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Greater Toronto’s Finest NEW HOME GUIDE

INSIDE:

TIPS TO FRESHEN UP YOUR HOME THIS SPRING

Greater Toronto Area March 12–April 9, 2022

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MARCH 12-APRIL 9, 2022

CONTENTS COVER STORY

24 Fieldgate Homes ANNOUNCES NEW LIMITED RELEASES IN NORTH YORK, SHELBURNE AND AJAX

HOMES Magazine | March 12–April 9, 2022

COLUMNS

20 Stat Chat Data points to consider

Personal Finance Look beyond the rate when securing a mortgage

The Marketing Edge Cities outside Toronto core becoming more popular homebuying choices

29 Realty Insider Look at the big picture when interest rates rise

34 Real Insight Prices hit a new record in 2022

Legally Speaking Preparing to buy in uncertain times

36 Home Realty New home or condo: What’s the difference?

Western View How bad data has handcuffed our housing projections

40 Real Estate Pro The many reasons to buy a preconstruction home or condo

66 Industry Report Research and preparation essential when buying preconstruction

INTERIORS

50 Decor Having your own spa-like bathroom

42 Property profile 38

Braestone Estates

Freshen up your space for spring

IN EVERY ISSUE

Contributors

DEPARTMENTS

North Region

45 Southwestern Region

Democrat Homes welcomes spring in Horseshoe Valley

Editor’s Note On fire and in sync

HOMES Magazine Online

54 Maps & Charts for New Home Communities

In The Spotlight

64 Index of Advertisers

GTA new home sales off to a strong start in January; more news on pages 16, 18 and 19

Final chapter of Georgian community has heart and soul in every home

42 Forest Heights Estates

Big Style

Inside The GTA

30 In Conversation With.... Mike P. Moffatt, Smart Prosperity Institute

nexthome.ca 9

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

CHIEF REVENUE OFFICER

Jacky Hill jacky.hill@nexthome.ca EXECUTIVE MEDIA CONSULTANT

Michael Rosset

EDITOR-IN-CHIEF – NATIONAL REAL ESTATE

THE MARKETING EDGE | NICK MONTELEONE Nick Monteleone is Principal and Creative Director, 52 Pick-up Inc., with an extensive background in design. Montelone is a strong believer in targeted marketing and has helped builder-developer clients sell billions of dollars in new construction over the past 20-plus years. 52pick-up.com WESTERN VIEW | MIKE COLLINS-WILLIAMS Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca

Susan Legge susan.legge@nexthome.ca

EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca MANAGING EDITOR

Rise Levy

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Kevin Crigger, Michael Klassen, Barbara Lawlor, Linda Mazur, Nick Monteleone, Lisa Rogers, Jayson Schwarz, Dave Wilkes SENIOR VICE-PRESIDENT, SALES, NEXTHOME

Hope McLarnon 416.708.7987, hope.mclarnon@nexthome.ca SENIOR MEDIA CONSULTANTS

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

Amanda Bell 416.830.2911, amanda.bell@nexthome.ca Natalie Chin 416.881.4288, natalie.chin@nexthome.ca VICE-PRESIDENT, MARKETING – GTA

Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling REAL ESTATE PRO | BARBARA LAWLOR 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

SALES & MARKETING CO-ORDINATORS

Gary Chilvers, Vi Nguyen

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA

Josh Rosset DISTRIBUTION

distributionteam@nexthome.ca ACCOUNTING INQUIRIES

accountingteam@nexthome.ca DIRECTOR OF PRINT MEDIA

REAL INSIGHT | KEVIN CRIGGER Kevin Crigger, TRREB President and realtor, is a long-standing and active member at the Toronto Regional Real Estate Board. He has served all levels of the real estate industry, as well as local charities and educational institutions.

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

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

Hannah Yarkony GRAPHIC DESIGNERS

Johannah Lorenzo, Jean Fay Rodriguez, Mike Terentiev

Published by

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

nexthome.ca Advertising Call 1.866.532.2588 ext. 1 for rates and information. Fax: 1.888.861.5038 Circulation Highly targeted, free distribution network aimed at real estate buyers using street level boxes, racking and Toronto Star in-home delivery. Canadian subscriptions 1 year = 13 issues – $70 (inc. HST). Canada Post – Canadian Publications Mail Sales Product Agreement 40065416.

HOMES Magazine | March 12–April 9, 2022

Copyright 2022 All rights reserved. All copyright and other intellectual property rights in the contents hereof are the property of NextHome, and not that of the individual client. The customer has purchased the right of reproduction in NextHome and does not have the right to reproduce the ad or photo in any other place or publication without the previous written consent of NextHome. Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time. Editorial Submissions from interested parties will be considered. Please submit to the editor at editorial@nexthome.ca.

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EDITOR’S NOTE

ON FIRE AND IN SYNC

WAYNE KARL EDITOR-IN-CHIEF HOMES Magazine

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

+ get social 12 HOMES Magazine | March 12–April 9, 2022

Spring is around the corner, and in real estate, that typically means busy season. But in 2022, this usually hot time of year is shrouded in questions, and lots of them. What can you afford? Where can you afford to buy? How high will interest rates rise this year? Could the conflict in Europe affect the economy? Are we finally clear of COVID? These are among the more common things prospective homebuyers are wondering. And if you’ve been studying the market and doing research as you prepare to make your new home purchase, you might have come across some slightly more complex issues that could have an impact: What’s this labour shortage we keep hearing about? How might that affect newhome projects? And what’s up with inflation? Everything is becoming more expensive… Should you buy sooner rather than later? Since the Bank of Canada raised its influential overnight rate target on March 2 – to 0.50 per cent from the 0.25 per cent where it has been for four years – early reports are of a market frenzy. On a recent call with members of the housing industry, hosted by new home marketing firm PMA Brethour, CIBC World Markets’ Deputy Chief Economist Benjamin Tal remarked that the economy could be “on fire” in the spring and summer. Why? A combination of typical seasonal activity, the relaxing of COVID restrictions, pent-up demand from consumers looking to beat interest rate hikes, and the continuation of economic strength in Canada, Ontario and the GTA. Add to this the progress of the Ontario Housing Affordability Task Force (see page 18), the prospect that our various levels of governments may eventually get in sync on housing supply and immigration (pages 30 and 37), and you have the makings of a spike in homebuying interest. It’s all a lot to consider, and no one could blame you if it makes you a little nervous. But for prospective new-home buyers, it all boils down to three key points: Where, what and when to buy. And we’re here to help. You’re not going to want to miss our April 9 issue, when we present an all-star cast of market experts to advise you on, all things considered, what you really need to do to best prepare to buy a new home. We’re even going to go a step further and showcase a “hot list” of projects and upcoming launches that would make strong choices for your new home purchase. On fire and in sync? That remains to be seen. But our expert sources next issue will break it all down to help you decide where, what and when you should you buy.

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Catch up between issues at nexthome.ca and enjoy these popular stories

PRICE GROWTH

GTA price growth continues to lead Canada Price growth continues across Canada with GTA leading the way – according to the latest Royal LePage House Price Survey.

NEW DEVELOPMENT

Introducing The Greenwich condos at Oakvillage from Branthaven Branthaven introduces its latest project, The Greenwich, coming to the coveted community of Oakvillage in Oakville.

MORTGAGES

New to Canada? Here’s how to qualify for a mortgage New to Canada and looking to apply for a mortgage? Our personal finance columnist Jesse Abrams helps get you on the right path.

Q&A

In Conversation With... Nicholas Fidei, President of Treasure Hill When striving to build high quality homes, experience counts. So does a clear vision. Treasure Hill President Nicholas Fidei discusses how the company maintains its high standards – and why he’s hoping to hit the road this summer. Visit or check us out on

@HOMESMagazineON

ADVICE

Choose up-and-coming destinations in Southern Ontario for great value Location is everything when buying real estate. Housing expert Debbie Cosic breaks down some of the hottest up-and-coming areas to look for.

nexthome.ca @HOMESMagazine.Ontario

@homesmagazine nexthome.ca 13

IN THE SPOTLIGHT

GTA NEW HOME SALES OFF TO A STRONG START IN JANUARY AS LOW INVENTORY LEVELS CONTINUE The GTA new home market saw a very busy January, according to the Building Industry and Land Development Association (BILD). There were 2,853 total new home sales in January, which was up 18 per cent from January 2021 and 47 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. It was the highest number of new homes sold in January in 19 years. A record 2,274 new condominium apartment units, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, were sold in January. This was 113 per cent above the 10-year average and more than 40 per cent higher than the previous high in 2017. Sales of new single-family homes, including detached, linked and semidetached houses and townhouses (excluding stacked townhouses), with 579 units sold, were down 33 per cent from the 10-year average. “One needs to look no further than the strong demand and our weakening inventory numbers to know we have a housing supply crisis in the GTA,” says Justin Sherwood, BILD’s senior vice-president of communications and stakeholder relations. “That is why BILD has welcomed the recent report from Ontario’s Housing Affordability Task Force, and why we support its 55 recommendations to address the

housing supply and affordability challenge in Ontario and the GTA.” “January provided further evidence that, despite earlier pandemic-related disruptions, the city of Toronto remains an attractive location for new condo apartment investors and end user buyers,” adds Edward Jegg, analytics team leader at Altus Analytics, Altus Group. “Strong sales at the large number of recently opened city of Toronto projects boosted overall GTA new condo sales to their highest January ever. New single-family home sales, however, continued to be weak across the GTA, plagued by record low inventory.” With nine new condominium projects opening in January, remaining inventory increased slightly compared to the previous month, to 8,333 units, but still represented only 2.9 months of inventory based on average sales for the past 12 months. A balanced market would have nine to 12 months of inventory.

Condominium unit inventories have fallen to within 1,000 units of the recent lows of 2017, and are half the level compared to as recent as the 2011-16 period, says Jegg. Remaining inventory for singlefamily homes reached a record low of 550 units in January, about 10 per cent of the level from 2019, before the start of the pandemic, and far below the more than 15,000 units on average for the 200009 period. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings. Benchmark pricing eased somewhat in January for both condominiums and single-family homes. The benchmark price for new condominium apartments was $1.15 million, up 12.7 per cent over the last 12 months, while new singlefamily home prices rose 30 per cent to $1.77 million.

JANUARY NEW HOME SALES BY MUNICIPALITY REGION Durham Halton Peel Toronto York GTA

2022 62 33 291 1,618 270 22,274

HIGHRISE 2021 44 91 80 364 106 685

2020 27 52 92 616 274 1,061

2022 189 50 103 30 207 579

LOWRISE 2021 673 216 142 28 674 1,733

2020 152 190 201 16 439 998

2022 251 83 394 1,648 477 2,853

TOTAL 2021 717 307 222 392 780 2,418

2020 179 242 293 632 713 2,059 SOURCE: ALTUS GROUP

HOMES Magazine | March 12–April 9, 2022

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IN THE SPOTLIGHT

GTA RESALE MARKET RECORDS HISTORIC SALES IN FEBRUARY

February home sales were down compared to the all-time record in 2021, but represented the secondbest result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year. GTA realtors reported 9,097 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS System in February 2022, representing a 16.8-per-cent decrease compared to February 2021. The supply of listings for lowrise home types (detached, semidetached and townhouses) was also down year-over-year, but not by as much as sales. In the condominium apartment segment, particularly in Toronto, new listings were up in comparison to February 2021. “Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to

feel it with competition remaining the norm,” says TRREB President Kevin Crigger. “Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing costs will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs.” The MLS Home Price Index Composite Benchmark was up by 35.9 per cent year-over-year in February. The average selling price for all home types combined was up by 27.7 per cent to $1.33 million.

