IF YOU COULD GO BACK IN TIME, WHAT WOULD YOU TELL YOUR YOUNGER SELF?
THE HGTV HOST, DANIELLE BRYK: We begged, borrowed, stole. We did the whole renovating, flipping, and buying up thing. I’m at a point now when two of my kids are away at university. I have this big, empty house in Toronto, and I still have a really big mortgage. I think I would tell myself, “Stay in that first house you bought for $230,000. Make it work with design.” You could have … I could have done it. I would have been mortgage-free. So I think that I’d tell myself not to get wrapped up in this idea of needing so much and the status of all of that. THE PLANNER, JENNIFER KEESMAAT: I would actually say the same. I would have stayed in my first house, and my mortgage would be paid by now. THE FINANCE ACE, JOE OLIVER: Yeah, but the truth is, if you look at what happened with prices, you were far better off to upgrade to the max because you’d end up with a higher net worth. THE ARCHITECT, MARYAM MANSOURI HURST: I would tell my younger self, you know, if there was an opportunity even five, 10 years ago to buy more land at $60 to $70 a buildable square foot, go for it. It felt and sounded astronomical then, but now, when you’re looking at land, you’re looking at $150 a square foot. You know, at a minimum. It’s so expensive to make sense of projects like that in today’s marketplace. THE SALES PRO, BARRY COHEN: I’m telling my kids — one’s bought, and two on their way — I’m telling them to buy longterm. Don’t buy short-term. Don’t look for the flip because it costs money to buy and sell. You know, land transfer taxes, four per cent, commissions, five per cent. Never be aggressive. Be affordable. THE REALTOR, MICHAEL KALLES: I look back at an area where our head office is, at Avenue and Wilson. I look at the lot values. You know, when I first came into business, they were $230,000 for a 40foot by 130-foot lot. So from a corporate standpoint, if my son was in the business or my daughters were in the business, I would have told them to transfer a little bit of their focus from brokerage to development on the infill housing marketplace.