GTA Homes Magazine - September 23, 2023

QUICK CLOSINGS AND SPECIAL INVENTORY HOME PRICING NOW AT KINGSWOOD!

The days might be getting shorter and the weather a little cooler, but interest in our remaining bungalow+loft and two-storey executive freehold townhomes continues to heat up at Cobourg’s hottest selling enclave.

These exceptional 30 and 40 foot townhomes display the highest level of construction and design innovation, while showcasing the very best in luxurious appointments, finishes and quality features.

Best of all, there’s still time to sit down with the Mason Homes’ Décor Centre team to create a home that is uniquely yours!

COMING THIS FALL TO BARRIE

Set at the gateway to cottage country, just minutes from downtown Barrie and the South Shore of Kempenfelt Bay, FOUR10 Yonge showcases an exciting collection of all-new urban townhomes.

Featuring floorplans of up to 2,100 sq. ft. with stunning rooftop terraces of up to 500 sq. ft., interior highlights include flowing sun-filled interiors spread over three magnificent levels, spacious 2 and 3 bedroom layouts, generous gourmet-inspired kitchens with every convenience close at hand, private primary bedroom retreats, and a choice of direct access single or double car garages.

2 & 3 Bedroom Urban Townhomes Up To 2,100 Sq. Ft.

Register Today At masonhomes.ca

PHASE 5 MODELS OPENING SOON

With the release of Lakeside Village Phase 5, and our 4-home model row now under construction, you can be among the first to experience our fabulous estate inspired bungalow, bungalow+loft and two-storey exterior designs and fabulous floorplans at Port Hope’s most popular address!

From its award-winning master-plan nestled along the picturesque shores of Lake Ontario to the rolling fairways and meticulously manicured greens of the Port Hope Golf & Country Club, Lakeside Village offers the best in small town living with easy access to HWY 401, the GTA and an endless offering of local amenities and attractions.

ESTATES

PREMIUM RAVINE LOTS & URBAN TOWNS IN PARIS

Life on the Riverbank is timelessly and elegant. Wrapped by the woods and the Nith River, this extraordinary setting will be home to a collection of detached homes on 46’-50’ lots, urban townhomes, and a rare and very desirable offering of Losani Premium statement homes.

RIVERBANKESTATES.COM

MODERN FARMHOUSE TOWNHOMES IN BEAMSVILLE

Nestled within Vista Ridge in Beamsville, Ontario, Benchmark stands as a testament to modern farmhouse living at its finest. This community not only captures the essence of rural charm but also offers a host of key features that make it a truly unique and coveted place to call home.

LOSANIHOMES.COM/COMMUNITIES

CUSTOM PREMIUM HOMES IN THE HEART OF WINE COUNTRY

The court lots at Woodview offer spacious, private settings that are perfect for custom homes. These lots are complimented by 46’ and 50’ lots. The result is a community that combines the exclusivity of court living with the beauty of a natural backdrop.

LOSANIHOMES.COM/COMMUNITIES

FARMHOUSE & STACKED TOWNS IN STONEY CREEK

SweetBerry a new community located in Lower Stoney Creek at Barton and Glover, minutes from the QEW. This vibrant community offers escarpment views from its modern farmhouse and stacked townhomes, providing a variety of housing options for families and individuals.

SWEETBERRYTOWNS.CA

IN YOUR DREAMS

That’s where we find inspiration for National’s designs. We start with listening to your hopes and aspirations through focus groups, surveys and face-to-face at our Blueprint Workshops. Then we make those dreams a reality, in a place you will want to call home, with experiences and amenities that will make your life more complete. It’s a different, and better way of building. Because at National, you are the blueprint.

NORTHSHORE CONDOS

NOW OPEN IN BURLINGTON

1, 2 & 3 Bedroom Condos from the $500s

DUO CONDOS

NEW RELEASE IN BRAMPTON Condos and Towns from the $500s

WHITEHORN WOODS

NEW RELEASE IN MISSISSAUGA

Newly Designed Towns from $1.1m

TYANDAGA HEIGHTS

NEW RELEASE IN BURLINGTON

Traditional Freehold Towns Coming Soon Register Now nationalhomes.com

PERSONAL FINANCE | JESSE ABRAMS

Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm based in Toronto. thinkhomewise.com

WESTERN VIEW | MIKE COLLINS-WILLIAMS

Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

HOME REALTY | DEBBIE COSIC

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

REAL ESTATE PRO | BARBARA LAWLOR

Barbara Lawlor is President and CEO of Baker Real Estate Inc., and an indemand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condo developments in Canada and overseas. baker-re.com

DECOR | LINDA

MAZUR

Linda Mazur is an award-winning designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds throughout the GTA and Canada. lindamazurdesign.com @LindaMazurGroup

TRREB REPORT | JASON MERCER

Jason Mercer is Chief Market Analyst the Toronto Regional Real Estate Board. His sought-after market analysis helps realtors and their clients understand housing trends and underlying economic drivers in the GTA. trreb.ca.

BIG STYLE, SMALL SPACES

| LISA ROGERS

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes. Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and The Shopping Channel. Lisa is also a regular guest expert on CityTV’s Cityline. dunparhomes.com.

LEGALLY SPEAKING | JAYSON SCHWARZ

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. He can be reached by visiting schwarzlaw.ca or by email at info@schwarzlaw.ca or phone at 416.486.2040.

BILD REPORT | DAVE WILKES

Dave Wilkes is president and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter at @bildgta or visit bildgta.ca

SENIOR VICE-PRESIDENT, SALES, NEXTHOME

Hope McLarnon

416.708.7987, hope.mclarnon@nexthome.ca

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EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl, wayne.karl@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Barbara Lawlor, Linda Mazur, Jason Mercer, Ben Myers, Lisa Rogers, Jayson Schwarz, Dave Wilkes

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Jacky Hill

Michael Rosset

VICE-PRESIDENT, MARKETING – GTA

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Mike Terentiev

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A GOOD START

Last issue, we wrote about initiatives the federal government could undertake to help with the ongoing housing supply issue, as Prime Minister Justin Trudeau met with his cabinet in Charlottetown, PEI to discuss exactly that.

Indeed, the provincial government and municipal counterparts throughout Ontario now have housing as a permanent high level agenda item, as they all try to find ways to address supply and affordability.

Trusting that Trudeau and company would come up with helpful measures, we then counted on the Bank of Canada to hold its target for the overnight rate at its latest announcement on Sept. 6. Thankfully, it did, keeping the influential rate at five per cent – a symbol of hope for prospective homebuyers, if not an actual financial incentive for some to take action sooner than later.

Sure enough, on Sept. 14 Trudeau announced Ottawa would remove the GST from new rental construction, including apartment buildings, student housing and seniors’ residences. This would apply to projects that begin construction on or after Sept. 14, 2023, and on or before Dec. 31, 2030, and are completed by Dec. 31, 2035. He also urged the provinces to similarly remove sales taxes from new rental construction – which Ontario has already said it would “as soon as possible.”

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

“The stark and deeply troubling fact is that we are in a housing crisis and face an acute shortage of supply, so it is critical that government leaders come up with steps to spur construction of more housing and purposebuilt rentals,” says Richard Lyall, president of the Residential Construction Council of Ontario (RESCON). “We need millions more units and must pull out all the stops to make that happen. The moves proposed (on Sept. 14) are a good start.”

RESCON is also advocating for tax incentive programs that eliminate the collection of taxes on profits emanating from residential construction projects where the funds are reinvested into advancing similar projects. Similar programs resulted in tens of thousands of housing units in the 1960s and 1970s.

These initiatives are a good start, yes, with more to come from all levels of government.

SEPT 29 - OCT 1 ENERCARE CENTRE | EXHIBITION PLACE

The Fall Home Show is back!

It doesn’t matter where in Toronto or the GTA you live. It doesn’t matter how big or how small your home is. It doesn’t matter if your style is modern chic or rustic wonder. The Fall Home Show is for you! Shop over 300 home and lifestyle vendors, plan your next renovation, get free interior design advice, and more!

Don’t Miss!

Learn From the Experts!

Don’t miss your favourite celebrities, including HGTV Canada’s Scott McGillivray and more at the Fall Home Show this year!

Get Hands On!

Tired of the clutter in your home and workshop? Stop by the DIY Centre to find some storage and organizational projects you can easily tackle.

For more information vist: FALLHOMESHOW.COM

Free Design Advice

Meet with Reno+Decor

Magazine designers and decorators for a complimentary 15-minute interior design consult!

GTA NEW HOME MARKET SLOWS IN JULY IN RESPONSE TO INTEREST RATE HIKES

The GTA new home market slowed in July, as rising interest rates left prospective buyers cautious during what is already typically a quiet month for new home sales, the Building Industry and Land Development Association (BILD) reports.

There were 1,190 new home sales in July, down 18 per cent from July 2022 and 50 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

“GTA new home sales slumped in July,” says Edward Jegg, research manager at Altus Group. “The latest interest rate hikes have pushed many buyers to the sidelines again as affordability continues to deteriorate.”

Condominium apartments, including units in low-, mediumand highrise buildings, stacked townhouses and loft units, accounted

for 828 units sold in July, down 39 per cent from July 2022 and 50 per cent below the 10-year average. It was the lowest number of condominium units sold in July in 23 years.

