According to the Toronto Real Estate Board, 2016 prices for both detached and semi-detached homes are far outpacing the rate of inflation. Increasing demand and decreasing inventories have made finding a home to buy in Toronto very challenging. As a result, many savvy home buyers have come to realize that the smart money play is choosing a custom home building.
In the current housing environment, prospective home buyers are at the mercy of the market. In August 2016, the average selling price of a detached home in Toronto topped $905,000. This figure represents an increase of more 23% above last year’s average sale price. Even for home seekers with money to spend, finding an existing home to purchase is difficult. The number of homes listed for sale in the past year has fallen, while the number of prospective buyers continues to climb.
The rental market in Toronto is at a peak as well. August 2016 rental prices for a single bedroom condominium in Toronto were up 6.4% over 2015 rates. Condo purchasers in Toronto are paying an average of $500 per square foot.
The cost of a 2,000 square foot condominium at this rate is $1 million. That same $1 million could buy you a custom built home that you and the team at Structure Design Build can design together.
Choosing to build a custom home in Toronto solves two problems.
First, you can choose the price you want to pay for your new home rather than being pushed by market forces.
Second, you don’t have to wait for a home to become available for purchase. Instead of competing for a scarce resource, you create the resource.
There are many other benefits to choosing a custom built home. With a new custom built home, you’ll have up-to-date styling and the best building materials. Plus, you’ll have the flexibility to create a home you’ll love. You pay for only the features you want and need.
Additionally, your new custom built home will include state-of-the-art security, technology, and energy efficiency features. You'll have a new home to move into with no "old house" maintenance issues to worry about. Here are a few more details about the benefits of choosing to build your custom home in Toronto:
The variety of new materials available to homeowners who customize means that you can create a home that reflects your personal taste and style. Plus, you can install the materials you want from day one, rather than having to wait to replace unattractive siding or drafty windows when you have the time. Among the new materials available to custom home builders are modern sidings made of fiber-cement can be molded to mimic the shape of masonry or textured to resemble wood. Cool roofing materials can reduce the annual energy consumption of a home by up to 15%.
Shingles that mimic the look of slate or tile are an affordable and efficient alternative to the real thing. Or, if authenticity is everything, you can design your home to support the weight of a slate roof and have one installed. Building in the structural support from the start is a much better option than trying to retrofit and existing roof.
Whether you plan to grow your family in the future or are ready to downsize, your custom home can be built to meet your specific needs.
A home too large for your needs can be inefficient, increasing your energy and maintenance costs. On the other hand, a home too small may necessitate a move in the future. Additionally, you want to choose a home size that is appropriate for the lot on which you plan to build. You custom home designer can help you to choose the right home size for your family and your budget.
Purchasing a custom built home is your chance to think outside the box and create your own personal sanctuary.
Are you an entertainer who needs a large open kitchen and outdoor space for parties? Perhaps your household needs two office spaces and a homework nook. Is a workout room essential or maybe a large home theater?
These are all design features that you can choose to include when you build your custom home. From sunrooms to wine cellars, the choices are all yours.
When designing your custom built home, consider your comfort. Do you prefer heated bathroom floors? Should your walk-in closet have natural lighting? You can also control counter heights, bathroom layouts, and floor plans.
A custom built home can be equipped to suit your every technological need. From a central, in-wall vacuum system to whole house Ethernet wiring, its all up to you. Multi-room temperature controls, remote security access, and advanced air filtration are just a few of the modern conveniences you can put on your list of "must-haves."
When designing your custom built home, you can also incorporate plans for the future. If you don’t want to install an elevator when building, your home designer can create space for one to be installed later if needed. Plumbing and gas or electrical lines can be incorporated into walls to allow additional bathrooms or a second kitchen to be easily added should the need arise.
Real estate experts aren’t predicting an end to Toronto’s housing crunch anytime soon.
Why wait for the housing market to change when you can have a home that is uniquely yours now? Now is the perfect time to take a look at your budget and your desires and start planning to build the home you want. You can live and work in Toronto and have the perfect space to come home to every night. Our team of custom builders is ready to help.
There’s no need to wait for a home that might work to come onto the market at a price you can afford. You can make your dream comes true, whatever those dreams may be.