If you are considering building a home in Saskatoon, you might be wondering – is now a good time?
Of course, the answer will depend on your personal budget. However, with the recent interest rate cuts, and another anticipated to come – now is a good time to start the process if building a home is on your To-Do List.
The market has been unpredictable for the past few years and we know that nothing stays the same for too long. This has contributed to uncertainty for some when it comes to home building.
Given the current market conditions, here are a few things to consider if you are thinking of building a home in Saskatoon:
Length of Process
Building a home is not an overnight process. From start to finish, the process can take just under a year (depending on the size and type of home). At Lexis, we complete all key interior design details before you sign the dotted line. This means you’ll know exactly what you are getting before you commit and ensures no detail of your home is overlooked. As a result of the length of the process, our clients that are signing up to build now will likely be moving in when interest rates bottom out.
Higher demand
When taking on a large investment like building a home, the lowest rate possible is ideal. We don’t know how much further rates will drop, and for how long. However, with each rate cut, demand for product increases. This increased demand can contribute to rising costs of materials. Additionally, waiting too long can have other risks. Custom home builders have a limited amount of design/construction slots available. Waiting for the ideal rate as demand increases, can create a risk of not being able to get the design/construction slot or lot you desire.
Investment Potential
Due to the lower cost of living, Saskatoon has experienced steady population growth which has driven demand for housing. With demand expected to continue, building a home in Saskatoon can be a wise-long term investment. Building a home while interest rates are on a downward trend could allow you to capitalize on future prices. As the market evolves and population growth continues, property values are likely to increase, giving you a greater opportunity for a return on investment over time.
Of course, when and how you decide to build your dream home is a highly personal decision. Everyone’s situation is different! However, if you are ready to build a home in Saskatoon – there is no time like the present to get started. Don’t forget to check out our available lots and floorplans for some inspiration!
Related Articles Worth Checking Out:
The Cost of Building a Home in Saskatoon
Avoid Going Over Budget When Building a New Home