Biggest reasons for not moving
Despite being the prime home buying demographic in Canada, people between the ages of 35 and 54 are the most cautious when it comes to moving during times of financial uncertainty.
The primary reason for the home moving reluctance was the uncertainty of how a move would impact the cost of essentials, such as gas and groceries, with 42% of respondents citing this as their number one concern. Another 19% were reluctant to move as they didn't want to take on unexpected expenses. Other reasons to not move included:
- Prioritizing health and wellness
- Keeping mortgage payments manageable
- Reducing home improvement costs
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Get A QuoteStaying put means renovations on the rise
With Canadians deciding to stay in their current homes, renovations have become their chosen way to save money in the medium to long term.
“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," added Garrity.
That being said, just over 1 in 5 Canadians (21%) saw renovating as a way to increase their property value over the next year. Nationwide, 53% of homeowners said they wanted to renovate to improve home functionality.
From a regional perspective, homeowners in Manitoba and Ontario were the most eager to pursue home restoration or upgrades, 65% and 63%, respectively.
Renovations Canadians aim to complete in 2024 and 2025
When asked what type of renovations to take on, most Canadians had a preference list, including:
- 62% — Will complete energy efficient home improvements to save on utility costs (with 71% of homeowners in Atlantic Canada most likely to invest in energy efficient remodel projects)
- 37% — Plan to complete kitchen, bathroom or basement renovations
- 24% —Aim to complete landscaping projects
- 17% — Will replace windows and doors
Survey data highlights overall market uncertainty when it comes to Canada's real estate markets
Financeit’s 2024 Canadian Homeowner Renovation Report and its conclusions are broadly supported by real estate data gathered by other organizations like RE/MAX.
For instance, RE/MAX released their 2024 Liveability report in July 2024. One of the biggest takeaways was that housing affordability (defined at the ratio between median salary and median home price) was a major concern for 44% of Canadian respondents. The report also found that Canadians were less likely to sacrifice neighbourhood quality of life for increased square footage, according to RE/MAX.
Taken together, this supports the idea that Canadians are reluctant to entire a volatile real estate market.
Survey methodology
The Financeit survey collected responses from 1,514 members of the Angus Reid web forum between June 11 and June 13, 2024. Given the survey size Angus Reid anticipates the results are considered to be accurate to +/- 2.53%, 19 times out of 20.
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