GTA Condo Life - November 5, 2022

Feng Shui Inspired

Interiors

CATHARINES

By Elite Developments

FINALLY, ACTION

Say what you want about Ontario Premier Doug Ford, his government’s recent tabling of the More Homes Built Faster Act, is welcome news – for prospective homebuyers, for homebuilders, for everyone.

You may not follow politics or care about policy matters, but if you’re a prospective homebuyer, this is important and necessary action, because the status quo is literally costing you tens of thousands of dollars.

“We are operating in a planning and zoning environment built for an Ontario of yesteryear,” says Dave Wilkes, president and CEO of the Building Industry and Land Development Association. “It simply takes too long to get approvals, it is too difficult to add the gentle density we need in our cities, and too many fees and charges are layered on to new homes by municipalities. All of this limits supply and drives up costs. The plan introduced today by the government is the clear, powerful transformation we need to solve our housing supply and affordability crisis.”

“The current housing supply and affordability crisis is a policy-made problem that was created in the course of a decade and a half and will take time to fix,” adds Luca Bucci, CEO of the Ontario Home Builders’ Association. “It starts today with Ontario’s new big, bold housing plan. The More Homes Built Faster Act increases accountability for municipalities in enabling the housing supply the province needs, increases transparency on the funds collected on the back of new homes, caps the fees to the economic conditions of the day and removes roadblocks to adding gentle density. Put simply, the government has delivered the regulatory framework to enable necessary change.”

And from the Residential Construction Council of Ontario (RESCON), “The (Act) will reduce bottlenecks, streamline development approvals and increase the pace of residential construction across Ontario,” says RESCON President Richard Lyall. “Specific reforms in the plan, such as changes to development charges, allowing more homes to be built near transit, and updating heritage conservation rules will help move the needle on housing.”

Ontario absolutely needs to build more homes faster, and this action is a critical first step to that end – finally.

PERSONAL FINANCE | JESSE ABRAMS

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

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

HOME REALTY | DEBBIE COSIC

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

REALTY INSIDER | MICHAEL KLASSEN

Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential pre-construction listing brokerage. 1111realty.ca

REAL ESTATE PRO | BARBARA LAWLOR

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

DECOR | LINDA MAZUR

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

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

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.

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.

BILD REPORT | DAVE WILKES

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

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MANAGING EDITOR Rise Levy rise.levy@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Michael Klassen, Barbara Lawlor, Linda Mazur, Ben Myers, Tim Ng, Lisa Rogers, Jayson Schwarz, Amanda Shields, Dave Wilkes

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GRAPHIC DESIGNERS

Johannah Lorenzo, Jean Fay Rodriguez, Mike Terentiev

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COMMUNITY DEVELOPMENT

Central Park – where urban and natural worlds connect

Welcome to a vibrant, master-planned, mixed-use condominium community in the east end of prestigious Bayview Village, a perfect nexus between the urban and natural

SPECIAL REPORT

Builders, developers and lenders pulling out the stops to entice homebuyers

shouldn’t pretend real estate markets in the GTA and elsewhere in Ontario are humming along as usual, but neither is the sky falling. With incentives from builders and even lenders, there are some great opportunities to be had.

HOUSING SUPPLY

Municipal approval delays costing new-home buyers thousands

Approval timelines for new housing in the GTA are among the worst in Canada, adding significant costs to new home purchasers.

ANALYSIS

The YIMBY movement in the GTA is gaining steam The “Yes in My Back Yard” pro-development stance says that if we want to address affordability, we need to build more

Thankfully, the YIMBY movement is growing.

INSIGHT

Planned growth leads to climatefriendly cities

We can’t build a sustainable future without a focus on development and planned growth. For too long, governments have buried their heads in the sand about the significant population growth our region is facing.

GTA NEW HOME MARKET SLOW IN SEPTEMBER, INVENTORY RISES

“Monetary policy and rising interest rates have stalled the market,” says Dave Wilkes, BILD president and CEO. “Inflation in construction and labour costs, elevating government fees, taxes and charges and tight supply make significant price correction for new homes very unlikely. The solution remains significantly adding supply to the market and this requires a wholesale change to the way we regulate, tax and deliver new homes to the residents of the GTA.”

“September new home sales were quite low,” adds Edward Jegg, research manager at Altus Group. “However, inventory rose as builders brought more condominium apartment projects to market.”

The GTA new home market was very slow in September, with overall sales well below the 10-year average and inventories low, but rising slightly, the Building Industry and Land Development Association (BILD) reports.

Sales of new condominium apartments, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, with 289 units sold, were down

89 per cent from September 2021 and 84 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

Single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 45 units sold, down 96 per cent from last September and 96 per cent below the 10-year average.

Total new home remaining inventory increased compared to the previous month, to 11,900 units, comprised of 10,291 condominium apartment units and 1,609 singlefamily lots, representing 4.4 months and 3.1 months of inventory respectively. A balanced market would have nine to 12 months of inventory.

The benchmark price for new condominium apartments in September was $1.15 million, which was up 11.8 per cent over the last 12 months. The benchmark price for new single-family homes was $1.85 million, up 17.8 per cent.

SEPTEMBER NEW HOME SALES BY MUNICIPALITY

HIGHRISE LOWRISE TOTAL

REGION 2022 20212020202220212020202220212020

11

62830557319551635

84783848 1,401

GTA CONDO SALES AND LISTINGS DOWN: TRREB

Following the ownership market as a whole, third-quarter 2022 condominium apartment sales were off by approximately 46 per cent compared to Q3 2021. Despite there being substantially more balance in the market in the third quarter relative to a year earlier, the average selling price was up year-over-year, albeit by less than the current pace of inflation.

There were 4,177 condo apartment sales reported through TRREB’s MLS System in Q3 2022, compared to 7,795 in Q3 2021. The number of new listings was also down over the same period by 16 per cent to 10,258.

“The condo market remains a very important segment in the GTA housing market both in terms of ownership and rental. The ownership side of the market has been slower, as some first-time buyers have been sidelined by higher borrowing costs and the hit on affordability. Many of these would-be buyers have shifted to the condo rental market in the short- to medium-term to meet their housing needs,” says TRREB President Kevin Crigger.

The average selling price for condominium apartments in

Q3 2022 was $720,132 – up 4.5 per cent compared to $689,230 reported for Q3 2021. In Toronto, the average selling price was $749,375 – up 3.3 per cent.

“The pace of condo price growth has moderated as higher borrowing costs have hampered affordability since the spring,” adds TRREB Chief Market Analyst Jason Mercer. “However, the impact has been mitigated to a certain degree by a dip in listings over the same period. A shorter supply of condos will likely provide some support for prices in the months ahead.”

MORE HOMES BUILT FASTER ACT MET WITH WIDESPREAD INDUSTRY APPROVAL

urban and suburban, north and south, young and old. Our Housing Supply Action Plan is creating a strong foundation on which 1.5 million homes can be built over the next 10 years. Our government is following through on our commitment to Ontarians by cutting delays and red tape to get more homes built faster.”

and the Ontario Home Builders’ Association (OHBA) are among the industry groups strongly supporting the action.

The Ontario government has introduced the More Homes Built Faster Act, taking bold action to advance the province’s plan to address the housing crisis by building 1.5 million homes over the next 10 years. The proposals, if passed, would ensure that cities, towns and rural communities grow with a mix of ownership and rental housing types that meet the needs of all Ontarians, from single-family homes to townhomes and midrise condos.

The proposal has been met with widespread approval from the residential construction industry, which has been lobbying for such changes for years.

“For too many Ontarians, including young people, newcomers and seniors, finding the right home is still too challenging,” says Steve Clark, minister of municipal affairs and housing. “This is not just a big-city crisis: The housing supply shortage affects all Ontarians, including rural,

The plan puts in place actions to support the development of “gentle density” – housing such as triplexes or garden suites – that bridge the gap between single-family homes and highrise condos. For example, it would remove exclusionary zoning, which allows for only one singledetached home per lot. Instead, it would allow property owners to build three units without lengthy approvals and development charges.

The plan, which contains about 50 actions, addresses the housing crisis by reducing government fees and fixing developmental approval delays that slow down housing construction and increase costs. Actions in the plan include:

• Creating a new attainable housing program to drive the development of housing. Sites across all regions of Ontario will be considered, including those in the north, central, east and southwest regions.

