Earlier today, CMHC released the 2012 edition of the “Renovation and Home Purchase Report”. The report provides insight into consumer home buying and home renovation intentions in 2012 and trends from 2011.
This year, the report highlights that:
An estimated 1.7 million households in 10 major centres undertook renovations in 2011. This represents about 37 per cent of homeowner households, a slight decrease from 42 per cent, or 1.9 million households, in 2010.
Almost $21 billion was spent on renovations in 2011 across the 10 major centres surveyed, a decrease from 22.8 billion in 2010. The estimated average cost of renovations undertaken in 2011 was $13,709, an increase from $12,972 in 2010.
As well, when Canadian homeowners were asked about their renovation plans for this year, 38 per cent indicated that they intend to spend $1,000 or more by the end of 2012. Renovation intentions for 2012 are similar to the 2011 results.
Renovation intentions for 2012 are strongest in St. John’s, where 48 per cent of consumers indicated they plan to undertake renovations costing $1,000 or more. This is followed by Winnipeg (44 per cent) and Halifax, Ottawa and Edmonton (42 per cent each). The proportion of potential renovators is lowest in Vancouver (34 per cent), Montréal (37 per cent) and Toronto and Calgary (both at 38 per cent).
Overall, the share of households that intend to buy a primary residence in 2012 is five per cent. Home buying intentions are strongest in Edmonton (7 per cent), Québec and Calgary (both at 6 per cent) and St. John’s and Montréal (5 per cent each). Purchase intentions in all other surveyed centres are at four per cent.
To view the full report, simply visit www.everythingyouneed.ca and click on the “Market Insight” section.
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.
If you are considering a home renovation over 10k, call the Angela Calla Mortgage Team first to ensure your finances are in order 604-802-3983 firstname.lastname@example.org