Crushing the housing market won’t help, what will help is the rebalancing of the housing market. The state of the housing market is one of the biggest challenges our country is currently facing. Meaningful housing construction acceleration is the way to go to fix the issues in the housing market. It is the key to helping prevent an entire generation from being permanently priced out of the housing market.
A recent census showed that the fastest growing type of household in Canada is “roommates”. This is a big problem, but if housing prices fall too fast or too far, we will have even bigger problems. Even if prices decrease, rent and mortgage payments may still go up.
We expect demand in the cities of Vancouver and Toronto to at least remain the same, but chances are it is expected to increase. More density can help to wrestle down prices, but this can’t happen overnight.
A house is the largest asset someone can own. Housing is costly in our country, and not many people are able to access or are willing to spend. A house can build your retirement wealth. Business closures and layoffs can cause people to miss mortgage payments. That, along with high-interest rates, can cause a big escalation.
Building a Home
Buying an existing house is not always more cost-effective than building your own. There is also the emotional fulfillment of getting everything you want in your home. When you build your home, you get to make the choices you wouldn’t be able to make when purchasing an existing home. But that isn’t the only benefit of building. Here are a few reasons it may be better for you to build your house than buy an existing one.
Sustainability and Efficiency
If sustainability and efficiency are important to you, then building a custom home is for you. Building a custom home now will provide you with a more energy-efficient home than even homes built ten years ago.
Homes built in the 90 even tend to not have energy-efficient windows. If you purchase one such house, you would have to make these updates when you move in. if you don’t make these changes, you end up losing money on your potential selling price on your monthly utilities. You will continue to pay those higher utilities until you can afford to do a renovation, and that can add up over the months and years.
With global warming, sustainability should be high on your priority list when looking into the features you want for your home.
Room for Growth
Most people only move out of their homes if their family has grown or is growing. This can mean a new baby, an elderly relative or a child moving back home. When you build your home, you can cater to these possibilities instead of choosing what is available on the market, even though it may not entirely meet your needs.
You can choose the number of bedrooms you need or you can add on a guest house, a mother-in-law suite, or a basement with a separate entrance. The possibilities are endless.
New Appliances – New Technology
We have all moved into a home with existing appliances, and there is always that one item that is faulty. If you haven’t had the best of luck, you may have encountered more than one faulty appliance in a move.
When you build a custom home, you won’t have any faulty appliances, and on the off chance you do, you can send it back to the seller/manufacturer for a working one. Best of all, you will be able to choose from products with the newest technology to ensure that they truly enhance your life.
You get to base your entire design on what you must have for your home, with no risk of this list being diminished, as long as you have the necessary budget to support it.
Buying an existing home may seem more manageable, and it may be the norm, but you don’t have to take that approach when it comes to owning your home. We can help you build a house that will satisfy your needs and the needs of your family. Take a chance and let us help you make your dream home a reality. Take a look at our services, and then contact us when you are ready to move ahead.