The Canada Mortgage and Housing Corporation has released the results of its 2007 Renovation and Home Purchase Survey.

Across these 10 major centres, (estimated) renovation spending in 2007 was up $2 billion from the previous year, to $19.7B.  That's an average of $12,800 per household!

In Toronto, we see intentions for 2008 are down from last year.  Of those households surveyed, 6% responded that they intended to purchase a home as their primary residence in 2008 -- that's a decline  from the 9% surveyed last year who also stated their intent to buy a home.

Similarly, the percentage of households intending to spending more than $1000 on renovations this year is down slightly to 41% from 43% last year.

The profile of the first-time home buyer is largely unchanged from last year:

• prospective first-time home buyers represented 42% of those intending to buy a home in 2008
• the majority of first-time buyers are between the ages of 25 and 34, with an annual household income between $40K and $60K

Source: Renovation Spending Across 10 Major Centres Up by $2 Billion in 2007 (CMHC)