Southwestern Ontario New Home and Condo Guide - Nov 23, 2013

Nov 23 - Dec 7, 2013 Volume 16 Issue 21

Executive Living

Enjoy, Live, Work, Play, at Eby Estates 2013 Kitchener Urban Design Award Winner INSIDE THIS ISSUE

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FIVE STEPS TOAND DOWNSIZING HAPPYGREEN HOMEBUYING LIVING

DEVELOPMENT OHBA CONFERSCHARGES: 2013 WHAT YOU KNOW AWARDS OFSHOULD DISTINCTION

HHHBA RECOGNIZES GUELPH: A FOCUS ON INDUSTRY & EXCELLENCE ECONOMY ENVIRONMENT

11/20/13 4:01 PM

Get more life...

STONEY CREEK

NEW RELEASE OF TOWNHOMES TRUE Freehold 2-Storey Towns from

TRUE Freehold Towns from

284,990

291,990

$

34' Detached from

361,990

$

42' Detached from

503,990

$

$ @EmpireVictory

facebook.com/EmpireVictory

22 Green Mountain Rd. W., STONEY CREEK 905.930.7934

INVENTORY HOMES

BRANTFORD

Detached from

329,990

$

TRUE Freehold Towns from

36' Detached from

296,990

214,990

$

$

30' Detached from

249,990

331,990

$

$ @EmpireWyndfield

44' Detached from

facebook.com/EmpireWyndfield

310 Blackburn Dr., BRANTFORD 519.756.4554

INVENTORY HOMES

HAMILTON

Towns from

Detached from

250,990

289,990

$

$

TRUE Freehold Towns from

36' Detached from

326,990

247,990

$

$

30' Detached from

286,990

376,990

$

$ @EmpireSummerlea

44' Detached from

facebook.com/EmpireSummerlea

3 Binhaven Blvd., BINBROOK 905.692.6000

NIAGARA

NOW SELLING PHASE 2 TRUE Freehold Townhomes from

209,990

TRUE Freehold Park Townhomes from

219,990

$

$

36' Detached from

44' Detached from

$

$

269,990

309,990

E2

E S IN PHA AGLING M I SEL

W NO

46' Detached from

359,990

$ @EmpireImagine

facebook.com/EmpireImagine

McLeod Rd. & Kalar Rd., NIAGARA 905.354.1710

The Bristol ‘C’

Prices, sizes and specifications are subject to change without notice. *Applies to townhomes with 18-month move-ins. Ask about the Easy Buy ™ Program for other home types. **Based on the purchase price of $199,990, bi-weekly payments, 4 year fixed term, rate of 3.59%, 25 year amortization and a 5% deposit, all based on approved credit. The Easy Buy ™ Program is not available at Imagine. Please see Sales for full details. E. & O.E. Map not to scale. Exclusive listing brokerage: TFN Realty Inc. Broker Protected.

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With Empire’s EASY BUY™ PROGRAM you can make an initial deposit of $500* and with a bi-weekly mortgage payment as low as $441.98**, you can expect more life in an Empire home.

Toronto Toronto

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Stoney Stoney Creek Creek

Niagara Niagara Falls Falls

GeneralBrock Brock General Pkwy Pkwy

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McLeodRd Rd McLeod

Imagine Imagine BrownRd Rd Brown

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Mon-Thurs: 1-7pm Fri: 1-6pm Sat, Sun & Holidays: 11am-5pm

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OPEN 7 DAYS A WEEK:

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407 407

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Empire Communities made my dreams come true. I got Clifford as a present when we moved into our new home. He sleeps with me in my very own room and we play in the backyard all the time.

Thank you, Mommy and Daddy, I love my Empire home!

Niagara Niagara Square Square

Exit Exit 2727

Falls Falls

Join the conversation @Empire_Living facebook.com/EmpireCommunities

‘C’

empirecommunities.com

990, Map

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mattamyhomes.com

Enjoy Detached Living In Wildflowers From A Very Inviting $296,990.

Entertain In Style In Your Chef’s Kitchen

Come and see why Wildflowers is fast becoming Kitchener’s most popular new neighbourhood.

You’ll find lots of home variety in a community setting that will include park spaces, playgrounds, walking/biking trails, serene ponds and a wonderful old-growth forest.

Right now you’ll also find a special package of upgrades on our 30' and 36' Detached homes.

We’ll include granite kitchen countertops and hardwood on the main floor.

Wildflowers is a perfect pick if you’re looking for a new home in Kitchener.

36' Home, The Calypso, Elev. ‘D’, 1,818 Sq.Ft., $362,990

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Detached Homes From $296,990 Waterloo SAMS Award Winner!

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30' Home, The Indigo, Elev. ‘B’, 1,780 Sq.Ft., $334,990

Presentation Centre Hours: Monday to Thursday 1pm-8pm; Friday 1pm-6pm; Saturday, Sunday and Holidays 11am-6pm Follow us: 6

All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.

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2013-11-13 11:29 AM 11/20/13 3:09 PM

CountryGreenHomes.com

NEW RELEASE + NEW DESIGNS

H A M I LT O N W E S T M O U N TA I N

TOWNS STARTING FROM THE MID

SINGLES FROM

200s

$

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905-389-5979 8 Connell Crescent, Hamilton

MONDAY TO WEDNESDAY 2-7PM | THURSDAY & FRIDAY BY APPOINTMENT | SATURDAY & SUNDAY 11-4PM NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 7

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contents

NOV 23 - DEC 7, 2013

||

VOLUME 16 ISSUE 21

cover story p.14 EASTFOREST HOMES

Eby Estates in Kitchener recognized for excellence

regular and special features IN EVERY ISSUE 10 EDITOR’S NOTE

79 84

HOT DATES AD INDEX

COLUMNISTS

54

58

60

The need to improve the Ontario Municipal Board

71

ECONOMY

74

HOUSING STARTS

22

FINANCES

by Peter Kinch

50

CITY FOCUS

55

MARKETPLACE

TARION REPORT

Five steps to happy homebuying ADVICE FROM A PRO

Make your first home purchase a wise one What buyers can do about Development Charges

ECONOMY

Diverse economy a major strength for London in 2014: BMO

48

HHHBA

56

ADI DEVELOPMENTS

HHHBA honours excellence in the industry Mod’rn begins construction, only a few units remain

008 TOC_11-23-13-WK.indd 8

Smithville: small town living at its finest in the Niagara Pretty plumes

by Sara Duck

BUYING YOUR FIRST HOME

80

HOMEBUYERS’ RESOURCES

Using your RRSP to help make the down payment

42

Mortgage Calculator & Rate Table

community focus features 32

GEORGETOWN

Menkes Developments

New release of semi-link homes at The Enclaves of Upper Canada

FUSION HOMES

More options for buyers, more reasons to celebrate

38

Taking finances from “yours” and “mine” to “ours” at any age

73

FUNDAMENTALLY SPEAKING

IN THE NEWS

24

Housing starts to remain stable in 2014: CMHC

THE MORTGAGE MINUTE

by Wayne Karl

20

U.S. demand to drive Ontario economic growth

HOMEBUYERS’ HELP

Separating fact from fiction for first-time buyers

32

Andrin closes on land purchase for Kitchener condo project

by Mathieu Langelier

by Barbara Lawlor

85

ANDRIN

HHHBA REPORT

by Howard Bogach

72

68

38

MULTI-SITE

Mountainview Homes

celebrates Black Friday while creating big moments in homeownership

42

OAKVILLE

Empire Communities

New release of suite designs with limitedtime incentives at Rain Condominiums

NEW HOME

watch

16 London 25 Hamilton 61 Waterloo

11/21/13 2:06:13 PM

#in2 13 New homeowners were welcomed to the Mountainview family.

Excited children slept in their brand new bedrooms. Couples

celebrated milestone anniversaries. Women toasted with

their girlfriends to their new found independence.

Dogs scurried in their new backyards. Jobs were started, friendships were formed. First-time homebuyers made their homeownership dreams a reality and Mountainview Homes was named NHBA 2013 Builder of the Year. We all had some big moments in 2013...

now create your big m ment! for a limited time make Mountainview your home and receive...

$5,000 off EXPRESS HOMES

$3,000 off or NEW BUILT HOMES

Make a new home your 2013 Big Moment!

N H BA

2013 BU IL DE R OF TH E YE AR

905.323.6232 | www.mountainview.com Offer & Specifications subject to change without notice. E.&.O.E. Not valid with any other promotion. Express Homes at framing stage or further with 60, 90 or 120 day closings.

009-Mountainview Homes 11-09-13.indd 9

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11/20/13 3:09 PM

editor’snote

New home experience

Make wise choices and enjoy the process

W

hen only a new home will do, those in the market will be pleasantly surprised by the exceptional value and detail it offers.

When you buy new, you don’t inherit someone else’s worn carpeting, personal taste in kitchen appliances or paint colour preferences. You get a fresh, clean space that’s waiting for your personal imprint.

If you’ve always fantasized about buying a brand new home, here are a few tips that can help you make the process a pleasant one: ›› Shop the mortgage market to see what you can afford before you start your hunt; ›› Contract a lawyer who is willing to review your offer and close the deal; ›› Don’t be persuaded by high pressure sales tactics while you’re out shopping; ›› Determine which options and upgrades you want as part of your offer and ensure your lender will finance what’s required, if needed; ›› To save money, consider which upgrades you could purchase and install yourself after the sale closes. Some upgrades such as rough-ins and wiring inside the walls are easier to do before construction.

Factors such as the cost of the home, neighbourhood, lot size and special features play a big role in your final decision. Determining which features your new house absolutely must have, and which features you could live without, should be among your first steps in the homebuying process.

We hope you enjoy this issue of New Home & Condo Guide. Let us know what you think! We’d love to hear from you.

Susan Legge EDITOR-IN-CHIEF

Wall2Wall Media, susan.Legge@wall2wallmedia.com

VICE-PRESIDENT, WALL2WALL MEDIA

Jacqueline Hill

DIRECTOR OF SALES, NATIONAL

Josh Heppner

ASSOCIATE PUBLISHER

Susan Maxwell

EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge ART DIRECTOR

Daiana Garay EDITOR

Wayne Karl CONTRIBUTING EDITORS

Sara Duck Elisa Krovblit Lydia McNutt

DISTRIBUTION & SALES CO-ORDINATOR

Jennifer Bistron

ADMINISTRATIVE ASSISTANT

Antoinette Jackson

MANAGER OF PRODUCTION

Bala Gnanapandithan CO-ORDINATOR

Laura Northmore GRAPHIC DESIGNER

Viosa Barileva

CONTRIBUTING WRITERS

Joanne Keenan Jeffrey Reed

Published By

Follow me on Twitter at Twitter.com/SusanLegge

What price Development Charges?

Government fees and other costs are rising to the point that future affordability may be threatened

W

ant to startle yourself just a little? Dog-ear this page, and turn to page 85 of this issue and read my column on the increasingly challenging issue of Development Charges and other government fees associated with new-home development.

You may be surprised to learn that a recent report revealed that municipal fees and charges in six communities in the GTA, for example, average more than $116,000 for a single-family home. These are costs that are transferred on to new-home buyers when purchasing such property.

