The 2024 Canadian Homeowner Renovation Report by Angus Reid and FinanceIt Canada Inc.
("Financeit") finds the vast majority (94%) of Canadian homeowners
are planning to stay in their current homes over the next year,
with nearly a quarter (25%) of those homeowners planning to
undertake renovations in the next year.
Highlights:
- 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
- Energy-efficient home renovations are highly favored by
homeowners, with 62% indicating they are likely to invest in such
upgrades in order to save money
TORONTO, July 16,
2024 /CNW/ - A new report has revealed that the
majority (94%) of Canadian homeowners plan to stay in their current
house for the next year at least, with nearly a quarter (24%) of
those same homeowners citing the rising cost of living as a core
reason for doing so. According to a recent Angus Reid survey, conducted by Financeit a
leading provider of point-of-sale financing in Canada, one-in-four (25%) Canadian homeowners
plan to undertake renovations in their current home in the next
year. While Canadians may not be able to afford to purchase a new
house in the next year, it is clear that some continue to look for
ways to upgrade their space on a budget.
"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. 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."
Homeowners Seeking Stability Amid Rising Cost of
Living
The rising cost of living has impacted Canadians' ability to buy
groceries and gas, pay bills and even pay mortgage payments in some
cases. Despite the Bank of Canada
(BOC) cutting the key interest rate in June for the first time
since March 2020, this new data
report shows that people are still wary of making big financial
decisions such as purchasing a new house. A whopping 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.
In addition, those aged 35-54 are the most cautious to move
during tight financial times at 30%.
Homeowners are Looking to Renovate
With more Canadians looking to stay where they are as the cost
of living continues to rise, many are looking to update their space
as an alternative. The recent report found that 53% of
homeowners said they want 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 polled, 21% said they want to complete a home
renovation in the next year to increase the value of their home,
but more shocking was a staggering 65% of homeowners in
Manitoba looking to renovate for
the same reason. 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.
Investing in Energy Efficient Upgrades
While this report found that homeowners are changing their spending
habits due to rising cost of living, it also found that Canadians
are looking for innovative ways to save money through renovations.
The data revealed that 62% of Canadian homeowners are likely to
invest in energy efficient home renovations to save money down the
road on utility costs. Of provinces most likely to invest in energy
efficient upgrades, homeowners in Atlantic Canada are most likely to invest at
71%.
Click here to view national and provincial data related to the
study.
About Financeit Canada Inc.
Financeit Canada Inc. is a leading provider of point-of-sale
financing solutions for the home improvement, recreational vehicle,
and retail sectors. Founded in 2011, the company offers flexible
payment plans to enterprise businesses, big box retailers, OEMs,
and dealer networks, supporting their projects and purchases.
Financeit's cloud-based technology empowers merchants to increase
close rates and transaction sizes through convenient payment plans
while ensuring a transparent and efficient loan application process
that supports merchant partners across Canada. Financeit operates as a subsidiary of
CommunityLend Holdings Inc. For more information, visit
www.financeit.io
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. The Angus Reid Forum is Canada's most well-known and trusted online
public opinion community consisting of engaged residents across the
country who answer surveys on topical issues that matter to
all Canadians.
SOURCE Financeit Canada Inc.