According to a new report published by the CMHC (Canada Mortgage and Housing Corporation) the majority of home owners, headed by someone between the age of 55 to 64, will choose to renovate rather than move. The report concentrates on what is likely to happen in Ontario where it predicts that around 400,000 households will likely be doing some renovations. The CMHC also points to data from Statistics Canada that shows that nearly 80% of those households headed by someone over the age of 55 will choose to renovate rather than move.
Do these statistics shock you? Given the choice, would you rather move to a property that provided you with the facilities you need, without having to renovate, or, would you choose to stay where you are and renovate your existing home?