The 2024 Canadian Homeowner Renovation Report findings released

“With the very high current cost of living burdening so many Canadians, we’re seeing a notable shift in homeowner behaviour,” 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.”

Homeowners Seeking Stability Amid Rising Cost of Living

The rising cost of living has impacted Canadians’ ability to buy groceries and gas, pay bills and even pay mortgage payments in some cases. Despite the Bank of Canada (BOC) cutting the key interest rate in June for the first time since March 2020, this new data report shows that people are still wary of making big financial decisions such as purchasing a new house.