A poll by CIBC in the spring found that 45 per cent of Albertans plan to renovate within the next 12 months. The average spend on a home renovation was expected to be $8,073. That’s nine per cent higher than a year ago, but off by 65 per cent from 2016, when homeowners said they were spending on average $23,000 to improve their homes.
Calgary real estate mogul Bob Dhillon has built a successful business across Western Canada with Mainstreet Equity Corp., which owns and manages thousands of rental properties.
His business has its roots on the residential side of real estate, and it all started when he bought his first home in Calgary, fixed it up and sold it for a profit.
It’s been a challenging year for Calgary’s resale housing market, which is still feeling the effects of two recession years in 2015 and 2016.
While the economy has rebounded, it has been at a slow pace, and this has been evident in the real estate industry. As of the end of June, year-to-date MLS® System sales in the resale market totalled 8,553 units, down 17.1 per cent in the city compared with the same period a year ago.
W. Brett Wilson
Well-known Calgary entrepreneur and former Dragons’ Den investor panelist W. Brett Wilson vividly remembers the first home he bought in Calgary.
The joy and pride of first-time homeownership for his young family will always be embedded in his mind, as well as the work he put into the home.
However, that first home is also a reminder of the infamous National Energy Program, which sunk Alberta’s economy and caused plenty of financial pain for Albertans during the early 1980s.
Calgary’s housing market lives and breathes based on the whims of the city’s overall economy.
While the city had an impressive gain of 6.9 per cent in economic growth in 2017 compared to 2016, according to the Conference Board of Canada, the economic engine will slow down this year and in 2019.