Housing supply, rising interest rates, affordability, inflation, the economy, the lingering effects of COVID… there’s a lot on prospective homebuyers’ minds 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 2022 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 2023?

Stability should return in 2023, when the Bank of Canada recognizes that the impact of higher interest rates has had a much more widespread effect than curbing inflation, and the increases will end – and rates may decrease. I believe there will be a number of new home communities opening in 2023, with a great range of products. Prospective new-home buyers will need to speak to a bank representative to confirm the amount of mortgage funds for which they qualify. Knowing this amount will save consumers a lot of time and, hopefully, avoid disappointment.

What advice would you offer to buyers?

Recognizing that the current downward pressure on prices will be short-lived, rates should come down again next year, and people will realize that real estate is the single best, proven hedge against inflation. Also, established builders that have long-term relationships with their trades and subcontractors have a loyalty that overcomes many supply chain and labour issues, making closing dates more predictable in most cases. New-home buyers should research their prospective builders to ensure a positive homebuying experience.

How is your company addressing the affordability issue?

Most of our upcoming communities have a range of products. We are currently working on floorplans for 15-ft. wide townhomes, and up to 70-ft. estate lots with three-car garages and circular driveways. One community will have five different types of freehold townhomes, which will give new-home buyers many affordable options.

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

Fieldgate Homes spends a great deal of time working on floorplans and elevations to ensure that we cater to the lifestyle of our anticipated purchasers. We design for the long term because we want the curb appeal of our homes to last for years, by using many maintenance-free exterior materials and by not adding features that require regular upkeep. Fieldgate Homes has been providing high-quality homes of lasting value for more than 65 years, and to many generations of families. We are very fortunate to have a loyal base of repeat purchasers, which is the result of our dedication to satisfying our buyers and looking after their concerns.