Home builders talk housing affordability

Home builders talk housing affordability

This article originally appeared in YP Next Home Condo Builders Annual on March 20 2017
YP Next Home | PDF
When asked to offer some advice to homebuyers who find themselves priced out of this hot housing market, Brian Brown, vice-president of Lifetime Developments doesn’t mince words. “Don’t do it,” he says, admitting that this must sound odd coming from a developer.

It’s the same advice he gives his kids when they want to buy a toy they can’t afford; the advice he offers friends when they want to buy a sports car that’s too expensive; or the advice he gives himself when those dream vacation ads pop up in his Inbox each November.

“The biggest threat to our strong real estate market and local economy is a generation of buyers who, in pursuit of the housing dream, throw caution to the wind, assume a crippling mortgage, and take on more debt than they can handle.

“Don’t get me wrong; just because I believe financial discipline is the secret to financial freedom, doesn’t mean that I don’t believe in making purchases and investments – large and small – that are right for me and my family, at the right time. And that is my advice for today’s new condo purchasers thinking about buying into today’s real estate market: Be disciplined. Be prudent. Be responsible.

“Housing affordability, like beauty, is in the eye of the beholder. Make sure you pay attention to both, and I’m certain the current Toronto condo market will, at the right time, offer something both beautiful and affordable.”

 

 

 

Share This Article: Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedIn