GTA Condo Life - April 23, 2022

Greater Toronto Area April 23–May 21, 2022

TRIDEL & BAZIS SPEARHEAD A DOWNTOWN REBOOT

CHURCH

Greater Toronto’s COMPLETE CONDO GUIDE

QUEEN

INSIDE:

SPECIAL REPORT: PREPARING FOR THE SPRING MARKET

WHY WE ALL LOSE WHEN WE DON’T BUILD ENOUGH HOMES

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APRIL 23–MAY 21, 2022

CONTENTS COVER STORY

22 QUEEN CHURCH CONDOS TRIDEL AND BAZIS SPEARHEAD A DOWNTOWN REBOOT WITH THE LAUNCH OF THEIR LATEST LANDMARK DEVELOPMENT IN A PRIME TORONTO LOCATION 6 condolife magazine | April 23–May 21, 2022

38

Property Profile: The Greenwich Condos at Oakville New Branthaven project in Upper Oakville the shape of things to come

58

Maps & Amenity Charts

65 Advertisers Index: Want more information? Just ask — and you could win a prize

COLUMNS

18

Stat Chat The ever-changing new condo market

28

Personal Finance Everything you need to know about mortgage pre-approval

37

The Economist How will the housing industry react to inflation and rising interest rates?

40 Legally Speaking What first-time buyers need to know about your Land Transfer Tax refund

38

41

Home Realty The tax benefits of owning a rental property

43 Real Estate Pro There’s a new home or condo for every lifestyle

44 Realty Insider Where is your down payment coming from?

45 Western View Political alignment on the housing shortage

46 The Marketing Edge Concerted efforts beginning to address housing challenges

47 Real Insight What does the federal budget mean for housing?

50

48 Condo Design Joie De Vivre

DEPARTMENTS

20 Inside The GTA

8

30 In Conversation With...

Editor’s Note Ontario, yours to resdiscover

10

Contributors & masthead

12

Condo Life Online

14

In the Spotlight GTA new home and condo sales hit record highs in February; more news on pages 15, 16 and 17

32

66 Industry Report We all lose out when we don’t build enough homes

Jason Shiff, Amexon Development Corp.

INTERIORS

Special Report

49 Cover

The Power Seat

50 Big Style 52

Home Finds

54 Decor nexthome.ca 7

EDITOR’S NOTE

ONTARIO YOURS TO REDISCOVER

WAYNE KARL EDITOR-IN-CHIEF Condo Life Magazine

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

+ get social 8

condolife magazine | April 23–May 21, 2022

If you’re a long-time resident of Ontario, you know full well all the province has to offer, despite the current challenges presented by COVID, inflation, the political climate and other concerns.

If you’ve also been fortunate enough to be a homeowner here for years, and perhaps are now looking to downsize, relocate or buy a recreational property, you may be rediscovering Ontario. The appeal of cities, towns and small communities all over the province is undeniable; so, too, is the strength of its real estate markets.

Indeed, as our Special Report: The Power Seat and other content in this issue illustrates, Ontario is a star performer in Canada when it comes to real estate. Whether it’s the varied and growing markets in the Niagara Region – boasting, believe it or not, some of the strongest price growth in the province – or more traditional ones in and around the GTA, there doesn’t seem to be any signs of letting up.

ReMax Canada, in fact, forecasts over the next five years in Ontario and most of Canada, markets will not just remain stable, but will see continuing strong price growth.

Regardless of your demographic or homebuying plans, 2022 is somewhat more complicated by extraneous factors: The conflict in Europe, the effect of inflation on the prices of fuel, food and just about everything else, the pandemic…

For insights on their potential impact, our experts in The Power Seat offer some advice on how to navigate these issues, complete with hot lists of upcoming launches of new home projects for you to explore as you rediscover Ontario.

Interact with us on social media: nexthome

60 QUEEN STREET EAST

Queen Church, a striking new condominium community by Tridel and BAZIS, offers downtown living like you never expected, just steps from the Yonge Subway line. Explore a myriad of unparalleled neighbourhood amenities right in the heart of Torontoʼs most historic district.

WE ARE CONNECTED COMING SOON. REGISTER AT QUEENCHURCH.COM © 2022 Tridel Corp. All rights reserved. Buildings and views not to scale. Illustrations are artist’s concept only. *Prices and specifications subject to change without notice. E.&O.E. April 2022.

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

EDITOR-IN-CHIEF – NATIONAL REAL ESTATE

Susan Legge susan.legge@nexthome.ca

EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca MANAGING EDITOR

THE MARKETING EDGE | CHRISTOPHER MARKOVIC Christopher Markovic is CEO, PMA Brethour Realty Group, with 25 years of development project sales and marketing experience with some of Canada’s leading organizations. He is directly involved with the positioning, marketing and sales of PMA pre-construction projects, consulting with clients from concept and planning stage to managing the sales and customer experience. pmabrethour.com

Rise Levy rise.levy@nexthome.ca CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Kevin Crigger, Sara Duck, Michael Klassen, Barbara Lawlor, Christopher Markovic, Linda Mazur, Ben Myers, Tania Richardson, Lisa Rogers, Jayson Schwarz, Ted Tsiakopoulos, Dave Wilkes SENIOR VICE-PRESIDENT, SALES, NEXTHOME

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

Hope McLarnon 416.708.7987, hope.mclarnon@nexthome.ca

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

VICE-PRESIDENT, MARKETING – GTA

DIRECTOR OF SALES, ONTARIO, NEXTHOME

Natalie Chin 416.881.4288, natalie.chin@nexthome.ca SENIOR MEDIA CONSULTANTS

Amanda Bell 416.830.2911, amanda.bell@nexthome.ca Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling

SALES & MARKETING CO-ORDINATORS

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

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA

Josh Rosset DISTRIBUTION

distributionteam@nexthome.ca ACCOUNTING INQUIRIES

accountingteam@nexthome.ca DIRECTOR OF PRINT MEDIA

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

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 LLM 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.

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

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condolife magazine | April 23–May 21, 2022

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NEW DEVELOPMENT

Amexon introduces nature-inspired, master-planned community – The Residences at Central Park Every now and then, a residential opportunity comes along that is unlike any other.

That’s what Amexon Development has in mind for Central Park, its master-planned community in Bayview Village.

MORTGAGES

What you need to know about the mortgage pre-approval process in Canada From starting your home search to qualifying for a mortgage, buying your first home can feel daunting. To reduce some of the stress, mortgage preapproval is a great way to kickstart the homebuying process.

Q&A

In Conversation With Mike P. Moffatt, Smart Prosperity Institute The Greater Toronto Area and Hamilton has dropped the ball on housing need forecasts. Mike Moffatt offers his further insights on where governments, homebuilders and even buyers go from here.

INSIGHT

Four things to look for in your new home contract Pre-construction contracts can leave any reader feeling overwhelmed.

Here’s a guide to four important things to watch out for and make sure you understand.

NEW COMMUNITY

Marlin Spring sets the bar with The Dawes – a modern residential opportunity east of Main Marlin Spring continues to expand its residential portfolio with the launch of The Dawes in Danforth Village – a mixed-use residential community will total 631 condominium residences split between two buildings, at 38 and 24 storeys, respectively.

Visit

or check us out on 12 condolife magazine | April 23–May 21, 2022

@condolifemag

nexthome.ca CondoLifeMagazine

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IN THE SPOTLIGHT

GTA NEW HOME AND CONDO PRICES HIT RECORD HIGHS IN FEBRUARY The GTA new home market saw another busy month in February, with benchmark prices for both singlefamily and condominium units hitting record highs, the Building Industry and Land Development Association (BILD) reports.

There were 3,630 total new home sales in February, which was 17 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

Sales of new condominium units, including units in low-, mediumand highrise buildings, stacked townhouses and loft units, with 3,048 units sold, were up 78 per cent from February 2021 and 67 per cent above the 10-year average. It was a new monthly high for condo sales for February.

New single-family homes, including detached, linked and semidetached houses and townhouses (excluding stacked townhouses), accounted for 582 units sold in February, which was 54 per cent below the 10-year average.

The benchmark price for new condominium apartments was $1.17 million, up 13 per cent over the last 12 months, while the benchmark price for new single-family homes was $1.85 million, up 35.3 per cent.

“The steep increases in benchmark prices that we have seen over the last few years reflect our region’s critically low supply of new homes,” says Dave Wilkes, BILD president and CEO. “If this trend continues unchecked, we are all going to feel the effects, as more and more families make the difficult choice to leave the GTA in search of housing and our region loses out on economic growth, jobs and tax revenues. Now is the time for all parties to come together and act decisively to address our housing supply and affordability crisis.”

“GTA benchmark new home prices set record highs in February in both the single-family and condominium apartment sectors,” adds Edward Jegg, manager of research consulting

at Altus Analytics, Altus Group. “Low available inventory, particularly for single-family homes, continues to exert upward pressure on prices.”

Single-family remaining inventory was at a record low of 546 units in February. Total remaining inventory rose slightly compared to the previous month, to 9,165 units, as several new condominium apartment projects opened that month. This still represented only three months of total inventory based on average sales for the past 12 months. A balanced market would have nine to 12 months of inventory.

Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.

FEBRUARY NEW HOME SALES BY MUNICIPALITY

The One Stop Shop for Builder Storytelling mcouatpartnership.com

REGION Durham Halton Peel Toronto York GTA

2022 467 329 377 1,579 296 3,048

HIGHRISE 2021 2020 56 76 397 262 122 574 852 1,413 284 257 1,711 2,582

2022 136 118 48 48 232 582

LOWRISE 2021 2020 511 489 120 391 404 313 75 18 764 1,087 1,874 2,298

2022 603 447 425 1,627 528 3,630

TOTAL 2021 2020 567 565 517 653 526 887 927 1,431 1,048 1,344 3,585 4,880 SOURCE: ALTUS GROUP

14

condolife magazine | April 23–May 21, 2022

IN THE SPOTLIGHT

AVERAGE GTA HOME PRICE HITS $1.3M, PRICE GROWTH TO SLOW THIS YEAR GTA home sales hit almost 11,000 in March 2022, capping off the third-best March and second-best first quarter on record, the Toronto Regional Real Estate Board (TRREB) reports. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million.

The average selling price dipped slightly month-over-month, however, bucking the regular seasonal trend.

“Now is the time for governments to govern and focus on measures that are proven to increase housing supply,” says TRREB President Kevin Crigger. “The GTA population will experience rapid growth in the coming years, as our region’s economic strength and diversity continues to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice. This needs to be the focus of policymakers rather than short-term and ineffective measures to artificially suppress demand. Evidence-based decisionmaking should inform government policies, and we encourage representatives at all levels of government to think big and act decisively to improve needed housing supply in a significant way.”

“Competition between home buyers in the GTA remains very strong in most neighbourhoods and market

segments,” says TRREB Chief Market Analyst Jason Mercer. “However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

“Housing policy decisions and promises made in conjunction with the upcoming provincial and municipal elections will influence not only the GTA housing market, but also the region’s overall economic

competitiveness,” adds TRREB CEO John DiMichele. “Of particular importance will be the reduction of roadblocks and red tape associated with the development of more housing rather than trying to suppress demand which has been ineffective.

Population growth is expected to be at or near record levels in the coming years. Demand for ownership and rental housing is not going away.”

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

905

Total

Detached

$1.92M (9.5)

$1.63M (23.6)

$1.69M (20.9)

Semi-detached

$1.54M (20)

$1.20M (28.9)

$1.31M (26.0)

$1.11M (16.3)

$1.07M (27.6)

$1.08M (25.0)

$831,351 (17.4)

$760,410 (25.2)

$808,566 (19.6)

Townhome Condo

SOURCE: TRREB

nexthome.ca 15

IN THE SPOTLIGHT

FIVE MORE YEARS OF STABILITY BUT ALSO HIGH PRICES: REMAX Housing markets in Canada over the next five years will be typified by stability but also continuing high prices, according to a new report from ReMax Canada, in partnership with CIBC Capital Markets and The Conference Board of Canada.

The first chapter of Unlocking the Future: A 5 Year Outlook, a series of reports in collaboration with relevant area experts to be issued over the next year, leverages specific “what if” scenarios related to economic policy decisions, climate change, the future of on-premise work and technology.

Chapter one examines economic scenarios across interest rates, immigration policy and taxation, in cooperation with Benjamin Tal, deputy chief economist, and Jamie Golombek, managing director, tax and estate planning, CIBC, and The Conference Board of Canada.

The chapter concludes, with caveats, that despite economic headwinds, the Canadian housing market is more stable than many perceive and is likely to remain so over the next five years. Though residential prices will likely remain expensive, price growth may be less extreme than in the last three years.

“Extraordinary housing activity over the past two years has caused a great deal of uncertainty and anxiety among many Canadian homebuyers, sellers, and those who aspire to

16 condolife magazine | April 23–May 21, 2022

enter the market,” says Christopher Alexander, president, ReMax Canada.

“To help ease some of the worries and concerns that come with today’s social and economic volatility, we wanted to give Canadians more longterm context and clarity – to be more informed – about their most precious possession and one of their most valued assets.”

The report, as well as the ones that follow, tries to provide something that will help Canadians take a longerterm view of their investments by taking into consideration possible hypothetical outcomes based on historical learnings, and current and near-future market conditions.

The intention, ReMax says, is to have Canadians come into this idea “sandbox,” without trying to predict the future.

“As a scenario-based exercise, chapter one also looks at the scenarios that could potentially ‘upset the applecart,’ should the Bank of Canada overreach in fighting inflation, politicians fail to tie immigration policy to our labour market needs, or our governments seek to rein-in deficits with aggressive new taxes,” Alexander adds. “While we anticipate it could be a stable five years ahead, it’s by no means assured.”

HIGHLIGHTS OF THE REPORT

• Interest rate increases at a reasonable schedule of four times a year would create a stable and more relaxed housing market over the next five years.

• Current immigration policy is focused significantly on accepting new Canadians on the basis of their economic and social capital characteristics (education, French/ English language skills and previous Canadian work or study experience).

However, the policy could be more clearly linked with national labour market demands, especially relating

to construction trades, potentially addressing housing supply issues driven by skill shortages.

