A recent CMHC (Canadian Mortgage and Housing Corporation) report has been released regarding Home Renovations and Home Purchases.
This is an excellent report that outlines the types of Home Renovations that Canadians underwent in 2011, how these renovations were paid for and the purchase intentions of Canadians in 2012.
Some of the notable points of the report can be found below:
Renovation spending at 20.9 billion in 2011 across ten major surveyed centres
Thirty-seven per cent of households in ten Canadian markets renovated their home in 2011
Remodeling of rooms and painting and wallpaper popular; almost all homeowner households who undertook renovations remodeled rooms, while more than half engaged in painting or wallpapering. Plumbing fixtures and equipment accounted for 38 per cent [of remodeling].
Most renovations were paid for using household savings; overall, 68 per cent of the renovating households did not see their debt level increase as a result of the renovations in 2011. This is up slightly from 66 per cent in 2010.
Thirty-eight percent of homeowners intend to renovate their homes this year.
Thirty-five per cent of households who purchased a residence in 2011 were first time buyers, down from 38 per cent in 2010.
In terms of main source of downpayment, 84 per cent opted for savings (including RRSPs and investments).
The majority (52 per cent) of those who previously owned a home upgraded to a larger home compared to their previous one.
These research findings along with other statistics and facts are available to those interested in learning more about the Canadian housing market.