Poll also reveals split between younger and older respondents
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A recent survey found that most Canadians are satisfied with their current neighbourhood and would rather renovate their current home than move.
According to a poll conducted by online rate finder RateSupermarket.ca, if presented with a $50,000 windfall, 50% of Canadians prefer to stay put and renovate their existing home while 30% would choose to move.
"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."
Read more: Home renovations surge
The survey also found that 40% of respondents felt that renovating will increase the value of home, and 32% reported that moving is 'too much hassle.' More than a quarter of respondents (28%) stated 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%) 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. Additionally, the RateSupermarket.ca survey indicated that rural and suburban Canadians would prefer to stay in their homes, with 54% of suburban and 59% of rural dwellers saying they'd renovate, against 44% of urbanites.
The survey also revealed a split between younger and older respondents. In fact, 43% of Canadians aged between 18 and 34 say they'd move, while only 15% of Canadians over 65 would leave their current house. Less than 20% of Canadians aged 55 and over say they'd buy a new home while 43% of millennials felt this way.
"The desire to stay put by older Canadians may stem from them being more established in their current homes," said White. "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."
