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.

Jordan DeBrincat
Vice-President, Altree Developments

There’s a lot for prospective homebuyers to consider these days, from housing supply to interest rates to long-term demand… What is your outlook for 2024?

Real estate is a long-term game, and requires patience. My outlook for the housing market in 2024 is unchanged – you need to think long-term and hold on until things stabilize. Although interest rates may not improve significantly in 2024, I believe that the Toronto real estate market will emerge stronger than ever before. It is the ideal time to educate buyers on the benefits of investing in pre-construction projects. I anticipate an end to the construction materials supply crisis in 2024, with lead times and cost increases getting back to normal levels.

What advice would you offer to buyers?

Education can be a game-changer when it comes to making an informed purchase decision. It is crucial to have a deep understanding of the product you’re buying, especially when it involves a considerable investment. By doing a thorough analysis of your finances, you can identify your budget and avoid overstretching yourself financially, especially if there are fluctuations in the environment, such as rate increases.

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?

One of the biggest challenges that developers are currently facing is the bureaucratic process of rezoning and site plan applications, as well as building permit applications. This process involves a lot of back-and-forth with city staff, and the outcome often depends on the staff assigned to builders’ files, such as urban design or engineering. In order to finalize a zoning/site plan application, builders may have to submit four or five rezoning applications and four or five site plan applications, resulting in a time frame of 24 to 36 months to complete the process. It would be beneficial if the application and approval process were streamlined and condensed to make this part of the development process more efficient, so that sales and construction could begin sooner.

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

We would like prospective buyers to know that our top priority is to demonstrate the value of our products. Whether you are a first-time homebuyer, first-time investor, seasoned investor or downsizer, you always want to see some kind of increase in the value of your purchase year after year. During the sales process, we make sure to outline the key highlights of the project along with the main features of our development, so that we can clearly demonstrate why our project is a great investment, regardless of the purchaser’s buying profile. We are committed to ensuring that our buyers are educated on their purchase. We believe that buying a home is one of the biggest decisions a person can make, and we want them to know that Altree can be used as a resource to aid in making that decision.

altreedevelopments.com

For more homebuying advice and insight, see our 2023 Builders' Annual.