NEW CONSTRUCTION IN NANAIMO & CENTRAL VANCOUVER ISLAND
Central Vancouver Island has seen a strong and steady stream of new construction over the past few years, in many different parts of the area. As of late, the construction boom is driven by a residential sector that has been tremendously hot, due to rising prices in real estate, and a limited amount of inventory for buyers and sellers. With a restricted supply of homes combined with a very high demand in housing, Central Vancouver Island has seen plenty of movement in its housing market, motivating people to build their own homes, or invest in brand-new developments.
Benefits of Buying New Homes in Nanaimo
With fresh new projects taking place all over the island, this has inspired some of the most innovative planned communities and developments to spring up. Investing in new construction means homebuyers have access to industry leading technologies and practices, as modern homes are now built with energy-efficient upgrades, and smart home automations. There's also an influx of eco-friendly, sustainable-living builders found up and down the island. Whether you are looking for a brand-new house or want to work with a developer to build an entirely customized house, homebuyers have access to builders who are focused on meeting the desires of customers with quality in mind.
Homebuyers who invest in new properties enjoy minimal maintenance, updated interiors, and energy efficient construction. One of the perks of investing in new developments is that you won't have to worry about hefty maintenance fees or renovations. Homebuyers can stay on budget by coming in on a development after it's already started by implementing exactly what kind of features you'd like in a house. If you wish to build your home from scratch, you have greater flexibility when it comes to the design of your home. Many new developments offer a variety of floor plans with customizable features, which allows the opportunity to have the home you've always wanted, tailored to your unique needs!
As of February 2016, the BC government introduced a property transfer tax exemption for anyone investing in new homes purchased for under $750,000. Another incentive homebuyers can look forward to is when purchasing a primary residence from a builder for under $450,000, the New Housing Rebate gives back up to 36% of the GST! With such fast movement, new homebuyers can feel confident when it comes to investing in a hot market since it's required for developers to get a third-party home warranty insurance, to protect homebuyers from poor and predatory development practices.