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Construction Rise in British Columbia
The demand for new homes in BC has been rising steadily since 2002 and although it is starting to show signs of slowing into 2007, there is still no end in sight to the rising prices of homes and the construction of new homes and housing communities.
Part of the reason for all the demand is owed to the booming economy that can be found in British Columbia over the last few years. With a continual increase in job opportunity and decrease in unemployment, more people are financially able to take on home ownership; from first time buyers to families needing more space to empty nesters looking to move out of the family home and into a new condominium, the demand for new homes in BC is strong and will remain this way for some time.
With many flexible options available for mortgages, first-time buyers are having an easier time finding a mortgage that will fit into their budget; with so many new condominium communities and new home developments coming up in BC, it is easier than ever to find the new home in Vancouver or the lower mainland that best suits each individual lifestyle.
Another factor influencing the housing increase is the approaching 2010 Olympic Games. There will be a serious demand for temporary and permanent housing in British Columbia, specifically in the lower mainland, Vancouver and the greater Whistler area including Squamish. With property values on the rise, many are looking ahead and buying now in order to potentially see a greater profit when it comes time to turn the property over to new owners.
As property values increase, home prices will be following close behind. These factors combined with rising mortgage rates are predicted to help keep the demand for new homes in Vancouver and the lower mainland at a manageable level over the next few years. Although the demand for new homes in British Columbia may begin to cool slightly, it is still predicted that the numbers will be higher for 2006 than in 2005; the cooling is only referring to the rate of increase as opposed to any increase at all as British Columbia continues into its sixth consecutive year of gains in the new housing and construction industry.
With such a call for new homes in British Columbia, it is not surprising that the demand is extending to materials to build these homes as well as the construction workers to physically build them. Although a lack of building supplies held up the production of new homes in British Columbia and Vancouver in 2005, this does not seem to be the case for 2006. The construction industry in British Columbia has also seen an increase, with employment going up 5.2% during the first four months of 2006 compared to 2005.
Also keeping the process of building new homes in Vancouver and the lower mainland of British Columbia moving smoothly are the municipal governments who have fast-tracked the permitting process and opened up more land for developing, making it quicker and easier to get new projects underway to keep up with the demand for new homes in British Columbia.
Whether you are looking to live right downtown, in the lower mainland or elsewhere in British Columbia, finding a new home that suits your needs has never been more probable. With the construction rise for all types of new homes in BC predicted to continue to keep up with the demand, it is simply a matter of picking the type of home you would like to live in and finding the area that best suits your needs, then going about finding the right new home in British Columbia for you.
Copywrite CanNewHomes 2006
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