A profile of renovation intenders across the five major centres shows that the majority of intenders are between the ages of 25 to 44, while those who are 65 and over have the lowest intentions to renovate this year at 25%.

Renovation intentions are highest among owners of older homes.  Fifty-one per cent of households living in homes built before 1920 intend to renovate in 2008.  In fact, households livings in homes built prior to 1945 had the highest incidence of actual renovations in 2007, with 48% of households renovating.  Of those who intend to renovate in 2008, the older the homes, the higher the proportion of households performing maintenance and repairs.  On the other hand, the younger the home, the higher the proportion of households performing alterations and improvements.

A large portion of households intend to renovate so as to update, add value or prepare to sell their home.

Across the five major centres, 67% of households who intent to renovate this year, will do so to update, add value, or prepare to sell their home.  Twenty-one per cent of households intend to renovate this year because their dwelling needs repairs, while 19% say that it needs maintenance.

Source:  Key Partners Press, July 2008.

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