New Allstate Canada research reveals a third of homeowners doubt they can avoid major repairs in the next five years
One in three Canadian homeowners is not confident their property will dodge a costly repair in the near future, even as most say they felt ready for the responsibilities of homeownership when they moved in.
That's among the findings of a new survey commissioned by Allstate Insurance Company of Canada and conducted by Léger, which polled 1,038 Canadian homeowners.
The research found that unexpected repair costs and higher-than-anticipated ongoing expenses rank among the most common unwelcome surprises homeowners encounter after the purchase - a gap between expectation and reality that financial advisors are well-positioned to help clients bridge.
The confidence gap
Nearly eight in 10 homeowners (79 per cent) told Léger they felt prepared when they entered the market, yet 35 per cent said they are not confident their home will escape major maintenance or repairs over the next five years, according to the Allstate Canada survey.
Unexpected repair costs were cited by 14 per cent of respondents as the biggest surprise following a purchase, while 12 per cent pointed to higher-than-expected ongoing expenses.
The survey also found that younger homeowners and those living in older properties report lower confidence about future maintenance needs - groups that may benefit most from proactive planning conversations with their advisors.
For advisors working with clients who are weighing the rent-versus-buy decision or approaching a first purchase, this data underscores a recurring theme: the full cost of homeownership is routinely underestimated. As Wealth Professional has reported, young Canadians already show significant gaps in their confidence navigating homebuying finances with only 18 per cent of Canadians aged 18 to 34 saying they feel confident managing all financial aspects of the process.
Age of the home matters
The Allstate Canada survey data suggests that the vintage of a property shapes the ownership experience in measurable ways. Respondents who purchased homes that were 10 years old or newer were more likely to say their expectations had been fully met - 32 per cent, compared to 24 per cent among buyers of older properties.
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.
This is particularly relevant as advisors increasingly encounter clients who are debating the financial trade-offs between renting and buying in a market where carrying costs continue to climb.
The findings are also a timely reminder that homeownership conversations at the planning table go well beyond mortgage structuring. For clients who already own, a periodic review of property-related risks - including what their insurance covers and what it does not - is part of sound holistic advice.
Wealth Professional's 5-Star Advisors 2026 report highlights how Canada's top practitioners are addressing exactly these kinds of multi-dimensional planning challenges for clients navigating an increasingly complex financial landscape.
The Léger survey was conducted online from June 26 to 28, 2026, with 1,038 Canadian homeowners aged 18 and over. Results were weighted by sex, age, language, province, education level, and the presence of children in the household to reflect the broader Canadian homeowner population.
