The Condo Builders' Annual - GTA 2017

SHOWCASING THE

best builders & top communities ACROSS THE GTA

You call it impeccably designed.

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We call it Pemberton.

Ten93 Queen West / Toronto

Mills Square / Mississauga

The Urban Townhome Collection / Toronto

SkyCity Condos / Richmond Hill

Indigo Condominiums / Maple

All illustrations are artist concept.

Watch for new communities coming soon.

Everything a home should be.

Learn more about our communities at pembertongroup.com

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Editor’s Note

T

Don’t wait to buy real estate in the GTA

here’s a saying that’s worth repeating: don’t wait to buy real estate; buy real estate and wait. Indeed, those who have already purchased a home in the GTA are seeing their equity grow by leaps and bounds, just by virtue of waiting.

Real estate happens to be one of life’s necessities that pays off in the long run. While no one can guarantee what the value of your home will be in 20 years, ask your parents what they paid for their’s back when they purchased, and compare that to current market value. Odds are you’ll be pleasantly surprised.

On the flip-side, rising prices are creating a challenging environment for would-be homebuyers – particularly first-time buyers who are trying to get their foot in the door.

We asked the industry experts if there’s a solution to Toronto’s housing affordability problem. Read the article starting on page 40, but to make a long story short, getting into this hot market hinges on personal choices – where, what and how much?

“The issue is not that there are no affordable choices in the GTA,” Gary Mcilravey, Empire’s manager of market research told YP NextHome. “Just that the form of these affordable choices is much different than in the past.”

Luckily, the GTA has plenty of housing options to choose from, and now more than ever, we’re seeing these take shape as new condominiums in the 416, 905 and beyond.

Condos have risen in rank as a top choice for homebuyers, and not just as a stepping stone for first-timers as was historically the case. Families and move-up buyers are also increasingly choosing condos for their hot locations, convenient lifestyle, affordability and resale value.

A home is a huge commitment, so consider your wants, needs and budget. Then, make a smart investment today that will pay off in the future.

Lydia McNutt, Senior Editor Yellow Pages NextHome Lydia.McNutt@ypnexthome.ca Twitter @LydiasTweets

+ get social

Interact with us on social media: ypnexthome

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 3

2017 table of contents 13

68

32

03 09 13 16 17

Editor’s Note

24

BILD Report Outdated zoning bylaws worsen housing shortage

by Bryan Tuckey

28

OHBA Report We’ve got condos! Growing beyond the 416 universe

by Joe Vaccaro

32

Legal Advice What is a condo, anyway?

by Jayson Schwarz

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GTA real estate: Highs, lows and dollar signs

by Sonia Bell

Tarion Report Specs and checks: The PDI

by Howard Bogach

Trending Why the NIMBY argument is a losing strategy

by Lydia McNutt

40

Expert Panel

50

Mortgage Advice

10 Minutes With...

Q&A with Barbara Lawlor: Why condos are king, and will continue to rule in 2017

by Lydia McNutt

Trending

Talking affordability

by Lydia McNutt

Five tips to boost your down payment

by Alyssa Furtado

60

Inspiration

64

Trending

66 67 68

Secret storage: Essential pieces for the condo dweller

by Elisa Krovblit Why 2017 is still a good year to buy a home

by Wayne Karl

Social Media Directory Our listing of GTA builders and developers to help you share and stay connected

Advertiser Directory Inspiration How to make the most of your “plus den” floor plan

by Sonia Bell

64 VICE PRESIDENT & CHIEF PUBLISHING OFFICER

Caroline Andrews PUBLISHER & GENERAL MANAGER

Shawn Woodford DIRECTOR OF SALES

Moe Lalani ASSOCIATE PUBLISHER

Anne-Marie Breen SENIOR MANAGER, CONTENT

Jennifer Reynolds SENIOR EDITOR

Lydia McNutt ART DIRECTOR

Daiana Garay SENIOR ACCOUNT EXECUTIVE

Dionne Fraser SALES & MARKETING CO-ORDINATOR

Terry Bassett PRODUCTION MANAGER

Helen Pearce PRODUCTION CO-ORDINATOR

Sandra Hanak-Vujnovic Published by

2017 CONDOMINIUM BUILDERS’ ANNUAL #500-401 The West Mall Etobicoke, Ont. M9C 5J5 T 416.626.4200 F 416.784.5867 ypnexthome.ca

60

- 2 Pemberton Group

CIRCULATION: Polybagged with the March 18 issue of New Condo Guide. Available at GTA home shows, through direct distribution in the GTA market and by consumer request.

COPYRIGHT 2017: All rights reserved by Yellow Pages Homes Limited, Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law.

CONDO BUILDERS’ INDEX INSIDE FRONT COVER

ADVERTISING: Call 416.626.4200 for advertising rates and information.

37-39

Camrost-Felcorp

06-08

The Daniels Corporation

46-49

Lash Group of Companies

10-12

Menkes Developments

51-53

New Horizon Development Group

15

Mattamy Homes

54-56

Plaza

INSERT

Pinnacle International

57-59

Adi Development Group Inc.

18-20

Lanterra Developments

72 &

Diamante Development Corporation

21-23

Great Gulf

INSIDE BACK COVER

25-27

Empire Communities

BACK COVER

29-31

Concord Adex

BUILDERS HELPING TO HEAL

34-36

Lifetime Developments

62-63

TERMS: Advertisers, editorial content and the 2017 Condominium Builders’ Annual are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E.

Lindvest Sick Kids Foundation THE CONDOMINIUM BUILDERS’ ANNUAL 2017 5

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THE CONDOMINIUM BUILDERS’ ANNUAL 2017 7

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BILD Report

Outdated zoning bylaws worsen housing shortage

by BRYAN TUCKEY MANY MUNICIPALITIES ACROSS THE GTA are operating with outdated zoning bylaws, which is making our housing supply shortage worse.

While municipalities’ official plans set out their general policies for future land use, their zoning by-laws control how land can be used, regulate what types of buildings can be built, and determine the size, height and location of new developments. They vary from one area to the next, and are administered by local municipalities.

To get approved, development projects must conform to the area’s zoning bylaws. Unfortunately, a large percentage of zoning bylaws across the GTA are badly outdated and don’t align with the province’s Growth Plan for the Greater Golden Horseshoe. It mandates intensification in much of the GTA, including the construction of midrise or highrise condominiums and stacked townhomes near transit stations and in urban areas across the GTA. Yet, the zoning bylaws in many of these areas have not been updated to accommodate these housing types.

One example of an area with out-of-date zoning is North York. Much of its areas along and adjacent to the Yonge and Sheppard subway lines are covered by zoning bylaws that date back to the 1950s and only allow for the development of single-family detached homes.

A local planner was recently in the news and on social media when he created a map identifying residential zoning in the City of Toronto. It showed that more than half of the city is zoned for single-family detached homes.

Even areas on and around subway lines, including much of the land around Yonge Street north of Eglinton, were zoned for lowrise development instead of the highdensity development mandated by the Growth Plan.

Outdated zoning bylaws often create unrealistic public expectations of land use – especially when it comes to density and height. They play a significant role in community opposition to intensification, which is a growing challenge in the GTA. Explaining to residents that the stacked townhome development proposed for their neighbourhood is in keeping with planning policy is difficult when the area is zoned for single-detached homes.

Development approval in the GTA is already a long process and out-of-date zoning often makes it even longer. This results in further delays in bringing projects to market, which leads to additional costs for new-home buyers. Earlier this year the Fraser Institute found that delays in development approvals in the GTA play a significant role in our rapidly decreasing housing supply. An earlier study by the Ontario Association of Architects found that it costs purchasers $2,375 for each month that a project is delayed. That’s an extra $28,500 per home, if the development is delayed by one year.

Municipalities are required to review their official plans every five years and update their zoning bylaws no later than three years after a revision. This rule needs to be enforced so that zoning bylaws can be used to implement provincial intensification policy and build the homes needed to house our growing population.

Bryan Tuckey is president and CEO of the Building Industry and Land Development Association (BILD) and he is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/ bildgta) and BILD’s official online blog (bildblogs.ca).

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 9

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THE CONDOMINIUM BUILDERS’ ANNUAL 2017 11

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OHBA Report

We’ve got condos!

Growing beyond the 416 universe

by JOE VACCARO, CEO ONTARIO HOME BUILDERS’ ASSOCIATION

IT WASN’T VERY LONG AGO that a condo tower was automatically associated with a 416 area code. It seemed that only Toronto could justify the lifestyle, density and transit infrastructure that condo living was predicated on.

