GTA Condo Life - December 2, 2023 by NextHome

Greater Toronto’s COMPLETE CONDO GUIDE

Greater Toronto Area Dec. 2–30, 2023

BARRIE’S LARGEST & MOST TRUSTED BUILDER

INSIDE:

THE GIFT OF GIVING BACK THIS HOLIDAY SEASON

IS THIS THE GREAT RESET IN NEW HOME PRICES?

C ELEB R AT I NG 3 0 Y E A R S

DEC. 2–30, 2023

CONTENTS

SILVERGATE HOMES NEW CONDO COMING SOON TO ST. CATHARINES

Home Realty

24 Western View

Legally Speaking

34 Industry Report

Industry applauds province for housing infrastructure; more news on pages 9, 10 and 11

TRREB Report

Condo Life Online

Maps & Amenity Charts

DEPARTMENTS

Editor’s Note

Contributors

In the Spotlight

What do you want?

Catch up between issues at nexthome.ca

COLUMNS

Is this the ‘Great Reset’ in new home prices?

condolife magazine |

Dec. 2–30, 2023

Why a Will and Powers of Attorney are so important

WEHBA’s President’s Gala: Celebrating Terri Johns Municipal boundaries in GTA must be expanded to meet housing goals

A pulse on the GTA rental and homeownership market

FEATURES

Real Estate Pro

Holiday gifts for condo owners

20 Personal Finance

Tips for buying a home in a higher interest rate environment

Stat Chat

The gift of giving back this holiday season

Sponsored Content

The impact of PropTech in Canada

Silvergate Homes

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EDITOR’S NOTE

WHAT DO

YOU WANT?

WAYNE KARL EDITOR-IN-CHIEF Condo Life Magazine

EMAIL: wayne.karl@nexthome.ca TWITTER: @WayneKarl

+ get social 6

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Dec. 2–30, 2023

Buying a home is a major decision – always has been, always will be. But as we approach 2024, with the pandemic largely in the rear-view mirror but other challenging issues an almost daily concern, homebuyers today are more discerning and demanding than ever. And who can blame them? With prices and interest rates what they are, and housing supply, the economy, inflation and other matters greater considerations than they’ve ever been, it behooves buyers to be as diligent and thorough as they can be. This means their demands are also changing. At least for Gen Zs (those born in the late 1990s to the early 2010s), today’s life challenges mean they are prioritizing mental health, financial stability and work/life balance, according to Point2Homes, and online real estate resource. And this means they could shift their focus from the fast-paced, high-priced big city life, bringing smaller urban locations into the limelight. The company’s 2023 City Readiness Index for Gen Z indicates that smaller cities appeal to young adults, scoring higher in affordable housing, cost of living, work/life balance and perceived mental health, among other factors. Aside from Montreal, none of Canada’s large business hubs even make the top 10, the survey says. Indeed, St. John’s, Nfld. ranks the highest in the 35 categories that embody the ideal lifestyle for a Gen Z-er (which raises questions about whether they have actually visited the city in winter, not to mention how realistic their desires are, in a wider context). Still, consumer demands are changing, in pretty much all homebuyer categories and demographics.. So… what do you want? What really matters to you? Take your time and do your research and due diligence as you map out your homebuying future. And yes, be discerning and demanding, but also be realistic.

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CONTRIBUTORS

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

SENIOR VICE-PRESIDENT, SALES, NEXTHOME

Hope McLarnon 416.708.7987 hope.mclarnon@nexthome.ca

DIRECTOR OF SALES, ONTARIO, NEXTHOME

Natalie Chin 416.881.4288 natalie.chin@nexthome.ca

TRREB REPORT | PAUL BARON Paul Baron is President of TRREB, and a career real estate executive with more than 30 years of experience. He is the Broker of Record for Century 21 Leading Edge Realty Inc., which he founded in 1993. trreb.ca

EDITORIAL DIRECTOR

Amanda Pereira EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca CONTRIBUTORS

WESTERN VIEW | MIKE COLLINS-WILLIAMS Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

Jesse Abrams, Paul Baron, Mike Collins-Williams, Debbie Cosic, Barbara Lawlor, Ben Myers, Lisa Rogers, Jayson Schwarz, Dave Wilkes EXECUTIVE MEDIA CONSULTANTS

Jacky Hill, Michael Rosset VICE-PRESIDENT, MARKETING – GTA

Leanne Speers

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

MANAGER, CLIENT RELATIONS

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling

SALES & MARKETING CO-ORDINATOR

Gary Chilvers

BUSINESS DEVELOPMENT MANAGER

Josh Rosset DISTRIBUTION

REAL ESTATE PRO | BARBARA LAWLOR

distributionteam@nexthome.ca

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

accountingteam@nexthome.ca

ACCOUNTING INQUIRIES

DIRECTOR OF PRINT MEDIA

Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA

Lisa Kelly

PRODUCTION MANAGER – GTA

STAT CHAT | BEN MYERS Ben Myers is President of Bullpen Consulting. Ben provides pricing recommendation, product mix, and valuation studies on new residential housing developments for builders, lenders and property owners. bullpenconsulting.ca

Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER

Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

Hannah Yarkony GRAPHIC DESIGNER

Mike Terentiev

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



Published by

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IN THE SPOTLIGHT

INDUSTRY APPLAUDS PROVINCE FOR HOUSING-SUPPORTIVE INFRASTRUCTURE The homebuilding industry applauds the Ontario government for important housing infrastructure announcements released in its recent Fall Economic Statement. In Building a Strong Ontario Together, Minister of Finance Peter Bethlenfalvy highlights the province’s economic and fiscal progress and provides important financial supports to address rental housing construction and housing supportive infrastructure. “We welcome (the) update and applaud the measures the Ford government is taking to accelerate housing supply across Ontario through investment in vital housing supportive infrastructure,” says Dave Depencier, president of the Ontario Home Builders’ Association (OHBA). “Our industry is on a mission to build at least 1.5 million new homes by 2031. It is crucial that we continue to work together and use all mechanisms possible to meet these ambitious but achievable goals.” The province reiterated a commitment to remove the HST on purpose-built rental construction. “The specific measures to remove the HST on purpose-built rentals will change the cost equation for many projects and make even more student, seniors and longterm, purpose-built rental projects economically feasible,” says

condolife magazine |

Dec. 2–30, 2023

Depencier. “In short, this will get more desperately needed housing built.” In particular, OHBA applauds two important measures related to municipal infrastructure that were announced. A $200-million fund for water and waste-water infrastructure and the creation of a new Ontario Infrastructure Bank, with an initial investment of $3 billion. “Many municipalities have significant water infrastructure servicing constraints that are delaying the delivery of new homes, so we’re thrilled to see the additional investment of $200 million for water and waste-water infrastructure, and we’ll be looking closely at the details of the new Ontario Infrastructure Bank to see what it can do to help

accelerate critical housing supportive infrastructure,” adds OHBA Interim CEO Neil Rodgers. To safeguard Ontario’s status as the economic powerhouse of Canada and meet the needs of our rapidly growing population, it is imperative to expedite the supply and choice of housing across the province, OHBA says. This will be done by limiting the burden of costs added to new home construction in the form of government fees, taxes and charges, reducing red tape, ensuring we have the labour force ready to build, investing in critical housing supportive infrastructure and championing policy that recognizes Ontarians need more supply and choices for their housing needs.

