Canada Mortgage and Housing Corporation released the Renovation and Home Purchase Survey revealed an estimated 2.1 million households in 10 major surveyed centres indicated they completed renovations last year with an average cost of renovations at approximately $12,100 with similar intentions to do the same in 2010.

“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 Renovation and Home Purchase Survey reported on ten major centres—St. John’s, Halifax, Québec City, Montréal, Ottawa, Toronto, Winnipeg, Calgary, Edmonton and Vancouver—detailing actual renovation expenditures made in the previous year, as well as intentions to buy or renovate a home in 2010.

Of the ten major surveyed centres, St. John’s, at 59 per cent, was the highest percentage of homeowner households that renovated in 2009. Ottawa followed at 58 per cent, and Halifax and Winnipeg, both at 55 per cent tied for third. The centre with the lowest proportion was Montréal at 45 per cent.

Home Purchasing
On the home purchasing front, six per cent of all households indicated they bought a home in 2009, unchanged from 2008. The largest share of homebuyers was in Edmonton at nine per cent, followed by St. John’s, Quebec, Ottawa and Winnipeg, all at seven per cent. The lowest share of homebuyers was in Toronto at five per cent.

Five per cent of households across the surveyed centres intend to purchase a home that will be used as ha primary residence in 2010. Edmonton shows the strongest signs of home buying intentions where seven per cent of households reported that they are considering buying a home this year, up from six per cent in 2009.

Source: Canada Mortgage and Housing Corporation