SilverBeam Homes Blog

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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In January 2023, home prices for new homes in Canada dropped by 0.2% month over month. The latest New Housing Index report showed higher mortgage rates, putting downward pressure on the prices of new houses.

 January also saw an increase in borrowing costs, bringing the policy interest rate up to 4.5%. The Canada Mortgage and Housing Corporation reported that there were 18.7% more single-family homes completed in December 2022 than in December 2021, of which none were sold.

In addition to that, the costs of softwood lumber decreased in January by 61.2% since they hit a high in March 2022. This has helped reduce construction costs as well. Builders like us had experienced a deteriorating market, and now with the decrease in construction costs, we can pass the savings on to home buyers, hence the decreasing new home prices.

The Canadian Real Estate Association had predicted this decline in housing prices. They predicted an almost 6-percent drop over 2022. This caused both sellers and buyers to sit on the sidelines and watch. So we can likely expect rising interest rates and high levels of uncertainty to be a thing of the past. The CREA also forecasts that average home prices will reach $662,103 this year.

Slowed Growth in New House Prices

CREA also reported that the new listings ratio for resale homes in January 2023 was 57.8 compared to January 2022, when it was 77.9… This indicates a cooling market.

In Calgary, there was a record year-over-year gain on new house prices. Calgary saw a 10.9% increase, Windsor came in with 5.9%, and Quebec followed with 5.3%.

Sales hit a 14-year low in the month of January. The sales volume went to a 14-year low, making January 2023 the second-best January on record. The national average home price in Canada was $612,204, down 18.3% year over year.

 British Columbia and Ontario saw steeper price drops, according to CREA.

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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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In November of 2022, housing affordability eroded all across the country. The RBC notes it is now harder to buy a home than it was in the last bubble seen in the 1980’s. The 2021 price surge has definitely caused lasting damage that will take years to correct. 

Many buyers today may call some housing prices affordable. But the truth is that Canadian households have never had to spend such a large share of their income on owning a home. The incredibly sharp increase is 14.5 points higher than the previous year across the country. 

Canada’s Least Affordable Real Estate Markets 

While every market in Canada is seeing higher prices, Ontario and British Columbia are showing the highest numbers. A Toronto household will need to spend 85.2% of their income on a mortgage. That doesn’t leave much room for living. 

No generation in Canada has seen the need to dedicate so much of their income towards servicing a mortgage. The sudden erosion has caused rising interest rates, but this isn’t the major issue in most markets. 

Hopes for Market Correction 

Before the interest rates increased, there was an excess demand, which drove the erosion of affordability. RBC notes that interest rates are stabilizing, and that will help to correct the prices. But we can’t expect this very soon. A 14% correction would be one of the largest in history, rivaling the corrections in the 80’s and 90’s. 

Some household incomes are growing, and this should help with affordability. With incomes rising, prices will stagnate and affordability will return to the housing market. But this will take some time. 

If you have never considered building a home, maybe now is the best time to consider this option. Give us a call, we’d love to hear from you and guide you through the process of building your home. 

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