The pace of price growth varied by home type and region, but there was relative parity between lowrise and condominium apartment growth rates. “We have seen a slight balancing in the market so far this year, with sales dipping more than new listings,” says TRREB Chief Market Analyst Jason Mercer. “However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market.” “We are close to provincial and municipal elections in Ontario,” adds TRREB CEO John DiMichele. “We know that housing affordability will be top of mind. Parties and individuals vying for political office must concentrate on bold and creative policies that will support increased and diverse housing supply to account for the current deficit and future population growth as immigration accelerates. “History has shown that tax-based policies pointed at foreign buying and speculative activity, which seem to be the political preference, have had very little impact on the market simply because this type of activity accounts for a small share of overall market activity.”

GTA RESALE AVERAGE PRICES, FEBRUARY 2022 (YR/YR % CHANGE) 416

905

Total

Detached

$2.07M (23.0)

$1.72M (32.9)

$1.79M (31.0)

Semi-detached

$1.49M (14.0)

$1.28M (37.5)

$1.35M (29.6)

Townhome

$1.13M (22.8)

$1.11M (32.3)

$1.11M (30.5)

$822,090 (21.5)

$756,146 (34.2)

$799,966 (24.6)

Condo

SOURCE: TRREB

16 HOMES Magazine | March 12–April 9, 2022

In the spotlIght

Building induSTRY APPROVES OF HOUSING AFFORDABILITY TASK FORCE REPORT It was a long time coming and rife with potentially controversial challenges, but the report from the Housing Affordability Task force is being met with early approvals from the industry. The report from the Housing Affordability Task Force highlights expert recommendations for additional measures to increase the supply of market housing to address the housing crisis. The Task Force is part of Ontario’s ongoing threepart consultation with industry, municipalities, and the public to help the government identify and implement real solutions to address the housing supply crisis. “Everyone has a role to play in addressing the housing supply crisis,” says Steve Clark, minister of municipal affairs and housing. “As our government consults with municipalities, the public, and industry leaders and experts, we are balancing these perspectives to develop practical, forwardthinking policies that unlock and fast-track all types of housing for all types of Ontarians.” The report’s recommendations include five main areas to quickly increase the supply of market housing, to meet a goal of adding 1.5 million homes over the next 10 years: • Make changes to planning policies and zoning to allow for greater density and increase the variety of housing • Reduce and streamline urban design rules to lower costs of development • Depoliticize the approvals process to address NIMBYism and cut red tape to speed up housing

18 HOMES Magazine | March 12–April 9, 2022

• Prevent abuse of the appeal process and address the backlog at the Ontario Land Tribunal by prioritizing cases that increase housing • Align efforts between all levels of government to incentivize more housing Additionally, the Task Force’s report makes other recommendations to increase housing supply over the long-term, including to digitize and modernize the approvals and planning process, grow the skilled labour workforce, and encourage new pathways to homeownership. The Building Industry and Land Development Association (BILD) welcomes the recommendations. “The Greater Toronto Area’s housing supply and affordability crisis is a generational challenge with broadranging social and economic impacts,” says Jason Sheldon, BILD’s chair and executive vicepresident, land development at Remington Group. The Residential Construction Council of Ontario (RESCON) is even more direct in its comments on the recommendations, calling the “sweeping reforms” exactly the type of bold and decisive action needed to get shovels in the ground quicker and boost the number of homes being built in Ontario. “The task force has come up with an ambitious blueprint for building 1.5 million new homes in the next decade by revolutionizing how municipalities approve housing projects,” says RESCON President Richard Lyall. “This is the progressive and out-of-the-box type thinking that we need to boost supply and

address the soaring cost of housing in Ontario.” The Toronto Regional Real Estate Board (TRREB) also gave the report the thumbs up. The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy, TRREB President Kevin Crigger says: “For far too long, governments have focused on shortterm bandaid policies to artificially suppress demand. “Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing, ongoing housing affordability challenges will escalate.”

In the spotlIght

4 IN 10 ONTARIO PARENTS FINANCIALLY HELP THEIR KIDS BUY A HOME New polling from the Ontario Real Estate Association (OREA) shows Ontario’s older parents greatly value the importance of homeownership – so much so, that they are willing to financially help their children buy a property. Conducted by Abacus Data for OREA, the Housing Affordability in Ontario: Perceptions, Impacts, And Solutions (Wave 2) report found that four in 10 parents of young, homeowner adults (aged 18 to 38) helped their child financially with the purchase. Of those that helped their children, 44 per cent dipped into their own general savings to support their child’s dream, with 15 per cent borrowing from their own retirement savings or investments. On average, those who loaned money lent $40,878, while those who gifted money gave $73,605. For parents of those young adults who do not own property, 91 per cent say it is important that their children be able to eventually buy a home. These parents overwhelmingly recognize that it is more difficult to buy a residential property today compared to when they were in their 20s, citing high housing prices (88

per cent) and the difficulty of saving for a down payment (49 per cent) as the top contributing factors. Other influences include a less secure job market, expensive education costs and fewer homes being built. “Parents are becoming increasingly worried that their children may not be able to achieve the dream of homeownership, so they are pulling out all the stops to help them get their foot in the market,” says OREA CEO Tim Hudak. “Ontario’s parents have seen first-hand the benefits of homeownership on neighbourhoods: It fosters vibrant and stable communities, improves quality of life, and has been the bulwark of Canada’s middle class for generations, so it is not surprising that they want the same for their children.” The rest of Ontario agrees. Regardless of age, 92 per cent of Ontarians believe we need to do what we can to make sure that future generations have the same opportunity to own a home as the generations that came before. The risk, should Ontario get it wrong, is real: 80 per cent of Ontarians believe that the cost of housing in Ontario is

making the province a less attractive place to live and work. “We are in a housing affordability crisis being driven by severe lack of supply, and increased demand, especially around ‘missing middle’ type properties,” says Hudak. “Without meaningful action at all levels of government, Ontario’s millennials and young families will be forced to look outside the province for their first home, leading to brain drain and negatively impacting our economic competitiveness. To bring affordability home for young Ontarians, we need to be continually increasing housing supply and choice in the market, across the province.” The majority of Ontarians echo those sentiments, with 52 per cent saying not enough housing is being built in the province. While Ontario has drastically improved the number of housing starts – in 2021, the province saw the highest level in more than two decades, at nearly 100,000 – Ontarians want to see further political emphasis on housing affordability. Seventy-six per cent of poll respondents believe housing affordability should be a high priority for the provincial government – but feel it currently is a moderate to low priority. Since conducting the poll, the Ontario Government’s Housing Affordability Task Force has recommended that the province aim to build 1.5 million homes in the next decade by increasing density in urban and suburban areas, as well as updating the development approvals process employed by municipalities. All levels of government need to work together and take meaningful action to increase supply to help create future generations of Canadian homeowners, OREA says. More homes and more affordable choices are what will help frustrated young families finally get the keys to a new home.

nexthome.ca 19

ADVICE | stAt ChAt

DATA POINTS TO CONSIDER FOR BUYING A HOME DURING A HOUSING SHORTAGE

BEN myERS When driving into downtown Toronto, you can’t help but notice the massive number of new condominiums recently built along the Gardiner Expressway and up Yonge Street. It’s hard to believe that there is a housing shortage with the high number of new condo projects going up. However, the downtown Toronto new condo market is only part of the overall southwestern Ontario housing ecosystem. We have to consider the number of new single-family homes, townhouses and rental apartments being built, the number of houses being demolished, and the volume of people who want to move to the Toronto Census Metropolitan Area. Other major factors that aren’t discussed regularly enough are the aging Baby Boomer population staying in their homes, and the spike in the number of students coming into the region at our postsecondary institutions. Local builders and developers completed just 36,723 new units in 2021, a major improvement over the last two full years, but below 2018, 2017 and 2015. The other problem is that people like single-family housing, and only 5,631 single-detached homes were built last year, less than half of 2017’s total, and 72 per cent below the 2002 total of more than 20,200 completions. There are a lot of arm-chair analysts out there that will point 20 HOMES Magazine | March 12–April 9, 2022

to the big decline in downtown Toronto rental rates in 2020 (a 15- to 20-per-cent decline, per data from rentals.ca), and say: See, I told you. Too much supply. They needed a pandemic to “prove” their oversupply theory. Rents have since bounced back, rising 13 per cent annually as of January 2022 in downtown Toronto. Rents have increased almost every year for 30 years, including during the 2008-09 financial crisis, yet one year of declines and we’ve decided we have enough housing? Come on, there are people sleeping in tents across the city. There is still a big problem. Politicians will point to how many cranes we have in the sky as a sign that we’re building adequately, and others will say we’re building lots of units. Neither cranes nor units is the proper metric to look at. Analyzing units as a measure of supply over time presents a challenge, as the composition of an average unit has changed drastically over the past 15 years. It’s hard to compare things over time when they’re changing. In the early 2000s, the average home built in the GTA was a 2,500-sq.-ft. single-family home in the suburbs with three or four bedrooms. In 2021, the average home built is a 750-sq.-ft. condominium unit with two small bedrooms. So, we’re building a similar number of homes, but we’re delivering considerably less square footage, and way fewer bedrooms. This is contributing to our housing crisis. In previous years, the talk was about foreign investors driving up the new home market and new home

prices. The year the new non-resident owner’s tax (2017) was implemented was the highest year for new condo price growth since the 1980s, and 2018 was not far behind it. Foreign buyers are not the problem. The only way to prevent the housing crisis in our region from getting much worse is to continue to build at a record pace. It doesn’t mean we need 50-storey towers as far as the eye can see. The planning process and the fees associated with small scale developments have been a killer for small players trying to add gentle density and more apartments to existing neighbourhoods. Four- to six-storey wood-frame apartments in low-density areas can allow for people to age in place, and young professionals to live within walking distance of their parent’s home, and stay in the places they grew up, should they desire to do so. Luckily, the Housing Affordability Task Force assembled recently is recommending that changes be made to facilitate this type of development. The best solution for ensuring that it doesn’t get a lot worse, is more housing supply. Ben Myers is 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. bullpenconsulting.ca Twitter@benmyers29

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The The National National Home Home Show Show Returns! Returns!

