In recent years, British Columbia's real estate market has been marked by growing delays in housing completions, leaving many homebuyers and investors frustrated and reconsidering whether to wait for a new build or buy an existing home. If you're navigating this choice in BC's market, here’s why buying an existing property could be a smarter and more reliable option right now.
Understanding Current Housing Trends and Policies
The topic of housing completion delays and whether buying now is advantageous for BC buyers aligns with recent trends and policy changes in the province. With BC's ongoing housing crisis, the government has introduced several legislative measures to increase housing supply, including zoning changes, new rental regulations, and construction incentives. While these moves aim to alleviate pressure on the market, experts believe it may take years to see substantial impacts on housing supply and affordability due to the scale and complexity of these changes.
For prospective buyers, these delays and the uncertain timeline of new policy effects could make purchasing a home now a more stable choice. With high demand and ongoing legislative rollouts, waiting for new units could be unpredictable, particularly since policies like Bill 44 and Bill 47 are only expected to bring gradual relief by allowing increased density and faster permit processing. Additionally, BC's restriction on short-term rentals starting in 2024 might increase rental supply but could also stabilize prices in certain areas.
1. Avoid the Uncertainty of Construction Delays
One of the biggest challenges today is the unpredictability of construction timelines. With supply chain disruptions, labor shortages, and complex permitting processes, what once took a year to build may now stretch to 18 or 24 months. Buying an existing home removes these uncertainties, providing you with a guaranteed move-in date—especially important for families and investors needing stability.
2. Cost Efficiency and Stability
Building a home can expose you to fluctuating costs as prices for materials and labor have risen substantially. An existing home offers cost stability, as you know upfront what you’re paying without hidden construction fees or prolonged timeframes, making it easier to budget without surprise costs.
3. No Hidden Costs or Surprises
New construction can lead to unanticipated costs, from temporary housing fees to financing charges while waiting for your home to be built. Buying an existing property provides financial clarity, eliminating the unpredictability of added expenses, so you can move in right away without needing to arrange temporary accommodation.
4. Immediate Availability and Certainty
Purchasing an existing home lets you see exactly what you’re getting. This “what you see is what you get” factor is reassuring, compared to a new build, which may not match renderings or blueprints. You can inspect the property, its condition, and decide if it meets your needs before committing.
5. Instant Gratification and Reduced Stress
Waiting for a new build can be stressful, with construction setbacks and ongoing uncertainty. Buying an existing home lets you move in without delay, offering stability and avoiding the emotional strain of waiting.
6. Established Communities and Ready-Made Lifestyle
Existing homes are typically in well-established neighborhoods, complete with schools, parks, shops, and community amenities. In contrast, new developments may take time to grow into vibrant communities. By purchasing an existing property, you can integrate into a fully developed neighborhood with immediate access to amenities.
7. Market Conditions and Competitive Advantage
Given today’s competitive real estate market, buying an existing home can give you an edge over new construction, as delays and extended timelines continue to affect new developments. You may find fewer buyers competing for pre-existing homes, increasing your negotiating power and chances of securing the right property.
Conclusion: Buy Now, Move In Sooner
In BC’s housing market, new construction may not be as appealing as it once was due to ongoing delays, rising costs, and uncertain policy impacts. Buying an existing home offers a more stable and immediate solution for many buyers. You gain access to a home, budget predictability, and the opportunity to settle in a well-established community—without a long wait.
If you’re ready to explore your options in BC’s real estate market, I’m here to help you make a well-informed decision.
đź“ž Contact Kevin Scharfenberg
Personal Real Estate Corporation
📲 250-457-1795
Brokered by: EXP Realty
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