We all know the marketing image – almost directly out of a New York City-based movie – of young, hip and stylish people stepping out of the subway, or maybe racing along 5th Avenue on their bicycles to make it to work, or perhaps hailing a vintage NYC yellow cab to get to the local bistro or café to enjoy fun times with their equally cool and fashionable friends and family.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 13

“IMPROVED TRANSIT COUPLED WITH REDUCED LOWRISE SUPPLY AND ITS CORRESPONDING ESCALATING HOUSING PRICES WILL PUT MORE AND MORE CONDO TOWERS ON THE MARKET OUTSIDE OF TORONTO” Living in a condo meant living an urban lifestyle, connecting through transit, where the city is your backyard, and public amenities are your playground.

Only Toronto could match that New York image, and so if you met a condo dweller, you just assumed they had to be a 416-er.

That assumption is no longer valid. Look around today, and you can find condo dwellers with 905, 705, 519 and 226 area codes.

That’s right: across the Greater Toronto Area and Hamilton, from Barrie to London, through to Kitchener-Waterloo, Niagara and all the way to Peterborough, you can find new condo developments – and it’s a good thing.

Adding to the housing stock by bringing new housing options into the mix can only help existing and future residents find homes they can afford while staying connected to the community where they live, work and play. Hopefully, apartment renters can become condo buyers, and start building equity for any future housing needs that may come along.

The migration of the condo tower out of Toronto is not by accident. It coincides with the massive provincial investments in transit across southwestern Ontario in recent years, along with local investments made by cities to provide more transit options to their residents.

In 2018, the first subway into the 905 will open, and there are already condo dwellers living across from its station, with a handful of other condos under construction and dozens more waiting to open sales offices in Vaughan. The Region of Waterloo’s ION light rail transit system has already spurred significant condo development, with more to come as it becomes operational. Improved and increased GO rail service has resulted in new condos along the corridor in places like Niagara, Hamilton, Barrie, Milton, Oshawa and Peterborough.

Don’t get me wrong – Toronto is still the condo king in the GTA. Last year was a record-breaking year, with almost 30,000 new highrise homes sold but over 40 per cent of those sales were for projects outside of the 416 area.

Make no mistake, improved transit coupled with reduced lowrise supply and its corresponding escalating housing prices will put more and more condo towers on the market outside of Toronto, meaning more and more people will be able to find a New York state of mind without a 416 area code.

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Joe Vaccaro is the CEO of the Ontario Home Builders’ Association (OHBA). The OHBA is the voice of the residential construction industry in Ontario, representing 4,000 member companies organized into 29 local associations across the province. The industry contributes over $45 billion to Ontario’s economy, employing more than 325,000 people across the province. ohba.ca

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 15

Legal Advice

What is a condo, anyway?

by JAYSON SCHWARZ

IT’S A VALID QUESTION and if you’re considering condo ownership, make sure you know what you’re getting into. A condominium is a creature of statute created under the Condominium Act of Ontario as, among other things, a means of consumer protection through the imposition of certain time and disclosure requirements on their purchase and sale. A condominium is not necessarily just a highrise apartment.

They can include townhouses, semi-detached or detached units.

Condos can be industrial, commercial or residential. Condos also come in the form of common-element condominiums (where a number of homeowners share a central recreation facility), phased condominium corporations, vacant-land or leasehold condominiums.

How does it get there? The developer takes land and plans through many stages, which includes negotiating agreements with governmental authorities and utilities, and for residential condos, Tarion enrollment.

Only then will the developer receive the necessary approvals to start construction. At the same time, the developer prepares with his lawyer the declaration, description and disclosure statement. Once the facility is constructed and passes inspection by the Municipality, purchasers may be given occupancy or possession, but title has to wait. After all the paperwork has been approved, the Ministry of Housing inspects and approves the project for release. The developer then registers the appropriate documents and advises purchasers it is time for the final closing, at which point the purchaser gets the deed.

What do I own personally? In most cases, you own the interior of your unit to half-way through the walls, floors and ceiling, and your proportionate share of the common elements – all of which is outlined in the condominium documents you received.

Then there’s the question of a parking spot or storage locker. If these are included in your purchase, do you own them or do you have an exclusive-use arrangement? In order to get title to these elements it must be specified in the Agreement of Purchase and Sale. If you get exclusive use of the parking spot or storage locker, they’re owned by the condo corporation and used exclusively by you pursuant to your agreement and subject to the by-laws and rules of the condo corporation.

What is a Status Certificate? You get a Status Certificate from the condo corporation because it will provide a wealth of information necessary to make educated decisions, like: • a statement of common expenses of the unit and if any default in payment; • any increases since last budget and reasons;

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• any assessments levied; • outstanding judgments and legal actions, if any; • budget and financial statements; • copies of all agreements affecting the condo; • reserve fund info; • contemplated and actual financial, service and physical changes and many other items.

Check sec 76(1) of the Condominium Act or ask your lawyer for a copy. The cost of obtaining a Status Certificate from the condo corporation is $100.

Why a condominium? Condos offer a different lifestyle to the consumer than freehold home ownership, and their composition is only limited by the imagination of builders and developers.

There will be as many different options as there are creative people. What do I mean?

How about a 4,000-sq.-ft. freestanding home on a one-acre estate lot that is freehold but the owner is part of a condominium corporation that participates in a water and sewer treatment plant and maintains its own security force?

Think outside the box. Today’s condos are a way to have your cake and eat it too.

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

10 Minutes With...

Q&A WITH BARBARA LAWLOR Why condos are king, and will continue to rule in the GTA

by LYDIA MCNUTT Will demand continue to grow? Will prices keep rising? Is now a good time to buy? We asked Barbara Lawlor, president of Baker Real Estate and a condo expert in her own right, about what to expect in the GTA condo market in 2017.

CONDO LIVING HAS COME INTO THE MAINSTREAM, now more than ever, thanks to low supply and high demand for detached houses in the Greater Toronto Area. Last year, the GTA saw condo sales rise by 20.3 per cent, according to the Toronto Real Estate Board, and prices increased by 9.7 per cent.

On the new-home front, there were 29,186 new highrise units sold across the GTA in 2016 – more than in any previous year on record, and 30 per cent higher than highrise sales tallied in 2015, according to Altus Group, the Building Industry and Land Development Association’s official source for new-home market intelligence.

Those who already own a condo are undoubtedly doing a happy dance at the thought of their growing equity and the prospect of bidding wars on resale.

Meanwhile, prospective purchasers are wondering if 2017 is a good time to get into the condo market.

Are condos still a good investment in 2017?

Barbara Lawlor: In a word, yes! A new condo anywhere in the Greater Toronto Area is one of the best investments you can make. Just look at the BILD-released Altus Group statistics for 2016, which was a record year for high prices and highrise condo sales. In December 2016, the average price of a condo unit was $507,128 – up from $321,353 in December 2006.

Imagine how happy those who purchased back then are today.

Lowrise home prices have forced a lot of end-users and investors out of that market, and scarcity of lowrise properties has brought about bidding wars. Pricing definitely impacts the mainstream (which is now condominium), and most investors and end-user buyers can still afford condos. This demand will be around for a long time, especially with our strong and growing immigration numbers, which are an increasingly vital pillar of economic growth. We have first-time homebuyers (with one in every four getting financial help from family to get into the real estate market) turning to condominiums in great numbers. We also have move-up purchasers, empty-nesters and retirees whose savings are not drawing in the interest they assumed they would enjoy at this time in their lives.

What would you tell prospective condo buyers who are worried about a housing market crash?

BL: I would tell them to relax, as the fundamentals in place are not indicating any kind of crash. Toronto still has a long way to grow compared to other international cities. When it comes to condominiums, we are just coming out of our infancy, and the GTA is not even close to the level of saturation as Canada’s west coast. With our growing immigration numbers, the demand for new homes here is phenomenal. In addition, with the situation south of the border, the interest level of Americans in Canadian properties has skyrocketed. This is brilliant for Toronto. Add to this the fact that the BC government has brought in measures to limit foreign investment there, which has turned the eyes of investors in [Toronto’s] direction.

Mortgage rates are still incredibly low, and our developers are doing a fantastic job of designing efficient, compact suites that help to keep condo prices reasonable. Price drives end-users who get pre-qualified for a specific upper mortgage limit, but investors usually have more money to play with. We’re on solid ground.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 17

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A DYNAMIC URBAN VISION

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Welcome to Artists’ Alley. A community with art at its heart. Located at University and Dundas, just steps to the Art Gallery of Ontario, the Ontario College of Art & Design and The Grange. Minutes to theatre, opera and entertainment.

Moments to the water, transit, shopping and dining. Original, creative, youthful, connected, vibrant. The most exciting arts community downtown has ever seen.

