According to CMHC's recent Renovation and Home Purchase survey:
• 1.9 million households (42% of homeowner households), surveyed in 10 major centres, indicated they completed renovations last year This is a slight decrease from the 2.1 million households that completed a renovation in 2009. The average cost of renovations was $12,972.
• Almost $23 billion was spent on renovations in 2010 across the 10 major surveyed centres. The majority of homeowner households renovated to update/add value or prepare to sell.
• 39% of homeowners indicated that they intend to spend $1,000 or more by the end of 2011.
Click here for the CMHC Renovation and Home Purchase Summary at a Glance.
Click here for the full CMHC Renovation and Home Purchase report