GTA Condo Life - February 10, 2024

Greater Toronto Area Feb. 10–March 9, 2024

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INSIDE:

SPECIAL REPORT: OUTLOOK 2024

WHY THIS WILL BE A PIVOTAL YEAR FOR HOMEBUILDING

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FEB. 10–MAR. 9, 2024

CONTENTS

18

OUTLOOK 2024 WHY THIS COULD BE THE YEAR OF THE REBOUND

DEPARTMENTS

6

Is this your year?

Contributors

8

In the Spotlight

25

Legally Speaking

How to carefully prepare to buy a home

GTA new home market slows some in December; more news on pages 9, 10, 11 and 12

26 Real Estate Pro

Condo Life Online

27

Catch up between issues at nexthome.ca

44 Maps & Amenity Charts COLUMNS

4

3 things prospective homebuyers can look forward to in 2024

Editor’s Note

7

13

24 Personal Finance

14

Stat Chat

16

TRREB Report

The shifting landscape of Toronto’s condo market Taking action: Taxation, supply and growth

condolife magazine |

Feb. 10–Mar. 9, 2024

Location, location, location an international phenomenon

28

Western View

Adding new taxpayers limits municipal tax increases

Home Realty

The benefits of purchasing in a master-planned community

34 Decor

Bathroom trends we should talk about

36 Decor Trends The art of design

38

Home Inspiration Pretty in pastels

40 At Home

2024 paint trends

50 Industry Report

2024 will be a pivotal year for homebuilding in the GTA

FEATURES

18

Outlook 2024

Why this could be the year of the rebound

30 Focus on Barrie

No longer just a gateway to cottage country

EDITOR’S NOTE

IS THIS YOUR YEAR?

WAYNE KARL EDITOR-IN-CHIEF Condo Life Magazine

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

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Feb. 10–Mar. 9, 2024

Let’s be honest – 2023 wasn’t the greatest year for homebuying or homebuilding in the GTA and elsewhere in Ontario.

But a new year brings hope, possibility and, perhaps most importantly, opportunity – and all of that and more awaits in 2024.

As our Special Report: Outlook 2024 beginning on page 18 examines, market influences appear poised to change for the better, providing relief and newfound belief for homebuyers and builders alike.

“I see 2024 bringing a stronger real estate market,” says Deena Pantalone, managing partner and chief innovation officer at National Homes. “The fundamentals are all there. The job market, population growth and income are all healthy and, with the lower sales of last year, there is so much pentup demand. Remember the old adage, ‘When is the best time to buy real estate? Yesterday.’ All we need is downward movement on interest rates – even a slight lowering – and sales will start to rise again.”

David Hill, president of Ballantry Homes, is similarly upbeat. “I think the market in 2024 will turn a corner and begin to improve. Interest rates have been high to fight off inflation, but the general consensus is that rates will begin to drop this year. Perhaps not in the first quarter, but by the summer.

The housing demand is there, and lower rates will let homebuyers into the market again.”

If we faced a perfect storm of challenging conditions last year – higher interest rates, inflation and new home supply chief among them – the forecast now calls for brighter skies on most fronts on the horizon.

Is 2024 going to be your year for buying a new home in the GTA? A variety of expert sources in Outlook 2024 discuss the key determining factors to help you answer that question. You might be wise, for example, to use this time now, to do your due diligence, research and prepare as best you can to take advantage.

And when you’re ready, know that some great buying opportunities await.

Not only the communities and projects such as those offered by National, Lanterra Developments, Ballantry and others, but perhaps for a limited time, incentives and price adjustments as conditions improve.

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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

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

EDITORIAL DIRECTOR

Amanda Pereira EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca CONTRIBUTORS

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

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

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

Leanne Speers

MANAGER, CLIENT RELATIONS

Sonia Presotto

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

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling

SALES & MARKETING CO-ORDINATOR

Gary Chilvers

BUSINESS DEVELOPMENT MANAGER

Josh Rosset DISTRIBUTION

distributionteam@nexthome.ca ACCOUNTING INQUIRIES

accountingteam@nexthome.ca

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

DIRECTOR OF PRINT MEDIA

Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA

Lisa Kelly

PRODUCTION MANAGER – GTA

Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER

Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

TRREB REPORT | JENNIFER PEARCE Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

Hannah Yarkony GRAPHIC DESIGNER

Mike Terentiev

Published by

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

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IN THE SPOTLIGHT

GTA NEW HOME MARKET SEES LOWER SALES IN DECEMBER GTA new home sales were slow in December, experiencing marginal growth from December 2022, which was the second lowest December monthly new sales following December 2008, the Building Industry and Land Development Association (BILD) reports.

There were 554 new home sales in December, up 0.5 per cent from December 2022 and 67 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

“With current interest rates, we are experiencing a hurry up and wait sales environment as potential buyers sit on the sidelines,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. “Given that housing starts lag pre-construction sales by as much as two years, we can expect that the low level of sales in 2023 will result in lower housing starts in the future. In fact, we are already seeing the pace of housing starts in the GTA beginning to decline. This will result in less housing supply being added to the market in the near future, aggravating the housing crisis at the same time as we are experiencing increasing demand for new homes.”

“Both new-home buyers and builders remained on the sidelines in December, lacking the confidence to re-engage,” says Edward Jegg,

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Feb. 10–Mar. 9, 2024

research manager with Altus Group.

“As a result, new home sales were sparse and the likelihood for an appreciable uptick in the first half of 2024 remains dim.”

Condominiums, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, accounted for 400 units sold in December, down two per cent from December 2022 and 66 per cent below the 10-year average.

There were 154 single-family home sales in December, up six per cent from December 2022 and 70 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).

Total new home remaining inventory decreased compared to

the previous month, to 20,252 units.

It included 16,850 condominium units and 3,402 single-family dwellings. This represents a combined inventory level of nine and half months, based on average sales for the last 12 months. This is the highest inventory level since 2015, however builders added very little inventory to the market in December in terms of new projects.

Benchmark prices increased in December for both single-family homes and for condominium apartments compared to the previous month. The benchmark price for new condominium apartments was $1.04 million, down 7.5 per cent over the last 12 months. The benchmark price for new single-family homes was $1.60 million, which was down 8.5 per cent over the last 12 months.

IN THE SPOTLIGHT

TIGHTER MARKET CONDITIONS IN JANUARY 2024 COMPARED TO PREVIOUS YEAR: TRREB The resale housing market showed signs of resurgence in January 2024, with sales rising over January 2023 levels, according to the Toronto Regional Real Estate Board (TRREB).

The annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products.

New listings were also up year-overyear, but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

“We had a positive start to 2024,” says TRREB President Jennifer Pearce.

“The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster homebuyers’ confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable.”

There were 4,223 sales reported through TRREB’s MLS system in January 2024 – an increase of more than one-third compared to January 2022. The number of new listings was also up year-over-year, but by a lesser annual rate of approximately six per cent. Stronger sales growth relative to listings suggests buyers experienced

tighter market conditions compared to a year ago.

On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023.

“Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further,” says TRREB Chief Market Analyst Jason Mercer. “There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years.”

The MLS Home Price Index Composite in January 2024 was down by less than one per cent yearover-year in January. The average selling price was down by one per cent year-over-year to $1.02 million.

On a month-over-month seasonally adjusted basis, both the MLS HPI Composite and the average selling price also trended lower.

“While housing market conditions are expected to improve with lower borrowing costs, there are still a number of policy issues that need to be addressed,” says TRREB CEO John DiMichele. “At the federal level, more reflection on the Office of the Superintendent of Financial Institution mortgage stress test is

required, especially to its application at different points in the interest rate cycle. The focus for the province needs to remain on building 1.5 million new homes. At the municipal level, raising property taxes without consistent support from the federal and provincial governments won’t eliminate Toronto’s structural deficit.

Helping first-time homebuyers get into the ownership market will ease movement across the entire spectrum and relieve pressure on the rental market.”

GTA CONDO AVERAGE PRICES, JANUARY 2024 (YR/YR % CHANGE) Market

416

905

Total

Detached

$1.57M (5.7)

$1.29M (0.1)

$1.35M (0.8)

Semi-detached

$1.19M (4.3)

$966,193 (1.8)

$1.03M (1.8)

$895,307 (-8.8)

$890,645 (2.9)

$891,443 (0.5)

$709,419 (0.1)

$628,375 (-2.7)

$681,979 (0.6)

Townhome Condo

The One Stop Shop for Builder Storytelling mcouatpartnership.com

SOURCE: TRREB

nexthome.ca 9

IN THE SPOTLIGHT

GUPTA FAMILY DONATES $1 MILLION TO TORONTO METROPOLITAN UNIVERSITY Dr. Steve and Rashmi Gupta have made a gift of $1 million in support of Toronto Metropolitan University’s Ted Rogers School of Management and its students through The Gupta Family Foundation. The Gupta family’s donation was celebrated today in a cheque presentation ceremony on the TMU campus. The gift provides endowed financial awards to the school’s MBA students in hospitality and tourism management, as well as crucial unrestricted support, allowing the dean to focus on priority needs.

The donation to TMU’s business school aligns with Dr. Gupta’s success as a developer, hotelier, business leader and philanthropist.

Dr. Gupta arrived in Canada in 1971 with $108. By 2000, his company, Easton’s Group of Hotels, was honoured with the Pinnacle Award as “Hotel Company of The Year” by Hotelier Magazine. Dr. Gupta was voted Businessman of The Year by the Indo-Canada Chamber of Commerce, has received the Queen’s Golden & Diamond Jubilee Medal for community service, the Markham Board of Trade Award of Excellence in Business and Entrepreneurship, and the Ernst & Young Entrepreneur of The Year Award for Ontario in the Real Estate and Hotels category.

He was appointed to the Order of Ontario in 2022.

