Next Home GTA - June 22, 2019

Greater Toronto Area June 22–July 6, 2019

The first and only complete guide to pre-construction homes and condos

LIFE ON THE RIVER IS POSSIBLE YES YOU CAN BUY A CONDO AT THE HUMBER.

INSIDE:

WHEN YOUR MOVE-IN DATE CHANGES

A COTTAGE IN THE SKY

Renderings are Artist’s Concept. E&O.E.

Connected living, steps from Vaughan Metropolitan Centre Subway Station

Be moved.

Introducing Mobilio, a new neighbourhood in Vaughan Metropolitan Centre offering condominium and townhome residences. With easy access to major highways and walking distance to the subway, Mobilio is convenience and community redefined.

Inspired by Italian design, today’s urban professionals and families will enjoy living steps from transit options, exciting shops and restaurants, a busy commercial district, and beautiful parks. Live, work and play in the heart of a growing, master-planned community by acclaimed developer, Menkes.

AS THE PREMIER BUILDER OF MIXED-USE COMMUNITIES IN THE GREATER TORONTO AREA, MENKES DELIVERS OUTSTANDING QUALITY AND LASTING VALUE.

COMING SOON TO VAUGHAN METROPOLITAN CENTRE

CONDOMINIUMS & TOWNS | REGISTER AT MENKES.COM/MOBILIO

Coming this Fall to Hamilton

Introducing Waterworx, a modern boutique townhome community in an urban setting. Located in the heart of flourishing east Hamilton, Waterworx will be minutes away from shops, cafes and restaurants, and conveniently situated close to public transit and highway access.

Towns

from the

$

300’s

REGISTER NOW

LosaniHomes.com BEAMSVILLE | CALEDONIA | HAMILTON | PARIS

N PE O W O N

Brilliantly Bloor Steps away from Jane Station, the Bijou dazzles brilliantly above the charming shops of Bloor West Village, perfectly embodying the intersection of sleek design and old world opulence.

With large suites, stunning interiors, private terraces, and an array of exceptional amenities to elevate your day-to-day, at the Bijou, there truly is no place like home.

Presentation centre now open at 2450 Bloor Street West.

PUREPLAZA.COM Rendering is an artist’s impression. Certain design elements are subject to change without notice. All rights reserved. E.&O.E. February 2019.

2019 HOME BUILDER OF THE YEAR 2019 GREEN BUILDER OF THE YEAR 2019 BEST CUSTOMER CARE 2019 STEPHEN DUPUIS CORPORATE SOCIAL RESPONSIBILITY AWARD *Awarded by the Building Industry and Land Development Association. ©Tridel 2019. ®Tridel and “D” design are registered Trademarks of Tridel Corporation. Project names and logos are Trademarks of their respective owners. All rights reserved. Building and view not to scale. Illustrations are artist’s concept only. E.&O.E. June 2019.

Live. Eat. Shop.

Work. Play.

Tridel, Canada’s leader in residential living, introduces Toronto’s most anticipated condominium lifestyle at The Well. It’s a bold reflection of Toronto’s energy and diversity, and an extension of the urban vibrancy of King West. This astounding development includes residential, retail, offices, and rentals in downtown Toronto at Front and Spadina.

VISIT THE PRESENTATION CENTRE AT 4800 DUFFERIN STREET. TRIDEL.COM

CONTRIBUTORS

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

chief revenue officer

Jacky Hill jacky.hill@nexthome.ca eDiTor-in-chief

Susan Legge susan.legge@nexthome.ca ArT DirecTor

Tammy Leung conTribuTing eDiTors

stat chat | ben Myers Ben Myers is president of Bullpen Research & Consulting, a boutique real estate firm that advises land owners, developers and lenders on housing market conditions that can impact their development projects. Follow Bullpen on Twitter at @BullpenConsult or visit bullpenconsulting.ca

Sara Duck Marlene Eisner Amanda Pereira senior meDiA consulTAnTs

Jessica Wilson 416.873.1049 jessica.wilson@nexthome.ca Natalie Chin 416.881.4288 natalie.chin@nexthome.ca

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. blog.bakerrealestate.com

sAles & mArkeTing co-orDinATors

Gary Chilvers Sarah Khan distribution

distributionteam@nexthome.ca AccounTing inquiries

accountingteam@nexthome.ca DirecTor of PrinT meDiA

Lauren Reid–Sachs

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

grAPhic Designer & coorDinATor

Alicesa Pullan grAPhic Designers

Sandra Hanak–Vujnovic, Johannah Lorenzo, Mike Terentiev, Kathleen Walker, Alice Wu, Hannah Yarkony Published by

style file | sara duck With more than a decade of experience in the magazine world, Sara Duck brings her passion for writing and expert eye for what’s on trend to our pages.

TARION REPORT | HOWARD BOGACH Howard bogach is president and CEo of tarion Warranty Corp. For more information about how tarion helps new-home buyers, visit tarion.com

nexthome.ca Advertising call 1.866.532.2588 for rates and information. fax: 1.888.861.5038 Circulation highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking. call 1.866.532.2588 to discuss distribution opportunities.

Copyright Notice All copyright and other intellectual property rights in the contents hereof are the property of nexthome, and not that of the individual client. The customer has purchased the right of reproduction in nexthome and does not have the right to reproduce the ad or photo in any other place or publication without the previous written consent of nexthome. contents of this publication, in hard copy format as well as online, are covered by copyright law, and offenders will be prosecuted.

Copyright 2019 All rights reserved. reproduction, storage in a retrieval system or transmission, in any form or by any means, whether electronic, mechanical or otherwise, in whole or in part, without prior written permission of nexthome is strictly prohibited.

Terms Advertisers and editorial are not responsible for typographical errors, mistakes or misprints.

Editorial submissions from interested parties will be considered. Please submit to the editor at editorial@nexthome.ca.

6 New Home + Condo Guide | June 22–July 6, 2019

Editor’s notE

Looking for home-buying heLp?

SuSan Legge Editor-in-chiEf new Home + Condo Guide

Last issue, I mentioned a new report from Mortgage Professionals Canada’s (MPC), Chief Economist Will Dunning regarding how stress tests will contribute to a decline in housing activity in Canada (check out nexthome.ca/stress-test-impact online for the article and report).

But what about you, the homebuyer?

If you’re caught in a stress-test conundrum, meaning you’re not able to qualify because you can’t afford a mortgage at two per cent above the current posted five-year rate, consider Michelle’s Hopkin’s story on basement apartment rentals on page 56 for some inspiration and possible relief. Always be honest with yourself about whether your budget can handle higher payments. The stress test was created to ensure that if rates shoot up, you’re able to handle the increase in your payments.

And, with so much hype around renting out our properties on sites such as Airbnb, you may be curious to know more about how short-term rentals work. Check out this issue’s Legally Speaking column on page 20 for more information regarding making your property a source of short-term rental income.

Homeshopping and renting out your home is not for the faint of heart. Be sure to get all the facts from the experts on our website, nexthome.ca. If you’d like the latest New Home + Condo Guide news to be delivered to your inbox, please sign up at nexthome.ca/ subscription to receive our newsletter.

Thanks for reading, and we hope you enjoy this issue.

Email: susan.legge@nexthome.ca twittEr: @SusanLegge

a condo is your CoTTAge in The Sky 30

Short-term renTALS 20

+ get social

interact with us on social media: nexthome

8 New Home + Condo Guide | June 22–July 6, 2019

June 22–July 6, 2019 | volume 28, issue 14

Contents

16 on the CoVeR:

the Humber Condos Live in the city, be surrounded by nature

10 New Home + Condo Guide | June 22–July 6, 2019

32 pRopeRty pRofiles

30 condo Pro

26 mod Developments Introducing the luxurious 55C in Bloor- Yorkville

29 Davpart

18

mortgage stress Tests New report examines the impact of stress tests

32

35

44 Tarion Report

By saRa Duck

in eVeRy issue

When your move-in date moves

6

contributors

By hoWaRD Bogach

52

glossary

53

hot Properties gTa

57

hot Properties sWo

61

advertiser index

æ Beyond The City featuRe

56 homebuying help

launch Watch

Basement rentals can help you get into the housing market

Mayor Tory helps launch Tridel’s new condominium residences at The Well

tRending

Behind the scenes

38

Q+A with marketing whiz, Linda Mitchell Young

Make a good first impression

By BaRBaRa laWloR

United Building continues evolution of University Ave.

tRending

50 style File

A condo is your cottage in the sky

64 What’s online

Tax schemes CRA warns Canadians about limited partnership real estate investments

adViCe

12

BilD Report The elephants in the room

By DaviD Wilkes

20 legally speaking Understanding short-term rentals

By Jayson schWaRz

24 stat chat Is this an oversupply of condos or analysis?