• While the deployment of taxes such as the foreign buyers’ tax has been front and centre over the last few years as a tactic to calm Canada’s housing prices, removing the exemption on capital gains for principal residences could have a greater impact on market disruption.

The report also notes that over the next five years, Canadians say taxation (50 per cent), rising interest rates (46 per cent), and the possibility of an economic recession (42 per cent) rank as their top three worries when it comes to buying a home.

Thinking ahead five years, 37 per cent of Canadians say their preferred community would be suburban, while 30 per cent want to live in an urban environment, and 27 per cent say rural.

While 61 per cent of Canadians agree that real estate is the best longterm investment they could make (which they don’t see changing over the next five years), rising propertyrelated taxes (64 per cent), rising interest rates (58 per cent) and a possible capital gains tax (55 per cent) are factors that would cause barriers or concerns when it comes to buying a home in that time frame.

IN THE SPOTLIGHT

HOMEBUYING OPPORTUNITIES APPROACH AT LAKEVIEW VILLAGE IN MISSISSAUGA

A major new master-planned community in Mississauga is inching closer to reality, with newhomebuying opportunities set to begin in the coming weeks.

Lakeview Community Partners Ltd. (LCPL), the developers behind Lakeview Village, a mixed-use waterfront community being built on a 177-acre brownfield site along Mississauga’s waterfront, recently celebrated the launch of the Discovery Centre, with its doors officially opening to the public on April 18. The first completed building on the Lakeview Village site, the Discovery Centre is an architectural landmark that will be used as a community destination hub for local artists, events and exhibitions.

Importantly, it will also be used as the sales centre for the first upcoming new-home releases at Lakeview Village, beginning in June or July with Tridel, and followed in October

by Branthaven.

“We are incredibly excited to officially open the doors to the Discovery Centre and welcome visitors to come and experience the scale of the Lakeview Village project and the vision behind its master plan,” says Fabio Mazzocco, president of Argo Development Corp. and Lakeview Community Partners. “ Throughout the Discovery Centre, we have thoughtfully

Branthaven model

of homebuilder operations at Branthaven, told Condo Life.

Branthaven’s first phase will comprise a 15-storey midrise condo building with about 260 units, and about 60 townhomes within the same parcel of land. It will also include a centralized park and public area to be the focus of this portion of the development.

“You’ll find the architecture for our first phase is quite interesting,” Wadsworth adds. “The elevation of the building was inspired by a birch forest, so you’ll see elements of a forest and tree trunks throughout.”

Names for the buildings, roads and parks at Lakeview Village, still to be determined, will reflect the local history of the Lakeview area, including First Nations. mylakevillage.com

52pick-up.com

nexthome.ca 17

PHOTOS NATION WONG PHOTOGRAPHY

Tridel model

incorporated the defining elements that characterize Lakeview Village – sustainability, modern architecture, the arts, culture and open gathering space – all driven by the powerful influence of re-establishing a connection to the waterfront.”

The first floor is dedicated to exhibitions from the Phase 1 builders – Branthaven, Caivan, Greenpark Group, DECO, Opus Homes and Tridel – to showcase the range of new home offerings. The facility also includes floral installations, a wraparound living Green wall and a large, scaled model of Lakeview Village.

Tridel will be the first builder partner out of the gate at Lakeview Village, with sales set to begin this summer for the first of its two-phase, L-shaped towers, designed to fit together in a square geometry, with a centre courtyard.

“We’re beyond excited to be involved,” Jim Ritchie, chief operating officer of Tridel, told Condo Life.

“This is an incredible opportunity given what it represents. We think we’re bringing a pretty incredible development, but it’s this community itself that really is the draw.

“I don’t know where you see this type of infrastructure, this lakefront, the pier and just the size and magnitude of everything of this master-planned community.

(LCPL) has done a great job with Mississauga to get it to where it is, and we’re keen to get into the marketplace and bring something very special to Mississauga, and to this waterfront in particular.”

Branthaven will be the next builder to market product at Lakeview Village, targeting October for a sales launch.

“We’re super excited. This is a milestone project for us; hopefully the first phase is one of many, and we’re excited about working with our partners and builders here,” Sean Wadsworth, vice-president

ADVICE | STAT CHAT

WHAT YOU SHOULD KNOW ABOUT THE EVER-CHANGING NEW CONDO MARKET

BEN MYERS

Have you checked out the pricing for new condominiums lately?

Well, pricing continues to rise at an unprecedented pace. According to recent data published by the Altus Group, the benchmark price for new condominium apartments was $1.17 million in February 2022, which is a 13-per-cent increase over the last 12 months. Construction costs, higher government fees, higher interest rates and labour shortages continue to drive up pricing.

Demand continues to be strong across the board, especially for very tiny units. Despite what the sales numbers say, housing advocates continue to push for more familysized units.

Stephen Job of Tenblock Developments appeared on the Toronto Under Construction podcast recently and mentioned that he expects that more family-sized units are coming to market, mostly in expensive boutique buildings. He blames zoning as the main reason we are not seeing more large units.

Eliminating single-family zoning could produce more large product, according to Job. “This represents one of the possibilities of what could happen if the policy stranglehold on the neighbourhoods are slowly and reasonably relaxed.”

Job also believes that the official plan was built around keeping the 18 condolife magazine | April 23–May 21, 2022

neighbourhoods exactly the way they are. He mentions that there have been a few small changes to allow for laneway housing and garden suites, but that fundamentally we have a city starving for housing supply and most of the land area around the city cannot be touched.

The population is shrinking in some communities in Toronto, concentrating construction and intensification in the small growth centres. “The city has essentially cast our neighbourhoods in amber, so it can’t change. I just think this is a problem, at a time when we need more housing supply,” he says.

For the average prospective homebuyer, it is difficult to assess what all of this means, but one thing is for certain, larger units in boutique midrise buildings will continue to be in short supply. With many Baby Boomers at the age that they want to move to a maintenance free lifestyle and single-floor living in a nearby condo, demand for this product type is likely to skyrocket.

However, don’t expect a plethora of new midrise projects, due to high costs, government fees, community pushback and lack of available sites for this type of housing form.

According to Job, “We have a clear problem with supply, and the official plan doesn’t allow for housing to be created in Toronto, except in the most intense forms.”

There is no opportunity for newcomers to Toronto to enjoy the neighbourhoods. “The gap is now unattainable,” adds Job. “Unless you earn an extraordinary income, you cannot buy into a neighbourhood

“

Demand continues to be strong across the board, especially for very tiny units, despite what the sales numbers say.

”

anymore. And that’s a problem, and the land use policy is the cause.”

The bottom line is that big changes to zoning and project approvals were promised by the current provincial government, but those proposed measures were pulled back and dumbed down due to municipal pushback and NIMBY outcries. What this means for prospective end-users is that things are going to continue to be expensive in the short term, and without the political will and engagement by young Ontarians, this will not change. Do a lot of your own research, hire an experienced agent, and good luck.

Ben Myers is the President of Bullpen Consulting, a boutique residential real estate advisory firm specializing in condominium and rental apartment market studies, forecasts and valuations for developers, lenders and land owners.

Contact him at bullpenconsulting.ca and @benmyers29 on Twitter.

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#InsidetheGTA

by SUSAN LEGGE

GTA

WHAT’S HAPPENING On March 31, Diamond Kilmer, Habitat for Humanity GTA and CreateTO celebrated the start of construction on 20 affordable new townhomes located in West Toronto at 423 Old Weston Rd. These 20 townhomes are part of the Reunion Crossing midrise project, the first by the Diamond Kilmer brand. It’s a transformative new project for the rapidly changing St. Clair neighbourhood which is set to receive a SmartTrack Station that will connect to Union Station and the GO Transit Kitchener line.

Reunion Crossing was recognized by the 2020 Brownie Awards as the Best Overall Project for its contributions to the St. Clair neighbourhood through transformation of an in-fill site. The partnership with Habitat for Humanity GTA continues as well – affordable units are included at Diamond Kilmer’s 159 Wellesley, Keelesdale and Victoria Park projects.

Ontario Line officially breaks ground

The province officially broke ground on the Ontario Line Exhibition Station recently, marking the start of construction for the new subway line that will support the delivery of

20 condolife magazine | April 23–May 21, 2022

better and faster transit for the Greater Toronto Area.

The province also released the initial renderings of 14 stations along the 15.6-km Ontario Line that will provide rapid transit between Exhibition/ Ontario Place and the Ontario Science Centre.

The initial station renderings show early planning and design concepts for the Ontario Line stations, which will connect to more than 40 other transit routes, including GO train lines, existing TTC subway and streetcar lines, and the Eglinton Crosstown Light Rail Transit line.

Ontario’s bold transit plan for the Greater Toronto Area includes a commitment of nearly $17 billion from the province for construction.

Last May, the Government of Canada announced more than $10 billion in funding for Ontario’s four priority subway projects in the GTA – the largest joint investment in transit in the region’s history – which includes the all-new Ontario Line, the three-stop Scarborough Subway Extension, the Yonge North Subway Extension and the Eglinton Crosstown West Extension. metrolinx.com

M City surpasses halfway point with 3 sold out buildings and launch of M5

advanced condominiums, closing in on the same milestone.

M5 is the fifth of eight towers planned for M City. The eight-tower, 15-acre, 4.3-million-sq.-ft. community combines spectacular architecture, abundant Rogers Real Estate Development Ltd. and greenspace and modern lifestyle Urban Capital are debuting M City’s fifth amenities to create one landmark tower, M5, as the Mississauga masterneighbourhood. The site will also bring planned community surpasses 3,450 total more than two acres of park land for the unit sales since its launch in 2017. community, M Park, the Mary Fix multiThe first three towers – M1, M2 and use trail and the future Hurontario LRT. M3 – are all completely sold out, with M4, M5 suites are available starting from one of Canada’s most technologically the $600,000s. mcitycondos.com

Drilling begins at Oakvillage

Minto Communities GTA and Creative Energy broke ground on one of the GTA’s first geo-exchange community energy systems for the East Oak

towers located at Dundas St. E and Trafalgar Rd. by commencing the drilling process of 800-ft.-deep vertical closed-loop boreholes.

Through the partnership, the system will connect various geoexchange fields through an ambient temperature distribution network, enabling the different buildings to share energy with one another, and

to use the earth as the source of lowcarbon space heating and cooling for the buildings to reduce the use of fossil fuels by up to 95 per cent.

In addition to the significant decrease in fossil fuel usage, the geo-exchange system will protect residents from rising utility and energy costs while enhancing their comfort levels. minto.com

Tips for first-timers from Amy Youngren of northgroup.com Amy Youngren is the founder of North Group, which has partnered with The Real Brokerage Inc. (REAL), to offer technology enabled services and marketing solutions for the everevolving world of real estate. Here are her top tips for condo shoppers, particularly first-time female buyers. northgroup.com 1. Know what you can afford — Affordability is the starting point. Before looking at specific opportunities or even searching online, consult with an expert to get clarity on what you can afford.

2. Create your must-haves vs dealbreakers — Create a wish list of your ideal must-haves versus dealbreakers. This list can be adjusted once you get a better idea of what properties are selling for, based on your criteria, but ultimately, clarity is power — especially when it comes to buying real estate.

3. Be informed. Do your research — Research is a critical component to homeownership and investing.

It’s important to lean on experts for knowledge and their professional advice, however, do your own due diligence throughout each step of the process. The more research you do, the more informed your ultimate decision will be.

4. Get your ducks in a row — You know what you can afford (check) and what you’re ideally looking for (check-check!) Now it’s time to ensure that you have everything in order, so that when the right opportunity comes along, you can take quick action. GTA real estate often moves very quickly, so being prepared is critical. One essential tip to keep in mind is to have your deposit in an account where it can be accessible immediately (and not in an RRSP). This will ensure that

you don’t face any delays when it comes to accessing your funds.

5. Interview an expert. It’s free — Did you know that hiring a real estate professional to guide you through the process is free? There is no cost to you, as a buyer. Realtor fees are covered in full by the seller/ developer. So when you find a sales representative you’d like to work with, interview them. Ask questions that will ensure you are hiring the right professional to represent you, in what is likely to be one of the largest purchases of your life.

21

Cover Story

QUeen CHUrCH

Tridel and BAZiS spearhead #downTownreBooT with the launch of landmark residence at Queen street east and church

22 condolife magazine | April 23–May 21, 2022

Rising at the corner of Queen and Church, Tridel and BAZIS’ striking new condominium offers downtown living at its finest and most connected.

Located at 60 Queen St. E., this dazzling new community, designed by architect Rosario Varacalli, puts future residents in the heart of Toronto’s most historic community, steps from mass transit, and bike paths, and a short seven-minute walk to the hub of Union Station.

With transit, employment and lifestyle scores each hitting 100, Queen Church offers effortless access to the entire city of Toronto.

Queen Church’s interconnected neighbourhood offers all the amenities and services residents need.

The future residence is located steps from three major post-secondary institutions, Ryerson, George Brown and the University of Toronto, as well as the economic core of Canada, with Bay Street, Yonge and Dundas, the offices of numerous Fortune 500 companies, including Google’s new 400,000-sq.-ft. Toronto office on King Street. The urban area is also overrun with amenities, including libraries, grocery stores, recreation centres, gyms, designer shopping, restaurants, cafes, bars, bistros and more.

“Downtown Toronto is one of the most livable urban environments in the world, in the heart of the fastest growing city in North America,” says Samson Fung, Tridel’s vice-president

“

Downtown Toronto is one of the most livable urban environments in the world, in the heart of the fastest growing city in North America

”

of marketing. “As developers, the launch of Queen Church affords us the opportunity to remind everyone just how special our downtown truly is. That is what we mean when we say Reboot Downtown. Toronto continues to be a leading market, and we have a responsibility to continue delivering world class residences that contribute to our local culture and vibrancy.”

Queen Church will revitalize and retain the existing heritage properties and retail frontage onsite, incorporating both into the podium, before the building transitions into a striking tower that rises 57 storeys.

In total, the building will feature 445 suites ranging from studio to three-bedroom units. Interior design was led by Toronto firm II BY IV, who aimed to set new standards for urban design and luxury living.

Amenity spaces were meticulously crafted by II BY IV to foster a sense of wellness, as well as new connections between residents. A sprawling gym and yoga studio is adorned with state-of-the-art weight and cardio equipment, providing space to run, lift, stretch and meditate, with an adjoining Kids Play Zone for families.

