Real estate prices are on the rise as vice president of Zonda Urban, Pauline Lierman, reveals that pricing in the housing market has increased to more than ten percent across Toronto, according to a report on Forbes. Lierman adds that the average vacancy rate in the city is less than 2%, meaning the supply is tight and the demand is increasing. The lack of housing supply is forcing renters and those planning to buy a house in Toronto out, resulting in relocations to small towns and cities in southern Ontario. Toronto isn't the only city experiencing housing issues. Other cities across Canada and the US face high demand challenged by regulation, policy, and limited supply.
Fortunately for Toronto, the city leaders have decided to hire Montgomery Sisam Architects to combat the housing crisis with modular house designs and models. According to the company's principal architect Daniel Ling, this concept is proving effective in terms of speed. Below are the benefits of leveraging offsite construction.
Since prefabrication starts simultaneously with onsite foundation work, builders can complete projects quickly. Moreover, building elements, especially the bulk ones, are premade in the factory and transported onsite, resulting in faster installations. It's worth noting that building homes in a controlled environment prevents project delays due to adverse weather conditions. Consequently, the time-saving aspect of offsite construction ensures buildings are occupied within set deadlines, thus yielding a high return on investment.
In a typical construction site, workers are more likely to get injured because they are exposed to many risks. And when accidents occur at building sites, construction employees tend to seek the services of a construction accident lawyer in order to receive compensation for their injuries and medical expenses. Whether the accident happened due to negligence or the inherent dangers of the job, construction accident attorneys ensure developers offer a fair settlement. As a developer, leveraging offsite construction helps reduce common hazards in construction sites to avoid legal implications. Ideally, working in an indoor environment promotes predictability, resulting in fewer accidents and liabilities.
In addition to workplace safety, offsite construction reduces the environmental impact of building homes. The environmental benefits of modular construction include reduced greenhouse gas emissions, air, water, and noise pollution. Not to mention, prefabrication produces less waste because builders can recycle and repurpose leftover materials. There's also minimal transportation required, leading to fewer carbon emissions from vehicle exhausts.
Modular or offsite construction is gaining popularity among property developers, and it's easy to see why. This concept revolves around planning, designing, and building homes in a controlled environment before installing them in their permanent location. There are also many benefits of investing in modular construction, such as speed, quality, affordability, sustainability, and safety.