TORONTO — The insurance firm MyChoice has determined Thunder Bay is the Ontario municipality with the highest percentage of homes requiring major repairs, while homes in Vaughan are the best maintained.
The results come from 2021 census data. A MyChoice blog cautions Ontarians that a reduced capacity for minor repairs could lead to more significant issues in their homes.
High interest rates play a significant role in the diminished capacity. Home equity line of credit rates now exceed 7.5 per cent, a steep increase from the historical low of 2.35 per cent in 2021, while the Bank of Canada shows little sign of reducing rates in Q1 of 2024, states MyChoice.
Rounding out the top six cities with homes that require major repairs are Chatham-Kent and Windsor, both 7.2 per cent, the Sault at 7.1 per cent and Sudbury and Kawartha Lakes, both 6.9 per cent.
Municipalities with the best-maintained homes after Vaughan include Milton, 2.7 per cent, Markham and Aurora, 3.0 per cent and Whitby, 3.2 per cent.
“Major repairs needed” refers to significant issues such as defective plumbing, electrical wiring or structural repairs.
“The connection between the state of home repairs and insurance costs cannot be overstated,” stated Aren Mirzaian, CEO of MyChoice, in a statement. “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.”
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