On the fifth floor, a co-working lounge offers multiple opportunities to work from home, with breakout rooms and a collection of communal spaces. A multi-purpose bar and lounge, party room, dining room with kitchen and outdoor terrace round out the offerings with places to socialize and take in true downtown living.

Throughout the condominium, Queen Church surrounds residents with carefully crafted features and finishes chosen to complement an active, modern lifestyle. Each suite comes equipped with Tridel Connect, which aims to make everyday living simpler. From convenient features such as hands-free entry, automated parcel delivery and smartphone access to your home, Tridel Connect leverages the latest technology to offer better living experiences. That includes an unwavering commitment to sustainability on both construction practices and building performance.

nexthome.ca 23

Collectively, the design and development teams are focused on delivering a sharp, stylish tower that serves as the perfect home base for residents looking to enjoy everything the city of Toronto has to offer.

“BAZIS is thrilled to be partnering with Tridel on this new landmark residence located around the corner from literally everything,” says BAZIS’ vice-president of sales and marketing, Veronika Belovich. “Our goal is to conceive luxurious living spaces with the utmost attention to detail, where expression through design meets human interaction.

“Developing a true downtown site like Queen Church gives us the opportunity to maximize the lifestyle living for our future residents. It’s the perfect match between a state-of-the-art living space, and the amenity-rich, interconnected nature of urban life.”

Two of Canada’s leading developers have teamed up on Queen Church, drawing on their considerable track records in the industry. Combining visionary architecture, design, marketing and construction with the epitome of corporate integrity and environmental responsibility, BAZIS is a major force in articulating Toronto’s ever-evolving skyline.

Their commitment to excellence in every facet of the development process creates luxurious living spaces with the utmost attention to detail, spaces where exceptional design meets human interaction.

With more than 87,000 new homes built throughout the GTA over the last eight decades, Tridel is one of the largest builders of sustainable condominiums in Canada – and the most distinguished. Thanks to its strong corporate culture that fosters a spirit of community and commitment to its renowned craftsmanship, Tridel has been the most awarded developer in Ontario, including receiving awards for Home Builder of The Year, Green Builder of The Year, Best Highrise Building Design, Best Customer Care, and Diversity, Equity and Inclusion.

To learn more about Queen Church, register at queenchurch.com

24

condolife magazine | April 23–May 21, 2022

“

BAZIS is thrilled to be partnering with Tridel on this new landmark residence located around the corner from literally everything

”

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PROPTECH OPTIMIZES REAL ESTATE TRANSACTIONS REAL ESTATE AND TECHNOLOGY UNITE

TIM NG

The popularity of an innovative new approach to real estate is taking over the industry. In an effort to make researching, buying, renting, selling and managing property easier to navigate, information technology has been combined with platform economics. PropTech (property technology) is the newest application that has been designed as a complete overhaul for the real estate market.

Every year introduces new opportunities and better ways of doing things. While the pandemic altered procedures in many facets of our lives, it was also a time of discovery that ultimately led to the restructuring of standard business practices. If there was ever a period of time to revisit the real estate market, and to assess how it could be modernized for a better, overall experience – the time is now.

THE BENEFITS OF PROPTECH

• More transparency to track the history of a property • Improved communication • Collect and analyze data on a real estate project • Value-added market outlook • Environmental and social improvements • Enhanced promotion of a property • Increased innovation = an informed decision

26 condolife magazine | April 23–May 21, 2022

The marriage of real estate and technology will help to make real estate dealings more efficient and more secure. While it may sound like we’re digitizing real estate, we all know that there’s so much more that goes on behind the scenes.

Previously, real estate companies had many outdated procedures that weren’t satisfying the needs of the consumers, or their best interests.

With PropTech, important concerns are finally being addressed, and it’s solving some the biggest challenges in the real estate market. PropTech uses modern technology to improve manual processes, which are often laden with red tape and reams of paperwork.

From property searches and building management, to transactions and customer experiences, PropTech is designed to simplify actions at every stage of the property buying process to ultimately benefit all of those involved.

Real estate agents can now give their full attention to quality customer engagement. Real estate developers and property management teams will have more free time to boost their business productivity and their bottom line. And, homeowners and renters can achieve their property goals faster and in a more cost-effective manner.

The industry is being transformed with the ability to manage and centralize legal documents. In addition, powerful Chatbots (online chat applications) help to improve communication on all levels. The customer data, which is required for all transactions, can now be tracked

and managed by leveraging artificial intelligence and machine learning.

THE FUTURE

PropTech is taking over the real estate market in ways that were difficult to imagine a few years ago. Over the next three to five years, real estate companies will be overhauling at least 75 per cent of their practices and procedures with the use of technology. They won’t have a choice if they want to stay competitive.

PropTech is showing significant growth with ongoing investments and tech start-ups.

With the adoption of new technologies, PropTech is strengthening connections between landlords, property teams, tenants and real estate agents. Just as technology helps consumers to optimize, and enhance, their everyday lives (Siri and Alexa, for example), it will do the same for the real estate industry and its end-users.

Buying, renting, selling and managing property has never been easier.

PropTech continues to streamline the experience by making it more automated and user-friendly.

Tim Ng is the Principal and Founder of ADHOC STUDIO and BLACKLINE, an industry-leading digital studio that combines real estate, art and technology.

To learn more about ADHOC’s awardwinning renderings and industry leading sales platform, BLACKLINE, visit adhocstudio.ca and blacklineapp.com

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ADVICE | PERSONAL FINANCE

EVERYTHING YOU NEED TO KNOW ABOUT A MORTGAGE PRE-APPROVAL

JESSE ABRAMS

On April 13, 2022, the Bank of Canada announced its second interest rate hike of the year – with its benchmark interest rate now sitting at one per cent. As a homebuyer in today’s market, things may feel uneasy, as there are many uncertainties that come with the process. From saving for a down payment and finding the right home, to navigating increasing interest rates and qualifying for a mortgage, there’s a lot you need to consider. If you are thinking about buying a home right now, you can balance out some of this uncertainty with a mortgage pre-approval. It’s a great way to be prepared for the process so you can put your best foot forward in what feels like an unpredictable market scenario.

Further, with rates going up, you can lock one in for up to 120 days.

WHY A MORTGAGE PREAPPROVAL IS A GOOD IDEA

A pre-approval conditionally approves your eligibility for a mortgage. While it’s less formal than getting a final approval, in this situation, your lender will commit to holding a mortgage rate and product for you for a 120day period. Given the unpredictability of interest rate hikes, a pre-approval is a fundamental tool buyers can use to get some of their power back in this situation.

For example, 120 days from now brings us into the second week of August. In the event that you get preapproved now, you could potentially lock in a lower interest rate and 28 condolife magazine | April 23–May 21, 2022

hold it through the hot spring and summer market without being subject to further rate increases. If there happened to be a rate hike in June, you would not be affected.

If you buy a home within that 120-day period, this pre-approval can convert to a final mortgage approval, pending that specific conditions are met. A mortgage pre-approval is usually free and comes with no obligation to move forward. At Homewise, we’ve made the mortgage pre-approval process incredibly simple with an online application that you can complete in just five minutes.

It is important to note, preapprovals are not 100 per cent, but they are a good guide.

IT SETS THE RECORD STRAIGHT ON WHAT YOU CAN AFFORD

With inflation rising and gas prices hitting record highs, many Canadians have an eagle eye on their monthly household spending. When you add buying a home into the mix, it makes understanding your affordability that much more essential to your financial well-being.

When you get pre-approved for a mortgage, it provides insight into what you’re eligible to borrow and how much you can afford to spend. This can help you set clear parameters on spending and what neighbourhoods you’re able to buy in, making for a more productive home search. A pre-approval can also help you proactively budget what your monthly payments will be, along with any other expenses that are often missed, such as closing and carrying costs. Getting pre-approved encourages you to take these extra costs into account well in advance.

IT BOOSTS YOUR CREDIBILITY AS A BUYER

In today’s ultra-competitive market, a pre-approval gives you added negotiating power, demonstrates your financial stability and confirms that you’re trustworthy and serious about making a purchase.

DON’T FORGET TO SHOP AROUND DIFFERENT LENDERS

Many first-time homebuyers will often run straight to their bank or their parent’s bank for a mortgage, without considering other (more favourable) options. Believe it or not, there are other lenders besides banks that you can use, such as credit unions and monoline lenders who offer strong mortgage products – which may even work better for you in the long run. For example, most first-time buyers tend to break their mortgage before the end of their five-year term and some lenders will charge large penalties for this. That’s why it’s important to shop around different lenders and get clear on the various products and features available before you lock anything in.

Purchasing a home is a significant milestone that marks the start of a new chapter in your life. One sure way to make this process as enjoyable and stress-free as possible is by getting pre-approved for a mortgage.

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

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IN CONVERSATION WITH...

JASON SHIFF EXECUTIVE SALES MANAGER AMEXON DEVELOPMENT CORP.

by WAYNE KARL For those who love living close to nature, but also seek an innercity condominium lifestyle, The Residences at Central Park might be for you. The 12-acre, masterplanned, mixed-use community from Amexon Development Corp., located on Sheppard Avenue in the Bayview Village neighbourhood of Toronto, is positioned as an environmentally sustainable community. Close to the downtown and all its conveniences, but also near lush forests and trails for relaxing and decompressing, Central Park blends urban and natural, in a luxurious living environment.

For further insights into this unique project, we spoke with Jason Shiff, executive sales manager.

How has the market reception been to the launch of The Residences at Central Park?

In a word, tremendous. We’re almost sold out of the first tower, and we will launch the second one in five weeks. Buyers really appreciate the unique, nature-inspired aspects of this development. We are marketing the community as “Where the Urban and Natural Worlds Connect” for good reason. Being adjacent to the East Don Parkland means residents will have direct access to the trails in the ravine, which lead all the way south to downtown Toronto and the lake. At the heart of the community, Central Park common is a three-acre, award-winning urban park at the heart of the community that will call to mind a traditional village green. In addition, buyers are excited about The

30 condolife magazine | April 23–May 21, 2022

What is the entire timeline for the project, since there are multiple towers that will eventually encompass more than 1,500 suites…

Eventually, there will be five residential buildings in Central Park. Four of them will be going up simultaneously, with occupancies in late 2025 and early 2026.

Park Club, 55,000 sq. ft. of lifestyle amenities that foster fitness, wellness, leisure and social activities.

Purchasers also see the value in having both the subway and GO Transit right at their front door. They will be connected to everything that matters, including a nonstop GO Train trip to Union Station. Of course, living in the prestigious Bayview Village neighbourhood is very attractive to them for nearby retail.

A desirable location, a natural setting, easy connections to urban destinations, incredible community amenities, great designs and appointments… what more could condominium buyers ask for? In addition, potential purchasers are captivated by our 10,000-sq.-ft. all-glass Presentation Centre, where they can see and touch many of the high-end appointments that come standard in Central Park. After occupancies are complete, we will repurpose this remarkable centre as an event space and restaurant.

Who is the target demographic?

With end-users in mind, we designed Central Park for the spectrum of the purchasing public, from first-time buyers to families. Busy professionals love the fact that we offer a 5,000-sq.-ft. coworking space. This forward-thinking, flexible space redefines what it means to work from home. For families, we offer a lot of two-bedroom layouts, and we have several amenities focused on children, such as an onsite private daycare facility. This all contributes to the ultimate in lifestyle convenience.

We hear a lot about how long the planning and approvals process in Toronto is. How long has Central Park been in the works?

It’s been more than 10 years in the planning. The process involved us co-ordinating direct access to the East Don Parkland ravine. In addition, we designed the community around a central urban park, accommodated retail at the base, and made easy and direct connections to the subway and GO Transit. Central Park is a 12-acre, master-planned, mixed-use

community, so it took a lot of care to come up with the ideal scenario.

What, if anything, changed with the master plan, as a result of community or City feedback?

We worked with the community and the City of Toronto to design something very special, to include a central urban park that is unrivalled in the GTA, direct connections to the ravine, and leading-edge, environmentally sustainable buildings.

We’re the first large-scale project in Canada to include EV charging stations throughout the parking areas in the residential, and visitor parking spaces.

You’ve said you took a lot of time and care in planning the look and lifestyle potential of Central Park.

How did that process play out… for example, were there inclusions or amenities that came to life as a result of this process?

During the planning phases, the trend toward a hybrid lifestyle of working from home occurred. That inspired us to create a never-before-seen 5,000-sq.-ft. co-working space.

The design incorporates flexibility to foster networking and productivity, with breakout areas, meeting rooms and a business centre. In addition, we’re offering 55,000 sq. ft. of lifestyle amenities that foster fitness, wellness,

leisure and social activities. We have also introduced compact dens in most of the suites to accommodate another work-from-home option.

What are some of the signature amenities that will really say “Central Park”?

First, our Central Park common. This three-acre, award-winning urban park will be at the heart of the community.

There, residents and visitors will be able to access cafes and restaurants, as well as year-round programming that includes a skating rink and farmers’ market.

Oh, and the 55,000-sq.-ft. Park Club amenity complex is unheard of in Toronto. It features indoor and outdoor saltwater pools, two expansive rooftop terraces, an outdoor skating rink, a co-working space, a fully-equipped fitness club, the Park Spa, a media/music studio, private event/dining area and even visitor hotel suites. There is something for everyone from the young to the young-at-heart. The Leslie subway station and the relocated Oriole GO station are right at the front door, which is another unique perk to living there.

And what about key environmental features?

The entire community will be built to Amexon’s Green Development

Standard, incorporating industryleading green features. There are EV charging stations throughout the parking areas to promote safe, clean travel free of emissions; rooftop solar panels that supplement the building’s power needs; Green roofs to reduce energy consumption; plus car-share and bike-share services.

As I mentioned, Central Park is the first large-scale project in Canada to include EV charging stations throughout the residential and visitor parking areas.

Affordability is something that is on everyone’s mind these days.

How have you addressed this issue with Central Park, or is this project positioned purely as a luxury project, and therefore pricing that reflects this?

Central Park is a luxurious high-end development, but to offer a more entry-level opportunity, II BY IV DESIGN configured some incredibly efficient smaller one-bedroom and one-bedroom plus den suite layouts.

