94% of Canadian homeowners are planning to stay in their current homes in the next year, with 24% of those same people saying the cost of living has deterred them from looking for a new place to live.
Of those who have put off plans to purchase a new home, 25% are planning to undertake home renovations in the next year.
53% of those polled said they want to complete home renovations to improve the functionality of their home. 21% of those polled said they’d be completing renovations to increase the value of their home.
Energy-efficient home renovations are highly favoured by homeowners, with 62% indicating they are likely to invest in such upgrades in order to save money.
Those aged 35-54 are the most cautious to move during tight financial times at 30%.
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Among those looking to complete a home renovation in the next year, 37% of Canadians are looking to remodel their kitchen, bathroom or basement, 24% are looking to landscape and 17% are looking to replace windows and/or doors.
“With the very high current cost of living burdening so many Canadians, we’re seeing a notable shift in homeowner behavior,” 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.”
How has the increased cost of living changed your plans to purchase a new home in the next year?
94% of Canadian homeowners are planning to stay in their current homes in the next year and here is a provincial breakdown of that group:
⬤ Homeowners planning to purchase a home in the next year
⬤ Homeowners planning to stay in their current homes in the next year
What is the biggest struggle you’re facing right now?
When asked what their biggest financial struggle right now is, over 42% selected Groceries & Gas as their main household expense.
Survey Methodology
These findings are from a survey conducted by Financeit from June 11th to June 13th, 2024, among a representative sample of 1,514 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.