Tickets Tickets and and info info atat nationalhomeshow.com nationalhomeshow.com Thank Thank youyou to our to our Partners Partners

April 15-24 / Enercare Centre / Exhibition Place April 15-24 / Enercare Centre / Exhibition Place

From From knockdown knockdown to toknockout knockout

#InsidetheGTA Mattamy Homes founder makes largest donation to a hospital in Canadian history

GTA

THE PETER GILGAN MISSISSAUGA HOSPITAL

Trillium Health Partners (THP) and Trillium Health Partners Foundation (THPF) have announced an historic $105-million donation from renowned philanthropist Peter Gilgan and The Peter Gilgan Foundation. Gilgan is chairman and CEO of Mattamy Asset Management and founder of Mattamy Homes. As the biggest donation to a hospital in Canadian history, the money will support THP in building the largest and most advanced hospital in Canada, to be named The Peter Gilgan Mississauga Hospital. The funds will also help expand and redevelop Queensway Health Centre, which will be named The Gilgan Family Queensway Health Centre. The new Mississauga hospital will replace the existing 62-year-old facility, and a new patient tower at Queensway Health Centre will be home to needed complex care and rehabilitation services at THP. These projects represent the largest capital build in Canada’s history and will add more than 600 beds across the organization, for a total of almost 2,000, and making THP the largest hospital in Canada. petergilganfoundation.org

Minto Communities GTA announces two new acquisitions Minto Communities GTA announced the acquisition of two new development sites, including plans for a multi-tower, 1,300-unit highrise development steps from Mimico GO Station in Etobicoke, and a 27-acre lowrise community in Durham Region’s Brooklin neighbourhood. These new acquisitions are the latest for Minto Communities GTA, which has been actively seeking new development sites. The company is also closing on a downtown highrise site in Toronto’s Parkdale community, and recently completed another in Clarington’s Courtice community in Durham Region. These most recent site acquisitions are the latest of nine completed over the last four years, representing more than 4,000 units of development potential in prime urban and suburban locations. minto.com

Premier renames new transit line after legendary former Mississauga mayor Hazel McCallion On Valentine’s Day, Premier Doug Ford and Minister of Transportation Caroline Mulroney, officially renamed the Hurontario LRT after the former mayor of Mississauga. The Hazel McCallion Line will be a gamechanger for the growing areas of Brampton and Mississauga. 22 HOMES Magazine | March 12–April 9, 2022

Once the 18-km LRT line is completed, it will link GO Transit’s Milton and Lakeshore West lines, the Mississauga Transitway, Brampton Transit, Züm and MiWay. McCallion was mayor from 1978 to 2014. She celebrated her 101st birthday on the same day the line was renamed. metrolinx.com

Rendering: Trillium Health Partners

by SUSAN LEGGE

ADVICE | PERSONAL FINANCE

LOOK BEYOND THE RATE KEY FACTORS TO CONSIDER IN YOUR MORTGAGE

JESSE ABRAMS

Many people think that locking in a good interest rate is the best way to save money on your mortgage. However, it’s actually the features that will help you save the most money in the long run. With rates rising, it’s important to look beyond just interest rates and consider other key features when shopping around for a mortgage. WHICH MORTGAGE FEATURES SAVE YOU THE MOST MONEY?

The real savings come with a fullfeatured mortgage. The truth is, many homebuyers break their mortgage before the end of their five-year term. This can be for a number of reasons, including upsizing to a larger home, moving to a new city or refinancing to borrow more against a home’s equity. However, depending on your mortgage contract, breaking your mortgage could potentially result in a large penalty fee. Sometimes, this could cost you up to $30,000 or more. Some lenders offer products called “Low Rate Basic” mortgages or “No Frills” mortgages that come with slightly lower rates. While many people are enticed by these options, they don’t realize that they come with fewer features. Although these options might save you $1,200 over the course of your five-year term, the penalty to break this type of mortgage could likely end up being 20 times greater – no one wants that. Further, some large financial institutions have very large penalties when breaking

a mortgage, based on their “posted rate,” which is usually much higher than their promoted rates. When a mortgage is broken, that posted rate is often the barometer for the penalty. That’s why you want to ensure that you’re securing a full-featured mortgage that includes prepayment privileges and low penalties in your contract. Some other key features to consider are: ANNUAL LUMP SUM PAYMENTS

This is the amount of money you can put down on an annual basis to pay off your mortgage quicker. Some lenders allow for zero annual lump sums, while others offer up to 20 per cent. If you’re expecting to get a raise or an inheritance, this option will allow you to put this extra money toward your mortgage without penalty. MONTHLY PREPAYMENTS

These prepayments serve as extra money you’re allowed to put toward your mortgage on a monthly basis. Having the flexibility to pay down your mortgage faster allows you to pay less interest over time. However, if you don’t have this prepayment privilege in your mortgage contract then you’ll likely incur a fee. ACCELERATED PAYMENTS

This option enables borrowers to pay down their mortgage in a

shorter period of time by making two additional payments each year. For example, if you have a 25-year mortgage and have the option to make accelerated payments, you’ll be able to cut your mortgage term down to 22 years – which means you’re paying a lot less interest over time. At Homewise, we often find that first-time buyers aren’t always aware of these beneficial features and the details of their mortgage payments. They’ll typically go straight to their existing bank for a mortgage, without shopping around for a more suitable option. It’s always a good idea to shop around for a mortgage, as features will vary from one lender to the next. That’s why it’s important to explore what’s available in the market and take the time to understand what each lender is offering. Instead of focusing solely on the rate, you want to really keep an eye on those prepayment privileges and penalties to ensure that you’re not losing out on the opportunity to save money in the future. Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com

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Cover Story

FIELDGATE HOMES ANNOUNCES NEW LIMITED RELEASES IN NORTH YORK, SHELBURNE & AJAX Fieldgate Homes is now open for purchasing by virtual sales appointments across the GTA. You can connect with them by phone, video chat or email for a secure and convenient homebuying experience. The company’s teams are waiting to help you find your perfect Fieldgate Home. Explore these featured communities and contact them today.

Make the most of your opportunity to own in the heart of North York with move-in ready townhomes now available at Kenneth & Holmes! With this limited release of contemporary urban towns, live steps from Yonge and Finch in an intimate residential enclave connected to everything that matters.

NORTH YORK: KENNETH & HOLMES

Move-in ready townhomes available now 24

HOMES Magazine | March 12–April 9, 2022

AJAX: ATOwNS

STOUFFVILLE: CITYSIDE

The Park Collection now open – urban townhomes from $1.1 million The final release of stunning urban townhomes at the aTowns Park Collection in Ajax. At Bayly Street and Salem Road, discover new family-sized residences backing onto open greenspace, a series of parkettes, sports court and more all connected by winding walking trails weaved throughout. Better still, live surrounded by modern amenities and mere moments to Lake Ontario! Get the most out of Ajax’s bustling downtown area and enjoy great shopping, tasteful dining, convenient GO Transit, easy access to Hwy. 401 and so much more all nearby.

Grand Opening coming soon – new release of singles Make your dream home come true in an incredible community setting just moments from Stouffville’s best amenities with the Grand Opening of Cityside Phase 3. Featuring a new release of 36- and 40-ft. singles, embrace city sophistication and country charm from an ideal neigbourhood located close to Markham, Hwys. 404 and 407, and the Stouffville GO Station.

Now open by virtual appointment only – 36- and 40-ft. singles from $1.7 million The new release at Emerald Crossing is now open, meaning now is the time to discover a beautiful country landscape surrounded by every modern convenience imaginable in Shelburne’s most anticipated new home community. Enjoy a collection of 36- and 40-ft. singles available now just minutes from big brand outlets, remarkable restaurants, breathtaking greenspaces, ski hills, golf courses and so much more. Value is soaring in Shelburne, as it has been Canada’s second-fastest growing municipality, so there’s no better time to get in on its best new home opportunity. Register now at fieldgatehomes.com.

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

Coming soon – new release of freehold townhomes New Kleinburg is a community of inspired family residences in a beautiful setting, just moments from the heart of historic Kleinburg. With the future Hwy. 427

nexthome.ca 25

extension just minutes away, a new community school and excellent urban amenities close at hand, life in Kleinburg has never been more convenient. Coming soon, discover a remarkable collection of expansive townhome designs in this beautiful master-planned community. Register now at fieldgatehomes.com. OSHAwA: DREAMSCAPE

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

PICKERING: SEATON

arrives at the crossroads between old and new, offering a remarkable collection of freehold two-car garage towns in a skillfully designed community setting. This new community truly has something for everyone, with Pickering Town Centre, sparkling Lake Ontario, shopping, greenspaces, restaurants, Toronto’s eastern border and so much more just minutes away.

Register for the next release of freehold townhomes Discover a serene natural landscape and the convenience of incredible big city amenities at Seaton by Fieldgate Homes. Contemporary modern living

Seaton by Fieldgate Homes is temporarily sold out, so register at fieldgatehomes.com to be notified of the next release.

26 HOMES Magazine | March 12–April 9, 2022

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 | THe MARKeTiNG edGe

CITIES OUTSIDE TORONTO CORE BECOMING MORE POPULAR HOMEBUYING CHOICES

NICk MONTElEONE As affordability in Toronto becomes ever more challenging for the average homebuyer, we are seeing a great exodus to the suburbs. Facilitated by the pandemic and the new workingfrom-home model, more and more people are buying homes outside the city – with communities such as Oakville, Burlington and Oshawa becoming popular choices. Once considered bedroom communities, these small cities within the GTA have tremendous appeal. All three are lakeside communities with active waterfronts. All three have outstanding transit connections and super-highways to facilitate commuters. All three have significant cultural and recreational attractions that appeal to families. They all have exceptional schools and proximity to higher education. With big box stores, hundreds of restaurants, easy connections to nature, healthcare, banking and all the stuff that eases the everyday, these smaller cities are perfect lifestyle microcosms that make homeownership possible.

With affordability the main driving factor for people choosing to live outside of Toronto proper, it has become more important for developers to craft living experiences that appeal to a price-driven yet sophisticated market. Their mandate? Creating homes that are welldesigned with spaces that appeal to families, homes that grow with them as their families grow and age, and homes that are polished with finishes that are beautiful and timeless. Another big consideration is the community experience. We are seeing more and more developers creating community spaces within townhome developments – central parks, children’s play areas, places for neighbours to meet and greet outside. Creating a strong community within the community is a key strategy to designing neighbourhoods that people want to live in. The convenience of taking a walk to the local park after dinner while the children play with friends and parents chat with neighbours is a highly prized feature of many new communities. Another important trend is locating new communities close to nature. The smaller cities I’ve mentioned

are all within minutes of the lake, parks and trails. One can enjoy these with easy access by foot, bike or car. Today’s active families demand connection to nature and the new communities we are helping to market in Oakville, Burlington and Oshawa deliver this in spades. Another factor that is vital to people looking outside of Toronto is commuting practicality. People can live in Oshawa, Oakville or Burlington and be in downtown Toronto, in some instances, in less than an hour via car or GO train. With more people working from home, and commuting for work becoming less prevalent, it is even more attractive to take advantage of the lower housing prices and excellent lifestyles available outside Toronto, particularly if it makes the difference between being able to own versus renting. While living in Toronto has its appeal to hard core urbanites, the suburbs are a more feasible choice for young families wanting to own their own home, escape the frenzy of the city, and enjoy a more relaxed, and closer to nature, lifestyle just an hour away. Nick Monteleone is Principal and Creative Director, 52 Pick-up Inc., with an extensive background in design. Montelone is a strong believer in targeted marketing and has helped builderdeveloper clients sell billions of dollars in new construction over the past 20-plus years. 52pick-up.com

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28 HOMES Magazine | March 12–April 9, 2022

ADVICE | REALTY INSIDER

Spurline Common, by Reid’s Heritage Homes

LOOK AT THE BIG PICTURE WHEN MORTGAGE INTEREST RATES RISE

MICHAEL KLASSEN

The doom-and-gloomers are out in full force, reporting likely additional increases in Canadian interest rates. (On March 2, the Bank of Canada hiked its influential overnight rate target to 0.50 per cent from 0.25 per cent, where it has been since 2018). Their apparent object is to mine negativity and instill unnecessary fear. In fact, interest rates may rise further this year, but this hardly merits panic in the homebuying market. In fact, the increases are necessary to help control inflation, so it’s important to look at the big picture. First, some homeowners will come out ahead of the game when rates rise. Take a look at those who obtained a five-year fixed mortgage

five years ago. The average interest rate was 4.64 per cent back then, and today it’s anywhere from 2.7 to 3.0 per cent. When they renew this year, even if rates increase, they’ll still be better off than their current rate. Then consider people who locked into a mortgage during the COVID lockdown. They probably settled for a rate between 1.5 and 2.5 per cent. When they go to renew within the next five years, they may have to pay a higher rate – but they also have five years of appreciation on their property, as well as five years of principal paydown. Those who purchase pre-construction homes or condos often earn equity even before they take possession. The thing is, we don’t know for sure what will happen. If the rates increase at a reasonable pace over the next few years, we’ll ease into the situation in a positive way. There won’t be a market crash, which happens when rates go up too quickly. And frankly, talk to previous

generations of homebuyers who paid mortgage rates as high as 20 plus per cent when that happened back in the 1980s and 1990s. Most of these homeowners never dreamed they’d see single-digit rates again, and they’re astounded at how long our current low rates have been around. Even if rates go up two per cent over next year or two, we will still be at historically low rates. There is simply no need to panic when you read about rising interest rates in Canada. Look at the big picture, keep calm and carry on making one of the best lifestyle and financial investments of your life – real estate. Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential preconstruction listing brokerage. 1111realty.ca

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IN CONVERSATION WITH...

MIKE P. MOFFATT SENIOR DIRECTOR, POLICY AND INNOVATION SMART PROSPERITY INSTITUTE by WAYNE KARL When it comes to forecasting anything, accurate data is important. When it comes to projecting housing needs in already challenged markets such as those in the Greater Toronto Area and Hamilton (GTAH) and surrounding communities, it’s absolutely essential. It’s hard to fathom, then, that on a subject so vital to Ontarians in every way, our federal and provincial governments have been so badly out of sync, that it’s contributed to the drastic undersupply and affordability challenges we’re facing here. It sounds like a recipe for disaster. 30 HOMES Magazine | March 12–April 9, 2022

Or, what the Smart Prosperity Institute (a national research network and policy think-tank based at the University of Ottawa) titled its new report for the Building Industry and Land Development Association, Forecast for Failure: How a Broken Forecasting System is at the Root of the GTAH’s Housing Shortage and How It Can Be Fixed. We sat down with Mike P. Moffatt, senior director, policy and innovation at the Institute and author of the report, for further insights on this quandary, and where governments, homebuilders and even buyers, go from here.

Your report revealed some very surprising results – that forecasts have underestimated population growth and overestimated housing completions, meaning municipalities have been planning for growth using inaccurate or outdated assumptions. Predictably, we’ve ended up with a severe shortage of housing and infrastructure to support new residents. How, in the 2020s, could this happen? The problem goes back a decade or more and is a classic Canadian problem of different levels of

government being out of sync with each other. When it comes to population growth, there are two important actors. The first is the federal government, which sets rules around immigration, including immigration targets, as well as rules involving temporary foreign workers and international students. The second is post-secondary institutions. Much of our population growth is coming from international students who attend our colleges and universities, and it is ultimately up to each institution on how much they will increase enrollment. But when it comes to housing supply, two other sets of actors are important. First, you have the provincial government, which sets a framework for housing growth for the Greater Golden Horseshoe (GGH) under the province’s Growth Plan for the region. Second, you have the municipal governments, both inside and outside of the GGH, which have their own planning processes. In short, you’ve got four different sets of actors, two of which affect population growth, and the other two which affect housing supply, and there’s a real lack of coordination between them. How encouraged are you that we will now “get it right” going forward, when it comes to matching population projections with housing needs? The report says, “There is a genuine (and we would argue quite likely) possibility that the future may look a great deal like the past and that current forecasts are underestimating population growth and overestimating future housing completions.” That doesn’t sound too promising… I’m cautiously optimistic. The first step to fixing the problem is understanding it, and the response we have received from policymakers on the report has been overwhelmingly positive. There’s a need for better tools and better data, and both the provincial government as well as mayors, have identified these as issues.

How do you view the recent recommendations from the Housing Affordability Task Force? The task force did a fantastic job with the mandate it was given. Its 55 recommendations recognize that there is not going to be one policy that fixes everything. The current mess was years in the making, and it will not be fixed overnight. Recommendations 51 through 53 deal with population forecasting and data gaps, and are quite aligned with the recommendations we make in Forecast for Failure. However, the province has its work cut out. It has set a target of 1.5 million new housing units over the next decade. That’s double what we have built over the last decade. The recommendations are a good start, but those alone likely will not be enough. What more could, or should, the Task Force focus on? The Task Force’s mandate was to examine bottlenecks to increasing the housing supply built by the private sector, and it fulfilled that mandate well. There is still a need to look at demand-side issues, particularly the role speculation and money laundering are playing in our housing market. I would like to see either the provincial or federal government examine demand-side issues next. As well, there is also the need to increase the amount of social housing in the province. One of the biggest bottlenecks to building housing, whether through the private or public sector, will be a lack of skilled tradespeople, particularly given the high numbers that are reaching retirement age. The province has been focused on this issue, but there’s more work to be done. All of this doesn’t really sound all that encouraging for those looking to buy a new home in the GTA. What advice would you give them? Be patient, though that’s easier said than done. The combination of a

supply shortage along with access to cheap credit has created a great deal of irrational exuberance in this market, as well as fear of missing out. Supply-constrained markets tend to have not just rising, but also volatile prices, so the odds of a price drop are fairly high. Similarly, given what you now know about all this, what are some new-home markets buyers should look at? Is it simply a matter of looking further and further outside the core of Toronto to find affordability? Understandably, families have been doing this since 2015, which has driven up prices across southern Ontario. Take London, for instance. Back in early 2017, the benchmark home price was less than $250,000. It has since tripled, to $750,000, in just five years. Any families driving until they qualify must travel much further than they did just a few years ago. What are some of the other key takeaways from the report that homebuyers – and even the homebuilding industry – should note? The most important is the need for governments to work together. Policymakers have been making decisions in silos, and that needs to stop. We need not just more transparency, but more accountability. For both groups, I would suggest that supply shortages will persist, even though home prices will be volatile and experience periods of decline. If we’re building eight new homes for every 10 new families, two are going to walk away empty-handed, and that doesn’t change if the price is $500,000 or $2 million. Ultimately, you cannot have more households than houses, and we will continue to see young families move out of the GTA if supply cannot keep up with population growth.

institute.smartprosperity.ca nexthome.ca 31

HOMES Magazine salutes the following companies for their dedication to customer service. After-Sales Service is an essential component of a healthy new home industry. These builders are proud of their commitment to the principles of excellent customer service.

DEDICATED TO

EXCELLENT

32 HOMES Magazine | March 12–April 9, 2022

CUSTOMER SERVICE

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ADVICE | REAL INSIGHT

GTA HOME SALES, PRICES FORECAST TO HIT NEW RECORDS IN 2022

KEVIN CRIGGER

Population growth in the GTA is climbing this year, sustaining strong demand for ownership and rental housing. As forecasted in TRREB’s Market Outlook & Year in Review report, home sales are expected to reach 110,000 with a record average selling price of $1.22 million in 2022. This year’s report The PostPandemic Future: Communities, Housing & Employment, focuses on housing, jobs and infrastructure. We turned to prospective buyers and sellers to find out what their intentions are in the months ahead, with new Ipsos consumer polling. The results point to a slight dip in overall buying intentions, including first-time buyers. And fewer sellers are willing to list their homes. All in all, those who are looking to purchase a home will continue to face a lack of listing inventory. TRREB’s joint research with the Toronto Region Board of Trade and Maru Public Opinion brings together insights from both business executives and workers on what the new normal may look like and how real estate needs, employment and work patterns may shift in response. It’s no question that the pandemic has brought on permanent changes to the way people will work in the future. The research findings show there is a need for a hybrid or flexible postCOVID working arrangements and 34 HOMES Magazine | March 12–April 9, 2022

downtown core offices may not need to accommodate as many people at the same time as before. Key drivers and trends in the commercial sectors experienced varying impacts from the pandemic. The strongest activity was in industrial spaces and land sites across the GTA. Although the office sector showed some signs of a rebound last year, availability rates still remain high. Competition in the rental market is set to grow from increased immigration and continued job creation. Demand for new homes will remain strong, similar to the resale market. Last year, pre-construction

transactions for new condominium apartments soared. Visit trreb.ca to connect with a TRREB member realtor and search listings in real-time on any device.

Kevin Crigger, TRREB President and realtor, is a long-standing and active member at the Toronto Regional Real Estate Board. He has served all levels of the real estate industry, as well as local charities and educational institutions.

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ADVICE | LEGALLY SPEAKING

PREPARING TO BUY IN UNCERTAIN TIMES

JAYSON SCHWARZ, LLM

Home prices continue to escalate and interest rates are expected to rise. What does this mean for you, as you consider buying a new home? Real estate is the most important investment that most people will make in their life. The single biggest rule in any real estate purchase is this: Do not go into a real estate deal thinking you can pull off a quick flip. If you can hold for the long term, you will rarely go wrong. In these most interesting times, the biggest risk is to the investor group. Today’s prices require significant cash invested to make that scenario work, especially if mortgage rates go up. My advice, be very careful. If you are buying a home as your principal residence, it’s always the right decision if you can carry it, even if rates rise. The performance of the GTA market over the last several years indicates that if you wait, it’s likely going to cost you more; a lot more. Homeownership as a principal residence satisfies many needs. The best way to protect yourself in a rising interest rate environment is to put down a large down payment, as this hedges against rate increases. If you are not able to do that, but have good cash flow, you may still be fine, and in both cases your goal should be to hold for the long term. This will likely yield price growth, despite the ups and downs, and in the end it will prove to be the best investment you ever made. After all, where else can you “enjoy” your

money every day? When you walk through the front door, you know this is your home – a place for you, your family and your pets. In addition your financial gain is, so far, tax free. The law of supply and demand dictates price. As immigration continues to increase, and housing inventory remains low, prices will ordinarily continue to rise, or at the very least remain stable. Can a price adjustment happen? The one scenario to be aware of is a significant increase in interest rates. Yes, rates may climb – some economists predict as many as six small increases over the next two years – and inflation has risen. COVID and supply shortages have had an impact around the world, and the cost of living has risen everywhere. If the untangling of the supply chain doesn’t fix the problem, and the thousands of people affected by the pandemic don’t return to work, the cost of living will continue to rise. However, many experts believe that once the supply chain returns to normal, inflation will settle at the acceptable level of two to three per cent per year. Governments, though, don’t always act rationally when people cannot afford to buy groceries, and they believe prices must be brought under control. This inflation is different, because it’s brought on by shortages, not wage increases. If the Canadian and U.S. governments overreact to inflation and raise interest rates too much or too quickly, the economy will suffer and the housing market may be detrimentally affected. Let’s hope rational thinking prevails, and rate increases are slow, measured and effective.

“

Once you buy, don’t even think about your home’s value; just enjoy it and pay off as much of your mortgage as you can.

”

These issues can be complicated, but for you as a prospective homebuyer, your focus is more narrow: Save as large a down payment as possible, consider taking the longest mortgage you can with the shortest amortization you can afford, lock in your payments, and plan for contingencies. Remember, every blended payment reduces your outstanding principal, and this will help you with payments even if there has been a rate increase, when it’s time to renew. Once you buy, don’t even think about your home’s value; just enjoy it and pay off as much of your mortgage as you can. The value will always be there. Face the future with confidence, knowing you made a wise homebuying – and investment – decision. 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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Advice | home reAlty

NEW HOME OR CONDO: WHAT’S THE DIFFERENCE?

DEbbiE COSiC

If you are shopping for a new home or condominium for the first time, or even if you’re a seasoned buyer considering alternative options, it’s wise to know what exactly you’ll own. When you select a freehold lowrise home, you own the house and the lot it sits on. Buying a condominium, however, means you own an individual suite and an interest in the common elements of the condo corporation. Unit owners also share in the costs involved in maintaining the common areas, and they agree to restrictions set out by the condominium board on what they can and can’t do as far as their suites and the common areas are concerned. One interesting point for condo owners is that they don’t actually “own” their suite until the building is registered with the municipality. In the interim, they pay an interim occupancy monthly fee to the builder that covers the estimated municipal taxes for the unit, maintenance expenses and the interest on the unpaid balance. There is a third scenario, in which lowrise freehold homes have a condominium component with shared maintenance costs for snow clearing, landscaping or exterior upkeep. Are both covered by the tArion wArrAnty?

Ontario home and condo buyers enjoy one-, two- and seven-year warranty coverage by Tarion. The one-year covers items such as Ontario Building Code violations and defective 36 HOMES Magazine | March 12–April 9, 2022

Amacon Voya 2

workmanship. The two-year coverage protects against water penetration through the basement or foundation walls, defects in the electrical, plumbing and heating systems, defects in exterior cladding and more. The seven-year component has to do with major structural defects. The common elements in condominiums are also covered, as are delayed closings, delayed occupancies and some deposit protection. Last year, Tarion increased several coverage limits to provide even better protection for homeowners. For details, visit tarion.com. how does home insurAnce work?

Most people understand house insurance for single-family residences, but it is different for condominiums. First, your condo maintenance fees cover insurance for the building itself, including items such as the driveway, common areas, garage and roof. This will all be explained in the condominium declaration purchasers receive. Suite owners, however, are responsible to insure everything from their suite’s walls in. This includes your furniture and possessions (contents), but

also the floors, counters, fixtures – anything that is attached to the suite itself. You are wise to hire an insurance company that handles condominiums and understands the ins and outs. resources

An educated home buyer is a happy one. Find out as much as you can before you sign on the dotted line. The Condominium Authority of Ontario’s website (condoauthorityontario.ca) offers a Residential Condominium Buyers’ Guide. Canada Mortgage and Housing Corp. (CMHC) also provides Homebuying Step by Step, and CMHC’s Condominium Buying Guide, at cmhc-schl.gc.ca. Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

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ADVICE | WESTERN VIEW

FORECAST FOR FAILURE HOW BAD DATA HAS HANDCUFFED OUR HOUSING PROJECTIONS

MIKE COLLINS-WILLIAMS

Cities and towns decide on housing plans based on population growth forecasts. What could happen if said forecasts were inaccurate and the actual population numbers proved to be way higher than projected? Well, this is the exact scenario we are living through right now, as we find ourselves in the midst of a housing crisis where there are not enough homes available in either the new housing or resale market. Runaway costs are quickly pricing out families and the next generation of young Canadians. A Forecast for Failure, the new report from the Smart Prosperity Institute written by Dr. Mike Moffatt, documents the failures that took place over the past decade, to accurately plan for the necessary amount of new housing to meet population growth. The result of such

an inaccuracy is all too predictable with ever increasing housing prices and more young families looking to move to communities beyond the GTHA, where housing that meets their needs is more attainable. Dr. Moffatt has found that outdated forecasts and a lack of contingency buffers in the Growth Plan for the Greater Golden Horseshoe (GGH) played a significant role in southern Ontario’s housing shortages. He finds that our forecasts underestimated population growth from international sources since 2016. In just five years, Ontario’s adult population grew by hundreds of thousands more than we planned for, each of whom needs a place to call home. A stunning find is that the GTA and Hamilton’s population growth from international sources between 2016 and 2021 was more than 120,000 more than was forecast. In addition, during the same period, the size of the housing stock was overestimated by 26,000 units. Unless we solve this, it is likely that our future in terms of the cost of housing may look a lot like the recent past.

So why did past housing forecasts completely miss the boat? There were two big policy changes midway through the last decade. The first was in 2014 when the federal government made reforms encouraging more international students to come to Canada, and the second was in 2015 with the introduction of the express entry program for skilled immigrants. Furthermore, the 2020 Growth Plan forecasting update does not account for the significant increases in Canadian immigration targets set by the federal government as part of its post-pandemic recovery plan. As more young families and talent are looking for room to settle and grow, the need for balanced solutions to address the chronic undersupply of housing is critical. We need our cities to provide more choices, not less. We need accurate forecasting that builds in a contingency if population growth exceeds the original forecast, to avoid severely distorting the housing market like we are experiencing today. Overall, municipalities need to stop constraining housing supply to ensure that we are planning for a full range of housing types to suit all our community’s needs. The only way we can meaningfully do this, is through better long-term planning that can balance supply and demand while building more housing of all types. Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

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nexthome.ca 37

BUILDER PROFILE | SOUTHERN ONTARIO

BRAESTONE ESTATES FINAL CHAPTER OF GEORGIAN COMMUNITY HAS HEART AND SOUL IN EVERY HOME Enter a world unlike any other at Braestone Estates. This unique community tells a tale of connection – with the land, with history and with each other. These are the hallmarks of Georgian Communities, which puts heart and soul into every new home. Builders of quality homes across southern Ontario, it’s not simply the attention to detail or superior craftsmanship that sets Georgian Communities apart. Driven by the desire to provide incredible neighbourhoods that embody the timeless values of community, the 38 HOMES Magazine | March 12–April 9, 2022

company strives to build homes in unique locations carefully selected for their proximity to nature and connection to an enriched lifestyle. Over the past two years, countless families have left the GTA in search of a community in touch with nature, and have found homes with Georgian Communities. Because these are places where families and friendships will grow, and where every resident can live remarkably. Inspired by the rolling hills and lush countryside of the OroMedonte region of Horseshoe

Valley, Braestone was designed as a reimagining of the classic Country Estate. The keystone of this community is Braestone Farm, a fully functional working farm that sets the tone for the entire neighbourhood. Horses graze in greenfields, crops grow year after year, and the beautiful landscape transports you to a simpler time. Every element of this neighbourhood touches on the inspiration of the farm, from architecture and interiors to amenities – even the street names reflect these values, each chosen for

the horses that were so integral to the history of the land. More than 560 acres of tranquil countryside. Incredible estate lots averaging one acre for every family. Panoramic views of nature. Combined with the unique character of the modern farmhouse architecture and unparalleled amenities, life at Braestone sounds too good to be true. Yet from planning to production and beyond, it continues to live up to every promise. Its nature has been praised by countless happy homeowners, but also recognized for various awards on an international level, including Best New Home Community from the prestigious CHBA Awards. The truest sense of community and connection is built here, where families live together around the berry patches, orchards and nature preserves. Residents of Braestone have access to the neighbouring Braestone Farm and its bounty, with fresh produce and honey available for purchase to make eating locally grown food easier than ever. Starfall Park brings you closer to the stars, a series of ponds can be enjoyed throughout the seasons,

The Ktchn Restaurant at Braestone Club

and an extensive trail system invites exploration. These are just a taste of Braestone’s Remarkables, born of the natural landscape to offer residents an enriching lifestyle leagues beyond the experiences that can be found in a big city. From a toboggan hill and a Christmas tree farm and beyond, the Remarkables are even bigger than your imagination. With so much available right at home, residents of Braestone have everything they need, and more. But not far from the farm are even more opportunities for an incredible lifestyle. Horseshoe Valley and Copeland Forest are just around the corner, with Braestone Club – where an extraordinary new clubhouse and The Ktchn restaurant offer yet another remarkable amenity – only minutes from home. Opportunities to ski, golf, explore and dine are as endless as the horizons, and between Barrie and Orillia, city conveniences are never far. Many exciting things are happening at Braestone in 2022. Just last month, for example, the inaugural Braestone Winter Classic pond hockey tournament took place at Braestone Farm. This resident-based, volunteerrun fundraiser, supported by Georgian International (the parent company of Georgian Communities) and Braestone Farm itself, as well as The Kitchn Restaurant, raised an incredible $70,000 for the Simcoe Muskoka Regional Cancer Centre. Scheduled to return in February 2023, this annual fundraising event displays exactly how the values of community at Braestone have already grown strong in the first phases of the neighbourhood. As the community continues to

grow, Georgian Communities will be releasing the very last phase of Braestone this year. Scheduled for release later this year, Phase 8 is a uniquely private enclave of just 16 homesteads located on Friesian Court, where it will be separate, but also inclusive to the rest of the neighbourhood. Residents will still have convenient access to all of Braestone’s Remarkables from a short path through the trail networks across the property, yet benefit from a quiet, secluded cul-de-sac. This will be the grand finale of this incredible community, but its story will live on in every family that calls Braestone home and every beloved memory made here. To learn more about Braestone’s Remarkables, its beautiful modern farmhouse architecture, and the upcoming release of Phase 8 of Braestone Estates, visit braestone.ca. nexthome.ca 39

ADVICE REAL ESTATE PRO LOREM | IPSUM IF NEEDED

MANY REASONS TO BUY A PRE-CONSRUCTION HOME OR CONDO

BARBARA LAWLOR

I often advise homebuyers to purchase new, for many reasons. The first that comes to mind is Tarion Warranty Corp. coverage for those who buy in Ontario. And oh, don’t a lot of resale purchasers wish they had that? Previously called the Ontario New Home Warranty Program, Tarion is a consumer protection organization that administers our province’s warranty program. By law, all new homes built in Ontario are provided with this warranty. Among the provisions are deposit protection, delayed closing coverage, and work and materials coverage for up to seven years. For details on these aspects, and the complete coverage, visit tarion.com. Then, you have the peace of mind that comes with knowing your new home or condo will be built to Ontario Building Code. The OBC is updated regularly, so your new home is built to the latest construction, technological and materials standards. It is also more energy-efficient than ever before. Aside from the expense, think about the hassle of bringing a resale home up to your standards. If you buy early enough in the pre-construction cycle to select your features and finishes, your house or condominium suite will feel like home right away. Today’s appointments are more gorgeous than ever before. 40

HOMES Magazine | March 12–April 9, 2022

Plus, when you walk into your new home or suite, everything is fresh and clean. You are the first to live in these surroundings and use the appliances and fixtures. It is a wonderful feeling, like slipping into a brand-new car for the first time. Buying pre-construction also means you get the best choice of lots, layouts, floorplans and views. This is a huge advantage, especially for green thumbs planning on doing a lot of gardening (even in a condo), families with children and in general, anyone at all who has lifestyle preferences. Today’s layouts are efficient, functional and beautiful. Buyers usually have specific needs and wants, so getting in early, while the choices are optimum is a great idea. Buying pre-construction means you can take advantage of the best prices. And speaking of prices, as the developer begins construction and the community progresses, you can build equity as well, maybe even before you move in. In the long run, equity in real estate is a wise investment. We have all seen how well buyers have done financially over the past few years. And with a new home community or condominium, your move-in date is likely several months to a few years in the future, which gives you time to save toward your purchase. New home and condo communities are popping up in spectacular locations across the GTA. Exterior architecture varies from traditional to contemporary and downright modern – so there is something out there for everyone. This is wonderful news for buyers

DUO Condos in Brampton, by National Homes

who live in their purchase and for investors who want to appeal to the spectrum of renters. As always, my advice is to buy new and buy now. 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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HOMES MAGAZINE

NORTH REGION FEATURING PROFILES OF NORTH REGION ONTARIO BUILDERS AND COMMUNITIES

PICTURES ARE COURTESY OF DEMOCRAT HOMES. FOR MORE INFORMATION SEE PAGE 44.