There were 362 single-family home sales in July, up 281 per cent from July 2022 but 51 per cent below the 10-year average. Single-family homes include detached, linked and semidetached houses and townhouses (excluding stacked townhouses).

Total new home remaining inventory inched up in July from the previous month’s total, to 16,683 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

With slowing sales and rising inventory, benchmark prices softened. The benchmark price for new condominiums was $1.08 million,

which was down nine per cent over the last 12 months. The benchmark price for new single-family homes was $1.67 million, down 13.5 per cent over the last 12 months.

“It is time the federal government recognized its role in helping provinces, municipalities and the industry meet housing demand pressures for which its own policies and federal institutions are in part responsible,” says Dave Wilkes, BILD president and CEO. “The measures within the government’s scope that can help with affordability and new housing supply include deferring HST on purpose-built rentals, helping municipalities financially to deliver infrastructure that supports housing, and indexing the thresholds for the GST/HST new housing rebate. We call on the federal government to act with the urgency the situation demands.”

HIGHER BORROWING COSTS CONTINUE TO IMPACT HOUSING MARKET IN AUGUST

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision-making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022, according to the Toronto Regional Real Estate Board (TRREB).

The average selling price remained largely unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.

“Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area (GTA) and broader Greater Golden Horseshoe,” says TRREB President Paul Baron. “Record immigration levels alone will assure this. In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy.”

GTA realtors reported 5,294 sales in August 2023 – down by 5.2 per cent compared to August 2022. New listings were up by 16.2 per cent year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year. Seasonally adjusted sales were down slightly by one per cent monthover-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July.

“More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July,” says TRREB Chief Market Analyst Jason Mercer. “As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers

have chosen to take lower than expected selling prices, resulting in fewer sales.”

The MLS Home Price Index Composite benchmark for August 2023 was up by 2.5 per cent yearover-year. The average selling price was also up, but by less than one per cent to $1.08 million over the same timeframe. On a month-over-month seasonally adjusted basis, the MLS HPI Composite benchmark was virtually unchanged and the average price edged lower by 1.6 per cent.

“While higher interest rates have certainly impacted affordability, the prospect of higher taxes will also hit households’ balance sheets, especially younger buyers with limited savings,” says TRREB CEO John DiMichele. “With the City of Toronto moving to raise the municipal land

transfer tax (MLTT) rate on properties over $3 million as a revenue tool, it must also consider helping first-time homebuyers struggling to enter the market by adjusting their tax rebate threshold to reflect today’s higher home prices.

“All three levels of government need to be focused on the key issue impacting affordability in the GTA: Lack of supply,” he adds. “Right now, there continues to be a policy mismatch between population growth through immigration and temporary migration and bringing online enough housing to accommodate this population growth. If we can’t house newcomers, they will look elsewhere, and Canada and the GTA will lose its competitive edge on the global stage.”

SOFTENING FALL RESALE MARKET COULD REPRESENT OPPORTUNITIES FOR BUYERS

While Canada grapples with the highest interest rates in decades, ReMax Canada brokers and agents across the country are reporting that both the interest rate climate and lack of inventory are likely to result in a softer market this fall. According to the 2023 Fall Housing Market Outlook Report, ReMax expects the national average residential sale price across all home types to remain flat, with no change anticipated between now and the end of the year.

Potential good news in this scenario, however, is that holding prices may represent an opportunity for well-prepared prospective buyers. In addition, many Ontario markets are holding their own and some will likely even show price growth.

“If the fall market is an early indicator for 2024 activity, we may see a very active first quarter as buyers and sellers take advantage of easing prices into the earlier part of next year,” says Christopher Alexander, president, ReMax Canada.

The housing inventory shortage is having the greatest impact on Millennial and Gen Z homebuyers.

According to a Leger survey commissioned by ReMax Canada as part of the report, lack of affordable housing inventory is leading more

than half of Gen Zs (55 per cent), and nearly half of Millennials (49 per cent) to change their housing plans.

In addition to the lack of inventory, the interest rate environment is still on the minds of Canadians, especially ahead of the Bank of Canada’s (BoC) next announcement (which took place on Sept. 6). According to the Leger survey, 33 per cent of Canadians who are interested in buying or selling a home in the next 12 months will wait and see how interest rate changes play out before buying. On the other hand, over half of Canadians (51 per cent) say further interest rate increases this year will not change their financial situation or impact their plans to buy or sell a home. Overall, younger Canadians are more likely to rely on BoC interest rate announcements to determine the best time to buy or sell (47 per cent of Gen Zs and 52 per cent of Millennials).

“While we wait for governments to implement a tangible national housing strategy to boost Canada’s supply of both affordable and diverse housing, the market is starting to ease in some regions,” says Alexander. “This is bringing some much-needed relief from the skyhigh prices we’ve experienced over the past couple of years.”

GTA MARKET HIGHLIGHTS

Ontario is a diverse mix of average residential sale price estimates heading into the fall, with seven regions forecasting a decrease, including Hamilton (two per cent), Kitchener-Waterloo (four per cent), and Durham Region and Peterborough (five per cent). Peel Region, meanwhile, is likely to remain relatively flat (zero per cent) this fall. Regions that expect an increase in average residential sale price estimates this fall include Burlington (one per cent), Oakville (two per cent), York Region (2.2 per cent) and GTA (2.5 per cent).

In Ontario, 53 per cent of markets are likely to be sellers’ markets this fall, while 40 per cent are anticipated to be balanced, and seven per cent buyers’.

Across Ontario, the simultaneous impact of inventory shortages and rising interest rates has influenced markets throughout 2023 and will continue to do so heading into the fall.

While rising interest rates throughout 2023 has created some consumer reluctancy to enter the market in some regions, by comparison, buyers in regions such as Hamilton and Burlington were actually aided by rising interest rates this year.

OHBA ANNOUNCES 2023 AWARDS OF DISTINCTION FINALISTS

The Ontario Home Builders’ Association (OHBA) has announced the finalists for the 2023 Awards of Distinction (AoD). Judged by a panel of industry professionals from across Canada, entries were submitted into 49 categories showcasing excellence in building, design, professional renovation and sales and marketing across Ontario.

Winners of the OHBA 2023 AoD Awards were to be announced Tuesday, Sept. 19, during the OHBA Annual Conference at Blue Mountain Resort Village Conference Centre in Collingwood.

At the event, OHBA will also announce the winners of the Prestige Awards, presented to companies

that exemplify outstanding professionalism and integrity within their business, community and the industry at large.

FINALISTS IN THESE CATEGORIES INCLUDE:

OHBA Builder of the Year

– Small Volume

Dietrich Homes, Peterborough & The Kawarthas HBA

Khanani Developments, Durham Region HBA

SLV Homes, Sudbury & District HBA

OHBA Builder of the Year

– Large Volume

Great Gulf, BILD/Durham HBA

The Daniels Corp., BILD Tridel, BILD

Finalists for the OHBA People’s Choice Award, Project of the Year Lowrise, and Project of the Year

High- or Midrise include:

• Amexon Development Corp., The Residences at Central Park, Toronto

• Branthaven Homes, West&Post, Oakville

• DECO Homes, Greenwood Seaton, Pickering

• Minto Communities, The Heights of Harmony, Oshawa

• National Homes, Northshore, Burlington

• Rosehaven Homes Ltd., The Vincent Condominiums, Vaughan

For a complete list of finalists, visit ohbaaod.ca.

MINTO SET TO LAUNCH LATEST PHASE OF THE HEIGHTS OF HARMONY IN DURHAM

Minto Communities is getting set to launch the newest phase of its award-winning masterplanned community, The Heights of Harmony, in Durham Region. Phase II offers 168 townhomes to suit the diverse lifestyles, different life stages and preferences of families. Offering an array of flexible floorplans paired with a variety of architectural styles, Phase II continues Minto’s commitment to building well designed and adaptable homes in one of Canada’s fastest growing communities.

Location just north of Phase I, The Heights of Harmony Phase II is located off Harmony Road North,

with just a short drive away from Oshawa’s waterfront. Together, both phases span over 46-acres and mark Minto Communities’ second project in Oshawa. Drawing inspiration from the initial launch, Phase II offers new townhomes that foster a serene and idyllic environment, giving residents a sense of peaceful living while enjoying the convenience of urban amenities. A brand-new parkette will be introduced, continuing the strong sense of connection to nature for future residents for The Heights of Harmony community.

Phase II offers back to back townhomes and rear lane townhomes with flexible floorplans

to accommodate different needs. Ideal for first time homebuyers and growing families, the townhomes start in the $600,000s, and range from 1,349 to 1,628 sq. ft., featuring two- and three-bedroom options. For larger families, the real lane townhomes start in the $800,000s and begin at 1,886 sq. ft.

“It was important for Minto Communities to support multigenerational housing options at a time where housing flexibility is in demand,” says Vince Santino, vicepresident of development, Minto Communities GTA. minto.com

UNIQUE COMMUNITY

Elevated living – the unique allure of Windfall at Blue Mountain

As one of the most reputable land developers and builders in the Simcoe and Grey County Regions, Georgian Communities deliberately establishes neighbourhoods that are purposeful and meaningful – including Windfall at Blue Mountain.