IN THE SPOTLIGHT

CANADIANS REMAIN CONFIDENT IN HOMEOWNERSHIP: REMAX Canadians’ outlook on homeownership remains positive despite challenging market conditions in 2023, including a supply shortage and a tricky interest rate environment, according to the ReMax 2024 Housing Market Outlook Report. The majority of Canadians (73 per cent) are confident that homeownership is the best investment, a sentiment that remains unchanged year-over-year. Looking ahead, the ReMax network of brokers and agents expects the market to be slightly more active in 2024, with national average residential sale prices likely to increase by 0.5 per cent and 61 per cent of regions surveying anticipating unit sales to increase in 2024. “It’s been a challenging year for Canadian homebuyers and sellers, who have been feeling the effects of a severe housing shortage and the high cost of living, but much like Canada’s housing market, Canadians have stayed resilient,” says Christopher Alexander, president, ReMax Canada. “Historically, real estate has given owners excellent returns and strong financial security – and that hasn’t changed. The slower market we’ve been experiencing across the country this fall could be an early indicator of an active 2024, as reflected in the modest price increase and sales outlook for next year, and the balancing of conditions in several regions across the country.” CANADIAN CONSUMER INSIGHTS

According to a Leger survey commissioned by ReMax Canada as part of the report, the majority of Canadians (72 per cent) believe that as municipal, provincial and federal governments make plans to increase housing supply, it’s important that they consider the diversity of the new housing that’s developed. When it comes to homebuying trends in 2024, the Leger survey

reveals that more than four in 10 Canadians believe climate change will impact their decision on where to buy a home next year (41 per cent); while approximately one in five (21 per cent) are exploring alternative homeownership, or opting for interprovincial/city moves (17 per cent) in search of greater affordability in the neighbourhood they love. ONTARIO MARKET INSIGHTS

Average residential prices are a mixed bag in Ontario, according to the report. Specifically, prices are anticipated to increase by two per cent in Thunder Bay and Ottawa; three per cent in London; 3.5 per cent in Hamilton, Niagara and York Region; four per cent in Sudbury and Burlington; 4.5 per cent in Kingston; five per cent in Muskoka and Haliburton; seven per cent in Oakville and Simcoe County; and 7.5 per cent in Windsor and Sault Ste. Marie. Meanwhile, prices are anticipated to remain unchanged in Mississauga, Brampton, North Bay and Kenora in 2024. Looking ahead to 2024, Peterborough and the Kawartha’s and the GTA are both anticipating a slight decline of three per cent in average residential prices, while Durham Region and Grand Bend are anticipating a decline of five per cent.

Kitchener-Waterloo is anticipating a decrease of eight per cent in average residential sale prices. Despite cost of living becoming a more prominent consideration for homebuyers and sellers, additional emerging liveability trends in Ontario include the desire for greater access to public transportation and greenspace, as well as proximity to preferred schools. Cost of living and interest rates are the most prominent factors impacting Ontario markets, the report says. These factors are leading many Canadians to become resourceful and focus their homebuying search on properties that can accommodate additional tenants, as a means to offset mortgage costs and ongoing affordability challenges.

The One Stop Shop for Builder Storytelling mcouatpartnership.com

nexthome.ca 9

IN THE SPOTLIGHT

BORROWING COSTS STILL CAUSING SOME BUYER HESITATION: TRREB Lack of affordability and uncertainty remained issues for many would-be homebuyers in the GTA in October 2023, according to the Toronto Regional Real Estate Board (TRREB). As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels. “Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong,” says TRREB President Paul Baron. “However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be homebuyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly.” Realtors reported 4,646 GTA home sales through TRREB’s MLS system in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally adjusted basis, sales were also down in comparison to September. The October 2023 MLS Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent, respectively. On a

seasonally adjusted basis, the MLS HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023. “Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year,” says TRREB Chief Market Analyst Jason Mercer. “The Bank of Canada also noted this resilience in its October statement. However, home prices remain wellbelow their record peak reached at the beginning of 2022, so lower

home prices have mitigated the impact of higher borrowing costs to a certain degree.” “In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term,” adds TRREB CEO John DiMichele. “If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching eight per cent. Following their most recent round of consultations, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution.”

GTA RESALE AVERAGE PRICES, OCTOBER 2023 (YR/YR % CHANGE) 416

905

Total

Detached

$1.71M (8.2)

$1.35M (4.7)

$1.45M (6.1)

Semi-detached

$1.27M (4.7)

$957,117 (0.6)

$1.10M (2.1)

Townhome

$1.01M (1.1)

$905,222 (1.1)

$930,185 (1.1)

$729,160 (1.7)

$665,208 (0.4)

$708,780 (1.2)

Condo

SOURCE: TRREB

condolife magazine |

Dec. 2–30, 2023

IN THE SPOTLIGHT

FALL ECONOMIC STATEMENT RECEIVES MIXED REVIEWS Measures rolled out in the federal Fall Economic Statement on Nov. 21 are a step in the right direction towards tackling the most critical housing crisis in generations, but the federal government can and must do more, according to the Residential Construction Council of Ontario (RESCON). “Billion-dollar fixes are being proposed, but the housing supply crisis and affordability issue is a trillion-dollar problem, as noted by the CMHC,” says RESCON President Richard Lyall. “We are encouraged that housing is a main focus of the feds, but there are still many impediments that were not addressed, such as the enormous infrastructure funding gap faced by municipalities that impedes new home construction. We need a Marshall plan-styled strategy with respect to the chronic housing supply shortfall.” RESCON was pleased the government announced $15 billion in new loan funding for builders of rental properties and $1 billion to support the building of affordable housing, as well as a mortgage charter that will clarify rules for homeowners who are facing renewals and ensure that lenders have appropriate mortgage relief policies in place for consumers facing hardship. “These measures are commendable as they will have a positive impact on homeowners who are looking at hefty increases in their mortgage payments,” says Lyall. “We are also encouraged at measures to spur rental housing construction by offering builders loans that have favourable terms. “However, many impediments to housing construction were not addressed, such as reducing taxes associated with purchasing a home and the unacceptably long approvals process that builders must endure when starting a project. Without tackling these issues, and

the huge infrastructure funding gap being faced by municipalities, the housing problem will not be solved. Municipalities are in a challenging position and the feds must pick up the slack by funding the necessary public infrastructure to support housing.” Municipalities have very limited means to fund housing-related municipal infrastructure and rely on revenue tools such as development charges. However, taxes, fees and levies now add up to 31 per cent to the cost of a home for new buyers. If a consumer buys a $1-million home, that means they’re paying $310,000 in taxes, fees and levies. When that is amortized over the life of a mortgage, it amounts to hundreds of thousands of dollars in interest. The federal government receives 39 per cent of tax revenue from new housing, yet only seven per cent of every dollar is invested in infrastructure in Ontario, RESCON says. “The federal government is uniquely positioned to take action on these issues and bring down the cost of rental and ownership housing,” adds Lyall. “It is imperative that the feds step up to the plate and do what is right to make housing more affordable for Canadians. RESCON will continue to press for more expansive and impactful policy and funding measures. Our future depends on it.” Meanwhile, the Toronto Regional Real Estate Board (TRREB) applauds the economic statement, saying it offers several important housingfocused initiatives. The association

says it commends the federal government for listening to many industry stakeholders, including TRREB, in establishing a new Canadian Mortgage Charter. This initiative significantly includes the removal of the stress test requirements for insured mortgage renewals in cases where a borrower is switching lenders, something TRREB has been calling for in recent years. Since the mortgage stress test was introduced in 2016, borrowers who switched lenders when renewing their mortgages were not exempt from the stress test qualification rule, which in today’s high interest rate environment is approaching eight per cent. This is a positive change to the current mortgage stress test requirements, with close to 60 per cent of Canadian mortgages coming up for renewal in the next three years. This measure will give homeowners more flexibility to shop for the best possible rates and products, helping them save money during a time of heightened affordability challenges, TRREB says.