• Freezing and reducing government charges to spur new home construction and reduce the costs of housing.

Building more density near transit, unlocking innovative approaches to design and construction, and removing red tape to get shovels in the ground faster.

Increasing consumer protection measures for homebuyers and consulting on ways to help more renters become homeowners.

The Building Industry and Land Development Association (BILD)

“The report of Ontario’s Housing Affordability Task Force, published in February, clearly identified the challenges limiting new housing supply and increasing housing costs across the province,” says Dave Wilkes, president and CEO of BILD. “We are operating in a planning and zoning environment built for an Ontario of yesteryear. It simply takes too long to get approvals, it is too difficult to add the gentle density we need in our cities, and too many fees and charges are layered on to new homes by municipalities. All of this limits supply and drives up costs. The plan introduced today by the government is the clear, powerful transformation we need to solve our housing supply and affordability crisis.”

“The current housing supply and affordability crisis is a policy-made problem that was created in the course of a decade and a half and will take time to fix,” says Luca Bucci, CEO of the OHBA.

“It starts today with Ontario’s new big, bold housing plan. The More Homes Built Faster Act increases accountability for municipalities in enabling the housing supply the province needs, increases transparency on the funds collected on the back of new homes, caps the fees to the economic conditions of the day and removes roadblocks to adding gentle density. Put simply, the government has delivered the regulatory framework to enable necessary change. It has stood up for new and future homebuyers looking to live in our province. The measures it has brought forward will help preserve the competitiveness of Canada’s economic engine.”

Mississauga skyline

OHBA NAMES

2022 AWARDS OF DISTINCTION WINNERS

award was presented to Minto Communities, a leader in the industry, winning awards in almost every category grouping, taking home the most hardware.

For a full list of winners, visit ohbaaod.ca.

ARCHITECTURAL DESIGN

Attached Multi-Unit Home Minto Communities for Union Village, Rear lane towns, elevation FC1, Elm2 – French, Toronto (credit to: Metropia, NAK Design Group, RN Design Ltd.)

Residences, Oakville (credit to: Drake Khan Design, McOuat Partnership)

Amenities

Minto Communities for North Oak, Toronto (credit to: Figure3, NAK Design Group, Quadrangle)

IMAGE & ADVERTISING

High- or Midrise Project Video (4plus Storeys)

Empire Communities for Empire Quay House, Toronto (credit to: PUREBLINK)

The Ontario Home Builders’ Association (OHBA) recently announced the winners of the 2022 OHBA Awards of Distinction (AoD).

This year, the awards program celebrates a milestone 30th anniversary, honouring building excellence across the province. This program recognizes the creativity, innovation and talent of builders, renovators, developers and agencies within the industry.

For the sixth time, Tridel won the prestigious 2022 Ontario Home Builder of the Year Award. The Toronto-based company was the recipient of the award based on its commitment to building sustainable communities, its involvement and initiatives within its communities and its devotion to customer engagement and service.

The 2022 Prestige Award winners also include:

Project of the Year – Lowrise Branthaven Homes for Millcroft Towns, Burlington

Project of the Year – High- or Midrise DeSantis Homes for Century Condos, Grimsby (credit to: KNYMH Inc., McOuat Partnership, Tomas Pearce Interior Design Consulting Inc.)

To celebrate the 30th anniversary milestone, a special recognition

Stacked or Back-to-Back Townhome Starward Homes (2014) Ltd.; Marz Homes; New Horizon Development Group, for Brooklyn Heights at River Mill Montague with Sky Terrace, Cambridge

Midrise Building (4 - 10 Storeys) DeSantis Homes for Century Condos, Grimsby (credit to: KNYMH Inc., McOuat Partnership, Tomas Pearce Interior Design Consulting Inc.)

Highrise Building (11-plus Storeys) Armour Heights Developments Inc. for 89 Avenue Yorkville, Toronto (credit to: McOuat Partnership)

High- or Midrise Condo Suite (4-plus Storeys up to 800 sq. ft.)

Collecdev for CIELO, Toronto (credit to: Montana Steele Advertising)

High- or Midrise Condo Suite (4-plus Storeys 801 sq. ft. and over)

Armour Heights Developments Inc. for 89 Avenue Yorkville, Toronto (credit to: McOuat Partnership)

Lobby Entrance

Branthaven Homes for Upper West Side Condos 2, Oakville

ROOM DESIGN

High- or Midrise Condo Suite Kitchen Rise Developments for Berkshire

Website

Kylemore Communities; Joey Ai for Kylemore, Corporate, Markham

High- or Midrise Ad Campaign (4plus Storeys)

DeSantis Homes for Century Condos, Grimsby (credit to: McOuat Partnership)

High- or Midrise Project Logo Branding (4-plus Storeys)

Tridel for MRKT, Toronto (credit to: The Brand Factory)

ON-SITE SALES PRESENTATION Design/Decor Centre

Minto Communities for Minto Communities, Toronto

High- or Midrise Project Sales Brochure (4-plus Storeys)

North Drive Investments Inc. for 10 Prince Arthur, Toronto (credit to: CinderBloc)

2022 Ontario Home Builder of the Year, Tridel

DUO CONDOS BREAKS GROUND IN BRAMPTON

The ground has been broken and construction begun at DUO Condos, a new two-tower condominium in Brampton by National Homes and Brixen Developments Inc., slated for completion in 2024.

Brampton’s 2040 Vision addresses the environment, jobs, urban centres, neighbourhoods, transportation, social matters, health, arts and culture. Offering residents forward-thinking, new highrise communities that are focused on transit accessibility is a major part of that vision.

“DUO Condos will be a model for thoughtful communities, offering much needed housing options and amenities that cater to the evolving demographics of the city,” says Andrew Iacobelli, co-founder of Brixen Developments Inc.

The 2.6-acre transit-oriented community, located at the corner of Steeles Avenue and Malta Avenue, just west of Hurontario, will comprise two towers and more than 800 units connected by an outdoor Euro-inspired piazza and courtyard.

Sheridan College is close by, and the Brampton Gateway Terminal and the new Hazel McCallion LRT Station are only minutes away. The LRT will connect residents to Mississauga with 19 stops on the way to the Port Credit GO Station.

“Since 1992, we have had the great privilege of contributing to Brampton’s growth and evolution, including the development of over

1,850 homes in eight communities,” says Jason Pantalone, president and managing partner with National Homes. “We’re proud that with DUO, we are reaching new heights with one of the city’s first highrise condos. It’s a stunning architectural design, and a new landmark address in Brampton.”

duocondos.ca

LIFETIME CELEBRATES TOPPING OFF AT XO CONDOS

Lifetime Developments recently celebrated the topping off at XO Condos, its new condo under construction in the popular King Street West area.

The 14-storey building, located at 1182 King St. W. in the ever-evolving King and Dufferin neighbourhood, will feature 307 suites. Lifetime has brought together best-in-class industry partners for XO2 Condos, including Turner Fleischer Architects, interior designers Tomas Pearce, and landscape architects Strybos Barron King.

xocondos.com

DUO groundbreaking

XO Condos

A MARKET IN TRANSITION

WHAT ARE THE EXPERTS SAYING?

BEN mYERS

With the rapid increase in interest rates over the past six months, the housing market is clearly in transition, with everyone trying to figure out where things are heading. Resale prices are down, new home sales have fallen, but rents are skyrocketing.

It is difficult to understand where things are heading, but I’m listening to the views of various real estate professionals to hear what they’re thinking. My team at Bullpen Consulting attended a few conferences, where we took in the opinions of many of our peers. Some had a less enthusiastic view, while more than a few expressed optimism.

I’d like to share some of the findings from the Dive in With Developers Event and Veritas Research 10th Annual Great Canadian Real Estate Conference.

The Dive in with Developers event featured several of Toronto’s top developers. A couple of the panels expected much slower sales absorption moving forward in the new condo market, and the end of the investor order-taking, which has been the norm for years. However, despite the expected downturn in sales, Brian Levy of DBS Developments does not expect condo pricing to decline significantly, as construction costs are still very high and government fees continue to increase.