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COMPLETED COMMUNITIES

Exclusive Broker Milborne Real Estate Inc. Brokers Protected. Prices and specifications are subject to change without notice. Illustrations are artist’s concept. E. & O.E

WE DO MORE THAN JUST BUILD.

One Bloor, Toronto

greatgulf.com THE CONDOMINIUM BUILDERS’ ANNUAL 2017 21

WE GROW, ELEVATE, NURTURE AND TRANSFORM. We care about the contribution we make, not only to the lives of our customers, but also to the community as a whole. We seek to improve the way people live, work and play, through innovative design, intelligent construction, and an intense commitment to the wellbeing of our homeowners, partners and employees.

X2 Condos, Toronto

From landmark towers like One Bloor in Toronto, to master-planned communities across the G.T.A. and beyond, we’re building homes that are designed to help Canadians like you live greatly. To find the one that’s right for you, visit greatgulf.com.

Pace, Toronto

22

King Oaks, King City

Summerlyn, Bradford

Active House, Etobicoke

Hot Condos, Mississauga

greatgulf.com THE CONDOMINIUM BUILDERS’ ANNUAL 2017 23

Trending

GTA housing:

Highs, lows and dollar signs

by SONIA BELL

5% — The minimum required for a down payment on properties priced below $500,000.

With rising prices, prospective homebuyers have a lifeline to get into ownership. However, a down payment of less than 20 per cent comes at the cost of mortgage default insurance.

270 — The square footage of a tiny Canderel-built condo – completed in 2013. This

developer must have had some premonitions about the GTA housing market in 2017! Canderel released two 270-sq.-ft. units in its DNA project, preceding Smart House by Urban Capital, which was dubbed Toronto’s first micro-condo offering units as small as 276 sq. ft.

1,990 —

$

The average monthly rent for a condo in the GTA. Up 11.7 per cent, condo rents continue to inch their way toward the $2,000 mark due to low supply, according to a recent Urbanation report. Causes include a growing population, investors selling in hopes of cashing in on the GTA’s hot real estate market, and tenants staying put to avoid higher rents elsewhere.

24,000 —

The number of condo units scheduled for completion in 2017, according to Urbanation. Torontonians ought to grow accustomed to new condominiums popping up throughout the city, as the number of condo completions will rise through to 2019.

29,186 — The number of new highrise units sold in the GTA in 2016, up 30 per cent

year-over-year. According to the Building Industry and Land Development Association (BILD), sales were up across the board – each GTA region experienced an increase in sales with Durham leading the pack, where sales more than doubled compared to 2015.

507,128 —

$

The average price of a condo in the GTA in December 2016, according to BILD. GTA condo prices have surpassed the $500,000 mark – a new high. To help put this number into perspective, the average price of a condo 10 years ago was $321,353.

825,000 —

$

The average price of a Toronto home in 2017, as forecasted by the Toronto Real Estate Board. The Board has predicted another year of double-digit price growth, with the average resale price climbing between 10 and 16 per cent.

3,500,000 —

$

The amount of money private donors pledged to the Don River Valley Park, Toronto’s new 480-acre “super park.” The City of Toronto is collecting private donations to revitalize the greenspace stretching from Evergreen Brick Works in the north to Lake Ontario. The Don River Valley Park will be the second largest in the city, following High Park, which measures 5,000 acres.

18,888,000 — At press time, this was the most expensive home on the

$

market in the GTA. The five-bedroom, nine-bathroom Oakville mansion has more than 10,000 sq. ft. of living space and includes a gym, theatre, library, tennis court and lake-front barbecue deck – not too shabby!

1,500,000,000 —

$

The amount Rogers Real Estate is investing in M City, a new 10-tower condo community coming to downtown Mississauga. Rogers will partner with Urban Capital to develop the community comprising 6,000 units. Construction is scheduled to begin in late 2017 and will proceed over the next decade.

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Your future community starts here >

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 25

LOVE LIFE, LIVE EMPIRE. We create inspiring new places to live. By being innovators in our industry, by giving you more and by caring for the world around us.

For over 20 years, we’ve built homes that make everyday life richer and more sustainable, with enviable designs where smart space planning and quality building meet.

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WYNDFIELD

LAKESIDE

EAU DU SOLEIL

IMAGINE

RAIN & SENSES

SCHOOLHOUSE BEYOND THE SEA

RIVERLAND

WYNDANCE

MIDTOWN

FLY CONDOS

VICTORY

SUMMERLEA

LOW RISE COMMUNITIES

HIGH RISE COMMUNITIES

AVALON

IMAGINE

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EAU DU SOLEIL

MIDTOWN

Caledonia

Niagara Falls

Brantford

Toronto

Toronto

Spring 2017

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Now Selling

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LEGACY

LUSH

RIVERLAND

RAIN & SENSES

YORKVILLE

Thorold

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Toronto

Coming Soon

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VICTORY

Binbrook

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Coming Soon

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Learn more about our master-planned communities, our homes and our condos at empirecommunities.com THE CONDOMINIUM BUILDERS’ ANNUAL 2017 27

Tarion Report

Specs and checks:

The PDI

by HOWARD BOGACH

ONE DISTINCTION BETWEEN BUYING A NEW HOME in Ontario, versus an

older resale home, is the mandatory warranty supplied by your builder and guaranteed by Tarion Warranty Corp. The warranty ensures that homeowners receive a new home that is constructed in a workmanlike manner, is free from defects in material, is fit for habitation and is constructed in accordance with the Ontario Building Code. The first chance homebuyers get to inspect their new home is during the Pre-Delivery Inspection, also known as the PDI, which takes place before closing.

Your builder is required by Tarion to conduct a PDI with you on or before the day you take possession. This is your opportunity to view your home in its entirety, learn about how to maintain it and take stock of anything that may be damaged, incomplete, missing, or not working properly.

You may be excited to show it off to your friends and family, but this is not the time. The PDI is an important part of taking possession of your new home and deserves your full attention. If you are not able to attend yourself, you can ask someone you trust to be there on your behalf.

During the PDI, carefully examine your home for things like chips in bathtubs and sinks, scratches on countertops, damage to floors, walls, cabinetry or other finishings, and doors and windows that are not secure or do not open and close easily.

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Your builder’s representative will note everything on the PDI form. Review the form carefully to make sure it’s complete.

This will become the official record of the condition of your home before you moved in. In case of a disagreement between you and your builder over whether any damage occurred before or after you took possession, we will refer to the notes on your PDI form.

If for any reason, the condition of the home makes it impossible to accurately assess its condition – for example, if there is still too much construction dust or debris covering the surfaces – ask the builder’s representative to reschedule the inspection until the home is cleaned. Sometimes, due to weather or other factors, you may not be able to inspect a certain item. If you are unable to assess something during the PDI, simply make note of it on the form.

Use the PDI as an opportunity to ask questions and learn about how your home functions. Your builder will show you how to operate your home’s systems, such as heating, electrical, air conditioning and plumbing, and provide you with operating manuals.

The New Home Buyer section online at tarion.com has a number of resources to help you prepare for your PDI, such as the PDI checklist and a guide to Getting Ready for the PDI. You’ll also find the Homeowner Information Package, or HIP, which your builder will provide on or before your inspection date. I always recommend buyers read the HIP before their inspection.

Being informed and well prepared is the best way to start your home-ownership experience!

Howard Bogach is president and CEO of Tarion Warranty Corp. For more information about how Tarion helps new-home buyers, visit tarion.com or find them on Facebook at facebook.com/ TarionWarrantyCorp.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 29

Property Profile | CONCORD

A landmark of consummate living

North York’s topmost luxury condo – Seasons

A MASTERFUL FUSION OF FORM AND FUNCTION. A showcase of stature. Seasons is one of North York’s topmost luxury condos.

Here’s why:

Location, luxury, location Situated in the enviable neighbourhood of Leslie Street and Sheppard Avenue in North York, Seasons is a residence symbolizing status. Here, surrounded by multi-million dollar homes in the very heart of Toronto, you are at the epicentre of indulgence and abundance, with dining, shopping and year-round recreation, both indoors and out. All you require or desire is at your doorstep, just up the road, or a quick trip via highway, subway or GO train.

Luxury from the ground up Like the world’s finest manors, Seasons is fronted by lush grounds, landscaped for pleasurable pursuits every day of the year. The eight-acre oasis features floral displays, fragrant shrubs, a sports field and playground. Arrive at Seasons in regal fashion through a tree-lined boulevard opening onto the circular plaza, with a shimmering pool skirting the pathway to your grand courtyard entrance. Wish upon the mirror pool in summer. Skate the ice pond come winter. Rarely is such splendour at your threshold.

