2023

In recent years, there has been a noticeable shift in the way families live together. Multigenerational living, once considered a cultural norm, is experiencing a resurgence as families recognize the benefits and advantages it offers. As a result, the demand for homes designed to accommodate multiple generations under one roof is growing rapidly. Today, we will explore the concept of multigenerational living. We will discuss the importance of building homes that cater to the needs of these families in British Columbia.

What is Multigenerational Living?

Multigenerational living refers to the practice of multiple generations of a family living together in the same household. This can include parents, children, and grandparents, residing together in the same house. There are a number of benefits to the entire family unit with such a living arrangement. It fosters a sense of unity, strengthens family bonds, and provides practical advantages. 

In a society where time and distance can often strain family relationships, multigenerational living offers an alternative. This is beneficial for promoting mutual support, shared responsibilities, and a deeper connection between family members.

Multigenerational Living on the Rise in British Columbia

There are several factors contributing to the rise of multigenerational living in British Columbia. Firstly, the high cost of housing, particularly in urban areas like Vancouver. High housing costs have made it increasingly difficult for families to afford separate homes. By pooling their resources, families can share the financial burden and create a more sustainable living arrangement. Additionally, the aging population and the desire to care for elderly family members are driving the demand for homes that can accommodate older adults who require specialized care and support.

We Can Build Your Dream Home

To meet the needs of multigenerational families, our team here at SilverBeam Homes are reimagining home design and incorporating innovative features that promote comfort, privacy, and functionality. One key consideration is the layout of the home. Open floor plans with flexible spaces provide opportunities for family members to interact and engage in shared activities. This also allows for private retreats when needed. Separate living areas, such as self-contained suites or secondary dwellings, offer older adults or young adults a degree of independence while remaining connected to the main household.

Another crucial aspect of multigenerational home design is accessibility. Ensuring that the home is accessible to all family members, regardless of age or mobility, is essential. Features like wide doorways, wheelchair ramps, and grab bars in bathrooms can enhance safety and ease of movement for older adults. Inclusive design principles are being embraced to create homes that are comfortable and functional for everyone, regardless of their physical abilities.

Furthermore, multigenerational homes are being equipped with modern technologies that promote convenience, energy efficiency, and connectivity. Smart home systems, energy-saving appliances, and assistive devices cater to the needs of different family members and enhance their overall quality of life. Integrating technology in home design can also facilitate remote monitoring and caregiving for elderly family members, ensuring their well-being and safety.

Government Support for Multigenerational Living

In British Columbia, the provincial government and local municipalities are recognizing the importance of multigenerational living and are taking steps to support its growth. Zoning bylaws and building codes are being updated to allow for secondary suites or laneway homes. This makes it easier for families to create separate living spaces within their properties. Financial incentives and grants are also being offered to homeowners who wish to retrofit their homes to accommodate multigenerational living arrangements.

SilverBeam Homes Can Help You Create a Multigenerational Home

As the trend towards multigenerational living continues to gain momentum, we understand how crucial it is to collaborate and create housing options that meet the diverse needs of families in British Columbia. By embracing innovative design principles, incorporating accessibility features, and leveraging technology, homes can be transformed into welcoming and inclusive spaces that foster harmonious multigenerational living.

Multigenerational living is not just a practical solution to rising housing costs. It is also a powerful way to strengthen family ties and promote intergenerational relationships. By building homes that support and celebrate this lifestyle choice, we can create a more resilient, connected, and inclusive society in British Columbia.

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Rural construction in British Columbia is much more than just the process of building a home. It involves infrastructure, and other structures in the remote and wild regions of this Canadian province. British Columbia boasts a vast and diverse landscape, encompassing mountains, forests, lakes, and coastline. This makes it an ideal destination for those seeking a rustic lifestyle away from the bustling urban centers.

Building homes in rural areas presents unique challenges compared to urban construction. Accessibility and transportation pose significant hurdles, as many remote locations lack proper roads, bridges, or transportation networks. This scarcity of infrastructure not only makes it difficult to transport construction materials, but also adds to the cost and time required for rural construction projects.

