Renovation Revival

The other day the Vancouver Sun ran an article saying that the recent Vancouver Real Estate slowdown has sparked a revival in home renovations.

Canada Mortgage and Housing Corporation’s 3rd Quarter Housing Market Outlook reports that …

In B.C., spending on renovations in 2011 was $7.6 billion. Spending is expected to remain stable in 2012 and grow to $7.8 billion next year.

The Sun reports
With year-to-date resales down 18 per cent in Vancouver compared to a year ago, it’s no longer the smoking hot sellers’ market it was a year ago. In fact, the Real Estate Board of Greater Vancouver reported that July sales were the lowest since 2000, with sales 31.2 per cent below the 10-year July sales average.
Vancouver Housing Market Slowdown | Averbach Mortgages
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Some of the slowdown in the market place is being blamed on the New mortgage rules introduced by the federal government in July 2012.  We’re not convinced that this is responsible for the drastic drop in sales … but we do know that many of our clients are making their renovation plans and refinancing in order to take advantage of what are still amazingly low mortgage rates.
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If you are considering a renovation and would like some advise on your options … please give Justin a call at  604-736-1855.
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