BC Real Estate News - Modular Home Demand Skyrockets Among Millenials
According to Joe Walters, CEO of Penticton based modular home builders Radec Group, “We are seeing an increase in the 25- to 45-year-old buyer because they didn’t grow up with the modular homes that we have today,”
The shift in demand towards these affordable new homes could be driven by maturing millennials and lack of affordability in the Vancouver market.
Radec Group's staff has more than doubled since expanding into the modular home market.
Another factor fuelling this opportunity for contractors and real estate agents is the increased value of these type of developments. According to the Canadian Home Builders Association Modular Construction Council 2016 Economics Report, "the value of factory-built building production in Canada was slightly over $1.6 billion in 2016, up about 3.5 per cent from 2015 and above the five-year average."
According to Walters, “Most cities in the Lower Mainland are looking to increase density,” He added that “factory-built homes allow [contractors] to help that goal while not putting additional stress on infrastructure or neighbourhoods. [Developers and the city are] trying to minimize disruption to communities.”
“Looking forward, we’re looking at densification, including modular laneway housing. That, and multi-storey developments, are the evolving trends today,”
“We are seeing broad growth in demand in the Lower Mainland as well as across the province of British Columbia in general,” said Rod Graham, president and CEO of Horizon North. “The market sees that you can get a higher quality product faster and they want to be a part of the innovation of modular construction.”
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