Despite the challenges, rural construction in British Columbia offers numerous rewards. Living in the wild allows residents to immerse themselves in nature’s beauty, with breathtaking views and serene surroundings. The opportunity for outdoor activities like hiking, fishing, and wildlife spotting adds to the allure of rural living. And we can help make this your reality. 

Rewards of Rural Construction in British Columbia

Connection with Nature and the Environment 

Building a house in a rural area provides a unique opportunity to connect with nature in several meaningful ways. Building a house in rural British Columbia facilitates a more intimate connection with nature. From the design and construction process to the daily interaction with the surrounding landscape, rural construction allows individuals to embrace and appreciate the beauty, diversity, and tranquility of the natural world. It encourages a sense of stewardship and a deeper understanding of our role in preserving and coexisting with the environment. 

Self-Sufficiency and Off-Grid Living

Building a house in a rural area promotes self-sufficiency and off-grid living in several ways, empowering individuals to become more independent and reduce their reliance on public utilities and services. Rural construction promotes self-sufficiency and off-grid living by providing opportunities for renewable energy generation, sustainable water management, food production, waste management, and skills development. By embracing these practices, homeowners in rural areas can reduce their reliance on external resources and services, fostering a greater sense of independence and resilience.

Sense of Community and Resilience

Building a house in a rural area promotes a strong sense of community and resilience among residents. Building a house in a rural area promotes a strong sense of community and resilience through close-knit relationships, mutual support, collaborative projects, resource sharing, and celebrating local traditions. These elements foster a deep sense of belonging and a shared commitment to the well-being of the community, making rural living a rewarding and fulfilling experience.

Sense of community and resilience 1. Strong bonds with neighbors and shared experiences 2. Support systems in remote areas

Successful Rural Construction Projects in British Columbia include: 

1. Sustainable off-grid home in the Kootenay region 1. 
2. Timber-framed cabin in the Cariboo District 1.

Future Prospects and Innovations

Advancements in Sustainable Building 

Advancements in sustainable building practices have revolutionized the construction industry, paving the way for environmentally conscious and energy-efficient structures. Innovative techniques and materials are being developed to reduce the environmental impact of buildings. From the use of recycled and renewable materials to the integration of green technologies such as solar panels and geothermal systems, sustainable building practices prioritize energy efficiency, water conservation, and reduced waste. These advancements not only contribute to a healthier planet by minimizing carbon emissions and resource consumption but also offer long-term cost savings and improved indoor environmental quality for building occupants.

Green Building Materials 

Green building materials and energy-efficient designs are at the forefront of sustainable construction practices. These materials, such as recycled steel, reclaimed wood, and eco-friendly insulation, minimize environmental impact by reducing resource depletion and waste. Energy-efficient designs focus on optimizing insulation, ventilation, and lighting systems to reduce energy consumption and greenhouse gas emissions. Features like energy-efficient windows, smart thermostats, and efficient appliances further enhance energy performance. By integrating green materials and energy-efficient designs, buildings can achieve lower operational costs, enhanced occupant comfort, and reduced ecological footprints, making them a crucial component of sustainable construction.

Eco Friendly Technologies

The implementation of eco-friendly technologies in residential construction is transforming the way homes are built. From solar panels and geothermal heating systems to rainwater harvesting and graywater recycling, these technologies reduce reliance on traditional energy sources and promote sustainable practices. Energy-efficient appliances, LED lighting, and smart home automation further enhance energy conservation. With the integration of eco-friendly technologies, residential constructions can significantly reduce their carbon footprint, conserve resources, and create healthier living environments for homeowners, contributing to a greener and more sustainable future.

Whatever your dreams and goals are for your home, SilverBeam Homes can help make that a reality. Let’s help you create the home that meets all your needs in rural British Columbia. Contact us today and let’s start working together to bring you home where the air is cleaner.  

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Luxury home construction plays a vital role in British Columbia, showcasing the region’s prestige and attracting high-net-worth individuals from around the world. The construction of luxury homes contributes significantly to the local economy by creating job opportunities for skilled workers and supporting various industries, such as suppliers and contractors.