By Ben myeRs

26 11

ADVICE | bIlD rEport

The elephanTs in the Room

– Barriers To AffoRdAbility And Supply

dAve WilkeS

Virtually everyone in the GTA is aware that the region has a housing supply and affordability challenge. Not a day goes by that there isn’t some form of news covering one angle of the topic or another. Issues include housing availability, increasing rents, the costs associated with construction and increased density as the building industry works to 12 New Home + Condo Guide | June 22–July 6, 2019

meet demand. Over the last few weeks, BILD has been running “The Elephants in the Room” ads in magazines and newspapers in the GTA to highlight some of the facts around these issues.

Housing supply and affordability are complex issues. Many factors have influenced and contributed to the current status quo in the region and all deserve to be examined carefully and accounted for. The building and land development industry is highly regulated in Ontario. It is arguably the most regulated housing industry in North America and this leads to one unavoidable fact. While homes

are sold or rented (with some exceptions, such as social housing) based on free market demand, the supply of new homes is heavily influenced by the regulatory environment of the province and municipalities. This non-market influence is a key reason why the number of housing units built in the region since 2006 has fallen short of projected demand by almost 100,000 units.

This leads us to unfortunate realities that are impossible to ignore if we want new residents and young people to be able to afford to buy a home in the GTA in the future. …continued on page 14

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…continued from page 12

ElEphAnt numbEr 1 – The layers of bureaucracy and red tape the building industry must comply with prior to building has significantly lengthened the time it takes to build new homes and communities. On average, across the GTA, it takes 10 years to complete a typical high-rise project and 11 years to complete a typical low-rise project. This delays new product coming to market, exacerbating the supply/ demand imbalance, and maintains inflationary pressure on the cost of new homes.

ElEphAnt numbEr 2 – There are over 100,000 new housing units that developers would like to build that would significantly help with the supply/demand imbalance; however, they are currently stuck in a bureaucratic logjam at the Local Planning Appeal Tribunal (LPAT). If those projects are approved, it would 14 New Home + Condo Guide | June 22–July 6, 2019

significantly help with housing supply and consequently affordability.

ElEphAnt numbEr 3 – The inability to meet housing demand has led to lost jobs and tax revenue shortfalls that could have benefited the Canadian economy. Altus Group modelling on the economic impact of unmet housing supply from 2006-2018, shows 231,000 lost person years in employment, $26 billion in lost GDP and almost $10 billion in lost revenue for all levels of government (HST, property tax and development charges).

ElEphAnt numbEr 4 – Aside from the supply/demand imbalance inflating the price of homes, the taxation of homes at all stages of construction exacerbates affordability. Land transfer taxes, HST, parkland fees and development charges collectively add 24 per cent to the

cost of an average new condo in the GTA and 22 per cent to the cost of an average new singlefamily home.

We know that population in the region is projected to continue to increase by nearly 40 per cent through 2041; meaning demand for new homes will continue to increase. We applaud the provincial government for taking bold steps under its Housing Supply Action Plan. We’ve all been ignoring the elephants in the room for too long.

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, @bildgta, or visit www.bildgta.ca.

+moRe adViCe online nexthome.ca/news/advice

CONDOMINIUMS

R I V E R S I D E L I V I N G AT LAWRENCE & WESTON

Buy A 3-Bed Condo With

l a t o T 0 0 0 , $40

*

Down Payment!

Get A 15% Boost From Options For Homes. Find Out How!

TheHumber.ca CONSTRUCTION STARTING SOON! Terms and conditions may apply. Subject to availability. Prices and specifications subject to change without notice.

E&O.E. Illustration is artist’s concept. *Represents 5% of the purchase price.

Cover Story

Live iN The CiTy, be surrounded by nature at

The humber CONDOS One of Toronto’s great urban waterways, the Humber River is a lush ribbon that bisects the concrete jungle. Strolling along the river’s path, it’s easy to forget that the city is bustling just a few hundred metres away; instead, you’re immediately surrounded by nature. A family of ducks here, a cluster of wild flowers there, and a steady flow of runners and cyclists enjoying its trails leading to the lake.

This river oasis is a gem of the city. It also happens to be the setting of The Humber, an upcoming condo community that offers the opportunity to live next to unbridled nature while having easy access to the urban 16 New Home + Condo Guide | June 22–July 6, 2019

vitality of downtown Toronto – and a down payment boost that makes home ownership more accessible for everyone.

The Humber is nestled on the banks of the river just south of at Lawrence Ave. W and Weston Rd. in Weston Village, one of Toronto’s upand-coming neighbourhoods.

With parkland trails at its door and uninterrupted, Instagramworthy southwest views on the river’s bend that will never be obstructed, this 232-unit, 22-storey condo is an outdoor enthusiast’s dream.

Meanwhile, city life is never far away. Located a mere threeminute walk from the Weston

UP Express stop, it’s only a quick 15-minute zip to Union Station or 12 minutes to Pearson. Whether you’re up for a night on the town or looking to take flight, it’s all within easy reach.

With The Humber, which is developed by Options for Homes and built by Deltera (part of the Tridel Group of Companies), you can be assured of high-quality condos at more affordable prices.

It’s something that Options has been doing for 25 years (including the first three buildings in The Distillery District and a development in The Junction).

Prices are kept as low as possible by forgoing costly amenities like pools, while investing in

beautiful common spaces and environmental features such as solar panels. This helps keep maintenance fees low and stable, which are a city-low of $0.49 per square foot. Options also brings home ownership within reach with its down payment boost of up to 24% for families making their first purchase, and requiring only 5% total down payment.

“We’re able to help families who can afford the carrying costs of home ownership by giving them an extra down payment boost,” says Options for Homes director of sales and marketing Mary Pattison. “That’s often all someone needs to become a homeowner.”

Because Options only sells to homeowners and not to investors, life at The Humber is ideally suited for families and those who value community.

“We’re very focused on doing all we can to make sure that we build homes for people to live in,” says Pattison. “We strive to create communities that people can be proud of.”

With a large percentage of 2- and 3-bedroom suites, The

“

A down payment boost is often all someone needs to become a homeowner.

”

Humber is designed to suit the needs of families of all sizes. It’s also pet-friendly, as homeowners are able to own up to two pets, and its Smoke Less policy – which permits only vaping of tobacco or cannabis in the building, including private homes – mitigates the negative impacts of smoking for all of The Humber’s residents.

The Humber is also set amid a neighbourhood brimming with urban renewal. Weston already boasts renowned community events and amenities such as the Weston Farmers’ Market (the city’s oldest), its own Santa Claus parade, Weston Lions Park and arena. But now it’s getting a cultural boost with the Artscape Weston Commons, which is home to artist housing, Urban Arts and Shakespeare in Action.

Quality, community and unparalleled natural beauty are hallmarks of The Humber.

With excellent transit options, a rejuvenating neighbourhood, and down payment support that makes home ownership possible, The Humber is a perfect place to call home.

+

Location Toronto deveLoper Options for Homes deveLopment The Humber Home type Highrise SaLeS centre 1984 Weston Rd. contact TheHumber.ca

nexthome.ca 17

TRENDING

New report

examines impact of mortgage stress tests The federal government is getting more heat about its mortgage stress test, this time from Mortgage Professionals Canada (MPC), the national mortgage industry association representing mortgage brokers, lenders, insurers and industry service providers.

A report from MPC Chief Economist Will Dunning released in May 2019 outlines in detail how stress tests have contributed to a decline in housing activity in Canada, including the construction of lowrise homes, which are now in the process of a downturn.

“Each housing start that is lost has an economic impact that is 10 times greater than for each lost resale transaction,” says Dunning.

“The adjustments for new construction occur quite gradually.

The economic impacts have barely 18 New Home + Condo Guide | June 22–July 6, 2019

“

Each housing start that is lost has an economic impact that is 10 times greater than for each lost resale transaction…

”

begun, will develop slowly, and won’t be fully experienced until the second half of 2021.”

MPC said in a news release that the report is a plea to the federal government to start considering changes quickly to avoid the consequences.

“For some time, our association and others have emphasized that the major defect within the stress tests is that they fail to consider the income growth that will be experienced by the mortgage

borrowers,” says Paul Taylor, president and CEO of MPC. “At two percentage points above the actual contracted rates, the stress tests on insured and uninsured mortgages are causing serious and undue negative impacts to the Canadian economy and to the housing market. We advocate for prudent amendments to the current framework. This includes a stress test of 0.75 percentage points to account for higher income and reduced mortgage principal.”

F I R ST R E L E A S E S O L D O U T. S ECO N D R E L E A S E CO M I N G S O O N TO K I P L I N G + D U N DA S .

The best way to end Mondays, rainy days... and every day.

Wh e re l i fe sta r ts. t h e k i p d i st r i c t.co m Priced from the mid $300’s.

Prices, availability, design and specifications subject to change without notice. E.&O.E. June 2019.

