January 19, 2009

Canadians renovating despite recession

A poll of Canadian homeowners show the majority are moving ahead with, or increasing, home renovations despite the global recession.

The TD Canada Trust Homeowner Confidence poll of 1,003 homeowners across the country found 53 percent were moving forward on renovations as planned or doing even more, the bank said in a release Monday. Ninety-two percent said the current state of the economy has not required them to consider selling their homes.

The poll was conducted Jan. 6 by Angus Reid Strategies.

Joan Dal Bianco, vice president of the bank's Real Estate Secured Lending division, said 63 percent of Canadians said this is a good opportunity to purchase a home, while 72 percent of those considering selling their homes felt this was a bad time to do it.

She disagreed with the wariness of would-be sellers.

The fact is, the home market has changed -- it's become much more balanced, creating opportunities for both buyers and sellers, Dal Bianco said.