Vancouver Homeowners Least Likely to Renovate

(June 10, 2012 )

Recent survey from Canada Mortgage and Housing Corporation stated, that out of the 10 largest cities in Canada, Vancouver is the least likely to renovate their homes.

There could be several factors causing this.  First of all, average cost of renovations in Vancouver have increase 6%.  We may also consider the fact that because of our high real estate prices, builders tend to buy up older homes and build new houses for a profit.  This provides many owners of older houses not to renovate, but simply sell the lot and buy something else.  However, that situation will decrease as the market starts to cool down more.

Even if you are selling your older home, you may want to consider renovating your home first.  Some new upgrades will make your home more inviting, and help you sell your property much quicker.  Also, you will find that most of the time, the value of your home increases much more than the cost of the renovations.