Construction Forecast

The Future of Home Renovations In Edmonton: A 2024-2033 Construction Forecast

The construction industry in Alberta is on the rise, and the latest forecast for 2024-2033 paints a promising picture. If you’re an Edmonton homeowner, this is relevant to you. Whether you dream of a basement renovation, kitchen upgrade, or home makeover, understanding the construction forecast can help you make informed decisions about your home improvement projects.

Alberta’s Construction Forecast: Good Or Bad?

Alberta’s 2024-2033 construction forecast shows promising growth, particularly in the residential renovation sector. While new housing construction may experience fluctuations due to rising interest rates, the renovation market is expected to flourish.

Key Insight:

  • The forecast predicts residential investment will rise, reaching high levels up to 2028, fueled by robust demand for new builds and renovations.
  • Growth in new housing will decrease later due to slowing population growth, but renovations will continue to grow. By 2030, there will be a 9% rise in residential investment solely from renovations.

This is great news for Edmonton homeowners like you who are looking to upgrade their homes without the commitment of buying a new property.  

Several factors are driving this renovation boom. The increasing interest rates have made purchasing new homes less attractive, leading homeowners to invest in improving their existing spaces.

This surge in renovation projects is not just a passing trend. The forecast predicts sustained growth in this sector throughout the decade, making it a lucrative time for homeowners to invest in their properties.

Whether you’re considering a basement makeover, a kitchen remodel, or any other home improvement project, the construction forecast suggests that now is the ideal time to enhance your home and potentially increase its value.

What Does The Latest Construction Data Mean For Edmonton Homeowners?

The booming renovation market in Edmonton is a golden opportunity for homeowners. Renovating can significantly increase your home’s market value, making it a smart investment for the future.

But it’s not just about increasing value. Imagine transforming your outdated kitchen into a modern culinary haven or converting your dark basement into a cozy family room. Renovations enhance your quality of life, making your home more functional and enjoyable.

Of course, renovations come with concerns. Costs and timelines can be unpredictable, and finding the right contractor is crucial. Labor shortages in Alberta could impact your renovation plans, but with careful planning, you can navigate these challenges.

Will A Construction Labor Shortage Impact Your Renovation?

While Alberta’s construction forecast is mostly positive, potential labor shortages could pose challenges.

Key Insight:

  • Residential employment is expected to increase in the short term due to growth in new housing and renovation markets. 
  • However, projections after 2027 suggest a decrease in new housing investment, potentially leading to a 1% employment contraction by the end of the decade.

Shortages in skilled trades, such as insulators, boilermakers, roofers, and electricians, could increase competition for qualified contractors, driving up labor costs and extending project timelines.

To navigate this situation, consider the following:

  1. Start Planning Early: Don’t wait until the last minute to start your renovation project. Begin researching and contacting contractors well in advance to secure their services.
  2. Be Flexible With Timelines: Understand that labor shortages could lead to longer project timelines. Build in some flexibility to accommodate potential delays.
  3. Get Multiple Quotes: Obtain quotes from several contractors to compare prices and ensure you’re getting a fair deal.
  4. Consider Alternative Solutions: If your desired contractor is unavailable, explore alternative options or consider phasing your project to align with contractor availability.

Being proactive and adaptable can overcome potential labor shortages and ensure your renovation project stays on track.

How Can You Future-Proof Your Edmonton Home?

The construction forecast doesn’t just predict a boom—it reveals a long-term trend towards renovations.

This means that your choices today can significantly impact your home’s value and functionality in the years to come. So, how can you ensure your renovation stands the test of time?

  1. Flexible Living Spaces: Design rooms that can adapt to your changing needs. Consider open floor plans, multi-purpose rooms, and movable walls to create versatile spaces that can evolve with your lifestyle.
  2. Smart Home Technology: Embrace the future by integrating smart home technology into your renovation. From automated lighting and thermostats to security systems and entertainment centers, smart home features can enhance your comfort, convenience, and energy efficiency.
  3. Accessibility: As we age, our needs change. Incorporating universal design principles into your renovation can make your home more accessible and adaptable for people of all ages and abilities. This could include wider doorways, lever-style door handles, walk-in showers, and other features that promote ease of use.

By implementing these strategies aimed at future-proofing, you ensure that your renovation satisfies your immediate requirements while also making your home ready for the future.

How Can Edmonton Homeowners Finance Their Dream Home Renovation?

While the potential return on investment is enticing, it’s important to consider the financial aspect of your renovation.

Don’t worry, though – there are several options available to help you fund your project:

  1. Personal Savings: If you’ve been saving for a rainy day, this might be the perfect opportunity to put those funds to good use.
  2. Home Equity Loans or Lines of Credit: These allow you to borrow against the equity you’ve built up in your home.
  3. Personal Loans: These can be a good option if you don’t have enough equity in your home.
  4. Government Programs: Look for government incentives or rebates, especially for energy-efficient upgrades. These can help offset some of your renovation costs.

Keep in mind, selecting a financing solution that matches your budget and fiscal objectives is crucial. Always consider consulting a financial advisor to discover the most suitable options tailored for you.

The Time Perfect Time For Home And Basement Renovations Is Now

Your home is your sanctuary. It’s where you create memories, relax, and recharge. Why not make it the best it can be? With the construction industry booming, now is the perfect time to invest in your home and create a space that truly reflects your style and needs.

Don’t Miss Out On The Renovation Wave!

Are you ready to take advantage of this exciting opportunity? Contact Skyhold Construction today for a free consultation and let’s discuss how we can bring your renovation vision to life.