BC Coast Pilot
Well-Known Member
Sleggs is no longer local. They were bought out by a public company a few years ago sadly. I've stopped buying from them due to their profiteering
Lumber Prices
- Thread starter Captain PartyMarty
- Start date
kaelc
Well-Known Member
Any local well priced left in Victoria? http://www.home-lumber.ca/about-us.php ?
we have a 500sq garden suite/office we’d like to build but will need to get sharp with our pencils to be able to afford to!
BC Coast Pilot
Well-Known Member
Yes.....i use home lumber now
kaelc
Well-Known Member
Nice they are too cheap to use my services so good at keeping their prices down. Pretty handy for Saanich, where I am.
Rain City
Crew Member
Windows are double. Skilled labor is non existent. Best of luck to you.
Stizzla
Crew Member
Building costs are still super high, I can’t see how the prices of houses can continue to drop.
I know a lot of developers are caught with their pants down right now. I’m one of them.
I’ve recently made a decision to sell my dream home and bought a fixer upper. I’ll be moving in the new year.
Currently seeing some big price drops in homes which is adding to the issue of buyers waiting to see what happens and inventory is continuing to increase. More inventory + less people pulling the trigger on buying = price drops.
Keep in mind lending prices are going up and banks are getting stingier with lending amounts so this is no fix for making houses affordable / first time buyers etc. it just means the bank is getting more and the public is getting less.
Tough position for many people at the moment.
I know a lot of developers are caught with their pants down right now. I’m one of them.
I’ve recently made a decision to sell my dream home and bought a fixer upper. I’ll be moving in the new year.
Currently seeing some big price drops in homes which is adding to the issue of buyers waiting to see what happens and inventory is continuing to increase. More inventory + less people pulling the trigger on buying = price drops.
Keep in mind lending prices are going up and banks are getting stingier with lending amounts so this is no fix for making houses affordable / first time buyers etc. it just means the bank is getting more and the public is getting less.
Tough position for many people at the moment.
Bearded wonder
Well-Known Member
Hopefully you are not building on the Sunshine Coast and want to start really soon as I heard that there is major water restrictions in place. Only essential. Concrete plants are shut down.
Lumber prices are decent. Everything else is high. Concrete in Nanaimo is available. I have been fortunate to work with trades that still have a good work force. Order stuff early. On one project we have been waiting months for a plumbing piece. Now delaying the project.
wildmanyeah
Crew Member
Its all about what people can afford per month.
my real estate agent told me buyers are paying 50-100k to get out of houses they bought with long closing dates. He told me others are just walking away, he said they could be sued but people still taking the chance.
sly_karma
Crew Member
Lumber came down to 'heightened normal.' Labour prices are still very hot as there is no supply of new people coming in, so contractors have little choice but to poach from each other. Lots of guys grabbing big offers to jump ship, I've even heard of signing bonuses.
Constant media focus on interest rates and inflation has most clients getting antsy about money. My business and most of my contractor colleagues are getting a lot of aggro all of a sudden from homeowners. Nitpicking about tiny defects, payments withheld, attempts to renegotiate prices mid-project.
Constant media focus on interest rates and inflation has most clients getting antsy about money. My business and most of my contractor colleagues are getting a lot of aggro all of a sudden from homeowners. Nitpicking about tiny defects, payments withheld, attempts to renegotiate prices mid-project.
Tinny
Well-Known Member
US Home Builder Sentiment report - only 38% of US home builders feel good about the future.....
WASHINGTON, DC, 18 October 2022 (National Association of Home Builders) - In a further signal that rising interest rates, building material bottlenecks and elevated home prices continue to weaken the housing market, builder sentiment fell for the 10th straight month in October and traffic of prospective buyers fell to its lowest level since 2012 (excluding the two-month period in the spring of 2020 at the beginning of the pandemic).
Builder confidence in the market for newly built single-family homes dropped eight points in October to 38—half the level it was just six months ago—according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This is the lowest confidence reading since August 2012, with the exception of the onset of the pandemic in the spring of 2020.
