Content courtesy of Financiet & Fenestration Review
The 2024 Canadian Homeowner Renovation Report findings released.
The 2024 Canadian Homeowner Renovation Report by Angus Reid and FinanceIt Canada Inc. found that most Canadian homeowners (94%) plan to stay in their current homes over the next year. Nearly a quarter (25%) of those homeowners plan to renovate.
“With the high cost of living, many Canadians are choosing to stay put and renovate instead of moving,” said Michael Garrity, executive chair of Financeit. “Renovating can be more economical and satisfying in the long run.”
Homeowners Seeking Stability
The rising cost of living has made it harder for Canadians to buy groceries, gas, pay bills, and even mortgage payments. Despite the Bank of Canada cutting the key interest rate in June, people are still cautious about big financial decisions like buying a new house. A huge 94% of Canadian homeowners plan to stay in their current homes next year. Of those, 24% say the cost of living has stopped them from looking for a new place. People aged 35-54 are the most cautious about moving during tight financial times (30%).
Homeowners Looking to Renovate
With the cost of living rising, many Canadians are choosing to update their current homes. The report found that 53% of homeowners want to renovate to improve their home’s functionality. Homeowners in Ontario are the most likely to do so (63%).
Of those polled, 21% want to renovate to increase their home’s value. In Manitoba, a surprising 65% of homeowners want to renovate for the same reason. Among those planning to renovate next year, 37% want to remodel their kitchen, bathroom, or basement, 24% want to landscape, and 17% want to replace windows and/or doors.
Investing in Energy Efficient Upgrades
The report also found that homeowners are looking for ways to save money through renovations. It revealed that 62% of Canadian homeowners are likely to invest in energy-efficient home renovations to save on utility costs. Homeowners in Atlantic Canada are the most likely to invest in energy-efficient upgrades.
Many homeowners in British Columbia are quite likely to upgrade their homes, especially with the availability of various incentive programs. Programs like the Home Renovation Rebate Program by BC Hydro, CleanBC, and FortisBC offer rebates and grants for energy-efficient upgrades. These incentives make it more appealing for homeowners to invest in renovations.
Additionally, the rising cost of living has led many Canadians, including those in BC, to stay in their current homes and opt for renovations instead of moving. This trend is supported by the availability of financial assistance programs that help make home improvements more affordable.