Mega luxury and leisure Life at Seasons is made all the more pleasurable with privileged 30

access to the amenities at MegaClub, complete with basketball, volleyball, tennis and badminton courts, indoor bowling, lawn bowling, golf putting green, swimming pool, gym, yoga zone, dance studio, wine tasting lounge and tea room, as well as a kids’ splash pool and play corner. The pampered lifestyle is in every detail, including a touchless car wash to keep vehicles sparkling clean and an automated wheel wash to quickly rinse away salt.

High-speed charging stations are also available for electric vehicles.

Luxury from start to finishes State-of-the-art is the Seasons gold standard for connoisseurs of flawless taste and effortless ease. Room decor features premium fixtures, imported marble, smart thermostats and roller shades. Appliances are top-of-the-line, including Miele, a European brand renowned as the world’s highest-quality manufacturer for more than a century. Seasons integrates the latest Miele technological innovations to elevate dining to a culinary art.

Presented by Concord, Seasons Upper House is a limited edition of the most coveted top-tier suites with skywide views. Visit ConcordSeasons.ca or the Concord Park Place Presentation Centre at 1001 Sheppard Avenue East, Toronto for details.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 31

Trending

Why the NIMBY argument is a losing strategy

by LYDIA MCNUTT

WE’VE ALL HEARD THE ACRONYM, yet not everyone

knows what it means – what it really means. NIMBY, or “not in my back yard,” implies “yes” to new housing, schools and community development, “just not right where I live, thank you very much.”

METATHESIOPHOBIA – THE FEAR OF CHANGE

NIMBYism isn’t just about anti-development. It can be viewed as “anti-change,” and its ripple effects are far-reaching.

What happens when cities stop attracting new residents and business? Let’s just say that aging populations and infrastructure typically do not support growth. “[Residents] see towers going up around the city, new retail springing up, and they experience the congestion and traffic that comes with, what seems like, constant construction,” says Bob Finnigan, president of the Canadian Home Builders’ Association (CHBA) and COO, Acquisitions & Housing at Herity.

“Then, when they see a proposal for a building close to home, whether it’s a small infill project or a multi-storey tower, they tend to view it in a negative light.”

It’s easy to sympathize with the NIMBYs when you consider the congestion, traffic and general 32 YPNEXTHOME.CA

unrest that typically comes with construction, but Finnigan is quick to point out that once construction ends, life returns to normal and the new developments bring positive change. For example, he notes that after seeing 15 to 20 years of intensification developments in Toronto, it’s a better place today than it was before change came about.

GET SCHOOLED

“Developers don’t just build what they want and where they want it,” Bryan Tuckey, president and CEO of the Building Industry and Land Development Association (BILD), wrote in a recent column. “There are numerous government policies and plans at all levels that dictate where and how development happens.”

Tuckey points to the Ontario government’s Greenbelt and Growth Plan, which has changed how development happens in the GTA by mandating that 40 per cent of all new homes be built within existing communities. As a result, there’s now an equal split of highrise condos and single-family homes under development.

Still, there’s little understanding of the provincial plan, and even less support for intensification.

Bob de Wit, CEO of the Greater Vancouver Home Builders’ Association, calls NIMBYism a property rights battle between today’s residents, who are numerous, well-organized and fighting to maintain a certain lifestyle, versus the growth required to house tomorrow’s residents, who are not as coordinated. “Catering to a perceived majority, the loudest group, NIMBYs slow the creation of new supply and needed amenities, often creating a negative impact on the very municipalities they are trying to protect.”

CHANGING PUBLIC PERCEPTION

To help educate the public and change the chants from NIMBY to YIMBY – yes in my back yard – BILD and the CHBA-UDI Calgary Region Association are both running campaigns to promote the benefits and dispel the myths surrounding intensification.

“New development and neighbourhood renewal can help our communities thrive, which is something we all want,” Tuckey wrote.

“Bringing more homes and housing choices can bring new life to established neighbourhoods. With more people come more amenities like shops and restaurants. All this leads to higher property values and means local governments collect more property taxes,

“ONE POSITIVE ASPECT IS THAT A NIMBY ARGUMENT FOSTERS THE NEED FOR PUBLIC CONSULTATION, AND MANY TIMES THIS ENGAGEMENT ALONE TURNS ‘NIMBY’ TO ‘YIMBY’” which they can invest in things like parks and transit.”

In Toronto, Calgary, Vancouver, or any other growing municipality, the issues are very much the same.

De Wit says the impact of delaying development has negative ramifications on future homeowners and cities as a whole. “Delays in rezoning and building permits increase the estimated project completion time, and ultimate cost, which gets passed on to the homebuyer,” he says. “At the same time, a lack of housing inventory will continue to drive the price up of available housing stock as Vancouver struggles to deliver appropriate housing supply. It also puts the city in a position of catching up rather than being proactive.”

Now, replace “Vancouver” with “Calgary,” “Toronto,” “Montreal” – it still makes sense.

Guy Huntingford, CEO of CHBA-UDI Calgary Region Association, says the biggest problem with NIMBYism is the misconceptions on which it is based – namely the belief that change and densification are negative. “In nearly all cases, it is actually a way to revitalize and drive increased property values for existing communities.

“A lot of issues are fear-based and founded in hearsay and disinformation. Therefore, a constant and positive education and dialogue on the issues that create NIMBY tendencies is key to success for the city and region.”

THE TAKE-AWAYS

Despite the opposing opinions of pro versus con, the home-building industry at large regards NIMBYism as an opportunity to work together, to make the looming urban evolution a smoother ride for all.

“In many cases, those who are against the projects bring forward very good ideas, which get incorporated into final approvals,” Finnigan points out. “You have to include constructive criticism and reasoning into any decision – especially because development decisions can affect a neighbourhood forever.”

From this perspective, a NIMBY “win” could be considered a victory for all. “If they win, it implies things like an adjustment to a development proposal, made based on their concern,” Finnigan says – often valid worries about a development proposal that may have originally been too aggressive in nature. “Whether it be height, coverage, use, architecture or some other item, the fact that their concerns were listened to and acted on allows us to take these concerns into consideration on our next project. This way, we can use special care and attention when putting together a new proposal.”

Huntingford agrees. “One positive aspect is that a NIMBY argument fosters the need for public consultation, and many times this engagement alone turns ‘NIMBY’ to ‘YIMBY.’” THE CONDOMINIUM BUILDERS’ ANNUAL 2017 33

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Expert Panel

TALKING

affordability

by LYDIA MCNUTT

GARY MCILRAVEY MANAGER OF MARKET RESEARCH, EMPIRE COMMUNITIES

CHRISTOPHER WEIN PRESIDENT, GREAT GULF RESIDENTIAL

THE TORONTO HOUSING MARKET has been on an extended upswing for the last decade, first making

headlines for rising prices, then record-breaking, and now out of reach for the average homebuyer. How did it get to this point, and what are the consequences? Some of the GTA’s top home builders give their two cents on these issues, and the million-dollar question: how do we deal with housing unaffordability?

40 YPNEXTHOME.CA

“PEOPLE ARE RETHINKING THEIR ENTRY INTO THE PROPERTY MARKET AND ASKING THEMSELVES, ‘DO WE REALLY NEED THE BIG HOUSE AND CAN WE EVEN AFFORD IT?’ UNFORTUNATELY THE ANSWER FOR MOST IS: NO.”

ANSON KWOK VICE-PRESIDENT OF SALES AND MARKETING, PINNACLE INTERNATIONAL

There’s a fundamental economic issue that’s causing GTA home prices to rise – demand is outpacing supply. To better understand a potential solution, let’s take a closer look at the problem.

Anson Kwok, vice-president of sales and marketing at Pinnacle International, says there are a few contributing factors, including land supply, infrastructure and lifestyle.

LAND SUPPLY “There is a limited supply of zoned and serviceable land, along with a more extensive planning process that may take a couple of years for new product to reach the marketplace,” Kwok says.

Tariq Adi, chief executive officer of Adi Development Group Inc., blames the Greenbelt legislation for the land For more on government supply problem, virtually stopping policy and its impact new lowrise construction “which has, on housing, read the BILD Report in turn, put a real strain on lowrise on page 9. housing supply and pricing, with the price of a single-family home in the GTA in cities like Toronto, Burlington and Richmond Hill exceeding the $1 million mark,” he says.

“And we’re not talking a new custom home at that price, but an older ‘cookie-cutter’ home with builder standards, in some cases on smaller lots, that are 10 to 15 years old.

“With all this happening, people are rethinking their entry into the property market and asking themselves, ‘Do we really need the big house, and can we even afford it?’

Unfortunately the answer for most is: no.”

BRIAN BROWN VICE-PRESIDENT, LIFETIME DEVELOPMENTS

INFRASTRUCTURE Amplifying the land supply problem are shortfalls in infrastructure. Kwok says, “The lack of transportation investments and the extended delivery time-frames do not help with new growth opportunities that are accessible to transportation.” But according to Adi, this is changing.

