Are you on the Fence?
On the fence about buying a new home. Now is the time!
Many home buyers have been asking "When is the right time to buy?" since the market has been a little unpredictable since the oil crash in 2015. Well my friends, now seems to be that time. As I'm sure some of you have heard Trump is shaking things up and taking the world by storm. The USA has recently imposed a tariff on lumber that will increase the cost for Canadian home builders by nearly 40%. This will in turn raise the overall building cost per home.
Many potential New Home buyers, in Alberta especially, have been hesitant hoping for a drop in prices. With the new increases to lumber, drywall, and other building material as well as the new building code regulation changes last November it's looking like that wont be in the cards. Many builders having been trying to find ways to cut costs and lower the listing prices on newly constructed homes due to the current state of the economy. Unfortunately all these new changes have made it unattainable to do so. To build the same house in 2018 as one that was built in 2016 will cost about 2-5% more. It may seem like a small percentage but on a $200,000 home that's $10,000. On a 350,000 home that $17,500. That's a lot of cheddar!
So if you are thinking about purchasing a new home maybe take a closer look at the beautiful single family home you've had your eye on, or that adorable duplex down the road.