The 2024 Canadian Homeowner Renovation Report by Angus Reid in partnership with Financeit Canada Inc., has revealed that a majority of Canadian homeowners are planning to stay in their current homes over the next year.
Despite the Bank of Canada (BOC) cutting the key interest rate in June for the first time since March 2020, the data from the report indicates that people are still cautious about making big financial decisions such as purchasing a new house. The report revealed that those aged 35-54 are the most cautious to move during tight financial times at 30 per cent.
According to the survey, a total of 94 per cent of Canadian homeowners are planning to stay in their current homes in the next year, with 24 per cent of those respondents saying the cost of living has deterred them from looking for a new place to live.
The survey found that one-in-four Canadian homeowners plan to undertake renovations in their current home in the next year. The report noted that while Canadians may not be able to afford to purchase a new house, some continue to look for ways to upgrade their space on a budget.
Among those looking to complete a home renovation in the next year, 37 per cent of Canadians are looking to remodel their kitchen, bathroom or basement, 24 per cent are looking to landscape and 17 per cent are looking to replace windows and/or doors.
Of those who have put off plans to purchase a new home, 25 per cent are planning to undertake home renovations in the next year while 53 per cent of those polled said they want to complete home renovations to improve the functionality of their home. That report also revealed that energy-efficient home renovations are highly favoured by homeowners, with 62 per cent indicating they are likely to invest in such upgrades in order to save money.
“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 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.”