The low supply, high demand housing market has resulted in population spill-over into surrounding areas, followed by infrastructure investments to accommodate this influx of residents.

With downtown Toronto just a worry-free train-ride away, the more-affordable 905 areas are more enticing than ever.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 41

such as Hamilton, Barrie and Guelph, it’s now “We’re on the crux of a paradigm shift in showing signs further out, in St. Catharines thinking when it comes to housing and and Niagara. affordability. Simply put, people are THE SPILL-OVER EFFECT: “The issue is not that there are no rethinking where they want to live,” says Burlington saw affordable choices in the GTA, just that the Adi, a developer currently active in residential prices form of these affordable choices is much Burlington. “The reality is, compact housing rise 24% in just 3 years different than in the past,” Mcilravey says. that’s close to transit with great amenities is “Home builders are building more highthe future of the suburbs,” he says. density housing now in the GTA than they ever “The province, through Metrolinx, along have, to meet today’s housing demand. However, with municipalities are upgrading their local transit it’s also happening now outside the GTA... where condo networks, and big investments are being made to apartments, stacked townhouses and back-to-back move people efficiently and cost effectively. I think townhouses are becoming increasingly common... Soon, Canada’s a little behind [when] compared to Europe we will see GTA-based buyers moving to outlying and some cities in the U.S. in that regard, but the markets to purchase affordable [multi-family] housing, government is addressing these issues. As this is not just detached.” happening, people are rethinking where they want to live and it’s mainly a function of affordability for most.”

Adi points to cities such as Burlington, Ont. – home INTENSIFICATION IN THE SIX of multiple mobility hubs – as a popular destination.

While there’s no denying that the 905 areas are Burlington saw residential price growth of more than experiencing a boom, Christopher Wein, president of 24 per cent in the last three years, he says. “It’s Great Gulf Residential, says “the Toronto market centrally located on the Golden Horseshoe with remains very strong with high-density, mixed-use multiple GO stations, which can have you at Union developments forming the majority of available housing Station in less than an hour. Developments like product. Additionally, we are seeing an increase in StationWest and The West by Adi were both a huge medium-density mixed-use product in desirable city success and sold very quickly, catering to the firstneighbourhoods that have excellent access to transit time Millennial buyer and downsizers who didn’t care and desirable, walkable streets. as much about being close to the big city, [with] transit “Toronto’s varied housing offerings combined with at their doorstep.” its economic strength, cultural diversity and solid demand continue to make this market a magnate for housing investment,” Wein says. “It will undoubtedly BOOMTOWN: THE 905 AND BEYOND remain as one of the dominant real estate markets in “Remaining lowrise inventory continues set new Canada.” record lows across the GTA, with just 1,376 units Wein also highlights the resurgence of the rental available for sale as of the end of August 2016,” says market as a key outcome of Toronto’s housing Gary Mcilravey, manager of market research at Empire affordability challenge. “Purpose-built rental properties Communities. are becoming an increasingly common housing option in Mcilravey quotes recent Altus/RealNet data, which the GTA and particularly in the core,” he says. “Low indicates just one new sales development in Barrie residential vacancy rates in the GTA have caused upward with 10 units remaining. Similarly, Hamilton and pressure on rental rates. Despite this increase, renting Oshawa each have less than 85 detached lots remains a much more affordable alternative to available for sale (accurate at press time). ownership in many areas and as a result, has become a “This lack of lowrise inventory in the GTA has more common type of housing which we expect to definitely pushed buyers out to these [GTA] markets increase with continued high levels of housing demand.” and beyond in search of lowrise housing. Many of the purchasers at Empire’s communities in Brantford, Caledonia, Hamilton and Niagara Falls, have GTA TOUGH (BUT NECESSARY) CHOICES origins.

For homebuyers who are considering a move away from “As a result, prices are increasing in many outlying urban convenience in the interest of stretching their markets for new and for resale housing,” he says. home-buying dollars, Mimi Ng, vice-president of sales On the subject of spill-over, the latest Housing and marketing at Menkes, urges careful consideration of Market Insight report from Canada Mortgage and this choice – and the consequences.

Housing Corp. examined how GTA home prices have “In today’s market where affordability is a growing impacted neighbouring markets. While real estate concern, we are seeing buyers go further and further out ripples have historically been seen in nearby cities in the suburbs, and in some cases, even move beyond 42 YPNEXTHOME.CA

MIMI NG VICE-PRESIDENT OF SALES AND MARKETING, MENKES

TARIQ ADI CHIEF EXECUTIVE OFFICER, ADI DEVELOPMENT GROUP INC.

the GTA. I would urge today’s homebuyers to consider this strategy very carefully, and think about the impact of commuting on the quality of their day-to-day life.”

Ng notes that the GTA is an economic engine that’s chugging along at a strong pace, but a result of that growth is increased traffic and congestion, and longer commuting times, “and that trend is expected to continue,’ she adds.

“For a homebuyer who may be choosing to move further away from their place of employment, family and social network of support to get ‘more house’ for their money, think about whether the trade-off makes sense for you and everyone in your household, and take a realistic view of the commute,” Ng says.

“Say the morning commute from your new home

MICHOEL KLUGMANN VICE-PRESIDENT, LINDVEST

is presently 30 minutes. How much longer does it get when the weather is snowy? Or when there’s a major accident? How often are there major accidents during rush hour? What if, in a couple of years, that commuting time crept up to 45 minutes or an hour?

Would that be acceptable to you? How much time are you willing to spend traveling instead of enjoying quality time with your family?” Ng asks.

“Perhaps adjusting expectations and considering a smaller home, or expanding/improving their current home with a renovation,” Ng suggests as alternatives to changing location. “Whatever the ultimate decision, homebuyers should consider all their options and make a choice that fits within their budget and their lifestyle.”

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 43

“DON’T WAIT TO BUY IN THE GTA WITH THE HOPE THAT PRICES WILL DECREASE. TORONTO CONTINUES TO BE A PLACE WHERE PEOPLE WANT TO LIVE. THIS IS GOOD NEWS FOR THOSE WHO INVEST HERE TODAY.”

POSSIBLE SOLUTIONS Should you buy a home, wait, relocate? And, is there a solution to the unaffordable housing problem? For those in search of some concrete answers, Michoel Klugmann, vice-president of Lindvest, offers this: “Don’t wait to buy in the GTA with the hope that prices will decrease.

Toronto continues to be a place where people want to live. This is good news for those who invest here today.

“To promote affordability, the GTA needs better transit and governmental policies that increase and streamline developable land supply, and a tiered development fee structure that favours certain housing types.

“Many assume they cannot afford a home in the GTA because of a rigid notion of what a home is. With a flexible mindset, they could ‘relocate’ to another form of housing, rather than moving away.

“Travel informs us that others have a very different definition of personal living space. Many European and U.S. cities favour high-density urban settings and we are adopting this attitude locally. The popularity of innovative forms of stacked townhomes is one indication that new concepts of ‘home’ are being embraced.

Highrise condo living is another, with fewer square feet to maintain, and shared amenity areas to extend living space. People value homes in neighbourhoods with urban vibrancy and a shorter work commute. At Lindvest, we are building varied forms of homes and condos across the GTA, to address the evolution of where and how people choose to live today.”

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SOME FINAL THOUGHTS...

When asked to offer some advice to homebuyers who find themselves priced out of this hot housing market, Brian Brown, vice-president of Lifetime Developments doesn’t mince words. “Don’t do it,” he says, admitting that this must sound odd coming from a developer.

It’s the same advice he gives his kids when they want to buy a toy they can’t afford; the advice he offers friends when they want to buy a sports car that’s too expensive; or the advice he gives himself when those dream vacation ads pop up in his Inbox each November.

“The biggest threat to our strong real estate market and local economy is a generation of buyers who, in pursuit of the housing dream, throw caution to the wind, assume a crippling mortgage, and take on more debt than they can handle.

“Don’t get me wrong; just because I believe financial discipline is the secret to financial freedom, doesn’t mean that I don’t believe in making purchases and investments – large and small – that are right for me and my family, at the right time. And that is my advice for today’s new condo purchasers thinking about buying into today’s real estate market: Be disciplined. Be prudent. Be responsible.

“Affordability, like beauty, is in the eye of the beholder. Make sure you pay attention to both, and I’m certain the current Toronto condo market will, at the right time, offer something both beautiful and affordable.”

