(Source: Vancouver Sun)

The recession brings out uncertainty in all areas and no more so than in housing. One question that has been raised is whether cutting back will affect new home buyers — can they, for instance, still expect high-end features like granite countertops and stainless steel appliance packages now the industry standard?

“We cannot keep building the same product as yesterday,” Bob Rennie, a long- time Vancouver real estate agent, recently told the Vancouver chapter of the Urban Development Institute.

“What will tomorrow’s starter condo look like? . . . It is back to basics. I mean back to a basic affordable model. I do not think that we can rely on the investor driven demographic as much as we have been for high-rises in the suburbs.”

Read Kim Pemberton’s full article “Affordability consensus eludes builders” in Canada.com (June 16, 2009).

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