Canadian Funding Corp Reports on Consumer Intentions to Renovate a Home
According to Canadian Funding Corporation CEO, Moishe Alexander, 40 percent of homeowners across Canada intend to renovate this year.
Across the ten markets surveyed, close to half of all homeowners reported having an intention to undertake home renovations valued at $1,000 or more in 2008. The share of households that intend to renovate in 2008 is greater than the share of households that undertook renovations of $1,000 or more in 2007 (31 per cent1).
The share of households that intend to renovate in 2008 is highest in Winnipeg and St. John’s at 50 and 48 per cent, respectively. Québec had the lowest share of households that intend to renovate in 2008 at 35 per cent.
In five of the ten markets surveyed, households were asked more detailed questions about their intended renovations. Thus, the analysis of the survey results for renovation intentions focus on these five centres: Halifax, Montréal, Toronto, Calgary, and Vancouver.
Moishe Alexander says: A renovation intender is defined as a household that either commenced a renovation in 2008 or that intends to begin a renovation in 2008 and plans on spending more than $1,000 on the renovation.