These high-end properties not only strengthen the housing market, but also have a positive spillover effect on mid-range and entry-level segments. Furthermore, luxury home construction in British Columbia fosters architectural excellence and innovation, pushing the boundaries of design and aesthetics. Sustainable practices are also emphasized, with luxury homes incorporating eco-friendly features and promoting environmental consciousness. Additionally, luxury homeowners often contribute to community development and philanthropic efforts, further enriching the social fabric of the region.

Overall, luxury home construction is instrumental in enhancing the desirability of British Columbia and elevating its reputation as a premier destination for sophisticated living.

British Columbia’s Luxury Home Market

The luxury home market in British Columbia is a vibrant and thriving sector characterized by high demand and exquisite properties. Known for its breathtaking natural landscapes, cosmopolitan cities, and affluent lifestyle, British Columbia attracts discerning buyers seeking prestigious residences. The luxury home market in the province offers a diverse range of architectural styles, from contemporary and modern designs to timeless and classic aesthetics. Properties boast luxurious amenities, spacious interiors, and premium finishes, catering to the refined tastes of affluent individuals.

With an influx of high-net-worth individuals, both domestic and international, the luxury home market in British Columbia continues to grow, creating a competitive landscape for builders, architects, and real estate professionals. The market’s dynamism and exclusivity make it an exciting and sought-after arena for those seeking to indulge in the epitome of luxury living.

What Influences the Luxury Home Market in British Columbia?

The luxury home market in British Columbia is influenced by various current trends and exhibits a strong demand for exquisite residences. One prominent trend is the integration of sustainable and eco-friendly features into luxury properties. Buyers are increasingly seeking environmentally conscious homes that utilize renewable energy sources, energy-efficient technologies, and sustainable building materials.

Another significant trend is the incorporation of smart home technologies, allowing homeowners to control various aspects of their residences, such as lighting, security systems, and temperature, through automated systems.

Additionally, there is a growing demand for open-concept designs that maximize natural light and emphasize seamless indoor-outdoor living spaces. Buyers also value privacy and security, leading to an increased demand for gated communities and high-tech security systems. Moreover, there is a strong focus on luxury amenities and lifestyle enhancements, including home theaters, spa-like bathrooms, wine cellars, fitness centers, and outdoor entertainment areas.

As the market continues to evolve, these trends and demands shape the landscape of luxury residences in British Columbia, ensuring that properties cater to the preferences and desires of discerning buyers.

Several factors contribute to the growth of Luxury Home Construction in Canada:

Strong Economy

A robust and stable economy provides individuals with the financial means to invest in luxury properties. Canada’s strong economic performance, including factors such as low unemployment rates and increased disposable income, has contributed to the growth of luxury home construction.

Low Interest Rates

Favorable borrowing conditions, such as historically low interest rates, make it more attractive for individuals to finance and invest in luxury homes. Lower borrowing costs encourage potential buyers to pursue higher-end properties and stimulate demand in the luxury housing market.

Foreign Investment

Canada’s reputation as a desirable destination for foreign investors has fueled the growth of luxury home construction. International buyers, particularly from countries with economic and political stability, seek to diversify their investments by acquiring luxury properties in Canada’s major cities.

Urbanization and Population Growth

The growth of urban centers, coupled with population expansion, has increased the demand for luxury homes. As cities develop and attract professionals, executives, and affluent individuals, there is a need for high-end residences that offer luxury, convenience, and proximity to urban amenities.

Lifestyle and Amenities

The desire for a luxurious lifestyle and access to premium amenities has driven the growth of luxury home construction. Buyers seek homes that offer a range of upscale features, such as high-end appliances, private spas, state-of-the-art technology, expansive outdoor spaces, and exclusive community amenities.

Strong Real Estate Market

A robust real estate market, characterized by rising property values and competitive demand, contributes to the growth of luxury home construction. Positive market conditions attract developers and builders to invest in luxury projects to meet the demand for high-end properties.

Changing Demographics

Evolving demographics, such as an aging population, affluent millennials entering their peak earning years, and an increase in dual-income households, have influenced the demand for luxury homes. These demographic shifts have created a market for luxury residences that cater to specific lifestyle preferences and provide an elevated living experience.

Collectively, these factors contribute to the growth of luxury home construction in Canada, driving developers and builders to meet the demand for sophisticated, high-end properties in various cities across the country.

