Nearly half of Canadians lack money for emergency home repairs

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Nearly one in two Canadians say they would struggle to cover the cost of an unexpected home repair, according to new research highlighting the financial strain facing many households as living expenses continue to rise.

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A survey by HomeStars.com, a home service review platform, found that 46% of Canadian homeowners have less than $1,000 set aside for emergencies, while 15% have no savings at all. Another 10% reported having less than $500 available — far below the typical cost of urgent repairs such as burst pipes, furnace breakdowns, or electrical failures.

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Experts say those figures paint a troubling picture of household vulnerability, particularly as maintenance costs and utility prices continue to rise across the country.

“For millions of residents across Canada, a bill for unexpected home repairs is insurmountable,” said Jim Li, a contractor with HomeStars. “It’s a stressful situation to be in, but the good news is that many issues can be avoided with proper maintenance.”

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Emergency home repairs often run into the thousands, depending on the issue. Replacing a broken furnace can cost between $4,000 and $6,000, while repairing water damage from burst pipes can exceed $10,000, according to industry estimates. Costs are even higher if a callout is needed outside regular working hours.

HomeStars’ data also revealed that more than half of Canadians — 56% — are unclear about what their home insurance actually covers. That confusion, experts warn, could leave homeowners footing the bill for damage that isn’t protected under their policy.

“It’s also a good idea to review what your insurance covers and consider adding emergency home coverage if needed,” Li said. “But prevention is always better than cure, so complete essential maintenance before a problem arises.”

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Contractors recommend that homeowners use the fall months to prepare for winter, when home systems are under the most strain. Basic maintenance can prevent emergencies and cut energy costs. Annual furnace checks can catch problems early and improve efficiency. Clearing gutters and checking roofs can prevent leaks that often lead to expensive water damage. Insulating pipes, especially those on exterior walls, helps prevent winter freezes that can cause flooding.

Chimneys should also be cleaned annually to reduce fire risks, and dryer vents should be cleared every few months to prevent overheating. Turning off outdoor water lines before freezing temperatures arrive can prevent pipes from bursting.

The survey, conducted by Opinium on behalf of HomeStars, included 2,000 Canadian respondents across multiple provinces. It suggests that while many homeowners understand the importance of maintenance, financial constraints make it difficult to prepare for emergencies.

For lower- and middle-income families, a sudden repair can quickly lead to credit card debt or unsafe living conditions if the issue goes unresolved.

“The data shows that a large segment of the population is living without a financial cushion,” said Li. “It underscores how important it is to invest in small, regular upkeep before those costs spiral into something unaffordable.”

With winter approaching, experts are urging homeowners to schedule maintenance now rather than risk larger costs later.

For more information on the findings and advice for homeowners, visit HomeStars.com.

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