Dr. Gupta and Rashmi Gupta have a long-standing reputation for investing

52pick-up.com

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Feb. 10–Mar. 9, 2024

Left to right: Rashmi Gupta and Dr. Steve Gupta (The Gupta Family Foundation); Dr. Mohamed Lachemi, President and Vice-Chancellor; and Cynthia Holmes, Dean of Ted Rogers School of Management (Toronto Metropolitan University)

back in philanthropic causes locally and around the world. Together they have held eye camps in India, allowing more than 11,000 people to have cataract eye treatments and be cured of eye disease, and developed a water and sanitation project for a girls’ school in India. They have also spearheaded the construction of a retirement community in Richmond Hill, and continue to see through a long-term commitment to the dearly loved Toronto International Film Festival with the TIFF Bell Lightbox box office, officially named the Steve and Rashmi Gupta Box Office.

“I’m a great believer in higher education,” says Dr. Gupta. “Learning is like breathing – it should never stop. My family and I believe in giving back to our local community and creating opportunities for others to pursue their dreams of success. We are delighted to work with TMU to help make those dreams come true for students. We share with TMU a desire to help people build the skills that shape self-reliance.”

Dr. Cynthia Holmes, dean of Ted Rogers School of Management,

adds “The Ted Rogers School has one of the most diverse student populations of any business school in Canada: more than 50 per cent of our students identify as racialized and 30 per cent are first in their family to attend university. A gift like this, from a family rooted in the newcomer experience and earning their success in Canadian business, has special resonance for our community of learners. We are very grateful to the Gupta family for investing in the future of our students.”

TMU is recognizing the Gupta family’s contribution through the naming of the Ted Rogers School’s premiere auditorium, the Steve & Rashmi Gupta Lecture Theatre. At 500 seats, the venue is TMU’s largest lecture theatre, and is used for business classes and for instruction in disciplines across the university.

And thanks to the Gupta family, in the winter of 2025, two MBA students will receive the first Gupta Family Foundation Award – the first of an ongoing series of awards providing crucial financial support to two MBA students each year in perpetuity.

IN THE SPOTLIGHT

GTA CONDO MARKET BETTER SUPPLIED IN Q4 2023 Fourth quarter 2023 condominium apartment sales in the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing continued to be hampered by affordability concerns brought about by high borrowing costs, according to the Toronto Regional Real Estate Board (TRREB).

Buyers who were active in the market benefitted from a substantial amount of choice. This meant that average selling prices were slightly lower than the fourth quarter of 2022.

“The condominium apartment market, like other segments of the homeownership market, experienced a pull-back in activity since the Bank of Canada started hiking interest rates in early 2022,” says TRREB President Jennifer Pearce. “However, looking forward, borrowing costs are expected to trend lower this year and next. This will improve the affordability picture for many firsttime buyers, so the condo market is poised for improvement in 2024.”

Total condominium unit sales amounted to 3,446 in Q4 2023 – down by 3.4 per cent on a yearover-year basis. New condominium apartment listings were up by more than 29 per cent over the same

period. This divergence between condominium apartment sales and listings also meant that market conditions became more balanced.

The average condominium apartment selling price in the GTA was $702,142 in Q4 2023 – down by 1.1 per cent compared to $710,124 in Q4 2022. In Toronto, which accounted for more than two-thirds of total condominium apartment sales, the average selling price was

CONDO MARKET AVERAGE PRICES Q4 2023

Q4 2022

TRREB Total

$702,142

$710,124

Halton

$746,963

$724,545

Peel

$620,029

$609,264

Toronto

$720,456

$737,849

York

$681,998

$687,400

Durham

$574,832

$546,180

Other

$571,563

$566,468

$720,456. This was down by 2.4 per cent compared to Q3 2022.

“Condominium apartment prices remained relatively flat over the past year,” says TRREB Chief Market Analyst Jason Mercer. “Buyers had plenty of negotiating power given the level of supply in the marketplace. As we move through 2024, demand for condominium apartments should pick up. Expected decreases in borrowing costs coupled with high average rents could prompt more households to purchase a home over the next year.

Condominium apartments are a key entry point into the ownership market.”

SOURCE: TRREB

nexthome.ca 11

IN THE SPOTLIGHT

WEHBA WELCOMES CANADA’S INVESTMENT IN BURLINGTON’S HOUSING SUPPLY Federal MPs Pam Damoff and Karina Gould recently announced the City of Burlington will receive $21 million in federal funding through the Housing Accelerator Fund. This funding will assist Burlington with its ambitious housing pledge of building 29,000 new homes over the next decade.

Through Canada Mortgage and Housing Corp. (CMHC), the Housing Accelerator Fund provides incentive

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Feb. 10–Mar. 9, 2024

funding to Burlington that is tied to the number of new housing starts the municipality can facilitate. CMHC states the funding is to support “the development of complete, low-carbon and climate-resilient communities that are affordable, inclusive, equitable and diverse.”

“The City of Burlington and the development industry have been working under a renewed close partnership to facilitate the more than doubling our current rates of housing construction with a strong focus on bringing more units from the development pipeline through to the permit process,” says Mike CollinsWilliams, CEO of the West End Home Builder’s Association (WEHBA). “This is a monumental task that requires collaboration between all three levels of government and the private sector. WEHBA is pleased to see the federal government coming to the table a significant amount of money to help us collectively facilitate

the construction of significantly more homes.”

Burlington’s housing supply crisis means too many people are unable to find a home that meets their needs and budget. Addressing this crisis means ensuring more supply is built and is readily available. The Federal Housing Accelerator Fund will help fund infrastructure and remove barriers to the construction of new housing units.

“The federal dollars will enable the City of Burlington to accelerate planning and permit approvals and upgrade infrastructure for new home construction in Burlington,” says Collins-Williams. “This will enable our members to deliver on the ambitious city objective of 29,000 newly constructed homes over the next 10 years.” The announcement will help set Burlington on the right path for ensuring more Burlingtonians can find a place to live, work and raise a family.”

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HOUSING MARKET NEW CONDO

Birchaus Residences in Birch Cliff Village a haven of community and history.

Birch Cliff Village is a serene testament to Toronto’s rich history, a tapestry woven with stories of the past that continues to thrive. Birchaus Residences, a nine-storey boutique condominium drawing on the essence of Birch Cliff Village, is about to become part of the next chapter.

Market to return to normal, rates to fall in 2024 – Royal LePage After years of unprecedented irregularity, the real estate market may return closer to normal in 2024, according to the Royal LePage Market Survey Forecast.

INSIGHT ANALYSIS

What are the priorities and focus at Queen’s Park?

With tree-felling underway at Ontario Place to make way for a controversial redevelopment there, housing supply requiring urgent attention and countless other issues facing the province, the provincial government deemed it suitable to begin its winter break a week early, suspending the legislature until late February.

Tackling Toronto’s housing affordability crisis with real solutions In the face of Toronto’s growing housing affordability crisis, families are depending on elected leaders focused on policy solutions that work. For City Council, that means shifting away from tinkering with housing taxes and instead focusing on boosting housing supply, improving affordability and making it easier to afford a home in the city.

HOMEBUILDING

Ontario’s project of the year officially breaks ground The award-winning condominium project at 491 Plains Rd. E., Northshore Condos, has officially broke ground in Burlington.

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ADVICE | STAT CHAT

THE SHIFTING LANDSCAPE OF TORONTO’S CONDO MARKET:

PAST, PRESENT AND FUTURE CHALLENGES In the past 25 years, the Greater Toronto Area’s (GTA) new condominium market has undergone a profound evolution, marked by shifting investor sentiments, regulatory adjustments, and changing market dynamics. The early 2000s

BEN MYERS

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Feb. 10–Mar. 9, 2024

saw an influx of investors capitalizing on low pre-construction pricing and steady appreciation, reminiscent of the early 1980s.

However, the market landscape transformed after the late 1980s bubble burst, leading to stricter

“

Looking ahead, industry experts anticipate 2024 to be another challenging year for new condominium apartment sales, and developers may offer big incentives...

”

lending rules requiring developers to sell a substantial portion of units before securing construction financing. This shift curbed short-term speculation, but also deterred endusers who were unwilling to commit large down payments and endure extended construction timelines or project cancellations.

The strategy of selling a significant percentage of units upfront, although effective in ensuring project viability and reducing risk for banks, inadvertently contributed to the rise of larger projects with extended construction times, ultimately diminishing the appeal for end-users.

Nevertheless, the demand for new condominiums from investors has persisted. Prices have been driven up by rising construction costs, enormous government fees, immigration, transit investments, revitalized neighbourhoods and a shift in housing preferences towards urban living. The current challenges include higher interest rates, escalating construction costs due to labour shortages and product inflation, restrictive planning policies, NIMBYs and higher development charges.

The GTA’s new condo market operates within extended cycles due to the time-intensive process of constructing tall towers. Investors with long-term horizons have historically benefited, but uncertainties persist.

The key to navigating this market lies in considering various factors, including immigration rates, employment numbers, supply restrictions and potential impacts of changing political parties. While all political parties are touting more supply, the left and the right politically differ on how much of that supply should be market and how much should be government funded with affordability provisions.

Recent market trends indicate a departure from the high sales figures of the past, where the average annual sales in the GTA from 2010 to 2022 was about 23,000 sales. A notable decline in 2023, resulted in less than 13,000 sales. Economic factors, including interest rates and affordability, and absorption are

resulting in some developers shelving developments for the time being.

At my firm Bullpen Consulting, we analyze new condo price premiums, which is the asking price of new condos versus very recently completed resale projects in the same neighbourhood. Over the years, the premium has fluctuated, reaching higher levels during peak market conditions in late 2021 and early 2022. However, recent launches in 2023 maintained an average premium of 24 per cent. The decline in new home sales in 2023, is attributed to less investor interest and high interest rates. Investors are looking for projects with much smaller premiums versus resale.

