Unexpected home costs catching Canadian owners off guard, survey finds
Owners of newer homes were also more likely to spend fewer than five hours per month on maintenance (55 per cent versus 44 per cent for those with older homes).
That said, one in four respondents (26 per cent) believe newer and older homes are equally prone to unexpected problems – a view that points to lingering uncertainty across the board. For advisors, the age of a client’s property is a worthwhile variable to factor into cash-flow projections and emergency fund discussions.
“Many Canadians begin their homeownership journey feeling prepared, but our research shows that unexpected costs can quickly challenge those expectations,” said George Ljubicic, Agency Manager at Allstate Canada. “Understanding the realities of homeownership, from unforeseen repairs to ongoing maintenance, can help homeowners make more informed, confident decisions about protecting one of their biggest investments.”
Beyond the mortgage: the advisor’s role
The survey arrives at a time when household budgets across Canada are under pressure, and an unplanned repair bill – whether for a furnace, electrical system, or roof – can rapidly disrupt a client’s financial plan. Standard home insurance covers sudden and accidental damage from insured risks, but many routine breakdowns fall outside that scope.
Advisors who incorporate home maintenance scenarios into broader financial planning conversations – including emergency fund sizing, cash-flow stress testing, and the ongoing carrying costs of real estate – give clients a more complete picture of what ownership demands.
