Over 4% of Burlington homes need major repairs, fewer homes require big renos in Oakville and Milton


Published December 15, 2023 at 11:25 am

Between 2 and 4% of homes in Milton Oakville Burlington need huge repairs

If you’re planning to purchase a home in the Halton region (Oakville, Burlington, Milton and Halton Hills), your home is less likely to require significant repairs than one in another municipality. 

According to a recent report by MyChoice, a company that provides Canadians with insurance rate comparisons, Oakville, Burlington and Milton made the list of Ontario municipalities with the best-kept homes. 

The report says that 2.7 per cent of homes in Milton currently require major repairs, meaning they require fixes for such significant issues as defective plumbing or electrical wiring or structural repairs to walls, floors or ceilings. 

In Oakville, 3.3 per cent of homes need major repairs and in Burlington, 4.1 per cent of homes need significant TLC. 

The report says its findings come at a time when homeowners are struggling to cover maintenance costs.

“As of December 2023, the financial landscape for homeowners has seen drastic changes. With HELOC (home equity line of credit) rates now exceeding 7.5 per cent – a stark increase from the historical low of 2.35 per cent in 2021, households are finding it increasingly challenging to manage maintenance costs,” the report reads.

The report also notes that with interest rates set to hold steady into the first quarter of 2024, homeowners have less money for even minor repairs–increasing the risk that more significant issues could develop over time. 

The report also says homeowners are grappling with increased insurance rates and costlier repairs due to the rising costs of materials. 

“The upsurge in HELOC rates is just one piece of the puzzle. We’re seeing the inflation of home insurance rates in Canada, which, according to the Q3 Consumer Price Index, home and mortgage insurance rates have increased by 8.6 per cent in 2023,” Aren Mirzaian, CEO of MyChoice, said in the report.

“The largest contributor to this would be rising home replacement costs due to inflation of building materials.” 

The report says more homes in other municipalities are in need of repair. Over seven per cent of homes in Thunder Bay, Chatham-Kent, Windsor and Sault Ste. Marie require major repairs. Other cities where more than five per cent of  homes are in need include Toronto (6.4 per cent), Hamilton (6.6 per cent) and Oshawa (6.3 per cent). 

Municipalities with fewer homes in need of major maintenance include Vaughan (just 2.5 per cent), Markham (3 per cent), Whitby (3.2 per cent) and Brampton (3.3 per cent). 

The report says homeowners are also at increased risk of damage due to a rise in natural disasters and the numbers bear that out.

Earlier this year, the Insurance Bureau of Canada (IBC) announced that severe storms and flash floods in Ontario caused over $340 million in insured losses over the summer, according to initial estimates from Catastrophe Indices and Quantification Inc.

“The connection between the state of home repairs and insurance costs cannot be overstated,” Mirzaian said. 

“If interest rates stay higher for longer in 2024, we could see a surge in insurance claims, which may contribute to the rising insurance premiums. It’s imperative for homeowners to stay vigilant about their home’s condition and make sure they have the appropriate level of insurance coverage.” 

INhalton's Editorial Standards and Policies advertising