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YOUR HOME YOUR WAY n THE BRANDON SUN n SATURDAY, APRIL 27, 2024
Rising construction costs reshape home buying preferences
Some buyers opt for existing homes due to their location in well-established neighbourhoods, proximity to schools and amenities. (File photos)
AS THE DUST SETTLES ON THE TUMULTUOUS PERIOD FOLLOWING THE COVID-19 PANDEMIC, BRANDON’S REAL ESTATE MARKET FINDS ITSELF NAVIGATING NEW CURRENTS SHAPED BY THE RISE IN CONSTRUCTION COSTS.
BY ABIOLA ODUTOLA
ly capture all new home sales, as there are also non-multiple listing service sales, such as custom home builds, which occurred during the year. What’s driving this trend? Munn iden- tified several factors influencing buyer de- cisions. “For new homes, buyers are drawn to modern amenities, energy efficiency and the allure of customization,” he said. “However, with the surge in construction costs post-Covid, some are finding new construction less attractive than in previ- ous years.”
Sun. “In contrast, 96 existing homes have changed hands during the same period.” Some buyers, he said, opt for existing homes due to their location in well-es- tablished neighbourhoods, proximity to schools and amenities. “Older properties often boast archi- tectural features and craftsmanship not commonly found in newer constructions,” he added. “Buyers are also attracted to the potential for renovating and restoring old- er homes, further enhancing their appeal.” However, Munn noted that the num- ber of sales of new dwellings may not ful-
Recent observations from real estate professionals shed light on a notable shift in buyer preferences, with existing homes gaining traction over newly constructed dwellings. Brandon Area Realtors president Zach Munn delves into the numbers, revealing a stark dichotomy in home sales. “Looking at sales on our Keystone Matrix system in 2024, there have been only three sales of new, to-be-built, or un- der-construction homes,” Munn told the
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