In Southwestern Ontario, mind you, home prices are generally lower than in the GTA. But can you assume Development Charges are as well?

Not so fast. They might be higher in some areas than in Toronto, because the necessary infrastructure may not exist and must be built from the ground up.

Do you know what portion of the cost of your prospective new home goes toward Development Charges? Do you know if the fees in your potential community are rising (spoiler alert: they are), how fast and what the increases are based on?

These are all questions worth asking, as you explore this topic and how it might influence your homebuying decision.

Wayne Karl EDITOR

Wall2Wall Media, wayne.karl@wall2wallmedia.com Follow me on Twitter at Twitter.com/WayneKarl

#500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867

newhomeandcondoguide.com Call Susan Maxwell at 416.580.1654 FAX: 416.784.9554 Toll Free: 1.877.269.8257, follow prompts, ext. 4260; e-mail: susan.maxwell@wall2wallmedia.com Office hours are Mon-Thurs. 9-5; Fri. 9-12

ADVERTISING:

CIRCULATION: Free distribution. Published bi-weekly from Sept.-Nov. & from Feb.-June and monthly in June, July & Dec. TERMS: Advertisers, Editorials and New Home & Condo Guide are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. EDITORIAL: Submissions from interested parties will be considered. Please submit to the address above, to the attention of the Editor.

COPYRIGHT 2013: All

rights reserved by New Home & Condo Guide, Toronto, Ontario. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication. Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.

Please recycle this magazine! Wall2Wall Media participates in the Partners in Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over 2.5 million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.

10 NEW HOME & CONDO GUIDE SWO | NOV 23 - DEC 7, 2013

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CONSTRUCTION HAS STARTED!

Move in this spring and live in the of Beamsville!

Stunning Detached and Townhome Designs from

264,900

$

Spacious 30’ detached homes with ensuites, second floor laundry and charming brick & stone exteriors.

• Loaded with great standard features • Located on historic Beamsville Fairgrounds site steps to shopping + downtown • Short commute to GTA, Niagara Wine Region and border

Final Release!

BU

LAKE ONTARIO

RL

IN

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Y. W PK LL HI

BEAMSVILLE SALES CENTRE

SERENA DR. KIN G ST .

From Niagara

ONTARIO ST.

BARTON ST.

GRIMSBY

ONTARIO ST.

STONEY CREEK

From GTA

FIFTY RD.

D

10,000

$ worth up to

Sales Centre: Intersection of Ontario & May Street, (Serena Drive), Beamsville Hours: Monday - Thursday 1pm - 6pm Saturday & Sunday 12pm - 5pm, Fridays by appointment only 289.566.8889 or visit HomesByDeSantis.com

EXIT

64 QEW CENTENNIAL PKWY.

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New 46,000 sq. ft community with public library and NHL sized hockey rink

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Register now on your mobile device For community updates, contests, new home owner information and more, follow us on:

IMPORTANT: Take Ontario St. (Hwy #18)/Beamsville Exit #64 (From GTA Do Not Take Ontario St./Grimsby exit) * Prize not exactly as shown, visit homesbydesantis.com/contest or Sales Centre for full contest rules and regulations. Illustrations are artists concept. Prices and specifications are subject to change.

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coverstory

Eby Estates

Eastforest Homes’ Kitchener

community recognized for excellence

location Kitchener housing type Executive townhomes sales centre 8 Isaiah Dr., 401 West to Homer Watson Exit, north to Bleams Road, left and follow to Eby Estates; open Monday to Wednesday 2 to 7 p.m., weekends and holidays noon to 5 p.m. contact 226.647.0346 | eastforesthomes.com

E

astforest Homes, WRHBA Home Builder of Year, is proud to congratulate Eby Estates for being presented with the UDA Award of Excellence for Urban Elements as well as the WRHBA Most Outstanding Lowrise Multi-Unit Design Award of Excellence.

Located off Bleams Road between Fischer Hallman and Trussler Road in Kitchener, these executive townhomes complement this established community that has proven to be a desired location. Within easy access to major highways and nature trails Eby Estates is a community with a unique heritage setting that combines the security and comfort of a small town lifestyle with a level of convenience rarely found in a new development. Take a leisurely walk along quiet streets beneath nostalgic streetlamps or visit one of numerous shopping centers nearby, the option is yours.

14 New home & condo guide SWO | nov 23 - dec 7, 2013

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EASTFOREST HOMES

Eby Estates

Eby Estates is the ideal opportunity for young professionals wanting to secure their investment in home ownership but do not have the time for the outside responsibilities that come with a larger property.

Spectacular craftsman inspired elements complement the exquisite exterior of each Eby Estates townhome. The richness of the natural stone with the blend of brick and siding detail presents a timeless elegance of days gone by.

Inside you will discover the most up to date details of the art of construction; from the California drop down ceiling to the Energy Star Qualifications and everything in between, quality is the hallmark of every Eastforest Home.

T he award-w inning Somerset model home demonstrates just how easy it is to live, work and play at home. Designed for practical living, elegant entertaining and the convenience of working from home; the Somerset has it all, 1716 sq. ft. of pure living space. The lower level area provides a private space to set up shop and offers private access through the garage that will not interfere with your personal living space. If your business does not include customer visits, one of the second floor bedrooms offers an alternate office space and your gas savings will pay for your next vacation.

Eby Estates is the ideal opportunity for young professionals wanting to secure their investment in home ownership but do not have the time for the outside responsibilities that come with a larger property. The

second floor deck on the Somerset model expands your living and entertaining space, and there is no grass to cutout, no weeds to pull and no added expense of fencing, it doesn’t get any better! Add in the savings you receive with an Eastforest Home, no hidden costs for hydro and water services, a full year of free phone, Internet and cable and a Model Home Celebration bonus of $10,000.00 in free options and you are well on your way to the investment of a lifetime. Come see for yourself why Eby Estates is the place to be – Live it Now! nov 23 - dec 7, 2013 | New home & condo guide SWO 15

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LONDON

New Home

watch

BUILDERS: If you would like to include your new model home or site opening, email wayne.karl@wall2wallmedia.com. Please say you saw it in New Home & Condo Guide!

preview registration eastforest homes London | Andover Trails The preview continues – last chance for pre-construction pricing in this community of quadroplex and townhome designs. eastforesthomes.com

new openings sifton properties London | Westwood Village Grand opening of luxury one-floor Energy Star condos from the low $300’s. sifton.com geranium homes Woodstock | The Village at Sally Creek Designer decorated models open – semi-linked and fully detached bungalows and bungalow-lofts in this adult lifestyle community. geraniumhomes.com

Bayfield Blyth Clinton Grand Bend Ingersoll London Mitchell Seaforth Shakespeare St.Thomas Stratford Tavistock Tillsonburg Wingham Woodstock

new releases auburn developments London | Foxfield Community A variety of housing options are available in this community, including single-family lots. auburndev.com Sifton properties Ingersoll | HarrisView Single-family homes on 40- to 50-ft. lots, with some wooded and pondview lots available. sifton.com Cachet reid heritage homes London | Copperfield Final single-family homes available in this community. Single-detached designs close to schools, shopping, recreation and parks. cachetreid.com

claysam homes Woodstock | Sally Creek Premium twin town designs now including finished basements. claysamhomes.com claysam homes Woodstock | Neighbourhoods of Devonshire Get affordable homeownership in this community of single-family homes minutes from Hwy. 401. claysamhomes.com

16 New home & condo guide SWO | nov 23 - dec 7, 2013

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London:

WINGHAM, GODERICH, CLINTON, MITCHELL, STRATFORD, WOODSTOCK, INGERSOLL, TILLSONBURG, AYLMER, ST. THOMAS, STRATHROY, DUNWICH

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Se m i Bu ng To alow wn h Ad ome ul /Co t L nd ife o sty le

Please see advertisers ads for location of sites

LOCATION BUILDERS

SITES

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Tillsonburg

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Baldwin Place

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TOWN OF TILLSONBURG

• • •

from $232,000

PAGE

19

21

NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 17

017-SW Map-London 2011.indd 17

11/21/13 11:57 AM

Beautify your

Bath

from as low as

$157, 990

FRE

+

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$10

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,000 s

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stacked towns | quads | townhomes | octominiums | semis | detached bungalows | 2-storey detached

Buy a new Eastforest Home in November, enjoy a Beautified Powder Room!

Includes: Ceasarstone Counter Top Vanity Undermount Sink Designer: Chrome Faucet Towel Bar Toilet Paper Holder Mirror

For Presentation Centre locations visit:

www.eastforesthomes.com Prices correct at press time. Pictures are for illustration purposes only. Design Studio bonus promotion only available on new construction. Offer only valid for sales that firm up on or before November 30th 2013, is not applicable with any other promotion unless stated and may be cancelled or discontinued at any time. See Sales Representative for details. Broker protected.

E. & O. E. Effective November 1st, 2013

18

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BP2013 NH&C Ad 2 :Layout 1

10/8/13

2:58 PM

Page 1

SEE OUR NEW

DIGS

You can’t beat the new home value at Baldwin Place.

Onsite fully-equipped recreation centre, all major shopping and extensive medical facilities right in town. Come and see for yourself why Baldwin Place is so popular with retirees of all ages.

All brick, freehold homes with $30 monthly association fee from

$232,000

incl hst

Visit us at: www.baldwinplace.ca 3 ESSELTINE DRIVE,TILLSONBURG, 1-800-265-5709 MODEL HOME HOURS: OPEN MONDAY THROUGH THURSDAY, SATURDAY & SUNDAY 10AM TO 5PM. FRIDAYS & HOLIDAYS BY APPOINTMENT ONLY. E.& O.E. PRICES & SPECIFICATIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE.

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inthenews

Diverse economy a major strength for London heading into 2014: BMO Economics

The next three years will bring 6,000 new jobs

to London, according to a report by BMO Economics. The report on one of the key economic hubs of Southwestern Ontario is the latest in a series of economic, housing and business overviews for various cities and regions across Canada that will be published by BMO over the next year.

“London is a great city with incredible assets,” says David Blyth, vice-president, southwestern Ontario district, BMO Bank of Montreal. “We’re strategically located in the heart of Southwestern Ontario on Canada’s NAFTA Superhighway which, along with an International Airport and Class 1 rail infrastructure, gives our businesses critical and efficient access to markets across Canada, the U.S. and overseas. London is also home to some of Canada’s preeminent educational, medical, life sciences and biotechnology research institutions in the country, which attracts and creates a workforce with the skills to meet a wide range of industry needs. We’re extremely bullish on the outlook for this city and believe that London is well positioned to benefit from the economic recovery.”

“While the manufacturing sector continues to present challenges for London’s economy, diversity remains one of its major strengths,” says Robert Kavcic, senior economist, BMO Capital Markets. “As an example, there has been recent talk of repurposing the Ford plant in St. Thomas – closed in 2011 – as a major food processing facility, a sector that continues to perform well across Ontario.”

Kavcic stated that a more robust U.S. economy – expected to grow at a three-per-cent plus clip next year – should provide some much-needed support to manufacturing as the sector continues its recovery from the Great Recession. “With modest growth expected over the medium term, BMO Economics expects that London’s economy should add about 6,000 new jobs in the next three years.”

