A survey on renovation and home purchases by the Canadian Mortgage and Housing Corporation that included ten major cities found 1.7 million households completed renovations costing a total of $21.3 billion during 2008. Renovations came to an average of $12,600 per home. More than half of the renovations were undertaken in order to update, add value, or prepare to sell the home.
Top Renovations of 2008:
1. Painting or wallpapering
2. Remodeling rooms
3. Replacing flooring
In 2009 46% of respondents plan to spend at least $1,000 or more.
These homeowners may be able to take advantage of two government programs:
1.Renovations from $2,000 to $10,000 may be eligible for a 15% tax credit in the Economy Action Plan. For more information on the tax credit, visit:
2.ecoENERGY Retrofit program provides grants of up to $5,000 to help with the costs of increasing a home's energy efficiency. For more information on the program, visit: http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm
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