TOP 10 Return on Investment projects according to the Appraisal Institute of Canada.

1. Painting and decor, interior - 73%
2. Kitchen renovations - 72%
3. Bathroom renovations - 68%
4. Painting, exterior - 65%
5. Flooring upgrades - 62%
6. Window/door replacement - 57%
7. Main floor family room addition - 51%
8. Fireplace addition - 50%
9. Basement renovation - 49%
10. Furnace/heating system replacement - 48%

Most common renovations being done

• Main floor laundry room
• Ground floor home office
• Hardwood flooring upgrade in kitchen
• Whirlpool bath separate from shower
• Built-in kitchen appliances
• Addition of kitchen cooking island
• Non-neutral interior paint colours
• Smart house wiring
• Home theatre room
• Skylights

Expected Return (Range of Return)

• Exterior Paint (50% - 100%)
• Interior Paint (50% - 100%)
• Bathroom Renovation (75% - 100%)
• Kitchen Renovation (75% - 100%)
• Furnace/Heating System Upgrade (50% - 80%)
• Roof Shingle Replacement (50% - 80%)
• Basement Renovation (50% - 75%)
• Recreation Room Project (50% - 75%)
• Install a Fireplace (50% - 75%)
• Flooring Upgrade (50% - 75%)
• Window/Door Replacement (50% - 75%)
• Build a Deck (50% - 75%)
• Construct A Garage (50% - 75%)
• Install Central Air Conditioning (25% - 75%)
• Build a Fence (25% - 50%)
• Interlocking Paving (25% - 50%)
• Landscaping (25% - 50%)
• Asphalt Paving (20% - 50%)
• Add A Swimming Pool (10% - 40%)
• Install a Skylight (0% - 25%)

The  Appraisal Institute of Canada has a useful worksheet that calculates potential return according to the above range. If you are planning to upgrade have a look.

Return on Investment on upgrades according to The National Association of the Remodeling Industry

Not surprisingly they are more optimistic than the Appraisers' return estimates, but the order of return remains much the same.

The Wall Street Journal suggests the following guidelines for best returns.

Painting the outside of your home enhances the curb appeal of your home relatively inexpensively and is an excellent investment bringing substantial ROI.

Kitchens and Bathrooms remodel is one of the best way to add value to the home and is repaid at the rate of 88% of the cost of a kitchen remodeling and 82% of the cost of remodeling a bathroom. (These are average American figures but are similar in Canada)

Additions of a room or garage is one of the more expensive improvements you can make, but the Return on investment (ROI) can be good. Up to 84% of the cost of an addition is recouped when a home is resold. But be warned: good design and execution are the only way to get your money back.

Additions of garages and extra rooms is subject to municipal by-laws, so check before you build.

Finishing Rooms such as a basement into more functional space can make the house more livable, but you won't necessarily get all your money back. On average you'll get a 75% return if you convert your attic into a bedroom and about 69% back if you refinish your basement.

Landscaping and Decks makes the yard look better and improves curb appeal. But don't go overboard on gardens. The deluxe landscaping job will simply not give the best return for your money. Adding a deck can make it more enjoyable, but you'll probably only get half of the cost when it comes time to sell.

Pools if you have enough space for one are one of the least rewarding upgrade you can add in terms of resale value. Adding a pool usually gives a bad return and has been known to reduce the appeal of a home.

Customized Changes that reflect your lifestyle closely do not offer best return.

Return on Investment (ROI) according to National Association of Realtors (American)

1. Kitchen Remodeling 88%
2. Adding Room/Garage 84%
3. Bathroom Remodeling 82%
4. Converting Attic 75%
5. Refinishing Basement 69%