In a study by C. D. Howe Institute in Toronto, released in August of 2018, the costs of building single detached homes in Vancouver were highlighted and outlined. It turns out that Vancouver is the costliest Metropolitan city in Canada for building a single detached custom home. As per their estimation, the cost will come to around $644,000 in Greater Vancouver.
Single Detached Home by Vancouver Home Builders
Now, as a prospective home buyer, you might want to explore the possibility of getting the home that will be detached from the business of the city. You might want to have your independent space in the suburbs where you and your family can settle, nurture, and grow. Most importantly, you want to find land that will be accessible from important places in the city and yet far removed from the overwhelming demands of city life. This all sounds great, but have you thought of how much this home is going to cost you when you are working with the best construction companies Vancouver?
If you are hiring Vancouver home builders, you are probably thinking about why this project is proving to be so expensive for you. To understand more, you should take a look at the following reasons:
- Land Accessibility
When you are buying a single-detached home in Metro Vancouver, you will need to find the right kind of land. A vacant plot of land that is suitable for a detached home, and yet completely accessible from any prime location can be very difficult to find in Vancouver. There isn’t a lot of undeveloped land in Vancouver, and since there is such a high demand for land, the prices can get very high. So, when you are trying to find the right land for building your home, the cost of the land will get added to your final cost.
- The Regulation of Protection of Agricultural Land
The agricultural land in and around Vancouver are protected and regulated, which means that no kind of housing can be put on these pieces of land. Vancouver and specifically Abbotsford have many large farming areas that are protected under these regulations, meaning that there is even less possibly developable land to go around. This is one of the reasons why you might have trouble finding land that is within your budget. It’ll be difficult, but definitely not impossible.
- Demands of the Non-Residents
When you are buying the land and building the house, you are not only competing with the residents of Vancouver, but also people who are moving into the city. Non-residents of the city tend to own many properties that are far more valuable than the townhouses and condos in the city that are owned by the residents. As a result, Vancouver home builders often have to quote high prices to match.
What Can You Do About it?
Having talked about all of these reasons, if you look closely, you will see that the higher cost of the single-detached homes is mostly because of the land. The cost is not mounting for building the home. Hence, if you already own land like that, it is time if you think of building a custom luxury home on it. Or, getting a house that is already in such a location can be a good deal. For such cases, companies for home renovations in Vancouver can keep the essence and the vibe of the house while making it updated, sustainable, and energy efficient.
For more details on such projects, keep doing your research and connect with a reputed construction company in the city.