Vast majority are planning to stay in their current homes over the next year
The vast majority of Canadian homeowners are planning to stay in their current homes over the next year, according to a report by Angus Reid and FinanceIt Canada Inc.
The survey found that nearly a quarter of the people putting off purchasing a new home were planning to undertake renovations in the next year.
“With the very high current cost of living burdening so many Canadians, we’re seeing a notable shift in homeowner behaviour,” said Michael Garrity, executive chair of FinanceIt.
FinanceIt provides financing for the home improvement, recreational vehicle and retail sectors.
While Canadians may not be able to afford to purchase a new house in the next year, some continue to look for ways to upgrade their space on a budget, the report said.
Rather than moving to a new one, they invest in renovating their current homes and stay where they are, said Garrity.
Energy-efficient home renovations are highly favoured by homeowners, the survey said, with 62 per cent likely to invest in such upgrades in order to save money on utility costs down the road. Homeowners in Atlantic Canada are the most likely to undertake renovations, at 71 per cent.
Of those polled, 53 per cent said they want to complete renovations to improve the functionality of their home, with Ontarians being most likely to do so at 63 per cent.
Meanwhile, 21 per cent of Canadians want to complete a home renovation in the next year to increase the value of their property.
Among those looking to complete a home renovation in the next year, 37 per cent are looking to remodel their kitchen, bathroom or basement, while 24 per cent are looking to landscape and 17 per cent are looking to replace windows and/or doors.
The poll by FinanceIt surveyed 1,514 Canadian members of Angus Reid Forum online from June 11 to 13. It carries a margin of error of +/-2.53 percentage points, 19 times out of 20.