OTTAWA, May 22 (UPI) -- Canadians spent $19.7 billion on home renovations in 2007, up by some $2 billion from a year earlier, a federal agency reported Thursday.
A statement from the Canada Mortgage and Housing Corporation said the figures were drawn from surveys in 10 urban centers across the country.
The report said the average cost of renovations was $12,800 and just 46 percent of respondents said the work was done within budget, while 37 percent said they experienced cost overruns.
As to who did the work, 31 percent said it was done by the homeowner, 26 percent said contractors were hired to do part of the job and 41 percent said contractors did the whole renovation, the CMHC said.
The corporation said the majority of upgrades -- 59 percent -- were done to update, add value or to prepare to sell, while 27 percent of homeowners said the work was necessary for basic maintenance.
|Additional Business News Stories|
ALGIERS, Algeria, May 24 (UPI) --Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
ARLINGTON, Va., May 24 (UPI) --BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.