Real Estate Is A Self-Regulating Market
My message to the real estate community is really we have to encourage the regulators and the politicians to let the market forces prevail. We’re actually very astute as an industry to avoid overbuilding, to avoid gluts, to avoid spikes in prices, and it’s a self-regulating market.
When it gets too hot, construction prices go up too high then we slow down a bit or land prices go too high and we slow down a bit and then the population catches up, the demand catches up and so it’s self-regulating. And if we try to introduce policies as we’ve seen in some other cities like Vancouver and Toronto, these are policies that create recessions and so we must avoid that.