nexthome.ca 11

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& enjoy these popular stories

DOWNTOWN MARKHAM

Connect, inspire, thrive at Gallery Square Condominiums in Downtown Markham The next phase in Downtown Markham’s evolution is here – the transformative Gallery Square Condominiums. HOUSING MARKET

GTA new home market returns in September The GTA new home market returned in September, reversing three months of decline, the Building Industry and Land Development Association reports.

Q&A

In Conversation With... Mariam Aboutaam Director Sales, Marketing, Interior Design, Kylemore Homebuyers today don’t just want a quality-built home, they also want all those little extras that help them enjoy their new abode. In short, it’s about wellness, and one company excelling at it is Kylemore. Mariam Aboutaam, director of sales and marketing, interior design, explains how.

HOUSING POLICY

HOUSING SUPPLY

Addressing housing affordability in the GTA Toronto is facing heightened housing affordability challenges, and people looking to rent or buy need a mix of housing types that addresses the lack of affordable supply.

Building industry raises concerns over recent Ontario government housing decision The Building Industry and Land Development Association says it is “extremely disappointed” with the recent announcement by Ontario Minister of Municipal Affairs and Housing, Paul Calandra, and calls it a setback for the Greater Toronto Area’s GTA future housing and employment spaces supply.

INSIGHT

Adjusting HST rebate thresholds would provide relief for new-home buyers Recent changes significantly improve the financial feasibility of building new homes. Now the federal government should focus on keeping a 32-year-old promise to adjust the price thresholds for the GST/HST new housing rebate program.

Visit nexthome.ca or check us out on 12

condolife magazine |

Dec. 2–30, 2023

@condolifemag

CondoLifeMagazine

@condolifemagazine

ADVICE | STAT CHAT

ARE WE EMBARKING ON

THE GREAT RESET IN NEW HOME PRICES?

BEN MYERS

After decades of continuous price growth for new housing across the Greater Toronto and Hamilton Area (GTHA), many buyers thought pricing would never go down. However, the landscape has changed dramatically in 2023. The average asking price for new single-family homes in the GTHA has fallen by 30 per cent annually from the 2022 market peak of $2.48 million down to $1.74 million. Similarly, the condominium sector experienced a notable 26-per-cent decline yearover-year to $1.2 million, while new townhouses witnessed a 10-per-cent dip annually, settling at $1.26 million. Before one jumps to the conclusion and declares the market is crashing, let’s delve deeper into this data. In 2022, ultra-low interest rates fueled demand, while inflation was spiking costs for developers, leading to unprecedented growth. The 10 interest rate hikes have taken a bite out of demand. At the same time, several construction projects have been completed, which has eased construction costs marginally. However, it’s still important to try to “control” for various factors such as unit size and geography to give us a more apples-to-apples view of the current market: • In the amalgamated city of Toronto, average unsold asking prices for single-family and townhouse product (low-density housing) were actually up by nearly six per cent annually so far in 2023, at $1,152 psf. • In the city of Toronto, per-sq.-ft. pricing for new condos increased by

nearly 14 per cent in 2022 to $1,637 psf. Prices have fallen two per cent through the first 10 months of 2023 to $1,607 psf. With the caveat that there are also a lot of incentives currently available. • Despite the recent small decline in new condo prices, the longrun data shows that in 2019, the average asking price psf for twobedroom plus den units is up 50 per cent, one-bedroom plus den units have increased by 46 per cent, one-bedrooms 35 per cent, two-bedrooms 34 per cent, three-bedroom units 31 per cent, and studios have increased by 24 per cent. Another factor for investors to consider beyond pricing is the rental rates for newly completed condominiums, which have seen rents rise in 2023. One- and twobedroom condo rents are up six and four per cent, respectively, over 2022. Despite affordability concerns, high borrowing costs and resale market uncertainty are keeping tenants in the rental market, with a clear affinity for well-located, modern and highlyamenitized buildings. On a recent episode of my podcast Toronto Under Construction, experts Harley Nakelsky, president of Baker Real Estate, and Erin Millar, chief marketing officer from Marlin Spring, did express optimism for the market as we advance into 2024. Both felt that developers holding off on launches or placing fewer units for sale created a sense of product scarcity. Nakelsky felt that if the Bank of Canada holds interest rates, with no more hikes, he expects a market rebound in six to eight months. During this conversation, the guests felt that with high immigration, low unemployment and the simple fact that the market is

under-supplied with housing, prices are bound to start growing again. Millar also mentioned that major housing producers such as Marlin Spring “... released fewer projects this year, and the ones we are bringing to market are a little more risk averse at this time.” This means developers held off on opening sales on some of their larger, more premium developments in 2023. If there had been more premium launches, even high-profile launches at discounted pricing, the price growth may have been positive this year, as opposed to the aforementioned twoper-cent drop. Returning to our initial inquiry regarding a market reset: Undoubtedly, the trajectory of pricing growth reached a plateau in 2022. However, astute investors, especially those with a penchant for extended holds, stand at a unique vantage point: Leverage in the buying process. The potential for discovering highquality deals that may yield dividends five years and beyond becomes apparent in the wake of unbalanced market dynamics that favour buyers. Success in seizing these prospects requires meticulous research, coupled with consultations with seasoned investment professionals, mortgage brokers and real estate agents. 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.

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ADVICE | HOME REALTY

SPREADING HOLIDAY CHEER:

THE GIFT OF GIVING BACK DEBBIE COSIC

In times of economic uncertainty, the instinct for self-preservation can be overwhelming. The natural response is to tighten our belts, focus on our own needs and navigate through adversity as best we can. However, amidst the challenges of a struggling economy, the importance of giving back becomes even more pronounced. In times of economic hardship, jobs become scarce, businesses struggle to survive, and the overall well-being of the community is compromised. Acts of generosity, whether big or small, contribute to building community strength and resilience. By supporting local initiatives, charities and community programs, individuals create a network of support that helps everyone weather the storm together. The Children’s Aid Foundation is a non-profit organization dedicated to improving the lives of children and youth facing adversity in Canada. Committed to ensuring that every child has the opportunity to reach their full potential, the foundation focuses on providing support in areas such as education, healthcare and mental well-being. Through various programs and initiatives, the Children’s Aid Foundation works tirelessly to break down barriers that hinder the development of vulnerable children, offering a helping hand when they need it the most. By partnering with communities, donors and volunteers, the foundation 16

