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12/01/202412/01/2024Home Repair Contractors

Thunder Bay Tops List for Ontario of Homes Needing Major Repairs

THUNDER BAY – LIVING – Does your house need major repairs? According to My Choice Insurance, 7.5% of the homes in Thunder Bay fall in this category. The disparities in home maintenance across cities in Ontario may have a bearing on home insurance rates in the province.

An internal study conducted by MyChoice, drawing from the 2021 Census data, revealed varying maintenance needs among households. Thunder Bay tops the list, with 7.5% of households reporting the need for major repairs, while Vaughan stands at the opposite end of the spectrum with only 2.5%. Major repairs encompass significant issues such as

4.8% of homes need major repairs in Mississauga: report

Photo: Nolan Issac

A new report finds many Canadians are struggling to keep up with home repairs, including residents of Mississauga.

Higher home costs with increased mortgage rates due to Bank of Canada key interest rate hikes mean many homeowners are looking for ways to cut back.

The Bank of Canada key interest rate now sits at five per cent — the last increase was in July.

The report from MyChoice, an insurance comparison rate comparison website, also finds that Home Equity Line of Credit rates, as of December 2023, now exceed 7.5 per