A Financial Forecast For
Abbotsford Home Renovations In 2023

It has been a year of transitions and ups and downs for Fraser Valley homeowners last year but that hasn’t cooled Abbotsford home renovations.

Here at Coleridge Construction we are taking a moment to look ahead at the new year and what our hopes are for the Abbotsford home renovation market. 

Increase Equity

Home assessments have come out for the Abbotsford homewoners this year, and even though these assessments are based on past July numbers, they are assessments that people will carry on our homes for the whole year. In most cases these assessments have gone up, which means we now have more equity in our homes. 

This increase in equity is great for being able to borrow against if you’re looking to improve your home value through an Abbotsford home renovation, or by adding a secondary suite to help as a future mortgage helper.

Peak of Inflation & Still Challenging

At Coleridge Construction we are all hoping that we reach the peck of inflation last year. We saw lots of high prices with materials, material shortages and time restraints.  Though it’s hard to know if we are actually at the peak, we definitely know there’s not going to be as big of jumps as there was last year. 

Though we don’t foresee a dip in the price of materials or sub-trades, because the demand is still present, we do foresee a levelling off of drastic increases. There is still a struggle for sourcing materials across the board, causing some budget increases and/or time line fluctuations. But hopefully as we get further to the end the year this reality becomes less of the norm.

A key factor for getting through an Abbotsford home renovation during this time is finding someone who you can trust, has an awesome process, a great team, and excellent communications.

At Coleridge Construction these are some of our key values. Call 604.302.6312 to learn more.

High Interest Rates

Because of higher interest rates those Abbotsford homeowners who are hoping to renovate might need to find borrowable equity out side of their home. With the high interest rate this might also mean that you might need to put your dream project on hold till 2024 when hopefully we see some relief in the interest rate.

A Great Year to Save and Plan

Lastly, with this high interest rate, it means it’s a great year to save money.  Just because you want a home renovation doesn’t mean it’s not going to happen. It might just mean that it doesn’t happen this year. 

Use this year to plan, save and design your dream space.

We’d love for you to reach out and allow us to help journey down this path with you. This is still a great year to dream and plan, and start the permit process so that when the interest rate does lower you can hit the ground running, and get the home renovation you have been dreaming about. 

Contact Coleridge Construction

If you are curious about how much you think your Abbotsford home renovation will cost, swing by Coleridgeconstruction.com. Check out our pricing page, or shoot us a message through our contact us page.

Our team at Coleridge Construction would love to talk to you more about your project.

Call Us Today at 604.302.6312

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