Home buying intentions are strongest in Vancouver, Calgary, Winnipeg and Ottawa (all at five per cent). Purchase intentions in all other areas are four per cent.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

1 The Renovation and Home Purchase Survey reports on actual renovation expenditures made in the previous year, as well as intentions to buy or renovate a home in 2011 in the following 10 major centres: St. John’s, Halifax, Québec City, Montréal, Ottawa, Toronto, Winnipeg, Calgary, Edmonton, and Vancouver. More detailed questions on intentions to buy or renovate were asked in Halifax, Montréal, Toronto, Calgary, and Vancouver. All surveyed household were asked whether they intend to spend more than $1,000 on renovations in 2011 and whether they intend to buy a home in 2011. 

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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