condolife magazine |

Dec. 2–30, 2023

creates a network of support that empowers young individuals to overcome obstacles and build a brighter future. Their unwavering dedication to the well-being of children reflects a commitment to fostering resilience, hope and a sense of belonging among those who need it most. At In2ition Realty, prioritizing and supporting charities remains a cornerstone for our team, and this commitment holds true for the current year, just as it has in previous ones. Introduced to the Peel CAF charity in 2020, we have successfully raised more than $100,000 over the past three years. These funds provide presents and essential food items for children and families facing economic hardships. Join us for a festive and heartwarming experience at our Meet & Greet with Santa on Saturday, Dec. 9, from 11 am to 1 pm at our head office – 1149 Lakeshore Rd. E., Mississauga. Embrace the spirit of the season with your loved ones as you create lasting memories in a joyous atmosphere. A minimum donation of $25 not only secures your spot at this enchanting gathering but also

contributes to a meaningful cause. Bring your family and friends for a delightful time filled with laughter, joy and the magic of the holiday season, complemented by Santa photos and a cosy hot chocolate station. Let’s come together to make this event not only a celebration but also an opportunity to give back and share the festive spirit with those in need. If you are unable to attend the event, we encourage you to make a donation to the Holiday Wishes for All Campaign at donorperfect.com. In the face of economic downturns, the act of giving back stands as a testament to the indomitable spirit of humanity and the belief that, together, we can overcome even the most challenging circumstances. 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

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ADVICE | LEGALLY SPEAKING

A WILL AND POWERS OF ATTORNEY: WHY THEY ARE SO IMPORTANT

JAYSON SCHWARZ, LLM AND JACQUELINE MONETA, JD

It may not be top of mind on a daily basis, but estate planning is one of those important tasks that you absolutely must make time for. Making a will is actually much easier and less complicated than it may seem when you work with an experienced lawyer. With families now coming in so many different shapes and sizes, your lawyer can help your blended family answer important questions like reviewing your obligations to legal spouses, ex-spouses, separated spouses and common law spouses. They can also advise you with respect to obligations for your children and step children, which may help avoid conflicts down the road. If you have loved ones with disabilities, it’s especially important to plan for their unique needs. Your advisors can assist with all aspects of setting up the right plan for the care of your dependent with a disability in the event of your death. It’s not one-size-fits-all when it comes to planning for family with disabilities. It’s important to arrange for the financial and personal care of your loved ones, and this involves both legal and practical considerations. In these cases, a Henson Trust is often required to provide for specialised care of your disabled family member as the future unfolds. As we plan for a future after we’re gone, one critical issue is appointing

someone who will administer our estates. Who will be in charge? The responsibility for distributing your assets according to your wishes or administering the distribution of income and capital from a trust are serious considerations. Speak to your accountant and lawyer, and have an open discussion with your family to achieve the best results. Today, most people also have family and assets spread out in different jurisdictions around the world. Now is the time to plan what happens to your bank accounts or real estate holdings in other countries. Importantly for your beneficiaries, it’s also crucial to plan for tax burdens as these vary significantly depending on the locations of the assets or beneficiaries. Tax planning to recognize whether there is a Tax Treaty; whether there will be double taxation and other considerations mean you need to consult with your professional advisors to figure this out in advance and not leave problems after you’re gone. When you’re making your will, you also need Powers of Attorney (POA). What is that exactly? A lot of people wrongly refer to them as living wills.

What a POA does is puts someone in charge if, heaven forbid, you are no longer capable of running your affairs or looking after yourself. We never know when something might happen, and then it is too late to provide. This is very important to protect yourself and those you love from the insecurity of not knowing who has to make the hard choices. There are two POAs – one for property of all kinds, and the other for personal health. You need your bills paid and someone to make life decisions. While planning a will or POA can seem daunting, in reality, it’s typically a quick process and can provide great peace of mind. Be sure to work with an experienced estate lawyer who understands your unique needs. So, take this as your reminder to stop procrastinating, and call your lawyer today. Jayson Schwarz LLM is the Senior Partner and Founder of Schwarz Law Partners LLP, and Jacqueline Moneta is the head of the Commercial Law Section of the firm.

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ADVICE | TRREB REPORT

TRREB: A PULSE ON THE GTA RENTAL AND HOMEOWNERSHIP MARKET

High interest rates and economic uncertainty are keeping first-time buyers from moving off the sidelines and into the homeownership market. But overall demand for housing is still strong thanks to record population growth and a relatively resilient economy. However, more of that demand has been pointed at the rental market.

transactions over the past year. Many investor-owned units have been listed for rent, in response to very strong rent growth and, quite possibly, the actual or potential introduction of tighter regulations surrounding vacant units and short-term rentals. Despite a better-supplied market, competition between renters has remained strong enough to sustain above-inflation rent increases. Renters can expect this trend to continue for the foreseeable future, underpinning the need for a sustainable pipeline of rental housing supply.

RENTING

HOMEOWNERSHIP

Would-be first-time buyers, who have seen affordability erode over the past year-and-a-half due to high mortgage rates, have remained in the rental market. Many new permanent and temporary residents have also turned to the rental market for housing, at least initially. The supply of units for rent has increased at a faster pace than rental

In October, the GTA real estate market revealed home sales were down, but prices held up relative to last year in many market segments. Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank

PAUL BARON

18 condolife magazine |

Dec. 2–30, 2023

of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree. Home sales will pick up quickly when mortgage rates start trending lower, likely in the second half of 2024, and buyers will experience much more competition in the absence of a marked improvement in the supply of listings.

Paul Baron is President of TRREB, and a career real estate executive with more than 30 years of experience. He is the Broker of Record for Century 21 Leading Edge Realty Inc., which he founded in 1993. trreb.ca

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ADVICE | REAL ESTATE PRO

HOLIDAY GIFTS FOR CONDO OWNERS

BARBARA LAWLOR

Today’s condominiums come in all shapes, sizes and configurations – but one thing they have in common is the efficient use of their square footage. Over the years, developer and builders have come up with genius ideas on how to maximize space, with elements such as linear kitchens, floor-to-ceiling windows, and barn doors to open up or section off bedrooms. The effect is akin to a luxury hotel suite, and you could add to that aura with carefully chosen holiday gifts for the condo-owners or soon-to-be owners on your list.

“

If you are looking for stocking stuffer ideas, consider a decorative wall hook or a USB drive your loved one can use for digital media storage. Let your fingers do some shopping on your computer...