London is also home to some of Canada’s preeminent educational, medical, life sciences and biotechnology research institutions in the country, which attracts and creates a workforce with the skills to meet a wide range of industry needs.

In terms of the housing market, London, unlike some Canadian cities, has been relatively stable since the recession, with moderate price growth.

Existing home sales were slightly below the 10-year trend as of August 2013, but average prices have churned out steady growth of about three per cent per year over the past five years.

Affordability in the city is also favourable, BMO says, with the average home price sitting at little more than three times median family income, among the lowest of Canada’s larger cities. Homebuilding had a strong year in 2012, with more than 2,200 units started in the city, the highest level since 2008.

20 New home & condo guide SWO | nov 23 - dec 7, 2013

020 News London BMO-VB-WK.indd 20

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OPPORTUNITY. OPPORTUNITY. OPPORTUNITY.

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finances

how to take finances FROM MINE AND YOURS TO OURS, AT ANY AGE FIRST COMES LOVE, AND THEN COMES… A JOINT BANK ACCOUNT.

Whether a couple is cohabitating in their 20s, getting married in their 30s or remarrying in their 60s, at some point in any serious relationship, the conversation about joint finances will surface. Regardless of life stage, successfully integrating finances requires open and honest communication to determine how to best combine and plan for the future together.

According to research from TD Canada Trust, which surveyed adults in committed relationships, the top three personal finance products that Canadians combine with their partner are a joint bank account (64 per cent), a mortgage (60 per cent) and a joint credit card (50 per cent), compared to only 36 per cent of couples who have a joint financial plan.

“A common first step in combining finances with a partner is a joint account for shared household expenses, and like other aspects of the relationship, communication is key to keeping things harmonious,” says Janice Farrell Jones, TD Canada Trust. “It’s important that both parties

A common first step in combining finances with a partner is a joint account for shared household expenses, and like other aspects of the relationship, communication is key to keeping things harmonious.

22 New home & coNdo guide Swo | nov 23 - dec 7, 2013

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“Couples can also further streamline by making savings automatic with preauthorized transfers into a TFSA, RSP and a child’s RESP.” Paying down student debt and saving for a home in the future, for example, are common goals for many couples in their 20s. As with any financial goal, it’s important to discuss and align on key considerations like timing, affordability and overall expectations. In the case of homeownership, couples should also make sure they agree on whether they are buying for the long or short-term as it will have a financial impact down the road.

have a clear understanding of household finances – from day to day spending to long-term savings and investments – and all aspects of each individuals finances – from everyday banking to credit card management – to set the framework for a strong financial future together.”

TD Canada Trust provides some advice that may help in maintaining financial harmony when integrating finances with a partner at any life stage: The 20s Combining finances is often a first for many couples in their 20s, whether it’s renting an apartment together or working to pay down existing student debt. When and how to share money will always vary depending on an individual couple’s financial situation and relationship, but communication is always key.

“Start by discussing debt, saving, spending habits, financial goals, and credit history to determine if there is anything that may affect the ability to secure future loans together,” says Farrell Jones. “Next, work together to create a household budget that meets the needs of expense and debt management and has a little left over to put towards the collective financial goals.”

The 40s Paying down debt, raising kids and saving for retirement – with many financial priorities, streamlining is essential for couples looking to combine their finances in their 40s.

“First and foremost, couples at this life-stage should focus on what will make life easier, financially, together,” says Farrell Jones. “Consider working with an expert to make sure each individual financial strategy aligns with the other to maximize savings potential and keep all of the household financial priorities on track. Couples can also further streamline by making savings automatic with pre-authorized transfers into a TFSA, RSP and a child’s RESP.” Some couples may choose to merge certain aspects of their finances, while retaining individual accounts for additional saving or discretionary spending. Whether a couple decides to combine everything, keep everything separate, or somewhere in the middle, it’s important that both parties are ultimately working towards the same financial goals.

The 60s Likely, many couples in their 60s have a solid financial base, but with fewer peak income earning years remaining, it’s important to have a clear picture of what retirement looks like and what it will take, financially, to get there.

“Spending time with the grandkids will have a much different price tag than travelling the world, so alignment on the retirement vision is essential,” says Farrell Jones. “If there is not enough saved for the type of retirement a couple wants, they should work with an expert to help determine how much more needs to be saved and ensure each individual financial plan complements the other to maximize savings and investments.”

Whether married or common-law, couples should also ensure their retirement savings strategy takes advantage of spousal RSP contributions to help reach their retirement goals faster while lowering income taxes now and in retirement. nov 23 - dec 7, 2013 | New home & condo guide SWO 23

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inthenews

Fusion Homes

More options for buyers, More reasons to celebrate

Winning one award is cause for celebration. Winning four is

history making. Fusion Homes, the Guelph-based builder, has a quadruple win under its belt as Ontario Builder of the Year in the lowrise category, conferred by Tarion Warranty Corp. The award recognizes builders who have delivered exemplary customer service.

“Our team has a relentless focus on providing the highest level of customer service and this award is a reflection of our commitment to providing clients with a high-quality product and an exceptional customer service experience,” says Lee Piccoli, president, Fusion Homes. “It is determined by home buyers and is therefore the most highly-valued award in our industry.”

To reach that level of customer satisfaction, Fusion Homes offers a promise to buyers that they will never miss a closing date. The company has numerous checkpoints in place to ensure that’s always the case. It has had plenty of practice to hone the process, from start to finish, over the last 14 years and nearly 1,000 new homes.

Elevating building standards has been a goal of Piccoli ever since he started the company at age 25. For interiors, that means things such as ceramic floors in foyers, kitchens, bathrooms and laundry area; a superior quality of carpet, custom-made cabinetry, low VOC/low odour paint and soaker tubs. For exteriors, buyers can find attractive perks like over-sized basements windows (for more natural light), 30-year shingles, and an E2 energy efficiency package that exceeds the standards of the Ontario Building Code.

Most of all, it’s the quest for perfection with every home that has won over homebuyers. Before the first moving box comes in the door, there have

already been two inspections to ensure the smallest details have been executed exactly as they should be. And the house is cleaned twice in the week prior to the move.

Then, once homeowners have settled in, there are two visits to do any necessary touch-ups and fixes.

Even after the warranty has expired, the customer service continues.

The current roster of developments is keeping Fusion Homes hopping. In Guelph, there are four communities (River’s Edge, Chillico Glen, Privada, and Blueberry Hill.); next year, the company will build its first-ever, highrise in the city. In Kitchener, three communities are welcoming new residents in Explorers Walk, River Ridge and Milestones. In Waterloo’s west end, there’s Vista Hills and, in the north, close to the village of St. Jacobs, the established community of Conservation Meadows.

Fusion Homes is also creating communities further afield in southwest Ontario with homes available in charming town of Tillsonburg (The Oaks) and in London, there is Cedar Hollow, Fox Field, Hyde Park Meadows, Oakridge Crossing, and Sunningdale Green. With such a diverse line-up of homes, there is one thing that homebuyers can count on regardless of which Fusion Home community attracts them: the pursuit of perfection applies everywhere.

For more information, fusionhomes.com

visit

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hamilton halton niagara

New Home

watch

BUILDERS: If you would like to include your new model home or site opening, email wayne.karl@wall2wallmedia.com. Please say you saw it in New Home & Condo Guide!

preview registration Dicenzo homes Stoney Creek | Blue Shores Waterside semis and singles from the mid $300’s. blueshores.info branthaven homes Waterdown | Bohemian Towns Coming soon – towns from the $270’s. branthaven.com COUNTRYGREEN homes Waterdown | Uptowns of Waterdown Coming soon – urban two- and three-storey back-to-backs, traditional and executive towns priced from $264,900. countrygreenhomes.com kingwood homes Paris | Village on the Grand Register now for riverfront townhomes in historic downtown Paris, from the $230’s. villageonthegrand.ca rosehaven homes/Homes by Desantis/CDI developments Ancaster | Tiffany Hill Phase II coming early 2014 – freehold townhomes and 36- and 45-ft. detached. tiffanyhill.ca rosehaven homes/ homes by desantis Stoney Creek | On the Ridge Coming early 2014 – semis, 35- and 40-ft. singles. liveontheridge.ca ADI Development Oakville | Link Condos + Towns Register now for this modern condo community on Dundas at Sutton, adjacent to Bronte Provincial Park. adidevelopments.com forest park homes Fonthill | The Village Landing Pre-register for Fonthill’s newest community – single-family homes and village homes. thevillagelanding.com TOBYN park homes Stoney Creek | Stoneywood Park Coming spring 2014 – detached homes and townhomes, on-site greenspace, easy access to highways, conservation area and other amenities. stoneywoodpark.com

Ancaster Beamsville Binbrook Brant Brantford Burlington Catharines Grimsby Hamilton Milton

rosehaven homes Mount Albert | Victoria Highlands Coming November 2013 – 50-ft. detached singles. rosehaveninmountalbert.com new horizon homes Bronte | Harvest Coming soon – register now for these luxury freehold townhomes backing onto Bronte Provincial Park. newhorizonhomes.ca new horizon homes Oakville | Mint Condominiums Coming soon – living well for less in Oakville, condos at Bronte and Dundas from the mid $200’s. newhorizonhomes.ca spallacci homes Hamilton | Eden Park Coming soon – Simona Place The Towns of Eden Park Exquisite collection of executive townhomes. spallaccihomes.com spallacci homes Hamilton | 101 Locke Condos Register now – Boutique condo living is coming to Hamilton’s hip Locke Street. spallaccihomes.com schuit homes Ancaster | Perth Park Exclusive community of residences fronting landscaped parkland onto a ravine setting. schuithomes.com Molinaro Group Burlington | Paradigm The new Burlington opens soon – a new standard of condo living from the $200’s. paradigmcondos.ca

new openings

cosmopolitan homes St. Catharines | Vintner Estates Bungalow and two-storey freehold townhomes located just steps from shopping, dining and more in an intimate enclave neighbourhood. vintnerestates.ca

Niagara Oakville Paris Port Dover St. Catharines Stoney Creek Vineland

spallacci homes Hamilton | Eden Park Grand Opening of Chateau-inspired semis collection. spallaccihomes.com phelps homes Grimsby | The Bedford Collection Model home now open at this private enclave of 28 bungalows a short walk from downtown Grimsby. bedfordcollection.ca mountainview homes Fonthill | The Residences at Lookout Second phase now open – new bungalow collection on 50-ft. lots. mountainview.com bucci homes Grimsby | Bliss Two-storey freehold executive towns located near 50 Point Conservation Area, priced from the mid $260’s. buccihomes.com Augustine Group Stoney Creek | Treviso Select suites still available at this condominium in downtown Stoney Creek – including corner units and penthouses. trevisostoneycreek.ca

new releases

Rosehaven homes Chippawa | Lyon’s Creek Coming soon – model homes plus new release of 50-ft. detached lots. rosehavenhomes.com spallacci homes Hamilton | Eden Park Phase 4 release of exceptional 32and 40-ft. lots. spallaccihomes.com Emery condominiums Burlington | Appleby Club Limited release of Country Club Condominiums at Appleby and Dundas. applebyclub.com

Empire communities Niagara Falls | Imagine Now open – master-planned community of towns and detached homes in heart of Niagara. empirecommunities.com

nov 23 - dec 7, 2013 | New home & condo guide SWO 25

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Paris

Port Dover

Binbrook

Grimsby

Georgetown

Caledon

Smithville

OAKVILLE, BURLINGTON, HAMILTON, ANCASTER, PARIS, BRANTFORD, STONEY CREEK, VINELAND, LINCOLN, THOROLD, FONTHILL, NIAGARA, NIAGARA-ON-THE-LAKE, FORT ERIE

Halton / Hamilton / Wentworth / Niagara:

Thorold

Welland

Fonthill

Ridgeway

Stevensville

Chippawa

Fort Erie

De t.

