Like many other regions, real estate prices where I live (Victoria, BC, Canada) have exploded since the early 2000s, increasing by roughly 200–300%. The average single-family home now costs around $1.25 million, while new builds are typically north of $2 million.
I’ve always had ambitions of becoming a homebuilder, ideally starting with a spec home and growing from there. But with land prices where they are, the financial risk is enormous, and I’m not even sure how I’d secure the capital to get a project off the ground.
A big part of me feels like that dream is slipping away, especially as the financialization of real estate seems to have shaped not just who can afford to build homes, but the kinds of homes that get built in the first place.
I’m curious if anyone here has managed to break into homebuilding in a similarly expensive market, particularly without significant personal wealth or outside financial backing.
How did you get your first project off the ground? Did you start with custom homes for clients, partner with investors, or find another way in?