”

First, think multi-functional, especially in the kitchen. Gone are the days when people had space to store numerous small appliances such as rice cookers, toasters, slow cookers,

yogurt makers, pressure cookers and the like. The great news is that nowadays, manufacturers have come up with innovative small appliances that do the job of several of these. Think toaster oven, air fryer or instant pot. For the single person, a singlecup coffee maker could be perfect. A small gift of stacking coffee mugs or kitchen towels that will add pops of vibrant colour are other possibilities, depending on your budget. Thinking along the line of kitchens again, you can get LED light strips that can be strung under cabinets or along walls. And there are convenient over-thesink dish drying racks that roll up when you’re finished. If you want to go a little larger and know the condo-owner’s decor tastes, consider an ottoman that doubles as a coffee table, seating and/or storage unit. For occasions when a friend or relative sleeps over, how about a self-inflating air mattress that can be stored in a closet until needed? And if the condo owner travels a lot, that person may appreciate a collapsible rolling suitcase. If you are looking for stocking stuffer ideas, consider a decorative wall hook or a USB drive your loved one can use for digital media storage. Let your fingers do some shopping on your computer keyboard for more ideas, such as edible gifts, a cosy blanket beautiful enough to use on the bed or as a throw, a fabric laundry bag that can hang on the back of a closet door, or serving trays that can double as dining surfaces. Even better, tickets take up very little space in a wallet. A new or recent condominium purchaser may be on a tight budget for a while, so think about an experience gift in the form of tickets

M6 by Rogers Real Estate Development Ltd. and Urban Capital

to a play, concert or sporting event. A magazine subscription is another great idea. Bed linens, placemats, a multitool gadget, scented candles, wine, a selfie photo printer, handheld vacuum, space-saving hangers… the possibilities are beautiful and exciting. Just remember that your family and friends who live in condos likely do not have space for a lot of “things.” Then go with your heart, imagination and budget, and you will find the perfect gift. 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

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nexthome.ca 19

ADVICE | PERSONAL FINANCE

TIPS FOR BUYING A HOME IN A HIGHER RATE ENVIRONMENT

JESSE ABRAMS

In today’s economic landscape, marked by higher interest rates and inflation, the decision to invest in real estate can be complicated and isn’t always a simple yes or no. It’s about uncovering opportunities that can sometimes arise in markets where conditions are less favorable.

eager to close deals. This gives buyers negotiating power and the ability to buy a property with more of what they want and need than less. For instance, negotiating a lower price, paying for home repairs and improvement, or other beneficial terms or terms and concessions. As you can see, a higher rate environment can be leveraged in the buyer’s favour. PRICE VS RATE DIFFERENCES CAN ACTUALLY LEAD TO SAVINGS

When interest rates rise, this will often lead to a drop in housing prices. As rates go up, the pool of buyers decreases, which often leads to a decline in home prices. If you have excess funds or are in a financial position to invest, this can present a unique buying opportunity. Although the cost of borrowing is more expensive, buyers can purchase a property at a significant discount that might not be possible in a lower rate environment.

We can’t deny that higher interest rates result in higher monthly mortgage payments, which impacts affordability for both existing homeowners and prospective buyers. However, a lower purchase price can not only help to offset this monthly cost, it can drastically lower the cost of ownership overall. When you calculate the total cost of owning your home for the time period you plan to live in the property, sometimes paying more each month at a significantly lower property price can make sense over the long term.

LESS COMPETITION IN THE MARKET

HERE’S A QUICK CALCULATION:

With the pool of buyers much smaller given higher rates, there is a lot less competition in the housing market. With fewer buyers, bidding wars and the chances of overpaying for your home are a lot less slim compared to a couple years ago. These conditions favour the buyer because they have a lot more negotiating power and a better chance to purchase their desired property at a reasonable price and within budget.

If a home is priced at $900,000, with a mortgage of $720,000 (20-per-cent down payment) when interest rates were low at 2.5 per cent, monthly mortgage payments would be roughly $3,250. After a five-year mortgage term, the remaining mortgage would be roughly $610,000. As interest rates increase, home prices have been dropping 10 to 20 per cent. If we take 15 per cent off the price above, it will be $765,000. With a 20-per-cent down payment, this nets to a $612,000 mortgage. With an interest rate of 5.6 per cent, monthly payments will be $3,795. The remaining principal after five years is roughly $547,165.

DECLINING HOME PRICES

BUYERS HAVE MORE NEGOTIATING POWER

With fewer Canadians in the market to buy, homes remain listed for a lot longer with most sellers likely 20 condolife magazine |

Dec. 2–30, 2023

Difference in monthly payments = $545 After five years, additional monthly payments = $32,700 After five years, difference in remaining principal = $62,885 Total five year savings buying at a higher rate, but lower price = $30,135 All paired with a much lower down payment. Buying a home in a higher rate and inflationary environment is not ideal, especially with negative news cycles dominating headlines and scaring a lot of Canadians out of buying. However, it is wise to look deeper and uncover the financial opportunities many might be overlooking. Understanding the market and your financial situation, and consulting experienced mortgage and real estate professionals such as those on our team at Homewise is one step you can take to clear the fog and potentially invest in real estate at what many consider an inopportune time. Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com

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SPONSORED CONTENT

THE IMPACT OF PROPTECH IN CANADA

TIM NG

The property technology (PropTech) sector has experienced tremendous growth across Canada over the past decade with new companies steadily joining in the mix and venture capitalists (VCs) eager to get behind the next big thing. With the emergence of AI and the advancement in other technologies, despite the challenging market conditions we experienced in 2023, a new report from PropTech Collective states that there are now approximately 500 PropTech companies in Canada. Forty per cent of these companies were founded in the last five years and, combined, they have raised more than $1.5 billion of funding. The report adds that Canada is becoming a key region for real estate innovation. With a growing tech ecosystem, as well as an influential real estate and construction industry, the country is creating an incredible home for the next generation of PropTech startups. PropTech is a complicated venture and understanding different real estate personas, from investors to end-users, is vital to building credibility in the industry. Real estate is “fragmented by location, asset type, property characteristics and more,” PropTech Collective notes, and the right capital provider must be used depending on business models. Many real estate companies have tried to develop in-house technology but with mixed results, pushing many to evaluate what tech they’d like to own

and where they’d rather partner with third-party solutions. Through conversations with PropTech founders, real estate leaders and investors, the report lays out four key trends that stood out as they look at 2024 and beyond: Decarbonization, affordability, AI and integration and consolidation. Climate change remains a hot-button issue and there is a strong emphasis on integrating environmental, social and governance (ESG) principles into business planning. Real estate industry leaders are aligning their strategies to focus on carbon-reduction initiatives, while VC firms are actively looking at opportunities at the intersection of climate tech and PropTech. Housing affordability is being tackled at every level and PropTech leaders recognize the role housing access has in shaping the future of the country. To address this, PropTech advancements have been made in co-ownership platforms, purposebuilt rental and modular construction. AI really came to the forefront in 2023, and the PropTech sector is embracing it. It has already been used for architectural design and machine learning, but the possibilities are endless. PropTech founders are leveraging it internally to help scalability, while real estate leaders are using it for development planning, performance analysis, risk assessments and more. As the industry has matured, there’s been a greater shift to consolidation. Companies have been more open to collaboration and are looking to create partnerships and integration with other platforms to provide a more holistic experience for customers.

Real estate leaders have recognized that they cannot take their foot off the pedal on adopting new technology. Educating the market and working with the varying regulatory environments are hurdles to overcome, but there is a lot of optimism in the innovation that will directly impact one of the largest sectors of the Canadian economy, and in turn, benefit purchasers from an elevated real estate experience. Tim Ng is the Principal and Founder of ADHOC STUDIO and BLACKLINE, an industry-leading digital studio that combines real estate, art and technology. To learn more about ADHOC’s awardwinning renderings and industry leading sales platform, BLACKLINE, visit adhocstudio.ca and blacklineapp.com.