Kash Pashootan of Emblem Developments shared the same view, adding that he feels it would take three or four years of soft sales in the new home market to lower construction costs enough to justify a noticable price correction – the market has been so strong for over a decade, that the construction trades will be busy for several years building what has already been sold.

Brian Brown of Lifetime Developments said the idea of a GTA bubble was overblown, adding that he could see pricing rising again in eight or nine months.

Pashootan noted developers have been spoiled in recent years, and that launches might not lead directly to sold-out inventory, and that builders will have to get used to a prolonged and competitive sales environment. Brown expects to see more showrooms built, and more low-key sales strategies. With affordability getting worse, the homeownership rate continues to decline, and Matt Young of Republic Developments expects a much higher proportion of investors in the market in both the new and resale markets.

Despite the more somber tone, the panelists identified the next hot areas, which include municipalities such as Hamilton and Scarborough, and neighbourhoods such as King East, the Golden Mile and Eglinton West.

An interesting point of discussion on the panel was how the desire for work-life balance will impact real estate. A few guests indicated that the desire for large office spaces would be permanently altered; people will continue to envision

downtowns as a place for meeting socially instead of spending five days a week in an office for work.

Resale prices have started to decline due to higher interest rates, yet new home prices remain high due to rising costs. The Ontario government wants to help reduce the costs that developers face, to increase housing supply and make more redevelopment sites viable. Doug Ford and Steve Clark announced plans on Oct. 25 to reduce red tape around development. Government fees for rental housing will be reduced, and other municipal fees will be capped. There will be a higher foreign buyer’s tax for non-residents investing in Ontario real estate, and many initiatives were tabled to speed up the planning approvals process.

As always, take the views of the experts and even the government interventions with a grain of salt. Time will tell whether forecasts and modifications to policy have the desired effect. Keep studying the market, surround yourself with an experienced team, and do your own research. 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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JAYSON SCHWARZ, LLM and HAMZA AHMAD, JD

FOUR THINGS TO LOOK FOR

IN YOUR NEW HOME CONTRACT

fee is paid, and some may have other restrictions attached.

2. EARLY TERMINATION CONDITIONS

The length of a pre-construction contract will leave you reminiscing about the complications in Lord of the Rings. Schedules, addendums and page-long paragraphs can leave any reader feeling overwhelmed. Here’s a guide to four important things to watch out for and make sure you understand.

1. IS IT ASSIGNABLE?

Your closing date will likely be years away, so consider that circumstances change, unforeseen events occur, and your position in life might change so much that as closing approaches, you may not wish – nor be able – to close.

An assignable contract will help you sleep better at night, because if life throws you a curveball, you can hit it right back by assigning your contract to a new buyer who can step into your shoes. If the market is anything like the last few years, you might even end up with some profit from the assignment.

If your contract is not assignable, you may have no choice but to close – and that will mean closing costs, builder’s adjustments, occupancy fees and mortgage approvals, and more cash down.

Review the assignment clause in your agreement. Not all assignment clauses are the same; some may require builder consent and approval, some may require that a significant

We’ve all heard the stories about projects being cancelled, and buyers facing the choice of having to pay more for their new home, or have their deposits returned. Builders cannot cancel your contract for any reason, but they may do so if they cannot meet certain listed conditions in your contract, such as meeting a sales threshold or obtaining their own financing for construction.

Being informed may not prevent your contract from being cancelled, but you will be aware of important deadlines and the reasons for which your builder can cancel the project. Most of this information is contained in the Tarion Addendum that is attached to your agreement. It is important that you read this and understand all your rights.

3. DELAYED CLOSING TIMELINE

Your closing is scheduled for, let’s say, 2025. It’s worth it, you tell yourself as you think about the next few years. COVID slowed everything. What if your closing is delayed to 2026, 2028 or 2030? Highrise projects can be delayed a long time. Construction can be complicated, and your contract may allow your builder to delay the closing for several years to deal with those complexities.

In lowrise construction, there may be material shortages or other legitimate reasons for delay. Again, refer to your Tarion Addendum

to understand your rights as well as the builder’s.

4. COOLING OFF PERIODS

New home purchase contracts are exceptionally long and complicated. Condominium contracts come complete with a Disclosure Statement that can be extremely complex. You want to ensure that you are protected and informed, so taking it to an experienced lawyer for their review should be your next step. Reread articles, such as the ones on our website, speak to others who have purchased both types of products, and listen to focus on the things that are important.

Condominiums have a 10-day cooling off period that provides you a right in law to rescind the contract, if your expectations are not met. Freehold purchases, on the other hand, are firm when you sign and you must close – unless you insert a conditional clause.

The best advice we can give you is to invest in a review with a knowledgeable professional to advise you. It may be the best investment you ever made. Remember, you are spending a large amount of money. Do not scrimp in ensuring it is the right investment.

Jayson Schwarz, LLM, is managing partner of Schwarz Law Partners LLP. Hamza Ahmad, JD, is lead partner in residential real estate. schwarzlaw.ca, info@schwarzlaw.ca

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THE IMPORTANCE OF A RATE HOLD

AS BOC HIKES RATES AGAIN

jESSE ABRAMS

On Oct. 26, the Bank of Canada increased its prime rate by 50 basis points to 3.75 per cent. This marks the sixth rate hike this year since March 2022 for a total increase of 3.5 per cent – and it doesn’t look like increases are stopping just yet. Many homebuyers are wondering if now is the right time to buy, while homeowners are concerned about variable mortgages rising.

Yes, rates are inching higher, but there is some good news. Between August and September, home prices in Canada fell 3.1 per cent – posting the largest monthly decline since 1999. Further, it’s expected that prices will end up dropping close to 20 per cent (or more) by early 2023. So, even though rates are increasing, home prices across the country are dropping in buyers’ favour, especially for first-time buyers who have the advantage of benefits such as land transfer tax rebates.

As prices cool and rates rise, it’s an ideal time for buyers to consider a mortgage pre-approval and get a rate hold before the next hike to get a firm idea of their affordability. The market is shifting to a buyers’ market, so having the pre-approval in their back pocket could be a good way to be prepared for potential opportunities.

To show some quick math, if the average home price in Canada at its peak earlier this year was $700,000, and someone had a down payment of $50,000, with a five-year fixed rate mortgage of 2.49 per cent, their

monthly payment would be about $3,030 a month. Their remaining mortgage owed after that five years would be about $572,000. Now, if home prices drop even 15 per cent and that same home is now $595,000, with a down payment of $50,000 and five-year fixed mortgage rate of 5.2 per cent, the monthly payment would be about $3,380. The annual carrying cost has increased by $4,200, which is $21,000 after five years. While that number sounds large, with the lower home price, the remaining mortgage after five years is about $504,000. That is $68,000 less owed moving forward. So, in a basic example, with lower prices, a homebuyer can save nearly $50,000. This is a major savings for a shrewd buyer who realizes the opportunity and has the extra capital to carry the mortgage.

WhAt is A rAte hold?

A mortgage rate hold is a great tool that buyers can use against rising interest rates. When you apply for a mortgage pre-approval, the lender will offer you an interest rate that you can lock in for up to 120 days. Should interest rates rise within that four-month period, your locked in rate won’t be affected. In this environment, with anticipatory rate hikes, this could be a good option if you’re looking to buy, renew or refinance your existing mortgage.

When you add inflation and rising cost of living into the mix, it’s even more important to understand how your interest rate impacts your finances. Your rate determines your monthly mortgage payments, and in turn, whether you can afford your home over the long term. It’s key to

remember that you are not locked into anything with a pre-approval.

is noW the best time to hold A mortgAge rAte?

If you’re looking to close on a home, you’ll eventually have to lock in a rate so you can secure a mortgage. If you’re comfortable with the rate you’ve been offered by your broker or lender – the best piece of advice is to take it. Waiting even a few weeks has the potential to add hundreds of dollars to your mortgage on an annual basis – and with rates expected to continue rising, this is a no-brainer.

This is just another reminder that the big banks don’t have to be your first stop when it comes to getting a mortgage. Although it may seem like the best and most convenient route to take, most banks are quite limited in their offerings. Notably, they often leave out key information that can have a big impact on your financial goals and future, such as large prepayment penalty fees.

While the current environment is uncertain, rising rate environments are nothing new. There are many ways to navigate the current market and get approved for a mortgage while reaching your goal of homeownership. The key is to shop around, consult with professionals and make an informed decision that prioritizes your affordability.