Developers’ and investors’ cautious approach to launches and buying decisions will result in much lower housing starts, which will ultimately impact future housing supply and drive prices and rents in 2026 and 2027. However, many investors have a hard time buying today, despite this forecast for two to three years out.

Looking ahead, industry experts anticipate 2024 to be another challenging year for new condominium apartment sales, and developers may offer big incentives, and buyers should shop around for the best deal.

Despite the various challenges that face the Toronto condo market, it is still resilient and has the potential to continue to grow. This is why both investors and developers need to remain continuously informed and agile to take advantage of the opportunities that the city has to offer. 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 | TRREB REPORT

TAKING ACTION: TAXATION, SUPPLY AND GROWTH

JENNIFER PEARCE

How can we keep up with the Greater Toronto Area’s (GTA) constant evolution and everchanging needs? It is imperative that we continuously search for solutions that adequately support a growing population, existing infrastructure and future planning.

Revaluating the approach to addressing housing affordability challenges is essential to developing a more stable and sustainable housing action plan. TRREB’s 2024 Market Outlook & 2023 Year in Review report and interactive digital digest provides industry insights and forecasts for what’s in store for the GTA real estate market. Readers will discover new research on the social implications of unaffordability and what’s required to adequately prepare for a rising population.

TRREB CEO John DiMichele states that “building more affordable 16

condolife magazine |

Feb. 10–Mar. 9, 2024

housing begins with identifying the obstacles that are holding us back. However, band-aid solutions often result in larger issues than the problems they are attempting to solve. Simply put, taxation and fees on housing won’t help the affordability crisis our region is facing. Land transfer taxes act as a barrier for homeowners who want to relocate, and increased taxation sidelines would-be firsttime homebuyers from entering the market at all.”

Turning to the market outlook, the direction of mortgage rates is key to where the housing market is headed in GTA.

Last year, high mortgage rates and affordability issues moved some buyers to the sidelines.

2023 YEAR IN REVIEW

• 65,982 home sales.

• 142,233 new listings.

• An average price of $1.12 million for all home types.

For videos, infographics and to read more about the need for housing supply with rising immigration, the impact of the housing crisis on social value, the trends for new homes and condos, and an in-depth look at the commercial market, you can explore the digital digest and report at trreb.ca.

2024 MARKET OUTLOOK

• Home sales will reach the 77,000 mark in 2024, marking a substantial improvement compared to the less than 66,000 transactions in 2023.

• With sales accounting for a greater share of listings in 2024, the average selling price will grow by almost four per cent to $1.17 million. This will be the second highest mark on record, but still below the 2022 peak.

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

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SPECIAL REPORT | OUTLOOK 2024

OUTLOOK 2024

WHY THIS COULD BE THE YEAR OF THE REBOUND

by WAYNE KARL

Deena Pantalone

18 condolife magazine |

Feb. 10–Mar. 9, 2024

Last year might not exactly have been a walk in the proverbial park for the housing market, with interest rates, inflation, certain land use/government policy concerns, uncertainty about the economy and other issues giving pause to new-home building and buying.

But 2024 is shaping up to be something altogether different, with relief – and belief – in sight on most issues.

“I see 2024 bringing a stronger real estate market,” Deena Pantalone,

managing partner and chief innovation officer at National Homes, told Condo Life. “The fundamentals are all there.

The job market, population growth and income are all healthy and, with the lower sales of last year, there is so much pent-up demand. Remember the old adage, ‘When is the best time to buy real estate? Yesterday.’ All we need is downward movement on interest rates – even a slight lowering – and sales will start to rise again.”

“I’m optimistic about the outlook for the housing market in 2024,”

“

Since early fall there has been a series of government decisions that are effectively undermining the ability of the industry to add housing supply for future growth.

”

Mike Parker

adds Mike Parker, vice-president of sales and marketing at Georgian Communities. “Despite facing global economic challenges, our region has demonstrated remarkable resilience, and we expect a steady demand for new homes driven by Ontario’s

continuously growing population and robust economic fundamentals.”

“I think the market in 2024 will turn a corner and begin to improve,” says David Hill, president of Ballantry Homes. “Interest rates have been high to fight off inflation, but the general consensus is that rates will begin to drop this year. Perhaps not in the first quarter, but by the summer. The housing demand is there, and lower rates will let homebuyers into the market again.”

Let’s take a look at why this might just be the year of the rebound.

INTEREST RATES AND INFLATION

We can’t pretend that interest rates and inflation are no longer concerns, but there are clear signs things are improving. Statistics Canada reports that the Consumer Price Index (CPI) rose 3.4 per cent on a year-over-year

basis in December 2023, up slightly from 3.1 per cent last November, but the acceleration was largely the result of higher year-over-year gasoline prices in December. Excluding gas, the headline the CPI would have slowed to 3.5 per cent in December 2023, from 3.6 per cent in November.

Translation: Somewhat persistent inflation – with inflation being the main reason the Bank of Canada (BoC) has maintained higher rates than a few years ago – BoC may be challenged to lower rates just yet.

In its most recent rate announcement on Jan. 24, the BoC held its target for the overnight rate at five per cent.

BANK OF CANADA 2024 INTEREST RATE ANNOUNCEMENTS March 6 April 10 June 5 July 25 Sept. 4 Oct. 23 Dec. 11

nexthome.ca 19

them to be more ‘stable’ – especially first-time buyers.

ECONOMIC MAINTENANCE

David Hill

Most experts expect rates to begin declining in spring.

“This could be an interesting year when it comes to interest rates,” says Jesse Abrams, co-founder at Homewise, a mortgage advisory and brokerage firm. “Starting with fixed rates, we have already seen them drop 70 bps from their peak midway through 2023. This is due to economic factors, and can be tracked based on five-year Canadian bond yields, which have dropped steadily since November. Moving into 2024, our team expects to see fixed rate mortgages continue to drop.

However, we are not expecting a major drop. Potentially another 50 or so bps before the end of the year.

“On the variable side, this is where it’s even harder to guess,” he adds.

“Rates went up as quickly as they did because consumer spending and inflation were out of control.

And honestly, we are not out of the woods yet. CPI inflation is not true inflation, and while our leaders use that to determine our inflation, there are many lagging indicators that could still lead true inflation to increase again.”

Over the last six months, Abrams says, more buyers have been opting for shorter-term fixed-rate mortgages, believing that interest rates have peaked and should come down over the next two years. “So, we are seeing more and more twoand three-year fixed-rate mortgages.

However, five-year fixed rates are still the most popular, as buyers consider 20 condolife magazine |

Feb. 10–Mar. 9, 2024

There may be continued economic slowdown in 2024, setting the stage for a subsequent rebound in 2025 and 2026, with long-term Canadian GDP growth stabilizing about 1.8 per cent annually, according to TD Economics.

This will be driven by solid population and labour force growth.

Business investment is expected to grow above trend over the forecast horizon. The need to build more homes will boost residential investment, and the opportunity to fast track the clean energy transition will cause a lift to investment in structures, machinery and equipment.

Consumer spending, TD says, will undergo a period of below trend growth through 2026, as Canadian households save more in the face of high mortgage debt.

HOUSING POLICY

Canada’s housing sector is impacted by conflicting forces, as population pressures require significant increases in building activity, but high costs and elevated lending rates, among other factors, simultaneously make homebuilding more challenging.

The good news is that all three levels of government are fully aware of these facts, and there have been policy changes to effect change – even if they are slow coming and not well coordinated.

Case in point, in a recent statement saying Ontario has “no coherent plan to increase housing supply,” the Building Industry and Land Development Association (BILD) slammed the province’s approval of City of Toronto Official Plan Amendment (OPA) 591. BILD calls it yet another example of how the province has abandoned its position of leadership and its electoral mandate to build housing in the GTA, in favour of political expediency.

“In order to distance itself from its own past actions, the provincial government has overcorrected on the housing file to secure its political

future at the expense of all future homebuyers in the province,” says BILD President and CEO Dave Wilkes.

“Since early fall there has been a series of government decisions that are effectively undermining the ability of the industry to add housing supply for future growth. The province is committing us all to unaffordable housing for generations to come.”

Toronto’s OPA 591 proposes new and updated policies related to employment, and employment conversions, including mixed use and land designated for homes. The city’s plans included 24 employment conversions that could accommodate 8,000 new housing units. There were 45 requests to the province through consultation to adjust the city’s OPA scope for potentially tens of thousands of new housing units (based on a BILD member assessment) with some employment space retention if those sites were made mixed use. As the province ignored those requests, these units will now not be built. In addition, based on BILD mapping, none of the city’s employment conversions are near transit, meaning the resulting housing will not be transit-supportive.

Had the province moved forward with the expansion requests there would have been more housing and mixeduse opportunities built, much of it transit-supportive.

This is simply the latest in a growing list of decisions made by the province that are undermining the provision of housing and employment space supply in Ontario, BILD says. The decision in October 2023 to reverse expansions to urban boundaries in the Greater Golden Horseshoe (GGH) limits lands for future housing, meaning there will be a shortfall of 242,000 new housing units by 2051.

These decisions, BILD says, create unmanageable uncertainty for the housing industry – on top of existing challenges related to building costs and other issues.

“In the space of a few short weeks, in the middle of the most significant housing crisis this region has faced, this government has made decisions that effectively cancelled nearly

300,000 housing units in the Greater Toronto and Hamilton Area and the GGH,” Wilkes says. “Even more critical, these decisions are undermining the very investors that are needed to finance new housing developments and call into question the viability of projects that that would have added much needed housing supply.

Cities and developers around the world compete for this investment, and the actions of this government are threatening this lifeblood of new housing.”

BILD is calling on the province to urgently meet with all stakeholders and define an achievable and sustainable plan to build the housing that the region and province desperately needs to secure the future growth of our economy and communities.

