They had an article in CREN a year back about this, basically they said that a basement development only pays off if you are adding a family room to a home that otherwise doesn't have a family room in it.
Having looked at numerous rental houses in this city in the past, there are a lot of homes out there with really awful basements. Garbage carpet, mildew smells, low ceilings, shoddy work, cheap materials, and wood panelling are common. I think homes like those throw off the statistics.
Another factor is that, in Calgary, MLS listings don't count finished basements in their square footage, possibly not in the room counts either.
But I think the CREN article is still right, the basement has to be finished in a way that adds value (and enjoyment) to the use of the house. Not many people need 5 bedrooms and a giant play room these days, but an exercise room and a home theatre room might be more appealing... but it has to be nicely finished. People don't want to spend time in a space that feels like a dungeon.
None of this matters, though, if you stop viewing your home as an investment that is going to belong to someone else some day and start viewing it as YOUR home for your enjoyment... If you think the basement development is worthwhile, then what does it matter what others think.
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