Most Canadians Renovating To Sell Their Homes

According to a new survey on behalf of BMO, 80 per cent of Canadian homeowners who are planning to renovate their homes within the next two years are doing it to increase their home’s value to sell it soon. Two-thirds of the homeowners surveyed planned to renovate within the next two years.

Homeowners are expected to spend about $46 billion on home renovations this year. In 2009, Canadian home owners spent $40.9 billion and in 2010 with the introduction of the Home Renovation Tax Credit they spend $45.3 billion.

According to the survey, most of the homeowners who were planning on renovating were inspired by their neighbours’ recent renovations, while various forms of media like television and newspaper influenced their decisions.

When renovating your home to sell it, the best renovations are interior painting, exterior painting or kitchen and bathroom renovations. Of all the renovations available, these are the only ones where there is a potential to receive back all of the money you’ve put in when you sell your home.

The survey polled 1,058 Canadian homeowners between the ages of 25 and 45 in March.

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