Canadian homeowners are less likely to renovate their homes now that the federal government has eliminated the popular home renovation tax credit, according to a new BMO-commissioned survey.
The HRTC, introduced in 2009, allowed homeowners to claim tax credits for eligible expenses incurred in home renovations. Now that it’s gone, 32% of respondents to BMO’s survey said they’ve cancelled or delayed renovation projects. 25% said they would still be going ahead. Women are more likely than men to exercise fiscal caution, with almost twice as many saying they can’t afford to renovate.
On the upside, only 14% of respondents in the market for a new home say they’ve delayed plans to buy a home in need of renovations.