What’s next for Amexon?

We’re excited to offer 225 Jarvis Street Condos, a 68-storey condominium tower plus hotel. It’s a striking mixed-use development that will accommodate a 200-suite, fivestar hotel and luxurious condominium residences. The mixed-use character of the development will really encourage an increasingly active and dynamic downtown beyond typical residential uses.

CORE Architects has designed a head-turning exterior for this condominium that will be close to the Dundas and Jarvis intersection, close to a myriad of local dining, cultural, artistic, shopping and sports venues. We also have 12,000 units coming on board over the next couple of years on current sites, and within our portfolio in the GTA.

amexon.com

nexthome.ca 31

Special RepoRt | tHe poWeR Seat

SPRINGING INTO SUMMER HOW TO PREPARE FOr a HOT – anD POSSIBly eXTenDeD – BUSY SEASON

by Wayne Karl

Ah, spring… when temperatures rise, flowers bloom and the real estate market explodes in a frenzy. And this year, we have the added complications of a lingering pandemic, interest rates on the rise, uncertainty due to the conflict in Europe, ongoing supply and demand issues, and growing concern over affordability.

Despite it all, some economists and other sources expect the Ontario economy to continue humming along, and that the usually hot spring housing market might extend into summer.

It’s a lot to digest. Who could blame prospective homebuyers if they were feeling a little unsure?

“With the volatile state of the world right now, which has been furthered by the suffering from the war overseas, rising inflation and economic levers being pulled by governments to increase interest rates, it leads many potential homebuyers to question if now is the time to buy a home,” Jesse Abrams, co-founder and CEO of Homewise, a Toronto-based mortgage advisory and brokerage firm, told Condo LIfe Magazine.

“When volatility like this happens in the market, it’s often one of the best times to look for a home, because many others decide to wait on the sidelines,” he adds. “This often leads to lower competition and more inventory on the market to choose from. We are already starting to see signs of home prices flattening out, and new government policies.

So, we could be looking at a very interesting time for potential homebuyers to enter the market and finally buy the home they have been dreaming of.”

To help make sense of such factors, and how buyers can best prepare, we’ve enlisted a select group of homebuying experts to share their insights. (Visit nexthome.ca for the full story.)

32 condolife magazine | April 23–May 21, 2022

The hoT LisT

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Don’t get caught up in the hysteria. Ensure that the purchase you A key place to start is are prepared to make to ensure you are living is sustainable, and within your means and within your financial be open to purchasing means. Too many outside of your number people are shooting one desired community. for the max with our We are now in a current historically low period where rate hikes interest rates. Mortgage are inevitable. The real rates are on the rise, so estate market, be it preremember to plan for construction or resale that “what if” scenario. within, will experience It’s important to be its ups and downs over flexible as to where you time, but the trajectory wish to purchase and will always continue to be on the upside. An influx of live. We all aspire to call The Annex, Leaside new immigrants, nextgeneration purchasers and or The Kingsway our limited supply will continue home, but Toronto and to sustain price points, and the Hamilton area have so many other great most likely cause upward neighbourhoods. pressure on prices. pRepaRe aNd Be flexiBle

Upcoming new home and condo launches

The flurry of the GTA spring market has been well documented, and demand continues to outpace supply in 2022.

Prices continue to rise, and interest rates are beginning to inch up, as well.

The past two years have been marred by uncertainty, but if you are looking to buy, now is the time. Buying a home is one of the biggest decisions a person will make, and there are a few important things to do in advance. Do your research, get your financing in place, and keep an open mind.

If you are determined to get into the market, you have to act fast.

Research what you want

in a home, what area and amenities are important to you, and know your financial position.

While many turn to the “bank of mom and dad” for assistance in making their first home purchase, there are several options available to new-home buyers. It is important to be armed with all the information to make sure you are ready when it is time to sign.

Keep an open mind. If you want a detached home, consider searching in up-and-coming neighbourhoods. If you are looking for a condo with more space, maybe consider markets outside the core. The key is to be ready to pull the trigger.

The hoT LisT Upcoming new home and condo launches BRoNte lakeSide Condominium oakville

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The hoT LisT

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veRde liviNg Condominium Kitchener

By JD Developments verdeliving.ca

We hear continually about new home supply lagging behind demand in the GTA and beyond in Ontario. Even with recent government initiatives to ease the situation, things will not change in the near future. Anyone thinking of getting into the new home market is wise to act now, while interest rates are still very low. Yes, prices have risen dramatically over the past decade, but people are still finding ways to buy.

We’re in the spring market now, which is typically a hot time in real estate. People are pulling out all the stops to afford down payments, including using some of their RRSP savings,

welcomed 250,000 ecoNomic aNd political iNdicatoRS new Canadians every

R. Scott davie

President Broker of Record Davie Real Estate Inc. Toronto davierealestateinc.com

Timing is everything.

With prices rising and elevated inflation, the simple answer is – buy as soon as you are ready.

The deeper answer has to do with economic and political factors, and historical data.

Political uncertainty in Ukraine creates a pause in consumer confidence, and a rise in interest rates exacerbates that hesitation.

The market is being driven by an imbalance between the number of new Canadians coming to Canada, and the amount of zoned land available to build. Before the current government took power, Canada

34 condolife magazine | April 23–May 21, 2022

year. The GTA, where 60 per cent of the newly arriving Canadians typically call home, could not keep up with the demand for new homes and condos.

This imbalance driving supply and demand and pushing prices skyward is destined to become much stronger as the federal government plans to welcome more than 400,000 new Canadians in 2022, and in the following years.

The message is simple.

Buy now, because in the near future, we will not be able to afford to buy the same size new home and condo in the same location.

co-purchasing and even receiving financial gifts from their parents to help.

Keep an eye out for what we call up-and-coming neighbourhoods, meaning areas that are just now developing with amenities and transportation. Get in early if you can for the optimum prices.

If you are working from home and will continue to do so, you can look farther afield for your new home or condominium, where prices are likely to be lower. Lastly, be realistic about what you can afford, and remember that today’s condominium suites are beautifully designed to make use of every square foot. You may not need as big a space as you think.

My advice is to buy and wait – don’t wait to buy.

The hoT LisT Upcoming new home and condo launches BRiStol place Condominium Main and Queen, Brampton By solmar Development Corp. solmar.ca BRiStol place toWeR 2 Condominium Main and Queen, Brampton By solmar Development Corp. solmar.ca oRo, at edge toWeRS Condominium hurontario and Burnhamthorpe, Mississauga By solmar Development Corp. solmar.ca

The hoT LisT

lackNeR Ridge coNdomiNiumS Midrise condominium Kitchener

By Reid’s heritage homes reidsheritagehomes.com SpleNdouR Freehold townhomes, semis and detached homes Niagara Falls

By Mountainview Building Group mountainview.com

micHael klaSSeN

Broker of Record & Partner Eleven Eleven Realty Services Toronto 1111realty.ca

St. claiR WeSt Midrise Condominium st. Clair Avenue, Toronto

By Kultura Development livekultura.com

to buy when you find something that fits your My advice for prospective needs and pocketbook.

If a single-family home new-home buyers is no different now from what is out of your price range it has been for years: Buy for now, getting into the market sooner rather than new and buy now. Even though interest rates have later is more important than waiting. Prices inched up, they are still will not go down in the historically low. There foreseeable future, and is no telling how long these attractive rates will once you own a home or condo, equity begins to last. The best approach build. This opens a world is to go into home of opportunity for your shopping prepared. future housing needs.

Knowing where you Watch for upcoming stand financially is the product launches of first consideration. Get interest and get yourself pre-approved for a mortgage, and then start on registration lists right away. Pull out all your shopping. Spring the stops; check into is typically a hot season for real estate, and many government programs to help with your down experts are saying this payment. You can year will be busier than become a homeowner – ever. It is important to it will be one of the best do your homework and steps you’ll ever take. jump at the opportunity pull out all tHe StopS

BaRBaRa laWloR

CEO Baker Real Estate Inc. Toronto baker-re.com

your new home or condo shopping. Once you’ve narrowed down where My advice for prospective new-home and the type of home buyers is to be prepared you want, the key is to get access to whatever to act quickly when a great opportunity arises. inventory developers are In this hot market, there’s offering.

Doing your homework not much time to hem ahead of time is more and haw over whether important now than ever to buy. Being prepared before. That includes means many things. initiating follow-up with First, know how much the builder or your listing you can afford. If you brokerage, to make sure are a first-time buyer, you’re still top of mind get pre-approved for a when new inventory mortgage. If you have launches. Realize a property to sell, look that even with slight realistically at what you may get for that and plan mortgage rate increases, today’s rates are still appropriately. You need an idea of what you can historically low. Buy now, and lock into these rates comfortably afford. and today’s prices before Of course, location is paramount when you do we see them rise again.

Be pRepaRed, act quickly

Upcoming new home and condo launches

The hoT LisT Upcoming new home and condo launches celeSte coNdomiNiumS Condominium Richmond and George streets, Toronto

By Alterra and Diamond Corp. celeste.ca m.city 5 Condominium Mississauga

By Rogers Real estate Development and Urban Capital mcitycondos.com tHe daWeS Condominium Dawes Road, Danforth Village, Toronto

By Marlin spring thedawes.com

nexthome.ca 35

The hoT LisT

Buy NoW, tHeN look Back

Upcoming new home and condo launches deeRHuRSt coNdoS Condominium huntsville

By Freed Developments freeddevelopments.com HeRSH litvack

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Broker of Record Hersh Realty Group Inc. Brokerage Toronto hersh.ca

muSkoka Bay villaS Villas Gravenhurst

By Freed Developments freeddevelopments.com tHe fiftH at cHaRiSma Condominium Vaughan

By Greenpark Group greenparkgroup.ca

pRepaRatioN aNd iNfoRmed puRcHaSiNg

cHRiStopHeR maRkovic

CEO PMA Brethour Markham, Ont. pmabrethour.com

With all areas of the country experiencing heated market conditions in recent months, it can be very easy to get caught up in the frenzy if illprepared. To avoid costly missteps, it is important to step back and do your homework before heading out to buy your brand-new home.

Before you begin to narrow your target communities and make virtual sales appointments, step back and reflect. Make a list of the need to haves versus the nice to haves.

Think about what style home works for you, and create a journal of features you really want in your new home.

36 condolife magazine | April 23–May 21, 2022

What may seem expensive today may turn out to be the ultimate housing bargain. As we emerge from the pandemic, housing prices will continue to rise through 2022, and the initial hike in interest rates will have little or no effect on slowing the market.

Further increases in price will be eminent, as the industry deals with new legislation requiring builders to allocate a certain percentage of their developments to affordable housing initiatives. These costs will inevitably

Reach out to your bank and have a meaningful conversation about your budget and homebuying goals. More and more developers and homebuilders are requiring a firm mortgage approval and commitment when you sign your agreement (or shortly after).

Remember, not only does the home have to be within your budget, but you are also buying into the new neighbourhood.

Do your research: Are there schools already in the area? Is it close by to family and area activities? Does the community offer the amenities you need and want? Consider all these factors so you can avoid outgrowing your new home too fast.

be passed on to consumers, increasing the overall price per sq. ft. throughout the GTA. It’s called Inclusionary Zoning.

This spring, purchasers should take advantage of the very low mortgage rates, ranging from sevenyear fixed for 2.97 per cent, to variable rates of 1.24 per cent.

There is a truth I have come to grips with in the real estate industry.

It doesn’t matter when you buy real estate. The day you buy it, it always seems expensive. It’s only when you look back that you realize how well you did.

The hoT LisT Upcoming new home and condo launches couNtRylaNe Towns and singles Whitby

By Andrin homes andrinhomes.com HomeWaRd HillS singles and townhomes oshawa By sorbara Group of Companies sorbara.com miRaBella coNdoS Condominium Toronto

By Mirabella Development Corp. mirabella.ca S2 pRivate ReSideNceS Condominium Mississauga

By United Lands s2condos.ca

ADVICE | THE ECONOMIST

HOW WILL THE HOUSING INDUSTRY REACT TO INFLATION AND RISING INTEREST RATES?

TED TSIAKOPOULOS

The Canadian and Ontario economies were at a mature phase of the economic cycle heading into the pandemic. With 2008 marking the peak of the last cycle and with the duration of an average Ontario economic cycle lasting for about six to eight years historically, a deceleration of growth was inevitable.

Indeed, it was a health pandemic, and not an economic shock, which inevitably triggered a recession in 2020. Nevertheless, to help revive economic growth, this prompted massive fiscal and monetary stimulus by governments and central banks around the world. In North America, excess slack in the economy was absorbed ahead of schedule. By the fourth quarter of 2021, Canadian GDP was back to pre-pandemic levels, with inflationary pressures gaining momentum. Along the way, inflation was also being stoked by supply chain issues, particularly in computer chips, commodities and housing.

Adding further fuel to the fire, recent geo-political tensions that broke out in late February added further pressure to the supply of goods and, by extension, inflation.

WHERE ARE INTEREST RATES HEADED?

Forecasts are calling for steep rate hikes in Canada and the U.S. through the rest of 2022 and into 2023. Inflation expectations among

consumers have been very much range-bound in recent decades, but are now showing signs of de-anchoring.

This poses risks to actual inflation, primarily through the wage channel.

If workers expect inflation to trend higher, they will try to negotiate higher wages. With tight labour markets, employers may have to comply to attract labour, but could recoup these costs by passing them onto final prices.

To restrain inflation expectations and maintain credibility, our central bank will need to raise rates more aggressively. However, there are limits on how aggressive they can be. Given that supply chain impacts beyond our borders are the bigger driver of inflation, monetary policy is not as effective in reigning in this type of inflation. Indeed, the Bank of Canada may try to avoid prospects of stagflation, knowing that growth, at this juncture, is more sensitive to rate hikes than inflation is.

WHAT DOES THIS MEAN FOR MORTGAGE RATES AND THE HOUSING MARKET?

The Bank’s overnight rate impacts variable rate mortgages (which represent slightly less than 50 per cent of new mortgages) directly through the prime lending rate.

Variable rate mortgages that are tied to the prime rate will become more expensive, but so too will fixed rate mortgages.

The prospects of higher mortgage rates have already impacted the housing market. More households have entered the mortgage and

housing market in recent months to beat the increases that are coming.

This has inflated the number of sales above levels that fundamentals can support. But so too have sales been stoked by investors, who have been fairly active in recent years.

What does this mean for housing prices? Clues on where prices are headed can be determined by the balance between demand and supply, which is still quite elevated.

Rising mortgage rates will most certainly impact the ability of new buyers to enter the market, but may also attract more listings from those investors who want to lock-in some capital gains. Existing mortgage holders will be less impacted, as their mortgages have been recently stress tested. Look for a more balanced market and for demand to shift to more affordable housing, such as rental and condominium tenure. Price growth, particularly for detached housing, should slow in a more pronounced way from the record-breaking double-digit pace witnessed in recent years.

Ted Tsiakopoulos is a professional economist, author of Property Trendsetters: Successful Toronto Real Estate Experts Share Key Insider Secrets, and sought-after speaker with more than 25 years of experience analyzing housing and financial markets. He has also worked as an investment counsellor on Bay Street in Toronto. ttsiakop@cmhc.ca or LinkedIn/Ted Tsiakopoulos.

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BUILDER PROFILE | UPTOWN OAKVILLE

Trafalgar Rd. elevation

THE SHAPE OF THINGS TO COME BRANTHAVEN UNVEILS THE GREENWICH CONDOS AT OAKVILLAGE Soaring 20 storeys above the Oakville skyline and designed to appeal from every curve and angle, The Greenwich Condos at Oakvillage is certain to be an iconic addition to the Uptown Oakville landscape.

38 condolife magazine | April 23–May 21, 2022

Launching in early spring, The Greenwich will offer even more of the design-savvy award-winning architecture, features and finishes homebuyers have come to expect from Branthaven.

Located on Trafalgar Road north of Dundas Street, The Greenwich’s bold materiality and distinctive arched entrance will command a gateway position on Oakvillage’s burgeoning north Trafalgar block. Lush

High-style dining

landscaping and plenty of fresh air spaces contribute to creating a true sense of place and lively street vibe.

ARCH APPEAL

The Greenwich’s Trafalgar street edge is defined by expansive double-height glazing, providing a compelling window into the soaring ground floor amenity spaces. From the moment residents and their guests walk through either of the two welcoming lobbies, they will be greeted by soaring double-height reception areas of bold proportions, striking designs and luxe materiality.

There is an impressive array of cohesive amenities, designed with dramatic flair and aesthetic appeal. From the polished and professional co-working space, to the stunning screening room’s media lounge, residents have plenty of impressive spaces that extend beyond their condo.

Entertaining friends and family has never been more elegant or enjoyable than hosting in the series of social lounges. The reception salon offers a perfect perch to greet your guests with conversation or cocktails. The adjoining dining room and spectacular bar are ideal for special occasions, with a complete catering kitchen, wet bar, cosy banquettes and generous dining table.

HOST IN STYLE

The entertainment lounge boasts a warmth and grandeur befitting a private club. Residents and their guests can lounge in the curvy comfort of a shapely chair, relax on

Get energized

the plush and inviting furnishings, or enjoy conversation on the social banquette. The stunning book-matched floor-to-ceiling stone fireplace will be a warm draw come cooler months. A separate enclosed private dining room does double duty as a boardroom with built-in credenza and chic textured walls wrapped for quiet comfort.

The New York Style movement/ fitness studio sports a lofty locker room, bright state-of-the art cardio equipment area plus a separate studio space ideal for yoga, Pilates, meditation or stretching.

STUNNING AMENITIES

The Greenwich will also boast a rooftop terrace that is an entertainment oasis. The terrace is a chic playground featuring barbecues and bar areas, multiple dining and lounge seating, sheltered areas, warming fire pits and an outdoor movie theatre where residents and their guests can get together to watch their favourite film under the stars.

When it comes to the suite designs, new-home buyers at The Greenwich have plenty to choose from. Floorplans range from smart one-bedroom suites to spacious spacious three-bedroom suites.

There’s even some New York style two-storey suites with light-flooded dens and private rooftop terraces.

Choose from a variety of floorplans with open-concept layouts, nine-ft. ceilings and expansive windows (especially the corner suites with sweeping views) and furniture-sized balconies.

Branthaven’s signature Fresh Thinking kitchens and baths include upgraded interior features, and are filled with enhanced details, built in at no extra cost. Kitchens will offer upgraded cabinetry choices, quartz countertops, textured tile backsplash, extended uppers, deep pot and pan drawers, charging ports and more thoughtful details that improve the way you live. Bathrooms are boutique-hotel chic with modern vanities, storage drawers and designer details that add a spa-like ambience.

Branthaven’s BH Home Technology allows the residents at The Greenwich to access their suites’ tech hub from anywhere. Suite security, digital smart lock, parcel delivery notifications, energy saving modes – everything’s at your fingertips with the convenient smart device app.

Everything new-home buyers want for quality living is within reach from The Greenwich’s convenient location. Walk to Uptown Oakville’s wide range of shopping and services.

Prestige schools, state-of-the-art community centres and the Oakville Trafalgar Memorial Hospital are all close at hand. Downtown Oakville and the Waterfront are nearby with an abundance of restaurants, shopping, social nightlife and recreation. For commuters, Oakville Transit is at your door and there’s easy access to the Oakville Trafalgar GO Train or Hwys.

403, 410 and the QEW. Don’t miss the opportunity for condos starting from the $600,000s.

Register for VIP Preview at branthaven.com. nexthome.ca 39

ADVICE | LEGALLY SPEAKING

WHAT FIRST-TIME BUYERS NEED TO KNOW ABOUT YOUR LAND TRANSFER TAX REFUND JAYSON SCHWARZ, LLM and BRIAN BENNETT, JD

Buying a property is one of the most important purchases you can make in your life. In today’s real estate market, it can also be one of the most daunting. This is especially true for first-time buyers who might not know what to expect. However, there are some advantages to buying your first property, such as the refund on Land Transfer Tax that is only available to individuals who have not previously owned real estate.

While many buyers have heard of the Land Transfer Tax refund, there are a lot of misconceptions about what it is precisely. A common mistake first-time buyers make is thinking they won’t have to pay Land Transfer Tax at all. Unfortunately, Ontario’s Land Transfer Tax refund is capped at $4,000. Toronto, which has its own Municipal Land Transfer Tax that mirrors the Province’s, caps its refund slightly higher at $4,475.

According to the Parliamentary Budget Officer’s House Price Assessment released earlier this year, the average price of a home in Canada at the end of 2021 was $811,700; the Province would assess Land Transfer Tax in the amount of $12,709 for property purchased for that amount. Qualified first-time buyers would be entitled to the maximum rebate of $4,000, but would still have to pay the Province $8,709 in Land Transfer Tax. Were this average priced home located in 40

condolife magazine | April 23–May 21, 2022

Toronto, the combined provincial and municipal Land Transfer Tax owned by a buyer would be $25,418, with first-time buyers paying $16,943 after both levels of governments’ refunds are applied.

There are also often misunderstandings about who qualifies as a first-time buyer. You may not own property in Ontario or even Canada, but still not qualify if you have owned property elsewhere in the world. You may also be disqualified from the refund if you were otherwise a first-time buyer, but your spouse owned property while you were legally married to him or her. Partners who are not legally married may be able to structure their ownership of a property in such a way as to take advantage of one partner’s eligibility for the rebate, even when the other has owned property before. Buyers should consult with a real estate lawyer before budgeting to receive the refund.

First-time buyers of new build properties should be extra cautious when assuming they will qualify for

the Land Transfer Tax refund. The Land Transfer Tax is payable on final closing when title is transferred. This can be several years after entering into the agreement to purchase the property. A buyer who was eligible for the rebate when they agree to purchase a new build property, may be ineligible by the time they receive title, if in the interim, he or she inherited an interest in a property, or married a homeowner.

There is a lot to consider and perhaps the best advice we can give, as the Boy Scouts say, is to be prepared. There is nothing worse than having all of your ducks in a row and discovering the day before closing that you need an additional $15,000 to $20,000.

Jayson Schwarz, LLM, is managing partner, and Brian Bennett, JD, is an associate at Schwarz Law Partners LLP. schwarzlaw.ca, info@schwarzlaw.ca.

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ADVICE | HomE REAlty

THE TAX BENEFITS OF OWNING A RENTAL PROPERTY

DEbbIE COsIC

This time of year, it’s impossible to avoid thinking about income tax.

Savvy investors understand that a diversified portfolio is usually key to making money, and many are turning to real estate to round out their initiatives. It’s the old “don’t put all your eggs in one basket” philosophy.

Owning a rental property can be a stable and lucrative practice for numerous reasons. For one, wise investors know that putting their funds into a property that will increase in value over time is important, and in today’s market, that’s pretty much a given. Relatively speaking, even with current prices, if you can eventually sell at a higher price, then you are buying “low.”

Real estate is also easy to get into if you have the down payment. Everyone understands owning a property, as opposed to buying stocks, RRSPs and mutual funds, which in essence, represent owning something on paper.

Banks also realize that owners of rental properties enlist renters to pay their mortgage debt and earn equity, so are eager to lend money to potential landlords. Of course, the best scenario is that rental income exceeds your mortgage payment on the property plus related expenses – making it cash-flow positive. With the average rent in Toronto hovering around $1,900, that’s an achievable goal.

For a smart investment, it is important to understand all the parameters that come along with renting out your property, including the tax implications. Canada Revenue

VOYA

Agency offers guides to taxation for owners of rental property at canada. ca, and they are well worth consulting if you are considering real estate investment, either on your own or with a co-owner(s). These guides cover everything from determining whether the income you earn is considered rental or business income, to what you can and cannot deduct.

For example, you can write off related expenses such as interest and bank charges, repairs and maintenance, advertising, management and administration fees, travel costs and property taxes, to name just a few. You cannot deduct land transfer taxes, utilities paid by you, mortgage or loan principal repayments, penalties shown on your notice of assessment or reassessment, or the value of your own personal labour.

You must also be realistic about the work involved in bookkeeping, property maintenance and dealing with renters. Every province has its own regulatory body that protects

the rights of tenants and outlines the responsibilities of landlords. You can find the Ontario rules at ontario.ca.

Overall, real estate is considered a relatively safe investment in everchanging economic conditions, especially when it rounds out a wellthought-out financial portfolio. As with all real estate purchases, the more equipped you are with information, the more likely you are to make a wise deal. Do your homework, play by the rules, deduct what you can and pay your fair share of taxes – and owning a rental property may be the best move you ever make.

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 | REAL ESTATE PRO

A NEW HOME OR CONDO

FOR EVERY LIFESTYLE BARBARA LAWLOR

“Home” means something different to everyone. Many new homebuyers opt for a condominium for the sheer convenience it offers, with exterior maintenance and the cleaning and upkeep of shared amenities handled for them. It means immersing themselves in vibrant, bustling urban surroundings, just a walk or quick bus or subway ride to local amenities.

They enjoy walking out of their private cocoon into an animated street life, with shoppers and diners hurrying to their destinations.

For others, home refers to a house on a spacious country lot with room for a playset and a pool. They may choose a large single-family home with back and front yards where they can garden to their heart’s content.

Still others prefer suburbia, where kids can ride their bikes along familiar streets to play with their friends. The great news is that nowadays, across Toronto and the GTA, you can find an array of new homes and condos that fit just about any lifestyle.

Then consider design. Some buyers prefer the clean lines of modern styling; others gravitate to the more traditional or contemporary.

Again, you will find a wide variety of architectural designs and interior layouts. Look around at what looks like “home” to you. When you purchase new, as long as you buy early in the selling cycle, you also have the opportunity to select the features and finishes that extend that feeling to your immediate surroundings.

The Georgian

I know that today’s prices are high, but I still suggest buying as much new home as your wallet will allow.

This goes for both investors and end-users. Investors want to appeal to as broad a spectrum as possible when it comes to renters. If you plan to live in your new home, remember that someday you will sell it, so you also want to appeal to the broadest market possible.

So, what does this mean when you shop? As an example, if you are looking at a condo, the price between a one-bedroom and one-bedroom plus den is likely fairly small. If you are able, go for the plan with the den, which can someday be someone’s office, studio or nursery. Think about it from the eyes of future potential purchasers. Think about location, as well. New homes and condos in up-and-coming areas that are more financially feasible right now are sure to increase in value once the surroundings are built up, with shopping and other amenities. By all means, shop according to what will

fit best with your commute, but think about others, as well. Is public transit and/or access to highways nearby?

How about schools for families with children? Proximity to medical care will be important to seniors, so if that is your target market, how close is the nearest hospital or clinic?

When you look at new homes and condos, by all means search for the perfect idea of “home” to you. And for the future, give a thought to who else might want to purchase it someday.

Regardless, in the long run, real estate will likely be the best investment you ever make.

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

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ADVICE | REALTY INSIDER

THE DOWN PAYMENT WHERE IS YOURS COMING FROM?

MICHAEL KLASSEN

With the January 2022 Altus Group statistics for the Greater Toronto Area showing the benchmark price of a new single-family home sitting at $1.77 million, and of a new condominium at $1.15 million, you have to wonder how so many people are affording down payments of up to 20 per cent.

Nowadays, down payments are as much as homes used to cost a few decades ago. Of course, many purchasers still use traditional methods, such as saving over long periods of time or using the equity they’ve earned on an existing house to buy a new one. Some people are co-purchasing to make the deposit and mortgage more affordable for those involved. First-time buyers can also take advantage of government programs that help, such as Canada’s Home Buyers’ Plan, which enables them to draw up to $35,000 from their RRSPs toward their purchase.

Another avenue for buyers is to receive financial help in the form of gifts from their parents, and that practice is trending today in more ways than one. In October 2021, CIBC issued an Economics in Focus report that said about 30 per cent of first-time buyers (up 10 per cent from 2015) and slightly less than nine per cent of existing homeowners received financial help from their families during the previous year. Across Canada, the average amount firsttime buyers received was $82,000 (up from $52,000 in 2015), and the average gift to move-up buyers reached $128,000 in September 2021.

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condolife magazine | April 23–May 21, 2022

Of course, those are averages. In fact, during the first three quarters of 2021, the average gift to first-time buyers in Toronto was more than $130,000, and to move-up buyers nearly $200,000. In Vancouver, those figures were $180,000 and $340,000, respectively.

According to Benjamin Tal, CIBC’s deputy chief economist, overall, this financial gifting amounted to a whopping $10 billion in Canada, representing 10 per cent of total down payments. At least two-thirds of first-time buyers who received help reported that it was the primary source of their down payments.

So, how are parents finding all this money to help their kids?

Surprisingly, only 5.5 per cent of the helping parents are going into debt to do so. A substantial percentage of them are drawing from their savings for those gifts – savings that grew quite a bit during the pandemic, when Canadians weren’t traveling and using up disposable income as usual. There are billions of dollars that would normally be in circulation but aren’t because of people staying

home and curbing spending. Another approach some parents are taking is to release money that would eventually be considered part of their children’s inheritance. The number of parents co-signing for mortgages has increased as well.

Combined with ongoing low mortgage interest rates, this trend is making it financially feasible for more Canadians to get into and move up in the real estate market.

Remember that many gifting parents paid double-digit mortgage rates during the late 1980s and early 1990s, so they see an optimum window of opportunity for their kids to tap into our current low rates. It will be interesting to see how this trend plays out in the long run, but for now, it’s a lifeline for would-be buyers.

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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ADVICE | WESTERN VIEW

POLITICAL ALIGNMENT ON THE HOUSING SHORTAGE MIKE COLLINS-WILLIAMS

The provincial Housing Affordability Task Force Report hit the nail on the head. We need to build more homes.

For far too long, construction of new homes has been a low priority for cities and towns across Ontario. With our position in the Greater Golden Horseshoe – the fastest growing region in North America – it’s time to get building.

The recent Mike Moffatt report, Baby Needs a New Home, outlined the challenge clearly. For years, our housing stock has not kept up with population growth in urban centres, leading people to drive further outside our cities to find a home. As part of hitting Canada’s economic development objectives, we need to attract global talent and skilled labour to build the future and ensure everyone has a place to call home.

We’re starting to see a clear alignment between both the federal and provincial governments on housing. The WEHBA was pleased to see the federal government in Hamilton on April 8, with Justin Trudeau acknowledging the need to “attack the challenge of supply” for our growing population through the federal budget, which provides targeted incentives to help municipalities reduce red tape and build more homes faster. On the provincial level, new legislation through the More Homes for Everyone Act (Bill 109) is also putting forward provincial commitments to increase housing supply. These policies aim to make housing more accessible to Ontarians, and get

all types of homes built faster for families who need them. At both the federal and provincial levels the consensus is clear: It’s time to get building.

In reality, building more homes is great for everyone, as our social well-being hugely benefits from the construction of new homes.

Currently, young residents and newcomers are scattering across the province to find homes that meet their needs and budget. It’s beneficial to be able to afford to live in cities and neighbourhoods where friends and family live, as opposed to being displaced outside our urban centres. Growing our populations and building more homes enhances the financial health of municipalities.

More housing supply means more development revenue and taxpayers that bolster our workforce and grow the local economy. More people means a larger tax base for our municipalities, leading to better community infrastructure

and services for current and future residents.

WEHBA is pleased to see alignment between the federal and provincial governments in working to get more homes built faster in cities and towns across the province. The More Homes for Everyone Act and the federal budget measures that support and encourage more market – rate housing supply and affordability will not solve the housing crisis immediately, but the time to start is now. We all need to work together with a renewed focus on cutting red tape to deliver more homes in the cities we love.

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

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nexthome.ca 45

ADVICE | THE MARKETING EDGE

CONCERTED EFFORTS BEGINNING TO ADDRESS HOUSING CHALLENGES

CHRISTOPHER MARKOVIC

Since the spring of 2020, The PMA Brethour Co., in partnership with CIBC, has been hosting a monthly industry wide webinar series focussed on issues in housing and the development industry. The PMA | CIBC Summit Series brings to light the dynamics behind the headlines with a wide range of sought-after speakers and panelists from leading place-makers and city builders across Canada. We recently had a conversation with representatives from some of Toronto’s top developers to discuss the current market, especially related to highrise residential homebuilding.

THE RESURGENCE OF HIGHRISE

In January 2022, industry data (per RealNet) reported a 232-percent year-over-year increase in preconstruction highrise sales, and 87.8 per cent in February 2022. This can be substantiated easily by the numerous cranes that surround the city and the saturation of billboards and signage directing buyers to presentation centres or online registration. It can be said that it is difficult to drive along a large stretch of road without coming by some type of pre-construction sale.

The highrise market has “blownup” over the past few months, with sales of projects being sold out within hours or days of launching.

Unprecedented sales prices have 46 condolife magazine | April 23–May 21, 2022

been achieved with common incentives being provided by other builders. At the rate projects are being sold out, there clearly is a higher demand than supply available. Buyers are purchasing new condominiums, fully aware occupancy can be up to three to four years from today – and that does not seem to be a concern.

What appears to be the bigger issue is the ability to purchase their home before the projects sell out.

The highrise target market is fully inclusive of all demographic age groups; from young professionals leaving home, to families or buyers who are empty-nesters rightsizing after selling their large family home. Pricing is fully dependent on the location of the building, size, amenities and extras, such as parking spaces and storage lockers. Builders have been versatile in their designs to incorporate various model suites to include not only condominiums but townhome and loft options for those who are interested, in larger units. More and more the suites are designed to include dedicated ensuite work-from-home areas, and spaces of separation within the home.

SO, WHAT HAPPENS NEXT?

The recent federal budget announced a housing budget of $10 billion over five years, on an affordable housing program, including $4 billion over five years to launch a Housing Accelerator Fund, and a one-time $500 payment to people struggling with housing affordability. These are the steps the federal government has made to attempt to manage the current supply crisis faced by the country.

With a shortage of land available, an increase in taxes and fees,

increasing interest rates, inflation and restrictions and obstacles, affordability remains to be a challenge for many, and we are now hearing questions on the depth and impact that these measures will make.

Builders agree that land is scarce, but that is one of many issues they face alongside buyers. As noted by Kash Pashootan, founder and CEO of Emblem Developments, “this is only one piece of the equation. We cannot look at just one component in isolation without considering the other pieces, such as policy and transparency... the whole entire process needs to be examined.” It goes without saying that processes at all levels of government, especially at the local levels, need to be streamlined, and more forward thinking in order for increased housing supply to become a reality.

There are projects being built and buyers taking possession daily.

Buying a home is one of, if not, the largest purchase a person makes in their lifetime, and we believe that it should be one of excitement and anticipation. The industry is coming together more and more and engaging all levels of government to deliver on homebuyers needs and expectations.

Christopher Markovic is CEO, PMA Brethour Realty Group. pmabrethour.com

+MORE CONTENT ONLINE nexthome.ca

ADVICE | REAL INSIGHT

THE FEDERAL BUDGET WHAT DOES IT MEAN FOR HOUSING?

KEvIn CRIggER

If we are looking for good news, we can certainly look to the federal budget’s focus on housing supply. It is evident from the central focus on both supply and overall housing affordability, that what was once a regional issue centred around Canada’s largest municipalities is now a national one.

One concerning element, however, is the focus on some policies around attempting to artificially suppress demand – a policy focus that Canada’s largest municipalities clearly highlight is not effective. To attempt change to affordability by artificially suppressing demand, the government is aiming at the wrong target.

While TRREB member realtors are encouraged to see a budget that will support their client’s journey to homeownership, all levels of governments must continue to take action to address housing affordability by focusing on the barriers to supply.

The budget includes funding to incentivize municipalities in modernizing their zoning, planning and building approval processes, so that new homes are brought to the market faster. This is a key element, as the federal government has the levers to push municipalities into modernizing their exclusionary zoning laws. Nothing will be more impactful to overall supply and affordability than a review of exclusionary zoning, and a collaborative approach between all levels of government to look at regional opportunities for gentle intensification.

The budget has also reserved funding for the construction of affordable and co-op housing units. Other initiatives designed to assist first-time homebuyers with affordability challenges are positive steps, but for GTA buyers specifically, the national nature of these initiatives does not create a level playing field.

From an affordability perspective, with a $40,000 contribution maximum, a first-time buyer in the GTA is substantially disadvantaged from a first-time buyer in a much more affordable market in northern Ontario, for example. If the federal government wants to take a good policy and make it a great one, and offer all Canadians an equal opportunity as first-time buyers, we would encourage regional contribution maximums to recognize the very different price realities across the country.

Some policies brought forward in the budget will not have the intended effect, such as the two-year ban on foreign buyers that will begin in 2023. Equating to approximately one to four per cent of transactions in the GTA (depending on the research reviewed), foreign buyers do not have a substantial impact on the imbalance in our housing market.

While the concept seems to be politically favourable, the effectiveness of policies aimed at this segment of buyers has been disproven in cities, including Toronto and Vancouver, where foreign buyer taxes have been in place for four years, with virtually no impact on overall affordability.

The challenge facing our housing market is an imbalance between domestic demand and the supply of homes, not an imbalance between domestic and foreign buyers.

Governments at all levels should think big and focus on improving

much-needed supply in a significant way, rather than on policies that could suggest Canada is not open for business or immigration.

So, what can governments do to facilitate the building of more homes?

It starts with implementing evidencebased initiatives that address the real cause of affordability challenges, which is an inadequate supply of homes for sale or rent, and to not be distracted by ineffective policies that are popular.

One such key initiative to boost supply is working with municipalities to modernize their exclusionary zoning policies that currently restrict significant neighbourhood areas to single-family homes. There needs to be a strong effort to increase the supply of diverse home types, such as townhomes, plexes and lowrise walk-up apartments. Policymakers must address the needs of all people in the city and bridge the gap between detached homes and condominiums.

Finally, stay up to date on the real estate market by visiting trreb.ca. We share information on new government policies and how they can impact buyers and sellers.

Plus, discover our monthly Market Watch report. We break down prices, sales and new listings across the GTA. You can also 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.

+mORE CONTENT OnlInE nexthome.ca

nexthome.ca 47

Lorem AdVICe| |Ipsum Condo If needed desIGn

JOIE DE VIVRE OR, EMBRACING OUR JOY OF LIVING AGAIN The psyChoLoGy of CoLour

TANIA RICHARDSON

Joie de vivre translates to the “joy of living.” After a two-year hiatus, it is time we do just that. With warmer weather and the world reopening, now is the perfect time for reconnecting socially, reevaluating our daily lives and habits, and refreshing our interior spaces.

When the pandemic hit, we made rapid changes to our live/ work environments. Many were forced to create multi-purpose living spaces to adapt. Our interiors became our sanctuaries, our offices, classrooms and workout spaces. People worldwide have been reflecting on how they can create spaces that feed their ambition, inspire them to be better, and make them feel happy.

My belief is that our collective experiences will take us back to a more simplistic, organic, health-oriented way of living and designing the spaces around us.

Spring is a natural time to redefine the meaning of condo living and revamp interior spaces to accommodate personal needs and a new post-pandemic lifestyle.

Colour, texture and materials play a significant role in our psychology and mental health. Colours can be incorporated into existing interiors in different ways: A fresh coat of paint; adding new throw pillows; changing a rug; or adding different artwork.

With a shift in colour palettes from cool greys to warm earth tones, new materials are trending. A favourite of ours is tambour, which we are seeing in furniture, case goods, kitchens and accent walls. Tambour can be painted or stained to accommodate any style.

being embraced this year. Line art, which has been around for thousands of years and was heavily influenced by great artists such as Henri Matisse and Pablo Picasso, is making a strong comeback. While its organic nature and simplicity may seem primitive, it is a powerful expression of creativity.

Other types of trending art include textured and abstract canvases with neutral colours, and minimalistic decor items such as ceramic vases, stone frames, wooden side and coffee tables. furnITure Trends

The ArT of bALAnCInG muLTI-funCTIonAL spACes

Freestanding partitions and moveable divider walls are a great solution for multi-purpose living spaces. Soundproofing panels have become trendy as they are great for Zoom rooms and workspaces. Lighting is another important aspect of transforming your multi-functional space. Warm light is easier on the eyes and creates a cosier ambience at night. Bright white task lighting is great during the day.

A dimmer switch is an easy way to accommodate different lighting levels required throughout the day.

A more mInImALIsTIC mIndseT ThrouGh ArT

Opting for minimalistic pieces and neutral tones is another design trend Groove Condos

Furniture trends this spring are curvaceous and have clean, modern lines, with textured and natural fabrics. Fully upholstered furniture is in every showroom; however, with demand at an all-time high, current furniture lead times can be anywhere from six months to a year. As a result, vintage finds are trending. We are also seeing a lot of creative DIY art, upholstery and refinishing happening.

Embrace your creative side.

Seasons of change are upon us.

How are you going to adapt your space during this exciting time of renewal? Interior design is a powerful tool for transforming our interiors – and possibly even our everyday lives, so that we can embrace our Joie de Vivre again.

Tania Richardson is CEO and Co-founder of Tomas Pearce Interior Design, an international interior design firm based in Toronto. tomaspearce.com

+mORe CONTENT ONlINe nexthome.ca

48 condolife magazine | April 23–May 21, 2022

INTERIORS

Groove Urban Condominiums at Bathurst and St. Clair, Block Dev.

groovecondos.com | Design by Tomas Pearce

IN THIS SECTION:

DECOR | BIG STYLE nexthome.ca 49

INSPIRATION |

big style

SUSTAINABLE PRINCIPLES OF

INTERIOR DESIGN

by LISA ROGERS

Doing our part to help the environment is more critical than ever, so how can we reduce, reuse and recycle our way to more sustainable interior design? It’s easier than you think.

In principle, sustainable design aims to reduce negative environmental impact through thoughtful design.

This means buying more energyefficient products, reducing waste and using limited resources throughout their life cycle. It’s considered one of the fastest-growing segments in the design industry – often referred to as “Green” interior design – and 50 condolife magazine | April 23–May 21, 2022

it encourages more of us to create a sustainable space that helps save our environment. It can sound overwhelming when we think about saving the planet with our actions, but there are things we can do to achieve (better) sustainable interior design.

DESIGN FOR ENERGY EFFICIENCY

Energy consumption is a significant contributor to climate change. There is plenty we can do in our own homes to improve energy efficiency by looking at the amount of energy we need for heating, lighting and running our appliances. Since most

heat escapes through windows, your installed windows must be high quality and provide good insulation.

Window coverings also keep both cold air and the sun’s heat outside.

Installing home automation (often called “Green gadgets”) makes it possible to control heat and lighting systems remotely. This will help you use your home’s energy more efficiently and economically. Think about intelligent bulbs, the Nest Learning Thermostat, or Green apps that you can download on your phone and to help monitor your energy use.

PAINT WITH THE RIGHT COLOURS

To save on energy spent on lighting, plenty can be done in picking the right colours. Lighter colours reflect more light, while darker walls (and furnishings) absorb light and require more artificial lighting to brighten up the space. Also, here’s a trick: Reflective surfaces, such as glass, increase the amount of light in a room by bouncing around, so opt for glass tables or extra mirrors in your room to capture all of that glorious natural light. Also, most paints contain toxic fumes and chemicals, so try and opt for paint brands that offer less abrasive products that don’t harm the environment.

OPT FOR NATURAL TEXTILES

I love natural textiles in interiors, and they’re continuing to be a major theme in this season’s design ethos.

Eco-friendly and naturally-sourced fabrics are all the rage and can be recycled as can vintage woods, banana fibre, Afghan wools, hemp, seagrass, burlap, raw cotton or linen.

Not only can they come in a variety of different textures, they are also capable of being ethically sourced.

Beyond materials for furniture or furnishings, organic materials can also be used in mattresses, upholstery or pillows. This can reduce the production of synthetic materials that sadly end up in our landfills.

BUY LOTS OF INDOOR PLANTS

It is aesthetically so pleasing to have a home filled with greenery and plants, and plants also work double-duty in that they give oxygen and eliminate harmful substances from the air.

They also provide a natural look and freshness in your home. NASA’s Clean Air Study found a number of air-purifying plants that can detoxify

your home from the airborne toxins, dust, and germs found in a variety of household products, materials and furniture. However, to make that much of a difference to the air quality inside your home, you would need a significant number of house plants (about 90) to work together to clean the air. But, with houseplants becoming an interior design trend that looks like it’s here to stay, we might as well choose one that will improve the air we breathe, even if it’s not all of it.

English ivy, snake and spider plants, and chrysanthemums help filter out toxins, including ammonia and benzene found in varnishes, floor finishes, and detergents.

INVEST IN VINTAGE FURNITURE

I love vintage furniture, and when we are making more efforts to be more mindful of the planet, we should really be aware of the furniture and decor pieces we choose. When we repurpose an old-found treasure, we immediately reduce waste, overproduction, and our footprint – all good things.

I know buying a brand-new piece can be exciting, but so can sourcing and hunting for that vintage piece full of legacy and sentimentality.

Browse online marketplaces or go the old-fashioned route and head to some estate sales or vintage markets.

I guarantee you will stumble upon some unique finds that will give your home a new look.

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 51

INSPIRATION |

1

Take it to the

home finds

4

2

matte

3

by SARA DUCK

Matte black kitchen accessories and small appliances will make a bold statement in your cooking space. Plus, this colour is easy to keep clean!

1. Studio S semi-pro kitchen FAUCET in matte black. $827. americanstandard.ca 2. Gooseneck electric water KETTLE. $88. bodum.com 3. Nera matte black MEASURING CUPS. $35. crateandbarrel.ca 4. Six-light incandescent adjustable PENDANT LAMP in matte black finish by Dainolite. $288. homedepot.ca 5. The TOAST SELECT luxe. $250. breville.ca 6. Hexa Walton black 3D peel and stick self-adhesive WALL TILES. $45 (set of four). lowes.ca 7. Four-pack TEASPOON SET in matte black. $13. hm.com 8. 16-piece DINNERWARE SET in matte black by Stone+Lain. $100. bedbathandbeyond.ca

5 8 7

6

PURPLE REIGN KitchenAid has introduced its 2022 colour of the year, a vibrant magenta hue called Beetroot.

“At KitchenAid, creativity is championed by the power of colour,” says Julie Cluff, director of sales and marketing at KitchenAid Canada. “This year is no different. Beetroot is vibrant and energizing, inviting cooks of all skill levels to feed their insatiable appetite for new experiences and make every meal more exciting than the last.”

Artisan series five-quart tilt-head STAND MIXER. $700.

K400 BLENDER. $300. kitchenaid.ca

52 condolife magazine | April 23–May 21, 2022

Colour confidential

OCTOBER

MIST

We asked Sharon Grech, Benjamin Moore’s colour and design expert, about the hottest hues for kitchens in 2022. Here are her top three choices: 1. Greens are popular in kitchens as a way to bring nature inside, and certain greens also have a vintage vibe that is quite popular. October Mist CC-550 2. Deep navy and denim blues have been popular as cabinet colours for some time and I don’t see that changing any time soon. Mysterious AF-565 3. There is nothing like yellow to bring instant brightness and warmth to any space. In the kitchen, a little goes a long way. Pale Moon OC-108

S

U MYSTERIO

N PALE MOO

2

1

Set in stone

Freshen up the look of your kitchen cabinets with marble hardware.

4 3

1. ROUND MARBLE doorknob. $16 (set of two).

2. OVAL MARBLE doorknob. $14 (set of two).

3. TWO-TONE doorknob. $20 (set of two).

4. ROUND MARBLE doorknob. $19 (set of two).

All from zarahome.com

nexthome.ca 53

INSPIRATION |

decor

DECORATING WITH WOOD

TIPS TO BEAUTIFY YOUR SPACE USING ONE OF NATURE’S GREATEST GIFTS

by LINDA MAZUR There’s something about wood that makes it so appealing. It’s warm, inviting and lends itself to any decor style. Wood has personality and character; and decorating with a variety of wood finishes has a way of adding a certain richness to a space.

The organic movement of some grains can often have an art-like influence in a room, reaching well beyond its traditional usages.

From simple accessories, to lighting, beautiful contemporary bathroom faucets, wall and ceiling cladding, furniture, kitchen accents and more, incorporating wood in your home, outside of flooring, is only limited by your creativity. As a designer, I love the versatile nature of wood, and how its nearly endless array of colours and grain options can complement, and sometimes even dictate the style within a space.

Whether you’re more in line with a light, airy and modern vibe, or love the rich, dark more formal woods, I’m sure you can agree that adding wood accents to your home creates depth in your design. However, working with wood is not just about simply incorporating it in your decor or using it creatively, it’s also about mixing wood tones to create a more stylish and elevated space.

When looking to mix and match your woods, the approach is no different than when you blend anything else, such as colour, textures or styles, it’s all about creating continuity – a story, of sorts. You need to pay attention to key details

54 condolife magazine | April 23–May 21, 2022

such as grain, undertones, and finish to successfully blend your woods, as well as the overall style of the space and how the placement, usage and proportion of your wood accents balance within the room.

Another great way of mixing multiple wood tones can be by introducing contrasting colours. For example, a room with several shades of warm-toned woods can be pulled together and punctuated with a high-contrasting wood stained in a dark, almost black finish. This can complete the space by adding more depth to the design, while adding visual interest. Once you put together the palette that works for you, then all you really need to do is ensure you repeat the shades, at least two times, throughout to maintain continuity and structure within your space; this will make your room look well “pulledtogether” without a lot of effort.

Mixing wood tones and decorating with wood, in general, is not as difficult as you may think – you’re creating a truly lovely and stylish

space. Whether you decide to keep it simple by incorporating a few wood accessories, or perhaps barstools, or are a little more adventurous and you’re looking to create more drama in your space with a beautiful walnut grain wall panelling, the addition of wood elements will undoubtedly create a totally chic space for you.

Here are a few tips to keep in mind: • If you can, keep your tones consistent when mixing woods, work in all warm, cool or neutral tones.

• Select one principal wood tone and one or two secondary wood tones when blending. The principal wood tone is usually the one that will occupy the most space, for example, flooring, wall feature, dining table.

• If there is a drastic difference between your floor colour and other furniture tones, the introduction of a patterned rug can help blend them together better.

• Don’t place similar tones of wood close together – it’s all about balance, consistency and harmony. Placement and moderation are key.

• Remember, ultimately, decorating with wood and mixing different types or tones of wood is great and encouraged, but ultimately, it’s only a part of the overall design of the space; colour, texture, pattern all still play an important part.

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 55

CONDO PROFILES

Bristol Place

developer: style: size: features:

Brampton

SOLMAR DEVELOPMENT CORP.

Highrise Starting from 432 sq. ft.

• Two 48 storey towers on a podium within a landscaped courtyard • 1 bed, 1 bed + den, 2 bed, 3 bed • Steps to Go, VIA Rail, and ZUM rapid transit • Surrounded by shopping, dining, arts and culture • Party room, gym, yoga, lounge, outdoor BBQ & dining area, work stations and more contact: bristolplacecondos.ca location: 199 Main St N, Brampton, ON L6X 1N2

Central Park

developer: style: size: prices from: features:

North York

AMEXON DEVELOPMENT CORPORATION

Highrise – 12-acre, master-planned community 436 - 1,200 sq. ft. from the $600,000s • 1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den • spacious layouts, terraces/balconies • Located in the Bayview Village neighbourhood • Leslie subway station and GO Transit at your door • Direct access to the East Don Parkland ravine • Central Park Common – a three-acre urban park offering year-round, outdoor event programming • 55,000 sq. ft. of resort-style amenities including coworking space, skating rink, indoor and outdoor saltwater pools, privately operated childrens’ daycare, EV charging stations in all parking areas contact: centralparktoronto.com • (416) 252-3000 location: 1200 Sheppard Avenue East

56 condolife magazine | April 23–May 21, 2022

Gallery Towers

developer: style: size: prices from: features:

Markham

THE REMINGTON GROUP

Highrise 515 to 1,688 sq. ft.

From the $600’s • 9 Ft 10ft and 11ft ceilings • The towers offer exceptional 1, 2 and 3 bedroom residences with den options and spacious terraces with 2 storey towns • Outdoor fitness studio, outdoor dog walk, dog wash station, games room and wet bar, canopied dining with bbq areas and lounge seating • Indoor amenities games lounge, dining and party room, state of the are fitness and more contact: downtownmarkham.ca location: Warden + Enterprise

Branthaven

developer: style: features: prices from: features:

Oakville

BRANTHAVEN

Highrise • 20 Storeys, 349 Suites ranging from 460 – 1455 SF $600,000’s • Fully furnished indoor and outdoor amenities by II BY IV DESIGN. • 2-storey height lobby, Social & Dining Lounge, Private Meeting/Dining Room, Media Lounge, Co-work Space, Fitness, Yoga & Movement Studio.

• Rooftop Terrace, Entertainment Kitchen and Indoor Lounge.

• BH Home TechnologyTM, a Smart Home solution providing integrated building / home access and control system.

• Pet Wash Station with convenient indoor/outdoor access • Indoor Bicycle storage. contact: Branthaven.com location: 2340 William Coltson Avenue, Oakville

CONDO PROFILES

Express 2

Toronto

developer: Malibu style: Highrise features: • Junior 1 bed, 1 bed, 1 bed + den, 2 bed, 2 bed + den, 3 bed • Lobby with 24/7 concierge • Pet spa • Fitness room,cross fit training/boxing equipment, separate yoga studio • 7th floor Sky Lounge with water wall, butterfly meadows, loungers, seating • Steps to neighbourhood park & walkway to subway • 6 storey podium with two towers contact: express2condos.ca | 416-703-2202 location: Tippett Road and Wilson Avenue - Coming Soon!

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

MRKT Alexandra Park

developer: style: size: prices from: features:

Toronto

TRIDEL

Highrise from 836-1235 Sq. Ft. $1M for 2 bedroom loft suites • Unique loft suites overlooking Kensington Market • High ceilings, large windows, premium finishes • Building amenities include: two-storey gym, swimming pool and rooftop terrace, landscaped courtyard, outdoor dining terrace and garden, kid’s zone and youth zone contact: Tridel.com location: Dundas St. W. + Denison Ave.

Pinnacle Toronto Cypress

Toronto

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WHERE MORTGAGE RATES ARE HEADED IN 2021

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developer: style: size: prices from: features:

pinnacle international

Highrise Up to 1,145 sq. ft.