Canadian

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VISIT OUR PRESENTATION CENTRE TODAY AND LEARN ABOUT THIS INCREDIBLE NEIGHBOURHOOD. PRE-CONSTRUCTION PRICING STILL IN EFFECT. PHONE: 41 6 . 4 8 9 . 6 4 4 4 EMAIL: INFO@DISTINCTIONCONDOS.COM 6 91 MOUN T P LE ASA N T ROA D TORONTO, O N TA RI O M 4 S 2 N 2 M ON. TO TH UR. : 1 2 –7 SAT. & S UN . : 1 2 –5 FR I.: CLOSE D

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© 2017 Lash Group of Companies | www.lashgroup.ca | Exclusive Listing Brokerage. The Condo Store Realty Inc. Brokerage. Brokers Protected.

THIS YEAR MAKE LASH YOUR VIEWPOINT

For over 60 years we have been building dreams together with our new home purchasers. Driven by the guiding principle that embodies the spirit of innovation, design and technology we take pride in creating exceptional residences throughout the GTA. When considering your next move, we invite you to make Lash your viewpoint.

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With already 3 landmark buildings in the St. Clair W. neighbourhood, The Lash Group and The Goldman Group are developing The Barrington Condominiums, their newest neighbourhood address. Rising 19 storeys and offering spectacular Forest Hill views, this boutique building is steps from every convenient amenity including the Subway. barringtoncondos.com

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Surrounded by rich Humber Valley lands, Cloud9 offers unfettered views of tranquil parks, lush green spaces and the energetic city beyond. Magnificent architecture is highlighted by soaring window heights and translucent glass balconies.

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Markham Road

Me is one of the largest master planned communities of the area. Perfectly located at the crossroads of Markham and Ellesmere, this development is poised to become an urban landmark. With condominiums, shops, parks and the TTC at your doorstep, this is where you want to be. meliving.ca

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See sales representative for details. E.&O.E. 2017.

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facebook.com/LashGroupCA twitter.com/LashGroupCA THE CONDOMINIUM BUILDERS’ ANNUAL 2017 49

Mortgage Advice

5 tips to boost your down payment

by ALYSSA FURTADO

WITH THE AVERAGE PRICE OF A HOME in Canada now costing more

than $500,000, many young people need all the help they can get when it comes to coming up with the down payment for their first home.

If you’ve just started saving and are looking for ways to give your down payment fund a boost, these five tips will help you save more money faster, to afford the home of your dreams and leave you with a smaller mortgage.

1. Make a tax-free withdrawal from your RRSP If you’re a first-time homebuyer, you can make a tax-free withdrawal of up to $25,000 tax free from your RRSP under the Home Buyers’ Plan (HBP). This means a couple purchasing their first home together can each withdraw up to $25,000 from their RRSPs, for a total of $50,000 toward a down payment on their first home. The money must be paid back over a period of 15 years beginning in the second year after you made a withdrawal.

2. Use your tax refund If things such as unused tuition credits, moving expenses or RRSP contributions will net you an income tax refund when you file your taxes, resist the temptation to spend it! Instead, save it as part of your down payment fund. Your income tax refund is one of the easiest ways to quickly boost the balance of your down payment without putting any strain on your everyday budget.

3. Trim expensive luxuries from your budget Cutting your daily coffee from your budget will probably only save you a few hundred dollars per year, which won’t go far if you’re planning to buy a home anytime soon. However, if you’re spending more than $100 a month on expensive cable packages or pricey gym memberships, axing these from your budget and redirecting the cash to your down payment fund will give it a noticeable boost. You don’t have to give up everything to become a homeowner but you should prioritize the goal over non-necessities that you won’t really miss.

4. Find a side hustle to fund your goals One of the easiest ways to really ramp up your savings for a down payment is to dedicate an income stream to achieving the goal. If you can find part-time work outside the regular hours of your job or freelancing you can fit in your own schedule, you can use all the extra income you earn toward saving for a home. You might be reluctant to put a few more hours in at a second job if you’re already working fulltime, but if working evenings and weekends will make your ownership dreams come true, it’s a worthy sacrifice.

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5. Borrow from the Bank of Mom and Dad Your parents raised you, took care of you when you were sick, and prepared you for life. While you may feel bad about asking for a handout, many young Canadians expect – and get – financial support when buying a home. Don’t be proud.

For many young people, the down payment for their first home will be the largest sum of money they’ve had to save up so far, so it’s no surprise they find the task daunting. However, with commitment and a plan, you’ll be able to save up the down payment you need in order to afford the home you want.

Alyssa Furtado is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

DISTINCTIVE COMMUNITIES FROM A DISTINGUISHED BUILDER

BRIDGEWATER - BURLINGTON RESIDENCES ON THE LAKE THE CONDOMINIUM BUILDERS’ ANNUAL 2017 51

Gatsby at City Square - Hamilton

Bridgewater Residences Lobby - Burlington

Sapphire Condos - Stoney Creek

COMMITTED TO BUILDING COMMUNITIES OF DISTINCTION. Our commitment to excellence is reflected in our distinguished and diverse portfolio of niche communities and signature neighbourhoods across Southwestern Ontario. Our keen eye to superior site selection, intelligent urban planning and design acumen ensures that all of our projects are not only ideal long-term investments, but more importantly, incredible places to call home.

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For over two decades New Horizon has been creating communities in picturesque settings, where savvy design and high quality craftsmanship meet convenience and comfort. Through creative foresight and superior construction, we are committed to building new communities that provide home buyers with the quality spaces and amenities to meet their current and evolving needs.

Since 1994 we have built a respected reputation brick by brick, enjoying great success along the way as a result of our expertise, hard work, and attention to detail. The New Horizon Development Group has passion for dynamic design combined with construction expertise to deliver the quality you demand in your new home.

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Enhancing Yonge & Eglinton Leveraging two existing structures, Plaza Midtown complements the community’s graceful, organic evolution. Already a hub of residential, retail, plus dining and entertainment options, the neighbourhood also offers unparalleled accessibility. Beyond an enviable walk score of 98, you may come and go as you please. Choose the subway, multiple bus routes, cars – and the soon-to-be-completed 19-km LRT that will put you within minutes of GO Transit, Pearson Airport or Union Station.

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register at pureplaza.com Presentation Centre Hours: Mon–Thurs: 12pm–6pm Fri: Closed Weekends & Holidays: 11am–5pm Keep updated by following us: *Prices and specifications subject to change without notice. Plaza® and Pure Plaza® are registered trademarks of Plazacorp Urban Residential Communities and used under license. Illustration is artist concept. All rights reserved. E.&O.E. February 2017.

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 57

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Inspiration

Add seating and storage at the same time.

Davis Leather Storage Ottoman $1,349 crateandbarrel.ca

Secret STORAGE

Smart storage is the key to small-space living, but with only so many cabinets, closets and cupboards that come with your condo, you’ve got to get creative. Here are some essential storage solutions for the condo dweller.

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Small bedroom?

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Woven Basket with Leather Handles $40 homesense.ca

AND HERE 60 YPNEXTHOME.CA

Keep the magazines from piling up.

Umbra Gazette Magazine Rack $60 indigo.ca

Tuck away clutter near the couch.

Antibes Side Table $995 jonathanadler.com

A foyer bench adds hidden storage on entry.

Fabric and Metal Storage Bench $200 bouclair.com

Don’t let those corners go to waste!

SAIC Bench $799 cb2.ca

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 61

Sierra

O MEET OUR HER

“From interacting with the volunteers to the uppermost staff at SickKids, our experience has been positive. That has been a tremendous help as a parent.” – Nicola Put a camera in front of eight-year-old Sierra and she will turn on the charm. This charismatic little girl is as playful and active as any other child her age. You’d be surprised to know she’s a current patient at The Hospital for Sick Children (SickKids). Sierra’s illness was detected early at only two days old when she was brought to SickKids to investigate an irregular connection in the bowel. She was sent home, one month later her parents returned to SickKids Emergency with their infant jaundiced and not digesting food properly. Although she was being fed a lot, Sierra had lost weight since being born.

It didn’t take long for doctors to determine the cause of Sierra’s deterioration and she was diagnosed with Cystic Fibrosis (CF). CF is a genetic disease that mainly affects the lungs and digestive system. Fortunately for Sierra, it has predominantly affected the digestive system, which is easier

62 YPNEXTHOME.CA

to manage than the lungs. Since her diagnosis, she has taken enzymes at mealtimes to help with digestion and undergoes daily physiotherapy to prevent her lungs from building up with mucus.

Since Sierra is very active, her parents have become creative with her physio by incorporating it into her daily activities. For example, 10 minutes bouncing on the trampoline might be followed by five minutes of breathing exercises.

This doesn’t hold Sierra back from being active. She does gymnastics, swimming, soccer, art classes and made it to ‘divisionals’ for cross country. Her mom says she can’t sit still.

