I was talking with a TD real estate lender today and he advised that its not a good idea to build a new home now and its more cost effective to buy existing homes?
For example if you currently live in 500,000 dollar home and you wanted to duplicated it today it will cost you 600,000.
So if i wanted to build a new home and it will cost me 600k to do it and i can only sell my existing home for 500k am i just paying 100k cause labour is still expensive.
If this is true why are people still building homes when they can just buy existing homes for cheaper?
Please discuss.