The high $800,000s • Suites include 9’ ceilings, laminate flooring, quartz countertops • Suites with full size appliances • Amenities include: gym, yoga room, party room, kids play area and outdoor terrace contact: 416.596.1600 • info@PinnacleEtobicoke.ca location: 50 Thomas Riley Road (west of Kipling) nexthome.ca 57

HOT PROPERTIES | GREATER TORONTO AREA

9 8 62 58 63 17

64 18

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65

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58 condolife magazine | April 23–May 21, 2022

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1

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59

19

10

12

21

20 22

61 37

MAPS

CARTOGRAPHY: MARKETMAPS.COM

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

nexthome.ca 59

HOT PROPERTIES

Find your next hoMe

The latest properties in the greater toronto Area to keep your eye on

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

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location

site

type

address

contact

Etobicoke..............................Mirabella ........................................................... HR ......................... 1926 Lake Shore Blvd. W. ..............................................mirabellacondos.ca Etobicoke..............................Westerly ............................................................ HR ......................... Islington & Dundas............................................................................tridel.com Etobicoke..............................Reina .................................................................. HR ......................... Royal York & The Queensway ..........................................reinacondos.com Etobicoke..............................Humberwood Heights ........................... CTH/FTH ................... 50 Humberwood Blvd. .......................................tributecommunities.com Etobicoke..............................Cypress at Pinnacle Etobicoke ................... HR ......................... 5475 Dundas St. W. ................................................pinnacleinternational.ca Etobicoke..............................Verge ................................................................. MR ......................... Islington & The Queensway ........................................... vergecondos.com Etobicoke..............................36 Zorra Condominiums.............................. MR ......................... 36 Zorra................................................................... altreedevelopments.com Markham/Unionville..........Panda Markham ............................................. HR ......................... 8200 Warden Ave. ............................................lifetimedevelopments.com Markham/Unionville..........Varley Condo Residences .............................LR.......................... 20 Fred Varley.........................................................tributecommunities.com Markham...............................Canvas on the Rouge.................................... MR ......................... Donald Cousens Pkwy & Ninth Line ................................. flatogroup.com Markham...............................Gallery Towers at Downtown Markahm .. HR ......................... 162 Enterprise Blvd. .................................................downtownmarkham.ca Mississauga ..........................Perla Towers and Amber at Pinnacle Uptown HR ......................... 5044 Hurontario St. ..............................................pinnacleinternational.ca Mississauga ..........................Oro, at Edge Towers ..................................... HR ......................... 24 Elm Dr.W..........................................................................................solmar.ca Mississauga ..........................Artform Condos.............................................. MR ......................... 86 Dundas St. E. ............................ artformbyemblemdevelopments.com Mississauga ..........................Gemma at Pinnacle Uptown....................... HR ......................... 5044 Hurontario St. .................................................... pinnacleuptown.com North York ............................Express 2........................................................... MR ......................... Tippett Rd./Wilson subway............................................express2condos.ca North York ............................M2M ................................................................... MR ......................... Yonge & Finch ..................................................................... m2mcondos.com North York ............................The DIamond .................................................. HR ......................... 5336 Yonge St.................................diamond.diamantedevelopment.com Oshawa .................................U.C. Condos..................................................... HR ......................... Simcoe St. N. & Winchester Rd. W. ....................tributecommunities.com Scarborough ........................Pinnnacle Toronto East ............................... HR ......................... 3260 Sheppard Ave. E. .........................................pinnacleinternational.ca Scarborough ........................FourMe .............................................................. HR ........................ Markham Rd. & Ellesmere ............................................fourmecondos.com Scarborough ........................Highland Commons ...................................... MR ......................... 1625 Military Trail..............................................thehighlandcommons.com Toronto .................................111 River St. Condos ...................................... HR ......................... 111 River St. .........................................................lifetimedevelopments.com Toronto .................................200 Queens Quay W. .................................... HR ......................... 200 Queens Quay W. ......................................lifetimedevelopments.com Toronto .................................Lawrence Hill Urban Towns .......................CTH........................ Don Mills & Lawrence ................................. lawrencehillurbantowns.com Toronto .................................489 Wellington St. W. ................................... HR ......................... 489 Wellington St. W. .......................................lifetimedevelopments.com Toronto .................................500 Dupont St. ............................................... MR ......................... 500 Dupont St. ...................................................lifetimedevelopments.com Toronto .................................Aqualuna at Bayside ..................................... HR ......................... 200 Queens Quay East ...................................................................tridel.com Toronto .................................Artistry Condos ............................................... HR ......................... 292 Dundas St. W. ..................................................tributeartistrycondos.ca Toronto .................................Panda Condos................................................. HR ......................... Yonge & Dundas. ...............................................lifetimedevelopments.com Toronto .................................Skytower at Pinnacle One Yonge .............. HR ......................... 1 Yonge St. ...............................................................pinnacleinternational.ca Toronto .................................The Prestige at Pinnacle One Yonge ....... HR ......................... 1 Yonge St. ...............................................................pinnacleinternational.ca Toronto .................................Tridel at the Well ........................................ MR/HR ..................... Spadina Ave. & Wellington St. .....................................thewelltoronto.com Toronto .................................Via Bloor ........................................................... HR ......................... Bloor & Parliament. ...........................................................................tridel.com Toronto .................................The PJ Condos ............................................... HR ......................... 283 Adelaide St. W..................................................pinnacleinternational.ca Toronto .................................36 Eglinton Ave. W. ....................................... HR ......................... 36 Eglinton Ave. W. ..........................................lifetimedevelopments.com Toronto .................................Linx Condominiums ...................................... HR ......................... Danforth & Main ................................................ tributecommunicties.com Toronto .................................Y&S Condos .................................................... HR ......................... 2161 Yonge St. .......................................................tributecommunities.com Toronto .................................Burke Condos ................................................. HR ......................... Bloor & Sherbourne ..................................................... burkebyconcert.com Toronto .................................MRKT Alexandra Park .................................MR HR...................... Dundas & Spadina .............................................................................tridel.com Toronto .................................181 East ............................................................. HR ......................... 181 Sheppard Ave. East ...................................................................stafford.ca Toronto .................................Avenue & Park ................................................. MR ......................... Avenue Rd. & Bedford .....................................................................stafford.ca Toronto .................................50 at Wellesley Station.................................. HR ......................... 50 Wellesley St. East ................................................................pureplaza.com Toronto .................................No. 1 Yorkville.................................................. HR ......................... 1 Yorkville Ave............................................................................pureplaza.com Toronto .................................Theatre District Residences......................... HR ......................... Adelaide & Widmer ..................................................................pureplaza.com Toronto .................................Bijou on Bloor ................................................. MR ......................... 2450 Bloor St. West..................................................................pureplaza.com Toronto .................................The Briar on Avenue .....................................CTH........................ 368 Briar Hill Ave. .....................................................................pureplaza.com Toronto .................................One Seventy .................................................... HR ......................... Spadina & Queen St. West ......................................................pureplaza.com Toronto .................................King West & Charlotte ................................... HR ......................... King St. West & Charlotte........................................................pureplaza.com Toronto .................................Forest Hill Private Residences..................... MR ........................ 2 Forest Hill Rd. ...................................................... foresthillresidences.com Toronto .................................Oscar Residences ........................................... MR ......................... 500 Dupont St. W. at Bathurst...................................oscarresidences.com Toronto .................................Whitehaus ........................................................ HR ......................... Yonge & Eglinton ...............................................lifetimedevelopments.com Toronto .................................Liberty Market Tower..................................... HR ......................... 171 East Liberty St. .............................................lifetimedevelopments.com Toronto .................................XO Condos....................................................... MR ......................... King & Dufferin...................................................lifetimedevelopments.com Toronto .................................The Georgian .................................................. MR ......................... Gerrard & Parliament.......................................................................stafford.ca Toronto .................................The Dupont ..................................................... MR ......................... Dupont & Ossington.........................................................................tridel.com Toronto .................................Bianca Condos................................................ MR ......................... 420 Dupont St ....................................................................................tridel.com Toronto .................................225 Jarvis Street Condos ............................ HR ......................... Dundas St. East & Jarvis ............................................................amexon.com Toronto .................................LeftBank ............................................................ HR ......................... River St. & Dundas St. East..................................................... broccolini.com Toronto .................................The Residences of Central Park ................. HR ......................... Sheppard Ave. East & Leslie ................................. centralparktoronto.com Toronto .................................The Dawes ....................................................... HR ......................... Danforth & Main St. ..................................................................thedawes.com Toronto .................................Queen Church Condos ................................ HR ......................... 60 Queen St. East. .............................................................queenchurch.com Vaughan ................................Park Avenue Place 1 & 2 ............................... HR ......................... Jane St. & Rutherford Rd. ................................................................solmar.ca Vaughan ................................The Vincent...................................................... MR ......................... Jane St. & Hwy. 7 ........................................................................ thevincent.ca Vaughan ................................The Rose Hill Condos ................................... MR ......................... 177 Woodbridge Ave.......truecondos.com/capital-north-communities Vaughan ................................SXSW Condos .................................................. HR ......................... Islington & Steeles..........................................................primonthomes.com

Maps

Locate properties using the map on the previous page

60 condolife magazine | April 23–May 21, 2022

+

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

HOT PROPERTIES | OUT OF TOWN

FIND YOUR NEXT HOME

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

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S

CARTOGRAPHY: MARKETMAPS.COM

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nexthome.ca 61

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

KITCHENER–WATERLOO

Guelph

Waterloo

Milton

Kitchener

Cambridge

5

Brantford

Hamilto n 11

4

13

14 1 12

LONDON

15

London

62 condolife magazine | April 23–May 21, 2022

2 3

Mississauga

17

20 18

Oakville 19

6

MAPS Match the map numbers with property listings on the following Hot Properties page

7

Burlington

23 10

16

21

St Catharines22

Niagara Falls

8

24

Welland

CARTOGRAPHY: MARKETMAPS.COM

9

nexthome.ca 63

HOT PROPERTIES

Find your next hOme

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

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

map

location

site

type

address

contact

1.

Ancaster ................................Meadowlands ............................................MR/CTH .................... 559 Garner Rd E ................................................................ elitemdgroup.com

2.

Brampton..............................DUO Condos ................................................... HR ......................... Malta Ave. & Steeles Ave. .........................................................duocondos.ca

3.

Brampton..............................Bristol Place ..................................................... HR ......................... 199 Main St. North..............................................................................solmar.ca

4.

Brantford...............................Station Sixty Lofts .......................................... MR ......................... 60 Market St. S................................................................... elitemdgroup.com

5.

Burlington ............................Affinity Condos ............................................... MR ......................... Plains Rd. E. & Filmandale Rd. ............................... rosehavenhomes.com

6.

Burlington ............................Millcroft Towns .............................................CTH........................ Appleby Line & Taywood Dr. .............................branthavenmillcroft.com

7.

Burlington ............................Gallery Condos & Lofts ................................ HR ......................... Brant St. & James St. .............................................gallerycondominiums.ca

8.

Fonthill ..................................One Twenty Condos .....................................LR.......................... Rice Rd. & Highway 20 ................................................... mountainview.com

9.

Fonthill ..................................One Fonthill Condominium Collection .. MR ......................... Rice Rd .......................................................................onefonthillcondos.com

10.

Grimsby.................................Odyssey Condos & Towns ..................... HR/CTH .................... Windward Dr. & N Service Rd. ................................ rosehvaenhomes.com

11.

Grimsby.................................Century Condos ............................................ HR ......................... Main St. East & Baker St. South....................................desantishomes.com

12.

Hamilton ...............................1 Jarvis .............................................................. HR ......................... 1 Jarvis................................................................................................1jarvis.com

13.

Hamilton ...............................KiWi Condos ................................................... HR ......................... 212 King William St................................................................kiwicondos.com

14.

Hamilton ...............................Steeltown City Co. ...................................MR/CTH .................... Fennell Ave. E. & Upper Ottawa St. .............................. elitemdgroup.com

15.

London ..................................White Oaks Urban Towns ...........................CTH........................ London ................................................................................ elitemdgroup.com

16.

Niagara Region ...................Lusso Urban Towns ......................................CTH........................ Martindale Rd. & Grapeview Dr. .............................. lucchettahomes.com

17.

Oakville .................................The Greenwich Condos at Oakvillage ..... MR ......................... Trafalgar Rd. & Dundas.........................................................branthaven.com

18.

Oakville .................................Synergy ............................................................ MR ......................... McCraney St. E. & Sixth Line ..............................................branthaven.com

19.

Oakville .................................The Randall Residences ............................... MR ......................... Randall St. & Lakeshore Rd. E. .............................. randallresidences.com

20.

Oakville .................................Upper West Side at Oakvillage .................. MR ......................... 351 Dundas St. E. ................................................. upperwestsidecondos.ca

21.

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

22.

St. Catharines.......................St. Kitt Urban Towns .....................................CTH........................ Oakdale Avenue & Merritt Street ......................... st.kittsurbantowns.com

23.

Stoney Creek ......................Casa Di Torre .................................................. MR ......................... 980 Queenston Rd................................................................branthaven.com

maps

Locate properties using the map on the previous page

64 condolife magazine | April 23–May 21, 2022

+

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

ADVERTISER INDEX — Find ads easily inside this edition 52 Pick Up Inc. ............................................................................1 7 Access Storage .......................................................................... 1 9 Black & Decker ................................................................... 25, 65 Bristol Place – Solmar .........................................................3, 56 Central Park – Amexon .......................................................2, 56

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Malibu .................................................................................... 57, 67 Pinnacle International ........................................................13, 57 Remington Group ..............................................................56, 68 Solmar .....................................................................................3, 56 Tribute Communities ................................................................1 1 Tridel ........................................................................................9, 57

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@blackanddeckerca nexthome.ca 65

ADVICE | INDUSTRY REPORT

We ALL lose oUT WHen We Don’T BUilD ENOUGH HOMES

Dave Wilkes

It’s a familiar story. A young family moves away from the GTA after a fruitless search for a home that fits their budget, pushed out by our region’s critically low supply of new homes and declining affordability. Some people see nothing wrong with this story. “Those who can’t afford it here should just move,” they might say.

I wonder whether these people realize the full cost – to all of us – of our region’s failure to solve our generational housing supply and affordability challenge. We are not just failing to provide homes and workplaces for families. We are also failing to harness the economic benefits – the growth, the jobs and the taxes – that residential and commercial construction would bring to the GTA. Thanks to a new report by Altus Group Economic Consulting, commissioned by the Building Industry and Land Development Association (BILD), we now have a complete and accurate picture of the economic contributions of the industry.

In 2021 alone, the construction sector – including new residential, non-residential, commercial and repairs – contributed more than $60 billion to overall economic activity in the GTA, through direct spending and indirect benefits to the economy, including consumer spending by those employed in the sector. The industry’s economic activity helped support more than 235,000 person years of employment and $17 billion in wages, salaries and employee benefits.

66 condolife magazine | April 23–May 21, 2022

These figures underline the important role the sector plays in the region’s economy, and they are equally impressive when we put them in context. According to the report, total residential and non-residential construction investment accounted for almost eight per cent of all GDP in Ontario in 2021, and close to half of that construction occurred in the GTA. Residential and non-residential construction activity also generates enormous tax revenue for all levels of government. Altus Group estimates that in 2021, the federal government received $2.13 billion in federal income tax, $833 million in CPP premiums and $220 million in EI premiums from construction activity in the GTA, not including the federal portion of the HST. The provincial government received $793 million in provincial income tax and $165 million in employee health tax, and billions in HST and land transfer tax revenues. Municipalities across the GTA receive $1.9 billion every year in development charges and $216 million in parkland cash-inlieu revenues from the construction of new homes and commercial spaces.

These tax revenues finance the infrastructure, transit and transport

networks that connect the GTA, and they support programs and services enjoyed by citizens across the region, province and country. Clearly, we all benefit when homes and offices get built in the GTA. Unfortunately, we have made the building process too complex, too lengthy and too expensive, taxing new homes at a higher level than in any other jurisdiction in North America. All of this is pushing home prices up and affordability down.

If we fail to fix our housing supply and affordability crisis, more and more families will make the difficult choice to leave the GTA. And all of us will feel the pain – in lost economic growth, jobs and tax revenues.

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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