Alliston • Barrie • Collingwood • Innisfil • Orillia Meaford • Shanty Bay • Thornbury • Wasaga Beach nexthome.ca 41

BUILDER PROFILE | ORO-MEDONTE

FOREST HEIGHTS ESTATES DEMOCRAT HOMES WELCOMES SPRING IN HORSESHOE VALLEY Spring is a time of renewal, and a very special season in Horseshoe Valley. Here, residents and visitors alike welcome the arrival of the vernal equinox with a return to traditional open-air activities – from hiking and cycling to sunning, barbecuing and picnicking. Is there a better time to start life anew in a brand-new community? Democrat Homes is creating an exclusive and sun-splashed community, set in the centre of all the fresh-air excitement. If you love the great outdoors and everything spring has to offer, then bring your family, friends and pets to Forest Heights Estates. This is the place to celebrate renewed life in all its verdant glory. 42 HOMES Magazine | March 12–April 9, 2022

Situated just one hour north of Toronto between Orillia and Barrie, Oro-Medonte is just what the doctor ordered, after a long, snowy winter. Forest Heights Estates offers brick and stone bungalow and two-storey single-family homes on treed ravine lots, nestled in nature. The warmweather lifestyle here is incredible… towering pines and maples, oak trees and white birch dot the landscape. You may breathe in the clean, fresh air as you listen to the sound of serenity, interrupted only by the gentle warbling of returning birds. Now picture the home of your dreams framed against the greens, reds and browns of the Simcoe County Forest.

Whether your fancy turns to newly sprouted greenery or a springshopping-fling, it’s all right here. Forest Heights Estates is surprisingly close to the modern amenities your consumer side craves. Parks, recreational facilities and woodland trails… rub elbows with big box stores, boutiques, restaurants, waterfront, schools, hospitals and a major university – all just a short walk or drive away. To match the stunning natural – and often lush and flowery – beauty of nature’s bounty, Democrat has raised the bar by offering exceptional standard features, bringing elegance and luxury inside every home they build. Incredible standards include engineered

hardwood floors, nine-ft. ceilings, oak stairs, insulated steel garage doors, upgraded trim and kitchen cabinets, 200-amp service, pot lights, tankless water heaters and more. Democrat wants to set every house apart with a uniqueness and individuality that will reflect your inimitable and superior taste. Bold brick, and brick with stone elevations are dramatically silhouetted against the green, leaf-covered woods, just outside your back door. Democrat Homes’ custom-style elevations feature architecturally refined exteriors, which include high-pitched roofs, classic masonry, decorative columns and pre-cast detailing (such as key-stones, banding and sills) giving every model a regal stature. Each lot is unique in size and appearance, ranging from a minimum half acre to premium lots on private cul-de-sacs that approach three acres of treed beauty. Classic two- or threegarage bungalows with nine-ft. ceilings, upgraded kitchens and finishes, sited on sprawling 100-by-200-ft. (minimum) sized lots. These single level homes range from 1,615 to 2,821 sq. ft. and incorporate large picture windows with ample views of the stunning landscape... of your own backyard. Other standard features include

hardwood flooring, gas fireplace, granite counters, superior ceramics and designer finishes. Whether you prefer the one-floor convenience or have had it with climbing stairs, these are the perfect models for you. Of course, who can argue with the unmatched beauty, refinement and elegance of a classic two-storey estate home – especially in Forest Heights? The refined town-and-country homes have found a perfect placement in picturesque Horseshoe Valley. These stunners offer high-pitched roofs, two- and three-car garages, large verandas and distinct windows on their brick and stone exteriors. Step inside to discover sizable foyers, nine-ft. ceilings (some with vaulted and cathedral treatments), wood, tile and berber carpeted floors, large master bedrooms, plus two or three additional generous bedrooms, and so much more. There are six exceptional models to choose from, ranging in size from approximately 2,400 to 3,500 sq. ft., each one more beautiful than the other. Forest Heights is a real neighbourhood with fantastically fit empty-nesters and forever young families coming together in a celebration of fine living and fabulous surroundings. All homeowners will

enjoy convenient direct access from Horseshoe Valley Road. And the homes are perfectly situated on a quiet main street as well as several one-of-a-kind cul-de-sacs. Democrat wants Forest Heights to be the place you choose for now and forever. It’s like no other community and the limited 80 lots make it truly exclusive. It is a special place that will remain a jewel in the heart of OroMedonte for years to come. Sales Manager Mark Palumbo handles every purchase personally and will help you navigate your newhome buying experience with ease. From the initial purchase to colour charts, electrical layouts and kitchen design, Palumbo will assist you with every aspect of your new home. Finally, you should know that these estate homes are available at about half the Toronto price, starting from the $1.5 millions. The first and second phases are entirely sold out, but now is the time to register for Phase 3. Spring is the perfect period to find your forever home in Forest Heights. For further information and to register, visit the Democrat Homes website at democrathomes.com or email Palumbo directly at mark@ democrathomes.com. nexthome.ca 43

HOMES MAGAZINE

SOUTHWESTERN ONTARIO FEATURING PROFILES OF SOUTHWESTERN ONTARIO BUILDERS AND COMMUNITIES

PICTURES ARE COURTESY OF DUNPAR HOMES. FOR MORE INFORMATION SEE PAGE 47.

Brantford • Burlington • Cambridge • Georgetown • Guelph Halton Hills • Hamilton • Kitchener-Waterloo • Milton Niagara • Oakville • Stoney Creek • And Surrounding Areas nexthome.ca 45

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INSPIRATION |

decor

HAVING YOUR OWN

SPA-LIKE BATHROOM by Linda MazUR

Let’s face it – we all would love a big, spa-like bathroom to start and end our days, but not all of us are afforded the luxury of square footage for a large soaker tub and walk-in shower in our bathrooms. If you live in a small home and need to keep the traditional tub-shower combination due to space constraints, don’t feel like a great looking bathroom is out of reach. Small bathrooms can definitely be a challenge. Try as you may, there is only so much space to fit in all the necessities, attempt to provide adequate storage solutions and still create the Instagram-worthy bathroom everyone 50 HOMES Magazine | March 12–April 9, 2022

wants. Smaller homes and condos are often outfitted with only a single full bathroom, so a tub-shower is a great two-in-one space-saving solution. This combination makes the most of limited space by providing all the benefits, just in a compact footprint. They can be very cost-effective compared to a separate tub and shower option when renovating, and open extra space for a large vanity and more enhanced storage. So, we know all the practicalities of a tub-shower combination for your small bathroom, but there is still the lingering desire for a luxe looking spa-like space. Modern

tub-shower combinations come in a wide variety of attractive designs and styles to suit your particular design and needs. You do not need to limit yourself to pre-fabricated, all-in-one units. Tub-showers can be completely customized from the size, style and colour of tub you choose, to your preferred choice of faucets and fittings. Detachable or rain shower head? Gold, nickel or black? Traditional or modern? It’s entirely up to you. When it comes to selecting a glass door to make your space feel bigger or for a private enclosure, your choice depends on your budget and comfort level. Another way to customize is through tile, and with countless selections available, it’s easy to get inspired and create a wonderful looking bathroom. From monochromatic elegance to bold colours, rustic wood-grained tile to 3D tiles, to textured tiles and fun patterns, there is an endless array of possibilities that can elevate the simple tub-shower combination. If you’re on the hunt for a more upscale approach, why not try a large format tile with a beautiful natural marble vein; not only will it make your space look and feel more luxurious, it also limits the grout lines. If you feel like you have been compromised by being dealt a small bathroom with a tub-shower in your home, think again! With all the possibilities available today, that high-end spa-like bathroom is definitely within reach. Homes without bathtubs can be challenging on resale, so embrace your tub-shower complement and get inspired to create an amazing space for your home.

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 51

INSPIRATION |

FRESHEN UP YOUR SPACE FOR

big style

SPRING

USHER IN THE NEW SEASON WITH FLORAL ACCENTS AND FRESH PATTERNS by LISA ROGERS

Spring is a gorgeous season, not only because the days get longer and the sun shines brighter, but the feeling of optimism it brings is hard to beat. And while we tend to focus a lot of our attention on spring cleaning this time of year, it’s also a wonderful opportunity to refresh your space with some simple, stunning decor ideas that can bring life back to your home. Follow these suggestions to bring the season into your own space. REPAINT YOUR BOOKCASES

Bring life back to your built-in bookcase by painting it a fresh spring 52 HOMES Magazine | March 12–April 9, 2022

colour. I love the idea of a soft pastel – think mint or pink – and then play with your accents by adding topiaries or little pots of fresh flowers scattered across the shelves. If that still feels like too much of a commitment, I do love the idea of colour-coordinating your books – it still looks fabulous and curated. BRING IN SOME PAMPAS GRASS

Pampas grass is very popular right now, and I love how it exudes a relaxed, bohemian look that can fit into any modern or neutral colour palette in your home. Because it’s

a dried floral, it will stand the test of time, so it’s a great investment with zero maintenance. These work anywhere, and depending on which ones you go with, you can place them in any size vase for any room. BRIGHTEN UP YOUR DOORWAY

As with your bookshelves, why not try a similar treatment on your door or even just the frame? It’s the easiest upgrade that packs a beautiful punch, and raises your home’s curb appeal in the process. A couple of hours and your favourite spring-inspired shade, and you will have completed a project

that lightens up your home and makes an impact. SWITCH YOUR BEDDING

Swap your cotton or heavier fabric bedding for the pleasure of soft linens. With warmer weather approaching, you want linens that feel light to the touch and don’t (literally) weigh you down. There are so many colour options to choose from, but I love to stay neutral with slate grey, sand or cream tones. PLAY WITH FLORAL WALLPAPER

Nothing harkens spring more than this season’s crop of floral wallpaper.

Depending on your style, you can go big and bold with large patterns and blooms or you can stay understated with less imposing prints. I love floral wallpaper functioning as an accent wall in a powder room or the bedroom. Complement the paper by finding soft furnishings and accessories that bring some of the featured colours into the space. TRY CITRUS CENTREPIECES

Build your own seasonal centrepiece with a quick trip to the grocers: Buy a bunch of tangerines, lemons or limes and fill a clear glass vase to place in the centre of your dining table. It immediately feels like spring has arrived and reminds me of dining al fresco. Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca nexthome.ca 53

HOT PROPERTIES

FIND YOUR NEXT HOME

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

MAP

LOCATION

SITE

ADDRESS

CONTACT

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

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

Aurora.............................................Allegro Downtown Aurora .................................... 36 Klees Crescent .................................................................................geranium.com

Aurora.............................................Woodhaven ............................................................... 14222 Yonge St. ................................................................brookfieldresidential.com

Aurora.............................................Shining Hill ................................................................ Yonge St. & St. John’s Siderd. .............................................. regalcresthomes.com

Aurora.............................................Aurora Townhomes................................................. George St. & Wellington St. .........................................................andrinhomes.com

Aurora.............................................Paradise Aurora ........................................................ Mavrinac Blvd. & Wellington St. ...............................paradisedevelopments.com

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

10.

Brampton.......................................Spring Valley Estates ............................................... 1364 Queen St. ........................................................................ springvalleyestates.ca

11.

