We had an appraiser come out to check out our current house and give a value for the upgrades we want. It seems that the numbers don't come in as quite as nice as we had hoped. We're valued at about $195K and throwing $200K in renovations only brings us up to $335K. Considering we are only adding a bathroom, two bedrooms, and a mass of square footage, as well as new roof and siding that's not too bad. The deck, basement and game room don't add much in the way of 'value' to an appraiser even though they are highly valuable to us.
When the bank is crunching the numbers, they don't get the values they want. They have to submit it through CMHC to see if they will give it their blessing. It's a bit frustrating to be so close to a game room and now have it possibly be whisked away, but it's hard to fault them. Part of the reason we aren't having the housing trouble that they are in the States is because we are stricter about these numbers.
If they don't approve them in their entirety, we'll probably able to do the second floor upgrades now and will have to see about the wing later.
On the upside - we will have less disruption and it should take less time.
On the downside - it will end up costing more and we will have to go through renovations twice. But the wing addition should be less disruptive if done later.
Now, if we hit the numbers on LottoMax, this all becomes less of a concern.