Homeowners Choose To Stay Put, Renovate

As supply remains tight in key regions of the Canadian housing market, a CIBC survey finds that most homeowners say the pandemic has not changed their intentions of staying put, with many choosing to use their accumulated savings to renovate their current property rather than list it. With only six per cent of homeowners polled saying they planned to sell pre-pandemic, the majority (77 per cent) say the pandemic has not impacted their housing plans. Most (63 per cent) agree that low interest rates haven't motivated them to sell and upgrade to a bigger home either. Many homeowners (34 per cent) have renovated their homes over the past year, while a similar number (31 per cent) say they plan to make upgrades in the next 12 months. Of those who have renovated, most (71 per cent) funded this with savings. Carissa Lucreziano, vice-president, CIBC financial and investment advice, says, "It's a positive sign that many homeowners are using cash versus debt to fund renovations ‒ we're seeing prudent financial behaviour from this group. " Top renovations undertaken by homeowners in the past 12 months are basic home maintenance: 54 per cent; landscaping: 45 per cent; bathroom renovations: 32 per cent; decorating: 26 per cent; and kitchen renovations: 24 per cent.