ONTARIO GOVERNMENT, LISTEN UP

If we could stage a roundtable of housing industry experts (which has already been done, via the Housing Affordability Task Force), and the province would implement their recommendations (which it has not), what would we hear?

“Where do I start?” asks Hill of Ballanty Homes. “Development charges and fees are crushing firsttime homebuyers. Municipalities are using those fees to keep from raising property taxes and that puts an unfair burden on the new homeowner.

We need a fair system that gives municipalities the revenue they legitimately need to deliver services to new neighbourhoods, but doesn’t push prices through the roof. Federal and provincial governments talk about affordability, but municipalities continue to raise the development charges and fees they charge.

“Then there’s the issue of red tape and approval times. Every month a project is delayed adds huge costs that end up in the price of a home.

The province tries to set limits, and municipalities figure out ways around those limits and approval times become even longer.”

Without getting into the Greenbelt issue, specifically, land

availability is a limiting factor.

“We need communities across southern Ontario to make more land available in areas that are easily serviced and are naturally a part of existing neighbourhoods,” Hill adds. “That will protect our farmland and help smaller communities to become incrementally larger and more prosperous.

“We will need significantly improved infrastructure if we’re going to meet the needs of a million or more new residents. That means faster and better service on our GO Train system. And new lines that will open up areas that can become homes for commuters.”

Hill would drive home his advice to the province with some suggestions on housing programs. “In the past, governments both federal and provincial have instituted programs to help get young families into homeownership. Canada Mortgage and Housing Corp. was originally created to get the post-war Baby Boomers into homes, not just insuring banks against mortgage losses. The current Federal National Housing Strategy plans to create 160,000 new homes over the next decade. That’s an impossibly low number, and by helping homebuyers directly, they can do better.”

Richard Lyall, president of the Residential Construction Council of Ontario (RESCON), has similar advice for the province.

“We are in the middle of a perfect storm just now, as taxes, fees, levies and development charges on new housing are exorbitant,” he told Condo Life. “We are taxing housing like alcohol, which doesn’t make sense. The cost of building materials remains high, and we’ve been slow to modernize and improve the development approvals process.

“Scrap the sales tax for first-time buyers who are purchasing principal residences, and for those who are selling their existing homes and buying something new and smaller,” he says. The province should also allow RRSP funds to be used by first-time buyers who are purchasing

principal residences and those who are downsizing. This would free up more housing for those looking to get into the market.

“We also need a modern, digitized development approvals process that would move construction of housing along more quickly,” he says.

“The current process in Ontario has been marred by well-documented inefficiencies for decades and is slowing down the pace of new-home building.”

We must also look to offsite construction as a means of boosting housing supply. “The government should look at providing financial assistance and tax breaks to incentivize companies to build more modular housing manufacturing plants, and provide research and development funding so the industry can keep pace with new technology and building techniques.”

SUGGESTIONS FOR THE PROVINCIAL GOVERNMENT • Freeze or even reduce fees to support the construction of new homes and reduce the costs of housing.

• Taking the GST off purposebuilt rental was a good start; expand to the first-time buyer market.

• Improve approval times, as extensive delays lead to higher prices. Streamline processes at local planners with innovative technology that US planning departments use, such as Open Dove and Central Square, increase communication, speed up subdivision plan approvals, permitting processes and save homebuyers money.

• Reduce development fees at all levels of government to maintain a strong first-time homebuyer market.

• Take the politics out of planning. Local decisionmaking shouldn’t undermine the drive to keep prices in check and build necessary housing.

– DEENA PANTALONE, MANAGING PARTNER AND CHIEF INNOVATION OFFICER, NATIONAL HOMES

nexthome.ca 21

“

The good news is that political leaders at all three levels of government have turned their attention to the housing crisis,” says Lyall.

“However, they must continue to work with the residential construction industry on solutions.

”

CANADIANS BELIEVE IN HOMEOWNERSHIP

At the end of the day, all those fundamental challenges aside, Canadians remain confident in homeownership, and many are intent on buying in 2024.

Indeed, nearly one in five Canadians aged 18 and up say they probably will or may buy a home this year, and Canadians under 35 have the strongest intentions, according to a new Wahi survey of Angus Reid Forum members.

The ReMax 2024 Housing Market Outlook Report corroborates this sentiment, highlighting that Canadians’ outlook on homeownership remains positive, despite challenging market conditions in 2023.

The majority of Canadians (73 per cent) are confident that homeownership is the best investment, with an increase in buying activity forecast for this year.

“It’s been a challenging (2023) 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 22 condolife magazine |

Feb. 10–Mar. 9, 2024

2024 HOUSING MARKET OUTLOOK Market

2024 Average price

% Growth

Oakville

$1.80M

7.0

Simcoe County

$1.04M

7.0

Muskoka

$733,695

5.0

Burlington

$1.14M

4.0

Hamilton

$831,914

3.5

Niagara

$724,554

3.5

York Region

$1.39

3.5

Mississauga

$1.06M

0.0

Brampton

$1.05M

0.0

SOURCE: REMAX 2024 HOUSING MARKET OUTLOOK REPORT

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.”

And with all the talk of uncertainty last year, ReMax is forecasting healthy value appreciation in Ontario.

WHY YOU CAN FEEL POSITIVE ABOUT 2024

“The good news is that political leaders at all three levels of government have turned their attention to the housing crisis,” says Lyall. “However, they must continue to work with the residential construction industry on solutions.”

One benefit of expanding housing policy will be more diverse housing options that address the affordability challenge.

“This expansion in variety aims to accommodate a broader spectrum of preferences and budgets, offering more buyers the opportunity to find homes that align with their needs,” says Parker of Georgian Communities.

And given new-home builders’ challenges in 2023, prospective buyers might also encounter more

“

When (rates) do come down, more buyers will be able to afford the type of home they’re looking for.

”

favourable purchasing conditions.

“This could include lower or extended deposit requirements, flexible closing dates and other incentives designed to make homebuying more accessible,” says Parker. “While the real estate market is inherently subject to fluctuations, there is a prevailing sentiment of expected stability in both prices and interest rates.”

Says Hill, “When (rates) do come down, more buyers will be able to afford the type of home they’re looking for. Every level of government is now very aware of the need to create the right kind of housing policy to get people into homes.”

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ADVICE | PERSONAL FINANCE

3 THINGS

POTENTIAL HOMEBUYERS CAN LOOK FORWARD TO IN 2024

JESSE ABRAMS

Entering into 2024, Canadians have several reasons to be cautiously optimistic, given the shifting economic landscape. With rates held relatively steady since July 2023, there is a sense that rate increases could finally be easing, with the potential for modest declines on the horizon. Further, home prices have been dropping across many cities, as the market eases towards a more tempered pricing environment.

So, there may be a lot more that Canadians could look forward to this year, especially first-time homebuyers who have been waiting on the sidelines.

A POTENTIAL CORRECTION IN THE MARKET

Over the last two years, the Canadian housing market has experienced consistent interest rate hikes, in an effort to combat inflation. With the rising cost of living, it’s been difficult for Canadian buyers and homeowners to come up for air.

The good news is that we could be looking at a potential easing in the market this year. With most central banks pausing rate hikes across the board, this could offer some relief to existing homeowners whose mortgage rates have skyrocketed, as well as a ray of hope for new buyers.

24

condolife magazine |

Feb. 10–Mar. 9, 2024

The high interest rate environment has left many prospective buyers unable to enter the market due to higher borrowing costs. While it is unlikely that rates will return to the lows they once were, even modest rate cuts will level the playing field for first-time homebuyers and create a more suitable entry point for a home purchase.

VARIABLE RATE MORTGAGES MAY BE AN OPTION AGAIN

Going into this new year, variablerate mortgages might be a worthy consideration for homebuyers, especially if interest rates begin to lower.

Variable rate mortgages were appealing when rates were low and offered greater savings compared to fixed rates. However, as rates increased, the predictability of fixed rates became almost a necessity for Canadians to manage the continual interest rate increases. Now, with the potential for rates to decrease, the variable option could be back on the table.

If you’re comfortable with some uncertainty and can handle a potential increase in rates, a variable mortgage could be beneficial. We are not expecting dramatic shifts in rates like we experienced during the COVID era, but rather gradual declines. For potential buyers, it’s worth keeping an eye on these shifts. Should rates start to decline, a variable rate mortgage could be beneficial depending on your circumstances.

FURTHER DECLINES IN HOUSING PRICES

Homebuyers have plenty of reasons to be optimistic going into 2024. The trend in dropping housing prices is a significant factor. There’s already been an 18-per-cent decrease in prices since the peak in March 2022, as reported by the Canadian Real Estate Association. But that’s not all – this trend appears to be more than just a short-term dip. In 2023, we saw home sales fall by 11 per cent from the previous year, marking the lowest level since the 2008 financial crisis.

Additionally, the Bank of Canada has maintained its prime rate at five per cent. This combination of a steady interest rate and the ongoing decline in housing prices suggests that buying a home could become more accessible this year.

Heading into 2024, Canadian homebuyers can anticipate more accessibility in the market, marked by potentially easing interest rates and a continued downward trend in housing prices. This offers a ray of hope for first-time buyers and a welcome relief for those affected by the rising rates, setting the stage for a more promising year.

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

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ADVICE | LEGALLY SPEAKING

HOW TO CAREFULLY PREPARE

TO BUY A HOME JAYSON SCHWARZ, LLM

Here you are getting ready to make what may be the largest single purchase that you will ever make in your life, when you are confronted by daily doses of anxiety caused by uncertainty and indecision. “What do I do?” you ask yourself.

Don’t be afraid, take your time, do the necessary research to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions.

Research prospective neighbourhoods for future development, possible restrictions and their potential impact on property values.

Next, have an honest look at your employment situation, speak with your supervisor and make sure things are as secure as you can. If applicable, speak to your significant other and prepare a detailed budget for all your expenses as prospective homeowners. Consider what happens if interest rates rise, and be prepared for exigencies.

