How financially prepared are Canadian homeowners for emergency repairs?

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Although many Canadian homeowners have faced a home repair emergency in the past year, a considerable number do not have the funds to cover such a repair, according to a new report.

The first “Survey of the Condition of Houses in Canada” was conducted by Leger Opinion on behalf of Service Line Guarantees Canada (SLWC). He found that nearly one in five people – 19% of respondents – said they had no money set aside for an emergency home repair. On the flip side, 31% of respondents said they only had $ 500 or less to spend on emergency repairs.

The general unpreparedness is cause for concern, SLWC noted, given that 37% of respondents reported having had a home repair emergency in the past 12 months. Common home repair issues identified by homeowners include clogged and / or overflowing toilets (8%), leaky water lines (8%), and leaky or clogged exterior water and sewer lines. (7%).

Emergency repairs aren’t the only problem homeowners have, SLWC said. Thirty-three percent (33%) said they had difficulty finding a contractor to do a repair, while 50% said they had a problem with a contractor they hired to complete the work on their properties. The most common problem owners have with their contractors is that the repair job ends up costing more than the initial estimate (11%), followed by concerns about a contractor’s reliability (8%).

Even more troubling, the poll also found that 66% of Canadian homeowners are unaware that they are financially responsible for repairing or replacing the water and sewer lines that connect their homes to municipal systems. Some 18% of homeowners mistakenly believe these repairs are covered by home insurance, while 20% mistakenly believe the city is responsible.

“Over the past year and a half, Canadians have spent more time at home than ever before, which can have a huge impact on the infrastructure and major systems in our home,” said the CEO of the SLWC, Mike Van Horne. “The survey which finds that about a third of Canadian homeowners can expect to have a home repair emergency in any given year, coupled with far too many homeowners with limited savings for a home emergency – or none at all. economy at all – is a real recipe for disaster. ”


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