Expert homebuying advice from Shaun Levy, Vice-President, Finance and Operations, Flato Developments
November 26, 2021
Due to COVID-19 and other factors, prospective new-home buyers are more carefully weighing location, housing type, design and amenities – and affordability – than ever before.
To help you understand all the issues to make a better, more informed homebuying decision, we went to some of the industry’s top builders and developers for expert advice, as part of our 2021 Builders' Annual.
What advice would you like to offer new-home buyers, as we approach 2022?
We at Flato believe that there will be increased opportunities for new-home buyers to enter the market in 2022. Interest rates will remain low, although we do forecast an increased interest rate environment going forward, probably later in 2022 or early 2023. This, in itself, could give impetus to new buyers as inventory comes online. Flato has a pipeline of new builds coming, and we look forward to selling to some of these purchasers.
What is it about your company or projects that differentiates you in the marketplace, that you’d like to stress to prospective new-home buyers?
Flato has differentiated itself by having a longer-term deposit structure that has encouraged buyers to purchase a Flato home. In addition, we build communities and pride oursleves on giving back to the communities, both current and some that we may not build in.
How is your company addressing the affordability issue?
Building outside the GTA is helping our customers who are first-time buyers get into a market that is priced lower, and thereby giving opportunity where there may not have been in the GTA for these buyers. Flato also seeks to offer more housing types, such as traditional and back-to-back townhomes in our new communities, to increase affordability. In addition, we provide a unique deposit structure to encourage new buyers.
We recently had a federal election, and all the major parties promised to address housing supply and affordability. If you had the opportunity to speak directly to the Prime Minister on this topic, what would your advice be?
We need approvals to build more housing. It’s that simple. There is huge demand for homeownership, with purchasers wanting more space and open areas. Flato is attempting to meet these needs with our current and future master-planned communities that include homes, commercial plazas and rental apartments for seniors.