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nexthome.ca 21

BUILDER PROFILE | ST. CATHARINES

A NEW CONDO

COMING SOON

TO HASTINGS AND GLENDALE IN ST. CATHARINES Silvergate Homes’ new condominium, Merritton Mills on Hastings, located in St. Catharines’ Merritton neighbourhood near Glendale, presents a unique opportunity to be a part of the evolving landscape of a thriving community. As Merritton continues to establish itself as a sought-after place to live, its proximity to south St. Catharines and a multitude of amenities makes it an attractive option for families, individuals and retirees alike. Moreover, the strategic location of Merritton Mills in relation to the Pen Centre, downtown core, hiking and biking trails, Brock U, and Niagara College provides an advantageous investment opportunity. Embarking on the first phase of this exciting development, Silvergate plans to construct a midrise condominium 22 condolife magazine |

Dec. 2–30, 2023

featuring 71 suites. These wellappointed suites, comprised of oneand two-bedrooms, are notable for their generous size, ranging from 800 to 1,200 sq. ft. Designed by Jason Pizzicarola Design Architects Inc. and boasting interior design by BE Burgess and Leslie Landolt Designs, the Residences of Merritton Mills epitomize contemporary living. Its exceptional location in Merritton ensures easy access to local dining establishments, shops, Hwy. 406, and the Pen Centre, while remaining conveniently accessible via public transportation. The condominium offers residents a comprehensive selection of amenities, including underground parking, storage lockers, co-working spaces, a communal area/lounge, rooftop lounge with barbecues, pet

washing station, fitness centre, party room with a kitchenette, bike storage and a parcel room. With prices beginning in the $500,000s, Merritton Mills presents a compelling value proposition for those seeking a modern and vibrant community to call home. MERRITTON – A GREAT HOMETOWN WITHIN A GREAT HOMETOWN

Merritton, a quaint hamlet that merged with St. Catharines in 1961, boasts a rich heritage rooted in its flourishing mills and industrial success. The community played a vital role in the early formation of the Welland Canal. Today, while the historic mills have been repurposed into charming hospitality establishments, Merritton still retains its distinctive identity within the

larger city of St. Catharines. With its proximity to major shopping and a quick drive to Niagara, Merritton offers its own enchanting appeal. Catering to those who appreciate the allure of the past while embracing the present, the Residences of Merritton Mills promises a lifestyle that captures the essence of the community. Situated amidst picturesque wineries, Merritton Mills acts as a gateway to the enticing attractions of Niagara, while also providing convenient access to the nearby amenities and the urban luxuries of St. Catharines. For those seeking a contemporary condominium in a vibrant, walkable neighborhood, Merritton Mills stands as the perfect location. In a manner similar to St. Catharines’ transformation into a haven of trendy cafes and restaurants, Merritton is gracefully undergoing a metamorphosis to offer residents a

distinctively urban living experience. Residents can enjoy great restaurants such as The Keg, Johnny Rocco’s (right next door), Boston Pizza, Kelsey’s, Chile & Agave, Pur & Simple, and many others. Merritton Mills, a development by Silvergate Homes, exemplifies the company’s long-standing commitment to exceptional quality and customer service. With more than 35 years of experience in building and renovating homes in the Niagara region and beyond, the Passero family – founders of Silvergate Homes – have instilled a shared passion and pride for their family business in all their endeavors. Renowned for its excellence in construction, design, marketing and environmental stewardship, Silvergate Homes has received more than 40 builder awards. As a Tarion Warranty Corp. builder and RenoMark contractor, the company

ensures its homes meet the highest industry standards. Notably, in April, Silvergate Homes was honored with the Niagara Home Builders’ Association (NHBA) Award of Excellence for its condo/townhome project, Village on the Twelve, affectionately known as Eclectic Dream. Most recently, Silvergate Homes captured the OHBA (2023) award for Best New Home Kitchen (New Lowrise Up to 2,500 sq. ft.) at the Legends on the Green, Niagara Falls. This recognition is a testament to Silvergate Homes’ unwavering commitment to innovation, creativity and excellence in the realm of residential construction. Merritton Mills’ sales office is opening soon at 271 Merritt St. If you are interested in this exciting new residence, you are invited to register to receive information and updates. Visit merrittonmills.com to register.

nexthome.ca 23

ADVICE | WESTERN VIEW

WEHBA PRESIDENT’S GALA:

CELEBRATING TERRI JOHNS MIKE COLLINS-WILLIAMS

The West End Home Builders’ Association recently held its annual President’s Gala in Hamilton to celebrate the hard work and success of the association and Terri Johns, 2023 WEHBA president. Johns started her presidency in January 2023, but has been deeply involved with the association through her participation in the board of directors and her exemplary volunteerism during the difficult years of the pandemic. Johns is the founder and president of T. Johns Consulting and has been a leader in the industry for decades. Her expertise has been crucial to the association’s success and her commitment to the industry is unparalleled. She is a devoted community champion, currently volunteering as president of both the WEHBA and the YWCA Hamilton.

Ever year, the WEHBA president selects a cause they would like to support through fundraising at the Association’s events. John’s charity of choice for 2023 was the Bob Kemp Children’s Hospice. Despite the privilege of a world class children’s hospital (McMaster Children’s Hospital), the Hamilton region is the only one in Canada that does not have complimentary children’s hospice care associated. A campaign to raise $25 million to build a children’s hospice, offering care for children at the end of the life, respite and pain and symptom management services as well as grief and bereavement supports, was critical. Through the support and generosity of the WEHBA members, the association was able to raise and donate $10,000 to the Kemp Care Network. The Annual President’s Gala is one of the largest and most popular events of the WEHBA. This year’s emcees – Dan and Dani Gabriele from Marz Homes – made the event extra special with their quick-witted humour, refined dance moves and an unforgettable entrance featuring the Burlington Teen Tour Band. This year’s President Gala was presented by RBC and Reliance Home Comfort. During the event WEHBA also recognized the efforts of very hardworking members and friends of the building industry. The following is a list of this year’s award recipients: 1. DISTINGUISHED SERVICE AWARD - BUILDER MEMBER

3. RENOVATOR MEMBER OF THE YEAR

Phil Authier, IntegriMark Inc. 4. THE KEVIN MCINTOSH MEMORIAL AWARD FOR THE UNDER 40 YOUNG PROFESSIONAL OF THE YEAR AWARD

Natasha Paikin, New Horizon Development Group 5. ENVIRONMENTAL LEADERSHIP AWARD

Indwell 6. PRESIDENTIAL AWARDS

Robert Molinaro, Molinaro Group Bianca Bruzzese, BDO Canada LLP Dani Gabriele, Marz Homes David Ionico, McHugh Whitmore LLP Through the years, the devotion and commitment of industry champions such as Johns and other distinguished WEHBA members has led the association to continued growth and tremendous success. The heart and soul of every non-profit organization such as WEHBA is its members and every association’s prosperity, and stability heavily relies on their support. Over the past 80 years, WEHBA has had the pleasure and privilege to be surrounded by the finest, most dedicated industry professionals and by looking at the new crop of young professionals embracing leadership roles, the future of WEHBA can only be bright. Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

Rosehaven Homes Ltd. 2. DISTINGUISHED SERVICE AWARD - ASSOCIATE MEMBER

Robert McLaren, A. T. McLaren Ltd. 24

condolife magazine |

Dec. 2–30, 2023

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A TREE FOR EVERY HERO.

