Whatever renovations you decide on, there are a few investment guidelines you should consider. Before looking at specific renovations, it's essential to understanding market conditions. For 2014, Re/Max predicts a 2% increase in sales nationally over 2013 and a 3% rise in home values. CMHC is roughly in accord on sales growth, but predicts prices will rise at the rate of inflation: about 1.9 per cent. The average price of a resale home in Ottawa was up 2.1% at $358,000 in Febuary 2014. (see Housing Now – Ottawa and Housing Market Outlook – Ottawa) Sales are expected to firm up by the Spring. Demand in the existing home market has been strongest in Ottawa West, which includes the West End, Kanata, Stittsville and Nepean.
With the large amount of inventory for sale and an increase in price that closely mirrors the rate of inflation, homeowners have to be smarter than ever when renovating. A number of variables should be considered when determining what renovations make sense from an investment perspective within the Ottawa market. Pricing homes to obtain top dollar is based entirely on how buyers view and perceive the value of your property, regarding specifically: