GTA Condo Life - November 20, 2021

Greater Toronto Area Nov. 20–Dec. 18, 2021

Greater Toronto’s COMPLETE CONDO GUIDE

INSIDE:

CHIC HOLIDAY DECOR IDEAS

HOW TO PREPARE FOR RISING INTEREST RATES

Build Your Future in Niagara Exclusive urban towns in the heart of St. Catharines starting from the mid $900K’s

Artist’s Concept

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lucchettahomes.com/lusso PRICES & SPECIFICATIONS SUBJECT TO CHANGE WITHOUT NOTICE. E. & O.E.

CONDOS AT THE GATEWAY

COMING SOON TO BRAMPTON

WHAT’S BETTER TOGETHER? Everything that matters comes together at DUO Condos. Transit friendly. Life friendly.

Space friendly. Steps from the Gateway Terminal, future Hurontario LRT and Sheridan College, it’s perfectly placed.

Close to shopping, restaurants and numerous parks, trails, and golf courses, Brampton’s best is close to home. With suites that score high on livability and amenities that enrich your everyday, DUO will reimagine the way Brampton lives.

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*Future LRT: Metrolinx

Illustration is artist’s impression. Information subject to change. E. &. O.E. Brokers protected.

Exclusive Listing Brokerage: Baker Real Estate Incorporated

UNDER CONSTRUCTION

OCCUPANCY SPRING 2022

SUITE KR1 BED + DEN 676 sq.ft

RETHINK LIVING

BY THE LAKE AND PARK

Nestled within an area featuring beautiful public parks and pathways, Humber Bay, Shores Park, the Waterfront Trail and High Park to name a few, and facing the expanse of Lake Ontario, Mirabella combines urban living within one of the most natural settings in Toronto.

Our suites not only showcase our bespoke quality for enduring value but are also up to 20% larger than the average downtown urban condo, providing you with additional space to live, work and play. All suite owners have access to exclusive amenities including two shared outdoor terraces, a party room, indoor pool, yoga studio, fitness centre and more.

Located at 1926 Lake Shore Blvd W. residents can enjoy great neighbourhoods, an unprecedented natural environment and a convenient commute to the downtown Toronto core, Mississauga centre and the airport. Mirabella offers Toronto living away from the congestion of downtown and without altering the convenience of your lifestyle.

All dimensions, specifications, and drawings are app * Effective June 16, 2021 "Principal" will replace th

*Limited Time Incentives for deals that are firm and binding by December 20, 2021. Prices, availability and specifications are subject to change without notice. Upgrades included may vary per suite. Purchasers will be entitled to a credit on final closing equal to 6 months of the estimated condominiums monthly expenses on the dwelling unit up to a maximum credit of $3,400. Purchasers are required to qualify for mortgage financing in accordance with the terms of the Purchase Agreement and the Vendor’s requirements. Please ask a sales representative for more information.

Illustrations are artist’s concept only. Views from other levels may vary. E. & O. E.

*

NEW LIMITED TIME INCENTIVES

ZERO DEVELOPMENT CHARGES | CURRENT CITY OF TORONTO DCS - $33,358 for 1B+D, $51,103 for 2B+ ONLY 5% DOWN BEFORE OCCUPANCY | FINISHING & ELECTRICAL UPGRADES INCLUDED 6-MONTHS FREE MAINTENANCE

Approximate Balcony View from Suite KR-W on Level 32

PRIVACY SCREEN

-W BALCONY

7' - 3"

10' - 6"

S U I T E K R-W

PRINCIPAL* BEDROOM

FEATURES

10' - 6"

Principal bedroom with ensuite bathroom

SUITE KR-W 10' - 0"

OPTIONAL CLOSET

11' -+11"DEN 1 BED LIVING / DINING 676 sq.ft 10' - 0"

PRINCIPAL* BEDROOM

10' - 10"

10' - 0"

OPTIONAL CLOSET

11' - 11" LIVING / DINING

10' - 0"

Bedroom sized den 12 sofa15 (“Queen” bed1shown) 2

10' - 0"

10' - 10"

10' - 0"

7' - 3"

LIVING / DINING

PRINCIPAL* BEDROOM

BALCONY

Spacious 5’ x 10’ 11 balcony with awe-inspiring 3 15 1 Park 2 and Grenadier Pond views 12of High

BALCONY

10' - 6"

7' - 3"

1 BED + DEN 676 sq.ft

10' - 6"

10' - 0"

PRIVACY SCREEN

10' - 10"

1B+D | 676 sq.ft Starting at $789,000*

PRIVACY SCREEN

7' - 3"

S UIT E KR-W

SUITE KR-W

BALCONY

10' - 0"

PRIVACY SCREEN

1 BED + DEN 676 sq.ft

OPTIONAL CLOSET

21' - 9"

21' - 9"

10' - 0"

9 11

10' - 0"

8

7

63

FLOORS 33-41 SecondFLOORS full bathroom for 33-41 guests/family 9 8 7 6 10

5

FLOORS 33-41

LIVING / DINING

FOYER 8' - 2"

11' - 11"

FOYER

10' - 0"

W/D W/D

N

* Effective June 16, 2021 "Principal" will replace the word "Master"

8' - 10"

proximate. Furniture not included. Actual square footage may vary from stated floor plan. E. & O. E. - June 16, 2021 he word "Master"

DEN

8' - 2"

10 9

All dimensions, specifications, and drawings are approximate. Furniture not included. Actual square footage may vary from stated floor plan. E. & O. E. - June 16, 2021 dimensions, specifications, and drawings are approximate. Furniture not included. Actual square footage may vary from stated floor plan. E. & O. E. - June 16, 2021 * Effective June 16, 2021 "Principal" willAll replace the word "Master"

1

N

8

7 8

2

12 1

15

10 11 9

21' - 9"

W/D

15

11 12

OPTIONAL CLOSET

DEN

12

8' - 10"

8' - 10"

8' - 2"

FOYER 8' - 10"

DEN

DEN

5

3

10' - 0"

21' - 9"

10' - 10"

8' - 2"

10

11

PRINCIPAL* BEDROOM

Expansive10 living room and wide dining room 12 15 1 9 5 2 8 7 6 (Optional Closet included for a limited time*)

11' - 11"

11 7

10

15

32

1

12

53

11

65

10

6

9

FLOORS 27-32

FLOORS 27-32

9

8

FOYER

7

5

5 7

15

1

FLOORS 27-32 11

W/D

10

All dimensions, specifications, and drawings are approximate. Furniture not included. Actual square footage may vary from stated floor plan. E. & O. E. - June 16, 2021 * Effective June 16, 2021 "Principal" will replace the word "Master"

SUITES FROM 676 SQ.FT - OVER 1,500 SQ.FT. PRICES STARTING FROM THE MID $700’s*

3 8

N

2 3

6

6

9

FINAL RELEASE | NOW SELLING

21

FLOORS 33-41

12

N

15

2 3 5

8

7

6

FLOORS 27-32

REGISTER NOW FOR MORE INFORMATION

mirabellacondos.ca 416 961 8008 | info@mirabellacondos.ca

NOV. 20–DEC. 18, 2021

CONTENTS COVER STORY

28 FOREST HILL PRIVATE RESIDENCES NEW ALTREE DEVELOPMENTS PROJECT A TIMELESS LUXURY BOUTIQUE CONDOMINIUM 6 condolife magazine | Nov. 20–Dec. 18, 2021

Property profile

42

40 Oro, at Edge Towers Prime new suites released as construction begins at Solmar’s Mississauga condo in Mississauga

42 Duo Condos National Homes launches one of Brampton’s first highrise condos

44 Westerly 2 Tridel and Hollyburn introduce next chapter of condominium project at Dundas and Islington

46 Mirabella A stunning pair of towers on the Humber Bay Shores brought together by an elegant podium

46

DEPARTMENTS

58

8

65 Advertisers Index

Editor’s Note Good idea, bad plan

Maps & Amenity Charts Want more information? Just ask — and you could win a prize

10

Contributors & Masthead

14

Condo Life Online

COLUMNS

16

In the Spotlight

24 Stat Chat

Toronto approves Inclusionary Zoning policy despite cautions from industry; more news on pages 18, 20 and 21

33

Neighbourhood Watch

Paul Snack, Lucchetta Homes

Legally Speaking What taxes are payable upon closing?

34 Western View Housing Market Index illustrates strong builder confidence

Etobicoke – reinvigorated by redevelopment

36 In Conversation With...

39 Condo Pro Housing rises to national prominence again

48 Personal Finance What rising interest rates mean for prospective homebuyers

66 Industry Report Building up reserves undermines the development of complete communities

New condos are going to get even more expensive

26 Inside The GTA 32

36

38

Real Insight How transit helps housing

INTERIORS

49 Cover 50 Decor 52

Big Style

54 Product Showcase

nexthome.ca 7

EDITOR’S NOTE

GOOD IDEA, BAD PLAN

WAYNE KARL EDITOR-IN-CHIEF Condo Life Magazine

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

+ get social 8 condolife magazine | Nov. 20–Dec. 18, 2021

The City of Toronto’s Planning and Housing Committee has approved its Inclusionary Zoning policy that is intended to help build more affordable housing.

On the surface, it’s a good idea and well-intended. After all, housing affordability is a growing issue, not just in Toronto or elsewhere in the GTA, but across Ontario and even in Canada.

But the very people who would be responsible for delivering on the plan – builders and developers – thinks it’s a big mistake.

“We are disappointed with the approach being taken by the City on Inclusionary Zoning,” Dave Wilkes, president and CEO of the Building Industry and Land Development Association (BILD), told Condo Life. “The industry supports IZ when it is structured properly to protect new-home buyers from additional costs, however, the City of Toronto is unique in the jurisdictions in North America that use IZ in that it is not providing financial offsets to cover the incremental cost of building these affordable units.

“The City of Toronto’s current approach will transfer approximately $67,000 to the cost of a new condominium apartment, meaning that purchasers will be subsidizing the cost of below market units, or will make some projects economically non-viable, further reducing housing supply in a very tight market. More affordable housing is a good idea; the City of Toronto’s approach is a bad plan.”

“Toronto has a serious housing supply crisis,” RESCON President Richard Lyall told Condo Life. “The IZ program as contemplated, at best, will likely be a zero-sum game. It is not going to add to the aggregate supply of housing overall. Rather, it will force developers and builders to apportion a percentage of units to be ‘affordable.’ (It is) a nice idea, were it not for the fact the cost will be borne by other buyers/renters in any particular project.

Those other buyer costs will go up. It will have a chilling effect on future projects and make some untenable. So, while some might pay less, others that may have barely qualified could then be shut out. And the need for additional housing will not be achieved. The irony here is they may then simply move many from the list of qualified buyers to the list of ‘affordable’ home-seekers.

“The fact is, IZ won’t put a dent in the housing supply problem,” says Lyall.

“Indeed, it could make it worse. I’d like to see any serious analysis proving it will add to the net new stock of housing. It doesn’t exist, and wasn’t fully considered.

Though the IZ policy pertains mostly to highrise housing, builders are already facing a number of issues that ultimately conspire to make development more difficult, and drive up home prices. They – and homebuyers – don’t need something else that imparts a chilling effect and affects market distortions.

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

CHIEF REVENUE OFFICER

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

Michael Rosset

EDITOR-IN-CHIEF – NATIONAL REAL ESTATE

Susan Legge susan.legge@nexthome.ca

EDITOR-IN-CHIEF – GREATER TORONTO AREA

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

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

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

Wayne Karl wayne.karl@nexthome.ca MANAGING EDITOR

Rise Levy rise.levy@nexthome.ca CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Kevin Crigger, Barbara Lawlor, Linda Mazur, Ben Myers, Lisa Rogers, Jayson Schwarz, Dave Wilkes SENIOR VICE-PRESIDENT, SALES, NEXTHOME

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

Amanda Bell 416.830.2911, amanda.bell@nexthome.ca Natalie Chin 416.881.4288, natalie.chin@nexthome.ca VICE-PRESIDENT, SALES – DIGITAL MEDIA

Virginia Knott

VICE-PRESIDENT, MARKETING – GTA

Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling 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

SALES & MARKETING CO-ORDINATORS

Gary Chilvers, Vi Nguyen

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA

Josh Rosset DISTRIBUTION

distributionteam@nexthome.ca ACCOUNTING INQUIRIES

accountingteam@nexthome.ca 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.

DIRECTOR OF PRINT MEDIA

Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA

Lisa Kelly

PRODUCTION MANAGER – GTA

Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER

Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

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.

Hannah Yarkony GRAPHIC DESIGNERS

Johannah Lorenzo, Mike Terentiev

Published by

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

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10 condolife magazine | Nov. 20–Dec. 18, 2021

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INDOOR POOL | WET AND DRY SAUNAS | PRIVATE GYM | EXPANSIVE TERRACES 24-HOUR VALET | WINE STORAGE | LUXURY SERVICES BY FOREST HILL GROUP

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COMING SOON to Main St. Stouffville ANOTHER ECO-FRIENDLY, NET-ZERO CONDOMINIUM

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IN THE SPOTLIGHT

STRONG SALES, LOW INVENTORY DRIVE GTA NEW HOME MARKET The GTA new home market saw relatively strong sales numbers and low inventory in September, the Building Industry and Land Development Association (BILD) reports.

Total September new home sales of 3,561 were 16 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

Sales of new single-family homes, including detached, linked and semidetached houses and townhouses (excluding stacked townhouses), accounted for 1,073 units sold in September, which was three per cent below the 10-year average.

Condominium suites, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, accounted for 2,488 units sold in September, 27 per cent above the 10-year average. It was the third highest level of condo unit sales for the month of September since Altus Group started tracking in 2000.

With a number of new condominium projects opening in September, remaining inventory increased compared to the previous month, to 11,107 units. Remaining inventory for single-family homes slipped to 1,322, as units opened

failed to keep up with sales.

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

“At a time when new housing supply is being rapidly absorbed by the market, it is more important than ever for municipalities across the GTA to remove every roadblock to bringing more housing online,” says Dave Wilkes, BILD president and CEO. “Whether municipalities are considering affordable housing initiatives or implementing Growth Plan commitments that define where new growth will occur, they must retain a laser focus on bringing supply to the market as quickly as possible, as the region prepares to welcome four million more residents by 2051.”

“While available inventory is relatively low for both new single-

family homes and new condominium apartments, the current supply dynamics are different for each sector,” says Edward Jegg, analytics team leader at Altus Analytics, Altus Group. “There is very little new single-family product making it to the market, which is driving prices to new records. In contrast, there are significant levels of new condominium apartment product being launched, but strong demand means it is being bought up relatively quickly.”

The benchmark price for new single-family homes reached another record high of $1.5 million in September, up 33.5 per cent over the last 12 months. The benchmark price for new condominiums eased in September compared to the previous month, to $1.03 million, up two per cent.

SEPTEMBER NEW HOME SALES BY MUNICIPALITY Condominium units

Single-family homes

Region

2021

2020

2019

2021

2020

2019

2021

2020

2019

Durham

223

62

25

269

576

148

492

638

173

Halton

219

239

279

53

217

287

272

456

566

Peel

197

1,125

173

245

667

168

442

1,792

343

1,433

776

1,471

73

37

32

1,506

813

1,503

York

416

552

314

433

852

243

849

1,404

557

GTA

2,488

2,754

2,262

1,073

2,369

878

3,561

5,103

3,140

Toronto

Total

SOURCE: ALTUS GROUP

16 condolife magazine | Nov. 20–Dec. 18, 2021

A NEW VISION OF LUXURY LIVING STUNNING NEW RELEASE OF SUITE DESIGNS FROM THE UPPER $500s New exciting release! Oro at Edge Towers has just released a limited collection of stunning new suite designs by renowned Architect Roy Varacalli. A new vision of ultra-luxe living in One bedroom, One plus den, and Two bedroom suites, with grand interiors and luxury finishes, beginning in the upper $500s. Plus, our limited Penthouse Collection has few exclusive suites remaining from $1.4m. Located in the heart of Mississauga’s City Centre, and just steps from Square One, Oro is the only new downtown condo community that is right on the new LRT line.

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IN THE SPOTLIGHT

NEAR RECORD HOME SALES, LOW INVENTORY SUSTAIN STRONG GTA PRICE GROWTH Home sales in the Greater Toronto Area reached the second-highest level on record for the month of October, but inventory remains well short of demand, the Toronto Regional Real Estate Board (TRREB) reports. The number of new listings was down by about one-third, compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth is still in the double digits, including for the resurgent condominium apartment segment.

“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply,” says TRREB President Kevin Crigger. “Demand isn’t going away.

And that’s why all three levels of government need to focus on supply.

The federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be spearheaded, at least in part, with housingrelated incentives tied to federal infrastructure investment.”

GTA realtors reported 9,783 sales through TRREB’s MLS System in October 2021 – down by 6.9 per cent compared to the October 2020 record of 10,503. A strong doubledigit increase in condominium apartment sales mitigated annual declines in lowrise home sales. The

number of new listings entered into the system was down by almost a third over the same period, with consistent declines across all major home types.

The MLS Home Price Index Composite Benchmark was up by 24.2 per cent year-over-year. The average selling price for all homes combined rose by 19.3 per cent year-over-year to $1.15 million.

The lowrise market continued to drive price growth in October, but the annual price growth for condominium apartments was also in the double digits.

“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue,” says TRREB Chief Market

Analyst Jason Mercer. “A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy.”

“Provincial and municipal candidates in the 2022 Ontario elections need to put housing at the forefront of their campaign platforms,” adds TRREB CEO John DiMichele. “Both the ownership and rental markets have recovered from the relatively short-term effects of the pandemic, but competition for ownership and rental properties is once again tight. Ontarians need to be clear on what would-be policymakers will do to alleviate supply shortages and related affordability challenges.”

GTA RESALE AVERAGE PRICES, OCTOBER 2021 (YR/YR % CHANGE) 416

905

Total

Detached

$1.74M (21.2)

$1.45M (29.7)

$1.54M (27.7)

Semi-detached

$1.32M (14.4)

$1.02M (31.5)

$1.15M (24.1)

Townhome

$1.02M (23.5)

$932,815 (28.6)

$957,103 (27.9)

$739,657 (10.6)

$633,951 (17.0)

$703,698 (13.0)

Condo

SOURCE: TRREB

18 condolife magazine | Nov. 20–Dec. 18, 2021

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IN THE SPOTLIGHT

TORONTO APPROVES INCLUSIONARY ZONING POLICY DESPITE CAUTIONS FROM INDUSTRY

by WAYNE KARL

The City of Toronto’s Planning and Housing Committee has approved a controversial Inclusionary Zoning policy intended to get more affordable housing built – despite strong opposition from the homebuilding industry.

The committee, including Mayor John Tory, recently approved a staff report proposing an Inclusionary Zoning Official Plan amendment, Zoning Bylaw amendment and draft Implementation Guidelines. The proposed policy is one of the steps the City is taking to facilitate the creation of affordable rental and ownership housing in Toronto.

On Nov. 8, council approved an IZ Official Plan amendment, a Zoning Bylaw amendment and draft Implementation Guidelines, making it mandatory for certain new developments around Protected Major Transit Stations areas to include affordable rental and ownership housing units beginning in 2022.

Inclusionary Zoning will secure five to 10 per cent of condominium developments (over minimum unit thresholds) as affordable housing, increasing gradually to between eight and 22 per cent by 2030.

The amount of affordable housing

required will vary, depending on where in the city the development is located and whether the units are intended for rental or ownership, with the highest requirements in the downtown area, followed by Midtown and Scarborough Centre.

INCOME-BASED DEFINITIONS

In the City’s policy, rent and ownership prices will be centred on new income-based definitions of affordable housing, targeting households with an annual income of between $32,486 and $91,611.

Builders and developers – the parties that would be responsible for delivering this housing – on the other hand, are less than impressed.

“We are disappointed with the approach being taken by the City on Inclusionary Zoning,” Dave Wilkes, president and CEO of the Building Industry and Land Development Association (BILD), told Condo Life.

“The industry supports IZ when it is structured properly to protect new-home buyers from additional costs. However, the City of Toronto is unique in the jurisdictions in North America that use IZ in that it is not providing financial offsets to cover the incremental cost of building these affordable units.

BAD PLAN

The One Stop Shop for Builder Storytelling mcouatpartnership.com

20 condolife magazine | Nov. 20–Dec. 18, 2021

“The City of Toronto’s current approach will transfer approximately $67,000 to the cost of a new condominium apartment”, says Wilkes, “meaning that market purchasers will be subsidizing the cost of below market units, or will make some projects economically non-viable, further reducing housing supply in a very tight market. More affordable housing is a good idea; the City of Toronto’s approach is a bad plan,” aid Wilkes.

The Residential Construction Council of Ontario (RESCON) is even more blunt in its criticism of the policy.

“Toronto has a serious housing supply crisis,” RESCON President Richard Lyall told Condo Life. “The IZ program as contemplated, at best, will likely be a zero-sum game. It is not going to add to the aggregate supply of housing overall. Rather, it will force developers and builders to apportion a percentage of units to be ‘affordable.’ (It is) a nice idea, were it not for the fact the cost will be borne by other buyers/renters in any particular project. Those other buyer costs will go up. It will have a chilling effect on future projects and make some untenable. So, while some might pay less, others that may have barely qualified could be then be shut out. And the need for additional housing will not be achieved. The irony here is they may then simply move many from the list of qualified buyers to the list of ‘affordable’ home-seekers.

NO MATERIAL IMPACT

“The net result is this will not have materially impact the housing supply problem,” Lyall says.

IN THE SPOTLIGHT

CANADIAN HOME PRICES SOAR AS SUPPLY SHORTAGE PERSISTS

The aggregate price of a home in Canada increased 21.4 per cent year-over-year to $749,800 in the third quarter of 2021, according to the Royal LePage House Price Survey.

Market activity slowed as a result of a chronic lack of inventory, a persisting challenge for housing markets from coast-to-coast, coupled with the seasonal summer slowdown.

“During the third quarter, the torrid pace of home price appreciation moderated as both demand and inventory waned, a typical summer market trend in a very atypical year,” says Phil Soper, president and CEO of Royal LePage. “With easing pandemic restrictions, there was finally something to talk about other than real estate, and people began travelling and socializing again. In addition, a year of relentless competition for too few properties drove some would-be purchasers to the sidelines as buyer fatigue set in.

Yet their fundamental need or desire for a new home remains and we are seeing pent-up demand grow.

We expect another unusually busy winter season building to a brisk 2022 spring market.”

When broken out by housing type, the national median price of a singlefamily detached home rose 25.2 per cent year-over-year to $790,000, while condominiums increased 13 per cent to $533,600.

Boosting all segments of the housing market, with more immediate benefits for the condominium sector in large urban centres, immigration will continue to be a critical driver of housing demand.

“While detached houses in suburban and smaller city communities continue to be the primary driver of Canada’s aggregate house price growth, we are seeing prices levelling in many of these regions and expect future growth to track closer to historical norms,” says Soper.

“While the price gap between houses and condominiums widened during the pandemic, that too should reverse itself in the months ahead, as buyers see condo units as good value for money. In addition, the revitalization of our cities, as employees return to offices and the businesses that serve them reopen, is driving renewed interest from investors eager to provide much-needed rental accommodation.”

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 16 per cent to $771,500 in the fourth quarter of 2021, compared to the same quarter last year.

per cent to $645,300 during the same period.

“More than 18 months into the pandemic, and we are continuing to see strong price appreciation in the suburbs, as well as secondary cities outside of the GTA, fueled by a desire for larger homes, more outdoor space and the flexibility of location, afforded by the option of remote work,” says Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “This trend began prior to the pandemic, and has been accelerated since March, 2020. The question that remains is what percentage of those who moved away from the city centre will ultimately make their way back. Future newcomers to Canada will also be a significant factor in future demand.”

In Toronto, the aggregate price of a home increased 4.8 per cent year-over-year to $1.11 million in the third quarter of 2021. The median price of a single-family detached home increased 11.9 per cent to $1.56 million, while condominiums increased 6.7 per cent to $687,700.

Royal LePage is forecasting that the aggregate price of a home in the GTA will increase 14.5 per cent in the fourth quarter of 2021, compared to the same quarter last year.

GREATER TORONTO AREA

The aggregate price of a home in the Greater Toronto Area increased 17.9 per cent year-over-year to $1.07 million in the third quarter of 2021. The median price of a singlefamily detached home increased 24.2 per cent to $1.35 million, while condominiums increased 12.3 nexthome.ca 21

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ADVICE | STAT CHAT

NEW CONDOS ARE GOING TO GET

EVEN MORE EXPENSIVE BEN MYERS

I have had the pleasure of working in real estate research for more than 20 years. When I started, you could buy a new downtown Toronto condominium for less than $300 per sq. ft. (psf). There are now projects built to a similar standard and interior finish that are selling for more than $1,500 psf.

Even for someone who works in the industry and follows these prices closely, I am simply flabbergasted by the rise in prices during my career. Some of you reading this will immediately jump to the conclusion that developers are raising prices haphazardly because they are greedy.

This is simply not the case.

Despite the fact that you can see so many new buildings when driving down the Gardiner or walking along Yonge Street, there are only so many places in Toronto where you can build high-density housing. Coupled with policies aimed at reducing urban sprawl and reducing commuting, the number of low-density, single-family housing completions in the GTA has been declining for more than 15 years.

When you add the number of single-family and condominium units together, we’re actually building fewer new homes in the GTA now than we did in 2002 (in addition to much lower square footage and fewer bedrooms). With every completed building and subdivision, the land available for development shrinks, driving land prices up. In addition to land prices, government fees, such as development charges in Toronto,

24 condolife magazine | Nov. 20–Dec. 18, 2021

have increased by 400 per cent over the last 15 years. We are also victims of our own success; as we build more tall highrise towers, all of our trades and construction crews are very busy, resulting in a spike in labour costs.

The pandemic has added a new phrase to our common vernacular: The supply chain. The cost of materials has skyrocketed as overseas factories were shut down, shipping costs rise, and logistics become more difficult in the COVID-era. With so many people spending more time at home during the pandemic, they are focusing on the faults of their current property, and as a result the renovation business has taken off.

Supplies are low, and demand for construction work is high.

The latest disruption that developers are dealing with is Inclusionary Zoning (IZ). This is a planning policy that requires developers to build a certain number of affordable units in every building.

I have always been a supporter of Inclusionary Zoning, but the City of Toronto has gone about it all wrong.

In other municipalities, where this system works, the government either pays for the affordable housing, or offsets those costs via lower fees, or more units being granted in the project. Toronto, in its infinite wisdom, decided to do neither.

A common statement in economics is that there is no free lunch. Many people analyzing Inclusionary Zoning believe that developers will simply absorb the cost of all those affordable units and make less profit, or they’ll be forced to pay less for land. Another thing you learn from economics is that reality doesn’t always line up with the theory. Developer margins have already been significantly squeezed because of higher construction

“

The pandemic has added a new phrase to our common vernacular: The supply chain.

”

costs, rising government fees and other inflationary conditions, such as a longer approvals process. Land vendors don’t want to reduce their prices, and many are quite happy to wait for land prices to rise even more before selling.

Ultimately, the result of Inclusionary Zoning is that developers pass those costs on to the buyers of the new units, driving up the price of new condos even further. Some developments are no longer financially feasible, and don’t get built, reducing the supply of housing and driving up resale condo prices.

Once we layer on the return to offices, the return of students and a return to our high level of immigration, demand for housing is only going to rise. Despite all the cranes that you see in the sky, demand continues to outpace supply in the GTA. New condo prices are only going to get higher. Don’t complain I didn’t warn you.

Ben Myers is President of Bullpen Consulting, a boutique residential real estate advisory firm specializing in condominium and rental apartment market studies, forecasts and valuations for developers, lenders and land owners. bullpenconsulting.ca Twitter@benmyers29

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#InsidetheGTA

by SUSAN LEGGE

GTA

LAKEVIEW IN MISSISSAUGA

MISSISSAUGA council recently granted development approvals for Lakeview Village, the name of the new waterfront community on the former site of the Lakeview Generating Station.

What was “once a place of smog, pollution and environmental degradation” until being decommissioned in 2005, Brian Sutherland, vice-president of development, Argo Development Corp., and development lead for Lakeview Village, says the company has been working with locals on the vision to transform the brownfield site to restore access to the waterfront for the first time in decades. Plans include a combination of mid and highrise buildings, flexible office space and multi-use communal areas. mylakesidevillage.com

Highland Commons coming soon to Highland Creek Took a sneak peek of the model suite and the site where Highland Commons will soon take shape. The two-building condominium project by Altree Developments is located at Military Trail and Kingston Road in the Highland Creek community nestled beside the Rouge Valley.

Altree Developments is investing in the location for the long term with its recent acquisition of the Highland Creek Plaza, now called the Shops at Highland Creek, just steps from Highland Commons. The two eight-storey midrise residential buildings will have curated amenities and the charm of a historic neighbourhood. The builder recently hosted a ferris wheel ride for visitors to take in the views. thehighlandcommons.com 26 condolife magazine | Nov. 20–Dec. 18, 2021

Friday Harbour opens Lake Club and launches new condo

Photo: Arthur Mola Photography

Luxury resort Friday Harbour, known for its Lake Simcoe waterfront location and on-site amenities, opened its private 25,000-sq.-ft. Lake Club this past summer, and has just launched Sunseeker, its newest condominium residences located next to the nature preserve across from the club.

Located in the growing town of Innisfil, less than an hour north of Toronto, Friday Harbour has been recognized as a coveted residential location and a popular tourist destination, complementing the growing community of the South Simcoe Region since its initial launch in 2015. fridayharbour.com

Affordable condo community launching in Brampton National Homes and Brixen Development are celebrating the launch of one of Brampton’s first highrise condominiums, DUO Condos.

The new 2.6-acre community is located at Malta Avenue and Steeles Avenue West, steps from the Brampton Gateway LRT which is scheduled for completion in the fall of 2024.

The first of the two towers planned will be 26 storeys.

It will feature 350 high-quality suites and will become one of the most affordable communities in the Greater Toronto Area. The majority of suites boast a balcony or terrace, extending residents’ lifestyles beyond their homes. duocondos.ca

The Hill on Bayview breaks ground Armour Heights Developments has started construction on its Richmond Hill townhome community, The Hill on Bayview.

Nestled beside the Oak Ridges Moraine on Bayview Avenue, the development offers the best of both nature and city living. The Hill is a collection of 200 modern, spacious townhomes designed to meet the needs of young families.

Featuring private rooftop terraces and a children’s playground, the community will have enhanced security considerations such as neighbourhood watch, 24-hour security and controlled access to underground parking. thehillonbayview.com

TAS breathes new life into vacant warehouses TAS, the developer who built M5V, Toronto’s first LEED Gold Certified condominium, has acquired three commercial properties in Toronto: 55 Milne Ave., 142 Vine Ave. and 772 Warden Ave. This is the first phase of a broader joint venture partnership between TAS and LaSalle Canada Property Fund that will transform underutilized warehouses across the city into vibrant, community-serving hubs that will include a variety of commercial uses. Each will be designed to nurture a vibrant mix of tenants from across the service, production, logistics, small business, social enterprise and not-for-profit sectors. tasdesignbuild.com nexthome.ca 27

COVER STORY

FOREST HILL PRIVATE RESIDENCES NEW ALTREE DEVELOPMENTS PROJECT A TIMELESS LUXURY BOUTIQUE CONDOMINIUM Altree Developments offers an unparalleled approach to luxury real estate. Committed to challenging the status quo, Altree’s mission is to create revolutionary projects that build upon the culture within each of their communities. Forest Hill Private Residences, Altree Developments’ latest project, will be a true testament to this vision; a timeless luxury boutique condominium in the heart of Forest Hill, one of Toronto’s most well-regarded and coveted neighbourhoods.

Located at 2 Forest Hill Rd., the boutique midrise building redefines the standards of luxury living, with nine 28 condolife magazine | Nov. 20–Dec. 18, 2021

storeys and 94 bespoke residences. A combination of townhomes and condominiums suites will span from 750 to more than 2,400 sq. ft., with prices ranging from $1.8 million to more than $6 million.

Forest Hill Private Residences overlooks the thriving strip of St. Clair Avenue West and the tree-lined streets of Forest Hill Road. In addition to its coveted address, Forest Hill Private Residences will be home to a number of amenities typically seen in five-star hotels, rather than condominiums. Serviced by the Forest Hill Group, Forest Hill Private Residences will feature 24-hour executive

concierge and valet services and a number of a la carte offerings, including personal trainers, yoga and Pilates instructors, nutritionists and massage therapists and an on-staff wine sommelier. Some of the building’s exceptional physical amenities will include heated indoor and outdoor pools, sauna and steam rooms, a state-of-the-art private gym and an extensive wine library, curated by experts and available to all residents.

In planning and development for nearly three years, demolition on the project site for Forest Hill Private Residences commenced in September and wrapped up in October 2021. Shoring and excavation began shortly afterwards, with the underground construction slated for early 2022 and above-ground

construction planned for summer 2022. Forest Hill Private Residences is expected to be completed in fall/ winter 2023.

This Forest Hill project reflects Altree Developments’ commitment to building upon pre-existing and iconic communities while maintaining its landmarks and history. Planned with timeless design and elegance in mind, Forest Hill Private Residences was designed with architecture by Graziana and Corazza Architecture Inc. and stunning interiors by U31 Design. The exterior of the building will be limestone and granite, in order to create an elegant timeless feel, the building’s abundance of light and expansive terraces are also meant to create the feeling of home.

The interiors of the building were designed with a combination of New

York City elegance and Miami flair in mind.

Altree has worked with industryleading designers and architects to create a building with timeless designs containing floor-to-ceiling windows, expansive outdoor spaces and 10-ft. ceilings, all in the name of living up to this coveted address and neighbourhood. Most Forest Hill Private Residence suites will also enjoy expansive private terraces with grand outdoor exposure, a rare amenity in Toronto’s crowded condominium market.

“Altree is dedicated to its mission of seamlessly integrating our projects into the spirit and culture of the neighbourhoods in which we develop,” says Zev Mandelbaum, president and CEO of Altree Developments. “The Forest Hill

nexthome.ca 29

neighbourhood has a long and storied history and its residences have called this area home for a long time. We view Forest Hill Private Residences as an opportunity to further add to the community, and transform this notable address into something that truly embodies timeless luxury and elegant design.”

In a post-COVID-19 world, Forest Hill Private Residences features dual entrances – with a dedicated entrance for parcels, packages and food delivery, while residents enter through a separate private entrance and lobby, aided by a private portecochere and 24-hour valet service.

A project ahead of its time, Forest Hill Private Residences was built with its end-users in mind. Those who are looking to downsize their living space will find Forest Hill Private Residence’s bespoke, tailored suites to be open and welcoming. Pets are more than welcome, with on-site pet grooming and walking services available. Those who travel frequently can have their homes looked after, and all their parcels and deliveries will be safely put away, awaiting their return.

“It was very important for Altree to focus on providing top-of-the-line services and amenities for residents of Forest Hill Private Residences, as well as design and architecture that conveyed the feeling of home,” says Mandelbaum.

Residents of Forest Hill Private Residences will have access to some of the area’s most renowned and beloved restaurants, local shops and

30 condolife magazine | Nov. 20–Dec. 18, 2021

boutiques. Truly one of Toronto’s most desired neighbourhoods, its beautiful tree-lined streets and subtle charms will provide future homeowners of this condominium with the best that the city has to offer.

Within a short walk from Casa Loma and Forest Hill Village, and a short drive away from the downtown core, Forest Hill Private Residences resides in the perfect pocket of the city, just an arm’s reach away from anything you could need. Residents will also be within proximity to the city’s most well-renowned schools such as Upper Canada College and Bishop Strachan, providing an ideal area to raise a family. More than that though, Forest Hill Private Residences is ideal for empty nesters, downsizers, first-time buyers and families. Anyone looking for a luxury living space that exudes the feeling of home, but with

all the trimmings of a five-star hotel, will find Forest Hill Private Residences to be the perfect fit.

Forest Hill Private Residences is set to become a lasting landmark project for the Forest Hill neighbourhood, built with the prestigious character of the local community in mind.

With demolition complete and the construction process steadily moving forward, Altree Developments looks forward to bringing this revolutionary project to purchasers and residents soon.

Select suites available for Forest Hill Private Residences. If interested in registering or visiting the presentation centre for a private tour, contact them via email or phone. info@foresthillresidences.com foresthillresidences.com 416.929.3468

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NEIGHBOURHOOD WATCH

ETOBICOKE REINVIGORATED BY REDEVELOPMENT

by WAYNE KARL In real estate terms, an area in transition is a good thing, since it generally refers to progress, development and things being on the upswing.

Etobicoke, a large north-south swath that stretches from Lake Ontario up to Steeles Ave., and shouldered by Humber River on the east and Etobicoke Creek on the west, is just one of those areas.

Blessed with a location close to downtown Toronto, easy access to the QEW and Hwys. 401, 427 and 27, the Bloor subway line and several major TTC and GO Transit hubs, Etobicoke has long been a sought-after residential location.

North Etobicoke, for its easy highway access, plethora of commercial ventures and lower priced real estate. Etobicoke Centre, for its proximity to the IslingtonCity Centre West central business district, and exclusive neighbourhoods with large, treed properties such as the Kingsway. And South Etobicoke, or Etobicoke Lakeshore, for its prime lakefront location and areas such as Humber Bay and Mystic Pointe.

