Toronto, ON, April 27--Bigger is better, according to the RBC Royal Bank 12th Annual Housing Study which found that 46 per cent of Canadians who plan to buy a home in the next two years intend to buy one that is bigger than the home they currently reside in.
Furthermore, when asked if they could change one thing about their current home, 12 per cent of all Canadians said they would like more space or a bigger home. Current renters are more likely than current owners to say they would like "more space/bigger" homes (16 per cent vs. 10 per cent).
"Record low interest rates and innovative financing products can make it possible for people who want to upsize to do so while staying within their range of affordability," said Clayton Van Esch, senior manager, Home Equity Financing, RBC Royal Bank. "For those who feel that bigger is truly better, now is a good time to investigate options."
As for what else Canadians would change about their homes, approximately six per cent say they would change their home's "location". Others would install "new windows" (four per cent), add a bathroom (four per cent), better heating system/new furnace (four per cent), or a "new/renovated kitchen/bigger" (four per cent). Three percent or less mention other reasons such as "bigger garage," "new carpeting/flooring," "better insulation," "home renovations (general)," "landscaping," or "type of house."
When it comes to kicking back in their homes, more than half of all Canadians (57 per cent) favour their "living room" for relaxing. The living room is followed far behind by the "bedroom" (15 per cent), "family room" (six per cent), and "den" (four per cent).
Among other things the survey found were: - Quebecer's were most likely to favour the living room at 65 per cent, while Ontarian's are the least likely at 50 per cent. Demonstrating that priorities undeniably change as we get older, Canadians' ages 18 - 24 are the most likely to favour the bedroom for relaxing at 37 per cent compared to only eight per cent of those over 55.
One quarter of those who mention a favourite room for relaxing (26 per cent) say they have renovated their favourite room in the past 12 months. - Residents of Atlantic Canada (30 per cent) and Quebec (29 per cent) are slightly more likely than those in Ontario (25 per cent), Alberta (23 per cent), British Columbia (22 per cent), and Saskatchewan/Manitoba (20 per cent) to say they have renovated their favourite room in the past 12 months.
A further investigation of the Canadian mindset reveals that even though we seem to rely most on our computers, when asked to think about the home electronic device that is most important, the "stove/oven" (25 per cent) ranks higher than computers (16 per cent), closely followed by the "refrigerator" (15 per cent). Slightly fewer Canadians mention the "television" (12 per cent), and "microwave" (six per cent). Fewer than five per cent of Canadians mention some other device as the most important to them.
Women (28 per cent) are more likely than men (21 per cent) to say their stove is the most important electronic device in their home, while men are far more likely to cite their computers (20 per cent versus 13 per cent). Men are also more likely to choose their television sets (14 per cent) than women (10 per cent).
"Affordable terms and innovative products such as RBC Homeline Plan make it possible for Canadians to renovate or upgrade appliances without incurring extraneous or high cost debt," added Van Esch. "That's why it's wise to speak to your banker before initiating a home improvement project."
