A new report found that 94% plan to remain in their current dwellings for the next year, rather than purchasing a new home. The newly released 2024 Canadian Homeowner Renovation Report, by Angus Reid and FinanceIt Canada Inc, also found a quarter are aiming to renovate during this time.

These findings are from a sample of 1,514 Canadians who were surveyed in June.

Respondents replied that rising costs, primarily groceries and gas, are keeping them situated at their current addresses. “With the very high current cost of living burdening so many Canadians, we’re seeing a notable shift in homeowner behavior,” 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.”

The majority who plan to update their spaces over the next year want to improve the functionality of their home. Ontario homeowners are more likely to do so. Another 21% want to boost the value of their home, and in particular, 65% of Manitobans.

Owners are primarily looking to remodel their kitchen, bathroom or basement. Another 24% want to landscape and 17% hope to replace windows and/or doors.

Energy efficiency is also top of mind as spending habits shift. The data revealed that 62% of homeowners are likely to invest in energy efficient home renovations to save money on future utility costs. Owners in Atlantic Canada (71%) expressed the most enthusiasm for these types of upgrades.

More national and provincial data related to the study can be accessed here.