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

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Elite Developments is proud to launch 88 James, a landmark condominium in the heart of downtown St. Catharines. This 30-storey condominium will be the tallest tower to grace the city. 88 James is a striking new residence that will offer affordable condo life in an exciting urban environment with boating, boutiques, culture, cafes, entertainment events and more.

Developed by Elite Developments and designed by SRM Architects Inc., the 276-unit residence features suites inspired by feng shui, expansive balconies and unmatched amenities. With an aesthetic of elegance and sophistication, 88 James offers custom interior and airy exterior designs in an unparalleled location. The suite ranges in size from 559 to 1,067 sq. ft. Available floorplans include a collection of spacious one- and two-bedroom units with open-concept layouts, functional living spaces, impressive finishes and a stunning standard colour palette designed by Accent Designs.

Conveniently located in the heart of downtown, immerse yourself in the cultural complex and discover all that St. Catharines’ has to offer, just moments outside your doorstep. Downtown St. Catharines annual events attract visitors from all over the country, including the Niagara Wine Festival, Niagara Folk Arts Festival, Royal Canadian Henley Regatta and the Celebrations of Nations.

88 James’ convenient neighbour is the St. Catharines Farmers Market, where residents can enjoy farm fresh while living in the downtown core. The St. Catharines Farmers Market has been a crowd pleaser for decades. Find everything that the Niagara Region grows, bakes, and makes less than a minute away from home.

Since 1860, the St. Catharines Farmers Market has been a vibrant scene that offers fresh quality goods and handmade items from the local area, including vendors who grow and produce fruits, veggies, meats and baked goods. A farm-to-table experience is attained while living in the city and while supporting locals.

Whether you’re a first-time homebuyer, empty nester, university student, couple or small family, you will benefit from the community’s vibrant atmosphere and countless local amenities and attractions.

WITHIN 88 JAMES, THOUGHTFULLY CURATED AMENITIES AWAIT

Introducing 88 James’ game room. Unlock a new level of gaming in 88 James’ virtual reality game room. Featuring an immersive VR experience with unlimited wall-to-wall fun. Connect with others while engaging all your senses. 88 James’ game room will transport residents out of this world and into another.

The eighth floor within the western wing hosts the state-of-the-art health and wellness wing. 88 James’ fitness facility explores all aspects of fitness, with unique designed rooms for all types of activity training. Elevated aesthetic includes natural wood ceiling

panels to create a clean allure and warmth while maintaining high-level sound performance. The eastern wall of the wellness wing holds floor-toceiling mirrors for residents to observe their form, alignment and posture when exercising. The fitness area includes a breathtaking and airy yoga room, strength and conditioning free weight gym, and cardio room.

88 James is pleased to partner with Rogers to bring you a smarter and more secure living experience. 88 James 1Valet apps allows users to stay connected through your mobile device and gives you the freedom to do more. Enhance your living experience through the 88 James 1Valet apps. Check out some of the cool features:

• Digital keys: Use your phone to unlock your suite and building doors

• Smart video calling: See who’s at your door – before letting them in

• Facial recognition entry: Enter the building with only a smile

• Package delivery notification: Never miss another delivery

• Amenity booking: Schedule and book your condo amenities from anywhere, anytime

• Guest SMS key access: Remotely provide guest access to your building and suite

• Smart camera: Keep you safe and secure with 24/7 surveillance

• Smart door locks

• Smart automated lighting

• Smart thermostat

• Smart indoor air quality monitoring

• Smart utilities

88 James’ connectivity lounge conveniently caters to residents who work or study from home. The connectivity lounge is a dedicated interruption free workspace, including private block pods for pure silence. With captivating views of the city, this connectivity space allows you to get the job done with a picture-perfect backdrop to inspire your creativity.

The pandemic-era work from home movement did more than spark interest in home office and homework nooks, it also developed an increase in demand for kidfriendly amenities. 88 James offers a safe and designated kids lounge. Children will have no absence of amusement, with play stations to be used all year-round. A safe haven for kids to explore while outside their home. This thoughtful amenity space helps keep young ones engaged while parents log eight hours’ worth of work-from-home, and additional hours of managing the household.

88 James’ podium top outdoor lounge offers stunning views of the downtown core while giving users the “backyard” experience within a condominium. Surrounded by potted plants, greenery and trees, find solitude from the hustle and bustle, and enjoy comfort in this retreat-like amenity. The SunDeck at 88 James includes an outdoor space to unwind and dine, with an outdoor barbecue station, dining tables, lounge seating and incredible views.

CONNECT WITH NATURE IN THE CITY ON THE SUNDECK AT 88 JAMES Get social at The Social Club. 88 James features a reservable party room with an extended entertainment terrace and SunDeck. For larger gatherings or just a change of scenery, take advantage of this stateof-the-art party room that includes a full chef’s kitchen, private dining and bar, and private lounge areas – for any day of the week.

88 James represents Elite Developments dedication to acquiring locations for communities to improve quality of life. Elite focuses on providing homes with thoughtful amenities, spacious layouts, health and wellness, and leading innovative features throughout.

With affordable pricing starting from the $300,000s, this development offers an incredible opportunity to have a higher quality of life, for a fraction of the cost in the GTA. St. Catharines is still one of the most affordable places to buy homes in the Golden Horseshoe, and that has brought continuous demand for

investors, especially as demand for good rentals is so high. Rent-to-own and traditional rentals have both been in demand and are popular investment options in the city. St. Catharines Township is Canada’s eighth fastest growing municipality; according to the 2021 Census, Niagara’s population grew more than 30,000 since 2016.

A LUXURIOUS LIVING EXPERIENCE WITHOUT THE GTA PRICE TAG

Elite Developments has built its foundation with 50 years of combined building experience. The company has attained a reputation for delivering premier residential and commercial properties throughout Ontario. Residential properties at Elite Developments feature a portfolio of high-, mid-, lowrise and masterplanned developments.

Elite acquires locations for communities, which improves the quality of life. It focuses on providing homes with thoughtful amenities, spacious layouts, health and wellness, and leading innovative features throughout. Considerable time, thought and care is given to ensure it delivers a sustainable product, anticipating the needs of homebuyers. This reflective precision is executed by a dream team of experienced professionals specializing in real estate, who deliver homes that are affordable and enjoyable, while maximizing value for investments in real estate.

To learn more about Elite Developments and future communities, visit elitemdgroup.com.

COSiC

OWN REAL ESTATE

TO BUY REAL ESTATE

One of the wisest moves anyone can make is to own real estate, whether it is to live in or as part of a financial investment portfolio. Nowadays, owning may seem elusive to first-time buyers because of rising prices and the down payment amounts that come with them, but a great way to buy real estate is to begin by owning it. Sound contradictory? Here’s what I mean.

A popular avenue for first-time buyers is through gifting from their parents (often referred to as the “bank of mom and dad”). Last year around this time, CIBC issued an Economics in Focus report stating that in 2020, approximately 30 per cent of homeowners in Canada received financial help from their families –with the average gifts reaching up to $128,000. Only about 5.5 per cent of the givers went into debt to help their children. Some of this money came from savings; others gifted what would be considered part of their children’s inheritance. Families doing the gifting usually can, because of the equity they have earned from homeownership over time.

Some parents co-sign for their children’s mortgages, again because the older generation has likely paid off their own mortgage. In addition, many of these parents were paying mortgages when interest rates were double digits. They realize how important it is for their children to get into the market now, while rates are still incredibly low. They also understand that the window of opportunity is narrowing as rates inch up.

Another example of owning real estate to buy real estate involves move-up buyers who use equity from the home they sell to help afford a more expensive residence. They may have added to their families or simply decided they wanted more space.

Then, let’s look at real estate investors. Some are using the equity they have earned from previous investments to continue purchasing homes or condominiums. This is a wise investment move because it keeps momentum going and offers the potential for even more returnon-investment.

And here’s an interesting twist on the idea: Purchase real estate somewhere outside of the GTA, or even outside of Ontario, where prices are better, with the intention of selling and buying locally in the future. For example, at In2ition Realty, we represent two very affordable developments in Edmonton, where the Alberta government is enthusiastically encouraging homeownership through the media.

