As mortgages have become more expensive, buyers have declined. This is true for both pre-built homes and for homebuilders like us that help people build their dream homes from the ground up.
The decline was most notable in the summer months. This was just another signal of the slowdown in not just Canadian housing, but North American housing as a whole. The rising mortgage rates have decreased the demand for homes as central banks battle with inflation.
Potential homeowners are shying away from the market because they are now being met with higher rates. Even current homeowners are feeling the pressure, as they now have higher rates than when they initially acquired their homes and relevant loans.
In the first 6 months of 2022, prices have fallen by approximately 9%. This is the seasonally adjusted percentage. This data was retrieved from the National Real Estate Association. Steeper price declines have been seen in the suburbs around the largest cities in Canada, making moving outside of a city the best option for those looking for affordability or more house for the money.
How Building May Be the Best Option
Building a home may be your best option whether you are just entering the property market, looking for an investment property, or considering upgrading to your forever home. Here are some benefits of building instead of buying.
Build A Home Tailored to Your Lifestyle
No matter what you want in your home, building from the ground up is the best way to meet your needs. You can create a huge entertaining area or design your own scullery. When buying a home, you are limited to choosing from homes that won’t have all the things you want.
Create Spaces that Accommodate Your Growing Family
If your family is growing, you need to factor that into the size of your living space. How many bedrooms and bathrooms will be ideal for you and yours? Would you want to have a dedicated home theater room, or do you need space for a pool?
Future Proof Your Home With the Use of Smart Technology
Technology is moving at a rapid rate, and if you don’t want your home to become obsolete, you should consider smart technology. The best way to incorporate the newest technology is to build your home with the newest technology of the time.
Newer appliances tend to be more energy efficient and include smart technology so you can control them remotely. These types of features also make a home more attractive to buyers if you are choosing to build an investment property.
Create an Eco-Friendly Home
Eco-friendly homes are getting very popular, as most people are trying to reduce their carbon footprint. An eco-friendly home will also help you to save money, and improve your health while supporting the environment. We can tie in point 3 above here when it comes to energy-efficient appliances and technology that can be controlled remotely. All of which can cut down your carbon footprint.
You have all the Creative Control
You get to decide the floor plan and where to place that beautiful fireplace. There is no need to settle for a home with awkward spaces and random walls. You get to create a home that is 100% yours.
Easier Re-Sale Process
A smart, eco-friendly home built with newer construction materials, new appliances, and technology will sell easier in our current market. This type of home will save a new homeowner time and money on replacements and renovations. No buyer will want to pass up this type of advantage.
Less Competiton in the Market when Buying Land
Unlike homes, the market for land is not as full of competition. You won’t have to battle with crowds at open houses and the competition going over asking.
If you think you may be in the market to build a home, SilverBeam Homes is an independent residential home builder that is committed to helping you design the home your lifestyle desires. Find out how we can help make your dream a reality by contacting us today.