SOUTHERN SURGE

But when it comes to new condo development and buying opportunities, it’s all about the south. Well, mostly the south, until recently.

Etobicoke Lakeshore was the first to transition, with the former motel strip at Lakeshore and Park Lawn giving way over the last several years to dozens of new projects. Today it is one of Toronto’s hottest new condo destinations. Your location here is right on Lake Ontario, with outstanding views of downtown Toronto, along the Martin Goodman Trail for cycling and running, and close to the Gardiner to commute into the city and to the QEW to head west. TTC bus and streetcar service is quite literally at your front door.

The area could get another massive boost if a proposed redevelopment of the former Christie’s bakery site at 32 condolife magazine | Nov. 20–Dec. 18, 2021

Lake Shore and Park Lawn goes ahead.

Owner First Capital Realty’s plan for the 28-acre site – known, at least temporarily, as 2150 Lake Shore – calls for 15 new residential and office towers, from 22 to 71 storeys, new parks and public spaces and employment.

Now the condo boom is spreading north, into the central part of Etobicoke with new developments along Dundas St. W. between Islington and Hwy. 427, and several more planned for the south side of Dundas just west of Kipling subway. New condos are also springing up along the 427 near Burnhamthorpe, appealing to those who prefer highway access over transit.

A little further west, the Cloverdale Mall neighbourhood may get a major facelift in the next few years, as QuadReal Property Group is proposing a comprehensive master plan to redevelop the existing 32-acre mall property into an innovative and dynamic mixeduse urban community. The proposal involves transitioning Cloverdale with a re-envisioned retail offering, residences, parkland and greenspace, community uses and new streets.

UNDER CONSTRUCTION

Indeed, construction is the order of the day in Etobicoke Centre. Six Points intersection, known locally as “Spaghetti Junction,” is a complicated interchange where Kipling, Bloor and Dundas all intersect. To support future development in the area, the City is spending tens of millions of dollars to modernize the road and surrounding infrastructure. Plans include improved pedestrian and cycle access, wider sidewalks, more trees, street furniture and improved access to Kipling subway.

The Kipling Transit Hub was recently expanded into a regional transit hub to link the TTC with GO Transit trains and buses, as well as Mississauga Mi-Way bus lines, all in one convenient location.

+ LOCATION, LOCATION, LOCATION Bordered on the south by Lake Ontario, on the east by the Humber River, on the west by Etobicoke Creek and Mississauga, and on the north by Steeles Ave. W.; population 365,143.

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ADVICE | LEGALLY SPEAKING

WHAT TAXES ARE PAYABLE ON CLOSING?

JAYSON SCHWARZ, LLM

It is the week before your closing on your newly constructed home.

Your lawyer has just reached out to explain the money you need to bring in. All of this is set out in the Statement of Adjustments received from the builder’s lawyer, which clarifies the numbers relating to real estate taxes and HST. Quite likely, it will all seem confusing.

As the buyer, you are responsible for property taxes from the day of closing, and the prior owner (the builder) is responsible for property taxes up to the day before closing.

When closing on a new build condominium or freehold property, be aware that at the time of closing, the taxing authority has not yet assessed your property, so there is no tax being billed or collected on your new home. Months will pass before roll numbers are created for each new property.

When they are issued to the local municipality, a tax bill will be sent.

These tax bills include property tax charges back to the creation date of the new property, so you will receive what are called omit or supplementary tax bills. These charges can often include 12 to 18 months’ worth of tax obligations.

You will also receive a tax bill for the current cycle., At closing, the builder will make an educated guess on the current and future tax situation and adjust accordingly.

Remember, when you later get your assessment and true tax bill,

you may be entitled to an adjustment from the builder.

The HST situation is confusing from the start. First, if you or a member of your immediate family is going to live in the home, you are entitled to the HST rebate. If you intend to rent it out, you are not entitled to it on closing, but apply to get it back with your tax return.

Then, of course, there is the issue of assignments. If you have assigned your agreement, make sure it is in the assignment agreement that the buyer of your unit understands they will not qualify for the rebate on closing, and they will have to get it back later. Moreover, you will have an obligation to collect HST on the increase in value and possibly on the deposit, from the assignment buyer, and remit to CRA. Further, in pre-construction condominium assignments with occupancy closings, an assignee must confirm whether the unit has ever been occupied. If it has been,

then the assignee may not be eligible for the rebate and must make sure it is handled in the assignment offer.

Finally, don’t forget that HST may be levied on all appliances and other chattels that come with the property.

The moral of the story is that you really should retain an experienced lawyer to help you through these issues, whether you’re buying or selling. Realtors are valuable resources, but it’s your lawyer who will take the time to review everything properly, answer any questions and ensure you are protected.

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

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nexthome.ca 33

ADVICE | WESTERN VIEW

HOUSING MARKET INDEX ILLUSTRATES STRONG BUILDER CONFIDENCE IN CANADA

MIKE COLLINS-WILLIAMS

Every quarter, the Canadian Home Builders’ Association (CHBA) on presents the results of the Housing Market Index Panel, which illustrates the current and future demand for single-family homes, as well as the health of the residential construction industry in Canada. The data comes from a panel of homebuilders across Canada, in collaboration with local and provincial homebuilders’ associations. CHBA’s Housing Market Index (HMI) is modelled on the U.S. National Association of Home Builders index, which has proven to be an accurate and highly trusted source, used by financial analysts, policymakers, economic analysts and the media.

The results of the Q3 (July to September) Housing Market Index continue to show strong builder confidence. Despite the supply chain and labour issues that slowed construction over the past year, homebuyer demand remained elevated. At 77.8 (on a 100-point scale), the singlefamily market remains at high builder confidence levels.

Although there has been a 5.1-point drop since Q2, and a seven-percent decline since Q1, the HMI remains at a high level, considering the impact of the pandemic as well as the supply chain and labour issues the industry has been facing for almost two years. On average, 34 condolife magazine | Nov. 20–Dec. 18, 2021

across Canada, the rise in lumber prices has increased the builder costs on a typical home by $34,562, which is 1.8 times higher than what it was in Q1 2021. According to the CHBA HMI results, 55 per cent of builders said that they are delaying some pre-sales and/or development due to ongoing price volatility.

The majority of single-family builders rated current and future conditions as good (73 and 59 per cent, respectively) while 42 per cent of single-family builders rated the traffic of prospective homebuyers to be high to very high (74 per cent). Only 13 per cent of builders noted traffic to be low, 88 per cent of which noted that the traffic is indicative of home sales slowing.

However, the deceleration in investment in building construction, housing starts, building permits and home sales seems to be a normal effect. According to the Royal Bank of Canada, over the past year, housing starts across Canada have been their strongest since 1977, and the number of new housing units currently under construction is at an all-time high. After reaching incredible highs, a return to more typical levels of activity can be expected.

On the multi-family housing front, the CHBA HMI was 77.6 in Q3, compared to 83.9 in Q2. The 6.3-point decline is explained by both the pandemic-related supply chain issues and stress test, as 32 per cent of multi-family builders indicated that it had significantly impacted their sales. The majority of multi-family builders rated both current and future

conditions as good (72 and 63 per cent, respectively), while 38 per cent indicated the traffic of prospective homebuyers was high to very high.

“We’re coming off of record highs in terms of demand in the housing market and, in turn, builder confidence was reflective of that in the early part of the year,” says Kevin Lee, chief executive officer of the CHBA. “Now we’re coming back to what is still a pretty strong market, but it’s down from those record highs.”

The survey – based on input from more than 300 builder/developers on current and future conditions, and buyer demand – is considered a leading indicator of health of the Canadian new home market.

Surprising key findings include the $57,590 increase in construction costs for a 2,374-sq.-ft. home, as well as the fact that supply chain issues – mainly appliances, plumbing materials and windows – have resulted in almost seven weeks in delays in home completions for builders across Canada. Sixty-one per cent of builders stated that access to trades is difficult, while 64 per cent of builders across Canada noted that federal government support programs, such as the Canada Recovery Benefit, are impacting their ability to find workers for their job sites.

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

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IN CONVERSATION WITH...

PAUL SNACK SALES ASSOCIATE LUCCHETTA HOMES

BY WAYNE KARL

With roots in custom homebuilding and a focus on care and concern for the customer, Lucchetta Homes has built a business around homes “that we will want to live in ourselves.”

Long established in Niagara, the company is also now poised to take advantage of the growing interest in the region.

Sales Associate Paul Snack explains Lucchetta’s philosophy, and the appeal of smaller markets such as St. Catharines and Fonthill.

It’s hard to believe we’re nearing the end of 2021. What kind of a year has it been for Lucchetta Homes?

Considering that many companies had a tough struggle throughout these past 20 months, we have been very fortunate at Lucchetta Homes to have had a pretty good year. The residential building industry was allowed to continue construction throughout the pandemic. While we all had to follow strict industry protocols (and continue to do so today), we haven’t stopped. The 36 condolife magazine | Nov. 20–Dec. 18, 2021

What is it about Lucchetta that helps it stand out from other builders in your market?

The housing market, as we all know, has been very strong lately, and we have benefitted. Our creative home designs and intriguing neighbourhood concepts resonate with our clients. Lusso Urban Towns in St. Catharines has shown to be a great fit for families, while our development at Hunters Pointe in Welland is a wonderful active adult lifestyle community.

are some of the more notable changes in the last few years?

Throughout the company’s evolution, Rob and Ed Lucchetta realized it would be much more efficient to build a collection of homes in one location than to shuffle the company’s tradesmen from one custom house to another within the region. Lucchetta Homes is now concentrating on designing and developing a number of communities in the Welland and Fonthill areas, and now expanding into St. Catharines at Lusso. With the new work-from-home trend, buyers are flocking from the GTA to a much quieter and more refreshing environment here in Niagara. Toronto is only an hour away. St. Catharines is a growing community with a very appealing, central location within Niagara. It has everything and every amenity you will ever need.

The Lucchetta family has been developing communities in the Niagara Region since 1960.

Naturally, the market evolves a lot over such a span of time, but what

Wellness is something we’re hearing more and more about, due to COVID, among other things. How important is this in Lucchetta communities?

road wasn’t always smooth, and we faced unexpected cost increases and shortages of materials due to supply chain disruptions. We experienced some delays, but our customers were very understanding. Bottom line is, everyone at Lucchetta has been healthy and safe.

In our communities, we provide monthly maintenance services, thus eliminating the need for homeowners to have their own lawnmowers and snowblowers.

Through a low-cost monthly association fee, we maintain the common area property, plow streets, driveways and walkways and cut the homeowners’ grass. At Hunters Pointe, we also include membership in the private, fully-equipped community centre just up the street.

All our homes are Energy Star-rated and built with efficient HVAC systems with ERV air exchange and filtering equipment. Where possible, we use environmentally friendly materials and utilize energy-saving building techniques.

What else are prospective homebuyers telling you these days?

We are currently building in two very different marketplaces. In St. Catharines at Lusso Urban Towns, we are attracting young professionals with families who want a functional and contemporary home close to schools, shopping and recreation. Lusso has easy access to highways and lots of outdoor activities for the whole family.

Prospective homeowners love the niche we have created at Hunters Pointe, where our buyers can downsize into bungalows on smaller lots. This 55-plus group

want a well-built, low-maintenance home that is energy-efficient, close to amenities and situated in a comfortable, well-planned neighbourhood. They appreciate the home services and security we have included, to allow residents to “lock and leave” without worry. Our product at Hunters meets all these requirements and more.

Affordability is such a growing concern, and building in Niagara, Lucchetta is able to offer homes at lower prices than in the GTA. But even this region is seeing notable price growth. What else is the company doing to address this issue?

The world has discovered Niagara.

Buyers from all over the province are calling. This demand is contributing to the increase in prices. Another issue is the cost of building materials. They continue to increase, which makes it very difficult to predict future pricing.

How are things coming along at Lusso Urban Towns? What are some of the most appealing attributes of this community?

Lusso Urban Towns is an exclusive enclave of 16 townhomes now under construction in the heart of Niagara in St. Catharines. This is an exciting new venture for the company. We are constructing an appealing collection of two-storey, three-bedroom homes

in a variety of layouts and beautiful, contemporary exteriors. These are not your typical cookie-cutter towns by any means. The site is located in a well-established neighbourhood close to all amenities, including schools, shopping, the regional hospital and all kinds of entertainment and activities. The sales office is open and we’re building now. When completed next year, Lusso Urban Towns will be a perfect community for growing families.

