January 2023

When building a custom home, you want to hire the best. After all, you do want your home to be a true expression of your dreams and plans. Here at SilverBeam Homes, we make it possible for you to create a home that has your personal touch. But when you hire us, you will benefit in many more ways than pure aesthetics. We can also help you save time and money while getting the home you always wanted. Here are some other ways you can benefit when you choose us to build your custom home. 

We Are Connected with Expert Subcontractors

We work with a reliable supply chain and have a relationship with not just you, and our clients but also with agents, realtors, and different subcontractors. As home builders, we have connections with different subcontractors that are needed for the different aspects of your home build process. This way you don’t have to try and source items or workmen for particular tasks yourself. 

We Can Get Discounts with Bulk Purchases

When we purchase from our vendors, they allow us certain benefits you may not be entitled to if you were to do the purchasing on your own. Our well-established relationship with a variety of vendors can provide us with substantial discounts when we purchase items in large volumes. We pass this discount on to our customers so you can save on build costs or can put more things into your home design. 

You Can Choose Your Floor Plan

Not only can you provide your floor plan you can fine-tune a floor plan as you would like. We will work to get your requests approved. This way we can move on with construction – another hassle you don’t have to worry about on your own. You can modify how a space will be used or plan to add new rooms in the future. 

 You Get to Choose Your Location 

When you build a custom home, you don’t have to stick to houses and by default locations that are on the market. You get to choose where your house is when you choose to build a custom home. 

We are Better At Resource Management

We know what we are doing and we maximize your biggest resource – time. You only have a set amount of time to devote to this project and we know that. So we don’t ever waste your time. We take care of different aspects of the process so you don’t have to. While always keeping you posted on how the process or processes are going. 

Get Custom!

We can help you customize your design or you can tell us your biggest dreams and we can try to make it happen at your budget. So that exposed brick wall that you imagine in your living room… don’t hold back. Let us know your ideas and we will show you how we may be able to work them into your budget or work in something similar. 

Another exciting part of customizing your home is handpicking appliances that meet your lifestyle needs and your creative disposition. We will help you source and order all the things you want for your home. 

Reduced Maintenance Charges 

While upfront charges may seem high, the costs pan out over a few months. We help you to choose the best quality items that will be expensive upfront but will save you money on your electricity and heating bills and other maintenance and upkeep costs down the road. 

We work with companies that offer warranties and professional maintenance so you can keep your items in tip-top shape ensuring they are working for you. 

You Only Pay for What You Want

No useless trends will be in your house when we build it from the ground up. You pay for only the luxuries that you want to enjoy. Your house will truly be you from floor to ceiling so if you need a wine cellar instead of a walk-in closet, we got you!

Our Process is Smooth and Streamlined

Our procedure ensures you don’t get caught up in the intricacies of building a home. SilverBeam Homes are well-versed in the process of building homes and have effective solutions for any type of problems we may run into while completing your project. When you hire us, you are sure to enjoy a seamless experience. 

There is Always Room for Improvement

When you build your home to meet your needs you can create an avenue for making alterations later on in life. A personalized home can change with your changing needs without too much fuss. You have complete control of your interior and exterior spaces and how you may want to update or improve them in the future. So when your budget now doesn’t allow for you to do it all, you can still plan your current space to accommodate those changes later. 

Hiring SilverBeam Homes as your custom home builder is the right choice. We offer quality workmanship and have established relationships with various parties that you will need throughout the home-building process. Get in touch with us and let us help you build your dream home from the ground up. 

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Metro Vancouver continues to be one of Canada’s most expensive housing markets. It is rivaled only by Toronto. While a decrease in prices is expected, the decrease forecast is a small one of around 1%. 

Why Are BC Home Prices So High?

The story behind the home prices in British Columbia is a story of supply and demand. There are currently more potential buyers than there are sellers, and this has caused a bidding war that causes prices to spiral. Many homes are selling for more than asking doesn’t do well for the real estate market, this only causes higher prices to surface throughout the market. 

Where Is The Hottest Real Estate Market In BC?

Vancouver is still the preferred market for British Columbians seeking to purchase real estate. It is also the highest priced, so it is hot in more ways than one. Persons looking for value are looking toward Victoria and Kelowna. 

Will Mortgage Rates Go Down In 2023 Canada?

As of January 1, 2023, the market consensus is for the Central Bank to increase mortgage rates by 0.25% to 4.5% in the early part of the year. This can go even higher if inflation does not drop below 4.5%. 

When the Central Bank meets on the 25th of January, we are expecting to see a prime rate increase. There is also the speculation of an additional increase of 0.25% in March of 2023. But it is still very early for this forecast. 

The Government of Canada Bond Yield is the main tool used to read the current mortgage rate. The Canadian bond is a debt security that pays investor returns. The percentage return is called the yield and is a very safe investment, because the only way investors won’t get paid is if the Government goes bankrupt. 

The Bond Yield factors in all the economic data on a day to day and even a minute to minute basis. When bond traders think the Central Bank of Canada is going to increase rates, then the Bond Yield is increased. Likewise, when the Bond market thinks the rates will decrease from the Central Bank, then the yield drops. So Bond yield trades in anticipation of where the rates will move from the Central Bank of Canada. And the Central Bank makes all its decisions based on the current economic status. 

For right now, the Yield seems to be priced for an anticipation of a 0.25% increase in rates from the Central Bank of Canada. So mortgage rates aren’t going down anytime soon – not to be the bearer of bad news. But that is the current state of the British Columbia Housing Market. 

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There was a strong real estate start to the year in 2022, but that year was defined by unaffordability, which sparked one of the most remarkable interest rate hikes from the Bank of Canada. Because of this, many sellers and buyers were sidelined and continued to remain as such even while house prices were declining. 

2023 rolls in, bringing new hope for many Canadians to reenter the real estate market, but we have to adjust our expectations. So what can you expect?

While there will be a lot of the same kind of prices from last year, we can see a bit of reprieve on the horizon. 

The Bottoming Out of Prices

The housing markets were in correction mode for most of 2022, and it seems the worst parts of the correction are behind us. But there are still major markets that are seeing a downturn in conditions. But we haven’t seen prices come down in a meaningful way, just yet. We expect to see a gradual month over month decline as we proceed through 2023. But it is likely we will still have to wait years for this large deterioration to be reversed. 

Each market will tell a different story of price depreciation. So properties in smaller markets will see more significant corrections in the average prices. British Columbia will continue to see overstretched affordability. 

The End of the Rate Hike Cycle

The Bank of Canada saw its 7th consecutive interest rates hike in December of 2022. The sad thing is the hike cycle has not done much to bring down inflation. There is another hike on the horizon, set to happen on the 25th of January to the tune of 25 basis points. 

While we don’t expect to see too much improvement in the first half of 2023, buyers will soon be able to make a move on properties that catch their eye without too much competition. 

Effect on Mortgage Carriers

Mortgage carriers find themselves in a tight spot for 2023. If house inflation is 10 times, then mortgage inflation is also 10 times. Individuals with a HELOC or primary-based mortgage product will have difficulties with increases, which escalate their payments. Persons that are mortgage hunting will also be in a tight spot.

Immigration and Housing

The government of Canada plans to welcome over 460,000 permanent residents in 2023 alone. Over the next three years, the government is set to welcome a total of 1.45 million permanent residents. 

This will result in an immigration housing demand that will inject the market with the lacking urgency from 2022. New development costs will lead new and existing Canadians to turn to the rental market, which will further compound the affordability challenges of the sector. 

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