HOUSING MARKET

Ontario housing markets holding their own in impact from interest rate hikes

Canadian home prices may have fallen in response to rising interest rates, but when looking back over two years, they remain on a long-term upward trend, according to a survey from Century 21 Canada. Ontario markets, in particular, are holding their own.

INSIGHT

Federal government has policy tools that can help build more homes

Given the sensitivity of the housing sector to adjustments in interest rates, recent interest rate hikes are not only going to increase housing costs, but will also hamper the addition of new housing supply. The federal government should use the tools at its disposal to help counteract these forces.

NEW

COMMUNITIES

Find your dream home in Fieldgate’s signature GTA communities Fieldgate Homes is now open for purchasing by virtual sales appointments in several featured communities across the GTA.

DECOR

Pink! It’s not just for barbie

With the recent resurgence of Barbie, we are seeing all shades of this fantastic colour everywhere. Pink is not necessarily a hue that many would turn to in decorating, and it’s not always easy to mix and match, but it’s a happy colour that can be calming or a bold statement.

A MARKET IN TRANSITION… DEVELOPMENT EXPERTS WEIGH IN

BEN MYERS

Housing affordability in the GTA has been a hot topic for many years, with the more recent focus on improving affordability by adding more housing supply. Following an unexpected boom in new housing sales activity coming out of the pandemic, higher interest rates have made it more difficult for new housing developers to make “the numbers” work on future projects.

I recently sat down for a roundtable discussion with several real estate experts on the Toronto Under Construction podcast to discuss the current state of the new housing market. The panel comprised: Linda Chen, vice-president of investments at Harbour Equity, who focuses on underwriting and structuring new investments, as well as managing existing joint venture relationships; Francesco Margani, founder of Franc & Co., a boutique commercial real estate brokerage and advisory firm that delivers innovative, strategic financial solutions for developers, lenders and investors; and Noorez Lalani, president and co-founder of MOD Developments, a highrise condominium builder and developer.

The first topic we discussed was the Greenbelt controversy. The Conservative government and Doug Ford plan to open up the Greenbelt to housing development, and there are calls for the housing minister to resign because of it. A recent auditor general’s report concluded that there was preferential treatment to developers with financial ties to the conservative government. Margani

mentioned that tackling the housing crisis would come with tough decisions, and that some Greenbelt lands are adjacent to well-established communities, with infrastructure such as GO Train lines built and ready to accommodate more passengers. Chen countered by stating that while these lands might give some housing relief, they are not the silver bullet that some think, as much of the Greenbelt lands are zoned primarily as agricultural lands for a reason: They do not have great access to public amenities such as water, sewer and power and the developers that build on them will incur significant additional costs to service these lots and those costs will be passed onto consumers in the form of high prices.

A second market point of discussion was the slow new condo sales, but a hot rental market. Gone are the days when developers could expect 95 per cent of units to be pre-sold to investors in a couple of weeks. While optimism is still present as it relates to the long-term outlook for the GTA new housing market, it comes with a dash of caution. Chen noted the tougher underwriting standards by lenders right now could stifle supply and add significantly to developers’ carrying costs on land purchases. All panelists agreed that after a long run of increased valuation across all property types, margins are not what they used to be, making things particularly challenging. The highrise condo market operates with a notable time lag. Slow sales today could lead to even greater undersupply in three to five years, as buildings that were supposed to be completed are not launched.

All panelists were further in agreement that trades and hard construction costs were not decreasing, despite the slowdown in

new home sales over the past year. Land prices have declined, but not as much as is needed to make a project work, given the lower revenue. There are not many distressed sales yet, and most existing landowners are in no hurry to sell in a softer market.

To spur more housing supply, Lalani suggested reducing government surcharges and taxes, where he noted that the biggest beneficiary of new developments is not the developers, but rather the government, which takes 30 per cent of revenue without assuming any risk. On a previous podcast, Zev Mandelbaum of Altree Developments mentioned that government fees on the units he’s building in New Jersey are $12,000 per unit, versus more than $300,000 per unit in Toronto.

We remain in a transition period, with most developers unable to reduce pricing to meet demand, as costs remain high due to a high level of new housing units under construction, built-in trade union salary increases, rising government fees and requirements, and much higher borrowing costs. Savvy buyers willing to take some risk will be handsomely rewarded when the market returns to its booming ways, which may end up coming faster than we think. Good Luck.

Ben Myers is the President of Bullpen Consulting, a boutique residential real estate advisory firm specializing in condominium and rental apartment market studies, forecasts and valuations for developers, lenders and land owners. Contact him at bullpenconsulting.ca and @benmyers29 on Twitter.

CAPTIVATING SETTINGS

EXCEPTIONAL COMMUNITIES

Imagine waking up to the soothing sounds of a river or stepping outside your home to enjoy sprawling trails through nature. Picture yourself living in a community that’s not just a place to reside but an experience, surrounded by the wonders of the great outdoors. This dream can be your reality in the exceptional communities crafted by Losani Homes.

Let’s take a journey through four remarkable settings, each offering a unique blend of natural beauty and modern living.

RIVERBANK ESTATES, PARIS, ONT. WHERE RIVERSIDE LUXURY MEETS TRANQUIL TRAILS

In the heart of Paris, Ont. lies a haven of luxury and nature entwined. Riverbank Estates, a flagship community by Losani Homes, is a testament to refined living.

BY LOSANI HOMES

It features premium detached singles with ravine lots in sizes ranging from 40 to 50 ft., along with custom home options. Nestled along the banks of the Nith River, this community offers an idyllic retreat for those seeking a serene lifestyle.

One of the standout features of Riverbank Estates is its proximity to nature. Residents here are surrounded by several kilometers of pristine trails, ideal for leisurely strolls or invigorating hikes. These trails meander through the enchanting

woodlands of Paris, allowing you to connect with the natural world at your doorstep.

But that’s not all – Riverbank Estates is also about convenience. Within a 10-minute walk, you’ll find yourself at Lions Park, a recreational paradise for families. Just a stone’s throw away is the charming downtown Paris, nestled along the Grand River. Here, cobblestone streets lead to century-old homes, stylish shops, and fine restaurants, creating a unique blend of old-world charm and modern amenities.

WOODVIEW, BEAMSVILLE, ONT. WHERE CUSTOM HOMES MEET NATURAL SPLENDOUR

Venture a bit further to the charming town of Beamsville, and you’ll discover Woodview, a community of premium custom homes nestled in the Vista Ridge site. Here, the setting is all about natural splendour and the tranquility of ravine-backed lots.

The court lots at Woodview offer spacious, private settings that are perfect for custom homes. These custom court lots are introduced by a limited selection of 46- and 50-ft. lots at the court entry. The result is a community that combines the exclusivity of court living with the beauty of a natural backdrop.

Vista Ridge, where Woodview is located, is strategically situated in Beamsville, offering easy access to local amenities and wineries. Beamsville, known for its scenic vineyards and agricultural charm,

provides a unique living experience. Residents of Woodview can explore the area’s wineries, enjoy fresh produce from local farms, and take in the breathtaking views of the Niagara Escarpment.

Living in Woodview means waking up to the sights and sounds of nature. The ravine-backed lots create a serene atmosphere, allowing you to enjoy the beauty of the outdoors from the comfort of your own home. Imagine sipping your morning coffee on your deck, overlooking the lush greenery that surrounds you.

Custom homes at Woodview are designed to reflect your unique tastes

and preferences. From architectural elements to interior finishes, every detail reflects your vision. It’s an opportunity to create a home that not only meets your needs but also celebrates your individuality.

BENCHMARK, BEAMSVILLE, ONT. MODERN FARMHOUSE TOWNHOMES IN VISTA RIDGE

Benchmark, which is also located in Vista Ridge, offers a different style of living within this picturesque community. Here, modern farmhouse townhomes take center stage, combining the charm of rural living with contemporary design.

Benchmark is ideally situated in Beamsville, providing easy access to local amenities and wineries, just like its neighbour, Woodview. This community offers a fresh take on townhome living, with a focus on modern farmhouse aesthetics that blend seamlessly with the surrounding natural beauty.

The homes at Benchmark are thoughtfully designed to provide the perfect balance between style and functionality. Open-concept layouts, high-quality finishes, and innovative features create spaces that are not only beautiful but also highly livable.

Living in Benchmark means enjoying the best of both worlds – the convenience of modern townhome living and the tranquility of a rural setting. It’s a place where you can relax on your front porch, take leisurely walks through the neighborhood, and connect with neighbors who share your appreciation for this unique way of life.

SWEETBERRY, STONEY CREEK, ONT. MODERN FARMHOUSE LIVING IN LOWER STONEY CREEK

Last but certainly not least, we take you to SweetBerry, a community located in Lower Stoney Creek, Hamilton. This vibrant community offers modern farmhouse towns and stacked townhomes, providing a variety of housing options for families and individuals.

SweetBerry’s location is a major draw for those seeking convenience. Situated near the QEW, it offers easy access to transportation, making

it an ideal choice for commuters. Additionally, the community is surrounded by numerous local amenities, ensuring that everything you need is just a short drive away.