What else is Lucchetta focused on these days that you can share?

What’s next?

We’re always looking for new opportunities. We have plans to continue building at Hunters Pointe over the next few years. There are smaller developments in and around Fonthill we are considering. We’re not like some of the big guys that buy up hundreds of acres and build 500 homes. We build 40 to 50 homes a year, with care and concern for the customer. Rob and Ed Lucchetta are very hands-on, and on-site every day, making sure we live up to our long-time motto to build “Legendary Luxury” and to “construct homes that we will want to live in ourselves.” Our roots are in custom homebuilding, so we endeavour to bring this philosophy into every home we build today. lucchettahomes.com

on a personal note How have you managed during the pandemic? Taken on any new hobbies or acquired new skills?

To be honest, I’ve been really busy with work throughout COVID and got out of the house a great deal. I have spent more time at home with my wife Lori, and played more golf with my 13-year-old son Zac. There were things that I’ve missed, such as not seeing family or friends on a regular basis and the limitations on volunteering in the community with our local Rotary Club. I’m sure we saved a few dollars not venturing out as much, and I’ve become a better cook.

What, or who, is your greatest inspiration for what you do?

Meeting new people from all walks of life is always interesting. Being relatively new to the homebuilding business, it has been exciting to learn about a new product and a new industry. The people I work with are fantastic and the buyers are great. Every day brings something new.

What’s on your reading lists these days?

The Trend Hunter.

nexthome.ca 37

ADVICE | REAL INSIGHT

HOW TRANSIT HELPS HOUSING

KEVIN CRIGGER

Accessible transit makes communities a vibrant place to live for present and future residents.

In a recent episode of TRREB’s Ready to Real Estate Podcast, Associate Minister of Transportation Stan Cho discussed why building transit-oriented communities is key to addressing one of the GTA’s biggest housing challenges.

There’s no question that we’re facing a supply crunch in our region. But, we shouldn’t lose focus of what makes a neighbourhood livable. It goes beyond boosting the supply of homes such as townhomes and lowrises in our towns, cities and regions.

Building more homes should go hand-in-hand with creating more transit networks in the GTA. 38 condolife magazine | Nov. 20–Dec. 18, 2021

Transit-oriented communities offer individuals and families access to jobs, public amenities and social services.

This is what makes our communities thrive culturally and economically.

TRREB members see first-hand how transit supports first-time buyers, as well as those looking to move into a new neighbourhood. Transportation mixed in with a diverse housing supply offers people the chance to live where they want and an easier way to move around the region.

includes working with policymakers to turn evidence-based action plans into long-term solutions.

I invite you to tune into TRREB’s Ready to Real Estate Podcast to uncover more critical issues facing today’s marketplace and the industry as a whole. You can also discover homeownership trends by visiting trreb.ca and exploring the latest market reports. Plus, connect with a TRREB member realtor and search listings in real-time on any device.

PLAN FOR GROWTH

We know the GTA’s population is projected to rise. While there are proposed extensions to transit networks, we should keep an eye on the future and explore our current transit hubs, and how we can extend them to other areas in the province.

TRREB and its members will continue to play a role in offering recommendations and opportunities for transit-oriented communities in the Golden Greater Horseshoe. This

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

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ADVICE | CONDO PRO

HOUSING RIGHTLY REGAINS

NATIONAL PROMINENCE BARBARA LAWLOR

The government of Canada has not had a Minister of Housing Cabinet post in years, but that has now changed. In October, Prime Minister Trudeau announced that Ahmed Hussen, MP, was appointed to the post, which also includes being Minister of Diversity and Inclusion.

Elevating housing to national prominence is a major step toward addressing the affordable housing crisis across our country, and offers a welcoming ray of hope for Canadians who find themselves priced out of the real estate market.

In 2019, Hussen served as Minister of Families, Children and Social Development, and in 2017, Minister of Immigration, Refugees and Citizenship. An immigrant himself, he understands the vital need for housing for families. This topic is so important that all major parties in the recent federal election included housing in their political platforms.

All politicians understand that the residential building industry is a major driver of, and contributes billions of dollars to, our local, provincial and national economies.

According to the Canadian Home Builders’ Association, in 2020, 1.24 million on-site and off-site jobs were created in new home construction, renovation and repair, making this sector one of Canada’s largest employers. A full 42 per cent of those jobs were associated with new home construction. And remember that these wages show up in

The Hillmont Condo, by Primont Homes

consumer spending across the entire national economy.

In addition to a huge demand for new housing from immigrants, Canadian investors are choosing the market as part of their portfolios for retirement. In fact, residential construction represents the largest single wealth-builder for most families, and that same report showed that in 2020, it provided for $138.1 billion in economic investment.

People’s homes are their havens, their main places for creating memories, and a major part of their financial futures. Whether it is a compact condominium, a sprawling lowrise residence on acreage, or anything inbetween, “home” is a critical part of our well-being.

On an even more philosophical note, when Canadians buy homes, it shows they are confident in the future of our country. Supporting that philosophy is the fact that, even in the face of rising prices and inventory shortages, people are still clamouring for new homes and

condos. Real estate is an asset we must protect.

The past two years have posed unprecedented challenges for the industry, with COVID, supply chain problems and materials shortages. I am proud to say that new home and condo builders and developers have risen to the challenge and worked tirelessly to keep supply going as best they can.

I applaud the step to create the new Cabinet post to oversee the situation from a national viewpoint, and I look forward to seeing how Hussen performs as Canada’s Minister of Housing.

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

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nexthome.ca 39

BUILDER PROFILE | MISSISSAUGA

ORO, AT EDGE TOWERS PRIME NEW SUITES RELEASED AS CONSTRUCTION BEGINS IN DOWNTOWN MISSISSAUGA Solmar Development Corp. has recently released prime new suites in the 12-storey podium and the 50-storey tower of Oro, at Edge Towers, in downtown Mississauga.

Two-bedroom tower suites are now available with unobstructed views of Lake Ontario and downtown Toronto. One-bedroom plus den tower suites offer breathtaking lake views with the sunrise, or the downtown Mississauga sunset view. East- and west-facing onebedroom plus den suites are now available in the podium, all with good views.

One-bedroom, one plus den, and two-bedroom suites range from 500 to 835 sq. ft., and start from the $500,000s. Luxurious three-bedroom and three plus study penthouses are available, ranging from 1,392 to 1,850 sq. ft.

Oro, at Edge Towers is located on Hurontario St. near Burnhamthorpe Rd., just steps away from Square One Shopping Centre and the Cooksville GO Train Station.

Residents will enjoy convenient access to some of downtown Mississauga’s best shopping, dining and entertainment options, such as Whole Foods Market, Starbucks, Earls, Bier Markt, Cineplex Movie Theatre, 40 condolife magazine | Nov. 20–Dec. 18, 2021

Celebration Square and Sheridan College, all of which are in the neighbourhood.

Oro residents will be connected to the 18-km Hurontario LRT, the Milton GO Train line, the Lakeshore West GO Train line, Mississauga Transitway, Brampton Transit, Zum, and MiWay. With close to zero emissions, Oro residents will travel quickly to Union Station, Toronto Pearson Airport, or anywhere on the Metrolinx transportation network.

Oro is the only new condominium in downtown Mississauga that is located right on the new Hurontario LRT. Scott Davie, president of Davie Real Estate and listing broker of Oro, says, “This is why Oro has the best location of any Mississauga new condominium. Location is the most important factor that defines value.”

Oro is also known for quality. The full range of amenities include an ultra-luxurious lobby with 24-hour concierge, guest suites, three-storey gym, yoga studio, sports lounge, Wi-Fi lounge, movie theatre, two party rooms with generous outdoor terraces, and an additional landscaped terrace with a walking path. A timeless theme of elegance runs throughout the amenities.

The name Oro, which meane gold in Italian, reflects the opulent nature of the third and final tower at Edge.

The exquisite suite finishes include nine-ft. smooth ceilings, quartz kitchen countertops, a fully integrated, stainless steel kitchen appliance package, full size stackable washer and dryer, and frameless glass shower doors.

“Quality and workmanship are two other important key factors that determine value,” says Davie. “Solmar Development Corp. is known for superior quality, workmanship, and customer service.”

Family owned and operated, Solmar Development Corp. has been planning and building quality family homes and luxury condominium communities throughout the GTA for more than 30 years. Attention to detail and timeless architectural design are the company’s primary focus.

Edge Tower 1 is sold out and construction is well underway, as the tower has risen beyond the midway point. Construction of Edge Tower 2 has reached ground level, with a few suites remaining for sale.

At Oro, the site is being prepared for demolition of the presentation centre, so that excavation can begin.

Incentives at Oro include free assignment, free locker, free unlimited high-speed Internet, an extended deposit structure, a low lot levy cap, and the ability to rent during occupancy.

Visit the Oro Presentation Centre, located at 9291 Jane St. in Vaughan (near Rutherford Rd.) to discover more about the new release of prime tower and podium suites. In-person and zoom appointments are available.

The presentation centre is open from noon to 6 p.m. Monday to Thursday, and from 11 a.m. to 5 p.m. weekends; closed Fridays and holidays.

905.804.0592 | edgetowers.ca | edgetowers@solmar.ca nexthome.ca 41

BUILDER PROFILE | BRAMPTON

DUO CONDOS NATIONAL HOMES AND BRIXEN DEVELOPMENTS LAUNCHES ONE OF BRAMPTON’S FIRST HIGHRISE CONDOS National Homes and Brixen Developments have announced the launch of DUO Condos, one of the first highrise condominium projects in the city of Brampton.

The 2.6-acre transit-oriented community, situated at the corner of Malta Avenue and Steeles Avenue, 42 condolife magazine | Nov. 20–Dec. 18, 2021

will consist of two towers connected by an outdoor courtyard. The first 26-storey tower will feature 350 suites, most with a balcony or terrace.

The project was designed by IBI Architects. A brick podium is intended to align with the adjacent lowrise neighbourhood with the remaining

tower to be clad in black metal and glass.

The interiors were designed by EsQape Design, with a two-storey lobby as a centrepiece. The courtyard will lead to 3,500 sq. ft. of groundfloor retail in the first building.

Amenities include a dining and

social room with a full kitchen and bar; a co-working space with nooks for independent working and large tables for collaboration; and a fitness studio featuring a cardio section, spaces for yoga, Pilates and spinning; and a separate room for private classes or a group session.

The first tower has options for studios, one-bedrooms, one-bedrooms plus flex space, two-bedrooms and two-bedrooms plus den. Prices are described as “affordable,” starting from the $400,000s.

“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.

“Brampton is quickly becoming a new urban centre with its own distinct identity, and we’re thrilled to bring one of the city’s first highrise condos to life, setting a benchmark for quality in a shared vision with Brixen Developments.”

Andrew Iacobelli, co-founder of Brixen Developments, adds, “Situated minutes from the new Brampton Gateway Terminal LRT, DUO Condos will be a model for thoughtful communities, offering muchneeded housing options and amenities that cater to the evolving demographics of the city.”

For further information or to register, visit duocondos.ca.

nexthome.ca 43

BUILDER PROFILE | ETOBICOKE

WESTERLY 2 EXPERIENCE A PREMIUM LIFESTYLE WITH AMAZING AMENITIES AT TRIDEL AND HOLLYBURN’S NEW CONDO When it comes to finding a winning formula for new condominium communities, Tridel and Hollyburn have succeeded beyond expectations with Westerly, a master-planned community in the new Etobicoke.

This vibrant, innovative and modern community at Islington and Dundas made a big impact on homebuyers when it first launched about a year

44

ago. They were thrilled by Westerly’s incredible connectivity to the rest of the GTA and its array of wellness and social amenities – plus the easy access to parks, golf courses, restaurants and retail.

Now Tridel and Hollyburn are pleased to be introducing the next chapter in the Westerly story: Westerly 2. The final opportunity to own in this successful community, Westerly 2 offers a premium lifestyle, rising majestically 27 storeys, offering fantastic views of the surrounding greenery – Islington Golf Course to the west and Tom Riley Park to the east.

You’ll find many other natural greenspaces and parks throughout the area, too. Local favourites include James Gardens, Centennial Park and a vast swathe of parks just south on the lakefront. For golfers, Westerly 2 is far above par – you can choose from more than a dozen of Toronto’s top golf courses, not far from home.

The story of connected living and great design with an exceptional sense of community, Westerly 2 has it all. Just west of downtown, it’s a great place to reinvent your life, to

uplift your well-being and achieve your aspirations. Experience new adventures. Taste new flavours. Or just sit back and relax.