Se m Bu i ng To alo wn w h Ad ome u l /C t L on ife do sty le

SITES

PRICES PAGE

Ancaster

DAWN VICTORIA HOMES

Evergreens on Southcote

•

•

from low $400's

46

Ancaster

ROSEHAVEN HOMES

Tiffany Hill

•

from $480's

53

Ancaster

SCHUIT HOMES

Perth Park

•

29

Beamsville

HOMES BY DESANTIS

Lincoln Square

• •

Binbrook

BRANTHAVEN HOMES

Celebrations

Brantford

EMPIRE COMMUNITIES

Wyndfield

• • from $214,990 2&3

Burlington

ADI DEVELOPMENT GROUP

Link Condos + Towns

•

from the $170's

57

Burlington

EMERY CONDOMINIUMS

Appleby Club

•

from $294,900

31

Burlington

MOLINARO GROUP

Paradigm

•

from the $200's

37

Caledon

MONARCH

The Village of SouthFields • • from high $300's 44&45

Chippawa

ROSEHAVEN/HOMES BY DESANTIS Lyon's Creek

Grimsby

BUCCI HOMES

Bliss • from mid $260's 36

Grimsby

BRANTHAVEN HOMES

Wave • from $169,990

13

Hamilton

COUNTRY GREEN

West Bloom

• from $329,900

7

Hamilton

EMPIRE COMMUNITIES

Summerlea

• • from $247,990 2&3

Hamilton

MULTI-AREA DEVELOPMENTS Bellagio Village

• • from the $280's 28

Kitchener

BRANTHAVEN HOMES

Nestings

•

from $423,990

12

Niagara

EMPIRE COMMUNITIES

Imagine •

from $209,990

2&3

Niagara, Fonthill

FOREST PARK HOMES

The Village Landing

• •

from $249,900

30

Niagara on the Lake BW HOMES

Niagara on the Green

• • •

from mid $200's

Oakville

MENKES

Millstone • from $309,990

Oakville

NEW HORIZON

Mint Condominiums • from mid $200's 47

Smithville

PHELPS HOMES

Brookside on the Twenty

• •

Smithville

PHELPS HOMES

Harvest Heights

Smithville

PHELPS HOMES

St. Catharines

from $264,900

11

•

from $254,990

13

•

•

from low $300's

53

5 34

• from mid $200's

52

•

• from the $270's

52

Streamside on the Twenty

•

from mid $300's

52

BW HOMES

Victoria Village

• from low $300's

4

St. Catharines

COSMOPOLITAN HOMES

Vintner Estates

• • from $259,990

49

Stevensville

PARK LANE HOME BUILDERS Village Creek

• •

55

Stoney Creek

EMPIRE COMMUNITIES

Victory

• • from $284,990 2&3

Stoney Creek

ROSEHAVEN

On The Ridge

• •

Thorold

GREAT GULF

Rolling Meadows/Edgewood • from $299,990 78&79

Thorold

ROSEHAVEN HOMES

Gibson Heights

• • from the $250's 53

Waterdown

COUNTRY GREEN HOMES

The Uptowns of Waterdown

• from mid $200's

•

from $245,000

53

7

OAKVILLE, BURLINGTON, HAMILTON, ANCASTER, PARIS, BRANTFORD, STONEY CREEK, VINELAND, LINCOLN, THOROLD, FONTHILL, NIAGARA, NIAGARA-ON-THE-LAKE, FORT ERIE

• • •

Halton / Hamilton / Wentworth / Niagara:

Port Dover

LOCATION BUILDERS

27

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MA_BellaPreviewAd_NHC_Nov5_HR.pdf

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13-11-05

5:00 PM

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WINNER OF 3 AWARDS OF DISTINCTIONS Best Single Family Home

Best Bathroom in a Home

Best Kitchen in a Home

2500 sq ft & over

2500 sq ft & over

2500 sq ft & over

This exclusive community will feature only 9 private residences fronting onto landscaped parkland nestled onto a ravine setting and the Hamilton Golf and Country Club.

Your Private roadway is a short distance from Hwy 403 for your commute access to Burlington, Oakville or Toronto.

ANCASTER

LVD RLY B ST AMBE CALVIN

H DR WORT WOOD

A RD ROBIN

D EEN R RS GR FIDDLE

TORONTO è

Award Winning Designer & Builder

403

For your private viewing call

306 Woodworth Dr

029-Schuit Homes 09-14-13 V1.indd 70

905.628.9559

schuithomes.com 11/21/13 11:34 AM

NIAGARA REAL ESTATE CENTRE, BROKERAGE

30

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communityfocus

The Enclaves of Upper Canada, Georgetown

New release of semi-link homes

T

he Enclaves of Upper Canada is Menkes Development’s newest family community in Georgetown, backing on to a ravine of mature trees with breathtaking views of the Credit River Conservation lands. A private, inviting community in the Norval hamlet of East Georgetown, virtually everything you need is only minutes away. From all the amenities of a major town to the beautifully landscaped suburban streets and wooded walking trails of the Niagara escarpment, the Enclaves has it all.

Minutes away from miles of well-groomed hiking trails, including the renowned Terra Cotta conservation area, this pristine landscape provides a multitude of picturesque settings ideal for family picnics, hikes, or bike rides. When you’re surrounded on all sides by natural beauty, you’ll quickly forget how close you are to the centre of Georgetown, with all of its fine community facilities. For those who crave the excitement of the big city, Brampton is a mere five minutes east. The GO Train is conveniently located minutes from the site and provides homeowners with a fast and reliable means of transportation into the city.

Downtown Georgetown’s historic Main Street offers a charming selection of boutique shops and fine restaurants, while Market Place Mall has a multitude of favourite mainstream big-box stores. A thriving arts community, Georgetown has an array of cultural events and local theatre to choose from, and is just a short drive to the historic and artistic hamlet of Glen Williams. There is also a selection of leisure and recreation options, including skating, skiing, golfing, horseback riding and fitness in the area.

The Enclaves of Upper Canada offers a wide selection of semi-links and 30-ft. detached homes. Each of these elegantly crafted gems blend into the natural landscape, delivering a charming, timeless look and feel. With a modern grasp of design, fused with classic architectural

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MENKES DEVELOPMENTS

The Enclaves of Upper Canada

location Georgetown housing type Semi-links and 30-ft. detached homes sales centre 363 Guelph St., in front of the Best Western Hotel, east of Canadian Tire, open Monday through Thursday from 1 to 8 p.m., closed Fridays and open Saturdays from 11 a.m. to 6 p.m. and Sundays and holidays from noon to 6 p.m. contact 289.891.9103 | menkes.com

With a modern grasp of design, fused with classic architectural styles, these homes have been designed from the inside out to suit the needs of today’s lifestyle. styles, these homes have been designed from the inside out to suit the needs of today’s lifestyle. Inspired by Georgian architecture through the symmetry of windows and French architectural bell curve roof flares, these characteristics create the unique individualism of each elevation.

Authentic architectural influences on style combined with the use of materials such as stucco, stone and brick with a careful selection of colour palettes, creates character and identity for this community.

The same exquisite, traditional charm can be found in the stunning interiors of each and every home. All the homes at The Enclaves come with an upscale array of standard features, including; nine-ft. ceilings on the

main floor, extended height kitchen cabinets, oak staircases from the first to second floor with upgraded pickets, low-E argon white vinyl casement windows on the main and second floors, decora switches, upgraded attic and wall insulation to reduce heating and cooling costs, a paved driveway and much, much more. In addition, each home at The Enclaves is an Energy Star qualified home, including inspection and certification by a government sponsored third party evaluator.

Menkes is offering a spectacular preview opening bonus to its purchasers; three stainless steel kitchen appliances, white washer and dryer, and $5,000 in upgrades.

As an extra special bonus for a limited time only, purchasers will receive an additional $7500 off the purchase price.

Semi-link designs range from 1,393 to 2,023 sq. ft. and are priced from the low $400’s. Visit the sales office located at 363 Guelph St., Georgetown, right in front of the Best Western Hotel just east of Canadian Tire. The presentation centre is open Monday through Thursday from 1 to 8 p.m., closed Fridays and open Saturdays from 11 a.m. to 6 p.m. and Sundays and holidays from noon to 6 p.m.

For more information, call 289.891.9103 or visit menkes.com nov 23 - dec 7, 2013 | New home & condo guide SWO 33

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Visit Our 2 Model Homes & Sales Center in Grimsby 2-Storey Freehold Executive Towns

E X E C U T I V E L A K E S I D E TOW N S

Priced from the mid

260’S

$

Up to 1,615 sq ft.

Pre-construction BONUS $5000 In designer dollars & receive a $2,000 appliance credit*

Choose from: Granite Countertops, Hardwood, Upgraded Cabinets, Gas Fireplace, Oak or Maple Staircase...And more!

*Limited time offer subject to change without notice E&O.E

Lake Ontario Olive St.

N Service Road

Grimsby Beach

Lake St. N Service Road

#8

King Street

Ontario St.

H Main Street

Barlett Ave.

GRIMSBY

Christie St.

To Toronto

To Niagara

QEW to Bartlett Street exit, north to Lake Street Monday – Thursday 2-7pm, Friday by appointment, Saturday & Sunday 12-6pm

Kathie Pillar, Sales Representative buccihomes@bellnet.ca • www.buccihomes.com Toll Free: 1-800-290-0163 • Site: 905-945-1656

Located near 50 Point Conservation Area

Town living has never been this good!

036-Bucci-Bliss 11-23-13.indd 1

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THE NEW BURLINGTON

OPENS SOON

Burlington’s New Standard of Condo Living from the $200’s.

The New Burlington is Paradigm.

Paradigm is luxurious and inviting.

You are invited to experience it live and in person.

EXCLUSIVELY FROM

037-Molinaro-Paradigm 10-26-13.indd 37

South of the QEW on Fairview @ Brant

W

BOOK NO

PA

S.CA O D N O C RADIGM

37

11/20/13 3:10 PM

communityfocus

Mountainview

celebrates Black Friday while creating big moments in homeownership

N

iagara Home Builders’ Association 2013 Builder of the Year, Mountainview Homes, one of Niagara’s larger home builders, celebrates Black Friday for the first time ever as it gears up to be part of your big moments of 2013. With an amazing choice of new homes and locations throughout the region, along with great incentives, homebuyers can end the year on a high note in a Mountainview home.

We all have them: milestones and red letter days from which memories are made. Mountainview has welcomed new homeowners to its family where they have celebrated anniversaries, babies were brought home to new nurseries, women have toasted to newfound independence, jobs were started and friendships formed. Mountainview wants to continue to create these big moments in 2013 with new homeowners.