The modern farmhouse design of the homes in SweetBerry adds a touch of rustic charm to your everyday living. These homes are designed to be both stylish and functional, with spacious interiors and contemporary finishes. Whether you’re a young professional or a growing family, SweetBerry has a home that suits your lifestyle.

IN CONCLUSION

In conclusion, Losani Homes presents four exceptional communities, each with its unique setting and character. From the riverside luxury of Riverbank Estates in Paris, to the natural splendor

of Woodview and Benchmark in Beamsville, and the modern farmhouse living of SweetBerry in Stoney Creek, these communities offer a diverse range of choices for those seeking a blend of natural beauty and modern living.

Choosing to live in any of these communities means embracing a lifestyle that celebrates the beauty of the outdoors, whether it’s the tranquility of a river, the allure of vineyards or the convenience of urban amenities. Losani Homes’ commitment to quality and craftsmanship ensures that each home reflects your desires and aspirations.

Make your dream of living in an exceptional setting a reality with Losani Homes. Start by visiting losanihomes.com.

WHAT THE GOVERNMENT ISN’T DOING TO

HELP

THE HOUSING CRISIS

Duca, president and COO of Chestnut Hill Developments. “That builders can’t even bring housing solutions to the market.”

Toronto’s housing shortage is at an all-time high. Prices for homes and rental units have soared. I’m not telling you anything that you don’t already know, but because development approvals can take years, new-home construction hasn’t been able to keep up with population growth.

Recently, the provincial and city governments signed an agreement to top up the Canada-Ontario Housing Benefit (COHB) by $13.4 million. This investment is supposed to provide rental supplements and help to match applicants with available homes. Toronto Mayor Olivia Chow pointed out that this one-time injection of funds will help 1,350 people find a place to live. My question to Mayor Chow is, where are you going to find this accommodation? It’s not going to miraculously appear if there’s nothing currently available. What are the plans for building and repurposing vacant structures to house people?

IF IT’S BROKEN – FIX IT

It can be said of most government agencies, and no one is buying the pandemic excuse anymore, but many departments are so far behind the eight ball that the piles of work are teetering at dangerously high levels. You can feel this disparity and lack of accountability if you try to get a rushed passport or lodge a complaint with the Landlord and Tenant Board. The LTB is close to two years behind. Chances are, many disputes will never get resolved, and when you have this type of physical and emotional delay,

no one wins. Those who are looking for a resolution about their situation will not benefit if there’s a severe lack of logical thinking because the staff are also in crisis mode. How is this effective governing?

Antiquated processes and procedures need to be revaluated, and then new policies and work strategies have to be put into place. So many people resist change, but when you keep doing things the same way and expect different results, nothing improves.

Applications are being stalled at every government level, and we need to build houses at a faster rate to accommodate the growing need. From permits to approvals, the municipal offices can’t handle it – so change it. The wheel doesn’t have to be reinvented, but departmental restructuring is necessary so that it’s more efficient and can rotate at a higher speed. “There’s such a backlog at the municipal level,” says Ralph Del

Del Duca goes on to say that if the government taxes investors, then it affects the investment pool. “Builders need investors so that they can build condos.” Investors equal sales. Sales equal construction. And construction equals completed buildings that are available for rent.

Most politicians don’t have the education or work experience when it comes to developmental planning and construction, and those who sit in government offices rubberstamping projects, are no more informed. If the staff is overworked, then it would serve everyone to collaborate with the unions and to outsource tasks that require specific expertise, such as assisting with planning permissions that would help to expedite the home-building process.

We talk about AI (Artificial Intelligence), but we struggle with EI (emotional intelligence), or to put it more simply – common sense. If there are less rentals coming to the market, then prices are going to be higher because there’s less inventory available. “If there is an overabundance of housing,” says Del Duca,” rents will control themselves and prices will adjust accordingly.”

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

BUILDING AFFORDABLE AND

SUSTAINABLE CITIES

For more than 80 years, the West End Home Builders’ Association has been advocating on behalf of both the homebuilding industry and homebuyers. The use of land and design of our urban environment has gradually changed and evolved to address socioeconomic and environmental impacts, as well as to adapt to the needs and lifestyles of the people living in it. Through all these years, WEHBA has been actively supporting proactive urban planning and forwarding-thinking city management.

Working towards positive reform to urban policies allows for more sustainable and affordable urban living that results in vibrant, complete communities. These progressive urban living practices and initiatives include an increase in infill and mixed-use development, more public transit options, bike-friendly infrastructure and more compact communities. They not only help build healthier lifestyles, but also significantly decrease the costs of owning and sustaining a home in the city. The housing crisis our province has been facing over the past few years has been calling for immediate solutions that facilitate and support new home construction of all types in communities across Ontario.

Mandated parking reform is a great example of more sustainable urban planning. For years it has been one of WEHBA’s greatest advocacy focuses with municipal government. WEHBA has been proposing to remove parking requirements in many areas of Hamilton and reductions citywide

to facilitate more housing options for people that don’t need a car. Through WEHBA’s advocacy efforts, the City of Hamilton is now proceeding with parking minimum reform and public engagement. This significant improvement to public policy wouldn’t be possible without the work and support of Toronto Metropolitan University (formerly Ryerson) students who performed an extensive study on the benefits, feasibility,and possible implementation of parking minimum reform in both Hamilton and Burlington.

Another example of WEHBA’s advocacy work is the maintaining and enhancing of City of Hamilton’s Brownfield Remediation Program ERASE. The ERASE program provides tax grants towards remediation of contaminated brownfield sites to support their redevelopment and reuse. Initially, there were concerns the program would be cut, but after WEHBA’s robust involvement in the City process, sharing it’s importance to our members and the whole of Hamilton’s community, the exact opposite was implemented. This program helps new home developers remediate contaminated land at more attainable costs for consumers.

WEHBA has been advocating for housing affordability and choice by supporting regulations that facilitate new home construction of all types, and by proposing reforms of policies that keep our cities stagnant. By encouraging planned and responsible growth, we aim to help balance economic development and population growth at a time when housing affordability and availability is at an all-time low. WEHBA continually advocates for a holistic and integrated approach to city building, involving collaboration among all levels of government, private sectors, nongovernmental organizations and local communities. While no city is entirely without challenges, the gradual incorporation of innovative strategies and approaches, can create more livable, resilient and inclusive cities for current and future generations.

Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

MIKE COLLINS-WILLIAMS

DEDICATED TO EXCELLENCE

THESE BUILDERS ARE PROUD OF THEIR COMMITMENT TO EXCELLENT CUSTOMER SERVICE AND CREATING GREAT COMMUNITIES.

HOW TO GO ABOUT BUYING

PROPERTY IN FLORIDA

As Canadian “Snowbirds” prepare to flock south for the winter, they often revisit the idea of purchasing Florida real estate. It is no secret that Florida real estate is attractive, as its resilience during the pandemic, low tax environment, favorable creditor protection laws and great reputation among international visitors all make the idea of owning property in the sunny south increasingly palatable. Yet one of the biggest fears of owning foreign real estate is the question of, “What happens when I die?”

As you may expect, there is an elaborate set of U.S. tax rules that will apply if you die while owning the real estate. For 2023, on death, U.S. taxpayers have an approximately $13 million value exemption before graduated estate tax rate apply (topping out at 40 per cent). This would only apply to you if you took permanent residence in the USA. A Canadian resident would, however, have a lower exemption amount of only $60,000.

But it is not all bad news. Let’s address, in broad strokes, how this process works.

First, at the time of death, does the Canadian need to subject the Executors (Estate Administrators) to dealing with IRS and disclosing the full value of the deceased’s assets and getting into all of the myriad of cross-border tax issues that appear the minute we need to deal with the US authorities? Not if we can avoid it. Proper planning in this area can be of great value.

Canadians who purchase property in the U.S. have certain advantages over other non-residents. First, Canada and the U.S. have a tax treaty that prevents Canadians from paying double tax in many circumstances. This will protect Canadians from double taxation on the sale of the property. Second, for both tax and succession purposes, the property can be placed into a carefully constructed Canadian resident partnership or corporation, in turn owned by an appropriate family trust (the “Sunshine Trust”) or directly by the Sunshine Trust. There are a variety of options to consider at this point, all of which will create more or less favourable outcomes depending on whether the Canadian owns the property until death, sells it prior to death or generates income from the property.

To determine your eligibility and what is the best way to structure the purchase of your property, it is necessary to meet with a legal and/or financial professional (tax accountant) familiar with all of the complex issues that affect the area, and to help the professionals understand the individual needs of the person or family requiring the advice. This will allow for the careful

planning necessary to make the right choice in how to hold the property and comply with the tax legislation of both the U.S. and Canada. The cost to establish the right structure and administer it is a small price to pay to avoid the extremely expensive, timeconsuming, frightening and complex world of U.S. tax.

Now is a great time to purchase land in Florida, Arizona and elsewhere in the U.S. – if done properly. Speaking to the right Canadian and U.S. law expert, together with the right tax accountant, can greatly decrease your potential risks in falling afoul of either the Canadian or U.S. taxation authorities When done properly, a Sunshine Trust will provide peace of mind and security. In other words: Use a Sunshine Trust to shelter you from the cold.

