Many Canadians have been living in the same rental unit for years with no intentions to move. You know the old adage: “if it’s not broken don’t fix it!” But for many renters, the change in the work environment has caused a change in their home needs. And so they need to move. Are you among those who want to move or need to change your living situation? Have you considered building your very own starter home?
Here at SilverBeam homes our speciality is building you the home that will meet your needs. While 50% of Vancouver residents are tenants you don’t have to be a part of that statistic if you think it is time for a new page.
With current home prices skyrocketing beyond the reach of the average Canadian your best options right now would be rent or build. But if you choose to rent, there is a lot of competition out there. Good news though if rental is still your only option. Government support for rental building construction has returned, and we expect to see construction throughout 2021.
Immigration’s Effects on Housing Affordability
With record levels of immigration our unaffordability problems are further compounded. Even though there was a slow down of immigration in 2020 due to the pandemic with a number of COVID-19 restrictions being lifted we can expect the inflow to rise again. And new residents are typically renters. So from immmigration alone we could be looking at a rental demand of approximately 39,000.
Historically, the British Columbia rental market is provided by “Mom and Pop” rentals. These idnividuals invest their home into small rental projects as a way of making an extra income or even their only source of income.
Do you think buillding could be the right move for you to make right now? Give us a call and let us help guide you through the process.