Vast majority of Canadian homeowners not looking to sell: Poll
Instead, respondents say, they would rather renovate living space
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A vast majority of Canadian homeowners are not looking to put their property up for sale.
According to a recent survey, 94% of respondents said they were planning to stay in their current home over the next year with nearly a quarter saying the cost of living had deterred them from looking for a new place to live.
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The 2024 Canadian Homeowner Renovation Report by Angus Reid and FinanceIt Canada Inc., a Toronto-based financial services company, also found a quarter of respondents who had put off plans to purchase a new home were planning to undertake home 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,” Michael Garrity, executive chair of Financeit, said in a news release.
“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.”
The most cautious movers during tight financial times were respondents between the ages of 35 and 54.
While the rising cost of living has impacted Canadians’ pocketbooks, the report suggested some were looking for ways to upgrade and update their space to be more energy efficient with 62% indicating they were likely to invest in such upgrades to save money.
The poll found 53% of homeowners said they wanted to complete home renovations to improve the functionality of their home with homeowners in Ontario the most likely to do so at 63%.
Of those interested in home renovations, 37% of Canadians said they were looking to remodel their kitchen, bathroom or basement, 24% were looking at landscaping improvements and 17% were looking to replace windows and/or doors.
The survey was conducted online by Financeit in mid-June among a representative sample of 1,514 Canadians who were members of the Angus Reid Forum.
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