JAYSON SCHWARZ, LLM & JAMES A. SCHMIDT

Jayson Schwarz LLM is a Toronto business lawyer and senior partner in the law firm Schwarz Law Partners LLP. James A. Schmidt, Esq. is a Florida-based tax and business lawyer. Visit schwarzlaw. ca or email info@schwarzlaw.ca

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* Please ask sales representative for details. Prices, terms & specifications are subject to change without notice. E.&.O.E.

EXPANDING AND ADAPTING:

THE IMPACT OF IMMIGRATION ON THE RENTAL MARKET

Immigration is steadily on the rise across the GTA and beyond. Can our rental market accommodate the unprecedented demand? Will newcomers and current residents alike be able to find affordable places to live?

On a recent episode of TRREB’s Ready to Real Estate podcast, I had the opportunity to chat with Dr. Frank Clayton of the Centre for Urban Research and Development at Toronto Metropolitan University. We discussed potential ways that governments can alleviate the housing supply issue for our growing population.

Immigration is absolutely crucial to Canada’s economic development and population growth, but it is imperative that our infrastructure expands to reflect the growing demand. Looking ahead over the next three years, federal government immigration targets will allow for approximately 500,000 newcomers per year to settle across the country. From that amount, a record number is expected to settle in southern Ontario. On top of this, we will also see a substantial number of temporary workers and students requiring a place to live in our region.

THE HOUSING CHALLENGE

Historically, many new arrivals to the GTA have initially chosen to rent.

The issue with this is that our rental market has become remarkably tight. Add to this the fact that higher borrowing costs have precluded some would-be first-time buyers from moving into homeownership, and it’s not surprising that rental accommodations have been hard to come by. This suggests that it will be difficult to bring enough affordable rentals online to meet the demand over the next few years.

QUICK FIX: SECONDARY SUITES

According to Dr. Clayton, one effective solution to build rental housing quickly is for federal and provincial governments to provide grants and interest free loans to homeowners to create “secondary suites.” Examples of this would include finished basements within an existing dwelling or even adding ancillary suites (such as laneway housing) to an existing lot. These types of units can be built relatively quickly and cheaply, compared to new rental housing, which presents a high cost to build per unit.

SOLUTION THROUGH COMPROMISE

Another way to shelter the growing population is to accelerate the construction of new homes. Bringing more houses to market would allow middle-income renters to upgrade, thereby vacating their rental units.

Dr. Clayton recommends a compromise between the highdensity housing and traditional single-family homes on larger lots. He suggests that we need to build “up and out.” To build out, governments

must make more land available and allow for market-friendly processes to hasten development. This doesn’t need to result in large lots and low-density communities – it might include a mix of small lot singles, townhouses, stacked townhouses and multi-plexes. Essentially adding the “missing middle” we’ve heard so much about to new developments.

If you’d like to listen to my entire conversation with Dr. Clayton and other informative discussions with thought leaders, head over to TRREB’s Ready to Real Estate podcast. We cover a wide array of topics to keep our listeners up-to-date on all things real estate in the GTA.

You can also stay up to date with our monthly Market Watch. We break down prices, sales and new listings each month with an easy to glance report. Visit trreb.ca to explore the latest look into the housing market. Plus, connect with a TRREB member realtor and search listings in real-time on any device.

Jason Mercer is Chief Market Analyst the Toronto Regional Real Estate Board. His sought-after market analysis helps realtors and their clients understand housing trends and underlying economic drivers in the GTA. trreb.ca.

THE DEMAND-SUPPLY CONUNDRUM IN REAL ESTATE

Recently, Prime Minister Justin Trudeau spoke about the housing crisis in Canada. He mentioned the National Housing Strategy his government initiated in 2017 but added that housing is far from a primarily federal responsibility. He stressed that provinces and municipalities must step up to help solve our demand-exceeding supply problem. And a problem, it is – and will continue to be as our population explodes. In June, we surpassed the 40-million milestone, and we could hit the 50-million mark in the next 10 years. It begs the question, where are these people going to live?

In the spring, I watched an interesting podcast addressing Canada’s population surge and the challenges it places on our real estate industry. Last year, we welcomed more than a million newcomers into Canada, an all-time high in a single year. Many of the immigrants who land in Canada head for our cities. Today in the GTA alone, nearly four of every five residents are first- or second-generation newcomers.

Of course, immigration is important to our country to counteract our low birth rate and aging population and help to replenish our labour force as baby boomers retire. Immigrants add dynamism to our economy and social cohesion for an increasingly diverse make-up. In addition to housing, we need the infrastructure necessary to provide the quality of life we enjoy for everyone. We need more social and community services, parks, hospitals,

schools and the like. The conundrum is that we need more skilled workers to build homes and infrastructure, but as we welcome hundreds of thousands more immigrants each year, we need even more homes and amenities.

Certainly, with our three levels of government responsible for varying aspects of our lives, we must rely on more coordination to ensure that housing needs are being met. Provinces and municipalities could help more by streamlining the paperwork and red tape that goes into obtaining approvals for new home builders.

Although municipalities and provinces must act, so too must the federal government do more, especially to address affordability. David Wilkes, president and CEO of the Building Industry and Land Development (BILD) Association, says the federal government could help by adjusting price thresholds for the GST/HST new housing rebate program as promised, which would have an immediate positive effect.

In the interim, we may have to rely on alternative housing delivery models to satisfy the needs of renters and others who may not be able to afford market homes or condos. We also need more lowrise homes for seniors who want to age in place. The answer may be to bring in some public-private initiatives that have worked in the past.

With the influx of immigrants, our built environment had better expand in a hurry. Whatever happens, owning real estate in Toronto and the Greater Toronto Area is a solid investment, whether you live in it or rent it out.

Barbara Lawlor is CEO of Baker Real Estate Inc. A member of the Baker team since 1993, she oversees the marketing and sales of new home and condominium developments in the GTA, Vancouver, Calgary and Montreal, and internationally in Shanghai. baker-re.com

BARBARA

LAWLOR

Bellwoods House by Republic Developments

Every Stone Tells a Story.

GERANIUM

CONNECTING FAMILIES WITH NATURE, FOR LIFE

This fall, Geranium is offering three incredible communities, designed to embrace nature and blend seamlessly into the surrounding landscape. Families seeking a spacious new home in Aurora, Claremont north Pickering, or Springwater near Barrie, will find their forever home among the thoughtful designs, exquisite features and finishes, and master-planned streetscapes on which Geranium has built its excellent reputation.

ALLEGRO IN DOWNTOWN AURORA

This magnificent master-planned neighbourhood is coming to life in Aurora’s most exclusive location. On a rare and unique property, minutes from Yonge Street and bordering Bathurst Street, Geranium is creating an unparalleled lifestyle opportunity at Allegro. Taking shape on a former

Allegro in downtown Aurora

Model home, Allegro

golf course, new cul-de-sac and crescent streets are woven into a mature and established residential neighbourhood where trees reach above the rooftops. Almost half of the property is preserved as a park, trails and greenspace for residents of Allegro and the broader community to enjoy.

In Allegro, timeless architecture is combined with contemporary new home designs that reflect the way families live today, with both flexible, open-concept areas as well as private spaces which may include an office or a library, rooms that are ideal for today’s work-from-home culture. Allegro offers one-of-a-kind and 52-ft. lots, with parking for up to four vehicles and a variety of four-

bedroom layouts. Custom options include features such as an additional cold cellar and a dog wash/spa. Each residence has oversized patio doors opening onto an idyllic, covered loggia overlooking the back garden and extending the living space into the outdoors.

Two fully furnished and decorated model homes are open to tour, showcasing the built-in value and thoughtful design offered at Allegro. Visit the model home and sales office at 36 Klees Cres. in Aurora.

Model home, Allegro

Model home, Allegro Model home, Midhurst Valley

Open Monday to Thursday noon to 6 p.m., closed Friday, open weekends and holidays 11 a.m. to 5 p.m. Call 905.503.6300 or visit allegroaurora.com.

COMING SOON –CLAREHAVEN ESTATES

Just a hop, skip and a jump away from Pickering’s abundance of amenities lies the hamlet of Claremont. Geranium will soon introduce Clarehaven Estates, comprising 70 estate homes on lots of approximately 100-ft. wide by 300-ft. deep. Home designs include bungalows and two-storey layouts, with a variety of options, such as an additional garage or a loft, to suit the many definitions of today’s modern family.

A fusion of luxury and comfort, Clarehaven Estates will place your family close to all that you need for superior daily living in a nature-inspired setting. Golf, scenic trails, schools, shops and services, Hwy. 407 and GO Transit are all nearby. Register today at clarehavenestates.com.

MAKE YOUR MOVE TO MIDHURST VALLEY

Calm and quiet yet exceptionally well-connected, this beautiful hamlet

situated minutes from Barrie is welcoming the first families home. For those seeking an active fourseasons environment, set your sights on Midhurst Valley.

Architecturally exciting homes in the first Phase release, are now available with 2023 closing dates from Geranium. Four-bedrooms with 3.5 bathrooms and openconcept main living areas, plus several upgraded features included, such as Caesarstone countertops in kitchen and upgraded flooring, these homes are built and will soon be ready to move into.

Visit the website for a virtual model home tour or email a sales representative for an appointment, at midhurstvalleysales@geranium.com.

