Renovate or Move: What a New Survey Says

Ninety-four per cent of Canadian homeowners have no plans to move in the next year.

This is according to a newly released report by Financeit, a provider of point-of-sale financing in the Canadian home improvement market, which teamed up with market research firm Angus Reid to survey homeowners.

Nearly one-quarter of those people who said their going to stay in their current home cited the cost of living as a deterrent to looking for a new place to live.

Of those who have put off plans to purchase a new home, 25% expect to undertake renovations. More than half of those polled said the goal is to improve the functionality of their home.

Homeowners are primarily looking to remodel their kitchen, bathroom or basement. Other popular renovation projects include landscaping and replacing windows and/or doors.

Energy efficiency is also top of mind as spending habits shift. Sixty-two per cent indicated they are likely to invest in such upgrades in order to save money.