Planning to renovate?
Forty per cent of Canadian homeowners say they intend to spend $1,000 or more on renovations this year – although economic conditions could cause some to scale back their plans, Canada Mortgage and Housing Corp. said Thursday. “It all depends on how consumers are feeling confident with the economy,” Julie Taylor, senior economist with CMHC’s market analysis centre, said in an interview.
In any given year, there is typically a gap between intentions and execution with it comes to home renovations, Ms. Taylor said after CMHC released a survey, conducted in February, on the home-improvement plans of householders in 10 major Canadian centres.
Still, Ms. Taylor said, consumer sentiment in Canada continues to remain “pretty strong” in spite of the deepening economic crisis in the United States and soaring fuel prices.