This is despite nearly seven out of 10 Torontonians facing heightened stress levels during renovations
Nearly two out of five (39%) Torontonians are renovating instead of moving due to soaring residential property prices, according to a new poll by proptech Billdr.
The same survey, which polled both homeowners (93%) and soon-to-be homeowners (7%), also found that 22% of current owners are drawing on their home equity as a primary source of their renovation funds.
This is despite 69% of respondents saying that they wrestle with immense stress when completing renovations. Another 37% who previously renovated their homes said that they would renovate again as long as they’re dealing with the right experts, although 60% admitted that they found it difficult to find qualified and trusted contractors.
Read more: Toronto home prices fall for third straight month
Among those who have completed their renovations, 37% said that the greatest challenge was managing their project during construction, while 28% said that it was finding a general contractor.
“We’re seeing more homeowners choosing to stay put, invest in their homes, and avoid moving when the market is unstable,” said Bertrand Nembot, CEO of Billdr.
“Affordability is a major concern for Canadians right now, whether it’s the recent inflation battles, continued supply chain issues, or the ongoing rise of lending rates. Finding a new home that suits all your needs is becoming increasingly difficult in today’s real estate market, and renovating is one way to avoid that struggle.”