Open a separate homebuying deposit account, and make weekly contributions to ensure you can maximixe a down payment.

Then there is the elephant in the room… interest rates.

Interest rates are high, could go higher (ask older people about 18- to 20-per-cent mortgages), and there may need to be more long-term planning than you’ve been accustomed. In other words,

these days, you may have to lower your expectations and move slowly.

Buy a small condominium and then look to move every three to five years, as home values may not appreciate as quickly as they have in the past. Look to live outside the city, and look for job opportunities in smaller communities with more affordable housing.

The decision to buy should be motivated directly according to what you can afford. It may be difficult, but be very selective about nights out and your discretional spending.

Prioritize what you want – being able to buy a home.

The next thing to note is that the cost of construction is starting to come down, and builders will be much more amenable to negotiation than they have in many years. Find a builder that is selling to your price range and then worry about what necessities you need in your negotiations to ensure the home will work for you.

When it comes to the professionals you will need to help you with your purchase, consider this checklist: 1. MORTGAGE SPECIALIST

Whether at your bank or a mortgage broker, find a reputable financial expert you trust and are comfortable with. Find out how much money you can borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because today especially, it is critically important that you do not get caught up in the rush of buying a house beyond your budget. Nothing is worse than living for the house, not living in your home.

2. REAL ESTATE LAWYERS:

Look around for a lawyer who focuses on residential real estate in their firm. Check Google reviews and rankings, and look in real estate magazines such as Condo Life and HOMES. Ensure the lawyer does more than just close your deal. You want someone who will explain the different kinds of ownership, why you should have a will before closing and other matters. Make sure they actually review your offer and all associated costs.

3. REALTOR:

Look for an experience realtor who knows the area you’re looking in, as well as the type of home you’re purchasing. Don’t just use a family friend or distant relative. Research potential realtors online, and get referrals from other homebuyers they’ve worked with.

Once you’ve found that perfect home, let your lawyer know so they are prepared to review the offer when received.

By fully and properly preparing for buying a home, you will change any potential anxiety and fear into excitement and a sense of accomplishment. Good luck.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law Partners LLP. Visit online at schwarzlaw.ca or email info@schwarzlaw.ca with your questions, concerns, critiques and quandaries.

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nexthome.ca 25

ADVICE | REAL ESTATE PRO

LOCATION, LOCATION, LOCATION

AN INTERNATIONAL PHENOMENON BARBARA LAWLOR

The phrase “location, location, location” is a popular mantra in the new home real estate market.

For most people who are looking to purchase a new home or condominium, a location that fits their needs is uppermost in their must-have list. Whether it is to live close to work, family, friends or local amenities, where a home or condo is situated affects their lives dramatically. Even investors consider location to be a primary deal-maker or -breaker when it comes to signing on the dotted line. It occurred to me that the phrase takes on an even deeper meaning when you think about it internationally. “Location, location, location” is what drives many immigrants to choose Canada as their new place of residence.

And why not? Our country is a haven for those who live in war-torn nations. In July 2023, the Institute for Economics and Peace released its latest report ranking the safest and most peaceful countries in the world.

Of the 163 countries reviewed for their number of violent interior and exterior conflicts, level of distrust, political instability, potential for terrorist acts, number of homicides and military expenditures as a percentage of GDP, Canada ranked 12th in relative safety.

In addition, Canada is a place of opportunity. For decades, hardworking immigrants have relocated here to make a better life for 26

condolife magazine |

Feb. 10–Mar. 9, 2024

Bellwoods House by Republic Developments

themselves and their children. And certainly, looking back, immigrants have played a major part in building the Canada we enjoy today. Here, newcomers find access to an enviable array of amenities, from shopping to sports, entertainment, education, the arts, culture and cuisine. Our multiculturalism is one of our many strengths as a nation.

And then if we zero in on Toronto, our city is a popular residential destination for immigrants. Year after year, Toronto receives numerous top world rankings. Recently, Toronto was selected as one of 2024’s Greater Toronto’s top employers. The reasons for this acknowledgement include dedicated health and wellness strategies for managing workloads and promoting connections in the workplace, maternity and parental leave top-ups, and the support of ongoing employee education with tuition subsidies, training initiatives, paid internships, co-op programs and summer student roles.

In addition, last year Toronto was recognized as one of Canada’s Best Diversity Employers. One of the reasons why our city was singled

out is the “Profession to Profession Mentoring Immigrants” program being implemented this year in response to employment barriers faced by skilled newcomers. Plus, the city was recognized as Canada’s very first Best Workplace for Commuters because of its support for employees commuting in sustainable ways such as transit, walking, cycling, carpooling and, of course, opportunities for hybrid work. And the list goes on.

So much of what we take for granted here is what attracts residents from around the globe. It is easy to understand why. When it comes to location, location, location, Canada remains one of the world’s finest and most coveted.

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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ADVICE | WESTERN VIEW

ADDING NEW TAXPAYERS LIMITS MUNICIPAL TAX INCREASES

MIKE COLLINS-WILLIAMS

Ontario municipalities today face numerous interrelated financial challenges. This results in pressures on the municipal tax levy (or tax rate) for residents in a high-inflation environment. No one likes paying higher taxes, especially when household budgets are already under so much strain.

An effective way to tackle the pressure to increase the municipal tax rates is actually to add more taxpayers through building more housing.

Building more housing supply has many positive benefits beyond the need for more housing. Not only does it enable more choice and affordability for residents, but it also eases pressure on the residential tax levy that is used to fund various public services and infrastructure projects.

City and town councils across Ontario come up against the difficult decision of raising their residential property taxes to cover the increasing capital and operating costs of municipal services. In the face of these significant tax increases, cities are actively looking at new development to offset tax hikes by increasing the city’s annual tax assessment growth rate. By adding more taxpayers, the city can raise additional revenue and limit the impact of increasing service costs on existing taxpayers.

New construction and the subsequent increased tax productivity of land generates new municipal revenue for the lifespan of the new building. Many municipalities are now

realizing that by incentivizing housing density and redevelopment, they decrease the impact of the residential property tax hike. Think about an empty parking lot downtown and how much tax revenue that generates versus a large condo tower, and how much revenue that would generate on the same piece of land.

This raises the number of taxpayers while providing the added benefit of addressing the current housing supply shortage and affordability crisis.

The interconnected nature of the housing continuum dictates that new supply in the market at all price points relieves pressure across all levels of the housing continuum. Through what is known as filtering, new market housing allows residents to move out of a more modest, affordable unit as

their income increases. These units become then available to aspiring homeowners, in need of a home. It is not simply affordable or supportive housing supply that is needed; market supply, broadly, at all levels is necessary for improving affordability and quality of life for all.

Forward thinking municipalities have realized: Now is the time to continue reducing barriers to new housing supply.

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

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nexthome.ca 27

ADVICE | HOME REALTY

THE BENEFITS

OF PURCHASING A CONDO IN A MASTER-PLANNED COMMUNITY

DEBBIE COSIC In the world of real estate, condominiums have become increasingly popular housing options, especially in master-planned communities. These communities offer a unique blend of convenience, comfort and community living that can be truly enticing for potential homeowners. If you’re contemplating your next housing investment, here are some of the notable benefits of purchasing a condo in a masterplanned community.

spirit. Residents often participate in community events, making it easier to form friendships and social connections. Condo living encourages interaction with neighbors, facilitating a close-knit community experience.

LOWER MAINTENANCE

Condos in master-planned communities often come with shared maintenance costs. This means that you won’t have to worry about costly repairs or maintenance tasks, such as roof replacements, exterior painting or landscaping. The condominium board and property management typically handle these responsibilities, allowing you to enjoy a hassle-free lifestyle.

AMENITIES GALORE

One of the most significant advantages of condo living in a master-planned community is access to a plethora of amenities.

These communities often feature recreational facilities, such as swimming pools, fitness centres, pickleball courts, TikTok studios, walking trails and more. Residents can enjoy all these amenities without the hassle and maintenance responsibilities that come with owning a standalone property.

ENHANCED SECURITY

Condo living in a master-planned community typically offers superior security measures, including gated access, surveillance systems, and onsite security personnel. This creates a safe and secure environment for you and your family, granting peace of mind that is priceless.

COMMUNITY ENGAGEMENT

Master-planned communities are designed to foster a sense of belonging and community 28 condolife magazine |

Feb. 10–Mar. 9, 2024

AFFORDABILITY

In many cases, condos in masterplanned communities can be more affordable than single-family homes in the same area. This makes them an attractive option for first-time homebuyers or those looking to downsize without compromising on location or amenities.

PRIME LOCATION

Master-planned communities are strategically located, often close to major highways, shopping centres, school and healthcare facilities. This provides residents with easy access to essential services and ensures that you’re never too far from the things you need.

INVESTMENT POTENTIAL

Condos in master-planned communities can also be a lucrative investment. These communities tend to appreciate over time, offering potential for a good return on investment if you decide to sell in the future. Additionally, they often have

stable rental markets, making them appealing to investors looking to generate rental income.

The bottom line is that purchasing a condo in a master-planned community offers a myriad of benefits, including access to amenities, enhanced security, reduced maintenance burden, a strong sense of community and a great return on investment. Whether you’re a first-time buyer, downsizer or an investor, these communities provide an attractive and convenient lifestyle choice.

So, if you’re in the market for a new home, explore the advantages of condo living within a masterplanned community, such as Parkside Village by Amacon Developments in Mississauga or Universal City

by Chestnut Hill Developments in Pickering. You might just discover your ideal home in the perfect location.

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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SPONSORED CONTENT

SEEING BEYOND THE LOCATION

WHAT NEW-HOME BUYERS ARE LOOKING FOR IN 2024

TIM NG

It used to be all about “location, location, location,” but in today’s landscape, the priorities and preferences of new-home buyers have shifted. As we step into 2024, buyers are taking a holistic approach that encompasses looking at the experience of the developer, utilizing guidance from seasoned real estate professionals specializing in new development sales and gathering data to make informed decisions on this significant investment.