For the first time ever, Mountainview will add a big moment of its own and take part in Black Friday offering two great incentives. For one day only, Friday Nov. 29, 2013, homebuyers can save $10,000 on its Express

Homes, available with 30-, 60-, 90- and 120-day closings. Those purchasing a new built home can save $10,000 that includes $6,200 Design Dollars plus an Energy Star package of $3,800. Plus the company will be offering a free iPad Mini with all home purchases. Remember, it’s one day only!

But if you miss the Black Friday event, Mountainview wants to continue to be a part of your big moments in homeownership by offering $5,000 off its Express Homes and $3,000 off new built homes.

As NHBA Builder of the Year, Mountainview offers more than just a great promotion. They build homes in a variety

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MOUNTAINVIEW HOMES

Multi-site

Location St. Catharines, Thorold, Fonthill, Fenwick, Beamsville, Fort Erie, Niagara Falls, Welland, Ridgeway contact mountainview.com

of sizes, styles and budgets but with a consistency of quality construction and finishes to span generations of buyers.

In addition to Home Builder of the Year, Mountainview Homes won six coveted design and marketing awards: Best Condo/ Townhouse up to 1,500 sq. ft. for its Stone Mill model, St. David’s; Best Custom Designed Home under $500,000; Most Outstanding Kitchen in the Kingsbridge model, Niagara Falls; Best Social Media, Best Showroom or Sales Office or DÊcor Centre in Niagara; and Best Interior Decorating for the Kingsbridge.

In 2012, Mountainview was also recognized as among the top 25 per cent of builders nationwide that provided an enhanced customer experience resulting in more than 93 per cent of their homebuyers s t a t i n g t h e y w o u ld r e co m m en d Mountainview Homes to family and friends.

Mountainview was also a top five finalist for Tarion Builder of the Year in 2012 determined through a survey sent to more

than 45,000 Ontario homebuyers in a one-year period. Recognizing the value of word of mouth promotion, Mountainview would like to thank those who took part in the Readers Selection Survey in the Grimsby Lincoln News, resulting in the company receiving the Diamond Award, the highest award for top quality service.

With a respected homebuilding legacy, fabulous incentives, and new home communities in St. Catharines, Thorold, Fonthill, Fenwick, Beamsville, Fort Erie, Niagara Falls, Welland and Ridgeway, Mountainview Homes has many more big moments in store for homebuyers in 2013. Tag your big moment through social media using #in2013!

For more information, visit mountainview.com nov 23 - dec 7, 2013 | New home & condo guide SWO 39

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communityfocus

Empire

announces new release of suite designs with limited-time incentives

at Rain Condominiums

E

mpire Communities is announcing the release of 12 new stylish suite designs and impressive limited time incentives at its popular Oakville community, Rain Condominiums.

“Rain has already proven to be Oakville’s most successful condo community,” says Paul Golini, executive vice-president of Empire Communities. “Now, these fabulous new suites come with unique incentives 42 New home & condo guide SWO | nov 23 - dec 7, 2013

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EMPIRE COMMUNITIES

Rain Condominiums

Situated within easy walking distance to Oakville’s sophisticated downtown core and its quaint waterfront Village of Bronte, residents at Rain will enjoy everything from luxury brand-name fashions and one-of-a-kind antiques to fine dining establishments, charming cafes and grocery stores. that truly make Rain the best luxury condo address in Oakville.

We listened to what our purchasers were looking for and responded.”

The elegant new suites range in size from the sleek Splendid – a stylish, efficiently-designed one-bedroom home of 510 sq. ft., to the breathtaking Grand, a nearly 1,500sq.-ft., two-bedroom-plus-den design with a gorgeous wraparound balcony.

Purchasers who take advantage of one of Rain’s new suites will be able to: choose their suite, choose their deposit program and choose their bonus package. They will also receive $10,000 cash back. But all of these incentives are for a limited time only. In addition to these new suite designs, a great selection of suites are still available, starting from the $200’s.

Located in the heart of Oakville on the northeast corner of Kerr Street and Speers Road, and now under construction, Rain is an elegant, two-tower, master-planned community that will become the northern gateway to the vibrant, revitalized Kerr Village.

All suites feature glass balconies or terraces. Architects Enzo Corazza and John Chimienti, from the award-winning firm Graziani + Corazza, purposely designed the community to provide suites with maximum access to sunlight and panoramic views – while also giving residents privacy.

The resort-inspired amenities at Rain will serve as an extension of your living space. Relax in the indoor pool and whirlpool. Get fit in the exercise room, yoga and Pilates studio. Entertain family and friends at the party room with kitchen and private dining area, or dine on the landscaped rooftop terrace complete with a barbecue and seating areas.

Situated within easy walking distance to Oakville’s sophisticated downtown core and its quaint waterfront Village of Bronte, residents at Rain will enjoy everything from luxury brand-name fashions and one-of-a-kind antiques to fine dining establishments, charming cafes and grocery stores.

Vaughan-based Empire (empirecommunities.com) is a residential builder and developer involved in all sectors of the

new-home building industry, including both low- and highrise and ranging from luxury to affordable housing. Empire Communities has an established tradition of creating prestigious, award-winning new homes, communities and amenities and has earned a reputation for outstanding attention to detail and customer service.

To learn more about all that life at Rain has to offer, or to visit the designerdecorated model suite at the presentation gallery at 521 Kerr St., visit raincondos.com or call 905.845.RAIN (7246). Presentation hours are from Monday to Friday, noon to 6 p.m., and Saturday, Sunday and holidays, noon to 5 p.m.

location Oakville housing type Condominiums ranging from 510 to nearly 1,500 sq. ft. sales centre 521 Kerr St., open Monday to Friday, noon to 6 p.m., and Saturday, Sunday and holidays, noon to 5 p.m. contact 905.845.RAIN (7246) | raincondos.com

nov 23 - dec 7, 2013 | New home & condo guide SWO 43

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46 NEW HOME & CONDO GUIDE SWO | NOV 23 - DEC 7, 2013

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inthenews

HHHBA

honours excellence in the industry

The Hamilton-Halton Home Builders’

Association recognized excellence among its members at its recent Annual General Meeting at Burlington Golf & Country Club. This year’s award recipients include: » Environmental Leadership Award: Adi Irani, A. J. Clarke and Associates » Rookie of the Year: Sandra De Leeuw, WSI Milton, awarded to the new member who has made an outstanding contribution to the Association through active involvement at a committee level and/or at events and who has actively participated in the promotion of the HHHBA and the value of membership. »R ooftopper of the Year: Steve Stipsits, Branthaven Homes, awarded to a member who worked tirelessly to recruit new members and to promote the value of doing business with members first. » Rooftopper of the Year: Anthony Chiarella and Dan Garbriele, Marz Homes, awarded to members who worked tirelessly to recruit new members and to promote the value of doing business with members first. »B uilding Permit Submission Recognition of Excellence: Multi-Area Developments Inc. » Building Inspection Recognition of Excellence: Spallacci Homes The HHHBA would like to congratulate our members on their well-deserved awards and for their hard work and dedication to our industry.

Adi Irani and Past President Carla Agostino

Marion Richardson and Sandra De Leeuw

left to right: Ed VanderWindt (City of Hamilton), Giovanni Spallacci, John Lane (City of Hamilton)

48 New home & condo guide SWO | nov 23 - dec 7, 2013

048 News HHHBA-VB-WK.indd 48

11/21/13 2:03:01 PM

FABULOUS FLOORPLANS  NIAGARA’S BEST VALUE! Vintner Estates S T. C AT H A R I N E S

Located just steps from fine shopping, dining and more, this intimate enclave neighbourhood takes full advantage of an unbeatable St. Catharines location that’s in the centre of it all.

MODEL

CONSTRUCTION

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Spectacular Great Room with Cathedral ceiling.

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Spacious master bedroom boasts a huge walk-in closet and a luxurious ensuite.

LINE OF FLOOR ABOV E BREAKFAST BAR DW

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Covered porch and plenty of windows.

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cityfocus

Smithville

Agriculture, wine country, the Escarpment – and accessibility

Small town living at its finest

P

icture life in a small, Southwestern Ontario town where your everyday decisions involve conservation areas, wineries and farmers’ markets, and where bumping into a neighbor along the nature trail might qualify as a traffic jam.

Now imagine living among such tranquility, yet still be located close to a gateway to business and a transportation network of highways and even mass transit.

Welcome to Smithville, a community of about 4,500 located in the Township of West Lincoln in the Niagara region, between Hamilton and Niagara Falls.

That population might not sound like a lot – but it’s up nine per cent from 3,700 in 2006 and from 3,300 in 2001.

Clearly, Smithville has something going for it that is attracting more and more residents.

Excellent natural location is one, for starters. You would expect that from

this locale on the Niagara Escarpment, with neighbouring and similarly picturesque towns of Vineland, Beamsville, Grimsby and Binbrook.

As you might have guessed from its location in wine country, agriculture has long been an important element of Smithville’s and West Lincoln’s identities. A rail line, and proximity to Hamilton, Toronto and the U.S. border, afforded important economic development for the area.

Today, West Lincoln comprises about 13,000 residents, and a variety of transportation linkages provide direct access to large industrial, commercial and residential areas. With further infrastructure development in recent years, residents are able to enjoy life in such quiet, rural communities and commute to jobs in Hamilton and other surrounding locations.

Indeed, Smithville, the largest urban centre in West Lincoln, is poised for industrial, commercial and residential development, with automotive, packaging and agricultural business moving into in the area.

Smithville, in fact, acts as the de facto administrative centre of West Lincoln, as it is home to the township’s council chambers, the largest branch of the municipal library and the fire station. The public works yard is also centralized in Smithville.

50 New home & condo guide SWO | nov 23 - dec 7, 2013

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Smithville at a glance Population

4,500

Average home prices*

June 2013: $390,572 June 2012: $363,162

Distance from Toronto

100 kilometres

Distance from hamilton

37 kilometres

Source Canadian Real Estate Association,

other sources; *Hamilton-Burlington

Smithville is also key to the future of the township. In June 2012, council adopted a corporate plan, in which Smithville was identified as a top strategic objective to invest in the downtown core to attract visitors and residents, enhance pedestrian safety and stimulate local business.

The plan also calls for investment in economic development and tourism, incentives to help local business grow and to explore the Green energy and economic sectors.

But it’s not all about business. The plan also calls for more amenities such as fitness and recreation centres to cater to the higher than average youth population in West Lincoln.

As you might have guessed from its location in wine country, agriculture has long been an important element of Smithville’s and West Lincoln’s identity.

And speaking of recreation – with a nod to important local history in agriculture – Smithville is also home to PoultryFest Niagara. Next year, on June 28, PoultryFest will mark the 15th anniversary of the event, which recognizes Niagara’s estimated $100million poultry industry.

In terms of education, Smithville is home to six schools, including four elementary and two secondary institutions, and is close to Brock University, Niagara College and Hamilton’s Mohawk College for those in the post-secondary stages.

Given all this potential, and increasing interest from new residents, new-home builders see opportunity in Smithville.

