- Front Page
- Municipal Affairs
- Bon Voyage
September 4, 2012
CALGARY, AB, Sep 4, 2012/ Troy Media/ – There’s plenty of information on home sales and new houses being built but, on any given month, most Albertans stay put in their existing dwellings. However, staying put doesn’t mean they’re not putting more money into those properties, as new figures from Statistics Canada’s quarterly report on residential construction indicate.
In the second quarter of 2012, Albertans shelled out $1.17 billion in improvements to their dwellings. That’s down a bit from the record high set in the first three months of 2012, but there is a seasonal component to the data – renovations always tend to pick up in the January-to-March period. The fact is it was the strongest second quarter on record.
Renovations to existing homes are a good indicator of overall economic activity in the province for two reasons. First, they reflect how confident Albertans are about incomes, job prospects, and future economic opportunities. Clearly, if home owners feel less secure about their jobs or income, they’ll hold off on adding that sunroom off the living room or developing the basement.
On the other hand, home renovations can also signal some hesitation on the part of home owners. Building a new home may be the preferred option, but poor economic conditions may tilt the balance in favour of buying a fixer-upper – a less expensive existing home that requires renovations.
| ATB Financial
This article is FREE to use on your websites or in your publications. However, Troy Media, with a link to its web site, MUST be credited.