Join us in planting 2 million trees along the 401 Highway of Heroes, a tribute to the men and women who fought for Canada in our wars, and a living memorial to the 117,000 who died for freedom. Get involved today:

As part of Trees for Life’s Tree Coalition, we are proud to work collaboratively with GrandTrees Climate Solutions.

THE SEASON FINALE NOVEMBER 9

CONDO PROFILES

Elements Condominiums

Barrie

developer: PRATT HOMES style: Midrise size: 700 sq ft – 1300 sq ft prices: starting in the $500’s features: • Biophilic Nature-Focused Design • Spacious Solarium Balconies • Foyer with Large Windows and Live Tree • Live Indoor Tree, Water and Fire Features in Foyer • Outdoor Waterfall Features • Exercise Room with a View • Social Seating Around Gas Firepits • Water Filtration and Air Purification Systems in Every Suite • Outdoor Gym, Track and Covered Bicycle Racks • Landmark Art Installations • Steps to Barrie’s South GO Station contact: sales@pratthomes.ca | elementscondos.ca location: 723 Mapleview Drive East

Central Park

Duo

Brampton

developer: NATIONAL DEVELOPMENTS AND

BRIXEN DEVELOPMENTS INC.

style: Highrise size: 26 storeys features: • Studio, 1 bed, 1 bed + den, 2 bed, 2 bed + den • Lobby, Gym, Co-Working Space • Kids Playroom, Party Room, Private Dining Room With Catering Kitchen • Rooftop with BBQ’s, Flex Lawn, Dining and Lounge Areas register at: duocondos.ca location: Steeles Ave. W and Malta Ave. just west of Hurontario First Release is Sold Out. Register for New Release.

North York

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Greater Toronto Area Dec. 19, 2020–Jan. 30, 2021

Toronto’s Finest NEW HOME GUIDE

Fabulous LIVING IN THOROLD!

HOMES, Condo Life, Active Life Reno + Decor

INSIDE:

condolife

The ‘best of the best’ coverage in the categories of new home; new condo; adult lifestyle; design, decor and renovation.

WHERE MORTGAGE RATES ARE HEADED IN 2021

Greater Toronto Area Dec. 5, 2020–Jan. 16, 2021

Greater Toronto’s COMPLETE CONDO GUIDE

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HOMEBUYER INTENTIONS STILL STRONG: SURVEY

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DEC. 5, 2020–JAN. 16, 2021

developer: AMEXON DEVELOPMENT CORPORATION style: Highrise – 12-acre, master-planned community size: 436 - 1,200 sq. ft. prices from: from the $700,000s features: • 1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den • Spacious layouts, terraces/balconies • Located in the Bayview Village neighbourhood • Leslie subway station and GO Transit at your door • Direct access to the East Don Parkland ravine • Central Park Common – a three-acre urban park offering year-round, outdoor event programming • 55,000 sq. ft. of resort-style amenities including coworking space, skating rink, indoor and outdoor saltwater pools, privately operated childrens’ daycare, EV charging stations in all parking areas contact: centralparktoronto.com • (416) 252-3000 location: 1200 Sheppard Avenue East

WEST COMMUNITY NEW PHASE COMING SOON! DISCOVER SINGLE FAMILY HOMES AND SPACIOUS TOWNS!

2020-11-27 2:30 PM

INSIDE:

HOMEBUYER INTENTIONS STILL STRONG: SURVEY

WHERE MORTGAGE RATES ARE HEADED IN 2021

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Ontario Edition Nov. 7, 2020–Feb. 27, 2021

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HOT PROPERTIES | GTA

FIND YOUR NEXT HOME The latest properties in the Greater Toronto Area to keep your eye on BRAMPTON

MISSISSAUGA

1. Bristol place

12. Birch at Lakeview 199 Main St, North, Brampton Village Lakeshore & Dixie Rd. 2. Duo condos branthaven.com

Malta ave & Steeles Ave

13. Artform Condos

CALEDON 3. Mayfield Collection 2256 Mayfield Road. Mayfieldcollection.ca

86 Dundas St. E. emblemdevcorp.com

14. Exhale Condominiums

ETOBICOKE

21. 500 Dupont St. 500 Dupont St. lifetimedevelopments.com

22. Artistry Condos

292 Dundas St. W. tributeartistrycondos.ca

23. Panda Condos Yonge & Dundas. lifetimedevelopments.com

24. 36 Eglinton Ave. W.

Lakeshore Rd. East & Dixie Rd. 36 Eglinton Ave. W. lifetimedevelopments.com exhalelakeshore.ca

4. Curio Condos 801 The Queensway marlinspring.com

NORTH YORK

5. Humberwood Heights

Sheppard Ave. East & Leslie St. amexon.com

15. Central Park

50 Humberwood Blvd. tributecommunities.com

6. Arcadia District

PICKERING 16. Vupoint

Bloor & Kipling arcadiadistrict.com

Kingston Rd. & Liverpool Rd. tributecommunities.com

MARKHAM/ UNIONVILLE 7. Panda Markham

Danforth & Main tributecommunicties.com

OSHAWA

28. No. 1 Yorkville

17. U.C. Tower

1 Yorkville Ave. pureplaza.com

20 Fred Varley tributecommunities.com

18. 111 River St. Condos pureplaza.com 111 River St. lifetimedevelopments.com

11. Highmount

lawrencehillurbantowns. com

20. 489 Wellington St. W.

