Hammering nails will become a common soundtrack around Canadian neighbourhoods for the next year, as a new inclusion in the federal budget has home renovators preparing for a boom in business.
The home renovation tax credit gives taxpayers a break, allowing a claim of 15 per cent the cost of renovations per household, between $1,000 and $10,000.
News of the extra incentive couldn’t have come at a better time for Edmontonians, days ahead of the year’s biggest reno expo.
“Anything that gets the consumer thinking positively about going ahead with a project around the house will stimulate business,” said Rick Young, producer of the Edmonton Renovation Show.
The time-sensitive offer lets homeowners claim fixer-uppers until Feb. 1, 2010.
“It’s going to be a bonus and positive encouragement for people who were planning to do some renovations,” Young said.
“It’s also going to be a stimulus for people who were planning on laying back and being more conservative until the economy picks up.”
Nord Alta Construction owner Robert Breault said people have become “more hesitant” to pay for costly renos since the looming recession, but that the tax credit may have given the dark cloud a silver lining.
The initiative is expected to cost $3 billion dollars.
The Edmonton Renovation Show begins tomorrow and ends Sunday at Northlands AgriCom, and will play host to industry experts, do-it-yourself clinics and the latest trends in green home reno solutions.