For more than 45 years, Geranium has envisioned many masterplanned communities and built more than 9,200 homes in Ontario. Geranium has a reputation as a company that provides excellent design, top-quality construction, and high calibre finishes, installed with meticulous attention to detail.

To learn more about the company visit geranium.com.

Midhurst Valley

Artist’s illustration, Midhurst Valley

HELOC VS HOME EQUITY LOAN:

WHAT’S THE DIFFERENCE?

PROS

JESSE ABRAMS

When Canadian homeowners are facing major expenses, home equity loans or home equity lines of credit (HELOCs) can serve as viable options for extra funds. While these financing options offer flexibility, it’s crucial to understand their differences before taking any of them on.

WHAT IS A HOME EQUITY LOAN?

A home equity loan allows a homeowner to borrow a lump sum of money with the equity built up in their home as collateral. This is usually referred to as a second mortgage and can be used to finance larger expenses such as home improvements, debt consolidation, education expenses or emergencies. A home equity loan allows you to borrow up to 80 per cent of your home’s equity at a higher rate than normal prime mortgages, but generally at a lower interest rate than other loans such as credit card debt and payday loans. It also is repaid over a set number of years, which makes it a stable and predictable option. Often times, it is also interest only, so monthly payments are lower, too.

Similar to the process of getting a mortgage, homeowners need to apply for the loan and get approval from lenders. To qualify, homeowners typically need to have paid off at least 15 to 20 per cent of your home’s value and maintain a credit score of 700 or above. It’s also recommended to keep your debt below 43 per cent of your total monthly income.

• Lower interest rates than personal loans or credit cards

• Flexibility in how the funds can be used

• Fixed monthly payment makes budgeting easier

CONS

• Though lower than other loans, interest rates are much higher than normal prime mortgages, and often come with a one- to three-per-cent fee, too

• Risk of home loss if you fail to make payments

• Fixed interest rate which can be a disadvantage in a low interest rate environment

• Funds are limited and homeowners cannot take out any more in case of emergency

WHAT IS A HOME EQUITY LINE OF CREDIT (HELOC)?

A Home Equity Line of Credit (HELOC) can be a flexible alternative for homeowners who need access to funds. Similar to a credit card, a HELOC allows you to withdraw money up to a certain limit, depending on how much you need, and you’re required to pay interest on only the amount borrowed. However, it’s important to note that the interest rate is variable and can change based on market conditions.

The initial draw period usually lasts about 10 years and allows homeowners to utilize the available funds at their discretion. After that, the loan enters the amortization phase, which can span approximately 20 years, during which you make regular monthly payments.

Applying for a HELOC follows a similar process to a home equity loan. Lenders evaluate the market value of your home, conduct an assessment of your financial history to determine if you’re eligible and consider factors such as your home equity, debt-toincome ratio and credit history.

PROS

• Flexible credit usage

• Potential for lower interest rates if your credit improves or if market interest rates go down

• Credit line available for emergencies

CONS

• Payment fluctuations can make budgeting difficult

• Potential for higher interest rates if your credit declines or market interest rates go up

• Risk of home loss if you default

• Flexibility of credit limit increases likelihood of overspending

As we move into a higher interest rate environment as we have seen recently, these options should be looked at as an “as needed” loan decision. They can be expensive and large financial decisions to make. So, before taking on any additional loans, it’s important to read the fine print and understand how they can improve and/or impact your financial health and future.

thinkhomewise.com

Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm.

FIND YOUR DREAM HOME

IN FIELDGATE’S SIGNATURE GTA COMMUNITIES

Fieldgate Homes has been shaping the southern Ontario landscape for more than 65 years, with awardwinning master-planned communities and residences families have cherished for generations. Superior construction, innovative designs, unmatched attention to detail, and attentive customer service are all hallmarks of their excellence. Every home is designed to reflect the contemporary needs and wants of the homebuyer through consistent community engagement – and the assurance that when you own a Fieldgate home, you are family.

Fieldgate Homes is now open for purchasing by virtual sales appointments across the GTA. You can connect by phone, video chat or email for a secure and convenient homebuying experience. Sales teams are waiting to help you find your perfect Fieldgate home. Explore these featured communities and contact the company today.

BRAMPTON: THE CRESCENTS

The Crescents is now open –freehold townhomes and singles

Experience a master-planned community that surrounds you with Brampton’s finest at The Crescents. A collection of 30-, 38-, 45- and 50-ft. singles and freehold townhomes – on mostly crescent streets – just steps from Conservation Drive Park and Heart Lake Conservation Park. Immerse yourself in the city’s unmatched urban amenities, schools and services. Forge new connections with the convenience of Ontario’s fastest transit network, or stroll through the incredible greenspace with woodlands, parks and trails. Find the perfect place for your growing family in the city, against a vibrant backdrop of culture and energy. Register now at fieldgatehomes.com.

NORTH OSHAWA: DREAMSCAPE

Now open – 30-, 36- and 42-ft. detached singles

Enjoy affordable living in north Oshawa with the incredible residences of Dreamscape now open. This highly anticipated new home community offers a superb mix of expertly designed and crafted 30-, 36- and 42-ft. singles moments to the best modern amenities Durham has to offer. Big box stores, bespoke boutiques, delicious dining, great schools, trails and conservation areas await those who call Dreamscape “home.” Register now at fieldgatehomes.com.

PICKERING: SEATON

Coming soon – semis, 30- and 36-ft. singles

Enter a serene natural landscape that merges with the convenience of big city amenities at Pickering’s awaited Seaton community, coming soon. Live at the nexus of classic and contemporary with a remarkable collection of semis, 30- and 36ft. singles in a skillfully designed

community setting. This new community truly has something for everyone with Pickering Town Centre, beautiful Lake Ontario, shopping, greenspaces, restaurants, Toronto’s eastern border and so much more just minutes away. Be first to own by registering now at fieldgatehomes.com.

AJAX: aTowns

Final release – urban townhomes

The final release of stunning urban townhomes at the aTowns Park Collection in Ajax is now open. At Bayly Street and Salem Road, discover new family-sized residences backing onto open greenspace, a series of parkettes, sports court and more, all connected by winding walking trails weaved throughout. Better still, live surrounded by modern amenities and mere moments to Lake Ontario. Get the most out of Ajax’s bustling downtown area and enjoy great shopping, tasteful dining, convenient GO Transit, easy access to Hwy. 401 and so much more all nearby. Register now at fieldgatehomes.com.

MILTON: VALLEYLANDS OF SIXTEEN MILE CREEK

Coming soon – executive 30-, 36and 43-ft. detached singles

Introducing executive riverside living in a natural enclave setting with Valleylands of Sixteen Mile Creek, coming soon to Milton. Take advantage of your rare opportunity to own 30-, 36- and 43-ft. detached riverside residences with lots backing onto Sixteen Mile Creek. Moments to southern Ontario’s most acclaimed golf courses and protected greenspaces, retail and restaurants, schools, services and access to the most convenient transit options, embrace a lifestyle unlike any other in Milton. Register now at fieldgatehomes.com for exclusive updates and priority purchase opportunities on Valleylands of Sixteen Mile Creek.

SHELBURNE: EMERALD CROSSING

Final release – 36- and 40-ft. singles

The final release at Emerald Crossing is now open, discover

a beautiful country landscape surrounded by every modern convenience imaginable in Shelburne’s most anticipated new home community. Enjoy a collection of 36- and 40-ft. singles available now just minutes from big brand outlets, remarkable restaurants, breathtaking greenspaces, ski hills, golf courses and so much more. Shelburne has been Canada’s second-fastest growing municipality, so there’s no better time to get in on its best new home opportunity. Register now at fieldgatehomes.com.

PICKERING: SEATONVILLE

Coming soon – freehold townhomes and 30-, 35-, 36- and 43-ft. singles

The newest sprawling masterplanned community carefully designed to reimagine Pickering’s landscape. This landmark community boasts a spectacular array of distinctive freehold townhomes, 30-, 35-, 36- and 43-ft. singles, mere moments from downtown Pickering’s finest modern amenities and protected greenspaces. Quick and easy access to crucial transit options, Hwys. 407, 412 and 401 connect you to the whole of Durham and Toronto. Register now at fieldgatehomes.com.

KLEINBURG: NEW KLEINBURG

Phase 1 has sold out. Register now for Phase 2 – one- and two-car garage freehold townhomes, semis and 30ft. singles

New Kleinburg is a community of inspired family residences in a beautiful setting just moments from the heart of historic Kleinburg. With the Hwy. 427 extension just minutes away, a new community school and excellent urban amenities close at hand, life in Kleinburg has never been more convenient. Discover a remarkable collection of expansive one- and two-car freehold townhomes in this beautiful masterplanned community. Register now at fieldgatehomes.com.

WEST WHITBY: WHITBY MEADOWS

Coming soon – new release of freehold townhomes, semis and singles

A new release is coming soon with the Grand Opening of Whitby Meadows Phase 3. Take advantage of spectacular residences in one of the GTA’s most popular communities with all-new townhomes, semis and 36and 42-ft. detached designs. Find a master-planned community offering west Whitby’s best lifestyle near shopping, restaurants, Iroquois Park Sports Centre, Whitby GO Station, Heber Down conservation area, excellent schools and more. Register now at fieldgatehomes.com.

