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.