Renovation and Home Purchase Survey

The Canada Mortgage and Housing Corporation has released the results of its 2007 Renovation and Home Purchase Survey.

Across these 10 major centres, (estimated) renovation spending in 2007 was up $2 billion from the previous year, to $19.7B. That's an average of $12,800 per household!

In Toronto, we see intentions for 2008 are down from last year. Of those households surveyed, 6% responded that they intended to purchase a home as their primary residence in 2008 -- that's a decline from the 9% surveyed last year who also stated their intent to buy a home.

Similarly, the percentage of households intending to spending more than $1000 on renovations this year is down slightly to 41% from 43% last year.

The profile of the first-time home buyer is largely unchanged from last year:

• prospective first-time home buyers represented 42% of those intending to buy a home in 2008
• the majority of first-time buyers are between the ages of 25 and 34, with an annual household income between $40K and $60K

Source: Renovation Spending Across 10 Major Centres Up by $2 Billion in 2007 (CMHC)