ADVICE | lEgAlly spEAkIng

SHORT-TERM RENTALS

by JacquElinE MOnETa JD wiTH aSSiSTancE fROM JaySOn ScHwaRz llM

With vacancy rates down to 1.1 per cent in Toronto and 1.8 per cent across Ontario many residents are pointing their fingers at short-term rental properties as the cause.

Property owners are renting out houses, rooms or entire units for short periods (less than 28 days) in growing numbers across the city, facilitated by online platforms. So before you sign-up to use, list or buy, make sure you understand the rules and regulations governing short-term rentals in your area.

ZOnIng

One of the things that could become very sticky, particularly if you are considering renting out a freehold lowrise, may be zoning.

The renting of a house or rooms therein may be contrary to the zoning by-law where the home 20 New Home + Condo Guide | June 22–July 6, 2019

is located. Let’s say the party gets loud and the neighbours complain to the police and to the zoning office of the City. As the owner, you are liable and this could result in significant fines or worse.

Advice – You should review your municipal by-laws, as individual municipalities in Ontario may have differing by-laws prohibiting or limiting short-term rentals before you post the house.

On December 7, 2017, and January 31, 2018, Toronto City Council approved the regulation of short-term rentals in Toronto. The new rules require short-term rental companies to obtain a licence and short-term rental operators to register with the City and pay a Municipal Accommodation Tax (MAT) of 4 per cent. However, the City’s decision has been appealed

and will not come into force until after the appeal decision is reached likely later this summer.

IssUEs In COnDOMInIUMs

Short-term rentals can sometimes lead to problems in condo communities, as people renting condos may be disruptive to other residents and may not follow the condo rules.

Frequent examples of disputes include: • Renters causing issues within the building; • Restrictions and/or prohibitions in the condo’s declaration or rules against it; • An owner or resident was originally told they could host short-term rentals, but the board has since changed the rule; …continued on page 22

CITY’S MOST ELEGANT ARCHITECTURE THE CITY’S MOST ELEGANT ARCHITECTURE THE CITY’S MOST ELEGANT ARCHITECTURE THETHE THE CITY’S THE CITY’S CITY’S MOST MOST ELEGANT MOST ELEGANT ELEGANT ARCHITECTURE ARCHITECTURE ARCHITECTURE THE CITY’S MOST ELEGANT ARCHITECTURE 48-storeys of perfection.

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19-0487_55C_CONDO-GUIDE_JUNE-2019.pdf 1

2019-05-29

2:25 PM

…continued from page 20

• There is a security concern about residents sharing keys with short-term rental tenants.

How do you avoid these issues?

If you are considering using your condo for short-term rentals, you should first review your condo corporation’s declaration, by-laws, and rules. A declaration and/or rules can include conditions or restrictions on the occupation and use of the units. For example, the declaration may say that the units can only be used for “private singlefamilies.” In this case, owners may not be permitted to use their condo for short term rentals.

Moreover, a recent Ontario court ruling has confirmed that condo boards can prevent owners from using their unit for short22 New Home + Condo Guide | June 22–July 6, 2019

term rentals by passing a rule.

Your condo corporation’s documents may also set out a minimum permissible rental period. For example, your condo’s documents may prohibit rental or tenancy agreements for a period shorter than six months.

BE InFORMED

Short-term rentals can be a great source of supplementary income, but before you post or list your property on a short-term rental site, make sure that you understand the rules that govern you, both through your condo corporation and the municipality. Protect yourself by understanding how short-term rentals are addressed in your condominium corporation.

It is also important to send a letter or email about any issue to

your condominium corporation.

Your condo board or manager should be able to tell you how short-term rentals are handled in your condo corporation and let you know what they plan to do to address your issue.

Mail, deliver or fax letters to the magazine or to us, use the web site (www.schwarzlaw.ca), email (info@schwarzlaw.ca) and give us your questions, concerns, critiques and quandaries. We will try to deal with them in print or electronic form.

+MORE AdVICE OnlinE nexthome.ca/news/advice

ADVICE | stAt ChAt

Oversupply Of COndOs? No. oversupply of ANAlysis? yes.

BeN Myers

Everybody has an opinion on the future of the Toronto housing market, and just about everyone has made a real estate forecast regarding the next few months or years. If I had a dime for every time someone online said “this won’t end well” I’d be a wealthy man To be honest, there are way too many people that lack knowledge and relevant experience making forecasts and gaining media attention.

The condominium market in Toronto has been a magnet for terrible forecasts. What is really bizarre about the folks and their wild claims is they don’t get fired from their jobs, to the contrary, they continue to be sought out for their opinion! In some publications, the crazier, the better.

Having said that, I’m glad people don’t generally get fired for making bad forecasts, as my prediction for 2017 new condominium sales in the Greater Toronto Area (GTA) was about 10,000 too low! Yet people complain that I’m too optimistic. Approximately 35,000 new condominiums sold that year. Sales dropped off in 2018 simply because many developers pulled their launches forward to take advantage of the hot market 24 New Home + Condo Guide | June 22–July 6, 2019

conditions in 2017, and a spike in sales led to a pretty significant spike in construction costs as well last year. After a fairly tame spring market for new condo launches and sales in the GTA this year, the new openings are coming hot and heavy now, with several major launches coming to market in the summer of 2019. It will take several months before the dust settles

and we can figure out if we’re got another 2017-like market on our hands, or just another steady year.

One thing potential buyers will have to consider when looking at all of the new condo developments for sale this summer is how future supply could impact the value of the unit they’re looking at purchasing. According to Canada Mortgage and Housing

Corporation (CMHC) there were 52,774 condominium apartments under construction in the Toronto Census Metropolitan Area at the end of May, the highest level since June 2014.

Whenever the level of highrise units hits a high water mark, the same rhetoric and recycled opinion is thrown out, Toronto is building too many units, there

isn’t enough people to fill all these condos, investors will get nervous and flood the market with suites and prices will crash. After making the same prediction for the past 10 years, maybe they’ll be right in 2019, but I doubt it.

CMHC reported that there were nearly 33,000 condo completions in 2015, which was almost 20,000 more than the average over the previous ten years of 13,200!

New and resale condo prices didn’t rise as quickly in 2015 as in other years, but they didn’t crash, investors didn’t sell on mass, and there wasn’t the “massive oversupply” problem that had been all but guaranteed if you read the newspaper in the years prior. Some analysts were calling for as many as 30,000 condo completions in 2019, but there has only been 5,419 through the first five months of the year per CMHC, so I don’t think we’ll make it.

The figures are certainly worth investigating again in 2020, but there doesn’t appear to be an oversupply this year. In May the Toronto Real Estate Board indicated the resale condo prices are up 4.9 per cent annually in the GTA to $590,000 on average.

According to data from Rentals.

ca, the average condo for rent in the GTA was listed for $2,520 per month in the second quarter, up from $2,505 in Q4-2018. New condo prices continue to rise, but at a much more modest pace than the booming 2017, which is more sustainable and better for the long-term health of the market.

In conclusion, take all forecasts with a grain of salt (mine included), as there is more likely an oversupply of housing analysts than an oversupply of Toronto condo units.

Buy for the long term, buy what you can afford, and do your own research. Good luck.

Ben Myers is President of Bullpen Research & Consulting, a boutique real estate advisory firm, that works with land owners, developers and lenders to better inform them of the current and future macroeconomic and site-specific housing market conditions that can impact their active or proposed development projects. Follow Bullpen on Twitter at @BullpenConsult or visit bullpenconsulting.ca

+More advICe oNliNe nexthome.ca/news/advice

nexthome.ca 25

PROPERTY PROFILE

MOD DEVELOPMENTS

INTRODUCES 55C BLOOr-YOrkViLLE LuxurY. ExCEEDINg YOUR ExpECTaTIONS

Toronto’s Bloor-Yorkville neighbourhood is world renowned for luxury and elegance. And with designer name stores like Chanel, Tiffany and Hermès calling the area home, it’s a well-deserved reputation.

Beyond Bloor-Yorkville’s sophisticated galleries and high-end boutiques, there is much more to these storied streets. Torontonians have long flocked to there for the vibe: a distinctive mix of cuisine and culture that is alluring and unmatched in the city’s history.

Neighbourhoods like Bloor-Yorkville help to put Toronto on the map. They are the gold standard and, as such, they deserve residential properties that deliver the same measure of prestige. To earn its place, a development must be modern and mindful.

And above all, it has to make a statement.

55 Charles, by MOD Developments, is poised to do just that.

Under Gary Switzer’s leadership, MOD Developments made a name for themselves over the past decade with 26 New Home + Condo Guide | June 22–July 6, 2019

statement builds like The Massey Tower and 5 St. Joseph.

With their vision for the 48-storey tower at 55 Charles, MOD will again exceed their resident’s needs in bold and unconventional fashion.