EXPERIENCED DEVELOPERS: DELIVERING THE DREAM HOME

Gone are the days when a prime location alone could seal the deal.

Today’s homebuyers are increasingly prioritizing the reputation and expertise of the developer they are purchasing from. As buyers become more discerning, they are focused on long-lasting value, and with a growing demand for homes that stand the test of time. Developers with a proven track record are gaining prominence as they bring a sense of stability and reliability to the table.

Their experience not only assures buyers of quality construction but also instills confidence with their history of delivering on their promises and weathering the challenges of an ever-evolving real estate market.

WORKING WITH A SEASONED REALTOR: NAVIGATING THE MARKET WITH CONFIDENCE

In the dynamic landscape of new development sales, the expertise of a specialized realtor can make a significant difference in the homebuying experience. Buying property at this stage involves a unique set of processes, timelines and intricacies that may differ from traditional real estate transactions.

From understanding the details of purchase agreements and occupancy dates to navigating project timelines and potential delays, a specialized realtor acts as a knowledgeable guide, providing valuable insights to buyers throughout the process, ensuring that they are informed and prepared for each step of the journey.

DATA AND INFORMATION: INFORMED DECISION-MAKING

The availability of data has transformed the way individuals

approach the real estate market, and homebuyers are more empowered than ever before. Today’s buyers are leveraging technology to gather insights into market trends, property values and neighborhood dynamics.

From online platforms offering comprehensive property data to predictive analytics tools, research on a developer’s past performance and tools to understand financial options, buyers are arming themselves to make informed decisions throughout the process of purchasing a property in a new development.

This data-driven approach enhances transparency, minimizes risks and allows buyers to align their investments with their financial goals and lifestyle preferences.

As we look ahead, the value of experienced developers, data-driven decision-making and the guidance of seasoned real estate professionals are emerging as defining factors in the pursuit of buying a property. All three factors combined make the homebuying journey a fulfilling and rewarding 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.

+MORE CONTENT ONLINE nexthome.ca

nexthome.ca 29

DESTINATIONS ONTARIO

BARRIE

NO LONGER JUST A GATEWAY TO COTTAGE COUNTRY

by WAYNE KARL Barrie may have once been best known as the “gateway to cottage country,” but that’s history. Indeed, the days when this city of 153,356 was little more than a popular getaway destination are long over.

Barrie has long been a thriving city in its own right. It has moved on from being a bedroom community for Toronto, about 100 kms south, to build its own increasingly diversified economy, with a focus on education, healthcare, information technology and other sectors.

And not to mention becoming a growing new home destination, but let’s come back to that.

Demonstrating its strengthening business mettle, every year, Barrie hosts industry experts, executives, investors and entrepreneurs from across Ontario at the annual Manufacturing Innovation Summit (MIS). Presented by the Business Development Bank of Canada, in partnership with the County of Simcoe, the City of Orillia, Georgian 30 condolife magazine |

Feb. 10–Mar. 9, 2024

College and Lakehead University, the event strives to help manufacturers maintain competitiveness and maximize productivity.

Last year’s MIS, which took place Oct. 16 and 17, was the seventh annual event.

“Our manufacturing sector across Simcoe County is strong and growing,” says Simcoe County Warden Basil Clarke. “This summit not only serves to foster new business ideas and industry networking, but also provides insights on growing local labour opportunities within our manufacturing sector.”

“The manufacturing sector is a key economic driver in our city and region,” adds Barrie Mayor Alex Nuttall. “Recent years have highlighted the need for innovation in all sectors and manufacturing is no exception. This event provides the opportunity for manufacturers of all sizes and stages to connect, share best-practices and get inspired for what’s next in the sector.”

DIVERSE ECONOMY

Further illustrating a focus on economic development, the City has partnered with Sandbox Centre to make regional resources for innovation and entrepreneurship more accessible to local businesses.

Opened in 2019, Sandbox Centre is the first private sector-led innovation hub in Ontario.

And in September, Barrie was recognized by the International Economic Development Council (IEDC) for three economic development initiatives. One of the awards was for an initiative with Access Barrie to launch a business attraction campaign with the purpose of positioning the city as the perfect place for entrepreneurs to start, grow or scale their business.

“I’m thrilled to congratulate the City’s Invest Barrie team and our community partners on being recognized internationally for their collaborative efforts to address skills development in the

year-over-year basis. Sales activity in surrounding areas posted a sizable gain of 24.7 per cent on a year-overyear basis.

“Home sales have been coming in relatively stronger over the past three months compared to earlier in the year, slowly building momentum in the recovery,” Lindsay Percy, chair of the Barrie & District Association of Realtors, said at the time.

Looking at a longer-term view, for the third quarter of 2023, home prices in Barrie seem to be holding their own.

The city’s ability to attract younger residents is influenced by its growing reputation as a place for families and young, active professionals. Recent GO Transit expansion has made it easier for professionals to live in Barrie, where it’s more affordable, and work in Toronto or some other stop along the way.

All of this makes Barrie one of the healthiest housing markets in Canada, though, like many areas in Ontario, the city has seen some price pressure recently.

In June, for example, residential sales were up 22.8 per cent on a

manufacturing sector, growth of Barrie’s entrepreneur community and support for the region’s growing craft beverage industry,” says Nuttall. “In Barrie, we’re fortunate to have a network of community partners and businesses dedicated to strengthening our local economy.”

It is exactly these types of initiatives that make Barrie so appealing for real estate. Economic development means employment, jobs attract residents and residents translate to housing demand.

BARRIE MEDIAN HOME PRICES, Q4 2023 SINGLE-DETACHED HOMES Q4 2022

Q3 2023

Q4 2023

$851,600 $896,600 $871,500

STANDARD CONDOMINIUMS

Q/Q % Y/Y %

Q4 2022

-2.8

$443,100 $461,900

2.3

Q3 2023

Q4 2023

Q/Q %

$452,200 -2.1

AGGREGATE

Y/Y %

Q4 2022

Q3 2023

Q4 2023

Q/Q % Y/Y %

2.1

$794,200 $833,100

$812,300

-2.5

2.3

Source: Royal LePage House Price Survey

Managing such growth – and addressing housing affordability – is a top priority for mayor Nuttall, who was elected last year on promises to address the growing pains of an expanding city and “unleash Barrie’s potential for a thriving community for its residents.

“You shouldn’t have to work in Toronto to afford a home in Barrie,” he said in is pre-election campaign.

“Housing costs too much in Barrie.

Rental rates are too high. We need a mix of homes so there can be something affordable to all individuals who want to live here. Barrie residents are being priced out of the housing and rental market, and as a result are stretching themselves too thin financially. This needs to change.”

He says he is committed to creating housing opportunities for Barrie

residents, by building more housing in designated high-density areas, with lower project approval wait times.

NEW HOME DEVELOPMENT

As part of the provincial government’s stated objective to build 1.5 million new homes by 2031, Barrie, with a target of 23,000 new homes, is currently 90-per-cent on pace to hit this goal. nexthome.ca 31

For new home development, much of the activity is taking place in the south end of the city, where townhomes and condos are the prevalent housing type, to appeal to first-time buyers and downsizers.

Among the developers active in the city is Pratt Homes, one of Barrie’s largest and most established homebuilders. The company has not one but two condo communities underway in the southeast – Bistro 6 and Elements Condominiums.

Bistro 6 Condominiums draws inspiration from culinary culture and contemporary living. Its six midrise buildings coexist with acres of protected land. Merely minutes from the GO station, Park Place Shopping Centre and downtown Barrie’s waterfront, Bistro 6 fosters connections through food and community. Innovative amenities such as a culinary community kitchen, outdoor kitchen, yoga retreat, basketball court and a gym, emphasize a wholesome lifestyle.

Suite layouts showcase spaciousness and practicality, with well-appointed kitchens at their core.

This project is sold out, but Pratt has a limited number of move-in ready suites for sale. These one-, two- and three-bedroom units span from 740 to 1,379 sq. ft.

Next door to Bistro 6, Elements Condominiums integrates nature into residents’ living spaces. With natural elements such as water, fire, earth and air, Elements promotes a stressfree, health-conscious lifestyle. The building’s foyers feature an indoor tree, a welcoming fireplace and tranquil waterfall, fostering a serene atmosphere. Outdoor fire pits, art installations and a jogging track with fitness stations encourage residents to commune with nature and one another. Every suite at Elements 32

condolife magazine |

Feb. 10–Mar. 9, 2024

boasts a spacious four-season solarium balcony, providing a yearround connection to the outdoors.

With water and air purification systems, these homes ensure a clean and healthy living environment.

Elements includes three midrise buildings: the Luna, which is sold out; Nova, a future release; and SOL, which is now selling. These suites, priced from the $500,000s, range from 770 to 1,300 sq. ft., merging value and luxury.

Also in the area is Mason Homes, which is building FOUR10 Yonge, a collection of loft-inspired urban townhomes, backing onto Willoughby Park at the corner of Yonge Street and Little Avenue. With three levels of living space up to 2,100 sq. ft., designs include sun-filled interiors showcasing hard-wearing vinyl plank flooring, gourmet-inspired kitchens, private master bedroom retreats, direct access single- and double-car garages, and rooftop terraces up to 500 sq. ft.

LIVE, WORK AND PLAY

Tourism still plays an important role in the local economy, with the historic downtown and waterfront among the major attractions. The downtown area hosts numerous annual festivals and events, such as The Barrie Waterfront Festival, Barrielicious, Winterfest, Jazz & Blues Festival, Promenade Days, and Ribfest and Craft Beer Show.

Barrie is also home to Kempenfest, one of the largest outdoor arts and crafts celebrations in Ontario.