Sierra’s condition has also encouraged her parents and family members to become involved in fundraising activities to support CF research and SickKids.

As she grows older, Sierra is becoming more actively involved in her own treatment. Her parents feel lucky to have SickKids in their lives to guide them through their ups and downs.

1

Why SickKids?

SickKids is on the frontlines in the battle against Cystic Fibrosis. Since our researchers discovered the gene responsible in 1989, life expectancy for CF patients has doubled.

We may have dealt a serious blow, but we won’t stop fighting until CF lives on only in history books.

2

SickKids pioneers new possibilities for treatments and cures. 2,000 research staff make advances every day that bring new hope to children and their families.

3

SickKids is Canada’s leading centre dedicated to improving children’s health and home to Canada’s largest, hospital-based child health research institute.

Builders Helping to Heal

Yellow Pages NextHome, the publisher of New Home Guide, New Home & Condo Guide and New Condo Guide, is teaming up with builders and their suppliers to help raise money for SickKids. The following companies have contributed generously to help give children the world-class care they deserve. These pages honour these special people, and we thank them for their generous support.

Builders Helping to Heal and Friends of the Industry are Yellow Pages NextHome initiatives stemming from SickKids

Leaders, a program at SickKids which draws on the support of more than 150 volunteers over 30 industry sectors.

Again, we thank our generous sponsors and appreciate their ongoing commitment. These companies not only build housing, but they support the families in the communities in which they build.

Readers looking to support SickKids can go to www.sickkidsleaders.com

PLATINUM SPONSORS

spallaccihomes.com

GOLD SPONSORS

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SILVER SPONSORS

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THE CONDOMINIUM BUILDERS’ ANNUAL 2017 63

Trending

Why 2017 is still a good year to buy a home

by WAYNE KARL

CANADA’S VARIOUS HOUSING

markets were regular headline newsmakers last year, and not always for the most positive reasons, from skyrocketing prices in Vancouver and Toronto, to continuing soft conditions in Alberta, to yet further mortgage rule changes courtesy of the federal government.

All of it makes for a growing list of challenges for prospective homebuyers, and might encourage some to delay their purchase.

Rest assured, however, there are reasons why 2017 is still a good year to buy a home. (One important caveat, though: If you can afford it.)

1 | A PAUSE FOR THE CAUSE

Slowing price growth in Toronto is actually a positive development for would-be buyers. Spared from year after year of double-digit home price growth, purchasers will no doubt appreciate a pause, as it may crack open a window of opportunity for them to buy.

Affordability is a serious concern. Underlining the matter was a warning from Canada Mortgage and Housing Corp.

(CMHC) which highlighted that most Canadian housing markets were overvalued, and price growth was to slow through 2018. Home prices have risen ahead of economic fundamentals such as personal disposable income and population growth, CMHC says, resulting in overvaluation in many markets.

For the GTA, specifically, resale 64 YPNEXTHOME.CA

home sales hit a record high in 2016 for the second consecutive year, according to the Toronto Real Estate Board (TREB).

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” says TREB president Larry Cerqua.

The overall average price for 2016 was $729,922 – up 17.3 per cent over 2015. The pace of growth also accelerated through the year, including a climb of 20 per cent in December.

On the new home front, lack of supply continued pushing the average price of single-family homes and highrise condos in the GTA to unprecedented levels, according to the Building Industry and Land Development Association (BILD).

The average price of new detached homes in the GTA hit $1.23 million in November, up 27 per cent from the previous November. In new condos, the average price rose 10 per cent to $493,137. Some attribute rising prices to low supply and high demand.

Personal finance guru Gail Vaz-Oxlade has a slightly different view.

It’s not lack of supply that’s driving prices up, but rather a shortage of grey matter. “(Supply) is not what is pushing new homes to record prices – stupidity is,” she wrote in a recent Twitter exchange. “#MoreMoneyThanBrains.”

“SLOWING PRICE GROWTH IN TORONTO IS ACTUALLY A POSITIVE DEVELOPMENT FOR WOULD-BE BUYERS. SPARED FROM YEAR AFTER YEAR OF DOUBLE-DIGIT HOME PRICE GROWTH, PURCHASERS WILL NO DOUBT APPRECIATE A PAUSE, AS IT MAY CRACK OPEN A WINDOW OF OPPORTUNITY FOR THEM TO BUY.”

Easy credit, CMHC mortgage backing and “banks’ greed” are the real causes, she says. A significant market correction might be the only solution, “but that’ll just leave a whole lot of people upside down.”

We’ll take a pause for the cause, instead. The Canadian Real Estate Association provides one, in the form of its average price forecast for 2017. For Ontario, it foresees prices climbing just one per cent, versus shooting up more than 15 per cent last year.

“There will certainly be opportunity for first-time buyers in both markets,” ReMax Vice-President Elton Ash told YP NextHome. “The challenge will be in the higher qualification rates for high-ratio mortgages. Once first-time buyers reset their affordability expectations, they will see price advantages to buying in 2017.”

2 | OTTAWA IS IN YOUR CORNER – REALLY

The latest mortgage rule changes introduced by the federal government in late 2016 were intended to stabilize “overheated” housing markets, mostly in Vancouver and Toronto, slow home price growth and keep mortgage indebtedness under control.

What the changes also do, however, is make it more difficult for young Canadians to take that important first home-buying step.

Homebuyers who apply for a high-ratio mortgage (less than 20-per-cent down payment) now have to undergo a “stress test” by qualifying at a rate (4.64 per cent) you may not even actually have to pay (if you qualified for a mortgage at some of the current better rates, say 2.5 per cent).

These changes may mean that your buying power is reduced, but it’s for your own good. The stress test is intended to assure lenders – and yourself – that you could still afford your payments if interest rates rise. In other words, the changes are intended to protect you from the “stupidity” (Vaz-Oxlade’s words) of borrowing more easy money than you should.

You can also look forward to Ottawa releasing the National Housing Strategy some time in 2017. It is intended to address multiple and varied issues, from affordable housing to rental markets to home ownership, and execute a vision that is equitable across differing economies, markets and conditions.

It’s a tall order, indeed. Such complex and

far-reaching challenges are why some critics are skeptical that Ottawa can deliver anything meaningful in the strategy.

But we’ll take a more positive outlook. Canada has never had a national strategy, and given the growing importance – and challenges – of housing, only good can come from the process.

3 | ECONOMIC METTLE

Canada has proven its economic mettle time and time again over the last several years. In its Financial System Review in December, the Bank of Canada says the Canadian financial system remains resilient, as the nation’s economy improves.

The proof is in the pudding, in the way of Statistics Canada’s Employment Report from December, which says employment rose by 54,000 for the month, with the unemployment rate at 6.9 per cent. For the fourthquarter of 2016, employment rose by 0.6 per cent – the largest increase since the second quarter of 2010. For 2016 as a whole, employment gains totaled 214,000 or 1.2 per cent, compared to 0.9-per-cent growth over the same period a year earlier.

Just a bunch of numbers, right? Not exactly Housing markets can’t thrive without a strong economy. Economic growth leads to employment growth, wage growth, and greater consumer confidence – which all lead to buying homes and household goods.

4 | INTEREST RATES

Vaz-Oxlade’s concerns notwithstanding, it’s fair to say Canadians have benefited from the prolonged period of low interest rates. Most experts don’t see any significant change here for 2017, though some lenders recently inched up rates on some mortgage products.

“It’s no secret that fixed mortgage rates are closely correlated with bond yields,” says Andrew C. MacDonald, a client account manager at Toronto-based Calum Ross Mortgage. “We’ve already seen an upward movement in bond yields from historical lows, and most lenders have started to raise interest rates slightly, as a result. The good news is rates are still hovering just above historical lows, which makes now a great time to purchase a home.”

