July 11, 2011
Renovation Spending Down Slightly
Did you know 39% of households expect to renovate in 2011, down from 42% in 2010 and 50% in 2009? According to the annual CMHC report on renovation spending, the most popular projects include remodelling rooms (25%), wallpapering and painting (25%), flooring and carpeting (24%), and windows and doors (21%). “We are seeing continued growth in average spending on renovations. The difference is that there are fewer households who intend to spend,” said Shaun Hildebrand, senior analyst for CMHC. Spending has shifted from repairs and maintenance to home improvement, indicating that consumers are seeing a payoff when they upgrade their homes, said Hildebrand.