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Sustainable construction practices have gained significant momentum in recent years. This is as the world recognizes the urgent need to mitigate the environmental impact of the built environment. In British Columbia, Canada, the construction industry is embracing sustainability. Not only as a responsible choice, but also as a means to enhance the province’s environmental performance, social well-being, and economic growth. This article explores the numerous benefits of sustainable construction in British Columbia. We also highlight the positive impact it has on the environment, communities, and the construction industry itself.

Environmental Benefits

Sustainable construction practices in British Columbia have a profound impact on reducing environmental degradation and promoting long-term ecological balance. Key environmental benefits include:

a) Energy Efficiency: Sustainable buildings prioritize energy efficiency through the use of high-performance insulation, advanced HVAC systems, and energy-efficient lighting. This reduces energy consumption, lowers greenhouse gas emissions, and helps combat climate change.

b) Water Conservation: Sustainable construction promotes water conservation by incorporating a variety technologies. These include rainwater harvesting, low-flow plumbing fixtures, and greywater recycling systems. These measures help reduce water usage, protect local water sources, and minimize strain on municipal water supply systems.

c) Material Selection: Sustainable construction emphasizes the use of environmentally friendly materials. These include recycled or locally sourced materials, low-emission products, and sustainable timber. By reducing the reliance on resource-intensive materials and minimizing waste generation, sustainable construction contributes to the preservation of natural resources and reduces landfill waste.

Social Benefits

Sustainable construction in British Columbia also brings numerous social benefits that enhance the quality of life for residents and communities. Here are some ways.

a) Health and Well-being: Sustainable buildings prioritize indoor air quality by utilizing low-emission materials, proper ventilation systems, and abundant natural light. Improved indoor air quality contributes to healthier living environments. This works by reducing the risk of respiratory problems and allergies among occupants.

b) Enhanced Comfort: Sustainable construction integrates passive design strategies. These include natural ventilation, daylighting, and thermal insulation, to provide comfortable living and working spaces. This improves occupant comfort, productivity, and well-being.

c) Community Engagement: Sustainable construction projects often prioritize community engagement, involving stakeholders in the planning and design phases. This fosters a sense of ownership, promotes social cohesion, and creates inclusive spaces that cater to the diverse needs of the community.

Economic Benefits

Sustainable construction practices not only benefit the environment and society but also yield substantial economic advantages for British Columbia:

a) Energy Cost Savings: Energy-efficient buildings result in reduced operational costs through lower energy consumption. Over time, the energy savings accrued from sustainable construction can lead to significant financial benefits for building owners, businesses, and homeowners.

b) Job Creation: The adoption of sustainable construction practices creates new job opportunities in the green building sector. The demand for skilled professionals in areas such as renewable energy systems, green building design, and energy auditing contributes to the growth of a sustainable economy and a skilled workforce.

c) Market Competitiveness: Sustainable buildings command a premium in the real estate market due to their energy efficiency, lower operating costs, and positive environmental credentials. Developers and property owners who prioritize sustainable construction gain a competitive advantage by attracting environmentally conscious tenants, investors, and buyers.

Embracing sustainable construction practices in British Columbia, Canada, brings numerous benefits that extend beyond environmental considerations. From reduced energy consumption and water conservation to improved indoor air quality and community engagement, the advantages of sustainable construction positively impact the environment, social well-being, and the economy of the province. As British Columbia continues to prioritize sustainability, the construction industry plays a crucial role in shaping a greener future, demonstrating that sustainable practices and economic growth can go hand in hand.

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British Columbia is a province brimming with construction projects that are transforming its landscape and driving economic growth. From towering skyscrapers to innovative transportation infrastructure. These projects are reshaping the province’s infrastructure, boosting the economy, and improving the quality of life for its residents. In this article, we will explore the top projects that are currently underway or recently completed in British Columbia. We will showcase their scale, impact, and the contributions of construction companies involved.

If you have been on the fence about making British Columbia your home, these project may just win you over. 

