Fewer Canadians plan to make home renovations this year compared with last year, according to an annual survey by the Bank of Montreal released Monday.
BMO said 51% of Canadians polled had home upgrade plans for 2012, a decrease of 11 percentage points from 62% in 2011.
The bank said the drop is likely due to Canadians being cautious about household debt.
“The scaled-back plans for home renovations likely reflect increased caution on the part of households as they continue to reduce discretionary spending to rein in debt,” said Sal Guatieri, senior economist with BMO Capital Markets, in a statement.
The survey also found that those planning to make home improvements are focusing on renovations with the greatest return on investment, such as kitchen and bathroom upgrades.
In partnership with HGTV.ca, BMO ranked the types of renos by their estimated return on investment.
Painting tops the list, with a return of up to 300 %. Meanwhile, a kitchen or bathroom makeover can garner a return of up to 120%. Upgrades to windows, doors or outside decks have expected returns of up to 90 %.
Posted via email from Markham Real Estate Today with Asif Khan
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