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Canadian Homeowner Renovation Report

The 2024 Fenestration Review Report on Canadian Homeowner Renovations

Jul 26, 2024 | Latest

Content courtesy of Financiet & Fenestration Review

The 2024 Canadian Homeowner Renovation Report findings released.

The 2024 Canadian Homeowner Renovation Report  by Angus Reid and FinanceIt Canada Inc. found that most Canadian homeowners (94%) plan to stay in their current homes over the next year. Nearly a quarter (25%) of those homeowners plan to renovate.
 

“With the high cost of living, many Canadians are choosing to stay put and renovate instead of moving,” said Michael Garrity, executive chair of Financeit. “Renovating can be more economical and satisfying in the long run.”

 

Homeowners Seeking Stability
The rising cost of living has made it harder for Canadians to buy groceries, gas, pay bills, and even mortgage payments. Despite the Bank of Canada cutting the key interest rate in June, people are still cautious about big financial decisions like buying a new house. A huge 94% of Canadian homeowners plan to stay in their current homes next year. Of those, 24% say the cost of living has stopped them from looking for a new place. People aged 35-54 are the most cautious about moving during tight financial times (30%).

 

Homeowners Looking to Renovate
With the cost of living rising, many Canadians are choosing to update their current homes. The report found that 53% of homeowners want to renovate to improve their home’s functionality. Homeowners in Ontario are the most likely to do so (63%).

 

Of those polled, 21% want to renovate to increase their home’s value. In Manitoba, a surprising 65% of homeowners want to renovate for the same reason. Among those planning to renovate next year, 37% want to remodel their kitchen, bathroom, or basement, 24% want to landscape, and 17% want to replace windows and/or doors.

 

Investing in Energy Efficient Upgrades
The report also found that homeowners are looking for ways to save money through renovations. It revealed that 62% of Canadian homeowners are likely to invest in energy-efficient home renovations to save on utility costs. Homeowners in Atlantic Canada are the most likely to invest in energy-efficient upgrades.

 

Many homeowners in British Columbia are quite likely to upgrade their homes, especially with the availability of various incentive programs. Programs like the Home Renovation Rebate Program by BC Hydro, CleanBC, and FortisBC offer rebates and grants for energy-efficient upgrades. These incentives make it more appealing for homeowners to invest in renovations.

 

Additionally, the rising cost of living has led many Canadians, including those in BC, to stay in their current homes and opt for renovations instead of moving. This trend is supported by the availability of financial assistance programs that help make home improvements more affordable.

 

Westeck isn’t just about products—it’s about service and innovation. The Westeck team is dedicated to guiding you through the selection process, ensuring you get the perfect fit for your home. And with a focus on continuous improvement, staying ahead of trends, ultimately providing you with the latest in window and door technology. Choosing Westeck means investing in quality, style, and peace of mind. Whether it’s windows, doors, or patio doors, Westeck offers solutions that enhance your home’s beauty, comfort, and efficiency. So why settle for anything less? Upgrade your space with Westeck and enjoy the perfect blend of form and function.

Westeck is a premier manufacturer of windows and doors. All major North American and European windows and doors are locally manufactured and proudly displayed in seven well-appointed showrooms including Kelowna, Victoria, Vancouver, Chilliwack, Nanaimo, Kirkland and Bellingham in Washington State. Each window and door is built to order, our customer have the freedom to design and create a product that is unique and personal. Enjoy our latest line of energy efficient windows and doors designed to enhance modern and contemporary architecture.

If you’d like to learn more about our windows, doors, and patio openings contact us Toll-free (US/Canada): 1-877-606-1166 or email us at sales@westeckwindows.com for a consultation with one of our Project Consultants.

 

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