Arriving at Westerly 2, you and your guests will enter a sleek two-storey lobby with modern design inspired by the natural surroundings and the excitement of Bloor Street. This amenity-rich condominium will offer residents the opportunity to just relax and chill – or make the next awards night a family affair and watch it in your own media lounge. If you have more adventure on your mind, you can work out in the Westerly 2 fitness and yoga studio. There is also a pet wash for your furry friends.

Tridel and Hollyburn took every measure in the design of every Westerly 2 residence. Most suites have a balcony, and for that feeling of added luxury, Westerly 2 kitchens and bathrooms offer a wide selection of custom cabinetry and stone counters.

The best thing about Westerly 2 is that it is minutes from everywhere you could possibly want to go.

Just steps from the Islington Subway Station and the Kingsway neighbourhood. Minutes by subway

to eclectic Bloor West Village and spectacular High Park. Minutes to the future new Etobicoke Civic Centre.

Minutes to the waterfront, minutes to downtown, and minutes to the airport. So, if you live at Westerly, you can easily travel east or west for work, fun or shopping.

The nearby new Kipling Transit Hub is a world-class transit system that offers Westerly 2 residents the highest level of connectivity of any community in Toronto. It simplifies your journey and gets you to your destination faster and simpler. From here, you can ride the TTC, MiWay, GO Bus or GO Train. And if the world is your oyster, the express buses can whisk you to Pearson Airport.

Tridel and Hollyburn are committed to building communities that have your well-being in mind. That’s why the Westerly 2 community is designed to be environmentally sustainable, energy-efficient, and healthy. What epitomizes this thinking is Tridel Connect, innovative smart home technology that allows hands-free entry, automated parcel delivery and smartphone access to your home.

Tridel is Canada’s leading developer and builder of condominium residences, with more than eight decades of diverse experience.

To date, Tridel is responsible for producing more than 87,000 homes. The company’s focus is on customer care, innovation, environmentally sustainable design, performance in construction, and corporate stewardship.

Established in 1975, Hollyburn Properties owns and manages 6,000 rental apartments across Vancouver, Calgary, Toronto and Ottawa, providing homes to more than 10,000 residents nationwide. Hollyburn was proudly recognized as an industry leader at the CFAA Awards, and received FRPO MAC Awards for excellence in marketing, safety, sustainability, and community service.

Tridel and Hollyburn welcome you home to Westerly 2.

For further information, visit tridel.com

nexthome.ca 45

BUILDER PROFILE | HUMBER BAY SHORES

MIRABELLA DIAMANTE HAS CREATED A STUNNING PAIR OF TOWERS BROUGHT TOGETHER BY AN ELEGANT PODIUM Nestled within an area featuring beautiful public parks and pathways, Humber Bay Shores Park, the Waterfront Trail and High Park, to name a few, and facing the expanse of Lake Ontario, Mirabella Luxury Condominiums combines urban living within one of the most natural settings in Toronto.

Standing at 38 storeys, Mirabella – comprising a pair of stunning towers brought together by an elegant classically inspired podium – offers luxury living on the lakeshore, with awe-inspiring views of Lake Ontario and High Park.

Clad in high-quality precast concrete panels and glazing, the architecture is reminiscent of grand classical buildings near Central Park in New York and takes cues from the legacy of Toronto’s waterfront exhibition architecture.

46 condolife magazine | Nov. 20–Dec. 18, 2021

“For Mirabella, we brought together a remarkable team to design a building that was timeless and enduring, rich in texture and environmentally conscious,” says Justin Federbush, vice-president of marketing and sales management at Mirabella Development Corporation, a Diamante Legacy Company.

The 38-storey building is well under construction and has already become a beautiful addition to the Humber Bay Shores skyline. To the North, Mirabella will soon showcase a large Public Art installation, which will be seen by more than 100,000 people a day. Motion in Air (Ma) is a stunning piece of public art by Canadian Artist Jennifer Macklem, and provides a striking depiction of Toronto’s ecology. It is a gateway project aimed at sparking curiosity about specific details of the natural

world, and is inspired by the concept of Environmental Optimism. The artwork images will be printed directly on high-quality and recyclable aluminum panels that also act as an exterior material to the North facade of Mirabella’s podium.

Mirabella further demonstrates Diamante’s commitment to the environment by being registered under the LEED Green building rating system, with a goal of LEED Gold certification. In addition, Mirabella has achieved the voluntary Tier 2 level of the Toronto Green Standards V2, which is well beyond what is required by the City.

“Our focus on sustainable features is important to us and the environment,” says Federbush. “Our initiatives not only reduce our overall footprint but also help promote health and wellness for residents.

Homeowners can enjoy expansive outdoor spaces with beautiful trees and greenery, improved indoor air quality, touchless door openers, electric car charging stations, on-site bike share and more.”

Mirabella is a parkland sanctuary that is minutes from everywhere, providing a lifestyle for those looking for urban living away from the congestion of downtown Toronto.

Residents are a short walk away from the verdant High Park as well as the Sunnyside Boardwalk, which offer a multitude of different activities.

With many local neighbourhoods nearby, including Bloor West Village, Roncesvalles Village, and High ParkSwansea, homeowners have close access to an exceptional variety of shops, food stores and restaurants.

Currently selling its final release of suites, Mirabella is offering a number of suite types, including onebedroom plus den, two-bedrooms and two-bedrooms plus den, and three-bedroom suites, ranging in size from 676 to more than 1,500 sq. ft.

All suites include high-quality features and finishes with layouts that have been meticulously and intelligently designed for spacious, comfortable living. Dining areas flow seamlessly with living spaces, and the suites are

equipped with sleek and efficient kitchens layouts with premium countertops and stainless-steel appliances. All suites have nine-ft. ceilings, except for the penthouses, which have 10-ft. ceilings, and most suites have six-ft.-wide balconies with expansive views of either the Lake or the Park.

The suites not only showcase Mirabella Developments attention to detail and quality but are also up to 20 per cent larger than the average downtown urban condo, providing residents with additional space to live, work and play.

“Being right on the Lake Shore between High Park and Lake Ontario, we are fortunate to have a site that is surrounded by such a beautiful natural landscape,” adds Federbush.

“With Sunnyside Pavilion right at our doorstep, there is nothing that can block our south waterfront views, and most views to the north are also clear. In addition, suites do not start until the twelfth floor, so almost every suite available provides residents with awe-inspiring views of Lake Ontario or High Park.”

With 20,000 sq. ft. of indoor amenities (10,000 sq. ft. exclusive to each tower), and almost 18,000 sq. ft. of shared outdoor amenities,

Mirabella delivers beyond what is required for indoor and outdoor amenity spaces by the City of Toronto. Each tower has its own exclusive array of social, wellness and recreational indoor amenities, including an indoor pool, saunas, a fully-furnished party room with a full kitchen and dining room, a fitness centre, library, yoga studio, business centre and a children’s play area. Most of these amenities either have a clear view of the lake or the park. There are also two fully-furnished guest suites per building, 24-hour concierge service, and a dog wash room at ground level.

Additionally, residents can relax and experience a serene oasis overlooking the lake and park through Mirabella’s two outdoor terraces, which are framed by lush greenery and feature comfortable lounge seating, outdoor dining areas, barbecues and a water feature.

Suites are currently priced from the high $700,000s, with occupancy slated for spring 2022.

For further information or to register, call or visit the website. mirabellacondos.ca 416.961.8008 info@mirabellacondos.ca

nexthome.ca 47

advice | personal finance

RISING INTEREST RaTES WHAT DO THEY MEAN FOR PROSPECTIVE HOMEBUYERS?

jESSE AbRAMS

For the past year and a half, we have seen mortgage rates at record lows, while homebuying activity skyrocketed in nearly every province.

However, the Bank of Canada (BoC) recently announced that rates are expected to rise six to eight times in the next two years. How much they will rise is still in question, but many homebuyers are wondering what this all means for the Canadian housing market.

How will a rise in rates impact canadian buyers and Homeowners?

In simple terms, higher rates result in higher mortgage payments, which may decrease home affordability, depending on a buyer’s financial situation. For Canadians who were able to secure a new mortgage at a lower rate during the pandemic, an increase in rates could impact their ability to keep up with their existing payments. For first-time buyers, specifically, while higher interest rates may be an additional roadblock to getting approved for a mortgage, it could also work in their favour. can tHis potentially decrease Home prices?

The hot housing market we’ve experienced over the last year is largely the result of record-low rates and the exuberance it created in the market – which ultimately boosted 48 condolife magazine | Nov. 20–Dec. 18, 2021

affordability for buyers. Nevertheless, home prices were still considerably higher than previous years. With rates expected to increase over the next little while, it raises the question of whether home prices will decrease.

A lot of research is currently pointing toward slow price growth.

A report by Moody’s Analytics and Real Property Solutions confirms that this is what they expect for much of 2022. With inflation increasing as much as it is – which is generally a sign of further rate increases that the BoC recently confirmed – this should stabilize the market and lead to a drop in prices as well. This could be good news for first-time buyers, as it could potentially increase their affordability.

Inflation has also shot up in the U.S. above expectations and the U.S. Fed is finally coming to terms with it – even though industry pundits expected this all along. The rise in inflation throughout the pandemic has often been referred to as “transitory” or “short-lived,” but it’s looking as though it is here to stay for a while longer. If and when the value of the dollar changes, this could also impact home prices. will HigHer rates slow tHe Housing market?

While the market adjusts to higher rates, a short-term slowdown in buying activity could take place.

Something that isn’t often talked about is that low supply is related to the lack of Canadians selling their homes because they can’t afford to move, given recent higher prices. If prices drop across the board, while the current value of

homes may decrease as well, more expensive homes will become more affordable, as a percentage of total price is based on a larger number.

In this case, Canadian sellers will be more inclined to put their homes on the market, search for a new home and parlay the earnings into their next purchase, which may be more affordable than it was in the previous months.

A rise in rates could also motivate buyers to rush into the market and lock in low rates while they’re still available, which is what we’ve been seeing at Homewise recently. If rising rates are a concern, getting pre-approved is a great way for buyers to lock in a rate and avoid any unexpected increases for at least four months.

At the end of the day, the future of the Canadian housing market remains uncertain in the face of rising rates, and no one knows for sure what exactly what will take place. With the last two years under our belt, we are no strangers to uncertainty and proved resilient in navigating uncharted waters. All we can do now is use the information available and make sound financial decisions when it comes to buying and selling our home.

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

+MORE CONTENT ONlINE nexthome.ca

INTERIORS

IN THIS SECTION:

DECOR | BIG STYLE | SHOWCASE nexthome.ca 49

Sherwin-Williams Dreamland palette.

decor

2022

COLOUR TRENDS

by LINDA MAZUR

Colour is a major influencer in the world of design. It resonates in different ways for everyone. During the uncertainty of the last almost two years, some may have found that calming neutral tones are what they needed, while others would look to bright uplifting colours to get them through.

Now as we approach 2022 and a post-pandemic world, there’s a buzz of anticipation for the colour predictions that will help shape the next year of all things in design.

Colour forecasting is an art in and of itself, involving experts who research the scientific, psychological, social, economic and cultural impact of colour, to predict which pigments 50 condolife magazine | Nov. 20–Dec. 18, 2021

will influence our lives for the foreseeable future.

With the pandemic carrying from 2020 and into 2021, we have seen a continuation of more basic and natural tones, which work beautifully with light woods, mixed metals and an abundance of texture to achieve a calm, “Zen-like” interior. However, the time has come to retire the greys and neutrals. This year, we found that almost all paint companies have selected some form of green as their colour of the year for 2022, and with good reason. Green, in particular, is associated with nature and wellness, and varying pastels or tinted shades of this calming hue is a great way to add a subtle pop of colour and refresh any

Photos: Sherwin-Williams. sherwin-williams.com

INSPIRATION |

Sherwin-Williams Method palette.

Sherwin-Williams Ephemera palette.

interior. It’s calming, organic, natural and full of life. It offers a renewed sustainability, and uplifting hope for the future.

This year, we were particularly excited by Sherwin-Williams’ Colormix Forecast for 2022. Building on the company’s colour of the year, a cool grey-green hue called Evergreen Fog, it also introduced a collection of 40 trending colours curated into four unique palettes, ranging from organic inspired neutrals and tonal luxury to dusky deep and dramatic tones, to nostalgic retro palettes.

These colours are full of life.

Deep rich blackberry, soft lavender, moody blue, warm white, dark bold iron ore, rosy pinks and trendy terra cottas… they are all ready to set the stage for some drama and creativity in your home. These trend colours are designed to inspire, create a bold statement, and also influence a design direction for your home. They are bright, fun, rich,

sophisticated and a little edgy. These are purposeful colours that evoke memories of the past, while inspiring a bright look to the future.

