Half of Canadians Would Rather Renovate than Relocate

If presented with a $50K budget, 50 percent of Canadians would renovate their existing abode, while 30 percent would choose to move, finds a recent survey from RateSupermarket.ca, Canada’s one-stop shop for the best rates on personal finance products.

“Given the current real estate market and tightening mortgage rules, renovating your existing home makes a lot of financial sense for many Canadians,” said Janine White, Vice-President of Marketplace and Strategy at RateSupermarket.ca. “Our survey shows that Canadians understand and appreciate the value of their real estate investment.”

Survey highlights:

  • Forty percent of respondents feel that renovating will increase the value of home
  • Three in 10 (32 percent) reported that moving is ‘too much hassle’
  • More than a quarter of respondents (28 percent) state that they would stay put because they don’t think they can find a house right now within their budget
  • Almost eight in 10 (78 percent) of respondents said that they like their current home or neighbourhood, with almost six in 10 reporting this as their top reason for staying in their home.
With a $50K Windfall, Half of Canadians Would Rather Renovate than Relocate, finds RateSupermarket.ca Survey (CNW Group/RateSupermarket.ca)

Suburban and Urban

Additionally, the RateSupermarket.ca survey indicated that rural and suburban Canadians would prefer to stay in their homes with 54 percent of suburban and 59 percent of rural dwellers saying they’d renovate, versus 44 percent of urbanites. Only 35 percent urbanites would move, with 21 percent saying they’d either do nothing, or don’t know what they’d do.

Age Gap

While the majority of respondents in every age group said they’d rather renovate, the survey revealed a split between younger and older respondents. In fact, 43 percent of Canadians aged between 18 and 34 say they’d move, while only 15 percent of Canadians over 65 would leave their current house. Less than 20 percent of Canadians aged 55 and over say they’d buy a new home while 43 percent of millennials felt this way.

“The desire to stay put by older Canadians may stem from them being more established in their current homes,” White said. “Those in their 20s or 30s are looking to acquire some equity and build their financial portfolio, which translates to their greater willingness to move. Additionally, the added transfer tax, moving costs and general hassle of moving houses might deter some Canadians.”

SOURCE RateSupermarket.ca