The point is, get into the market as soon as you can, however you can. Check out every government incentive for first-time buyers, including Canada’s Home Buyers’

Plan, through which you can draw up to $35,000 from your RRSPs toward your down payment. Canada’s Firsttime Home Buyers’ Tax Credit helps too. Check Canada Mortgage and Housing Corp., as well, regarding its First-time Home Buyer Incentive, which helps qualified buyers reduce their monthly mortgage payments. These are just three of many possible options available.

A new home or condominium will likely be the largest – and wisest – financial move you’ll ever make. Equity opens the door to financial options that can help carry you through your life cycles. You want to get the most for your (and possibly your parents’) hard-earned dollars, so shop wisely and take advantage of every incentive you can.

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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Midtown by Averton Homes

BARBARA LAWLOR

IMMIGRATION, HOUSING SUPPLY AND GOVERNMENT

Recent news from Bloomberg is that the population of Canada grew faster in the second quarter of 2022 than it has since the height of the baby boom. In fact, our population growth pace is the highest among the G7 nations. In addition, immigration is being credited with most of that growth, which represents an increase of approximately 3,100 people each day.

This is great news in the sense that we need immigrants to build our labour force in the face of our aging population and declining birth rate. In other words, we need immigrants to help us thrive as a nation. In return, we offer them a country where the quality of life is high compared to the rest of the world. Toronto and the Greater Toronto Area feature amazing cultural, educational and other amenities in a relatively safe environment. It is easy to understand why Canada is such a desirable residential destination.

The story is a little different when looked at it from the practical standpoint of housing. In addition to needing skilled workers to build homes, we need more homes –something that has proven to be a challenge. Demand continually outpaces supply because of labour and materials shortages, as well as increasing development charges and red tape when it comes to approvals. The result is a continuing lack of supply, which, combined with higher interest rates, may result in prices rising even more.

What is the solution? Things have to change at the municipal level to make better use of the developable land available in Toronto and the Greater Toronto Area. Last year, we heard from the provincial government that we need 1.5 million homes over the next decade, but we need changes in our municipal governments to ensure they can be built.

Toronto Mayor John Tory promised more missing middle residences and increased density where traffic nodes are located. We await the details on how that can happen. We need to know how and when that can be accomplished – and certainly, sooner rather than later.

One thing holding back development is that too much land is delegated to lowrise housing, when we need much more density. Smaller lot sizes will help, as well as allowing townhomes and even condominiums to be built in established neighbourhoods. We also see skyrocketing housing prices partly because of incredibly high levies and other development charges. This is the fault of government, not the developers, who are already facing incredible obstacles with the basic costs of building.

Zoning rules have to change to make new housing development happen, especially for the missing middle and highrise types. It will be interesting to see what the recent election results do for the new home industry and for frustrated would-be buyers who either cannot afford, or cannot find, the homes and condos that will meet their needs. I look forward to a bright future when housing supply and demand level out, and we reach a new normal in the industry.

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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Marlin Spring, RioCan

ELECTED OFFICIALS MUST TAKE ACTION ON HOUSING SUPPLY AND AFFORDABILITY

KEvIN CrIggEr

With the municipal elections in the books, our newly elected officials must make housing affordability and supply a priority. TRREB launched givemeoptions.ca to help you easily understand the roadblocks choking the supply in the marketplace and to have your say on the future of housing.

Join us in urging policymakers to take action on four key issues happening in the GTA’s real estate market right now.

1. Reduce Red tape: The lengthy development approval processes and exclusionary zoning is delaying and preventing the new supply of homes.

2. cut costs: Development fees are among the highest in North America and drive up the price of homes.

3. avoid and minimize taxes: Other significant upfront costs such as the Municipal Land Transfer Tax strain homebuyer budgets and discourage existing homeowners from putting their homes for sale.

4. m ake ene R gy audits volunta Ry: Mandatory home energy audits could interfere with and delay the selling and buying process.

We also teamed up with Ipsos Public Affairs to survey consumers on their thoughts and perspectives

on these key issues. The top three findings were:

1. 83 per cent of Torontonians and 87 per cent of 905 residents believe that governments should remain focused on providing financial incentives such as rebates on renovations that improve a home’s energy efficiency

2. 73 per cent of Torontonians and 78 per cent of 905 residents believe that home energy audits and ratings should remain voluntary; and

3. 71 per cent of Toronto and 905 residents, combined, believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand.

We need to give housing affordability and supply issues the

attention they deserve beyond the election. I invite you to visit givemeoptions.ca and easily send a message to your local elected official to encourage them to continue to make these municipal matters a priority. You can also visit trreb.ca to explore the latest insights into the housing market. Plus, connect with a TRREB member realtor and search listings in real time on any device.

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

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BRISTOL PLACE

With a keen eye on the future, a favourable appreciation for the present and a respectful nod to the past, Solmar Development Corp. introduces Bristol Place in Brampton. Redefining the city skyline with two record-breaking towers, Bristol Place will reach new heights as the tallest condominium towers in Brampton. Located at 199 Main St. N., this enviable location places residents in the downtown core of the city and provides easy access to all that this vibrant community has to offer.

A HIGHLY DESIRED LOCATION

In a world that is driven by convenience, Bristol Place benefits from a high transit and walking score. The Brampton GO Station can be reached within a threeminute stroll, and Rosalie Park, as well as a number of walking trails, are close by. ZUM Transit offers frequent commuting services, and access to Hwys. 401 and 410 can be reached in a matter of minutes. In addition, the Hurontario LRT has expansion plans in the works.

From pubs to fine restaurants, coffee shops to bakeries, and boutique shops to expansive malls, the surrounding neighbourhood serves up a plethora of dining and shopping alternatives. The state-of-the-art Peel Memorial Hospital is within easy reach, and extended learning options are available through various public, private and post-secondary schools.

INSPIRED DESIGNS

The Bristol Place community will consist of two 48-storey towers – each positioned on a podium within an attractive courtyard. A landscaped rooftop terrace offers dramatic views of downtown, and is the perfect spot for hosting summer barbecues and family gatherings.

Taking full advantage of Solmar’s experience and expertise, the suites at Bristol Place have been designed for maximum efficiency with space-saving layouts. One-, one- plus den and two-bedroom floorplans are available, and include contemporary kitchens, bright living areas, comfortable

bedrooms and spa-like ensuites. A limited selection of threebedroom units and penthouse suites are also available.

When it comes to personalizing one’s individual home, a wide range of finishes and upgrades are available, along with professional advisors who can assist with making those all-important decor decisions.

STRONG CONNECTIONS

This well-appointed condominium community will also include an outdoor yoga and meditation retreat, an outdoor co-work lounge with WiFi, an expansive fitness centre, as well as an entertainment lounge and a private dining area.

Unique to Bristol Place is Solmar’s SmartSuite. This feature is easily controlled with a smart app on a mobile phone, and provides smart-key access to the amenities room, as well as delivery updates on pre-ordered meals, groceries and packages. All suites are also pre-wired with Gigabit fibre Internet, in a pre-set location, for unlimited Internet services. Related costs are included in the monthly maintenance fee.

A pivotal point of Canada’s innovation corridor, Brampton positions residents in one of the fastest growing cities in the country. Bristol Place adds to the cosmopolitan flavour of the area with their hotel-like amenities, and the building’s VIP positioning offers residents an added advantage because of its proximity to the airport. Condominium owners can just shut the door on their favoured environment, and there’s no need to worry about exterior maintenance or unpredictable incidents when travelling for business or pleasure.

AN EAR TO THE GROUND

With more than three decades of homebuilding knowhow and skilled commercial development, Solmar Development Corp. is both a family-owned, and operated, business. The company’s exceptional track record across the Greater Toronto Area places it in good standing when it comes to assessing, and predicting, the success of existing communities and future expansion.

Once a prime location is chosen, the best talent is recruited to assist with the creation of their inspired vision. Every detail is carefully considered and then selected in order to enhance the cohesion of the final product. It’s important that each structure projects a timeless design that reflects the character of the surrounding community, as well as the future appeal of the area. This delicate balance has proven to be a cornerstone of Solmar’s success.

At Bristol Place, Solmar has injected its signature style, while defining the status of the extended neighbourhood. Discriminating residential buyers are now eager to profit from one the most sought-after locations in Ontario. Suites in Tower 1 have now been released, and registrations are being accepted for both towers.