Whether you are looking to create a calm and inviting space, or opting for something more punchy and impactful, the palettes of 2022 are sure to deliver. They are statementmaking hues that will breathe some new life into your home and that will not soon be forgotten.

Colour is a powerful tool! This year’s colour palettes are designed to inspire us with thoughts of new beginnings, to rejuvenate us and give us a renewed sense of optimism for the future, while recalling some great eras of the past.

So don’t shy away from colour this year. Go ahead and create that dramatic accent wall or ceiling in your home, or perhaps select a bold colour for your trim and doors, or paint those kitchen cabinets a bright colour for 2022. After all, it’s only paint!

Linda Mazur is an award-winning, nationally publicized designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds within Toronto, the GTA and throughout Canada. lindamazurdesign.com @LindaMazurGroup nexthome.ca 51

INSPIRATION |

big style

Chic holiday DECOR IDEAS

by LISA ROGERS

This season, move past red and green and kitschy decorations. More and more, people are choosing neutrals and natural elements to create a festive atmosphere. Here are some simple ways to fete the holidays in style with decor ideas that give the nod to the season without feeling too overdone.

bronze tend to fit well in any scenario, as do earth tones such as sand, dark oranges and burgundies.

SWITCH UP YOUR HOLIDAY WREATH

Holiday wreaths (especially in green and red) can sometimes feel overdone, so keep things fresh by choosing a wreath with natural elements such as cedar, moss, jute or lush pampas.

PICK YOUR PALETTE

Suppose you want to move away from the traditional colour scheme of red and green and lean into the more generic tones that complement your existing decor. Silver, gold and 52 condolife magazine | Nov. 20–Dec. 18, 2021

CLUSTER YOUR CANDLES

Make your mantelpiece or a deep windowsill a central space with a cluster of different sized candles, mercury glass votives and simple

greenery (I love eucalyptus) that feels effortless and elegant, and often introduces a lovely scent into your home. Add a sprinkle of colourful glass ornaments for a pop of colour and cheer.

CREATE A FESTIVE BAR CART AND DINING TABLE

Whether you have a bar cart or use the surface of a cabinet or tabletop, make a festive bar cart with seasonally-inspired spirits, your favourite statement glassware, and add natural elements to your cart that feel holiday-appropriate, such

as bowls of citrus to use as a garnish, pretty candles and snacks, such as a dish of nuts or chocolate kisses. For the dining table, I like the simplicity of taking a few of my favourite decorative tree balls and placing them in a beautiful bowl or basket with sprigs of spruce or pine around them.

You can even add tiny white lights to create some sparkle.

BRING IN NATURAL ELEMENTS

Decorating for the holidays doesn’t have to be expensive. It’s easy to decorate with items that you already have at your disposal. A glass jar filled with branches and berries is delightful, as are pinecones taken from your backyard or nearby park and placed in and around a table setting. I also love the idea of taking one or two sticks of cinnamon and tying them with ribbon and a pine branch for a festive version of a napkin ring.

FESTIVE FLORALS

While poinsettia is the quintessential flower of choice for the holidays, I like the idea of choosing more unusual flowers that still bank on winter hues, but feel more modern. A stand-alone assortment of berries or white flowers with pine is lovely and impactful. One of my favourites is a Christmas Cactus that cleverly blooms just as Christmas is approaching.

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca nexthome.ca 53

INSPIRATION |

product showcase

NEW &

PRECISION & PERFECTION CUSTOMIZED FIREPLACE SURROUNDS Beyond Marble & Granite fabricates and installs customized fireplace surrounds, as well as specializes in countertop applications for all areas of the home. In addition, the company sells sinks, faucets, backsplash tiles, mosaics, porcelain flooring and much more. Visit the showroom in Vaughan to view hundreds of slabs on display in the warehouse and, most importantly, to receive professional service and competitive prices for all your renovation projects.

BEYOND MARBLE & GRANITE | beyondmarbleandgranite.com

54 condolife magazine | Nov. 20–Dec. 18, 2021

The Belacio Collection blends solid brass with refined sculpted details that elevate this new line of faucets into timeless masterpieces. These products are available in three exquisite finishes which create seven different elegant combinations. In addition to their sleek aesthetics, the retractable wall-mounted hose and swivel bath faucet heads add unique features to this high-end collection.

TENZO | tenzo.ca

Hex drain

by Serenity

In a world where you can be anything, why settle for ordinary?

Serenity presents a geometrical game-changer, beautifully crafted and undeniably unique, the all-new Hex drain.

Available in four trending finishes, including brushed gold and matte black. The perfect symmetry of this centre drain is not only aesthetically pleasing, it also boasts superior craftsmanship that can be relied upon for years to come.

SERENITY LUXURY | serenity.luxury

noteworthy Bespoke – designed for you – by you LANDRY SOFA With striking gold-finished legs, the Landry Sofa blends traditional style with modern sophisticated lines – creating something unique. The compact size makes it ideal for small space living. And is a definite headturner for any guests. Dimensions: 88 in. wide by 37 in. deep by 36 in. high (18.5 in. seat height).

SHELTER FURNITURE | shelterfurniture.ca

Personality with flexibility and performance in mind. Build your own fridge/freezer combination.

Choose from eight colours and three finishes for a fridge that matches your personal style. Bespoke – designed for you, by you.

CANADIAN APPLIANCE SOURCE | canadianappliancesource.ca

The ultimate matte-black accent

Discover amazing new design opportunities with the ultimate matte-black accent for your kitchen. Introducing the VINTERA 33, a contemporary farmhouse sink in Coal Black SILGRANIT. The VINTERA is spacious and sleek with a slim 6.5-in. apron and generous nine-in. bowl depth. The perfect sink for those who love bold design.

BLANCO | blanco.com

nexthome.ca 55

CONDO PROFILES

Highland Commons

developer: style: size: prices from: features:

Toronto

ALTREE DEVELOPMENTS

2 mid-rise buildings, 550 units 284 sq. ft. studios to 1,159 sq. ft. 3 bedroom The mid $300,000s • Steps to the Shops of Highland Creek and surrounded by nature • Curated amenities include basketball court, squash court, fitness centre, outdoor pool and coworking spaces • Enjoy the outdoor life-sized chess board, BBQ area, dining and planting areas • Complemented by party rooms, kid’s centre, guest suites, and large parcel room contact: thehighlandcommons.com location: 1625 Military Trail

Mirabella Condos

Toronto

LivGreen 2

developer: style: size: prices from: features:

Stouffville

Ledgemark Homes

Midrise Condominium 670 - 1,060 sq.ft $469,900 • Located in the heart of Stouffville • 1 Bed + Den & 2 Bed + Den open-concept layout designs • Modern finishes including 9 & 10 foot ceilings • Eco-friendly, net-zero condominium with state-ofthe-art sustainable technologies • Low Condo Fees & Low Utility Costs • Building amenities include luxuriously appointed games room, a generously equipped party room, and a fully equipped fitness centre. contact: livgreen2.ca | 905-479-6446 location: Main Street, Stouffville

Oro at Edge Towers

Mississauga

developer: MIRABELLA DEVELOPMENT CORPORATION, A

LEGACY COMPANY OF DIAMANTE

style: size: Prices from: features:

Highrise 550 sq.ft. to 1539 sq.ft. the mid $700,000s • 1B+D, 2B, 2B+D, and 3B suites with spacious layouts, 9’ ceilings (10’ for penthouses), and premium features and finishes • Awe-inspiring views of Lake Ontario or High Park from all suites and amenities • Indoor Amenities (exclusive to each tower) include an indoor pool, party room with catering kitchen, library, yoga studio, fitness centre, business centre, children’s play room, dog wash room, two guest suites and 24-hour concierge • Outdoor Amenities include two shared outdoor terraces with bbqs, lounge furniture, dining areas, and lush greenery • Nestled within an area featuring beautiful public parks and pathways, Humber Bay, Shores Park, the Waterfront Trail, High Park, and Lake Ontario contact: mirabellacondos.ca | 416-961-8008 location: 1926 Lake Shore Blvd W., Toronto, ON M6S 1A1

56 condolife magazine | Nov. 20–Dec. 18, 2021

developer: style: size: features:

SOLMAR DEVELOPMENT CORP

Highrise 500-1840 sq. ft.

• 1 bed, 1 plus den, 2 bed, and PH 3 plus den.

• 24 hour concierge service.

• 9 ’ ceiling heights on floors 2-49; 10’ in penthouse units on 50th floor.

• Two party rooms with outdoor terraces, a state-ofthe-art gym, yoga studio, private movie theatre, games room, sports lounge, wifi lounge, and more.

• The only new downtown condo community that is right on the new LRT line in Mississauga. contact: (905) 804-0592 presentation centre: 9291 Jane Street, Vaughan ON L6A 4J3

CONDO PROFILES

Pinnacle Toronto Cypress

developer: style: size: prices from: features:

Toronto

PINNACLE INTERNATIONAL

Highrise Up to 1,145 sq. ft.

The mid $600,000s • Suites include 9’ ceilings, laminate flooring, quartz countertops • Suites with full size appliances • Amenities include: gym, yoga room, party room, kids play area and outdoor terrace contact: 416.596.1600 • info@PinnacleEtobicoke.ca location: 5475 Dundas St. West (west of Kipling)

MRKT Alexandra Park

developer: style: size: prices from: features:

contact: location:

Toronto

TRIDEL Highrise from 630 -1235 Sq. Ft. $900,000s • New Release of 2 and 3 Bedroom Suites • Steps from Toronto’s Kensington Market, Queen West and Chinatown.

• Lifestyle amenities designed to connect spaces and people. A Two-Storey Gym, Swimming Pool & Rooftop Terrace, Private, Landscaped Courtyard, Outdoor Terrace, & Garden, Kids’ Zone and Youth Zone Tridel.com Dundas St. W. + Denison Ave.

Forest Hill Private Residences Toronto

nexthome.ca | myhomepage.ca

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

Toronto’s Finest NEW HOME GUIDE

Fabulous LIVING IN THOROLD!

HOMES, Condo Life, Active Life Reno + Decor

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

INSIDE:

condolife

The ‘best of the best’ coverage in the categories of new home; new condo; adult lifestyle; design, decor and renovation.

Boutique 9-story Condominium 750 to over 2,400 sq. ft. $1.8m to over $6m • Expansive outdoor terraces • Custom design suites by U31 • Elegant 10’-0” ceiling with coffered areas • 24-hour valet parking • Lifestyle amenities include: dining room complete with catering kitchen and 20-seater dining table, private wine collection with on-site sommelier, fitness studio with yoga room, heated indoor swimming pools with wet and dry saunas, outdoor lounge with dining area, barbeques and fireplaces. contact: Book your appointment 416 929 3468 FORESTHILLRESIDENCES.COM location: 2 Forest Hill Rd, Toronto

Order in!