During the winter months, people still flock to the area’s nearby ski hills – Horseshoe Resort, Mount St. Louis Moonstone, and a little further afoot, Blue Mountain.

Then, of course, there’s the hometown Barrie Colts of the Ontario Hockey League, who play out of the Sadlon Arena downtown.

+

LOCATION, LOCATION, LOCATION

Located in Simcoe County in the northern part of the Greater Golden Horseshoe, about 100 kms north of Toronto, 36 km to Orillia; population 153,356.

KEY LANDMARKS • Centennial Park & Beach • Georgian Theatre • Heritage Park • MacLaren Art Centre • Sadlon Arena • Waterfront Heritage Trail SELECT HOUSING DEVELOPMENTS Bistro 6

By Pratt Homes pratthomes.ca Braestone Horseshoe Valley

By Georgian Communities georgianinternational.com Elements Condominiums

By Pratt Homes pratthomes.ca Essa Towns

By Centreville Homes essatowns.com FOUR10 Yonge

By Mason Homes masonhomes.ca Friday Harbour Resort

By Geranium geranium.com Midhurst Valley

By Geranium geranium.com

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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.

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1 2 3 4

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

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

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decor

PHOTO BY MARBLE TREND

INSPIRATION |

BATHROOM TRENDS WE SHOULD TALK ABOUT

by LINDA MAZUR Bathrooms have always been one of the smallest, and most utilitarian rooms in our home, never really garnering much attention… until now.

Today’s bathrooms have become rooms of luxury, trendiness and not just relaxation, but a place to focus on our wellness.

Bathroom trends for 2024 are building on the movement we have been seeing over the last couple of years, towards luxurious spalike bathrooms. But this year, with a bigger lean towards health and wellness, as well as luxury. With this, 34 condolife magazine |

Feb. 10–Mar. 9, 2024

we see an increase in the popularity of steam showers, saunas and even cold plunges, all in an effort to take better care of ourselves, as we have learned how this form of relaxation, from a health perspective, can contribute to lowering blood pressure and getting better sleep.

Natural materials continue in popularity. Wood always adds a warm organic vibe, and should be considered for not just vanities, but also for countertops, flooring and even wall treatments. The drive is towards creating calming

environments inspired by the colours and tones of nature, moving away from the starkness of the all-white bathrooms of the past. Lighter, warmer wood tones lend themselves well to designing a space that promotes relaxation and calmness.

The same can be said for natural stone tiles, such as terra cotta, which have a wonderful natural and earthy vibe.

Keeping in line with natural materials, marble is featured prominently this year, with the trend towards luxurious spa-like spaces.

Marble does have a wonderful aesthetic warmth to it. Pairing it with wood accents, luxuriously saturated earthy colours and a great tile can definitely create an elevated bathroom.

The colours we’re seeing this year, not just for paint but also for tile, lighting, hardware and accessories, are warm and earthy. Deep greens, sultry blues, cosy and inviting neutrals and, of course, this year’s Pantone Colour of the Year, Peach Fuzz. These colours, especially peach, exude a sense of warmth, nurturing and comfort, all vital when creating your spa and wellness space.

Tiles this year boast great textures, shapes and rich colours. Introduce some dimension to your space with 3D tiles, geometric patterns or for a bit more of a subtle approach, the texture of hand-made tiles adds an artisan touch to your walls, elevating it from a simple subway tile. And speaking of subway tile, change your approach from the simple traditional brick pattern to the more modern vertical or horizontal stacked tile.

Another great trend I love is tiling more than just your shower area.

Think outside the box when designing your space, and don’t restrict your tile to just your shower or tub area – entire tiled walls can add a dramatic touch to a simple bathroom.

Richness and boldness are two adjectives that can be used to describe bathrooms this year. We’re seeing lots of bold, impactful stone accents, custom millwork and

elegant wallpapers. We’re being more creative, thoughtful and artistic when it comes to bathroom design, just as we would when designing some of the more prominent spaces in our homes like the kitchen. We are looking to incorporate luxury features, unique lighting, custom drapery, carving out distinctive zones, adding curated art and accessories all in an effort to create a space that promotes functionality, but also let us wind down at days end.

Whether large or small, so many of these trends can be incorporated in your bathroom this year, regardless of whether you’re planning a large overhaul of your space, or just looking for a quick refresh to get you by. Our bathrooms are no longer just a functional space. Think about creating a space not just for wellness, healing and relaxation at the end of a long day, but also to make you inspired and happy in the mornings.

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 nexthome.ca 35

INSPIRATION |

Create your

decor trends

‘art’of

own interior masterpiece

The

design

D

by BILHA KANGETHE

esigning interiors is akin to creating art; you’re painting with textures, materials and layers, ensuring that each element seamlessly combines to become a cohesive and inviting masterpiece. Cosy spaces are especially artful, as they embody warmth, comfort and security. In a world that buzzes with motion, it’s heartwarming to know that at the end of the day, your intimate space awaits to provide solace, wrapping around you in a warm hug.

Let’s embark together on this journey to explore how you can design your own cosy interior, the significance of materials, layers and textures, and some notable 2024 trends to inspire you along the way.

Materials ● ● ● The materials you select will influence the aesthetic, mood and functional properties within a space. Ideally, it’s best to strike a balance between soft fabrics for drapes, cushions,

36

rugs and linens, with natural materials such as wood and stone. This balance enhances comfort, adds warmth and contributes to the tactile experience of a room. To achieve this balance: • Incorporate elements such as wood for floors or furniture, stone for fireplaces, and wool in the form of soft rugs for an organic, earthy feel.

• For that plush, cosy sensation, think velvet sofas, cashmere blankets and chenille cushions.

• To create harmony, place a rug underneath furniture or on the floor, add drapery to your windows or on a wall.

Layering ● ● ● Layering isn’t just for fashion; it adds depth and richness to interiors. It involves strategically placing various elements on top of each other to create interest and balance. When done correctly, the result is a rich, harmonious and cosy space. However, not everything needs to be layered. Some items or areas can stand alone as a focal point, so the room doesn’t feel overly busy. Layering techniques: • Begin with a neutral base, often the largest items such as a sofa or main rug, and then add layers.

• If you’re layering cushions, combine different sizes, shapes,and fabrics to create visual interest without overwhelming the space.

• Ensure that each layer has a purpose. Whether it’s a throw blanket or a decorative piece, avoid clutter by making sure each item serves a function or enhances the decor.

• Allow breathing room into your design. Every area doesn’t need to be filled or layered. Negative space can provide visual relief and balance.

final varnish. When infused with love, intent and personal touches, our spaces become more than just rooms; they become stories, each corner narrating tales of warmth, comfort and soulful embraces. The trends of 2024 further emphasize this, encouraging you to merge nature, history, and functionality to craft spaces that aren’t just aesthetically pleasing, but soul-soothing, too.

• Connect with nature indoors using green walls, indoor plants, and maximizing natural light.

• Flexibility is key, with spaces transforming from functional workspaces by day, to cosy reading corners in the evening.

• Mix eras by blending vintage pieces with modern designs for a timeless ambience.

• Sustainable choices such as reclaimed wood or upcycled furniture infuse interiors with character and consciousness.

The end game ● ● ●

• Layering is often about trial and error. Don’t be afraid to edit, remove, or rearrange layers until you achieve the desired look and feel.

You don’t need to overhaul your entire interior to align with trends. Often, subtle incorporations and additions can effectively capture the zeitgeist. Regardless of how you decide to create your interior masterpiece, don’t forget to inject your unique story, memories and personal style into your space.

Textures ● ● ● Tactile variety stimulates your sense of touch and sight. The following are some ways to add texture to your space: • Cosy spaces benefit from soft textures, while formal spaces might lean on harder, sleeker materials.

• Pair a plush rug with a sleek leather sofa or a raw wood table with smooth, satin chairs to strike a delightful balance.

• If introducing various textures, they should complement each other. A room with rustic wood beams can still feature a sleek marble table, tied together by a colour palette or stylistic elements.

• A room shouldn’t be overwhelmed by one texture. If you have a large leather sectional sofa, consider varying the look with curtains, cushions and rugs in softer fabrics.

• Textures aren’t just tactile; they’re also visual. A patterned wallpaper can work wonders to break the monotony of a room. However, if using multiple patterns, they shouldn’t clash.

2024 trends ● ● ● In the grand tapestry of design, materials act as the paint, with layering as the brush strokes and textures as the

CREDITS: Living room, coffee table, bedroom and accent chair from The Lifestyle Loft.

Bilha Kangethe is the founder and creative director of The Lifestyle Loft. As a certified designer and interior decorator, she has created a company that focses on the needs of each client and customer and helps them curate a lifestyle that is comfortable and economical. thelifestyleloft.com

nexthome.ca 37

INSPIRATION |

pastels

home inspiration

Pretty in

Designers spill the tea on why they love working with pastel colours and it has us dreaming of spring “This serene bathroom seamlessly blends pale blue hues against crisp white tones, creating a soothing and elegant atmosphere flooded with natural light and custom, yet timeless touches.”

– Designer Dvira Ovadia, Dvira Interiors

Bathroom

Dining space “I enjoy incorporating pastel colours into home design because it brings a playful warmth and timeless ambience to any space. Additionally, it provides an opportunity to introduce colour without overwhelming the overall aesthetic.”

– Designer Jo Alcorn, Alcorn Home Design

“Pastel green evokes the feeling of natural elements such as fresh herbs, leaves and vegetables. Infusing natureinspired colours into the kitchen enhances the overall atmosphere, creating a more organic and inviting ambience.”

– Kristen Gear, lead design and colour specialist, BeautiTone paint and home products 38 condolife magazine |

Feb. 10–Mar. 9, 2024

Kitchen

Bedroom

Laundry room “If you are looking for a calming, versatile wall colour, a soft shade of pink presents a great option. While pink is often associated with femininity, the colour is more versatile than you think and works in a variety of spaces, from modern to traditional. It pairs just as well with neutrals as with a host of saturated colour tones.”