STOUFFVILLE: CITYSIDE

Coming soon – Grand Opening of 36- and 40-ft. singles

Make your dream home come true in an incredible community setting just moments from Stouffville’s best amenities. Featuring a new release of 36- and 40-ft. singles, embrace city sophistication and country charm from an ideal neighbourhood located close to Markham, Hwys. 404 and 407, and the Stouffville GO Station. Register now at fieldgatehomes.com.

UNIONVLLE: UNIONVILLE’S UPPER EAST SIDE

New community coming soon –freehold townhomes, 26- and 31-ft. two-car urban singles, 38-, 45- and 70-ft. estate singles

Reach the height of elegance in one of Unionville’s most desired neighbourhoods with the master -planned community of Unionville’s Upper East Side. A collection of freehold townhomes, 26 and 31-ft. urban singles with two-car garages, and 38-, 45- and 70-ft. estate singles backing onto Berzcy Creek and open greenspaces, while connected to Unionville’s finest amenities. Register now at fieldgatehomes.com.

ARTFUL EXPRESSIONS

by LINDA MAZUR

Art is often thought of as part of the finishing touches of your decor, a last-minute addition to the space. But is this really the case? When art is well curated it can transform and elevate any room, while also adding to the overall aesthetics of the space.

Understanding the role art plays in your space is important, as your selection of artwork can either make or break your room. Art is often used to add colour and life to a room,

create a focal point, add texture and dimension or to highlight personality and style within a space. It can be the starting point when designing or it could be that extra layer needed to create a well-curated room.

Many would feel that great artwork should stand alone and really have nothing to do with the finished decor of your space. However, when working with clients, I often find that art always will have a greater impact

and look better within the space when the decor supports the pieces in questions.

Whether you are working with original art, prints you fell in love with, photography from your travels or some great vintage pieces you found while thrifting, you need to decide the role these pieces will have within your space. Is art to be used as the inspiration for your designs, a focal point within the space or

simply be a piece that accompanies and completes the overall space? However you decide to incorporate these pieces, know that they will certainly add dimension and richness to your space.

So, the question remains: How do you design a space to highlight your art. One of the more classic and easiest ways to coordinate your art selections within your living spaces is drawing on colour. This is not about having your art “match” everything in the space, but rather developing a palette of colour and texture throughout that will help enhance the pieces. This could be a simple repetition of some of the colours found within the piece through paint, fabric and accessories which will help to strengthen the visual impact of the art. A coordination and balance of colour, pattern and texture within your decor will draw you into the room and visually highlight the art.

For a more modern approach, the design of a room can be a bit more restrained, both in colour and composition, allowing the art to become more impactful. With the use of strategically placed directional lighting, you can add another element to highlighting your art and truly create a focal point within your space. When working with impactful or large scaled pieces of art, put some thought in to how you’d like to display these pieces and make the design or decor of your space complement them instead of just making the art exist. If you are selecting fresh pieces of art for your room, select wisely, both in size and composition. While

art is subjective and personal, it does need to vibe with the space it will be in to truly shine.

Your art should make you happy while complementing and unifying the space. Make a bold statement with your art selections or create a calm and relaxing environment. Be creative with your selections, and don’t be afraid to play with scale as well. A large piece on a smaller wall can really make an impact in a space, and the same goes for the reverse. Your selection of art is a reflection of your personality, have fun with it and don’t be shy to show your true self.

Linda Mazur is an award-winning, nationally publicized designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds within Toronto, the GTA and throughout Canada. lindamazurdesign.com

@LindaMazurGroup

KITCHEN SPACE DESIGN TRICKS 9

TO

MAXIMIZE YOUR

by LISA ROGERS

Small condominiums and townhomes certainly have plenty of charm, but when it comes to roomier kitchen space, they can be lacking. When dealing with a small kitchen, the key is to get creative. From organization hacks to problem-solvers for space, many tricks can help you make the most of your limited storage. Here are simple solutions to maximize your kitchen space.

USE BOTH SIDES OF AN ISLAND

Not only is an island a great place to include storage – add cabinets that open on both sides of the island – but it can also work triple-duty as a dinette table or a prep station. Avoid bulky stools (they can take up more space than they’re worth), and choose backless seats tucked under the counter so they’re out of the way when they’re not in use.

OR OPT FOR AN ‘OPEN’ ISLAND

Instead of your cabinet-based island, try using an island cart. With its open sides, island carts will make the kitchen appear more relaxed while offering plenty of helpful storage you can access from all sides. Better yet, if the island is moveable, you can push it out of the way or even move it to another area of your home to serve as a drink or buffet cart.

ADD INTERIOR CABINET ORGANIZERS

These work in any kitchen scenario but are essential in a smaller kitchen. You want to squeeze in as much storage as possible in a compact space, so breaking up drawers into compartments and organizers allows you to store much more efficiently.

ADD FLOATING, OPEN SHELVES

Open shelves are highly functional and make it easier to access dishes and glasses. They can also add significant visual appeal to your space, making the room appear larger and roomier. You can see into the kitchen without being boxed by sight lines or heavy cabinetry.

DON’T FORGET HANGING STORAGE

Every niche spot in your kitchen can be optimized. Consider adding a rail to your backsplash or the bottom of upper cabinets to give you a convenient place to hang your kitchen utensils, tools, mugs, cups or tea towels.

OPTIMIZE THE TOP OF YOUR FRIDGE

The top of the fridge is often the most underutilized space in a kitchen. Purchase storage bins to reduce the look of clutter and keep all your overstock goods in one place (paper towels, napkins, seasoning refills, canned goods and more). The bins will make your kitchen look tidy while also adding more storage.

USE LIGHT COLOURS

The lighter the kitchen, the larger it can feel. Keep a soft palette on countertops, backsplashes, walls and millwork – the kitchen will feel more open. This can also translate to your pots, pans, linens

and small appliances. They can lift the space by simply blending into the environment. If you can’t live without colour, play the rainbow with your dishware and glassware –that’s where you can have a creative licence.

GET RID OF CLUTTER

Countertops are a prime location for clutter, instantly making your space feel smaller. Get rid of all your mismatched dinnerware or

plastic containers you no longer use, and tidy up your pots and pan collections, too. Anything you think clutters your countertop, get rid of it.

HANG A PEGBOARD

Pegboards are multifunctional and give you space where you didn’t think you had. You can find many prefabricated pegboards online and use them to hang everything from measuring cups to your colanders, cookware and more.

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca

FIND YOUR NEXT HOME

AJAX

1. A Towns Bayly St. E. & Salem Rd. S. fieldgatehomes.com

AURORA

2. Queen’s Grove Collection Yonge St. & Bloomington Rd. northstarhomes.com

3. Allegro 36 Klees Cres. geranium.com

BRAMPTON

4. DUO Condos 245 Steeles Ave. W. duocondos.ca

5. Spring Valley Village Bovaird Drive W. & Elbern Markell Drive ballantryspringvalley.com

6. Three Rivers Claireville Goreway Dr. & Humberwest Pkwy nationalhomes.com

7. Queens Lane Townhomes Mississauga Rd. & Queen St. branthavenbrampton.com

BRANTFORD

8. Brant West 501 Shellard Lane losanihomes.com

CALEDON

9. Palgrave Estates Mount Pleasant Rd. & Hunsden Rd. flatogroup.com

10. Pathways Caledon East Old Church Rd. & Innis Lake Rd. flatogroup.com

CLAIREMONT

11. Cresthaven Estates Brock Rd & Central Street

ETOBICOKE

12. Lake & Town Islington Ave. & Lake Shore Blvd menkes.com

13. Boutique Towns 80 Thirtieth St. dunparhomes.com

KLEINBURG

14. New Impressions Hwy. 27 & Major McKenzie Dr. W. fieldgatehomes.com

MARKHAM/ UNIONVILLE

15. Cornell Markham Bur Oak Ave. & Hwy 7 ballantryhomes.com

16. Upper East Side Unionvillle Major Mackenzie & Woodbine fieldgatehomes.com

17. Riverwalk Meadows Ninth Line & 14th Ave. flatogroup.com

18. Angus Glen South Village 9980 Kennedy Rd., #200. kylemorecommunities.com

19. Kennedy Manors 4500 Major Mackenzie Dr East. kylemorecommunities.com

NORTH YORK

20. Kenneth & Holmes Kenneth & Holmes fieldgatehomes.ca

OSHAWA

21. Dreamscape Conlin Rd. & Harmony Rd. fieldgatehomes.com

22. Park Ridge Conlin & Townline Rds. tributecommunities.com

PICKERING

23. Seaton 1075 Taunton Rd. fieldgatehomes.com

RICHMOND HILL

24. Richlands Leslie St. & Elgin Mills Rd. fieldgatehomes.com

25. Millbrook Park Elgin Mills & Leslie St. northstarhomesinc.com

26. Park Lane Place Elgin Mills & Leslie St. northstarhomesinc.com

27. Observatory Hill Bayview Ave. & 16th Ave. myobservatoryhill.ca

28. Emerald Crossing 8854 Yonge Street fieldgatehomes.com

29. King East Estates King Rd. & Toscanini Rd. pureplaza.com

SCARBOROUGH

30. 670 Progress Ave. Progress Ave. & Grangeway Ave. fieldgatehomes.com

TORONTO

31. Lambtown Towns 2650 St. Clair West dunparhomes.com

32. 2650 St. Clair Ave W. 2650 St. Clair Ave W dunparhomes.com

THORNHILL

33. Citylux Towns at Thornhill Woods Dufferin St. & Rutherford Rd. fieldgatehomes.com

WHITBY

34. Country Lane Taunton Rd. & Country Lane countrylanewhitby.com

35. Park Vista/Whitby Meadows Cochrane St. & Taunton Rd fieldgatehomes.com

8

WHITECHURCH/

STOUFFVILLE

36. Blue Sky 9th Line & Millard St. fieldgatehomes.com

37. Cityside Stouffville Tenth line & 19th Ave. fieldgatehomes.com

The latest properties in the Greater Toronto Area to keep your eye on

BUILDERS IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO EDITORIAL@NEXTHOME.CA

