Are You Going to Move? 1 in 3 Canadians Considering a Move Post Pandemic
Many others doing DIY renovations.
According to a new survey by insurance company Aviva, Canadians are looking to move somewhere with more space… or maybe just somewhere more affordable! The survey found that “31% of Canadians are considering relocating as a result of the pandemic, with over one third of these considering moving to a semi-rural or rural location.”
Many of know someone, or have heard of someone, who has sold their home in Ontario and moved to the Maritimes or moved out east to afford their first home. About 1/4 of respondents said that finding affordable housing was the number one reason behind unexpected buying or selling or moving rental locations.
For those who aren’t moving, many are doing renovations. Homeowners with children under the age of 18 are twice as likely (at a rate of 36%) to consider renovating than those who don’t have children under 18 (18%).
Other findings include:
- Only a third of those who made changes to their home hired someone to complete the work, with most tackling it themselves. Of those who made changes, 40% have updated or intend to inform their insurance provider about these changes, and while over half said they don’t need to.
- In the last year, 17% of Canadians improved their home space through renovations, with the most popular renovation being backyard changes.
- Canadian homeowners who renovated in the past year spent an average of $4,525. The priciest home changes on average included adding an addition to their home, renovating their backyard, renovating their basement to add an entertainment space, and renovating to add a work from home office, with average spend of $10,800, $6,222, $3,789 and $2,796 respectively.
- Only a third of those who made changes to their home hired someone to complete the work, with most tackling it themselves. Of those who made changes, 40% have updated or intend to inform their insurance provider about these changes, and while over half said they don’t need to.
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