Visit the presentation centre, located at 9291 Jane St. in Maple. For more information, visit solmar.ca.

BUILDING A GENDER

DIVERSE FUTURE

FOR THE RESIDENTIAL CONSTRUCTION INDUSTRY

founded on excellent entrepreneurial skills and a strong work ethic.

MIKE COLLINS-WILLIAMS

Canada is on the verge of a major skilled trades shortage as, according to a report released by Employment and Social Development Canada, 700,000 skilled trades workers are expected to retire by 2028. According to the Financial Post, Canada’s workforce will see a 10,000-worker deficit in 56 nationally recognized Red Seal trades over the next five years. As the residential construction, skilled trades and STEM (science, technology, engineering and math) industries are mainly dominated by male professionals, an increase in women professionals has presented to be the best solution to the labour shortage.

However, women and especially young women and girls, are not aware of the rewarding career possibilities in the skilled trades and construction industries. Plus, there is a stigma that considers a trades college not as respectable as university attendance, as it allegedly does not result in successful careers. This wide-spread misinformation on skilled trades professions, in combination with the deep-rooted stigma, has resulted in missing opportunities in rewarding, profitable careers. Not everyone is suited for academia, and the most successful trades professionals with booming businesses will agree. Professions in the skilled trades and construction industries provide the opportunity for fulfilling, profitable careers that are

The West End Home Builders’ Association (WEHBA) is an avid advocate for promoting the significant benefits of a career in the industry, especially when it comes to increasing the presence of female professionals. Through the events and initiatives of the WEHBA Women in Industry committee (WIN), the association aims to raise awareness and inform young women about the successful career opportunities the industry has to offer.

The latest event organized by WEHBA was an educational showcase in partnership with with Mohawk College and the Ontario Youth Apprenticeship Program (OYAP). The event took place on Oct. 12 at Mohawk College, Stoney Creek Campus of Skilled Trades. The WEBUILD Showcase offered 100 young women and gender diverse individuals in Grades 7 and 8 the opportunity to learn about the rewarding career possibilities in the residential construction, skilled trades and STEM industries. The showcase consisted of a full day of interactive workshop sessions, tours of Mohawk Campus and an inspiring session with Shannon Tymosko, a second-year electrical apprentice and advocate for the skilled trades.

“Women make up only 13 per cent of the total workforce in construction, and only five per cent of skilled trades workers,” says Bianca Bruzzese, WEHBA president. “The WEHBA Women in Industry committee is advocating for positive, cultural change that will increase inclusion and gender diversity in the residential construction industry. We are very pleased we had the opportunity to

educate young women about the rewarding career opportunities within the industry, and we are thankful for the support we have received from our community partners and members in doing so.”

The purpose of the WEBUILD Showcase was to inform young women in Grades 7 and 8 in the Hamilton District School Boards about the career opportunities in residential construction, and the academic pathways that exist to get them started. During the event, the students had the opportunity to visit different booths hosted by community partners and WEHBA members of different trades and fields.

Women are indeed making progress in the industry, but female professionals are still significantly under-represented in the skilled trades, residential construction and STEM industries. This is partly due to social and attitudinal barriers and partly due to lack of information and gender bias. The WEHBA Women in Industry committee’s goal is to inform and educate young women about the career possibilities in the industry at an early stage, so they can make an informed decision about their future when the time comes. Initiatives such as the WEBUILD showcase, offers a more realistic, hands-on approach that educates through practice and puts young women in direct contact with professionals from the industry.

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

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HOW SUSTAINABLE PROPTECH

CAN TRANSFORM AND SAVE THE REAL ESTATE INDUSTRY

NG

The threat of climate change is real, and real estate is one of the most exposed industries to that threat. Rising sea levels put coastal communities at risk of flooding, intense storms damage and can topple everything from homes to highrises, and rising temperatures and drought increase the danger of largescale forest fires.

Clearly, we can’t sit idly by while this happens. Thankfully, an influential and growing segment of the real estate industry recognizes these threats and is embracing various forms of technology to combat climate change and ensure long-term stability.

CANADA’S COMMITMENT

All levels of government are involved in Canada’s effort. In 2021, the federal government announced a plan to reduce our collective greenhouse gas emissions to 40 to 45 per cent below 2005 levels and, by 2024, we could have a net-zero ready requirement in place in the National Building Code, meaning all new homes would have to be built to rigorous efficiency standards.

The Ontario government, for one, has mandated that new homes have rough-ins for electric vehicle charging stations and solar panels on the roof.

Following the think globally, act locally principle, municipal governments across the country are introducing measures of their

own. Vancouver recently required zero-emission heating systems for lowrise buildings and Halifax Regional Council unanimously adopted HalifACT with the target of achieving a net-zero economy by 2050, to cite just two measures.

These programs will encompass a mix of best-practice guidelines and legislated requirements. Wise builders, developers and financiers will be ahead of the curve as these mandates come to fruition.

CONSUMER DEMAND

As the saying goes, money talks. And most Canadians want their investments to speak to their concerns about climate change. In a 2021 survey by the Responsible Investment Association, 85 per cent of respondents felt Canadian corporations should strive to be netzero by 2050, and 78 per cent would like at least part of their investment to be with companies that provide carbon reduction solutions.

Another study found that 64 per cent of millennials won’t work for a company that doesn’t have strong environmental, social and governance (ESG) values. In other words, companies that don’t embrace ESG will find an even harder time attracting top talent.

PROPTECH’S ROLE

With a growing PropTech sector in Canada and a recent boom of investment of $27 billion in the industry, Canada is well poised to develop local solutions to this global concern.

Already, PropTech is helping all areas of the sector meet sustainability goals: AI can monitor energy

consumption and identify areas of improvement; CAD-designs can be feed into robotic assembly systems to create fully insulated prefab building panels; BIM programs improve collaboration and expedite construction, reducing waste and damaged materials exposed to the weather; and more.

Developers, REITs, property managers and every other part of the real estate industry will have to embrace technology to combat climate change and continue to thrive.

KEY FACTORS AIDING SUSTAINABLE BUILDING PRACTICES:

• Government enforced laws to increase levels of energy and lower carbon footprints for all types of buildings

• Increased demands from consumers for businesses to support sustainable practices

• Rapid growth in tech, enabling home-grown solutions to global issues

• Improving construction techniques to real-time energy consumption monitoring

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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MICHAEL KLASSEN

WE NEED MORE HOUSING

AND THE TRADES TO BUILD IT

According to numerous sources including Ontario’s Housing Task Force, the province needs approximately 1.5 million new homes in the next decade to satisfy demand. This sounds great, but for that to happen, we need the skilled trades to build them. Unfortunately, Ontario is facing a critical labour shortage in this area. Part of the shortage is due to a wave of tradespeople retiring within the next few years. The Canadian Apprenticeship Forum predicts that we need 75,000 new apprentices to be hired in the next five years to fulfill the demand for skilled journeypersons in the Red Seal trades – those governed by regulations under the Provincial and Territorial Apprenticeship Acts. Immigration helps a lot by bringing skilled workers in from other countries, but Canadians can fill the gap as well by pursuing the badly needed careers. This year, we’ve seen action from the federal and provincial governments to help make that become a reality. In January, the government of Canada took steps to promote the skilled trades as a first-choice career path. In addition to an advertising campaign pointing out that the trades offer excellent jobs for both men and women, the government launched a website that serves as a national information source about the skilled trades in Canada and the Red Seal trade designation. Another way the federal government is

promoting the trades is through an annual investment of nearly $1 billion in apprentice supports, in addition to existing funding programs.

In October, Ottawa announced a partnership to create more than 4,000 apprenticeships across the country. More than $53 million is slated to go to the Native Women’s Association of Canada for Indigenous women, Two-Spirit and Gender-Diverse apprenticeship with small- and medium-sized companies. First-year apprentices in eligible Red Seal Trades will get valuable hands-on experience and training. This program follows on the 16 apprenticeship service projects announced since May of this year.