Phelps Homes, for example, has three communities underway: Brookside on the Twenty detached and bungalow townhomes from the mid $200’s; Harvest Heights detached and semi-detached homes from the $270’s; and StreamSide on the Twenty, bungalow and two-storey homes from the mid $300’s. nov 23 - dec 7, 2013 | New home & condo guide SWO 51

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WHAT WE CALL A MAJOR TRAFFIC JAM IN SMITHVILLE.

Live the good life on up to 60’ lots in wine country.

It seems like small towns have become big towns. Big towns are small cities. What if you could have the best of both worlds, and live just minutes from everything, yet wake up to the sound of, well, nothing. We’re talking beautifully crafted homes surrounded by wine country and farmers’ markets.

Instead of traffic jams you’ll have conservation areas, bike trails and homemade pies just a hop, skip and a jump away. Starting to sound pretty good isn’t it?

BURLINGTON

EXIT AT CHRISTIE STREET

HAMILTON

GRIMSBY 20

DETACHED AND BUNGALOW TOWNHOMES ON UP TO 50’ LOTS STARTING IN THE MID $200s

52

Prices subject to change without notice. E.&O.E.

052-Phelps Homes 04-13-13.indd 52

DETACHED AND SEMI-DETACHED HOMES ON 50’ LOTS STARTING IN THE $270s

NIAGARA

SMITHVILLE

BUNGALOW AND TWO-STOREY HOMES ON 50’ & 60’ LOTS STARTING IN THE MID $300s

1.877.526.5451 | PhelpsHomes.com

11/20/13 3:10 PM

current communities Chippawa/Niagara 50’ Singles & 35’ WIDE Bungalow Loft Townes from the $320’s Sodom Rd. & Mann St. 6 Models Now opeN

Thorold 45’, 40’, 36’ Singles, Semis, Attached Singles & Towns from the $250’s Quick Closings Available on Select Towns & Attached Singles Richmond St. & Winterberry Blvd.

8 Models opeN

coming soon SToNey Creek 40’ & 35’ Singles and Semis Mud St. & Upper Centennial Pkwy.

CoMiNg early 2014 register at liveontheridge.ca

aNCaSTer - phaSe ii 45’ Singles and Introducing Freehold Towns Garner Rd. & Raymond Rd. CoMiNg 2014 register today at Tiffanyhill.ca

Also building communities in Waterdown, Oakville, Brampton, Kleinburg, Nobleton & Mount Albert.

Call our hotline or visit us online for complete directions, hours, community information for all our projects:

rosehavenhomes.com (1-888 / 416) 410-0175

Prices and specifications correct at press time. E. & O.E. Prices quoted are in $ thousands.

NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 53

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HHHBAreport

The need to improve

the Ontario Municipal Board

Mathieu Langelier is Executive Officer of the HHHBA. He can be reached at mathieu@hhhba.ca or 905.575.3344.

by Mathieu Langelier

The Ontario Municipal

While the OMB can be an instrument for civic engagement, the appeal process is not a perfect system and we agree that there is room for improvement.

Board (OMB) was in the news recently, as the province has begun an 80-day consultation process concerning urban growth.

While the operations of the OMB have been excluded from the review, improvement of the appeal process has not. So, what exactly is the OMB and what purpose does it serve?

The OMB is an independent administrative board that hears applications and appeals on municipal and planning disputes and provides decisions using an adjudicative tribunal system. Similar to a court of law, the OMB is made up of a board of members appointed by the Ontario Cabinet and includes a variety of lawyers, accountants, planners, architects, and public

administrators. The main role of the OMB is to provide clarity and decisions on landuse planning issues. The Board assembles the facts, listens to all sides of the story, and makes verdicts based on current legislation and regulation. As such, it is an essential and unbiased part of the development process in Ontario.

While the OMB can be an instrument for civic engagement, the appeal process is not a perfect system and we agree that there is room for improvement. Issues arise when the OMB is used and manipulated by self-serving groups who oppose particular projects for NIMBY (Not In My BackYard) reasons. It can also be used as an electoral tool by local politicians who refer files to this tribunal often against their municipal staff’s recommendation, in order to please a handful of constituents. In such cases, the end results are costly delays in development projects and a waste of public sector resources and funds.

NIMBYism is a serious issue that jeopardizes projects that may prove beneficial for the entire community and since most often only parties with negative opinions come forth, those in favour or the future residents of such developments are left voiceless. This furthers the argument that the appeal process could be improved by implementing a mechanism to reduce frivolous oppositions.

It is the hope of the Hamilton-Halton Home Builders’ Association that the upcoming consultations will focus on affordability and fairness, and include conversations on improving the appeal process so that it is fair and efficient for all those involved.

54 New home & condo guide SWO | nov 23 - dec 7, 2013

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11/21/13 2:03:16 PM

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NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 55

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inthenews

Mod’rn begins construction, only a few units remain Construction has started this

month on Mod’rn Condominium in Burlington. Mod’rn’s sleek and contemporary midrise architecture established ADI Developments for setting a new standard of design in the city.

“Mod’rn is a jewel. An intimate boutique residence that steps away from the traditional townhouse and condo, and establishes a new tone for Burlington’s future growth,” says Barbara Lawlor, president of Baker Real Estate.

The project won four HamiltonHalton Home Builders Association (HHHBA) 2012 Awa rds of D ist i nct ion, i nclud i ng Best Condominium Unit Under 1,200 Square Feet, and was nominated for 2013 Most Outstanding Midrise Development by the Ontario Home Builders Association (OHBA).

Resonating well with purchasers, Mod’rn presents a unique offering of standard features and finishes including nine and ten ft. ceilings, wide plank laminate flooring, premium stainless steel Energy Star appliances, designer cabinetry and granite countertops. All units are open to the outdoors with a balcony or ground floor walk out patio.

Ideally situated between Toronto and Niagara, Burlington is known for both its natural beauty and wealth of arts and culture. Surrounded by the Niagara Escarpment, boutique waterfront, and lush golf courses, downtown you’ll find sophisticated dining and a buzzing nightlife.

Two GO Train stations and VIA Rail makes commuting easy for those working in the city.

Janet Middleton, a retired property management expert, was drawn to

Burlington for its location. “This city is central to everything I need: big city life in Toronto, casinos in Niagara, or the airport in Buffalo. It’s really easy to come and go as I please. There is a real niche market for developments like Mod’rn in Burlington.”

With only a few units left, Mod’rn is expected to sell out fast.

Mod’rn Condominium is currently under construction at 1284 Guelph Line, Burlington. For more information visit adidevelopments.com or call 905.592.2144.

56 New home & condo guide SWO | nov 23 - dec 7, 2013

056 NewsAdi Dev-VB-WK.indd 56

11/21/13 2:03:24 PM

A90xx_Link_NHC_Nov_A90xx_Link_NHC_Nov 11/5/13 11:56 AM Page 1

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11/20/13 3:10 PM

themortgageminute

Mortgage smarts

SEPARATING FACT FROM FICTION FOR FIRST-TIME BUYERS

by PETER KINCH

IF

YOU’RE

A

FIRST-TIME

homebuyer, you’re hearing a lot of talk in the real estate market these days.

Will prices go up? Will the market crash? Will I ever be able to afford a house? How will the new mortgage rule changes affect me? How will I ever pay off this debt?

It’s easy to get caught up in all the noise, but harder to separate the fact from the fiction. As I edge closer to celebrating my first half century on this planet, I find myself using the phrase “If I knew then…” more and Time is your ally. more – which got me thinking about the Time can turn wave of fi rstany bad real estate next time homebuyers, decision into a and what pearls of good one. wisdom I could bestow on them.

I had an interesting conversation with a colleague the other day regarding property values in Vancouver. He relayed me a story of a friend who had bought a house on the west side of Vancouver in the mid 1990s and it is now worth more than four times the amount he paid. In terms of equity, it was the equivalent of winning the lottery. We pondered the question, what will people be saying 20 to 25 years from now? Is it quite possible that a young 25year-old couple today might look back in the year 2033 and say “If only we had bought that house back in 2013?

Why didn’t we? Oh yeah, there were new mortgage rules and a lot of global uncertainty…”

Here are a few things that I’ve learned about real estate 1. Real estate has peaks and valleys, but there has never been a future peak that is lower than the past one. Just give it time.

2. Time is your ally. Time can turn any bad real estate decision into a good one.

3. Equity is your safety net. It can supplement a pension and give you financial options in later years.

4. Your mortgage is a forced savings program.

58 NEW HOME & CONDO GUIDE SWO | NOV 23 - DEC 7, 2013

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11/21/13 2:03:28 PM

So let’s assume that 20 to 25 years from now, you’ll be looking back and saying to yourself one of two things ›› I’m sure glad I bought that first house, or ›› I wish I had just bought something back in 2013 A lot of people are in this situation today and paralyzed by all the noise around them. And in the absence of facts or perspective, fear will take over. So what are the factors that are influencing your decisions today?

Peter Kinch is an award-winning mortgage broker and best-selling author of The Canadian Real Estate Action Plan Visit peterkinch.com or contact him at peter@peterkinch.com

Mortgage rules 1. Your mortgage is paid off, and Yes, there are new mortgage rules that have been 2. Your house is worth more than the day you bought implemented over the past few years, but in some respects, it – regardless of what happened during the years this could be to your advantage. Many first-time homebuyers in between. are unaware that you can still buy a home with as little as five per cent down. The So if you’re a first-time homebuyer in main rule change that impacts Your mortgage is paid off, 2013, here’s my advice to you: create your ability to afford a home a budget that you can afford and be and your house is worth is that you can no longer access comfortable with. Buy a home that more than the day you a 30-year amortization. Your does not put a strain on your budget. bought it – regardless of payments will now be Focus on taking baby steps and don’t determined based on you what happened during the get overwhelmed by the big picture. paying off that mortgage over Make the monthly payments into that years in between. a maximum 25-year period. forced savings program called a Although this does make your mortgage, and then let time be your payments a little higher in the beginning, it increases the friend and real estate will do what it has done for many amount of equity you build with each payment (remember generations before – eventually go up as your mortgage your forced savings plan). goes down – and that is what we call “creating equity.”

In addition, the rule changes imposed by the government And then maybe, just maybe, as you’re about to have had the exact effect they were hoping to accomplish, celebrate your first half century on this planet, you‘ll look which was to slow what was becoming an overheated back and say, “I’m glad I got started in 2013.” housing market. Again, this is to the advantage of firsttime buyers because it will help to bring house prices back within your range.

Global uncertainty There is no doubt that we live in an age of global uncertainty and face the threat of financial chaos in Europe and a pending credit crisis in the U.S. However, this is not the first time our world has faced these challenges, and it won’t be the last. The key factor to look at is what you can control in your world. Ask yourself about your own employment options – your own employment future. The key to creating long-term wealth in real estate through equity is your ability to afford your monthly mortgage payments and making them consistently over a long period of time – regardless of what is happening on the other side of the world. If you do so, one day you’ll wake up and realize two things: NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 59

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11/21/13 2:03:32 PM

tarionreport

Five steps to

happy home buying

Howard Bogach is President and CEO of Tarion Warranty Corp. His column appears monthly in New Home Guide. For more information about how Tarion helps new-home buyers, visit tarion.com or find us on Facebook at facebook.com/TarionWarrantyCorp.

by howard bogach When people find out what I do, they often

ask for advice about buying a new home or dealing with their builder. I always encourage buyers to make sure they have a good understanding of the process involved in buying a new home before they make a purchase. Because often, buyers walk into a model home, fall in love and make the biggest purchase of their life based on emotion alone. Here are my five simple steps to get you on the inside track when buying a new home.

