Happy New Year!
The impact of Calgary’s economic downturn and the weak Canadian dollar isn’t all bad. Homeowners often turn to renovations in a tough real estate market, choosing to update and improve their existing home vs. purchasing/moving to a new one.
The upside is that with continued low borrowing costs, due to record low interest rates, it is a great time to start renovation projects. Not only that, in this market you have good quality tradespeople available to you.
According to Peter Norman, chief economist and general manager of the real estate research company, Altus Group:
“Renovations remain a growth area with $1.40 spent in renovation for every dollar invested in new homes. Renovations generated $70 billion in activity this year (2015) and will generate a projected $72 billion next year (2016).”
Now if that’s not the most encouraging piece of news I’ve heard in a while, I don’t know what is!
If you’re a homeowner considering a renovation, keep in mind that updating your space has increasing value and can be considered an investment when you do decide to list your property.
Bill Brandsma Real Estate – specializing in Calgary and the surrounding area. Call 403-932-4433.
To read more of Peter Kenter’s article cited above see Housing forecast so stable it’s eerie: Altus Group GM. It’s highly uplifting in the doom-and-gloom housing market environment of late!
This spacious Glamorgan home boasts a contemporary industrial design. It is located close to Mount Royal University with easy access to Glenmore Trail.
Head down to the Calgary Zoo this weekend for some family fun…it’s the perfect way to jump-start the holiday season!
This immaculate 2-storey home is situated a few steps from pathways and the lake in New Brighton, an amenity-rich community in southeast Calgary.
On Wednesday November 11, 2015 we pay tribute and remember those members of the armed forces – some who selflessly sacrificed their own precious lives in the line of duty — who have served their nation in war, in armed conflict, and in the effort of sustaining world peace.
If you like to stay up to date on what’s going on in the Calgary real estate market so that you can make informed decisions, click the link below for an excellent overview of CREB’s summary of Calgary’s residential monthly statistics:
Yes, it has been forecast that the Calgary Real Estate Market will dip in 2015 and that average home prices will slide, but there’s always a silver lining: thankfully we had a bit of a cushion.