Expert homebuying advice from Mike Parker, Vice-President, Sales and Marketing, Georgian Communities

Housing supply, rising interest rates, affordability, inflation, the economy… homebuyers have a lot to think about these days, when it comes to things that may impact their purchasing decisions.

To help you understand all the factors to make a better, more informed homebuying decision, our 2023 Builders' Annual sat down with some of the industry’s top builders and developers for expert advice.

Given the various characteristics of today’s housing market, what is your outlook for 2024?

Looking ahead to 2024, I’m feeling cautiously optimistic about the housing market. I believe that we’ll see an increase in home sales, which will bring us closer to a more balanced market. With fewer homes for sale, prices may go up, which could help the market recover. However, it’s important that mortgage rates stabilize before we see more buyers enter the market. Once rates are steady, we should see more people gaining confidence and re-engaging with the market.

What advice would you offer to buyers?

When exploring the housing market, it’s important to thoroughly research the region you’re considering. While news headlines can give a general idea, they may not accurately reflect the actual state of the area. In addition to consulting with a mortgage expert for qualification, it’s essential to consider your financial comfort for other important expenses. Your dream home should not only fit your borrowing ability but also align with your overall lifestyle and financial objectives.

Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

Make it easier to obtain development-ready land, building permits and rezoning approvals. Additionally, investing in infrastructure can make residential areas more attractive. Governments can also offer incentives to encourage developers to prioritize affordable housing. Collaborating with private entities through public-private partnerships can also aid in constructing affordable units. It’s important to review existing regulations to identify and address any obstacles to housing development. Finally, engaging with the community early on in project phases can help address concerns and ensure smoother development processes.

What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

Georgian Communities takes pride in building not only homes, but communities. We prioritize our responsibility towards the land we develop and the families who will reside there. When you choose a home with Georgian Communities, you’re not just buying a house, but you’re becoming part of a vibrant, welcoming community.

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