Step 1

Get a pre-approved mortgage before you start looking at new homes. This will give you a sense what type of home you can afford and how your prospective mortgage payments will fit into your budget. Being pre-approved will also allow you to make a faster purchase if you see something you love.

Step 2

Research your builder. Once you’ve narrowed your search, be sure to research prospective builders. The builder and the relationship you have with them is one of the most important aspects of your home buying experience.

First off, check that the builder is in fact licensed by visiting the Licensed Builder Directory on tarion.com where you’ll find builder customer service records for the past 10 years and a list of any chargeable conciliations and claims.

A chargeable conciliation occurs if a builder and a homeowner disagree about whether an item is covered under the warranty program and, after an inspection, the item is found to have been covered.

Claims refer to situations where the builder did not resolve a homeowner claim and Tarion stepped in to work directly with the homeowner to resolve the issue. You may want to consider these numbers in comparison to the nu mb er of ne w home p o ss e ssion s i n t he builder’s profile.

The next step is to ask around. You may want to walk around neighbourhoods where the builder has built and inquire about these homeowners’ experiences. Speaking to other homeowners will give you a good indication of whether

the builder stands behind his construction and is attentive to customers over the long term.

You can also ask for references in online communities and social media platforms. There are a number of active home-related sites where homeowners share experiences.

Step 3

Review your agreement of purchase and sale with a real estate lawyer before signing to ensure you understand exactly what is included in the price of the home. If you are buying a condo, review the disclosure statement to understand what items are part of your unit and what are considered common elements. Make sure anything that is agreed to verbally by your sales representative is reflected in writing.

Step 4

Learn about your new home warranty. It’s easy to become overwhelmed by the process of buying a new home. You’ll spend a lot of time with bankers and lawyers, pouring over legal documents. Warranty information typically falls to the bottom of the reading list because no one expects anything to go wrong in their new home. But, you’ll do yourself a disservice by not taking the time to learn about your warranty rights and obligations. If an issue does arise, not knowing how to manage it can turn a minor inconvenience into a major aggravation.

Step 5

Register for Tarion’s online MyHome service. Your MyHome account will take care of most of the tasks associated with managing your warranty, such as remember ing deadlines and keeping track of correspondence. It also allows you to submit your warranty claim forms easily and securely, receive email correspondence from Tarion including alerts for important warranty deadlines, and allows you to submit supporting documents such as photos, receipts and agreements.

I hope you find these five steps helpful useful. Of course, you can always find more information online at tarion.com or Facebook.com/TarionWarrantyCorp.

60 New home & condo guide SWO | nov 23 - dec 7, 2013

060 Tarion Report_MT-VB-WK.indd 60

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Brand new semi-detached and 30-ft. detached lots.

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Final release now underway for this collection of bungalow townhomes.

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gemini homes Guelph | Creekside

Special release – last lot in Creekside, Cobalt semi-detached with pie-shaped lot now available.

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gemini homes Guelph | The Highlands

Semi-detached homes from the $320’s, including A/C and granite kitchen counters. Walkouts available.

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nov 23 - dec 7, 2013 | New home & condo guide SWO 61

061 Sneak Previews WATERLOO_VB-WK.indd 61

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NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 65

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inthenews

Andrin closes on land purchase for City Centre Condominiums Significant milestone for popular downtown Kitchener project Andrin

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of

Kitchener are pleased to announce a significant milestone in a condominium that will bolster the ongoing revitalization of Kitchener’s downtown core.

“We’re thrilled to say that Andrin has closed on the purchase of land which will be the site of City Centre Condominiums,” says Peter Smith, president of Andrin, the developers of City Centre. “This exciting next step means we can now proceed toward construction of what will be the largest residential project in Kitchener.”

Andrin marked the closing of the land purchase on the site of the new condominium along with Kitchener Mayor Carl Zehr.

“The City is delighted that Andrin is moving ahead with this project,” says Mayor Zehr. “This progress – and the interest in City Centre – is a clear illustration that Kitchener continues to be an in-demand urban community.” “(These) announcements reinforce our commitment to the City Centre project,” says Smith. “They also demonstrate our excitement and enthusiasm for the energy and vibrancy of Kitchener as a livable downtown hub.”

When complete, phases one and two of City Centre will occupy the better part of a full city block of downtown Kitchener. Suites range from efficiently designed one-bedrooms suites to spacious two-bedroom plus den designs.

Phase one is scheduled for occupancy in spring 2015.

For more information about City Centre Condominiums, visit citycentreliving.ca

68 New home & condo guide SWO | nov 23 - dec 7, 2013

068 News Andrin-VB-WK.indd 68

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70 NEW HOME & CONDO GUIDE SWO | NOV 23 - DEC 7, 2013

070-GTA Chinese New Home.indd 70

11/21/13 11:34 AM

inthenews

U.S. demand to drive Ontario economic growth: BMO Economics While Ontario is currently

showing subdued economic growth, real GDP should pick up in 2014 thanks to an improvement in demand from the United States, according to the Provincial Monitor report released today by BMO Economics.

“Real GDP is on pace to grow 1.4 per cent this year, but should reach 2.2 per cent in 2014 thanks to stronger U.S. demand,” says Robert Kavcic, senior economist, BMO Capital Markets.

“The correlation between privatesector employment and trends in U.S. GDP in Ontario is the highest among all Canadian provinces,” noted Kavcic. “While political uncertainty in Washington is doing no favours for business confidence, the good news is that growth south of the border should pick up to closer to three per cent by early 2014 – a pace that should be felt among Ontario exporters and manufacturers.”

The good news is that our commercial customers should benefit from the projected increase in demand south of the border in the near future.

“Economic ties to the U.S. are typically most prevalent in Ontario, so the recent developments there have certainly had an impact on a number of businesses in this province,” says Susan Brown, senior vicepresident, Ontario Regional Division, BMO Bank of Montreal. “The good news is that our commercial customers should benefit from the projected increase in demand south of the border in the near future.”

Ontario’s labour market performance remains steady, with 1.7 per cent year-over-year job growth in the third quarter of 2013 – ahead of the national average. “While public sector employment has fallen in recent months, the private sector has more than picked up the slack with gains in construction and trade,” says Kavcic. “The jobless rate sat at 7.3 per cent in September, matching the lowest level this cycle.”

On the manufacturing side, auto production remains close to pre-recession levels and North American sales activity remain solid. “While Ford recently announced it will spend more than $800 million to expand its Oakville plant, the strong Canadian dollar and relatively high labour costs pose longer-term challenges for the sector versus lower-cost alternatives like Mexico and the southern U.S.,” says Kavcic.

The housing market has firmed in the province, especially Toronto, according to Kavcic. “Existing home sales in Toronto have bounced more than 20 per cent year over year in recent months, and prices continue to push higher.”

nov 23 - dec 7, 2013 | New home & condo guide SWO 71

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11/21/13 2:03:50 PM

mortgagefinesse

advicefromapro

Make your first home purchase a wise one by barbara lawlor

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of developments in the GTA and overseas.

Keep current with The Baker Blog at blog. bakerrealestate.com

home, and there is the First-Time Home in your life. It will be one of the biggest financial investments you Buyers’ tax credit of up to $750 in tax ever make, so going in prepared to make an educated decision is relief for closing costs for qualified critical. Although today’s buyers are more educated than ever before, purchasers. Your best research tool is to I am still amazed at how many first-time buyers show up at our ask. Check with sales representatives as presentation centres ill prepared. With the amount of information to whether developers are offering any available out there, you can and should do a lot of legwork before financial incentives that might tip the even looking at what is available. scales in your favour.

First, if you are considering purchasing your first home – Attending a first-time buyer seminar congratulations! You are buying at a time when mortgage rates are is another great idea, as these information incredibly low, considering the fact that in Canada, we have seen sessions cover how the buying process double-digit rates in the past. Your mortgage rate will have a major works. Typically, bank representatives, impact on what you can afford now and carry in the future. Just look designers, sales people, lawyers and other at how many years it takes to pay off a mortgage. Even a fraction of a professionals are on hand to answer percentage point lower now means thousands of dollars saved during questions personally. Again, ask, ask, ask. your amortization period. My advice is to sit down with a professional Make the most of this opportunity, and at your financial institution and find out what you can afford. Then set you can conduct your home search with out on your hunt for the most home you can get within your budget. more confidence.

Set realistic expectations during your shopping. You may have Even if you are a seasoned resale your sights set on a four-bedroom corner home, but in fact, your homebuyer, do your homework when you budget will accommodate a three-bedroom design in the middle of buy new for the first time. Find out what the streetscape. Take heart: today’s new homes are designed for space is covered under your Tarion warranty maximization, so even a compact layout can “live” much larger than coverage – one of the very best reasons to its square footage. choose new. Ask what features and finishes Right now, there are amazing new home choices to be had across come with your purchase price, decide the Greater Toronto Area. To narrow your selection, pay attention to what might be important enough to you some basic considerations, and you will be a happy purchaser. You may to upgrade, and be thankful that you have be able to afford more than you think. The down payment may seem the opportunity to personalize your overwhelming at first, but remember that in Canada you can use up surroundings in this way. Today’s to $25,000 of your RRSPs (per person) toward this cost on a qualified appointments are simply stunning, and many homebuyers find the standards of such high quality that they are happy to pass on upgrades.

Even if you are a seasoned resale homebuyer, do Mortgage rates and real estate prices are bound to rise eventually, so the sooner your homework when you buy new for the first you buy your first new home and get into time. Find out what is covered under your Tarion the market, the better. Those of us who warranty coverage – one of the very best reasons have been around for decades are still in awe that mortgage rates in Canada remain to choose new. this low. The choice is yours – be prepared and choose wisely.

Buying your first home is an exciting milestone event

72 New home & condo guide SWO | nov 23 - dec 7, 2013

072 Barbara Lawlor column_MT-WK.indd 72

11/21/13 2:03:54 PM

buyingyourfirsthome

Using your RRSP

to help make the down payment on your first home First-time homebu yers

sometimes struggle to come up with a down payment, often requiring careful planning and saving over many months or even a few years.

As a first-time homebuyer, you may be eligible to make a taxfree withdrawal of up to $25,000 from your RRSP; if your spouse qualifies, he or she may do the same, for a combined total of $50,000.

The down payment is a lump sum you are required to contribute to your home’s purchase price. Depending on the amount, a mortgage is classified as either “conventional” (a down payment of 20 per cent or more) or “high ratio” (a down payment of less than 20 per cent requiring default insurance).

One way to come up with a bigger down payment is by using your RRSP savings, under the federal government’s Home Buyer’s Plan (HBP). As a first-time homebuyer, you may be eligible to make a tax-free withdrawal of up to $25,000 from your RRSP; if your spouse qualifies, he or she may do the same, for a combined total of $50,000.

You are required to repay your HBP withdrawal into your RRSP within a period of no more than 15 years.