Site C Clean Energy Project:

The Site C Clean Energy Project is one of the most significant hydroelectric developments in British Columbia. Located on the Peace River, this project involves the construction of a massive dam and powerhouse. Once completed, it will provide clean and renewable energy to the province, powering approximately 450,000 homes. The construction company responsible for this project is showcasing its expertise in large-scale hydroelectric construction and its commitment to sustainable energy solutions.

George Massey Tunnel Replacement:

The George Massey Tunnel Replacement project aims to improve transportation infrastructure between Richmond and Delta. This ambitious undertaking involves replacing the existing tunnel with a new toll-free crossing to alleviate traffic congestion and enhance connectivity. The construction company involved in this project is playing a crucial role in the design, engineering, and construction of this modernized infrastructure that will benefit commuters and businesses alike.

Broadway Subway Extension:

The Broadway Subway Extension is a transformative project in Vancouver that aims to extend the SkyTrain Millennium Line along Broadway. This expansion will significantly enhance public transportation, reduce traffic congestion, and improve accessibility to key areas, including the University of British Columbia and the emerging tech hub. Construction companies are instrumental in delivering this project, leveraging their expertise in transportation infrastructure to reshape Vancouver’s transit network.

Pacific Gateway Infrastructure Upgrades:

British Columbia’s Pacific Gateway plays a vital role in international trade, and ongoing infrastructure upgrades are essential for its continued success. Various construction projects within the Pacific Gateway, such as port expansions, highway improvements, and airport expansions, are enhancing transportation networks and supporting economic growth. 

Vancouver Art Gallery Expansion:

The Vancouver Art Gallery expansion project aims to create a world-class cultural destination in the heart of downtown Vancouver. The construction company involved is helping bring this vision to life by constructing a new facility that will house a vast collection of art, exhibition spaces, educational facilities, and community gathering areas. This expansion project will enrich Vancouver’s arts and culture scene while contributing to the city’s tourism and economic growth.

John Hart Generating Station Replacement:

The John Hart Generating Station Replacement project is a major undertaking in Campbell River. It involves replacing the existing hydroelectric facility with a modernized powerhouse and spillways. This project will enhance power generation capacity, improve fish habitat, and safeguard the surrounding environment. Construction companies are employing their expertise in hydroelectric construction to ensure the successful delivery of this crucial infrastructure.

Oakridge Centre Redevelopment:

The Oakridge Centre Redevelopment project in Vancouver is transforming a shopping center into a vibrant mixed-use community. This redevelopment includes residential towers, commercial spaces, green spaces, and improved transportation infrastructure. Construction companies are involved in constructing this sustainable, livable neighborhood that will provide housing options, amenities, and contribute to Vancouver’s urban revitalization.

Lions Gate Wastewater Treatment Plant:

The Lions Gate Wastewater Treatment Plant project is aimed at upgrading the existing facility to meet modern environmental standards. Construction companies are playing a crucial role in this project, ensuring the construction of advanced treatment infrastructure that will protect the surrounding waterways and enhance the region’s environmental sustainability.

BC Children’s and BC Women’s Redevelopment:

The redevelopment of BC Children’s and BC Women’s Hospitals in Vancouver is a significant healthcare infrastructure project. Construction companies are involved in expanding and upgrading the facilities to meet the growing demand for specialized pediatric and women’s healthcare services. The project will enhance patient care, support medical advancements, and contribute to the overall well-being of British Columbians.

These construction projects are shaping and have shaped British Columbia’s landscape, infrastructure, and economy. Construction companies involved in these transformative endeavors are showcasing their expertise, contributing to sustainable solutions, and leaving a lasting impact on communities across the province. As these projects near completion or progress further, the future of British Columbia’s construction industry looks promising, promising further growth and development for the province.

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Building a house is an exciting and rewarding endeavor, but it also requires careful planning and understanding of the construction process. In British Columbia, Canada, the construction process involves several crucial steps that must be followed to ensure a successful and compliant project. Whether you’re a homeowner embarking on a new construction project or simply curious about the process, this comprehensive guide will walk you through the house construction process in British Columbia.

Preparing the Site:

1. The first step in building a house is preparing the site. This involves clearing the land, leveling the ground, and preparing the foundation. It is essential to obtain the necessary permits and conduct surveys to ensure compliance with local building codes and regulations.

