We’ve all done it — we’ve flipped through the channels and stopped at one of those dream-home-shopping shows. You know the score — a couple tours three or four homes in some sort of island paradise, and then they have to decide which one they are going to buy.
The couples gripe about things like drawer pulls, faucets and showerheads. They have four homes that offer postcard views of the ocean, but it’s all going to come down to which house has the rainfall shower.
Thing is, we’re like that when we shop for homes, too. Note the rise in the high-end rental market, where a premium has been placed on fixtures and appliances.
But, as homebuilders deal with inflation and supply-chain issues, our love of high-end fixtures and finishes may offer a way for them to get around the delays.
How is that?
Let’s go back in time a few months. Supply-chain issues are causing massive issues for homebuilders. In 2022, Rohit Gupta, the president of the Rohit Group of Companies, told a gathering of homebuilders and developers that the issues in getting supplies was critical. Delays force developers to sit on land, and pay the servicing costs, as builders wait for supplies. And that drives up costs.
“Until the supply chain issues in China sort themselves out, nothing else matters,” he said.
The supply-chain issues means that it’s taking longer to build a home. Late in 2022, the Canadian Mortgage and Housing Corporation released its study on the housing markets in all of this country’s major cities. Analyst Abedola Omosola noted that the wait times for homes is lengthening.
“In Edmonton, the average time between receiving the permit to build and starting construction increased from 2.3 months to 3.2 months within the review period,” wrote Omosola. “This may be explained to some degree by supply chain issues and labour shortages, which are known causes of construction delays.
But, for Rohit, the uncertainty has been a catalyst for a rethink on how homes are designed. In March, the company is unveiling a new program — Calgary-based Louis Duncan-He has created three signature designs for the homebuilder.