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, one-in-four (25%) Canadian homeowners plan to undertake renovations in their current home in the next year.
Financeit is a provider of point-of-sale financing solutions for the home improvement, recreational vehicle, and retail sectors.
Founded in 2011, Financeit offers flexible payment plans to enterprise businesses, big box retailers, OEMs, and dealer networks, supporting their projects and purchases.
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.”
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