Also in October, Skilled Trades Ontario unveiled new branding with the tagline “Opportunity in every skill” referring to the more than 140 career paths available in our province. With the Ministry of Labour, Immigration, Training and Skills Development, Skilled Trades Ontario is hosting career fairs across the province. Skilled Trades Ontario establishes apprenticeship programs,

curriculum and training standards, certification exams and much more. There are numerous sources of help for Canadians and Ontarians when it comes to pursuing a skilled trade, but we face overcoming the misconception that the trades are somehow less prestigious than other careers. In fact, it takes extensive knowledge and training to become adept at the trades, and they offer well-paying jobs for people of all walks of life.

Canadians should be proud to become part of our skilled labour force. Anyone looking for a career that will provide a job for life would do well to explore the trades, especially now when the demand is so high.

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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Photo: Rise Levy

A TOUCH OF

PERSONALITY Give your walls

As a designer, I have always been passionate about colour and texture. I enjoy the beauty and lushness found in richly coloured fabrics, the coarse texture of rough-hewn salvaged wood and the aged patina of beautifully tarnished metals. Throughout history, we have seen many magnificently classic design features for our walls, be it ornately elegant plaster mouldings reminiscent of vintage Parisian apartments, or the rich mahogany paneling of stately English manors. These stunning creations gave classic splendor, charm and personality to our walls. Over time, we were introduced to modernism, which brought along its own stark beauty and simplicity. We’ve seen colour trends change, wallpapers come and go, all kinds of wood, or faux wood and wall cladding, but in the end, our desire to bring style and character to our walls has continued.

Undoubtedly, our walls have experienced many different lives over time, giving us an abundance of inspirations to draw on. However, deciding on a design direction can be a bit of a challenge. One of the easiest ways to liven up your walls is with paint. A rich, bold colour can add drama to your space, or simply create a contrasting feature wall for a quick and inexpensive wall makeover; and should you tire of the colour, it’s a relatively easy fix.

Wallpaper is always a great way to add character to your walls. Again, whether it’s an entire room, or just a feature wall, a bold patterned wall covering will undoubtedly be impactful in your space. There are some stunning wallcoverings out today full of colour, texture and pattern. From bold geometrics to vintage florals, opulent metallic finishes and wood inlays, to the natural uncomplicated look of grass cloth, wallpaper has given us an exciting approach to decorating and the perfect enhancement to spaces large or small.

The warmth and texture of wood can also create a wonderful feature wall. Whether you prefer the look of rustic, reclaimed barn board, a light toned tongue and groove paneling, timeless and classic wall mouldings or you’re in the mood for a bit of fun with some applied moulding and a gallon of paint, you know the addition of wood paneling will definitely make your walls sing. Today, we also have an abundant selection of 3D wall panels and tiles, which are a great way to create a fantastic feature wall with a more modern approach.

Concrete and brick have their own charming character and are a striking addition to any home. The industrial vintage vibe of exposed brick walls, and the modern feel of concrete both add great character and charm.

None of us want to live in a cookie-cutter home. We can decorate our homes beautifully, but in the end what we do with our walls can ultimately elevate our spaces from simply a pretty room to a “wow” room. Inspire your design creativity to create that wow factor in your home. When it comes to adding personality to your walls, the possibilities are almost endless.

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

HOW TO CREATE A

Southwester n space

by LISA ROGERS

Combine organic textures, Native American artistry, and earthy pastels inspired by the desert to create a chic southwestern style in your own condo townhome.

Arizona is a haven of regional mid-century architecture, and there are also various collections of Spanish, Mediterranean and even Tudor Revival designs. Clean lines and neutral colour palettes, often inspired by the landscapes the state is revered for, plus minimalist forms, make up a contemporary home here and can easily be adapted to your own condo north of the 49th.

When John and I decided to build our second home, the decision to lay roots in Scottsdale, Ariz. was an easy, if not an immediate, one. We’ve been vacationing in the Grand Canyon State for as long as we can remember, and its warm and energizing climate is what we crave when we want to escape the colder Canadian weather. It’s an environment that genuinely needs to be championed, so we knew it was paramount to create a space that blended seamlessly into the landscape, honouring the location while still feeling sophisticated.

The beauty and character of the southwest can be a central character in your condo design, too, so I thought I’d share some ideas for a contemporary style that will bring this elegant and fuss-free style to your own living space. (Plus, I’m sharing a few pictures of our own homein-progress.)

ACCENTUATE THE COLOURS OF NATURE

I wanted to pull from the traditional colour palette of my surroundings, which I find inspiring. Still, I wanted to make sure my take on it was updated and “soft” contemporary, which is to say I didn’t want anything to feel too modern or not in keeping with the landscape and location. Warm, inviting, airy and bright is how I would describe it.

When you think of the Arizona desert, you may assume the main colour story is brown. And while the state does have plenty of shades of brown-from beige tumbleweeds to the brown-orange desert clay, the Sonoran Desert is also full of bright colours, thanks to the range of cactus flowers that can be found in the region: Pink, yellow, orange or purple. Plus, don’t forget the spectacular (and fiery orange) sunsets. Consider all of this when choosing your paint colours or accents in your condo.

BRING GREENERY IN

Bringing plants inside is the easiest way to blend the outdoors with your design. From native plants such as Parry Agave and Wild Hyssop, to the variety of different cacti and succulents, finish off your space with a healthy dose of plants in terra-cotta planters; the material will instantly make your space feel more desert-like. The great thing about Arizona flora is that it tends to be pretty hardy and need very little water, so if you like low-maintenance plants, these are great suggestions.

GO WITH LEATHER FURNITURE

Not surprisingly, leather was considered a staple of the Wild West, so if you’re looking for ways to furnish your home like a native of Arizona, look for soft leather couches and sectionals. Brown is the obvious choice (especially in a rich cognac), but if you’re looking for something more modern, go with black or white leather. A benefit of leather is that it wears well and is easy to clean. Make sure the overall composition of the furniture is contemporary and not dated. You could add smaller leather accents (in different shades of coral or sand) to give your space a laidback desert style.

CONSIDER WROUGHT IRON

Many southwestern homes have iron interior elements, such as staircase bannisters, tables or kitchen fixtures and lighting. This is largely due to the influence of Spanish home design since the Spanish were, in fact, the first European settlers to inhabit the area centuries ago.

BORROW FROM NATIVE AMERICAN AND MEXICAN INFLUENCES

Modern desert decor is much more than just “American.” Borrowing from Native American and Mexican influences: Navajo patterns, cowhides, aged leather, wood and southwestern-style rugs, the style is also greatly influenced by many other gorgeous desert communities globally –Chile, Turkey, Colombia and Morocco. The result is not only worldly but filled with warm hues such as tan, sand, ochre, orange and red.

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

Home IS WHERE THE hearth is

by AMANDA SHIELDS • photos KIELY RAMOS PHOTOGRAPHY

The fireplace has long been the hub of the home, but this fixture has since evolved from its original utilitarian origins for cooking and as a source of light and heat. In addition to its functional uses, in the modern home, a fireplace is also seen as a key focal point for entertainment and ambience. While entirely optional from a functional perspective, it remains a steadfast highlight in many homes.

What type of fireplace is best suited to your space, and how do you intend to use it? Here are some fireplace fundamentals to keep in mind.

ENDLESS POSSIBILITIES… AND SOME OBSTACLES

It’s safe to say that almost anything’s possible with an unlimited budget, but most of us face obstacles in one form or another, with financial and structural restrictions topping the list. If you live in a condominium suite, you’ll also have the condo board to contend with. Consult a professional designer or contractor to determine what’s actually possible, given your budget, the specs of the space, your functional needs and your esthetic vision.

LOCATION, LOCATION, LOCATION

While the Great Room is the most frequently chosen place to add a fireplace, you can break from tradition and consider adding one to your front foyer, kitchen, dining room, principal bedroom, study, the bathroom or even the backyard. While whimsical, keep in mind that unconventional places may not yield the best return on your investment if your goal is to boost your property value.

SO MANY OPTIONS

Wood-burning, gas and electric, oh my! Each type of unit has its pros and cons, so do your research before you buy.

A wood-burning fireplace is the real deal. The quality of light and heat and the smell are key reasons people are drawn to the hearth like a moth to a flame. But admittedly, this type of unit is high maintenance, from the structural requirements, to building and tending to the fire, buying (or chopping) and storing firewood, and annual cleaning and/ or inspections.

