High Lumber Prices Impacting Home Building Costs
The COVID-19 pandemic has pushed up the cost of building materials significantly. Consequently, The National Association of Home Builders (NAHB) estimates that high lumber prices are currently adding at least $24,000 to the price of a typical new single-family home.
The hefty new price tag doesn’t include the current surcharge on other building materials, including copper, concrete, and steel.
While the increase in material costs may help boost incomes and the economy, it will also put homeownership further out of reach for many buyers that were already at their maximum debt servicing or had limited down payment sources.
Therefore, buyers hoping to purchase new homes now have to look at the resale market, while others may be priced out of the market altogether.
However, all is not lost, and there are still excellent opportunities to qualify for a mortgage. So if you’re planning to purchase a home soon, get in contact with Keith Uthe Demystifying Mortgages today.
As an experienced mortgage broker in Calgary, Alberta, I will help make homeownership a reality as I have access to many different A lenders and B lenders.
I also specialize in programs like Flex-down payment and Business For Self-Stated Income and can help find solutions to fit your situation.
My other services include first-time homebuyer mortgages, mortgage refinancing, switch/transfer mortgage, debt consolidation, equity mortgage lending, and construction mortgages.
I also offer commercial mortgages, business financing, private lending, real estate investment advising, rental property financing, renovation financing, flip financing, and spousal buyout mortgage.
I serve clients throughout Alberta and coast to coast across Canada, including Calgary, Red Deer, Lethbridge, Edmonton, and Medicine Hat.