“We wanted to honour the surrounding neighbourhood with a building matched in elegance and design excellence,” says Switzer. “So we assembled the finest team of designers and visionaries to bring 55 Charles to life.”

55 Charles is a feat of architectural beauty both inside and out. The architectural design by architectsAlliance, is a welcome addition to the skyline, with its vertical façade enlivened by undulating planes, both striking and sublime. The bold aesthetic carries through into the lobby, where the double-height volume plays beautifully against the warm blend of dusty gold and rich wood.

MOD Developments brought interior design team Cecconi Simone into the fold, and their vision for 55

Charles’ suites is second to none.

With a range of sizes and layouts to inspire them, the award-winning designers incorporated state-ofthe-art features and furnishings into the décor, achieving a space that feels luxurious, but eminently liveable.

The nine-foot ceilings and floor-to-ceiling windows help to fill the suites with light, accentuating Cecconi Simone’s fine design details: kitchens with custom cabinetry and innovative millwork, and bathrooms with custom-designed mirrors, vanities and storage shelving.

MOD also understands that the luxury buyer expects an amenity package that reflects their upscale, carefully curated lifestyle.

“We’ve designed 55 Charles for

the sophisticated, experienced buyer,” says Switzer. “These are people who recognize the singularity of the neighbourhood and expect the same in the amenities and conveniences at home.”

To that end, 55 Charles promises over 20,000 square feet of indoor and outdoor amenity space, featuring the finest in fitness facilities, lounges, private dining rooms and, roof gardens including the C-Lounge, atop the tower, with views of the lake and downtown skyline, where residents will entertain and look comfortably out over one of the most exclusive neighbourhoods in Toronto.

+

LOcaTIOn Toronto DEvELOPER MOD Developments DEvELOPmEnT 55C HOmE TYPE Highrise cOnTacT 55charlesresidences.com

To learn more about 55C, register at www.55charlesresidences.com nexthome.ca 27

Your new home…

DELIVERED

Subscribe to our newsletter Visit nexthome.ca/subscription Start your search today!

28 New Home + Condo Guide | June 22–July 6, 2019

ProPerty Profile

THE UNITED BUILDING CONTINUES EVOLUTION OF UNIVERSITY AVENUE WITH INNOVATIVE MIXED-USE DESIGN The United Building is coming soon, and the mixed-use development is already garnering substantial interest. Registrations are pouring in from people interested in the rare opportunity to live, as well as work, play and shop on Toronto’s University Avenue. Situated at 481 University, Davpart Inc.’s complex will feature condominium residences atop two of the existing historic commercial/office/retail buildings that were part of the Maclean Publishing Company/Maclean Hunter company operations for decades. This architectural mélange of the old and the new will be the tallest architectural heritage retention development in North America.

The United Building follows a North American trend of combining residential space on a thoroughfare that has been primarily institutional in the past. It will retain commercial office and retail space in the restored heritage structure up to the 10th floor, from which a new 44-storey residence will rise. The interiors will be removed to make space for parking and retail floors below grade.

Davpart’s design team includes B+H Architects and heritage consultant ERA Architects, which are going to extreme lengths to preserve the exteriors of the buildings constructed in 1928 and 1961. Reflecting the classic yet contemporary flair of the exterior, Tomas Pearce Interior Design Consulting Inc. has designed the residential amenities including

a luxurious lobby featuring 24/7 concierge service; a pool with a fireplace; an indoor/outdoor pool deck with sun loungers; and a fitness centre, sauna and rain room overlooking the courtyard.

The United Building’s sports lounge will offer billiards, a video gaming lounge, bocce court and golf simulator. Rounding out the amenities are an all-season reflecting pool with warming pavilions and seating, a tranquil Zen garden and a party room, fireplace lounge and barbecue dining on the terrace.

Residents of The United Building will live within walking distance of shops, cafes, hospitals, parks, eclectic restaurants, nightlife, Nathan Phillips Square, Toronto City Hall, Art Gallery of Ontario, Grange Park, Chinatown, Ryerson

University, University of Toronto, the Four Seasons Centre for the Performing Arts, Eaton Centre and the Financial District. The United Building will also include direct access from inside to St. Patrick’s TTC station. In addition, the subway and the 505 streetcar are at the doorstep.

Purchasers will be able to select from studio to one-bedroom, two-bedroom and three-bedroom designs, some with a den, flex or media room, and some twostorey plans. The open suite layouts feature large windows and spacious balconies, as well as chef-inspired kitchens and topquality appointments.

The United Building is rare on the Toronto residential landscape.

Registrations are now being taken at TheUnitedBldg.com. nexthome.ca 29

ADVICE | ConDo pro

A CONDO IS YOUR COTTAGE IN THE SKY BARBARA LAwLOR

When you live in a condominium in the Greater Toronto Area, you enjoy cottage-style enjoyment on a daily basis. Who needs to sit in a hot vehicle for hours following the crowd north, when you have all of the following under – and on top of – your roof right at home?

The WATER Factor – You may select a condominium on Lake Ontario or another lake in the GTA, which means water sports are at your doorstep. Even if your condo is not lakeside, in downtown Toronto, getting to the lake is usually just a pleasant stroll or quick bike ride. Then again, if your building is not near a lake, never fear! You likely have a beautiful swimming or reflecting pool inside or on your rooftop, not to mention a hot tub.

The FUN/ENTERTAINMENT Factor – Just look at the amazing array of other amenities in today’s condos.

30 New Home + Condo Guide | June 22–July 6, 2019

Residents may be able to choose from golf simulators, pool rooms, games rooms, theatres and the like for fun. Hosting a get-together is a breeze in the chic multi-purpose rooms developers are including.

These usually feature a kitchen and dining facilities, meaning you avoid making a mess in your suite.

Invite the gang over to watch a big game on the big-screen TV in the theatre; arrange a weekly pool tournament in the games room; or book the party room for a wedding shower. The possibilities for enjoying personal time and entertaining friends and family are endless.

The EXERCISE Factor – Cottages provide ample opportunities for getting in exercise after a sedentary winter. Condos provide these opportunities year round in fabulous fitness facilities. Work out with weights, stretch with yoga, run on a track … the amount of physical exertion is up to you.

Plus, there are usually parks in the vicinity for joggers and dogwalkers.

The RELAXATION Factor – Sitting at the cottage reading a book or simply drinking in nature is a wonderful draw to life up north.

In a condo, however, you can sit back and relax in front of your floor-to-ceiling windows that offer spectacular views or on your balcony with a cool drink, sit and chat with neighbours in the bar/ lounge, de-stress in a sauna or sip on a coffee in the courtyard. That’s

“

The possibilities for enjoying personal time and entertaining friends and family are endless. the beauty of condo life: you can be as private or social as you want.

The VIEW FACTOR – Yes, views from cottages are gorgeous, with nature always nearby. But think of our condominiums today, even those in the heart of urban areas. Developers are including courtyards and lush landscaping.

Keep in mind, too, that Toronto is one of the greenest cities in the world when it comes to the presence of trees and greenery.

Condo designs maximize views, whether they capture the vibrancy and energy of city life, the everchanging moods of Lake Ontario or the verdant rooftops of treefestooned neighbourhoods.

”

So, if the cost of new home real estate has you unable to afford a cottage, do the next-best thing: choose a condo suite, and enjoy resort-style living all year long!

Barbara Lawlor is president and CEO of Baker Real Estate Incorporated, winner of the pinnacle 2017 Riley Brethour Award from BILD, and an in-demand columnist and speaker.

A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com

+mORe AdVICE ONLINe nexthome.ca/news/advice

nexthome.ca 31

PROPERTY PROFILE

mayor Tory joins exeCuTives to help launch

Tridel’s Condominium Residences at the Well The 7.8-acre construction site situated at Front and Spadina will soon be home to Toronto’s most anticipated master-planned community, The Well – a project that Altus Group analysts expect will generate $4.2 billion in economic activity upon full completion.

32 New Home + Condo Guide | June 22–July 6, 2019

“The Well is a transformational project and one of the most complex, multi-faceted developments Tridel has ever worked on,” says Andrew DelZotto, Executive Vice President, Tridel at the launch on June 3. “This is choreographed city building, and it’s an honour and privilege

to know that together with our collaborators at RioCan, Allied and Woodbourne, we are generating billions of dollars in economic activity and contributing directly to the growth of Toronto and the GTA as a whole.”

The details of a new report by Altus Group were unveiled that

Executives from Tridel, RioCan, Woodbourne, and Deltera, along with City of Toronto Mayor John Tory, are joined by construction crew members at the site of The Well. Drawing from The Well: Altus Reports Over $4 Billion in Economic Activity expected to stem from The Well, one of Toronto’s most ambitious mixeduse developments.

afternoon by Toronto Mayor John Tory alongside Tridel Executive Vice-President Andrew DelZotto, Tridel Director and Executive VicePresident Andrea DelZotto, RioCan President and COO Jonathan Gitlin, and Woodbourne President Jake Herman, who, together with

Allied Properties, make up the development team behind The Well, one of the most ambitious mixed-use projects in Canada.

The 2019 economic impact report revealed that annual benefits from the ongoing operation of The Well’s commercial and retail

(From left to right) Tridel Executive Vice-President Andrew DelZotto, Woodbourne President Jake Herman, Tridel Director and Executive Vice-President Andrea DelZotto, City of Toronto Mayor John Tory, RioCan President and COO Jonathan Gitlin, Deltera President and CEO Dino Carmel, Tridel Executive Vice President, Sales & Marketing Jim Ritchie.

spaces, and the management of the property, will generate more than 23,000 person-years of employment and over $300 million in income by households.

In total the estimated annual economic benefit from the ongoing operations of The Well add up to approximately $939 million in economic activity for the city.

“The Well has the ability to transform the downtown core and create an entirely new community,” says Mayor John Tory. “Investments like this are a reflection of the growth we are experiencing in Toronto and the confidence that businesses have in our city.”

The new findings were revealed amid the launch of the residential condominium component at The Well by Tridel – three towers aptly named the Classic Series I and II, and the Signature Series. Tridel’s spacious Signature Series residences will take the form of a 14-storey midrise along historic Wellington Street and comprise of 98 nexthome.ca 33

surrounding neighbourhoods, pulling visual cues from the existing architecture along King Street West. Multiple architects and visions came together to tell a cohesive architectural story that purposefully moves from red brick to wood to concrete, as The Well flows west to east towards the financial district. Overhead, a soaring glass canopy responds to the unique seasonal diversity of Toronto, sheltering pedestrians as they move through The Well.

This allows for year-round access to green spaces and the al fresco shopping and dining experience the city craves.

In total, The Well will offer space for 5,000 new office jobs, 1,200 new retail jobs, and over 750 new condominiums

by Tridel. To register for more information on Tridel at The Well Condominium Residences, visit www.tridel.com/thewell

suites, while the Classic Series I and Classic Series II will be two highrise towers, standing at 38 and 22 storeys tall, respectively. Each residence will provide stunning views of the city and streetscapes, with vast glass windows allowing for abundant natural light. Tridel condominium residences at The Well are slated for occupancy to commence in late 2022.

A unique mix of shops, restaurants, workspaces, and residences, The Well is a natural extension of King West and will reinvigorate and transform 34 New Home + Condo Guide | June 22–July 6, 2019

the corridor between Front and Wellington Streets, west of Spadina Avenue. Comprised of seven mixed-use towers and midrise buildings, The Well is set to become a hub for the ultimate lifestyle experience in downtown Toronto, complete with signature condominiums, purpose-built rental suites, a world-class food market, innovative retailers, globally inspired restaurants, modern office spaces, and much more.

Materials used in the design of The Well were carefully considered to reflect the

+

LOcaTIOn Toronto DEvELOPER Tridel DEvELOPmEnT The Well HOmE TYPE Condominium cOnTacT www.tridel.com/thewell

Behind the scenes

Q+a with Linda MitcheLL Young

ll tche a Mi a Lind g, Lind n u o l l Y he Mitc ing ket r a M

Linda Mitchell Young is the owner of Linda Mitchell Marketing Inc. A lifelong Toronto resident, Linda recently celebrated a milestone birthday, along with the 40year anniversary of her involvement in the real estate development industry. She has worked in customer service, as an onsite administrator, construction coordinator, mortgage officer, marketing coordinator, office administrator, office manager, new product development manager and marketing manager. She even spent three years in Singapore working as a real estate rental agent assisting expatriates in finding housing. This award-winning professional offers unique insight into how the industry has evolved over the past four decades.

nexthome: What is the most dramatic change you have seen in the new condominium marketplace over the last 40 years?

Linda Mitchell Young: The first thing that comes to mind is price!

In 1979, the average price per square foot of a condominium was $165, with the average selling price at about $140,000. Compare that to approximately $1,200 today per square foot and an average suite price of around $800,000! Now, here’s an interesting irony: in 1979, mortgage rates hit 21.75 per cent, while today they hover around 3.75 per cent.

‌continued on page 36 nexthome.ca  35

Interesting condo designs invigorate the Toronto skyline, says Mitchell Young (centre), who’s worked in the business since 1979

…continued from page 35

nh: After working on more than

70 residential and mixed-use buildings over the years, you must have seen other changes?

LMY: Of course. Look at sizes.

In 1979, the average size of condominium suites was approximately 900 square feet; today we are looking at about 600 square feet. I have worked in every aspect of the home-building business, and I can tell you that design has come a long way, so 600 square feet lives a lot larger than it sounds. Innovations such as linear kitchens, open-concept spaces, sliding barn doors and the like have changed the face of new condos for the better. And as far as exterior architecture goes, the scope and variety of interesting designs continues to invigorate Toronto’s skyline.

36 New Home + Condo Guide | June 22–July 6, 2019

nh: Using your own experience, can you give us an idea of how much the industry has grown in 40 years?

LMY: I remember working for Monarch in 1995, when President John Latimer asked me to research the condominium business for its potential.

Previously a single-family home builder, Monarch launched its first condominium in Scarborough in 1996, with suites beginning in price from $165 per square foot ($140,000). I led the highrise team and eventually helped to launch 30 condominiums for that builder.

During my time in the industry, which began right out of high school in 1979, the 70+ projects I have worked on add up to over $7 billion in revenue.

That is only a fraction of the total, and speaking of things

that are only a fraction of the total, the popularity of condos in Toronto and the GTA today is astonishing. Where 40 years ago, there were only a few condos that sold mostly to emptynesters, today, condo sales are typically higher than lowrise, and people of all ages and walks of life are buying suites. nh: Now that you have branched

out on your own, how do you feel about the industry?

LMY: I think we have evolved beautifully to accommodate a continually rising population, as well as ever-changing purchaser needs and preferences. We live in one of the finest places in the world, and I am proud to have contributed to an industry that plays a major role in the enviable quality of life we enjoy.

#beyond the city Must-see properties Including‌ semi-detached, detached, condominium suites & townhomes

In thIs sectIon:

Brantford, Caledonia, fonthill, GrimsBy, hamilton, niaGara, oakville, Welland & more nexthome.ca  37

TRENDING

CRA wARns of limited partnership ReAl estAte sChemes the Canada revenue agency (Cra) sent out a warning this month to flag tax schemes involving professionals such as tax representatives and tax preparers, who are claiming to offer individuals tax write-offs through limited partnerships hingeing on real estate investments.

WhaT ThE hEck Is a Tax schEmE?

Tax schemes are arrangements that are designed to deceive taxpayers by promising to reduce the taxes they owe, for example through large deductions or promises of tax-free income. These schemes can come in many different forms and are creatively planned to convince people that by participating they can expect to pay less taxes. cRa’s ouTlINE of hoW ThIs REal EsTaTE Tax schEmE Is DElIvERED:

Beginning as an advertised real estate investment opportunity through what is being called a “limited partnership”, the scheme is usually heavily promoted as a product with a significant tax advantage and limited liability for the investor. The scheme’s promoter is promising a tax write-off for more than double what the taxpayer invests.

The claim of a significant tax write-off being received is because of costs expensed in the initial year of the project. The example given in the CRA press release is when an “investor has invested $5,500 and is advised that they can write it off on their taxes for $12,500 due to financial services, lease enhancement and tenant improvement costs expensed in the first year.” This is not the case, says CRA. “Limited partnerships are unique arrangements that provide investors with certain benefits similar to partnerships and corporate entities. However, different than general partnerships, the investor’s liability is restricted to the amount they invested.

Therefore, they cannot claim a higher tax write-off than invested.” sERIous coNsEquENcEs caN INcluDE jaIl TImE

The CRA has increased the number of audits of such promoters, as well as made improvements to its information gathering. It’s taking steps such as these, as well as informing taxpayers on how to recognize such real estate tax schemes and will continue to 38 New Home + Condo Guide | June 22–July 6, 2019

shut them down. There are serious consequences for being charged with this type of tax fraud, including penalties, court fines and jail time.

PRoTEcTING youRsElf aND oThERs fRom Tax schEmEs

The CRA has outlined three tips to avoid and shut down tax schemes: • get professional, independent advice before investing, especially if a deal seems too good to be true • if you have participated in a scheme, go to CRA to correct your tax affairs through its Voluntary Disclosures Program before CRA comes to you • help ensure tax fairness for all Canadians by reporting a lead to the CRA For more information on different types of tax schemes, visit Canada.ca/tax-schemes.

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Branthaven Homes has always attracted those who want more from their lifestyle, their community and the home-owning experience. As we approach our 50th year we have never wavered Branthaven Homes has always from our promise to deliver “The attracted those who want Best Built Home at Any Price.” more from their lifestyle, their community and the home-owning From contemporary condos, experience. As we approach our chic townhomes, classic single50th year we have never wavered family homes or carefree luxury from our promise to deliver “The apartments, Branthaven delivers Best Built Home at Any Price.” best-in-class living that elevates your everyday.

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THE ELEPHANTS IN THE ROOM

Now is the time for bold leadership to fix a generational housing and supply challenge that is making home ownership unaffordable.

What are today’s facts?

22%

100k 11

years

231k

What can the future look like?

of the cost of a new home is made up of government fees, taxes and charges.*

Nearly 4 million residents in the GTA will need housing by 2041. The solutions are at our doorstep.****

future GTA housing units are stuck in a log jam at the Local Planning Appeal Tribunal, reducing supply. (LPAT)**

• More supply • More cost certainty • Less red tape

is the average time it now takes to complete a low-rise project in the GTA. in lost person-years in construction jobs as a result of housing shortfalls.***

• More affordable housing options • More jobs

To find out more please visit bildgta.ca/reports * Altus Government Charges and Fees on New Homes in the GTA 2018 ** Steve Clark, Minister of Municipal Affairs and Housing *** Altus Unmet Demand Analysis 2019 **** Statistics Canada

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ADVICE | TArIon rEporT

When your moving date moves before you do

hoWard bogach

You did all your research and decided that your next move will be into a new condominium.

Whether this will be your first home or perhaps a retirement retreat, you’ve been counting down the days to your move.

Then your builder notifies you that your occupancy date is going to be delayed.

There could be many different reasons for it. Condo projects can take a long time to get going due to zoning approval processes and sometimes issues like material or labour shortages can delay construction schedules.

Pre-construction condos are sold long before shovels hit the ground – so this means, in most cases, your occupancy date could be two to three years in the future.

Your Agreement of Purchase and Sale (or APS) sets out your occupancy date, which can be either a ‘firm’ or a ‘tentative’ date depending on how confident your builder is of the eventual date of completion. Your APS will also include an ‘outside occupancy date’ – an estimate of the latest possible date the project is expected to be completed.

Since a lot can happen between the time the units are sold and 44 New Home + Condo Guide | June 22–July 6, 2019

construction is finished, the odds are good that your builder will set a tentative occupancy date.

This means they can delay the completion date for up to 120 days as long as they provide at least 90 days’ notice. Additional delays – with appropriate notice – are also possible.

Once a firm occupancy date has been set, if the condo isn’t ready on that date, you may be entitled to delayed occupancy compensation under the Ontario New Home Warranties Plan Act. Ontario is the only province that offers this compensation — $150 per day to a maximum of $7,500 —

claim to Tarion after you move into your new condo.

Finally, if the outside occupancy date comes and goes and your unit still isn’t ready, you will have the right to cancel the purchase agreement.

The ‘critical dates’ you need to be aware of can be found in the Addendum, which is a document that must be attached to your APS. The Addendum not only details your occupancy dates but also when your builder is required to notify you if there’s going to be a delay and when you’re entitled to legally back out of your agreement if you choose to do so.

So, if your long-awaited condo requires more waiting than you had bargained for, it’s important to know your rights. To protect those rights, be sure to have a real estate lawyer who is well versed in condominium law review the APS and the Addendum before you sign. And if you have questions, visit Tarion.com.

which is meant to cover things like the cost of rental accommodation or storage for your belongings.

You don’t need to prove expenses to collect this compensation – it is a per diem rate for the duration of the delay. Usually, the builder pays this to you directly, but you can also make a delayed occupancy

Howard Bogach is President and CEO of Tarion Warranty Corp For more information, visit tarion.com or find on Facebook at facebook.com/ TarionWarrantyCorp.

Coming this Fall to Hamilton

Since a lot can happen between the time the units are sold and construction is finished, the odds are good that your builder will set a tentative occupancy date. This means they can delay the completion date for up to 120 days as long as they provide at least 90 days’ notice.

see page 2 for more information

+more adviCe online nexthome.ca/news/advice

nexthome.ca 45

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HOMES MADE FOR

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It’s called a living room for a reason. So, when friends gather round for game night, live it up. Pair a game board with a charcuterie board. Let the libations flow and the hilarity ensue. After all, game nights are just playdates for adults. From expansive living areas, to solid construction and high-end finishes, Sifton focuses on craftsmanship, so you can focus on life.

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INSPIRATION |

style file

make a good first impression

by Sara Duck

it’s time to get organized at home.

Start small by focusing on the front entrance.

Here are five tips that will help keep your space looking tidy and stylish.

+more InspIratIon online nexthome.ca/news/inspiration

50 New Home + Condo Guide | June 22–July 6, 2019

create an inspiring entry zone. it’s the first place you see when you step into your home, so decorate it like you would the rest of your space. You can do this by adding personality through wall art and defining the area with a rug. art print by melo and co. $20. Indigo.ca one-of-a-kind Schroeder Hand-knotted by World menagerie. $1,029. wayfair.ca

1

keep things vertical. Space is usually at a premium in a front entrance, so thinking vertically is key. Hang a coat rack or sturdy hooks on the wall to keep your jackets and purses out of the way. Place a slim cabinet or mount a bookcase to neatly hold items that are not in regular use. Billy bookcase in brown ash veneer. $75. ikea.ca The iconic Billy Bookcase is celebrating its 40th anniversary with ikea. it’s estimated that every five seconds, one Billy bookcase is sold somewhere in the world. mid-century multi-hook in acorn. $99-$139. Westelm.ca

The iconic Billy Bookcase is celebrating its 40th anniversary with IKEA. It’s estimated that every five seconds, one Billy bookcase is sold somewhere in the world.

2

3

Quit clutter. use a variety of differentsized baskets to keep items like seasonal accessories in order and accessible.

While you’re at it, try the konmari (konmari.com) method to make sure you are not overcrowding your entrance way. Seagrass basket in natural and white by Bloomingville. $44. Indigo.ca

add seating. even if you can only fit a small bench in your space, seating in the entrance not only looks great, it’s very practical as well. maura tufted bench with storage in blue. $369. Structube.com

4

5

use paint. adding a splash of colour to your foyer and front door is a great way to make a bold statement without breaking the bank. Paint in kendall charcoal by Benjamin moore.

Benjaminmoore.ca

Geode wall art. $150. Woven basket. $40. Hand-knotted rug. $130. Woven basket wall hanging. $15. canvas storage boxes. $17. Wall hooks on patterned board. $25. Velvet ottoman. $130. all available at homesense.ca nexthome.ca 51

52 New Home + Condo Guide | June 22–July 6, 2019

Freehold means permanent and absolute tenure of land or property with freedom of full use and control of the land and buildings on it, subject to any rights of the Crown, local land-use bylaws and any other restrictions in place at the time of purchase

Adjustable-rate and fixed rate mortgages There are generally two types of conventional mortgages – a fixed-rate and an adjustablerate mortgage. An adjustablerate mortgage means the interest rate can change over the term of the loan. A fixedrated mortgage simply means that the interest rate stays the same through the entire term of the mortgage and is “locked in”.

Assessed value

In addition to the actual price of a home, there are also closing costs, which will typically make up about two to five percent of the purchase price, not including the down payment. Examples of closings costs include the mortgage processing costs, title insurance, and excise tax, and legal fees.

Freehold ownership

This is how much a home is worth according to a public tax assessor who makes this determination in order to figure out how much city or state tax the owner owes.

Closing

Condo ownership

Condominium ownership is real estate that is independently owned and sellable, but the owners of the individual units also collectively own the common areas, amenities and utilities which are managed collectively by the owners as outlined in the Ontario Condominium Act.

Gross debt service ratio The percentage of your gross monthly income that housingrelated payments (mortgage, property taxes and heating) eats up. Depending on your situation, to qualify for a mortgage, your GDSR should be 39 per cent (or less) of your gross monthly income.

Closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents, and the buyer makes the down payment and pays closing costs. It is advisable to have a lawyer facilitate closing.

Debt to service ratio

Amortization

This process combines the interest and principal together in an established schedule of payment installments, rather than simply paying off interest at the start, which helps build home equity early on.

Closing costs

REAL ESTATE GLOSSARY

This amount shows the ratio of your household’s debt payments to gross household income. Banks look at this when assessing how much money to loan you.