FIND YOUR NEXT HOME

BURLINGTON/ WATERDOWN

1. Northshore Condo 484-490 Plains Rd. E. nationalhomes.com

2. Tyandaga Heights Burlington nationalhomes.com

GRIMSBY

3. Grimsby Waterfront 398 N Service Rd. losanihomes.com

HAMILTONWENTWORTH

4. Soho Homes at Barton & Glover Barton St. & Glover Rd. losanihomes.com

5. Highland Park &Central Park: Midtown & Soho Upper Red Hill Valley Pkwy & Rymal Rd. losanihomes.com

INGERSOL

6. HarrisView 34 Hollingshead Rd. sifton.com

KITCHENER/ WATERLOO

7. Wallaceton Huron Rd. & Fischer-Hallman heathwood.com

LONDON

8. Victoria On The River Sheffield Blvd. & Commissioners Rd. E. sifton.com

9. Caverhill Clarke Rd. & Kilallay Rd. sifton.com

10. Hudson Park Colonel Talbot Rd. & Pack Rd. sifton.com

11. Liberty Crossing Wonderland Rd. S. & Hamlyn St. sifton.com

12. Middleton Wharncliffe Rd. & Exeter Rd. sifton.com

13. RiverBend Golf Community 2200 Jack Nash Dr. sifton.com

14. Rosewood Nissouri Rd. & Thorndale Rd. sifton.com

MILTON

15. The Valleylands Mayfield Rd. & Chinguacousy fieldgatehomes.com

16. Hawthorne Park Oakwood Dr. & Byron Ave. sifton.com

MISSISSAUGA

17. Whitehorn Woods 1240 Britannia Rd. W. nationalhomes.com

18. Streetsville Centre Mill St. & Queen St. S. dunparhomes.com

NIAGARA REGION

19. Portview Estates Simcoe St. & Canal St. silvergatehomes.com

20. Luna Hwy. 406 & 56, Thorold silvergatehomes.com

21. Harbourtown Village Fort Erie silvergatehomes.com

22. Hazelwood on the Grand Hardy Rd. sifton.com

23. Joy Towns Niagra branthaven.com

24. Bench Mark Ontario St. & Drake Losanihomes.com

OAKVILLE

25. The Greenwich at Oakvillage Trafalgar Rd. & Dundas St. East branthaven.com

26. Bronte Meadows Bridge Rd & Warminster Dr. flatogroup.com

27. Upper West Side Condos 2 351 Dundas St. East branthaven.com

28. Trafalgar Ridge River Oaks Blvd. & Namron Gate dunparhomes.com

29. The Villages of Oak Park Trafalgar Rd. & Dundas st. E. ballantryhomes.com

30. West & Post 2714 Westoak Trails Blvd. branthavenoakville.com

PARIS

31. Boulder Creek Cleaver Rd. & King Edward St. sifton.com

32. Riverbank Estates Nirh River losanihomes.com

ST. CATHERINES

33. Lincoln Estates Lincoln Ave. & King St. losanihomes.com

34. Lusso Urban Towns Martindale Rd. & Grapeview Dr, St. Catharines. lucchettahomes.com

35. Merritton Mills St. Catharines silvergatehomes.com

36. Woodview at Vista Ridge 4008 Mountain St., Beamsville losanihomes.com ST.

THOMAS

37. Harvest Run Centennial Parkway & Elm Street dougtarryhomes.com

STONEY CREEK

38. Sweetberry Barton & Glover sweetberrytowns.ca

WELLAND

39. Davis Heights 1535 Haist St, Pelham. lucchettahomes.com

40. The Residences at Hunters Pointe 71 Kyntre Trail lucchettahomes.com

41. Edgewater Trails Daimler Pkwy & Magnolia Ln, ballantryhomes.com

42. Village on the Twelve 21 Willow Bank Common St. silvergatehomes.com

43. Riverside at Hunter’s Point 300 Daimler Pkwy., Welland lucchettahomes.com

44.Shelter Cove 15 Cricklewood Cres., Nanticoke sheltercove.ca

WEST REGION

45. St. George Village Concession 2 & Woodhill Rd. losanihomes.com

46. Brant West 562 Shellard Ln losanihomes.com

47. Magnolia Trails Modeland Rd. & Michigan Lane sifton.com

48. Soleil St. Clair Corunna sifton.com

49. Expressions & Riverbank Estates 1021 Rest Acres Rd., Paris losanihomes.com

50. Knightsbridge Graff Ave. & Mornington St. sifton.com

51. Cottonwood Dingle St. sifton.com

52. Edgewood Suites 270 Hagan Street East, Dundalk flato.com

53. Discoverie Condos 7 Central Ave Fort. Erie DiscoverieCondos.ca

latest properties in the Southwestern Ontario Area to keep your eye on

5. GreenRidge & Beeton Village 41 Main St. W. flatogroup.com

CAMBELLFORD

6. Haven on the Trent Forest Hill Rd. & Riverside Trail sifton.com

COLLINGWOOD

7. Mountain House at Windfall Mountain Rd. & Crosswinds Blvd. georgianinternational.com

8. Collingwood Maple & Sixth Street georgianinternational.ca

COURTICE

9. The Vale Prestonvale Rd. & Bloor St. nationalhomes.com

DUNDALK

10. Edgewood Greens Hwy. 10 & Main St. East flatogroup.com

11. Edgewood Suites 270 Hagan St. E., Dundalk edgewoodsuites.ca

HORSESHOE VALLEY

12. Craighurst Horseshoe Valley Rd. & Hwy. 93 georgianinternational.com

13. Braestone Horseshoe Valley 3246 Line 9 North georgianinternational.com

LINDSAY

14. Grace & Grand flatogroup.com

NEWCASTLE

15. Belmont treasurehill.com

OWEN SOUND

16. Greystone Village 1800 2nd Ave. E. flatogroup.com

PETERBOROUGH

17. Parklands & The Condo Arbour Villas 1224 Chemong Rd. masonhomes.ca

PORT HOPE/ COBOURG

18. Port Hope Lakeside Village 415 Lakeshore Rd. masonhomes.ca

19. Kingswood Cobourg 425 King St. E. masonhomes.ca

SHELBURNE

20. Emerald Crossing Hwy. 89 & Hurontario St. fieldgatehomes.com

TO SUPPORT HOUSING

This summer, at a housing announcement in Hamilton, Prime Minister Justin Trudeau said that while housing is not primarily a federal responsibility, it is “something that we can and must help with.” Given that the federal government’s immigration policy is set to increase Canada’s population by 1.5 million people by 2025, thus dramatically increasing housing demand, the government should indeed use the specific powers at its disposal to help meet that demand.

One action the government can take is to financially assist municipalities to build more infrastructure that supports housing. New homes can only be built when roads, water management systems and power networks are in place. We cannot simply rely on the development charges levied on new homes to pay for the infrastructure communities need. Continually adding costs such as these to the prices of new homes contributes to the affordability challenges that Canadians face.

The federal government should also keep its decades-old promise to index the thresholds for the GST/HST new housing rebate. In 1991, when the GST was originally introduced on new homes, the average cost of a new home in the GTA was $250,000; today, it is $1.2 million. Yet the rebate thresholds remain the same, with the federal government collecting nearly $60,000 per housing unit in tax

revenue. The time has come to give some of that money back to the newhome buyer to help with housing affordability.

Finally, the government could defer the collection of HST on purposebuilt rental housing. Deferral would preserve federal revenue while still helping to accelerate the building of new supply in this very important housing class. There is precedent for this: Federal tax policy in the 1970s resulted in a golden age of purposebuilt rental building in Canada.

THREE ACTIONS FOR THE FEDERAL GOVERNMENT +MORE CONTENT ONLINE

Welcoming 1.5 million new Canadians in the next few years will help make our economy more competitive and our society more dynamic. But all levels of government will need to plan for how they are

going to meet the accompanying increase in housing demand. As the driver of immigration policy, the federal government must do its share to provide housing for newcomers and address housing supply and affordability for all Canadians.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the homebuilding, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter, @bildgta or visit bildgta.ca.

nexthome.ca

DAVE WILKES

5-6 Bedroom Homes up to 4,300 sq. ft.