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 65

advertiser

directory A LIST OF CONTACT INFORMATION FROM BUILDERS AND DEVELOPERS TO HELP YOU STAY CONNECTED VISIT ONLINE FOR A COMPREHENSIVE DIRECTORY OF BUILDERS AND DEVELOPERS AT YPNEXTHOME.CA/ROSTER2017

Adi Development Group

Great Gulf

Menkes Developments

1100 Burloak Drive, Suite 402

3751 Victoria Park Ave.

4711 Yonge St., Suite 1400

Burlington, Ontario L7L 6B2

Toronto, Ontario M1W 3Z4

Toronto, Ontario M2N 7E4

905.335.2929

416-449-1340

416-491-2222

www.adidevelopments.com

www.greatgulf.com

www.menkes.com

Camrost-Felcorp

Lanterra Developments

95 St. Clair Ave. W. Suite 1600,

2811 Dufferin St.

New Horizon Development Group

Toronto, Ontario M4V 1A6

Toronto, Ontario M6B 3R9

69 John St. S., Suite 400

416.486.1961

416.635.7424

Hamilton, Ontario L8W 2B9

www.camrost-felcorp.com

www.lanterradevelopments.com

905-777-0000 www.newhorizonhomes.ca

Concord Adex

Lash Group of Companies

23 Spadina Ave.

10 Kodiak Cres., Suite 200

Pemberton Group

Toronto, Ontario M5V 3M5

Toronto, Ontario M3J 3G5

50 Confederation Parkway

416.813.0999

416.630.9393

Concord, Ontario L4K 4T8

www.concordadex.com

www.lashgroup.ca

905.326.4100 www.pembertongroup.com

The Daniels Corporation

Lifetime Developments

20 Queen St. W., Suite 3400

49 Jackes Ave. Suite 200

Pinnacle International

Toronto, Ontario M5H 3R3

Toronto, Ontario

37 Bay Street, Suite 400

416-598-2129

M4T 1E2 416.987.3344

Toronto, Ontario M5J 3B2

www.danielshomes.ca

www.lifetimedevelopments.com

416.925.3354 www.pinnacleinternational.com

Diamante Development Corporation

Lindvest 3625 Dufferin Street, Suite 200

Plaza

100 Davenport Road

Toronto, Ontario M3K 1Z2

10 Wanless Ave., Suite 201

Toronto, Ontario M5R 1H7

416.373.7688

Toronto, Ontario M4N 1V6

416.741.7207

www.lindvest.com

416.481.2222 www.pureplaza.com

www.diamantedevelopment.com

Mattamy Homes Empire Communities

7880 Keele Street, Suite 400

125 Villarboit Cres.

Concord, Ontario L4K 4G7

Vaughan, Ontario L4K 4K2

905.907.8888

905-307-8102

www.mattamyhomes.com

www.empirecommunities.com 66

Adi Development Group

Adi Development Group

facebook.com/AdiDevelopments

@AdiDevelopments

Concord Adex

The Daniels Corporation

The Daniels Corporation pinterest.com/thedanielscorp

Mattamy Homes

facebook.com/Concord.CityPlace facebook.com/Concord.Park.Place

@TheDanielsCorp

Camrost-Felcorp

@camrost

facebook.com/Camrost-Felcorp

Empire Communities

The Daniels Corporation

@Empire_Living

facebook.com/thedanielscorporation

Great Gulf

Diamante Development

@GreatGulf

facebook.com/diamantedevelopment/

Lanterra Developments

Empire Communities

@LanterraDev

facebook.com/EmpireCommunities

Lash Group

Great Gulf

@LashGroupCA

@AdiDevelopments

facebook.com/greatgulf

Lifetime Developments

The Daniels Corporation

Lanterra Developments

@Lifetime_Dev

instagram.com/thedanielscorp

facebook.com/LanterraDevelopments

Lindvest

Empire Communities

Lash Group

@lindvest

instagram.com/empire_living

facebook.com/LashGroupCA

Mattamy Homes

Great Gulf

Lifetime Developments

@MattamyHighRise

instagram.com/greatgulf/

facebook.com/LifetimeDevelopments

Menkes Developments

Lash Group

Lindvest

@MenkesLife

instagram.com/LashGroupCA

facebook.com/LindvestLifeHappensHere

New Horizon Development Group

Lifetime Developments

facebook.com/Vitaonthelakebymattamy

@LiveNewHorizon

Lindvest

Menkes Developments

Pemberton Group

instagram.com/lindvest

facebook.com/MenkesLife

@Pembertogroup

Mattamy Homes

New Horizon Development Group

Pinnacle International

@mattamyhighrise

@PinnacleINTL

facebook.com/livenewhorizon

Menkes Developments

Plaza

instagram.com/menkeslife

Pemberton Group

@pureplaza

Follow us at: Pemberton Group

New Horizon Development Group

Pinnacle International

Instagram.com/LiveNewHorizon

Mattamy Homes

Camrost-Felcorp

facebook.com/pinnacleinternational

Plaza facebook.com/PurePlaza

pinterest.com/mattamyhomes/

Menkes Developments pinterest.com/menkeslife

New Horizon Development Group pinterest.com/livenewhorizon/

Adi Development Group

@lifetime_dev

Pemberton Group Concord CityPlace

instagram.com/pembertongroup

youtube.com/ConcordPacificDevInc

Pinnacle International

Empire Communities

instagram.com/pinnacleintl

youtube.com/empirecommunities

The Daniels Corporation Lash Group blog.lashgroup.ca

Lifetime Developments lifetimedevelopments.com/category/blog

Empire Communities

youtube.com/user/TheDanielsCorp

Lanterra Developments

Adi Development Group Adi Development Group

youtube.com/LanterraDevelopments

The Daniels Corporation

Menkes Developments

linkedin.com/company/the-daniels-corporation

youtube.com/menkesvideos

Empire Communities linkedin.com/company/empire-communities

Great Gulf

New Horizon Development Group

http://greatgulf.com/news/

youtube.com/user/NewHorizonHomes

linkedin.com/company/great-gulf-homes

http://empirecommunities.com/blog/

Pemberton Group

youtube.com/pembertongroupcanada

Lindvest plus.google.com/+Lindvest

Pinnacle International

youtube.com/PinnacleINTL

Great Gulf Menkes Developments linkedin.com/company/menkes-developments-ltd-

Pinnacle International Pinnacle International Realty Group

Plaza linkedin.com/PurePlaza

67

Inspiration

How to make the most of your “PLUS DEN” FLOOR PLAN

by SONIA BELL

68 YPNEXTHOME.CA

AH, THE “PLUS DEN” CONDO FLOOR PLAN –

sure, that extra room may look great on paper but using this often tiny, windowless space efficiently can be tricky. And the smaller the space, the bigger the challenge.

We caught up with Interior Designer Candice Olson to get some tips and tricks for making the most of your “plus den” – no matter how small.

LET THERE BE LIGHT A little light goes a long way to make your den feel bigger and providing functional use of the space (there’s very little you can do in a dark room). With the right lighting accessories, you can even add some style.

DESIGNER TIP: Good things really do come in

threes, including lighting. According to Olson, “The most important element in any of my designs is the concept of layers of light. The first layer is ambient lighting or general, overall even illumination. This is usually accomplished with recessed lighting. The next layer is task lighting – the practical layer of lighting that allows for a

specific activity, like reading, to be performed. And finally, decorative or accent lighting gives the room drama, pizzazz and sparkle… small pendant lights or chandeliers bring an unexpected.”

FUNCTION, AND MULTI-FUNCTION You’re going to want your den to serve a specific purpose. For example, will it function as an additional bedroom, a home office, or a reading room?

Whatever your den’s designated purpose, it’s imperative to choose the furniture wisely. Luckily, as condo spaces get smaller, furniture has followed suit.

Consider investing in multifunctional pieces, like a Murphy bed. Also, “Round pedestal tables are one of my go-to multi-functional pieces of furniture,” says Olson. “[They] act as a side table, a petite snack table or even a presentation area for a home office.”

DESIGNER TIP: When decorating your den, Olson

says scale is key. “In small rooms, the scale of the furniture must suit the space.” If you’re hoping to add plenty of seating for people to congregrate, Olson says to “look for narrow arms on sofas and chairs, to provide as much practical seating area as possible.”

THE CONDOMINIUM BUILDERS’ ANNUAL 2017 69

MIRROR, MIRROR ON THE WALL Mirrors work wonders in small spaces, as they possess two key qualities: they visually double the area of the room, and they amplify light. Since space and light are two element that your condo den may lack, thoughtfully placed mirrors are essential. Even one mirror can go a long way, creating the illusion that the room has a window, or even an adjoining room.

DESIGNER TIP: “When installing shelving, whether it is custom-built or off-the-shelf, my trade secret is to strategically install mirrors to the cabinetry backs,” says Olson.

“While the mirror may not be noticeable at first, it has a huge impact on the sense of space, making the room feel larger.”

CONTRAST IS KEY By this point, you’ve added lighting, multi-functional furniture and mirrors to create the best look for your den.

Don’t defeat their purpose by selecting a colour scheme that doesn’t complement the small space.

Colours have a huge impact on rooms, for example, darker hues will absorb colour and create the appearance of a tighter, darker room.

That being said, even if your taste is nudging you toward a navy blue, stick with lighter, calmer hues.

DESIGNER TIP: According to

Olson, “Unifying walls and vertical surfaces with continuous colour and low-contrast tones will calm the space and make it feel more expansive. In a one-colour or tone-on-tone colour scheme, visual interest comes from texture and that’s where fabric choices come in.”

70

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