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!