Government Incentives Prompt Canadians to Renovate: One in Five Canadians More Likely to Renovate Thanks to New Home Renovation Tax Credit



    Lowe's Canada Declares 2009 the Year to Save on Home Renovations

    TORONTO, Feb. 5 /CNW/ - In a new survey commissioned by Lowe's Canada,
Canadians were asked what impact the Home Renovation Tax Credit (HRTC) will
have on their plans for renovations. According to the survey conducted by
Angus Reid Strategies, one in five Canadians reported the HRTC makes them more
likely to undertake renovations in the next 12 months.
    "For Canadians who may have been postponing their renovation projects,
big or small, there is no better time to invest in their home and take
advantage of the temporary tax credit," said Lowe's Canada president, Don T.
Stallings. "This is the year to save on home renovations. Lowe's offers an
outstanding selection of products and can assist Canadians when they enhance
their homes."
    The federal government's temporary tax credit is designed to stimulate
investment in Canada's home renovation sector. The HRTC is a temporary 15 per
cent tax credit that can be claimed on up to $10,000 of eligible home
renovation expenditures between Jan. 27, 2009, and Feb. 1, 2010. The credit
will apply to the portion of eligible expenditures that exceeds $1,000 but
does not exceed $10,000, up to a maximum credit of $1,350.

    
    How much Canadians renovators are willing to spend:
    ---------------------------------------------------

    Despite the economic climate, Canadians are still willing to invest in
their homes - with 47 per cent of Canadians planning to renovate in the next
twelve months. Of this group, nearly two-thirds (63%) say they will spend up
to $5,000 on home renovations in the next year. Overall, Canadian renovators
plan to spend the following on their project(s):

    -   Less than $1,000 (9%)
    -   $1,000 - $ 2,500 (28%)
    -   $2,501 - $5,000 (26%)
    -   $5,001 - $7,500 (11%)
    -   $7,501 - $10,000 (10%)
    -   More than $10,000 (16%)

    What motivates Canadians to renovate their homes:
    -------------------------------------------------
    

    Home really is where the heart is. Canadians are renovating for the love
of their home more so than for increasing resale value. The Lowe's Canada
survey indicates 64 per cent of Canadians are undertaking home renovation
projects for personal/family enjoyment. Other key survey insights include:

    
    -   12 per cent of Canadians are undertaking home renovations to add
        value to their homes for resale purposes
    -   11 per cent of Canadians are undertaking home renovations this year
        as a way to improve energy efficiency within the home

    Canadians' top home renovation projects:
    ----------------------------------------

    From big projects to small - Canadians are going to be busy this year
sprucing up their homes. The most popular projects range from a fresh coat of
paint (41%) to renovating bathrooms (32%) and kitchens (28%). Top renovation
projects include:

    -   Painting the interior/exterior of their home (41%)
    -   Renovating their bathroom (32%)
    -   Renovating their kitchen (28%)
    -   Installing new carpet or hardwood floors (26%)
    -   Installing new windows (21%)
    -   Building an addition, deck, fence or retaining wall (20%)
    

    For economical home renovation tips, visit any local Lowe's store or go
online at www.lowes.ca to find tips, products and installation services that
will help you make the most of the new tax credit and realize your renovation
aspirations.
    Lowe's opened its first Canadian store in 2007 and currently has 11
stores in Canada. On Feb. 3, Lowe's announced three more locations in Oshawa
and Scarborough to serve Canadian home renovators by the end of the second
quarter of fiscal 2009.

    ABOUT THE LOWE'S CANADA SURVEY:

    From February 2 to February 3, 2009, Angus Reid Strategies conducted an
online survey among 1,003 randomly selected Canadian adults who are Angus Reid
Forum panelists. The margin of error-which measures sampling variability-is
+/- 3.1%, 19 times out of 20. The results have been statistically weighted
according to the most current education, age, gender and region Census data to
ensure a sample representative of the entire adult population of Canada.
Discrepancies in or between totals are due to rounding.

    ABOUT LOWE'S:

    With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 14 million customers a week.
Lowe's operates more than 1,625 home improvement stores in the United States
and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the
second-largest home improvement retailer in the world. For more information,
visit Lowes.ca





For further information:

For further information: Abby Buford, Lowe's Companies, Inc., (704)
758-3497, abby.b.buford@lowes.com; Christina Herancourt, GCI Canada, (416)
486-7219, christina.herancourt@gcicanada.com

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Lowe's Companies, Inc.

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FEDERAL BUDGET 2009

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