“High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga. “This situation is unhealthy and unsustainable. Policymakers must address this worsening housing affordability crisis.”
WASHINGTON, DC, 18 October 2022 (National Association of Home Builders) - In a further signal that rising interest rates, building material bottlenecks and elevated home prices continue to weaken the housing market, builder sentiment fell for the 10th straight month in October and traffic of prospective buyers fell to its lowest level since 2012 (excluding the two-month period in the spring of 2020 at the beginning of the pandemic).
Builder confidence in the market for newly built single-family homes dropped eight points in October to 38—half the level it was just six months ago—according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This is the lowest confidence reading since August 2012, with the exception of the onset of the pandemic in the spring of 2020.
“High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga. “This situation is unhealthy and unsustainable. Policymakers must address this worsening housing affordability crisis.”
Rain City
Crew Member
This is really what has changed the most in the custom world that I've seen. We're in the middle of a two year project and my clients have asked me to set up meetings with all of my trades to ask for further discounts. As the client representative I have to facilitate this. It's putting me in a difficult spot as some of these trades I've worked with for the past 15 years. The days of "preferred trades" are gone. I'm now instructed to find the cheapest price and then babysit them to make sure mistakes aren't made and the quality is still there. An impossible task. This alone is making me question staying in this line of work moving forward. What used to be a fun process is now full of resentment, stress and and unrealistic expectations. The Instagram world has also set a pretty high bar for what clients think is "normal construction" these days.
Gong Show
Well-Known Member
Many of my top end custom builders are finding the same thing.
Not making the last payment (the profit), lawyering up about deficiencies, but no New Home Warranty claim about deficiencies.
NHW is pretty realistic about what a deficiency is, new homeowners? Not so much.
The guys I am talking to are wanting to build straight spec homes, no change orders!
Not making the last payment (the profit), lawyering up about deficiencies, but no New Home Warranty claim about deficiencies.
NHW is pretty realistic about what a deficiency is, new homeowners? Not so much.
The guys I am talking to are wanting to build straight spec homes, no change orders!
Rain City
Crew Member
I wish I had the you know what to take that risk. Some of the shady financing deals I've seen guys getting into are pretty scary. I can't imagine how some spec builders are feeling in this market.
wildmanyeah
Crew Member
My father in law has been a superintend for large developments for over 30 years. During our bathroom renovations my wife would phone him and complain about stuff the trades did or did not do. He would come over to the house and be like yeah that's normal or that's way better than anything the trades do for us lol. The trim will cover it up, the next stage they will fix it, when xyz happens then this will happen, this is a process first this needs to happen, then this ect and he was right every time.
Irishwolf
Crew Member
Is it just material costs that are up or is labour up as well? We priced out a 20m2 extension reno last Nov @ 60k. By the time we jumped the non-sensical hoops of the permit process 8 months had passed...at that time (June), that cost was up 2.5x to 150k. We had to press pause....
Corey_lax
Crew Member
In the glazing industry, materials are up 100% and labour is up maybe 5%.
wildmanyeah
Crew Member
Seems like in my experience that wages are up 3-10% but labour efficiency seems down. More guys needed to do the same task in the same amount of time. No willingness to work overtime, so end up hiring more bodies. Pay guys to sit and do nothing so they dont walk. I would like to see to come more in to balance but were probably going to see a hard correction.
Stizzla
Crew Member
All these factors are going to cause a major decline in the amount of new homes being built. Also, don’t forget BC Housing is making a step 4 energy code mandatory for all new houses later in 2023. That means more expensive windows, likely more spray foam insulation etc causing higher build costs. Step 3 isn’t easy to reach although we do get there on each of our houses.
The govt. wants x millions of houses over the next y years and I don’t see that happening. The free money for the past few years has royally effed us in the b.
The govt. wants x millions of houses over the next y years and I don’t see that happening. The free money for the past few years has royally effed us in the b.
wildmanyeah
Crew Member
It ironic, they raise rates because housing prices are getting out of control and in response to high rates developers cancel projects as their financing falls through thus killing supply.
always one extreme to the other
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