HOT PROPERTIES

find your next home

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

Gta prevIew reGistration 1. saturday in downsview park By: Mattamy Homes City: Toronto, North York Housing type: Condominium mattamyhomes.com

2. suGar wharf By: Menkes City: Toronto Housing type: PATH-connected waterfront condos menkes.com

3. klein estates By: Lindvest City: Kleinberg Housing type: Upscale detached homes on 42 and 50 ft. lots lindvest.com

4. Bijou on Bloor By: Plaza City: Toronto Housing type: Condo pureplaza.com

5. whitBy meadows

12. 55 charles residences

d. impressions

By: Mod Developments Inc. City: Toronto Housing type: Condo 55charlesresidences.com

By: Fieldgate Homes City: The Village of Kleinburg Housing type: Luxury singles fieldgatehomes.com

13. moBilio

f. Go.2

By: Menkes City: Toronto Housing type: Condo menkes.com/mobilio

By: Pemberton City: Toronto Housing type: Condominium Pembertongroup.com/go2

14. sunny meadow By: Daniels City: Brampton Housing type: Condo townhomes SunnyMeadowBrampton.ca

15. Gallery towers By: The Remington Group City: Downtown Markham Housing type: Condominium downtownmarkham.ca

16. st. clair villaGe By: Canderel City: Toronto Housing type: Condominium stclairvillage.com

17. thirty six zorra By: Altree and EllisDon City: Toronto Housing type: Condo thirtysixzorra.com

By: Fieldgate Homes Location: Whitby Housing type: Detached fieldgatehomes.com

new openinGs

7. 543 richmond

a. the kip district

By: Pemberton City: Downtown Toronto Housing type: Condo pembertongroup.com

By: Concert City: Toronto Housing type: Condominiums thekipdistrict.com

8. trendi

B. upper valleylands

By: Treasure Hill City: Markham Housing type: Phase 3 release of modern townhomes. Register now. treasurehill.com

By: Fieldgate Homes City: Brampton Housing type: Semis, single-detached and freehold townhomes from upper $500s fieldgatehomes.com

10. the united BldG.

c. saturday in downsview park

By: Davpart City: Toronto Housing type: Heritage retrofit condominium building theunitedbuilding.com

+

By: Mattamy Homes City: North York Housing type: Mid-rise condominium mattamyhomes.com

h. aqualuna By: Tridel City: Toronto Housing type: Condo tridel.com/aqualuna

i. ninth + main By: Pemberton City: Stouffville Housing type: Condo and towns pembertongroup.com/stouffville/

j. evermore By: Tridel City: Etobicoke in Toronto Housing type: Condo Tridel.com

k. auBerGe on the park By: Tridel City: Toronto Housing type: Condo www.tridel.com/auberge

l. the towns at Gracefields By: Lindvest City: Newcastle in Durham Region Housing type: Townhomes lindvest.com

m. m3 condos By: Urban Capital + Rogers Real Estate Dev. Ltd. City: Mississauga Housing type: Condo mcitycondos.com

maps Locate properties using the map on the following page

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 nexthome.ca  53

HOT PROPERTIES | GREATER TORONTO AREA

F D 3

13

1

C

K

10

B 16

J

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

54 New Home + Condo Guide | June 22–July 6, 2019

A 7 17

14

m

12

2

H

i

Newcastle

L

5 8

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N

NEW HomEs NEW CoNDos

cartography: marketmaps.com

MAP LE GE N D

nexthome.ca  55

Feature | Homebuying Help

basement rentals can help you get into the housing Market

by Michelle hopkins In 1989, Don Campbell and his wife purchased their first home and rented their finished basement as way to pay off their mortgage sooner.

“The rent from our basement suite buffered our income,” says the author and senior analyst with the Real Estate Investment Network (REIN). “In addition, we travel a lot, so knowing someone 56 New Home + Condo Guide | June 22–July 6, 2019

was always home offered us a sense of security.”

Campbell is a huge proponent of basement suites as a way “to get into the housing market.”

If you’re wondering if you should finish your basement right away, Campbell says doing so can potentially increase the value of your home by a considerable amount.

Now, that’s reason enough …

Best of all, says the veteran financial expert, most banks will allow you to use the rental income for your basement suite to qualify for a mortgage.

That’s critical if you are a firsttime homebuyer and must prove you can afford the payments under the federally mandated Bank of Canada stress test. …continued on page 60

HOT PROPERTIES

find your next home The latest properties in southwestern ontario to keep your eye on 9. homestead

h. timBerWood estates

By: Branthaven Homes City: Mount Hope in Hamilton Housing type: 33, 36, 38 & 40 ft. singles branthaven.com

By: Mountainview Homes City: Thorold Housing type: Townhomes, detached homes timberwoodestates.ca

10. Winona county By: Branthaven Homes City: Winona county Housing type: 36 & 40 ft. singles branthaven.com

neW oPenings sWo prevIew registration

a. lyon’s creeK By: Mountainview Homes City: Niagara Falls Housing type: Semis lyonscreekhomes.com

1. casa di torre

B. Vista ridge

By: Branthaven Homes City: Stoney Creek Housing type: Condos from 550 to 978 sq. ft. from the low $300’s branthaven.com

By: Losani Homes City: Beamsville Housing type: Townhomes and detached losanihomes.com

2. one tWenty condominiums By: Mountainview Homes City: Fonthill Housing type: Condominiums mountainview.com

3. the mcKenzie By: Losani Homes City: Caledonia Housing type: Towns and singles mckenziecaledonia.ca

4. Brant West By: Losani Homes City: Brantford Housing type: Towns and singles brantwest.com

c. sParroW meadoWs By: Mountainview Homes City: Welland Housing type: Singles and townhomes sparrowmeadows.com

d. lincoln estates By: Losani Homes City: Lincoln Housing type: Single-detached homes losanihomes.com

e. elements By: Mountainview Homes City: St. Catharines Housing type: Luxury oneand two-bedroom condos elementscondo.com

5. the Peninsula

f. the PreserVe

By: Losani Homes City: Paris Housing type: Towns, semis and singles parispeninsula.com

By: Mattamy Homes City: Oakville Housing type: Townhomes mattamyhomes.com

6. synergy

g. fallingWaters

By: Branthaven Homes City: Oakville Housing type: Urban trailside condos branthaven.com

By: Losani Homes City: Stoney Creek Housing type: Luxury townhomes email: Pronto@LosaniHomes.com

+

i. saffron estates By: Mountainview Homes City: Fonthill Housing type: Townhomes, detached homes saffronestates.ca

J. simPly grand By: Losani Homes Location: Paris Housing type: semis and singles losanihomes.com

K. nautique By: Adi Developments City: Burlington Housing type: Condominium adidevelopments.com

l. harrisVieW By: Sifton City: Ingersoll Housing type: Detached homes sifton.com/HarrisView

m. eleVen 11 clarKson By: Saxon Developments City: Mississauga Housing type: Terraced urban townhomes 1111Clarkson.ca

n. gordon square By: Tricar City: Guelph Housing type: condominium Tricar.com/gordon

maPs Locate properties using the map on the following page

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 nexthome.ca 57

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

kITcHENER–WATERlOO

Guelph N

Waterloo Kitchener

Milton

Cambridge

J

K

Brantford

Hamilton

5

4

lONdON

9

L 3

London

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

58 New Home + Condo Guide | June 22–July 6, 2019

Mississauga

MAP LE GE N D

m

NEW HomEs

F 6

NEW CoNDos

Oakville

Burlington

1 G B

E D

St Catharines H

Niagara Falls

2

A

I

C

Welland cartography: marketmaps.com

10

nexthome.ca  59

…continued from page 56

According to Campbell, the stress test means homebuyers with less than a 20 per cent down payment will need to prove they can afford mortgage payments based on which is greater – the Bank of Canada’s five-year benchmark rate or their contractual mortgage rate plus two per cent.

Don Campbell’s tips For First-time lanDlorDs: 1. proteCt your privaCy

Ask yourself if you will be OK seeing a stranger walking around your property every day. Is this lack of privacy worth the extra money?

2. try to avoiD renting to Family

As nice as it sounds to help out, renting to a family member is fraught with potential relationship crushers. If a tenant stops paying or become a nuisance, there are ways to solve that problem.

However, it is much more difficulty to use “eviction” or “collection” rules against a family member without destroying the relationship and having the repercussions ripple out into the rest of the family.

3. sign a proper written lease

Never, ever, ever let anyone move in without both 60 New Home + Condo Guide | June 22–July 6, 2019

of you signing a proper lease that clearly defines rules, responsibilities and costs. And never ever let a tenant move in without providing you with the full security deposit and first month’s suite rent.

4. Know your lanDlorD rules

Before you dive into the rental market, make sure you study up on the rules and responsibilities. They are strict and they are clear, and so must you be from the beginning of the tenant relationship. You can find these rules on the provincial government website.

5. tell your Home insuranCe Company

Critical. You must, in all cases, advise your insurance company that you are renting out a suite. If you don’t, and there is an incident where you need to use the coverage, you may likely get denied coverage.

6. researCH tHe tax reperCussions

Speak with a real estate experienced accountant to ensure that you are claiming all of the deductions you can as well as properly planning for any change in the capital gains exemption if and when you sell your house. Do it right, do it upfront or be prepared for a big tax bill in the end.

townhome

Condo

Bungalow

Location BuiLder/deveLoper name Site name

semi

#in tHe City

detached

index of advertisers

priceS

page

Bloor West village

Plaza pureplaza.com

Bijou on Bloor

•

Inquire

3

Bloor Yorkville

Mod developments inc.

