Top 10 Canadian Home Renovation Projects

Top 10 Canadian Home Renovation Projects

Top 10 Canadian Home Renovation Projects

According to a survey released by BMO Bank of Montreal in July 2011, 83% of Canadian homeowners plan on doing indoor home renovations within the next two years.

The BMO survey, conducted by Leger Marketing*, identified the top 10 Canadian home renovation projects among homeowners.

Top 10 Canadian home renovation projects 2011

  1. Kitchens: 48%
  2. Bathrooms: 46%
  3. Landscaping: 39%
  4. Basements: 38%
  5. Exteriors (roof, windows): 36%
  6. Bedrooms: 25%
  7. Family rooms: 21%
  8. Dining rooms: 11%
  9. Additions on the home: 7%
  10. In-ground pools: 2%

According to Katie Archdekin, the Head of Mortgage Products, it’s important to understand that not all projects will deliver the same return on a homeowner’s investment.

According to the AIC (Appraisal Institute of Canada), the home renovations that result in the greatest ROI are:

  • Kitchens and bathrooms = ROI of 75% to 100%
  • Interior paint job = ROI of 50% to 100%
  • Finished basement = ROI of 50% to 75%
  • In-ground pools and skylights = ROI of 0% to 25%

In 2011 alone, homeowners are expected to spend upwards of $45 billion on home renovations, that’s up from $44.6 billion in 2010.

And to finance their homes, here’s what Canadian homeowners are opting to do:

  • 57% of Canadians are using their savings
  • 19% are taking out a line of credit
  • 6% are taking out a home equity loan
  • 5% are using a credit card

*The Leger Marketing survey was completed on-line using Leger Marketing’s online panel, LegerWeb, with a sample of 1508 Canadian homeowners, 25-45 years old.

Ready to sell your home? Visit ComFree.com to find out how you can do it commission-free.


5 comments

  1. RS Homes says:

    This is very important information for home owners to be considering here – in our nearly 30 years in the business of home building and renovating, we can attest to the accuracy of these numbers – without a doubt kitchens and bathrooms are the most valuable from an investment perspective. And you can be certain that the paint job has the potential to make or break a project, regardless of the quality that precedes it.

  2. Jason Alonzo says:

    Good statistics, but maybe this will vary yearly. Renovation costs for kitchens have risen.

  3. Pingback: ComFree Blog » Renovate & Repair Your Home Or Sell As Is?

  4. Pingback: ComFree Blog » 3 Major Issues for First-Time Home Buyers

  5. Pingback: ComFree Blog » Top 5 Mistakes When Pricing Your Home

Leave a Reply

Your email address will not be published. Required fields are marked *