Brampton.......................................Mayfield Village ........................................................ Bramalea Rd. & Mayfield Rd. ................................................. royalpinehomes.com

12.

Brampton.......................................The Sandalwood ...................................................... 120 Sandalwood Parkway East ............................................. royalcliffhomes.com

13.

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

14.

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

15.

Brampton.......................................Cleave View Estate By The Credit ........................ Queen St. & Mississauga Rd. ................................................ regalcresthomes.com

16.

Brampton.......................................Westfield..................................................................... Mississauga Rd. & Steeles Ave. ...........................................................greatgulf.com

17.

Brampton.......................................The Estates of West River Valley........................... McVean Dr. & Countryside Dr............................................... royalpinehomes.com

18.

Brampton.......................................Mount Pleasant North & UNION Mount Pleasant .... Remembrance Rd. & Edenbrook Hill Dr. ............................mattamyhomes.com

19.

Brampton.......................................High Point .................................................................. Mississauga Rd. & Mayfield Rd. ................................paradisedevelopments.com

20.

Brampton.......................................Beechwood ............................................................... Chinguacousy Rd. & Mayfield Rd. ...........................paradisedevelopments.com

21.

Caledon .........................................Ellis Lane .................................................................... Mayfield Rd. & Chinguacousy Rd. ........................................mattamyhomes.com

22.

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

23.

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

24.

Etobicoke.......................................Vita On The Lake 2 .................................................. 2167 Lake Shore Blvd. W. ........................................................mattamyhomes.com

25.

Etobicoke.......................................Lake Shore Village ................................................... 68 Daisy Ave. ................................................................................. dunparhomes.com

26.

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

27.

Etobicoke.......................................Boutique Towns ....................................................... 80 Thirtieth St. .............................................................................. dunparhomes.com

28.

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

29.

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

30.

Kleinburg .......................................The Enclave on Nashville ...................................... 99 Nashville Rd. .......................................................................stateviewhomes.com

31.

Kleinburg .......................................Pine Valley ................................................................ Pine Valley & Teston Rd ...........................................................goldparkhomes.com

32.

Markham and Unionville.............Cornell Markham ..................................................... Bur Oak Ave. & Hwy 7 .............................................................. ballantryhomes.com

33.

Marham and Unionville .............Union Glen ................................................................ Kennedy Rd. & Major McKenzie ............................................ fieldgatehomes.com

34.

Markham and Unionville ...........Riverwalk Meadows ................................................ Ninth Line & 14th Ave. .......................................................................flatogroup.com

35.

Markham and Unionville ...........Angus Glen South Village ...................................... 9980 Kennedy Rd., #200. .........................................kylemorecommunities.com

36.

Markham and Unionville ...........Kennedy Manors ...................................................... 4500 Major Mackenzie Dr East. ...............................kylemorecommunities.com

37.

Markham and Unionville ...........Nao Phase 2 .............................................................. 14th Ave. & McCowan Rd.......................................................stateviewhomes.com

38.

Markham and Unionville ...........On The Mark Phase 2.............................................. 16th Ave. & Woodbine Ave. ...................................................stateviewhomes.com

39.

Markham and Unionville ...........Minu Towns ............................................................... Donald Cousens Pkwy. & Ninth Line ..................................stateviewhomes.com

54 HOMES Magazine | March 12–April 9, 2022

+ MAP

MAPS

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

LOCATION

SITE

Locate properties using the map on the following page

ADDRESS

CONTACT

40.

Newcastle ......................................Belmont ...................................................................... West Coast Forest ..............................................................................treasurehill.com

41.

North York .....................................Kenneth & Holmes .................................................. Kenneth & Holmes ........................................................................fieldgatehomes.ca

42.

Oshawa ..........................................Kingsview. Ridge ...................................................... Taunton Rd. & Townline Rd. N........................................................treasurehill.com

43.

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

44.

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

45.

Pickering ........................................Geranium in Pickering............................................ Altona Rd. & Twyn Rivers Dr. .............................................................geranium.com

46.

Pickering ........................................Nutowns ..................................................................... Brock Rd. & Whitevale Rd. ............................................................ madisongroup.ca

47.

Pickering ........................................Edgewood Pickering............................................... Altona Rd. & Finch Ave. .......................................................................geranium.com

48.

Pickering ........................................Seaton ......................................................................... 1075 Taunton Rd. ...................................................................... fieldgatehomes.com

49.

Pickering ........................................Frenchman’s Bay...................................................... Liverpool Rd. & Bayly St. ...................................................................madisonfb.com

50.

Richmond Hill ..............................The Bond ................................................................... Yonge & King.............................................................................stateviewhomes.com

51.

Richmond Hill ..............................King’s Landing .......................................................... Oak Ridges ................................................................................stateviewhomes.com

52.

Richmond Hill .............................Ivylea ........................................................................... Leslie St. & 19th Ave. ......................................................................marlinspring.com

53.

Richmond Hill ..............................Richlands.................................................................... Leslie St. & Elgin Mills Rd. ...................................................... fieldgatehomes.com

54.

Richmond Hill .............................Millbrook Park........................................................... Elgin Mills & Leslie St..........................................................northstarhomesinc.com

55.

Richmond Hill .............................Park Lane Place ........................................................ Elgin Mills & Leslie St..........................................................northstarhomesinc.com

56.

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

57.

Richmond Hill ..............................Richlands.................................................................... 10961 Leslie St. ..................................................................................opushomes.com

58.

Richmond Hill ..............................Emerald Crossing..................................................... 8854 Yonge Street .................................................................... fieldgatehomes.com

59.

Richmond Hill ..............................King East Estates ...................................................... King Rd. & Toscanini Rd...................................................................... pureplaza.com

60.

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

61.

Scarborough .................................Valleyview Garden................................................... 3012 Kennedy Rd. ...................................................................valleyviewgardens.ca

62.

Scarborough .................................Upper Summerside ................................................. 743 Warden Ave. ......................................................................mattamyhomes.com

63.

Scarborough .................................2787 Eglinton Ave. E................................................ 743 Warden Ave. ......................................................................mattamyhomes.com

64.

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

65.

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

66.

Vaughan .........................................Hotel Vie..................................................................... 8440 Hwy. 27............................................................................................hotelvie.com

67.

Vaughan .........................................Evoke ........................................................................... Dufferin St. & Rutherford Rd. ..........................................................treasurehill.com

68.

Whitby ............................................Queen’s Common ................................................... 1075 Taunton Rd.. .....................................................................mattamyhomes.com

69.

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

70.

Whitby ............................................Whitby Meadows ..................................................... Cochrane St. & Taunton Rd. ...........................................................opushomes.com

71.

Whitby ...........................................The Boatworks Towns in Whitby ......................... Brock St. S. & Victoria St. W. ........................................................andrinhomes.com

72.

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

73.

Whitby ............................................The Landing in Whitby Harbour........................... Brock St. South & Victoria St. ................................................................ carttera.com

74.

Whitechurch/Stouffville ............Blue Sky ...................................................................... 9th Line & Millard St. ................................................................ fieldgatehomes.com

75.

Whitechurch/Stouffville ...........Cityside Stouffville................................................... Tenth line & 19th Ave. ............................................................. fieldgatehomes.com

76.

Woodbridge ..................................Pine Valley.................................................................. Pine Valley Dr. & Major Mackenzie Dr. .....................................marlinspring.com

77.

Woodbridge ..................................The Enclave ............................................................... 410 Chrislea Rd. .......................................................................stateviewhomes.com nexthome.ca 55

HOT PROPERTIES | GREATER TORONTO AREA

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58 50

52 51 57 53 54 24

56 37

31 30

65 67

29 17 66 11 10 13

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28 9

14 15

16 25 27 26

56 HOMES Magazine | March 12–April 9, 2022

74 72

32 39

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MAPS

CARTOGRAPHY: MARKETMAPS.COM

Match the map numbers with property listings on the previous Hot Properties page

nexthome.ca 57

HOT PROPERTIES | OUT OF TOWN EAST

FIND YOUR NEXT HOME L

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

erso n

La k

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MAP wy W

1. 2. 3. 4. 5. 6. 7.

LOCATION

SITE

ADDRESS

CONTACT

Courtice .........................................The Vale ...................................................................... Prestonvale Rd. & Bloor St....................................................... nationalhomes.com East Region ...................................Newbrook .................................................................. North St. & Concession Rd. ......................................................brookfieldhomes.ca East Region ...................................Haven on the Trent .................................................. Forest Hill Rd. & Riverside Trail................................................................. sifton.com Peterborough ...............................Parklands & The Condo Arbour Villas ................ 1224 Chemong Rd. .......................................................................... masonhomes.ca Port Hope/Cobourg ...................Port Hope Lakeside Village ................................... 415 Lakeshore Rd. ............................................................................ masonhomes.ca Port Hope/Cobourg ...................Kingswood Cobourg............................................... 425 King St. E. .................................................................................... masonhomes.ca Port Perry.......................................Courts of Canterbury .............................................. Simcoe St. & Country Estates Dr. ......................................................geranium.com

Start your search Your trusted authority for the latest new home and condo developments. Visit nexthome.ca to get started.

58 HOMES Magazine | March 12–April 9, 2022

HOT PROPERTIES | OUT OF TOWN NORTH

FIND YOUR NEXT HOME

The latest properties in the Out of Town North Area to keep your eye on 5

2 15

6 11

CARTOGRAPHY: MARKETMAPS.COM

12 13 3 10

MAP 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.

LOCATION

SITE

ADDRESS

CONTACT

Barrie ..............................................Hampton Heights .................................................... Essa Rd. & Ardagh Rd. .............................................................stateviewhomes.com Bracebridge ..................................White Pines ................................................................ 39 Clearbrook Trail ...................................................................mattamyhomes.com Horseshoe Valley.........................Forest Heights Estates ............................................ 2 Diamond Valley Dr., Oro Medonte ................................. democrathomes.com Horseshoe Valley.........................One Twenty Fonthill Condominium Residences .... North Pelham atHwy. 20 ...........................................................mountainview.com Muskoka .........................................Highcrest in Muskoka ............................................. 46 Hanes Rd. ...................................................................... edgewoodmuskoka.com North Region ................................Craighurst .................................................................. Horseshoe Valley Rd. & Hwy. 93................................georgianinternational.com North Region ................................Mountain House at Windfall ................................. Mountain Rd. & Crosswinds Blvd, Collingwood ...georgianinternational.com North Region ................................Emerald Crossing..................................................... Hwy. 89 & Hurontario St., Shelburne .................................. fieldgatehomes.com North Region ................................Braestone Horseshoe Valley ................................. 3246 Line 9 North, Oro Medonte..............................georgianinternational.com North Region ................................GreenRidge & Beeton Village ............................... 41 Main St. W., Beeton .......................................................................flatogroup.com North Region ................................Midhurst Heights...................................................... Russel Rd. & Craig Rd...........................................................................geranium.com North Region ................................Edgewood Greens ................................................... Hwy. 10 & Main St. East, Dundalk ...................................................flatogroup.com North Region ................................Edgewood Suites ..................................................... 270 Hagan St. E., Dundalk .........................................................edgewoodsuites.ca North Region ................................Collingwood ............................................................. Maple & Sixth Street ..........................................................georgianinternational.ca Orillia ..............................................Professor’s Walk ....................................................... Diana Dr. & University Ave. ................................................... democrathomes.com Owen Sound.................................Greystone Village..................................................... 1800 2nd Ave. E...................................................................................flatogroup.com

Get the inside scoop Subscribe to our newsletter Visit https://nexthome.ca/newsletter

nexthome.ca 59

HOT PROPERTIES

FIND YOUR NEXT HOME

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

MAP

LOCATION

SITE

ADDRESS

CONTACT

Burlington/Waterdown..............The Towns at Valera ................................................ 4858 Thomas Alton Blvd. ...................................................adidevelopments.com

Burlington/Waterdown..............Nautique Lakefront Residences ........................... 375 Brant St. ............................................................................adidevelopments.com

Burlington/Waterdown..............National Homes in Burlington, ............................ 484-490 Plains Rd. E. ............................................................... nationalhomes.com

Burlington/Waterdown..............Affinity Condominiums .......................................... Plains Rd. E. & Filmandale Rd. ............................................ rosehavenhomes.com

Burlington/Waterdown..............Millcroft Towns ......................................................... Appleby Line & Taywood Dr........................................... branthavenmillcroft.com

Hamilton-Wentworth .................Losani Homes at Barton & Glover ....................... Barton St. & Glover Rd. ..................................................................losanihomes.com

Hamilton-Wentworth .................On The Ridge ............................................................ Mud St. & First Ave. ......................................................................... liveontheridge.ca

Hamilton-Wentworth .................Central Park: Midtown & Soho ............................. Upper Red Hill Valley Pkwy & Rymal Rd. .................................. MyCentralPark.ca

Hamilton-Wentworth .................Tiffany Hill Phase 3.................................................. 288 Raymond Rd. ............................................................................... rosehaven.com

10.