55 Charles Residences

•

From 500's

21

downsview park

Mattamy Homes mattamyhomes.com

Saturday in Downsview Park

•

$4,990

IBC

downtown toronto

Pemberton pembertongroup.com

543 Richmond

•

Inquire

9

etobicoke

tridel tridel.com

Evermore

Inquire

4,5

etobicoke

Mattamy Homes mattamyhomes.com

Vita on the Lake

•

Inquire

IBC

etobicoke

Mattamy Homes mattamyhomes.com

Vita Two

•

Inquire

IBC

north York, on

Mattamy Homes mattamyhomes.com

Origins of Don mills

•

•

Inquire

IBC

north York, on

Mattamy Homes mattamyhomes.com

Park Place on Patricia

•

Inquire

IBC

Queens Quay east

tridel tridel.com

Aqualuna

•

Inquire

4,5

Scarborough

Mattamy Homes mattamyhomes.com

Thomson Towns

•

Inquire

IBC

Scarborough

Mattamy Homes mattamyhomes.com

Upper Summerside

•

Inquire

IBC

toronto

altree developments

Thirty Six Zorra

•

From 300's

23

toronto

davpart inc.

The United

•

Inquire

OBC

toronto

Menkes menkes.com

Sugar Wharf

•

Inquire

IFC

toronto

Pemberton pembertongroup.com/go2

Go.2

•

Inquire

9

toronto

tridel tridel.com

Auberge on the Park

•

Inquire

4,5

•

nexthome.ca 61

Beamsville

Losani Homes losanihomes.com

Vista Ridge

•

Bracebridge, on

Mattamy Homes mattamyhomes.com

White Pines

•

Brampton

Mattamy Homes mattamyhomes.com

Union Mount Pleasant

Brampton

Mattamy Homes mattamyhomes.com

Union Mount Pleasant

Brantford

Losani Homes losanihomes.com

Brant West

caledon/Brampton Border

fieldgate Homes fieldgatehomes.com

Upper Valleylands

• •

caledonia

Losani Homes losanihomes.com

The McKenzie

•

Fonthill

Mountainview Homes mountainviewhomes.com

One Twenty Condominiums

Fonthill

Mountainview Homes mountainviewhomes.com

Saffron Estates

Fonthill

Mountainview Homes mountainviewhomes.com

Homestead

•

ingersoll

sifton

Harrisview

Kleinburg

fieldgate Homes fieldgatehomes.com

Impressions

Kleinburg

Mattamy Homes mattamyhomes.com

Kleinburg Summit

Lincoln

Losani Homes losanihomes.com

Lincoln Estates

markham

Mattamy Homes mattamyhomes.com

The Condominiums of Cornell

milton

Mattamy Homes mattamyhomes.com

Hawthorne South Village

newcastle

Lindvest

Gracefields

niagara Falls

Mountainview Homes lyonscreekhomes.com

Lyon's Creek

oakville

Branthaven Homes thetauntonapartments.com

The Taunton

Winona

Branthaven Homes branthaven.com

Life

oakville

Mattamy Homes mattamyhomes.com

East Preserve

oakville

Mattamy Homes mattamyhomes.com

oakville

Mattamy Homes mattamyhomes.com

62 New Home + Condo Guide | June 22–July 6, 2019

townhome

Condo

Bungalow

semi

Location BuiLder/deveLoper name Site name

detached

#Beyond tHe City

•

priceS

page

From $300’s

2,45

$419,990

IBC

•

From $300’s

IBC

•

From $300’s

IBC

From 400's

2,45

•

From $500’s

7

•

Inquire

2,45

•

Inquire

43

•

Inquire

43

•

Inquire

43

•

$487,500

47

•

Inquire

7

$799,990

IBC

Inquire

2,45

By Appointment

IBC

Inquire

IBC

From high $400's

46

From $400's

43

Inquire

40, 41

Inquire

40, 41

•

$580,000

IBC

The Preserve

•

Inquire

IBC

The Preserve Woodland Estate

•

Inquire

IBC

•

•

• • •

•

• •

• • •

•

paris

Losani Homes losanihomes.com

Simply Grand

• •

paris

Losani Homes losanihomes.com

The Peninsula

• •

pickering

Mattamy Homes mattamyhomes.com

Seaton Whitevale

•

pickering

Mattamy Homes mattamyhomes.com

Seaton Taunton

pine valley & teston

Lindvest Lindvest.com

Klein Estates

•

richmond Hill

Mattamy Homes mattamyhomes.com

Richmond Green

•

South guelph

tricar

Gordon Square

St catharines

Mountainview Homes mountainviewhomes.com

Elements

mount Hope

Branthaven Homes casaditorrecondos.com

Homestead

Stoney creek

Branthaven Homes branthaven.com

Casa Di Torre

Stoney creek

Losani Homes losanihomes.com

Fallingwater

toronto

Concert Properties

The Kip District

West Brampton

fieldgate Homes fieldgatehomes.com

Valleylands

Whitby

Mattamy Homes mattamyhomes.com

Queen's Common

Welland

Mountainview Homes mountainviewhomes.com

Sparrow Meadows

•

Welland

Mountainview Homes mountainviewhomes.com

Timberwood Estates

Winona

Branthaven Homes branthaven.com

Winona County

townhome

Condo

Bungalow

semi

Location BuiLder/deveLoper name Site name

detached

#Beyond tHe City

priceS

page

Inquire

2,45

Inquire

2,45

•

Inquire

IBC

•

$400,000

IBC

Inquire

13

•

$845,000

IBC

•

From 300's

39

Inquire

43

From $300’s

40, 41

Inquire

40, 41

From $600’s

2,45

From mid $300’s

19

Mid $900’s

7

•

$499,000

IBC

•

Inquire

43

•

Inquire

43

•

Inquire

40, 41

•

• • • • •

nexthome.ca 63

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Saturday Saturday Saturday is where is where is more where more lives. more lives.lives.

• AFFORDABLY • AFFORDABLY • AFFORDABLY PRICED PRICED PRICED FROMFROM THE LOW FROM THE$400’S LOW THE$400’S LOW $400’S • PARKING • PARKING & • PARKING LOCKER & LOCKER INCLUDED* & LOCKER INCLUDED* INCLUDED* • FULL-SIZE • FULL-SIZE • APPLIANCES FULL-SIZE APPLIANCES APPLIANCES • ECOBEE • ECOBEE ENERGY • ECOBEE ENERGY STAR ENERGY STAR STAR CERTIFIED CERTIFIED SMART CERTIFIED SMART THERMOSTAT SMART THERMOSTAT THERMOSTAT WITH WITH BUILT-IN BUILT-IN WITH AMAZON BUILT-IN AMAZON AMAZON ALEXAALEXA VOICE ALEXA VOICE SERVICES VOICE SERVICES SERVICES

VISITVISIT OURVISIT OUR SALES OUR SALES CENTRE SALES CENTRE TODAY. CENTRE TODAY. TODAY.

SHEPPARD SHEPPARD SHEPPARD KEELE

KEELE

KEELE

Saturday Saturday in Downsview Saturday in Downsview inPark Downsview Sales Park Centre.

Sales ParkCentre.

Sales 2995 Centre.

Keele 2995 Keele Street 2995 Street Keele North Street North York York North York 416.630.8282 416.630.8282 416.630.8282 Mon toMon Thurs toMon Thurs 12 - to 7pm 12 Thurs -/ 7pm Fri121 /- Fri 7pm 6pm 1 -/ Fri 6pm Sat1&/- Sun Sat 6pm& 11 /Sun Sat - 6pm & 11Sun - 6pm 11 - 6pm

DOWNSVIEW DOWNSVIEW DOWNSVIEW PARK PARK PARK

*Except studio *Except and studio *Except one-bedroom and studio one-bedroom and suites. one-bedroom Prices, suites.specifications Prices, suites.specifications Prices, andspecifications promotions and promotions are andsubject promotions areto subject change aretosubject without changetonotice. without change Illustration notice. without Illustration notice. is artist’s Illustration isimpression. artist’sisimpression. artist’s E. & O.E. impression.

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COMING COMING COMING SOON. SOON. SOON. URBAN URBAN URBAN & CLASSIC & CLASSIC & CLASSIC TOWNS TOWNS TOWNS IN DOWNSVIEW IN DOWNSVIEW IN DOWNSVIEW PARK. PARK. PARK. REGISTER REGISTER REGISTER NOW NOW MATTAMYHOMES.COM NOW MATTAMYHOMES.COM MATTAMYHOMES.COM P A R KP S A IRDKE PSAT IR DOKEWSN TI D O SE WN TS OWNS

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