Gas fireplaces have gained in popularity for those who want fire with the flick of a switch, remote control or a smartphone app! Gas fireplaces are efficient and result in less heat transfer, reducing the risk of damage to nearby surfaces, furniture and artwork hung over the mantel. On the flipside, a gas unit can be costly, especially if you need a gas line installed. Furthermore, the authenticity can be lacking, with no crackling flame or woodsy aroma.

Where a real fireplace isn’t possible, an electric unit can be a good solution. These are easy to source and once delivered, you just put it in place, plug it in and enjoy. If you change your mind, you can move it like any other piece of furniture. While the unit itself is less expensive than its wood-burning or gas counterparts, an electric fireplace can be expensive to operate, given the high cost of electricity.

STYLE FILE

Alongside the type of fireplace you choose, you’ll also need to decide on a style. Consider details such as the finishing of the firebox and surround, the trim, mantel, chimney and wall around it. Ensure your choice aligns with the broader esthetic and theme of your home.

ADDED VALUE

Aside from your own enjoyment, a fireplace can add value when you choose to sell your home, so consider this as an investment on all sides. But in the meantime, sit back, put your feet up and crank up the heat!

Amanda Shields is the creative director and principal designer for Amanda Shields Interiors. The design firm is known for and is focused on creating stylish, approachable family-focused interiors. amandashieldsinteriors.com

developer: SOLMAR DEVELOPMENT CORP. style: Highrise size: Starting from 432 sq. ft. features:

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: solmar.ca location: 199 Main St N, Brampton, ON L6X 1N2

developer: NATIONAL DEVELOPMENTS style: Mid-Rise size: 8 Storeys, 389 Units features: • 1 bed, 1 bed + den, 2 bed, 2 bed + den, 3 bed

Lobby, Gym, Co-Working Space, Kid’s Playroom, Party Room, Private Dining Room with Catering Kitchen

Rooftop with BBQs & Party Lounge Area register at: MyNorthShore.ca location: 490 Plains Rd E near Plains Rd. & King Rd.

Central Park North York

developer: THE REMINGTON GROUP style: Highrise size: 515 to 1,688 sq. ft.

from: From the $600’s features: • 9 Ft and 10 Ft 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

developer: AMEXON DEVELOPMENT CORPORATION style: Highrise – 12-acre, master-planned community size: 436 - 1,200 sq. ft. prices from: from the $700,000s features:

1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den

Spacious layouts, terraces/balconies

Located in the Bayview Village neighbourhood

Leslie subway station and GO Transit at your door

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

Gallery Towers

Markham

Bianca

Etobicoke Mirabella

Etobicoke Westerly

Etobicoke Curio

Etobicoke Humberwood

Etobicoke Cypress at Pinnacle Etobicoke

Etobicoke

Etobicoke 36 Zorra

Markham/Unionville

Markham

Markham/Unionville Varley Condo Residences

Markham Canvas on the Rouge

Markham Gallery Towers at Downtown Markahm

Mississauga Harbourwalk at Lakeview

Mississauga Perla Towers

Mississauga Oro, at Edge Towers

Mississauga Artform Condos

Pinnacle Uptown

Mississauga Gemma at Pinnacle Uptown

North York Express 2

North York Central Park

North York The Diamond

Oshawa U.C. Condos Tower

Pickering Vupoint

Scarborough Pinnnacle Toronto East

Scarborough FourMe

Toronto 111 River St. Condos

Toronto Lawrence Hill Urban Towns

Toronto 489 Wellington St. W.

Toronto 500 Dupont St.

Toronto Aqualuna at Bayside

Toronto Artistry Condos

Toronto Panda Condos

Toronto Skytower at Pinnacle One Yonge

Toronto The Prestige at Pinnacle One Yonge

Toronto Tridel at the Well

Bloor

Eglinton

Burke Condos

1926 Lake Shore Blvd. W. mirabellacondos.ca

Islington & Dundas tridel.com

801 The Queensway marlinspring.com

50 Humberwood Blvd. tributecommunities.com

5475 Dundas St. W.

Islington & The Queensway vergecondos.com

36 Zorra altreedevelopments.com

8200 Warden Ave. lifetimedevelopments.com

20 Fred Varley tributecommunities.com

Donald Cousens Pkwy & Ninth Line flatogroup.com

162 Enterprise Blvd. downtownmarkham.ca

1260 Lakeshore Rd. East tridel.com

5044 Hurontario St. pinnacleinternational.ca

24 Elm Dr.W. solmar.ca

86 Dundas St. E. artformbyemblemdevelopments.com

5044 Hurontario St. pinnacleuptown.com

Tippett Rd./Wilson subway express2condos.ca

Sheppard Ave. East & Leslie St. amexon.com

5336 Yonge St. diamond.diamantedevelopment.com

Simcoe St. N. & Winchester Rd. W. tributecommunities.com

Kingston Rd. & Liverpool Rd. tributecommunities.com

3260 Sheppard Ave. E. pinnacleinternational.ca

Markham Rd. & Ellesmere fourmecondos.com

111 River St. lifetimedevelopments.com

Don Mills & Lawrence lawrencehillurbantowns.com

489 Wellington St. W. lifetimedevelopments.com

500 Dupont St. lifetimedevelopments.com

200 Queens Quay East tridel.com

292 Dundas St. W. tributeartistrycondos.ca

Yonge & Dundas. lifetimedevelopments.com

1 Yonge St. pinnacleinternational.ca

1 Yonge St. pinnacleinternational.ca

Spadina Ave. & Wellington St. thewelltoronto.com

Bloor & Parliament. tridel.com

Adelaide St. W.

Eglinton Ave. W. lifetimedevelopments.com

& Main tributecommunicties.com

2161 Yonge St. tributecommunities.com

Bloor & Sherbourne burkebyconcert.com

Hamilton

Milton

Kitchener

Ave.

Main St.

Steeles Ave. duocondos.ca

solmar.ca

Market St. S.

nationalhomes.com

Ave. E.

Rd.

kiwicondos.com

Upper Ottawa St. elitemdgroup.com

LET’S MAKE RENOVATIONS, INFILL AND CUSTOM BUILDING EASIER TO MAINTAIN HOUSING STOCK AND

INCREASE SUPPLY

DAVE WILKES

In a city such as Toronto, with its generational housing crisis, every home counts. That’s why it’s important to address systemic barriers to adding housing supply, while at the same time making it easier to maintain existing housing stock and add secondary housing through renovations, infill and custom homebuilding. Unfortunately, in Toronto, this important work is frequently delayed due to the inefficiency of the municipal approvals process.

The 2021 Census identified that 305,600 households that own their home in Toronto (19.1 per cent of households that own) live in a home that needs minor repairs, and a further 74,600 households that own live in a home that needs major repairs, including corrections to defective plumbing or electrical wiring, or structural repairs to walls, floors or ceilings. With Toronto’s aging housing stock, renovations play an important part in providing residents with suitable housing.

Renovations, infill and custom homebuilding also enable the addition of much-needed housing, whether by adding new legal apartments, converting existing homes into duplexes or triplexes, or simply modernizing an existing home to make it suitable for changing needs.

The trouble is, many of these renovation, infill and custom homebuilding projects face obstacles

and delays during the approval process. After initial planning, the renovator or builder submits the designs to the City, where they go through the process of zoning, Committee of Adjustment – which makes decisions on minor variances from the zoning by-law – and finally to the permit stage.

It can take up to four weeks for the intake of an application, with no clear timelines or transparency regarding the status of a submission. The time from when an application is submitted to when a hearing with the Committee of Adjustment is booked has become lengthier over the years. In the past, it took 30 to 60 days to get a hearing. Now, for some parts of the city, it can take six to eight months.

Additional time is needed to apply for a building permit. Applications are circulated for review amongst various city departments, such as transportation, urban forestry and heritage, which may provide contradictory comments on the same application. While this process is supposed to take 20 days, it often ends

up taking much longer. All told, it can take as long as a year for a project to go through the entire approval process with the City of Toronto.

These inefficiencies have a real impact. Not only do they make it challenging to maintain Toronto’s existing housing stock and add new stock on a smaller scale, but they also help create an underground economy where unscrupulous businesses seek to circumvent the system. Ultimately, this results in unsafe building outcomes that put homeowners and the general public at risk.

We can and should do better than this.

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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