Design and Planning:

2. Before construction begins, it is crucial to develop a detailed design and plan for your house. This includes working with an architect or a designer to create blueprints, floor plans, and construction drawings. In British Columbia, adherence to the BC Building Code and other relevant regulations is essential during the design and planning phase.

Building Permits and Inspections:

3. To proceed with construction, you will need to obtain the required building permits from the local municipality. The permitting process typically involves submitting your construction plans, paying applicable fees, and ensuring compliance with zoning and environmental regulations. Regular inspections will be conducted at various stages of construction to ensure adherence to safety standards and building codes.

Foundation Construction:

4. The construction of the foundation is a critical phase in building a house. This involves excavating the site and pouring the foundation walls and footings. The foundation provides structural support and ensures the stability of the house.

Framing:

5. Once the foundation is complete, the framing stage begins. This includes erecting the structural framework of the house, including walls, floors, and roof systems. Framing involves the use of wood or steel studs, beams, and trusses to create the skeleton of the house.

Plumbing, Electrical, and HVAC:

6. After the framing is complete, the next step involves installing the plumbing, electrical, and HVAC (Heating, Ventilation, and Air Conditioning) systems. This includes the installation of wiring, pipes, fixtures, and heating/cooling units. Licensed professionals must handle these installations, ensuring compliance with building codes and safety regulations.

Insulation and Drywall:

7. Insulating the walls, floors, and ceilings is crucial to ensure energy efficiency and comfort in the house. After insulation, drywall is installed to cover the framework, creating the interior walls and ceilings. Skilled contractors perform this task, paying attention to fire safety regulations and soundproofing requirements.

Interior Finishes:

8. During this phase, the house starts to take shape aesthetically. Interior finishes include flooring, painting, trim work, installing cabinetry, and other decorative elements. Homeowners can choose materials, colors, and finishes to suit their preferences and budget.

Exterior Finishes:

9. The exterior finishes play a vital role in protecting the house from the elements and enhancing its curb appeal. This includes siding installation, roofing, windows, doors, landscaping, and the construction of outdoor structures such as decks and patios.

Final Inspections and Occupancy:

10. Once construction is complete, the final inspections are conducted to ensure compliance with all building codes and regulations. These inspections cover all aspects, including structural integrity, safety, electrical systems, and plumbing. Upon receiving approval, you can obtain an occupancy permit, allowing you to move into your new house.

Building a house in British Columbia, Canada, requires careful planning, adherence to regulations, and coordination with various professionals and authorities. The construction process involves multiple stages, from site preparation to final inspections. By following these steps and working with licensed professionals like Silver Beam Homes. 

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Building a home in Burnaby, Canada, can be an exciting and rewarding experience. Burnaby is a vibrant city located in British Columbia, and is home to a diverse population of over 250,000 people. The city offers a range of amenities, including beautiful parks, excellent schools, and a thriving economy. If you’re considering building a home in Burnaby, here are some key things to keep in mind.

1. Choose The Right Neighborhood

Burnaby is made up of several distinct neighborhoods, each with its own character and charm. Some popular neighborhoods include Brentwood, Metrotown, and Deer Lake. When choosing a neighborhood, consider factors such as proximity to schools, public transportation, and local amenities. You’ll also want to think about your budget, as some neighborhoods may be more expensive than others.

2. Work with a Reputable Builder

Building a home is a significant investment, so it’s important to work with a builder who has a proven track record of success. Look for a builder who is licensed and insured, and who has experience building homes in Burnaby. You may also want to read reviews and check references before making a decision. Look no further than Silver Beam Homes.

3. Consider the Climate

Burnaby has a mild climate, with temperatures ranging from about 0°C in the winter to 25°C in the summer. However, the city does receive a significant amount of rainfall, particularly in the winter months. When building your home, be sure to choose materials that are appropriate for the climate, such as durable roofing materials and high-quality insulation.

4. Follow Local Building Codes and Regulations

Building a home in Burnaby requires permits and approvals from the city. We work with you to ensure that your home design meets local building codes and regulations. This will help to ensure that your home is safe and meets all required standards.

