Energy Efficiency Envelope Features News Residential
Canadians prioritize upgrading their homes for functionality, value and energy efficiency

July 24, 2024 – Canadians are staying put and focusing on improving their current homes, including renovations that would improve their energy efficiency.

Financeit Canada, a provider of point-of-sale financing solutions, conducted a survey in June among 1514 online Canadians who are members of the Angus Reid Forum. The findings show that 94% of homeowners plan to stay in their current home for at least the next year, and a quarter plan to invest in renovations.

“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,” said Michael Garrity, executive chair, Financeit. “We understand that enhancing one’s current living space can be a more economical and satisfying option in the long run.”

53% of respondents say they want to complete renovations to improve the functionality of their home, and 21% want to complete a home renovation in the next year to increase the value of their home.

While the survey finds that homeowners are changing their spending habits due to rising cost of living, it also finds that Canadians are looking for ways to save money through renovations. The data reveals that 62% of homeowners are likely to invest in energy efficiency home renovations to save money down the road on utility costs.

Of provinces most likely to invest in energy efficiency upgrades, homeowners in Atlantic Canada are most likely to invest (71%).

Among those looking to complete a home renovation in the next year, 37% of Canadians wish to remodel their kitchen, bathroom or basement, 24% are looking to landscaping, and 17% wish to replace windows and/or doors.