It has been revealed that ninety-four percent of Canadian homeowners do not have intentions to relocate within the upcoming year.
This information stems from a recently published report by Financeit, a provider of point-of-sale financing in the Canadian home improvement sector, which collaborated with market research firm Angus Reid to conduct a survey among homeowners.
Nearly twenty-five percent of individuals planning to remain in their current residences mention the cost of living as a factor preventing them from seeking a new abode.
Among those who have delayed purchasing a new home, twenty-five percent anticipate carrying out renovations in the next year. Nevertheless, this percentage could have been higher if not for the influence of high living expenses; thirty-seven percent of homeowners have been impacted by these costs and have shelved their renovation plans.
Home improvements focused on energy efficiency are highly preferred by homeowners, with sixty-two percent expressing their willingness to invest in such enhancements for cost-saving purposes. Additionally, thirty-eight percent of respondents are inclined to utilize a monthly payment scheme to finance their upcoming home renovation project within the next 12 months.
Popular renovation endeavors also encompass kitchen/bathroom/basement remodelling at thirty-seven percent, followed by landscaping/decks at twenty-four percent, and window, door, and/or roofing replacements at seventeen percent.
More than half of the participants expressed their desire to carry out home renovations to enhance the functionality of their living space.
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