5. Think about Energy Efficiency

Building an energy-efficient home can help to reduce your energy bills and minimize your environmental impact. When building your home, consider using energy-efficient appliances, installing high-quality insulation, and incorporating features such as solar panels or geothermal heating. We can offer guidance on companies that provide appliances that will meet your energy efficiency needs as well as ensure your home is up to the most recent step code guidelines.

6. Plan for the Future

When building a home, it’s important to think about the future. Consider factors such as your family’s changing needs, potential resale value, and the long-term sustainability of your home. Working with us, you have a builder who has experience designing homes for families. This can help to ensure that your home is both functional and adaptable to your changing needs over time.

Building a home in Burnaby can be a wonderful experience, and can provide you and your family with a comfortable and enjoyable place to live for many years to come. By following these tips and working with a reputable builder like Silver Beam Homes, you can help to ensure that your home is safe, energy-efficient, and tailored to your unique needs and preferences.

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We have seen an almost year long correction, and it seems the Canadian housing market has begun to see some sort of normalcy. While the market is still down 9.2% from the record high we saw in 2022, the aggregate price for a Canadian home rose by 2.8% quarter over quarter for the first quarter of 2023. The latest Royal LePage House Price Survey indicates a median price of $778,300. 

When we break the statistics down by housing price, we see the national median for detached homes increasing in price by 3.4% quarter over quarter to $808,700. For a condo, the median price saw an increase of 1.8% from quarter 4 of 2022, taking prices to $571,700. Overall, prices are down by 10.7% and 6.7% annually. 

What Caused the Price Hikes This Time Around?

The price increases coincided with the pause on interest rate hikes bright on by the Bank of Canada. With this pause in interest rate hikes, some buyers were able to enter the market actively.  

Royal LePage statistics show that home sales have been on an upward trend in major markets since the beginning of the year. 

From January to February, prices in Greater Vancouver, Greater Montreal and Greater Toronto increased by a minimum of 52%, and for the period of February to March, the increase was 44%. In these same markets, we saw an increase in listings month over month, but there is still a chronic shortage of housing supply across the country. 

End of the Price Correction

The substantial market correction ended in March 2023, approximately 12 months after it began. The recovery has been strong, and we are all looking forward to a more normal market going forward.  As confidence returns to the market and we are at the end of the correction, the market is still out of reach for some people, as there is still a shortage of homes for sale. If you are still finding yourself priced out of the market, maybe it’s time to consider building your home. Give us a call and let us help you realize your dream of home ownership. 

Home Price Trends for Quarter 4 

The new prediction from Royal LePage is that the national aggregate price will increase 4.5% in Q4 of 2023 over what we saw in Q4 of 2022. Even though we see this upward trend in the revision, the interest rates are still high and will keep the prices regulated for the rest of the year. 

Image from Royal LePage

While there are now more buyers in the market, the cost of borrowing is still keeping many buyers on the sidelines. If you feel like you are priced out of the housing market, let’s explore your options for building a home. 

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On Wednesday the 8th of March, The Bank of Canada held its benchmark interest rate. Economists and Real Estate players alike agree that this will have major implications for the Canadian housing market. Expect to see these implications, this spring and onward if it is continually held.  

This decision by the Bank of Canada could mean the bottom of the housing correction. But there is still a bit of uncertainty for the future, as a hike is still looming over our heads. 

Housing Market Seasonality Returning

Even before the decision for the hold was made we were seeing some housing markets in the country showing signs of life since the 2022 downturn. When the Bank of Canada made their announcement on Wednesday it didn’t provide much certainty along with the announcement. 

The Central Bank is maintaining a wait and see approach for its policy rate so we could see more rate increases there in 2023. Let’s hope there are no additional economic shocks that send the inflation forecast off its trajectory. 

The forecast issued by the Royal Bank of Canada earlier this week suggests we can look for the bottom of the housing market to show up around springtime. Based on inventory in many markets it looks like sellers will still have the upper hand over buyers during the spring. While the options for buyers are limited the options for building are not. 

Have you considered building your home? If you have been looking at housing inventory with no hope in sight. Instead of purchasing an existing home, maybe it’s time to explore building your home with us. Reach out to us and let us help make your dream of owning a home a reality. 

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