One of the important parameters for proceeding with renovation projects is cost. Budgets vary and it’s important to match expectations with costs up front and tailor projects to reflect the cost of the project with the value of the home and keep everything in line to avoid over or under-investing.

This is a competitive industry and prices vary substantially depending on a number of factors, including quality, neighborhood, and age of home.

Renovating Older Homes

A general rule is that 25 years is a long time for bathrooms and kitchens, the main areas that get the most attention when buying a home and for homeowners not planning to move, and 15 years is the norm for general home improvements for items such as flooring, painting and exterior upgrades.

Everything dates and wears out so keeping up with regular upkeep means spending a certain amount annually or spreading it out over several years. Waiting the full 25 years with no improvements whatsoever means your home will be in a certain state of disrepair that will reflect your home’s value, functionality and desirability in the long run.

Homes over 25 years old will often be into a second stage of major renovation to keep current and improve the original builder quality and modern styles and tastes.

Homes built from the 1980s to the present are built to modern building code standards and most modern materials such as drywall and lumber are spec’d to this era, making building materials easy to obtain for most work.

Post-war Homes in Calgary

Calgary has seen a distinct change from homes built in the 1950s and 1960s up to the 1970s. Many of these properties have generous 35 to 50 foot frontages and large backyards and wide streets. Homes built in this era are generally built to high construction standards but lack amenities such as an ensuite, or basements designed for development, unlike every home built today.

Before undertaking renovations in certain older neighborhoods up to the 1970s especially south of the Glenmore Reservoir toward downtown and the immediate north along east and west of MacLeod Trail up to Midnapore, it’s important to consider whether it’s undergoing “in-filling” or redevelopment as zoning has changed and many properties in these areas, with large lots, are being bought for higher density housing and substantially different styles from existing homes in the area.

Any renovation investment in these areas may be wasted as the true value is in the property rather than the structure and anything you spend on renovating one of these may not be recoverable. Kensington is an example of major redevelopment over the past twenty years and almost completely replaced most of the older homes in this area and what’s left is slated for that soon.

With the exception of these areas, older homes are being bought by professionals seeking large lots and solidly built structures to be closer to downtown. These homes are skyrocketing in value and many are being renovated to ultra-modern standards involving architects and engineers.

Keep in mind that Calgary has rules that prohibit building anything larger than existing foundation so that should be checked out as that will limit the extent of any work you have planned. You can’t just demolish the existing concrete foundation and build something larger that limits the scope of the type of any proposed design.

Here are some typical renovation costs and keep in mind that each project is different and prices can vary considerably.

• 3 Piece Bathrooms – simple renovation $12,000 to $15,000 and up
• 4 Piece Ensuite Bathrooms - $25,000 and up
• Kitchens - $50,000 and up
• Basement Development with 2 bedrooms, bathroom and living space - $60,000 and up
• Legal Suite Basement Development: 2 bedrooms, bathroom, kitchen and living space - $75,000 and up

As Calgary enjoys a building boom right now, costs are rising due to trade and material shortages. This is driving renovation costs up as home buyers are competing for limited housing stock close to downtown and are choosing to live here and renovate.

Higher prices are here to stay as Calgary experiences a housing and renovation boom that has a long way to go yet.

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