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, we sat down with a select group of Industry All-Stars for our 2023 Builders' Annual for their insights and advice.

Depending on your outlook, today’s market could be described as full of opportunity, but at the same time not for the faint of heart. Over the past year especially, we have seen some serious shifts in the economy, the homebuilding industry and all of our pocketbooks.

Navigating change

We are all now navigating through so much change – inflation, interest rates, conflict and how Canada sits on the world stage. For people on the doorstep to homeownership, advice can be very beneficial, but I encourage you to make this column just one piece of the puzzle as you prepare for this exciting homebuyer journey. Take advice from people in the industry who will help you and add value – not just from a shiny brochure or website.

I offer you three ideas here – prepare, budget and look at opportunities through a different lens.

First, do your homework. Prepare a realistic budget based not just on your situation today but look into the future. Will you have an addition to the family? Do you foresee any large life changes ahead? Get in touch with your mortgage specialist, preferably one who specializes in new homes and condos, and begin the process early so that you have assurance knowing that you have a partner along the way with you. More and more, we are seeing the requirement from new-home builders and developers (and their financial institutions) that the homebuyer provide a firm mortgage approval, so it is as important that you have a clear and firm commitment so you can relax and enjoy the next step in the journey. That firm and adjudicated mortgage approval is critical today, because it shows your strength as a committed and responsible buyer and will save you a lot of 11th hour anxiety as your closing date approaches.

Reasonable and realistic criteria

Next, develop a reasonable and realistic criteria of must-haves in location, home type (townhome or condo apartment, detached home or stacked townhome) and your other requirements, and then set out to learn about all your options. Now more than ever, be open to new formats, newer bourgeoning communities and opportunities to stretch your homebuying dollar as far as possible.

Now is definitely the time to look for innovation and opportunity. The Ontario new home industry is filled with some of North America’s best and brightest talent, and they are creating community and home designs that are truly world-class. That means that you as a new-home buyer have access to leading innovations.

All of this innovation will mean real value to you and longer-term value in home appreciation, energy cost savings and the satisfaction knowing you bought from the best.

pmabrethour.com