Friday, January 4, 2008

Renovation spending to increase

Renovation spending to increase forecasts $40 billion for this year
Canadian homeowners are expected to spend $40.7 billion renovating their homes this year, according to a new report from Clayton Research.

"Dumpsters and bobcats will remain fixtures in your neighborhood this year and next as homeowners continue their love affair with the renovation," states the May issue of the Clayton Housing Report. Clayton forecasts that spending on renovations will surpass spending on the building of new homes this year.

The renovation sector is being boosted by low interest rates, a growing number of owner households, strong home sales, equity withdrawals from homes and need from a generally aging housing stock, according to the report. Contractors are doing two-thirds of renovation work while do-it-yourselfers are tackling one-third of the projects.

There was an eight per cent rise in spending on home improvements last year, with positive growth experienced in all provinces. A further seven per cent increase is forecast for this year and next.

A recent CIBC survey found that homeowners believe each $100 they put into major renovations will return them $140 in added value. "In reality, returns may be slimmer," Clayton Research reports. "A survey of its membership by the Appraisal Institute of Canada has found that while projects such as kitchen and bathroom renovations probably break even in terms of adding value to the home, others such as recreation rooms, new windows and flooring upgrades return little better than 50 cents on the dollar."


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