Real estate: one in four Montrealers prefer to renovate rather than sell

One in four Montrealers have decided to renovate their current property instead of selling it, due to an overpriced real estate market, according to a survey by renovation company Billdr Canada released Thursday.

Real estate: one in four Montrealers prefer to renovate rather than sell

One in four Montrealers have decided to renovate their current property instead of selling it, due to an overpriced real estate market, according to a survey by renovation company Billdr Canada released Thursday.

This proportion is even higher in Toronto, where 39% of residents who undertake renovations do so because of an even more expensive market than that of the metropolis. The majority of respondents in these two cities (58% in Montreal and 49% in Toronto), however, indicated that they want to do renovations because they like where they live, but want more space.

Among the type of renovations carried out, 55% of Montrealers and 49% of Torontonians choose to modernize a bathroom or a kitchen. The second most popular renovation choice in Toronto (15%) is finishing the basement, while in Montreal, outdoor landscaping is favored by nearly one in five respondents (18%).

Moreover, most respondents (39% in Montreal and 29% in Toronto) will not invest more than $50,000 for their renovation project. More than two-thirds of respondents (67% in Montreal and 69% in Toronto) will use their savings to do so.

The survey was conducted with 300 Montrealers and 300 Torontonians in April 2022.

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