Quebec homeowners more likely to renovate than to buy: report
Posted February 26, 2024 9:49 am.
Last Updated February 26, 2024 9:57 am.
According to a study of more than 1,000 homeowners in Quebec, they are more likely to renovate than to buy.
The study from EspaceProprio’s third annual Quebec homeowners’ renovation intentions survey, in collaboration with the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), shows that 66 per cent of homeowners in the province believe they are likely or very likely to carry out at least $5,000 worth of renovations within the next three years.
This is virtually unchanged from results over the last two years — with 65 per cent in 2023 and 66 per cent in 2022.
According to a press release Monday, the survey examines the types of projects planned, anticipated budgets to carry out the work, and measures the impact of the current economic climate on the advancement of residential renovation initiatives.
“The renovation intentions of residential homeowners remain stable again this year,” said Pascal Laflamme, Chief Operating Officer and Chief Integrated Experience Officer at EspaceProprio in the release.
“Even though the economic situation isn’t ideal, homeowners want to keep maintaining their property,” he added. “Many homeowners are therefore choosing to spend more time brainstorming and planning the projects they want to undertake.”
According to the survey, 76 per cent of Quebec homeowners plan to renovate instead of buy a new property.
More than half of respondents (53 per cent) believe the economic conditions may force them to postpone their project.
With 42 per cent saying they may have to scale back the scope of their renovations.
The survey, conducted from Dec. 6 to 13, 2023, was among 1,016 Quebecers aged 18 and over.
The participants, own at least one property and intend to do at least $5,000 worth of renovations or maintenance over the next three years.
