94% Canadian homeowners plan to remain in their homes, despite high living expenses. They opt for renovations
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A report by Angus Reid & Financeit reveals that 94 percent of Canadian homeowners plan to remain in the same home for atleast the next year. Nearly a quarter cite the higher cost of living as a reason.
Despite the Bank of Canada’s interest rate cut in June, increased living costs are still holding people back from large financial decisions like purchasing a new home. This is the reason why 30% of people aged 35-54 – the most cautious group – are hesitant to move.
Renovations: a nice alternative
The report also found that 25 per cent of those who won’t move plan to renovate their homes within the next year.
“With the very high current cost of living burdening so many Canadians, we’re seeing a notable shift in homeowner behavior,”Michael Garrity is the executive chairman of Financeit Inc. Canada. “More and more Canadians are choosing to stay where they are, and instead invest in renovating their current homes rather than moving to a new one. We understand that enhancing one’s current living space can be a more economical and satisfying option in the long run.”
As for their renovation goals, 53 per cent of homeowners wish to improve their home’s functionality, with Ontario homeowners the most likely to do so at 63 per cent.
65 percent of Manitoba homeowners renovate their homes to increase the value. 37 percent of those who plan to renovate their home in the next 12 months will remodel their kitchen, basement or bathroom. 24 percent would like to landscape, and 17 percent will replace windows and/or door.
Energy-efficient upgrades
The report also found out that Canadians are looking to save money by renovating their homes. 62 percent of homeowners will likely invest in energy-efficient upgrades to reduce utility costs.
At 71 percent, homeowners in Atlantic Canada are most likely to invest their money in energy-efficient upgrades.
View the results of the survey in more detail Here is a link to the article.
‘ Credit:
Original content by realestatemagazine.ca – “94% of Canadian homeowners plan to stay put amid high living costs, opt for renovations”
Read the complete article at https://realestatemagazine.ca/94-of-canadian-homeowners-plan-to-stay-put-amid-high-living-costs-opt-for-renovations/
