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Half of Canadians Would Rather Renovate than Relocate
A recent RateSupermarket.ca survey revealed over half of Canadians would choose to renovate their current home, instead of moving to a new home, if they had a budget of $50,000.
With the current high-interest-rate environment and introduction of stricter mortgage regulations, there has been great focus in the media on potential Canadian homeowners struggling to break into the market. These factors also impact current Canadian homeowners and their ability to relocate, however the survey found that the main reasons Canadian’s would rather renovate their existing home than move are comfort and convenience – with a large number saying they simply like their current home and neighbourhood too much to move.
Less than a third of respondents cited affordability as the deciding factor in their choice of “renovate” over “move”.
 

Who would rather renovate than move?
The survey found a majority of Canadians in every age group would choose to renovate their home, but there was a clear difference among older Canadians…

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