According to a report by Angus Reid and Financeit, 94 per cent of Canadian homeowners plan to stay in their current homes for at least the next year, with nearly a quarter citing higher living costs as their reason. Despite the Bank of Canada’s interest rate cut, 30 per cent of those aged 35-54 are hesitant to make big financial decisions like buying a new home due to increased living expenses.
Renovations: A nice alternative
The report also reveals that 25 per cent of homeowners who choose not to move plan to renovate their homes in the coming year. Michael Garrity, executive chair of Financeit Inc. Canada, notes a shift in homeowner behavior towards investing in renovations rather than moving, given the current cost of living. Ontario homeowners are the most likely to focus on improving functionality, with 53 per cent aiming for this goal.
21 per cent of homeowners plan to renovate to increase their home’s value, with Manitoba leading at 65 per cent. Common renovation plans include remodeling kitchens, bathrooms, or basements (37 per cent), landscaping (24 per cent), and replacing windows/doors (17 per cent).
Energy-efficient upgrades
The report also shows that 62 per cent of homeowners are considering energy-efficient renovations to cut down on utility costs, with Atlantic Canada homeowners being the most inclined at 71 per cent.
View the survey results in more detail here.
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