Most digital cameras use an array of alternating color filters to capture the varied colors in a scene with a single sensor chip. Reconstruction of a full color image from such a color mosaic is what constitutes demosaicing. In this paper, a technique is proposed that performs this demosaicing in a way that incurs a very low computational cost. This is done through a (dual-tree complex) wavelet interpretation of the demosaicing problem. By using a novel locally adaptive approach for demosaicing (complex) wavelet coefficients, we show that many of the common demosaicing artifacts can be avoided in an efficient way. Results demonstrate that the proposed method is competitive with respect to the current state of the art, but incurs a lower computational cost. The wavelet approach also allows for computationally effective denoising or deblurring approaches.