It doesn’t take a financial guru to see that housing prices in Ontario have sharply increased over the last five years. This isn’t just primary residences either. Cottages and investment properties in many areas have also seen a dramatic rise.
Enter the idea of modular or manufactured homes. These are dwellings that were built indoors, in a factory setting, and then transported to the new location where builders assemble the property. This idea is not new but it is certainly gaining momentum.
Ritchie James is one of the owners of Total Manufactured Homes out of Bowmanville, Ontario. They are a distributor of modular homes and have been getting quite busy. In an interview with Cottage Country Connection, James explained who buys their product and its increase in popularity.
“[The main] people buying are from the city. They’re buying as a secondary home, retirement home or cottage”, James said. “The benefit to a manufactured home is that it’s manufactured indoors. It doesn’t see any weather and the house comes 95 percent finished”.
Another great benefit to a manufactured home is, of course, the price. “At the end of the day, a custom home can vary from $250-$500+ per square foot. You can get into a 1400 square foot manufactured home for under $200,000”.
James added that customers are taking advantage of modular homes for both cottages and their main dwellings as well. “They are doing it for both. I’ve had my website going now for nine weeks and I’ve had close to 42,000 hits on the site”. James attributes the popularity of his homes to the increasing sales price of traditional housing in the GTA, and other busy pockets of Ontario.
So if the spike in housing prices has given you heart palpitations like the rest of us, fear not. An alternative exists in modular homes if you can keep an open mind. They certainly aren’t the norm, but they are a great way to have the property you want, without paying your life savings to have it.
By Jonathan Hiltz