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Greater Toronto Area Dec. 5, 2020–Jan. 16, 2021

Greater Toronto’s COMPLETE CONDO GUIDE

The Rose Hill Condos New Capital North Communities condo in Vaughan launching soon nexthome.ca | myhomepage.ca

ALTREE DEVELOPMENTS

WHERE MORTGAGE RATES ARE HEADED IN 2021

DEC. 5, 2020–JAN. 16, 2021

developer: style: size: prices from: features:

HOMEBUYER INTENTIONS STILL STRONG: SURVEY

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2020-11-27 2:30 PM

INSIDE:

HOMEBUYER INTENTIONS STILL STRONG: SURVEY

WHERE MORTGAGE RATES ARE HEADED IN 2021

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2020-11-27 3:06 2:30 PM

Ontario Edition Nov. 7, 2020–Feb. 27, 2021

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To get started visit: nexthome.ca/newsletter nexthome.ca 57

HOT PROPERTIES | GREATER TORONTO AREA

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MAPS

CARTOGRAPHY: MARKETMAPS.COM

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

nexthome.ca 59

HOT PROPERTIES

FIND YOUR NEXT HOME

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

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

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Etobicoke..............................Mirabella ........................................................... HR ......................... 1926 Lake Shore Blvd. W. ..............................................mirabellacondos.ca Etobicoke..............................Westerly ............................................................ HR ......................... Islington & Dundas............................................................................tridel.com Etobicoke..............................Evermore at West Village ............................ HR ......................... Eva Rd. & The West Mall ...................................................................tridel.com Etobicoke..............................Humberwood Heights ........................... CTH/FTH ................... 50 Humberwood Blvd. .......................................tributecommunities.com Etobicoke..............................Cypress at Pinnacle Etobicoke ................... HR ......................... 5475 Dundas St. W. ................................................pinnacleinternational.ca Etobicoke..............................Verge ................................................................. MR ......................... Islington & The Queensway ........................................... vergecondos.com Etobicoke..............................36 Zorra Condominiums.............................. MR ......................... 36 Zorra................................................................... altreedevelopments.com Markham/Unionville..........Panda Markham ............................................. HR ......................... 8200 Warden Ave. ............................................lifetimedevelopments.com Markham/Unionville..........Varley Condo Residences .............................LR.......................... 20 Fred Varley.........................................................tributecommunities.com Markham...............................Canvas on the Rouge.................................... MR ......................... Donald Cousens Pkwy & Ninth Line ................................. flatogroup.com Mississauga ..........................Amber at Pinnacle uptown ......................... HR ......................... 5044 Hurontario St. ..............................................pinnacleinternational.ca Mississauga ..........................Perla Towers at Pinnacle Uptown.............. HR ......................... 5044 Hurontario St. ..............................................pinnacleinternational.ca Mississauga ..........................Oro, at Edge Towers ..................................... HR ......................... 24 Elm Dr.W..........................................................................................solmar.ca Mississauga ..........................Brightwater Condos .....................................CTH........................ 70 Mississauga Rd. S. .......................................mybrightwatercondos.com Mississauga ..........................Artform Condos.............................................. MR ......................... 86 Dundas St. E. ............................ artformbyemblemdevelopments.com Mississauga ..........................Gemma at Pinnacle Uptown....................... HR ......................... 5044 Hurontario St. .................................................... pinnacleuptown.com North York ............................M2M ................................................................... MR ......................... Yonge & Finch ..................................................................... m2mcondos.com North York ............................The DIamond .................................................. HR ......................... 5336 Yonge St.................................diamond.diamantedevelopment.com Oshawa .................................U.C. Condos..................................................... HR ......................... Simcoe St. N. & Winchester Rd. W. ....................tributecommunities.com Scarborough ........................Pinnnacle Toronto East ............................... HR ......................... 3260 Sheppard Ave. E. .........................................pinnacleinternational.ca Scarborough ........................FourMe .............................................................. HR ........................ Markham Rd. & Ellesmere ............................................fourmecondos.com Scarborough ........................Highland Commons ...................................... MR ......................... 1625 Military Trail..............................................thehighlandcommons.com Toronto .................................111 River St. Condos ...................................... HR ......................... 111 River St. .........................................................lifetimedevelopments.com Toronto .................................200 Queens Quay W. .................................... HR ......................... 200 Queens Quay W. ......................................lifetimedevelopments.com Toronto .................................40 210 Bloor St. W. ........................................ HR ......................... 210 Bloor St. W. .....................................................tributecommunities.com Toronto .................................489 Wellington St. W. ................................... HR ......................... 489 Wellington St. W. .......................................lifetimedevelopments.com Toronto .................................500 Dupont St. ............................................... MR ......................... 500 Dupont St. ...................................................lifetimedevelopments.com Toronto .................................Aqualuna at Bayside ..................................... HR ......................... 200 Queens Quay East ...................................................................tridel.com Toronto .................................Artistry Condos ............................................... HR ......................... 292 Dundas St. W. ..................................................tributeartistrycondos.ca Toronto .................................Panda Condos................................................. HR ......................... Yonge & Dundas. ...............................................lifetimedevelopments.com Toronto .................................Skytower at Pinnacle One Yonge .............. HR ......................... 1 Yonge St. ...............................................................pinnacleinternational.ca Toronto .................................The Prestige at Pinnacle One Yonge ....... HR ......................... 1 Yonge St. ...............................................................pinnacleinternational.ca Toronto .................................Tridel at the Well ........................................ MR/HR ..................... Spadina Ave. & Wellington St. .....................................thewelltoronto.com Toronto .................................Via Bloor ........................................................... HR ......................... Bloor & Parliament. ...........................................................................tridel.com Toronto .................................The PJ Condos ............................................... HR ......................... 283 Adelaide St. W..................................................pinnacleinternational.ca Toronto .................................36 Eglinton Ave. W. ....................................... HR ......................... 36 Eglinton Ave. W. ..........................................lifetimedevelopments.com Toronto .................................Linx Condominiums ...................................... HR ......................... Danforth & Main ................................................ tributecommunicties.com Toronto .................................Y&S Condos .................................................... HR ......................... 2161 Yonge St. .......................................................tributecommunities.com Toronto .................................Burke Condos ................................................. HR ......................... Bloor & Sherbourne ..................................................... burkebyconcert.com Toronto .................................MRKT Alexandra Park .................................MR HR...................... Dundas & Spadina .............................................................................tridel.com Toronto .................................181 East ............................................................. HR ......................... 181 Sheppard Ave. East ...................................................................stafford.ca Toronto .................................Avenue & Park ................................................. MR ......................... Avenue Rd. & Bedford .....................................................................stafford.ca Toronto .................................50 at Wellesley Station.................................. HR ......................... 50 Wellesley St. East ................................................................pureplaza.com Toronto .................................No. 1 Yorkville.................................................. HR ......................... 1 Yorkville Ave............................................................................pureplaza.com Toronto .................................Theatre District Residences......................... HR ......................... Adelaide & Widmer ..................................................................pureplaza.com Toronto .................................Bijou on Bloor ................................................. MR ......................... 2450 Bloor St. West..................................................................pureplaza.com Toronto .................................The Briar on Avenue .....................................CTH........................ 368 Briar Hill Ave. .....................................................................pureplaza.com Toronto .................................One Seventy .................................................... HR ......................... Spadina & Queen St. West ......................................................pureplaza.com Toronto .................................King West & Charlotte ................................... HR ......................... King St. West & Charlotte........................................................pureplaza.com Toronto .................................Forest Hill Private Residences..................... MR ........................ 2 Forest Hill Rd. ...................................................... foresthillresidences.com Toronto .................................Oscar Residences ........................................... MR ......................... 500 Dupont St. W. at Bathurst...................................oscarresidences.com Toronto .................................Whitehaus ........................................................ HR ......................... Yonge & Eglinton ...............................................lifetimedevelopments.com Toronto .................................Liberty Market Tower..................................... HR ......................... 171 East Liberty St. .............................................lifetimedevelopments.com Toronto .................................XO Condos....................................................... MR ......................... King & Dufferin...................................................lifetimedevelopments.com Toronto .................................234 King East ................................................... HR ......................... 234 King St. E. ...............................................................emblemdevcorp.com Toronto .................................The Dupont ..................................................... MR ......................... Dupont & Ossington.........................................................................tridel.com Toronto .................................Bianca Condos................................................ MR ......................... 420 Dupont St ....................................................................................tridel.com Thornhill ...............................Royal Bayview ................................................ MR ......................... Bayview Ave. & Royal Orchard Blvd. ............................................tridel.com Toronto .................................LeftBank ............................................................ HR ......................... River St. & Dundas St. East..................................................... broccolini.com Vaughan ................................Park Avenue Place 1 & 2 ............................... HR ......................... Jane St. & Rutherford Rd. ................................................................solmar.ca Vaughan ................................The Vincent...................................................... MR ......................... Jane St. & Hwy. 7 ........................................................................ thevincent.ca Vaughan ................................The Rose Hill Condos ................................... MR ......................... 177 Woodbridge Ave.......truecondos.com/capital-north-communities Vaughan ................................SXSW Condos .................................................. HR ......................... Islington & Steeles..........................................................primonthomes.com Whitby ...................................The Landing Whitby Harbour ................. HR/MR ..................... 1604-1616 Charles St. .................................................................carttera.com

MAPS

Locate properties using the map on the previous page

60 condolife magazine | Nov. 20–Dec. 18, 2021

+

BUILDERS IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO EDITORIAL@NEXTHOME.CA

HOT PROPERTIES | OUT OF TOWN

FIND YOUR NEXT HOME

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

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nexthome.ca 61

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

KITCHENER–WATERLOO

Guelph

Waterloo

Milton

Kitchener

Cambridge

5

Brantford

Hamilto n 11

4

13

14 1 12

LONDON

15

London

62 condolife magazine | Nov. 20–Dec. 18, 2021

2 3

Mississauga

20

17 18

Oakville 19

6

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

7

Burlington

23 10

16

21

St Catharines22

Niagara Falls

8

24

Welland

CARTOGRAPHY: MARKETMAPS.COM

9

nexthome.ca 63

HOT PROPERTIES

FIND YOUR NEXT HOME

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

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

MAP LOCATION

SITE

TYPE ADDRESS

CONTACT

1.

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

2.

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

3.

Brampton..............................Duo Condos at the Gateway....................... HR ......................... Steeles Ave. West & McMurchy Ave. South ..........duocondominiums.ca

4.

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

5.

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

6.

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

7.

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

8.

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

9.

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

10.

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

11.

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

12.

Hamilton ...............................Electric Avenue ......................................... HR/CTH .................... Upper James & Rymal Rd............................................... elitemdgroup.com

13.

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

14.

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

15.

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

16.

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

17.

Oakville .................................5 North .............................................................. MR ......................... 1388 Dundas St. W. ...................................................... mattamyhomes.com

18.

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

19.

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

20.

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

21.

St. Catharines.......................88 James .......................................................... HR ......................... 88 James ............................................................................ elitemdgroup.com

22.

St. Catharines.......................St. Kitt Urban Towns .....................................CTH........................ Oakdale Avenue & Merritt Street ...............................stkittsurbantowns.ca

23.

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

24.

Welland .................................L’eau ...................................................................LR.......................... 1 Albert St................................................................. info@elitemdgroup.com

MAPS

Locate properties using the map on the previous page

64 condolife magazine | Nov. 20–Dec. 18, 2021

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Ledgemark Homes .............................................................15, 56 Lucchetta Homes ....................................................................... 2 Mirabella Development .................................................. 4, 5, 56 Mountainview Building Group ............................................... 1 9 National Homes .......................................................................... 3 Pinnacle International ........................................................57, 68 Solmar ................................................................................... 17, 56 Tridel ........................................................................................9, 57

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@blackanddeckerca nexthome.ca 65

ADVICE | INDUSTRY REPORT

BUILDING UP RESERVES UNDERMINES THE DEVELOPMENT OF COMPLETE COMMUNITIES

DAVE WILKES

A quarter of the cost of a new home in the GTA comprises government fees, taxes and charges. A significant portion of that amount goes to the municipality in the form of parkland charges, Section 37 charges and development charges, which are intended to fund the services and infrastructure necessary to accommodate the population growth brought about by the new development. But what happens when a municipality fails to spend these funds in a timely manner and instead accumulates development charge reserves?

Billions of dollars flow to GTA municipalities every year from new residential and commercial development. They are intended to pay for additional police, fire and EMS services, affordable housing, libraries, community centres, new parks, transit and infrastructure such as roads, sewers and water services. Given the size and complexity of the GTA, and the timeframes required to plan complex projects, it is understandable that there is a delay between when the money is collected and when the spending actually occurs. However, in some GTA municipalities, there has been a continual year-on-year growth in development charge reserves, which means more is being collected than is being used.

Some might argue that this is prudent financial management, but it is important to note that these funds

66 condolife magazine | Nov. 20–Dec. 18, 2021

are intended for specific services, and their amount is calculated on a plan put together by the municipality that details exactly what services and infrastructure are required in the next four- to five-year period. The cost of that plan is then divided by the number of anticipated new housing units (by type) to arrive at the exact amount of the development charge to be collected per unit.

If there is a significant delay in delivering the services and infrastructure, or if they are not delivered at all (perhaps due to changing political agendas), then both new and old residents of a community are deprived of services and/or infrastructure benefits that have been paid for by new development. Put another way, residents see the development but not the associated benefit that goes with it.

Keeping development charge reserves also undermines the purchasing power of the funds over time. We are living in inflationary times, and that is particularly apparent in real estate and construction in the GTA. Land prices are increasing, driven by the lack of supply, construction costs have escalated over the last few years, and the cost of materials such as wood, concrete

and steel has increased dramatically.

All of this means that if development charges were collected in the past, say in 2019, and are being used to build a new community centre today, the money won’t go as far.

This is especially true of funds collected by municipalities for parkland, given the escalation of the price of land. In a recent policy paper on parkland charges, BILD recommended that municipalities plan to buy parkland very early in the development process, thereby maximizing the impact of the funds collected.

Development charges and parkland charges are essential elements of growth paying for growth. Using these funds in a timely manner in an inflationary environment provides maximum benefits to residents both new and old.

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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