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.

For a seller's market, Calgary is certainly seeing it's fair share of new buyers.

Following a month that saw MLS® sales in the city increase by 17 per cent from the previous year, August saw 2,196 sales in the city, an increase of 27.5 per cent in comparison to the same month in 2012.

For many Canadians, purchasing a home has been a lesson in love at first sight.

An overwhelming majority of Canadian homebuyers knew their home was right for them the moment they stepped inside according to a report from BMO.

That's what the experience was like for Amy Gregson and Brian Ball.

For many Calgarians, small town living in the big city seems to be the Holy Grail of homeownership. Combining the best of both worlds, the appeal of pairing the charm of a rural community with all the vibrancy and amenities of an urban setting is one that's tough to beat.

By following that exact recipe, with a sizable dash of quality craftsmanship, the folks at Cardel seem to have cooked up yet another winning development in Elgin Village.

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.

With economic growth and job creation supporting housing demand in the province, Canada Mortgage and Housing Corporation (CMHC) is predicting more good news for Alberta's housing market.

According to CMHC's third quarter 2012 Housing Market Outlook, sales, prices and starts are in the province are all predicted to increase over the next year.

When showing your home for resale, one of the biggest influences for buyers is presentation. For some, this means bringing in a professional home stager to transform the space from drab to fab.

Home stager Mickey Foulds of Metamorphosis Design explained the intention of home staging is to maximize appeal.

A spurt in Calgary's population growth, plus a strong economy and rising home prices is starting to make its mark on the city's rental vacancy and in turn could mean changes for the housing market.

The average apartment vacancy rate in Alberta's urban centres decreased from 4.7 per cent to three per cent between April 2011 and April 2012, according to the Canadian Mortgage and Housing Corporation (CMHC).