29. Theatre District Residences

13 1

Adelaide & Widmer

14 12

30. Bijou on Bloor 2450 Bloor St. West

489 Wellington St. W. lifetimedevelopments.com

368 Briar Hill Ave. pureplaza.com

32. One Seventy Spadina & Queen St. West pureplaza.com

33. King West & Charlotte King St. West & Charlotte pureplaza.com

34. Forest Hill Private Residences 2 Forest Hill Rd. foresthillresidences.com

Dec. 2–30, 2023

19. Lawrence Hill Urban pureplaza.com Towns 31. The Briar on Avenue Don Mills & Lawrence

4077 Hwy. 7 highmountbykingdom.com

28 condolife magazine |

50 Wellesley St. East pureplaza.com

TORONTO

162 Enterprise Blvd. downtownmarkham.ca

Brampton

27. 50 at Wellesley Station

8. Varley Condo Residences

10. Gallery Towers at Downtown Markahm

2161 Yonge St. tributecommunities.com

2425 Simcoe St N,Oshawa tributecommunities.com

Donald Cousens Pkwy & Ninth Line flatogroup.com

26. Y&S Condos

8200 Warden Ave. lifetimedevelopments.com

9. Canvas on the Rouge

25. Linx Condominiums

35. Oscar Residences 500 Dupont St. W. at Bathurst oscarresidences.com

37. Allure Condominiums 250 King St. East

36. Kingside Residences emblemdevcorp.com Kingston Rd. & Danforth 38. XO Condos altreedevelopments.com

King & Dufferin lifetimedevelopments.com

8 7

11 14

10 16

19 36

35 24 26

42 25

32 28 22

23 39 34 40 27 37 18 38 33

30 29

CARTOGRAPHY: MARKETMAPS.COM

39. 225 Jarvis Street Condos

41. The Residences of Central Park

Dundas St. East & Jarvis amexon.com

Sheppard Ave. East & Leslie centralparktoronto.com

40. 316 Junction Condos

42. The Dawes at Main Street

Campbell & Dupont 316condos.com

Danforth & Main St. thedawes.com

VAUGHAN 43. Park Avenue Place 1&2 Jane St. & Rutherford Rd. solmar.ca

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

nexthome.ca 29

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

Guelph

FIND YOUR NEXT HOME

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

OAKVILLE

1. Affinity Condos

9. The Greenwich Condos at Oakvillage

Plains Rd. E. & Filmandale Rd. rosehavenhomes.com

2. Millcroft Towns Appleby Line & Taywood Dr. branthavenmillcroft.com

3. North Shore North Shore Blvd. & Plains Rd. nationalhomes.com

FORT ERIE 4. Discoverie Condos Signature Communities discoveriecondos.ca

Trafalgar Rd. & Dundas branthaven.com

10. Synergy McCraney St. E. & Sixth Line branthaven.com

11. Upper West Side at Oakvillage 351 Dundas St. E. upperwestsidecondos2.ca

12. Greenwich Condos at Oakvilage Trafalgar Rd. & Dundas St. branthaven.com

13. Villages of Oakpark

HAMILTON 5. 1 Jarvis

Dundas & Trafalgar ballantryhomes.com

1 Jarvis 1jarvis.com

STONEY CREEK

6. The Design District 41 Wilson Street emblemdevcorp.com

980 Queenston Rd. branthaven.com

15. On The Ridge

7. Corktown

Lormont Blvd. & Chaumont Drive liveontheridge.ca

225 John Street South corktown.condos

NIAGARA REGION 8. Lusso Urban Towns Martindale Rd. & Grapeview Dr. lucchettahomes.com

30 condolife magazine |

14. Casa Di Torre

Dec. 2–30, 2023

Brantford

CARTOGRAPHY: MARKETMAPS.COM

Mississauga

Milton

11 12

Oakville

Burlington 1 3

Hamilton 6 7

15 8

St Catharines

Niagara Falls

Welland

nexthome.ca 31

HOT PROPERTIES | OUT OF TOWN NORTH

FIND YOUR NEXT HOME

The latest properties in the Out of Town North Area to keep your eye on

CARTOGRAPHY: MARKETMAPS.COM

1 2

Legend: HR = High Rise CTH = City Home MR = Mid Rise LO = Loft LR = Low Rise LW= Live Work PH = Penthouse RH = Row Home TH = Townhouse

MAP 1. 2.

LOCATION

SITE

TYPE

ADDRESS

CONTACT

Barrie .....................................Elements ..........................................................MR ...........................723 Mapleview Dr. East ...................................................................... pratt.ca Barrie .....................................Bistro 6 .............................................................MR ...........................Yonge St. & Mapleview Dr...................................................bistro6barrie.ca

condolife magazine |

Dec. 2–30, 2023

INTERESTED IN BUYING A PRE-CONSTRUCTION CONDO? Protect your important investment! The Home Construction Regulatory Authority can support you on your journey to homeownership.

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ADVICE | INDUSTRY REPORT

MUNICIPAL BOUNDARIES IN GTA MUST BE EXPANDED TO MEET

HOUSING GOALS DAVE WILKES

Ontario aims to build 1.5 million new homes by 2031. It is a conservative goal, given Canada’s rapid population growth and the high proportion of newcomers who choose to live in Ontario and the GTA. Building enough homes to accommodate this growth in our region cannot be accomplished through intensification alone and will require the expansion of municipal boundaries. In late October, the provincial government announced that it would rescind a number of municipal boundary expansions across the province. While some applauded, the fact is that this move has stalled an important process and introduced a high degree of uncertainty into the task of providing the homes our region needs to both accommodate growth and address historic supply constraints that have led to the housing supply and affordability crisis. The government had added 13,000 hectares to various Ontario and GTA municipalities in 2022. Decried as sprawl by critics, this expansion of municipal boundaries was nothing of the sort. It was the result of intensive multi-year planning exercises at the municipal, regional and provincial levels and was based on the Growth Plan, the Provincial Policy Statement (a document guiding growth and development in the province) and the government’s own population and market needs assessments. Nor is land use expanding faster than population: The rate of land 34 condolife magazine |

Dec. 2–30, 2023

expansion is projected at seven per cent from 2031 to 2051, while the rate of population growth is projected at 24 per cent in that time frame. The decision to rescind the municipal boundary expansions leaves the GTA with fewer options to accommodate the growth expected by 2051. Intensification, or adding housing and development within existing municipal boundaries, is one legitimate strategy. It makes sense for a variety of planning, financial and environmental reasons. But intensification alone has practical limitations. In the absence of urban boundary expansion, large portions of the built-up areas that currently hold homes, businesses, schools and offices would need to be redeveloped in many municipalities. In Halton, that portion would be 15 per cent of the entire built-up area; in Peel, 10 per cent and in Durham, six per cent. To be clear, redevelopment would mean demolishing existing houses and buildings and replacing them with higher-density developments. Would you want 15 per cent of the homes in

your neighbourhood to be replaced with multiplexes? It is simply not possible or responsible. As we look to accommodate future generations, new residents and their employment, retail and community needs to 2051, we must use strategies that are effective and responsible and that enable the addition of housing and employment spaces with a mix and density consistent with what the market is looking for. Combining intensification with municipal boundary expansion will give us the best chance of meeting our goals for housing and employment spaces. 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.

+MORE CONTENT ONLINE nexthome.ca

ARIDO Makes the Difference: Hire a Registered Interior Designer The Association of Registered Interior Designers of Ontario (ARIDO) is your connection to qualified, experienced, and innovative Registered Interior Designers. ARIDO protects Ontarians to ensure every person using the title ‘Interior Designer’ is qualified. In accordance with the Ontario Titles Act, an individual cannot use the title ‘Interior Designer’ unless they are a Registered member with ARIDO. Why should I hire a Registered Interior Designer? Registered Interior Designers have completed the necessary technical education and passed the required exams to meet ARIDO’s rigorous standards for membership. Once qualified, Registered Interior Designers must keep their knowledge updated through professional development on topics including the Ontario Building Code, accessibility, sustainability, building and mechanical systems, inclusivity, etc. How do Registered Interior Designers become qualified? They must graduate from an accredited 4-year Bachelor of Interior Design program and complete an extensive supervised work experience program under a qualified practitioner. Finally, they pass a rigorous 3-part practical exam which includes building code knowledge.

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WHAT DOES A REGISTERED INTERIOR DESIGNER DO?

1 2 3 4

RESEARCH Meet with client, establish project goals, client’s wants, needs, and budget. Complete a site survey.

DESIGN Develop detailed design with images, sketches, and 3D views. Propose materials, lighting, furniture, and fixtures. Present concept ideas, preliminary drawings, and images to client.

DOCUMENT Prepare a variety of project documents, which may include construction drawings and/or product selections. Apply for building permits, as required.

COORDINATE Provide project oversight, including coordination of sub-contractors, consultants, suppliers, and vendors. Document progress to ensure compliance with design intent and project budget. Address issues as they arise.

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ARIDO’s Consumer Guide Don’t know where to start with your project? Our Consumer Guide can help. Not sure what you don’t know? Let a Registered Interior Designer help you ask and answer the important questions.