The allure of staying put

Canadians are choosing to invest in home renovations over new home purchases

Canadian renovation activity is on the rise as the economic lull in the real estate market has left some homeowners reluctant to move, instead opting to update.

In a recent report, Scotiabank senior economist Adrienne Warren found spending on home additions, new installations and replacement of equipment rose six per cent year-over-year through the first half of 2015, with renovation spending up in most provinces and outlays on track to total $53 billion this year.

Warren said current homeowners looking to upgrade are seeing renovations as an attractive option, as industrial price inflation for many renovation-related construction materials, equipment and household goods – such as kitchen cabinets, appliances and furniture – remain consistent.


Read More

Moving Away From Renting

Renters who are caught between escalating rates and declining inventory are turning to home ownership as a better alternative.

Amy Gregson found the rental market too tight, and decided when she graduated from university in 2009 to buy a home along with her boyfriend Brian Ball.

“We would rather put our money towards something we own than towards something someone else owns,” said Gregson, who lived at home after graduating to save money to put towards a home. The couple recently purchased a newly built home in New Brighton. (more…)

Read More