Home renovations are top of the mind for would-be sellers: poll

Houses for sale in Ottawa

The study found that 73% will be updating the interiors of their homes, while 45% will be making repairs or renovations to their exteriors.

However, the report also stressed that several factors may prevent homeowners from selling their primary residences within the next three years – namely, the stress of moving (22%) and the prospect of buying a new home amid limited supply (16%), both of which aren’t likely to get resolved any time soon.

“Anything that prevents homeowners from listing their properties is going to put more pressure on buyers,” said Shannon Terrell, personal finance expert at NerdWallet Canada.

Additionally, Canadian homeowners don’t appear to be in a rush to sell, with only 6% saying that they plan to sell their primary residences within the next 12 months. A mere 4% said that they intend to sell within 13-18 months, while 5% said that they plan to sell in 19-24 months.

Two out of five (41%) homeowners said that they will be selling only more than five years from now.

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