Hamilton-Wentworth .................Monterey Heights .................................................... Shaver Rd. & Garner Rd. W. ..........................................................dicenzohomes.ca

11.

Hamilton-Wentworth .................Stonegate Park ......................................................... Upper Wellington St. & Stone Church Rd. E. ...........................dicenzohomes.ca

12.

Kitchener/Waterloo ....................Wallaceton ................................................................. Huron Rd. & Fischer-Hallman........................................................ heathwood.com

13.

Kitchener/Waterloo ....................River Ridge................................................................. 90 Deer Creek St. ............................................................................................. activa.ca

14.

Kitchener/Waterloo ....................Vista Hills.................................................................... 259 Sweet Gale St............................................................................................ activa.ca

15.

Kitchener/Waterloo ....................Avenue M ................................................................... 40 Margaret Ave. .................................................................................. avenuemkw.ca

16.

Kitchener/Waterloo ....................Young Condos at City Centre ............................... King West & Young St. ...................................................................andrinhomes.com

17.

Kitchener/Waterloo ....................Trailside at Grey Silo Gate...................................... 243 Grey Silo Rd............................................................................................... activa.ca

18.

Kitchener/Waterloo ....................Riverwood ................................................................. 90 Deer Creek St. ............................................................................................. activa.ca

19.

Kitchener/Waterloo ....................Doon South & Ormston at Doon South ............ 653 Thomas Slee Dr. ....................................................................................... activa.ca

20.

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

21.

London ...........................................Victoria Flats.............................................................. Commissioners Rd. E. & Hamilton Rd. ................................................... sifton.com

22.

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

23.

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

24.

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

25.

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

26.

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

27.

Milton .............................................West Country Milton ............................................... Regional Rd. 25 & Brittania Rd. ................................................... countryhomes.ca

28.

Milton .............................................Milton Village ............................................................ Tremaine Rd. & Britannia Rd. ..............................................................greatgulf.com

29.

Milton .............................................Soleil............................................................................ Louis St. Laurent Ave. & Bronte St. S. ...................................mattamyhomes.com

30.

Mississauga ...................................5150 Ninth Line ........................................................ 5150 Ninth Line .........................................................................mattamyhomes.com

31.

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

32.

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

33.

Niagara Region ............................Millennium................................................................. Portage Rd., Niagara Falls ..........................................................mountainview.com

34.

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

35.

Niagara Region ............................Lyon’s Creek .............................................................. 4382 Mann St ................................................................................mountainview.com

36.

Niagara Region ............................Portview Estates ....................................................... Simcoe St. & Canal St..............................................................silvergatehomes.com

37.

Niagara Region ............................Vista Ridge & Vibrant at Vista Ridge .................... 4008 Mountain St. ..........................................................................losanihomes.com

38.

Niagara Region ............................Davis Heights ............................................................ 1535 Haist St, Pelham. ............................................................ lucchettahomes.com

39.

Niagara Region ............................Grimsby Waterfront ................................................. 398 N Service Rd. ...........................................................................losanihomes.com

40.

Niagara Region ............................Saffron Estates .......................................................... Port Robinson Rd. & Rice Rd., Fonthill ...................................mountainview.com

41.

Niagara Region ............................Lincoln Estates.......................................................... Lincoln Ave. & King St. ...................................................................losanihomes.com

42.

Niagara Region ............................The Residences at Hunters Pointe ...................... 71 Kyntre Trail............................................................................ lucchettahomes.com

43.

Niagara Region ............................Edgewater Trails ....................................................... Daimler Pkwy & Magnolia Ln, Welland. .............................. ballantryhomes.com

44.

Niagara Region ............................One Twenty Condos ............................................... Canboro Rd. & Rice Rd., Fonthill .............................................mountainview.com

60 HOMES Magazine | March 12–April 9, 2022

+ MAP

MAPS

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

LOCATION

SITE

Locate properties using the map on the following page

ADDRESS

CONTACT

45.

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

46.

Niagara Region ............................River Estates .............................................................. Lametti Dr., Pelham.....................................................................mountainview.com

47.

Niagara Region ............................Timberwood Estates ............................................... Merritt Rd. & Grisdale Rd., Thorold .........................................mountainview.com

48.

Niagara Region ............................Ryan’s Grove ............................................................. 13 Tanner Dr. ............................................................................. lucchettahomes.com

49.

Niagara Region ............................Legends On The Green .......................................... Niagara Pkwy & Legends Way ............................................... silvegatehomes.com

50.

Niagara Region ............................West Community ..................................................... 44 Elderberry Rd., Thorold........................................................mountainview.com

51.

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

52.

Oakville ..........................................Oakville Ravine Townhomes ................................ Sixth Line & Germorda Dr.......................................................... dunparhomes.com

53.

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

54.

Oakville ..........................................Randall Residences ................................................. Trafalgar Rd. & Randall St..................................................... rosehavenhomes.com

55.

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

56.

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

57.

Oakville ..........................................White Oaks Ravine................................................... 1429 Dundas St. ........................................................................... dunparhomes.com

58.

Oakville ..........................................The Preserve & East Preserve .............................. Dundas St. W. & Proudfoot Trail ............................................mattamyhomes.com

59.

Oakville ..........................................The Preserve Woodland Estates .......................... Dundas St. W. & Proudfoot Trail ............................................mattamyhomes.com

60.

Oakville ..........................................5North The Preserve,.............................................. Dundas St. W. & Proudfoot Trail ............................................mattamyhomes.com

61.

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

62.

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

63.

Oakville ..........................................Upper Joshua Creek ............................................... 9th Line & Dundas St. ..............................................................mattamyhomes.com

64.

Oakville ..........................................La Réserve.................................................................. 153 Reynolds St. ..................................................................... rosehavenhomes.com

65.

Welland ..........................................Sparrow Meadows ................................................... 335 Hillsdale Rd.. ................................................................... rosehavenhomes.com

66.

West Region ..................................The McKenzie Towns .............................................. 1535 McKenzie Rd. ......................................................................mountainview.com

67.

West Region ..................................Sifton Homes ............................................................ Hyde Park Rd. & Ilderton Rd. .................................................................... sifton.com

68.

West Region ..................................Boulder Creek ........................................................... Cleaver Rd. & King Edward St. .................................................................. sifton.com

69.

West Region ..................................St. George Village .................................................... Concession 2 & Woodhill Rd. ......................................................losanihomes.com

70.

West Region ..................................HarrisView.................................................................. 34 Hollingshead Rd..................................................................................... sifton.com

71.

West Region ..................................Brant West .................................................................. 562 Shellard Ln ....................................................................................brantwest.com

72.

West Region ..................................Magnolia Trails .......................................................... Modeland Rd. & Michigan Lane ............................................................... sifton.com

73.

West Region ..................................Rosewood.................................................................. Nissouri Rd. & Thorndale Rd..................................................................... sifton.com

74.

West Region ..................................Soleil St. Clair ............................................................ Corunna ......................................................................................................... sifton.com

75.

West Region ..................................Seasons & Watercolours at Simply Grand ......... 1039 Rest Acres Rd. ........................................................................losanihomes.com

76.

West Region ..................................Knightsbridge ........................................................... Graff Ave. & Mornington St. ...................................................................... sifton.com

77.

West Region ..................................Hazelwood on the Grand ...................................... Hardy Rd......................................................................................................... sifton.com

78.

West Region ..................................Cottonwood.............................................................. Dingle St. ........................................................................................................ sifton.com

79.

West Region ..................................Hawthorne Park ....................................................... Oakwood Dr. & Byron Ave. ....................................................................... sifton.com

80.

West Region ..................................Reflections Caledonia ............................................ 1437 McKenzie Rd .................................................................... ballantryhomes.com

81.

West Region ..................................Lakeside Landing Wellington................................ 411 Main St., Wellington.......................................................... royalcliffhomes.com nexthome.ca 61

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

KITCHENER–WATERLOO

Guelph 17

Waterloo 12 Kitc

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Milton

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32 34

33 19

Cambridge 1 5

3 70 67

75 77

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Hamilton

71 9 10

LONDON

23 69 20

66 85

London 22 21

26 72

25 24

62 HOMES Magazine | March 12–April 9, 2022

81 31

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51 55 65 66

64 Oakville 54

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ADVICE | INDUSTRY REPORT

BUYING PRE-CONSTRUCTION? RESEARCH AND PREPARATION ARE ESSENTIAL

DAVE WILKES

When a development project is cancelled, it attracts media attention. While builders and developers do everything they can to avoid disappointing their customers, the reality is that project cancellations sometimes do occur, and for good reasons. Purchasing a preconstruction unit is different from buying an already-built unit, and consumers interested in preconstruction units must inform themselves about disclosures and protections before they buy. Our industry builds hundreds of housing projects annually in the GTA, to deliver approximately 40,000 new housing units. Cancellations are the exception. According to Altus Group, which monitors new home sales data, since 2010, about 148 projects in total have not gone forward – an average of 13.5 projects per year. Consumers need to understand that pre-construction units, which come at favourable prices, also come with the risk of cancellation. Prospective homeowners who are not comfortable with the risk should look at already-built units or resale homes. It’s important to understand, though, that those usually don’t come with the same advantageous prices. There are various reasons projects get cancelled. In some cases, not enough units in a project are sold to allow the project to proceed. In 66 HOMES Magazine | March 12–April 9, 2022

others, the builder or developer is not able to secure financing or the projected costs of a project escalate to a point where it is not financially viable. And some projects encounter approval delays, or do not get approved at all. These unfortunate and unlikely contingencies are detailed in the enhanced disclosure section of the Tarion Addendum, the standard form attached to the purchase and sales agreement for pre-construction sales. The agreement document also sets out payment schedules, occupancy dates and grounds for termination. Buyers of pre-construction units should go over their purchase

agreement carefully and have it reviewed by a lawyer to ensure they understand all the conditions and any potential risks.

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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