Why are new builds so expensive compared to resale properties? Well, a recently released report from CMHC uncovered that government costs and fees make up a significant portion of a new build’s price and in some regions of Canada these costs and fees are higher than a typical builder’s profit on the project.
In this video, Surrey Real Estate specialist Steve Karrasch of Macdonald Realty reviews a recent CMHC report that confirms government costs & fees raise new home prices and account for anywhere between 7% to upwards of 20%+ of the price of a new build in the Greater Vancouver and Greater Toronto area.
CMHC confirms government costs raise new home prices: https://www.westerninvestor.com/british-columbia/cmhc-confirms-government-costs-raise-new-home-prices-5621105
#SurreyRealtor #SurreyRealEstate #NewBuildPrices
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.
