A startling new study reveals that nearly half of Canadian homeowners lack the financial resources to handle unexpected home repairs, leaving them vulnerable as winter approaches and the cost-of-living crisis continues to squeeze household budgets.
Alarming Financial Statistics
Research conducted by Homestars.com in November 2025 uncovered that 46 per cent of households have less than $1,000 saved in the bank for emergency situations. The findings become particularly concerning when considering that the average emergency home repair typically costs a four-figure amount, creating a significant gap between savings and actual needs.
The survey, which involved 2,000 residents across Quebec, Ontario, Alberta, and British Columbia, revealed even more distressing details. Fifteen per cent of respondents reported having absolutely nothing saved for home emergencies, while an additional 10 per cent have less than $500 set aside.
Common Emergency Scenarios and Costs
According to Homestars spokesperson Colleen McGrory, common emergency repairs that homeowners might face include broken furnaces, burst pipes, leaks, and faulty wiring. The financial impact of these issues can be substantial, with costs potentially tripling if repairs are required outside regular working hours.
McGrory emphasized that prevention is crucial, especially given the current financial constraints many Canadians are experiencing. "Food and energy prices are ever-increasing, as are the prices of rent or to buy a home. There is an ongoing cost-of-living crisis, which means that many Canadians are short of money," she explained.
Essential Preventive Measures
The company recommends several key maintenance tasks that homeowners should prioritize to avoid costly emergencies:
- Annual furnace inspections to identify issues before complete breakdowns occur
- Regular checking of eavestroughs and roofs for damage or blockages
- Proper insulation of pipes to prevent freezing and bursting
- Clearing out dryer vents to reduce fire hazards
McGrory noted that Ontario residents are particularly vulnerable, with only 15 per cent having adequate savings for emergency repairs. With Toronto temperatures already dropping below freezing, she stressed the importance of pipe insulation and furnace maintenance.
Blocked eavestroughs represent a special concern, as insurance companies may refuse payouts for leak damage caused by this preventable issue. The research highlights how financial pressures are forcing many Canadians to delay essential maintenance, potentially creating more expensive problems down the road.
