According to a recent survey published by the Canada Mortgage and Housing Corportation (CMHC), 50 per cent of (or 2.1 million) Canadian households renovated their homes in 2009, and just over 40 per cent intend to this year. The survey took information from homeowners dwelling in the 10 largest Canadian housing markets: Vancouver, Edmonton, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec, Halifax and St. John’s.
Numbers of home renovators increased in all 10 of these cities since the Renovation and Home Purchase Report of 2008 was complied, wherein 40 per cent of homeowners were found to have conducted home renovations.
The majority of these homeowners reported that they made renovations in effort to update, increase the value of, or ready their property to sell. The most popular renovation was the remodeling of a room, followed by painting or wallpapering, and then flooring.
Halifax saw the greatest number of renovators whose aim was to increase the energy efficiency of their home (15 per cent).
Home renovators in Calgary spent the most on their home renovations; $16,254 on average, while Winnipeg saw the lowest spenders at a median of $8,328.
Though half of the renovators surveyed said their renovation projects cost them what they had budgeted for, 35 per cent spent in excess of their predictions. That said, if financing a home renovation, be sure to allocate funds appropriately, and try to leave some flex room in case your facelift becomes more pricey than your original plan.
Home owners looking to scrape together enough money for a renovation need look no further than a mortgage refinance.