– Designer Kate Davidson, Kate+Co Design

“Soft, pastel colours in your bedroom’s decor can evoke a tranquil atmosphere, promoting relaxation and a sense of calm for a restful night’s sleep.”

– Designer Bren Petrunick, Simply White Interiors

Kids’ space “A kids’ playroom is the perfect opportunity to opt for a cheerful palette of pastel colours, such as soft pink, mint green, and baby blue, which create a visually inviting and soothing atmosphere.”

– Designer Michelle Berwick, Michelle Berwick Design

nexthome.ca 39

2024

INSPIRATION |

at home

PAINT TRENDS

by SARA DUCK

From illuminating yellows to confident darker hues, we explore what’s in store for 2024

P

Illumina by BeautiTone

aint is more than just colour spread on the walls; it’s a reflection of your home’s character. The right hues can infuse your living spaces with a unique personality, setting the tone for your decor style. Whether you’re seeking optimism, sophistication or a touch of adventure, the paint colours you choose can elevate your home, accurately representing your individuality.

For 2024, the top paint trends are a real case study in contrasts!

From optimistic yellow to subtle, neutral tones and bolder, confident hues, the message for the new year is that the decor world is yours for the taking. There is something for everyone to suit every mood in this ever-changing world. So, you do you and enjoy how colour enhances your interiors.

40

condolife magazine |

Feb. 10–Mar. 9, 2024

A SOFT YELLOW WITH HINTS OF RED – A NOSTALGIC BURST OF CHEER Illumina, derived from the Latin word for illuminate, represents the promise of 2024.

Kristen Gear, lead design and colour specialist at BeautiTone paint and home products, notes that this captivating shade, “embraces a sense of careful optimism for the future.” While yellow is typically bold, it takes on a quieter, sophisticated tone in the 2024 colour of the year. It offers a joyful sophistication, creating a welcoming escape from life’s demands.

Blue Nova by Benjamin Moore

AN INTRIGUING BLEND OF BLUE AND VIOLET – AN INVITATION TO ADVENTURE Inspired by the brilliance of a new star in the cosmos, Blue Nova CC-860 takes us on a journey to explore the unknown. “This is an alluring mid-tone that balances depth and intrigue with classic appeal and reassurance,” explains Andrea Magno, colour marketing and development director at Benjamin Moore. Blue Nova CC860 offers captivating hues reminiscent of the night sky, making a distinct impact within your home.

Limitless by Dulux

A FRESH, ENERGIZING YELLOW-BEIGE – A VERSATILE COMPLEMENT TO ANY SPACE Dulux selects Limitless DLX1091-3 as its 2024 colour of the year. “The resurgence of optimistic colours will take us into a new era of home design closely aligned with a cultural focus on well-being, finding calm in a chaotic world and breaking free from convention,” says Mitsu Dhawan, PPG brand manager of Dulux paint. Limitless is warm, modern and invigorating, yet subtle enough to be used on any scale or surface, including interiors and exteriors.

Satin by SICO

Cracked Pepper by Behr

Satin 6112-31, Sico’s 2024 colour of the year, is a hue that captures a future filled with creativity and transformation.

“As a society, we’re carrying the lessons of introspection and the importance of calm into the future, coupled with a renewed sense of excitement for the endless possibilities of the future,” says Martin Fuchs, PPG senior marketing manager of Sico paint. Satin is a versatile honey-beige, ideal as a stand-alone colour or a striking accent in any design palette. Use it to envelop your space with warmth, or let it shine as a vibrant focal point.

The bold colour Cracked Pepper invites you to awaken your senses in the new year. “As we look into 2024, creating a sense of comfort and belonging will continue to drive design decisions—but now, as life returns to its more familiar rhythms, it’s time to allow our senses to come alive,” says Erika Woelfel, vice-president of colour and creative services at Behr. “From heightening the aromas of a dining room to feeling the softness of a living area, Cracked Pepper enhances the natural expression in any space.”

A MODERN, BALANCED YELLOW SYMBOLIZING OPTIMISM AND CHANGE

A TIMELESS AND CONFIDENT MODERN BLACK

nexthome.ca 41

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HOMES, Condo Life + Active Life

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Canada’s trusted authority for the latest new home and condo developments, industry news and expert homebuying advice.

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

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CONDO PROFILES

Elements Condominiums

Barrie

Central Park

North York

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

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

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Turn your DREAM into REALITY

Why Hire an NKBA Professional: • Skills to Design and Plan Safe and Functional Kitchens and Baths • Understand the Industry Environment, Future Trends & Consumer Lifestyles

• Operate and adhere to a strict code of ethics under the guidelines of the NKBA • Utilize Industry Information for Designing & Planning • Research Building Codes and Current Industry Practices

nkba.org/chapters/ontario-canada/

The National Kitchen & Bath Association (NKBA) is a non-profit trade association that promotes the professionalism of the kitchen and bath industry. Established in 1963 as a network of kitchen dealers, it has grown into the premier association of distributors, retailers, remodelers, manufacturers, fabricators, installers, designers and other professionals. The NKBA’s certification program emphasizes continuing education and career development and includes designers and professionals in all segments of the kitchen and bath industry. The NKBA has become a valuable resource for both professionals and consumers. nexthome.ca 43

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

45

292 Dundas St. W. tributeartistrycondos.ca

23. Panda Condos Yonge & Dundas. lifetimedevelopments.com

3

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.

44

29. Theatre District Residences

14 12

30. Bijou on Bloor 2450 Bloor St. West

489 Wellington St. W. lifetimedevelopments.com

368 Briar Hill Ave. pureplaza.com

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

condolife magazine |

4

13 1

Adelaide & Widmer

32. One Seventy

Feb. 10–Mar. 9, 2024

29

6

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

4077 Hwy. 7 highmountbykingdom.com

44

21

50 Wellesley St. East pureplaza.com

TORONTO

162 Enterprise Blvd. downtownmarkham.ca

2

Brampton

27. 50 at Wellesley Station

8. Varley Condo Residences

10. Gallery Towers at Downtown Markahm

1

2161 Yonge St. tributecommunities.com

2425 Simcoe St N,Oshawa tributecommunities.com

Donald Cousens Pkwy & Ninth Line flatogroup.com

31

26. Y&S Condos

8200 Warden Ave. lifetimedevelopments.com

9. Canvas on the Rouge

5

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

17

9

8 7

41

11 14

10 16

15

19 36

35

43

24 26

42 25

32 28 22

23 39 34 40 27 37 18 38 33

30 29

CARTOGRAPHY: MARKETMAPS.COM

20

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

43. Birchaus Birchcliffe Village on Kingston Road birchausresidences.com

44. Knotting Hill 4000 Eglington Ave. W knottinghillcondominiums. com

VAUGHAN 45. 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 45

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

Guelph

FIND YOUR NEXT HOME

2

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

14. Casa Di Torre 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

46

condolife magazine |

Feb. 10–Mar. 9, 2024

Brantford

CARTOGRAPHY: MARKETMAPS.COM

Mississauga

13

Milton

9

11 12

10

Oakville

Burlington 1 3

Hamilton 6 7

5

14

15 8

St Catharines

Niagara Falls

Welland

4

nexthome.ca 47

HOT PROPERTIES | OUT OF TOWN

FIND YOUR NEXT HOME

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

Youngs Point

L l St

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Tele

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401

vd y Bl Raple

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2

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on MacD

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ne h Li

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t Trl mo

Andrew St

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Ham

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do Mea

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Newcastle Bowmanville

L

dams Dr tA

ver Bea

Dale

M a s twoo

ad 5

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St S

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el Beth

n 5th Li e

Newtonville

M il l

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Pl

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Ph

Line

Burnham S t N

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Orono

St

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CARTOGRAPHY: MARKETMAPS.COM

n Mai

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Main

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Av arch Mon

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o ion R c e ss Con

R sion nces

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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.

ADVICE | INDUSTRY REPORT

2024 WILL BE A PIVOTAL YEAR FOR HOMEBUILDING IN THE GTA

DAVE WILKES

As 2024 begins, we are at a pivotal moment in the debate on housing and employment space supply and affordability in the Greater Toronto Area and Ontario, with new housing and employment space being buffeted by a number of often countervailing forces.

Last year will go down as one of the worst years on record for new home sales in the GTA. Housing starts follow sales, and with low sales, we can expect to see new housing starts dip, which will negatively affect future supply at the very time we will need it the most.

As population expands rapidly, we must have concerted action to make sure the region gets the supply it needs.

First, interest rates have to moderate. The rapid run up in interest rates, as the Bank of Canada fights inflation, is causing many prospective new-home buyers to sit on the sidelines. It is also making it more difficult to finance new projects. This is cutting off the lifeblood of the industry and new supply will suffer as a consequence.

Second, there needs to be predictability and stability in the regulatory environment for new homes and land supply. While there has been tremendous progress in modernizing the regulatory framework to support the provincial 50

condolife magazine |

Feb. 10–Mar. 9, 2024

objective of building 1.5 million new homes, more needs to be done.

Third, we need a renewed focus on supportive infrastructure. There are many areas across the GTA where constraints in infrastructure, such as sewer capacity, electrical infrastructure and the like, are limiting the ability to build housing in a timely manner. Addressing this is costly and cannot be done solely by municipalities, nor by loading all the cost on the backs of new-home buyers. We must recognize that a new funding model for housing supportive infrastructure is crucial to achieving the objectives of added supply and increased affordability in the province.

Last, as identified in multiple BILD municipal benchmarking studies, lengthy approvals for new housing

projects in the GTA are among the worst in North America and add tens of thousands of dollars to the cost of a new home. Cutting red tape and speeding up the approvals of new homes must be prioritized to unlock the housing this region desperately needs.

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.

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