Although you can repay your HBP earlier, the deadline for your first minimum annual repayment is two years and 60 days after the year in which you made your HBP withdrawal. The minimum annual repayment is equal to 1/15 of your original HBP balance and if you repay at least the minimum each year, there will be no tax payable.

“If you are able to provide a bigger down payment, it’s a significant way of helping you pay less interest over the life of your mortgage. Also, with a down payment of at least 20 per cent, you avoid paying mortgage default insurance,” says Laura Parsons, mortgage expert, BMO Bank of Montreal.

Parsons adds that Canadians should be considering the benefits of choosing a shorter amortization as a way to decrease total interest costs and to begin building home equity sooner.

nov 23 - dec 7, 2013 | New home & condo guide SWO 73

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inthenews

Housing starts forecast to remain stable in 2014 Canada

Mortgage

and

Housing Corp. (CMHC) expects total housing starts to be stable in 2014, as fundamentals, such as employment growth and migration, continue to support the Canadian housing market, according to CMHC’s fourth quarter 2013 Housing Market Outlook, Canada Edition.

“In the new home market, builders are nevertheless expected to limit the number of housing starts while inventories of unabsorbed units, completed and under construction, are drawn down,” says Mathieu Laberge,

“ In the resale market, homebuyers have been motivated to advance their purchases and lock-in pre-qualified mortgages given the recent moderate increase in mortgage rates”.

deputy chief economist for CMHC. “In the resale market, homebuyers have been motivated to advance their purchases and lock-in pre-qualified mortgages given the recent moderate increase in mortgage rates. It is expected that existing home sales will increase modestly in 2014 with improving economic conditions.”

On an annual basis, housing starts are expected to range between 179,300 to 190,600 units in 2013, with a point forecast of 185,000 units, down from 214,827 units in 2012. In 2014, housing starts are expected to range from 163,700 to 205,700 units, with a point forecast of 184,700 units.

Multiple Listing Service sales are expected to range between 439,400 to 474,000 units in 2013, with a point forecast of 456,700 units, about equal with the 454,005 in 2012. In 2014, sales are expected to range from 438,300 to 498,100 units, with an increase in the point forecast to 468,200 units.

The average MLS price is forecast to be between $372,300 and $383,700 in 2013 and between $374,100 and $396,300 in 2014. CMHC’s point forecast for the average MLS price calls for a 4.0 per cent gain to $378,000 in 2013 and a further 1.9 per cent gain to $385,200 in 2014.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

74 New home & condo guide SWO | nov 23 - dec 7, 2013

074 News CMHC_MT_VB-WK.indd 74

11/21/13 2:04:00 PM

homebuyers’help

HomeBuyers’ Resource Section You love the home, see what you can afford!

Compare mortgage rates for your best deal alculate your mortgage payments using the C mortgage payment calculation chart

nov 23 - dec 7, 2013 | New home & condo guide SWO 75

075_080-081-082 Homebuyers Resource_VB-WK.indd 75

11/21/13 2:04:03 PM

caLcuLate YouR mortGaGe Payments Interest rate

amortIZatIon PerIod

cHart fIGure

eXampLe: 5%

25 YeaRs

5.82

mortGaGe amount ÷ 1,000 (MORTGAGE AMOUNT $125,000)

125

montHly Payment

$

follow tHese stePs to see If you’ll QualIfy for a mortGaGe on YouR dReam home

01

05

Calculate the combined monthly before-tax income of you and your spouse.

Multiply this figure by the amount you need to borrow.

Divide by 1,000.

02

06

Divide by three. This figure is the monthly payment you can afford to make on your home.

Add to this your estimated monthly heating costs and monthly property taxes.

03

07

Take the total price of the home and subtract the amount of money you expect to make as a down payment. This is the money you will have to borrow.

04

Refer to the chart on the opposite page. Look down the left column and locate the interest rate you expect to pay. Line this up with the amortization period of your choice.

(Most first-time buyers take the 25-year amortization.)

If this figure is equal to or less than one-third of your gross monthly income (calculated in Step 2), you’ll qualify for a mortgage on your dream home.

Bear in mind that this is a rough estimate. If you have several other large loans already, you may qualify for less.

Also, banks and trust companies vary in their policies. The best way to know what you can afford is to go to the lending institution of your choice and get pre-qualified.

80 new home & condo guide swo | nov 23 - dec 7, 2013

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moRtgage paYment calculatIon cHart %

amortIZatIon PerIods

inteRest Rates

10 YeaRs

15 YeaRs

20 YeaRs

25 YeaRs

30 YeaRs

3.00%

9.65

6.90

5.54

4.73

4.21

3.25%

9.76

7.02

5.66

4.86

4.34

3.50%

9.88

7.14

5.79

4.99

4.48

3.75%

9.99

7.26

5.91

5.13

4.61

4.00%

10.11

7.38

6.04

5.26

4.76

4.25%

10.23

7.50

6.17

5.40

4.90

4.50%

10.34

7.63

6.30

5.53

5.04

4.75%

10.46

7.75

6.44

5.67

5.19

5.00%

10.58

7.88

6.57

5.82

5.34

5.25%

10.70

8.01

6.74

5.96

5.49

5.50%

10.82

8.14

6.85

6.10

5.64

5.75%

10.94

8.27

6.98

6.25

5.79

6.00%

11.07

8.40

7.12

6.40

5.95

6.25%

11.19

8.53

7.26

6.55

6.11

6.50%

11.31

8.66

7.41

6.70

6.26

6.75%

11.43

8.80

7.55

6.85

6.42

7.00%

11.56

8.93

7.69

7.00

6.59

7.25%

11.68

9.07

7.84

7.16

6.75

7.50%

11.81

9.21

7.99

7.32

6.91

7.75%

11.94

9.34

8.14

7.47

7.08

8.00%

12.06

9.48

8.28

7.63

7.25

8.25%

12.19

9.62

8.44

7.79

7.42

8.50%

12.32

9.76

8.59

7.95

7.59

8.75%

12.45

9.90

8.74

8.12

7.76

9.00%

12.58

10.05

8.86

8.28

7.93

9.25%

12.71

10.19

9.05

8.45

8.10

9.50%

12.84

10.33

9.20

8.62

8.28

9.75%

12.97

10.48

9.36

8.78

8.45

10.00%

13.10

10.63

9.52

8.95

8.63

10.25%

13.24

10.77

9.68

9.12

8.80

10.50%

13.37

10.92

9.84

9.29

8.98

10.75%

13.50

11.06

10.00

9.46

9.16

11.00%

13.64

11.22

10.16

9.63

9.34

11.25%

13.77

11.36

10.32

9.80

9.52

11.50%

13.91

11.52

10.49

9.97

9.70

11.75%

14.04

11.66

10.65

10.15

9.88

12.00%

14.18

11.82

10.81

10.32

10.06

12.25%

14.32

11.97

10.98

10.49

10.25

12.50%

14.46

12.13

11.15

10.67

10.43

12.75%

14.59

12.28

11.31

10.85

10.61

This table shows the monthly payment of principal and interest for each $1,000 of mortgage. Example: The monthly principal and interest payment for a $125,000 mortgage with a 25-year amortization period at 5% is as follows: ($125,000 รท 1,000) X 5.82 = $727.50 nov 23 - dec 7, 2013 | new home & condo guide swo 81

075_080-081-082 Homebuyers Resource_VB-WK.indd 81

11/21/13 2:04:06 PM

Compare mortgage rates for your best deal CHARTERED BANKS ATB Financial

Variable

2.7

Alterna Svgs/Alterna Bk

3

Bank of Montreal

3

Bank of Nova Scotia

6 Months

2.7

1 Year

2 years

3 years

2.94

2.89

6.30op

6.50op

4

3.09

3.14

6.30op

6.30op

6.30op

3.14

3.19

4 years

3.19

3.59

4

3.14

6.30op

6.30op 3.89

3.95

3.59

4.55

3.75

6.45op

6.50op

4

3.14

6.45op

6.30op

3

HSBC Bank Canada

3

ICICI Bank Canada ING Direct Manulife Bank

6.70op

3.09

3.14

3.95

4.39

Canadian Western Bank CIBC

3.14

2.89

4.74

3.19

4.74 3.59

5 years 3.79 3.69 3.79 3.59 5.34 3.89

6.35op

4.45

2.7

6.20op

6.35op

3.95

3.13

4.99

3.69

3.05

3.15

3.65

3.64

3.69

3.89

3

3.19

3.24

3.59

3.69

4.09

3

3.2

3.35

3.45

3.74

2.8

4.45

4.00op

MonCana Bank

3.69

3.75

3.79

3.79

3.69

National Bank

4.4

3.14

3.14

3.95

4.74

5.34

6.70op

6.70op

n/a

President’s Choice Finan

3

3.24

3.59

3.69

4.09

Royal Bank

3

3.14

3.85

3.49

3.79

TD Canada Trust

4

3.14

6.30op

6.30op

3

3.09

3.14

3.95

4.74

3.79

6.30op

TRUST COMPANIES Community Trust n/a Effort Trust n/a

Home Trust Company 2.65 Investors Group Trust n/a

MTCC 2.7

6.5 4.45 6.30op 3.95 4.2 6.50op 4.55 6.45op

3.14 3.25 3.95 4.74 3.25 3.6 3.95 4.7 6.30op 2.89 2.89 3.09 3.39 3.14 3.14 3.95 4.74 6.30op 3.75 3.89 2.89 4.39 6.50op

5.34 4.95 3.64 5.34 3.59

OTHER FINANCIAL INSTITUTIONS Airline Financial C.U. 4

6.2 Comtech Credit Union 2.95

6.40op First National Fin. LP 3.95 FirstOntario C.U. 2.7

6.34op London Life n/a 4.2

6.50op Luminus Financial 2.95

MCAP 2.85

Meridian Credit Union 2.75 4

Parama Credit Union 2.85 Steinbach Credit Union 2.5

3.01 3.1 3.33 3.65 3.99 6.25op 2.99 3.25 3.29 3.24 6.30op 2.99 2.79 3.09 3.39 3.09 3.14 3.44 3.49 6.34op 3.14 3.14 3.95 4.74 6.30op 3.05 3.1 3.55 3.65 3.95 3.6 3.95 4.35 4.89 7.00op 3.09 3.14 3.65 3.49 6.30op 2.9 2.69 3.2 3.45 2.5 2.7 2.9 3.05

3.59 3.59 3.69 5.34 4.05 5.14 3.59 3.55 3.25

Notes: **Interest rate charged subject to adjustment during term mortgage. Please consult institution for term of years available. All rates are prime rates and subject to change without notice.

R.O.R. RATES ON REQUEST op OPEN ----- NOT QUOTING N/A NOT AVAILABLE November 18, 2013. Prepared By Fiscal Agents Financial Information Services 905.844.7700

82 New home & condo guide SWO | nov 23 - dec 7, 2013

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fundamentallyspeaking

WHAT BUYERS CAN DO ABOUT

Development Charges

by WAYNE KARL

Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. He can be reached at wayne.karl@wall2wallmedia.com or follow him on Twitter at Twitter.com/WayneKarl

In Metro Vancouver, the various government taxes, in your general preparedness for buying a home, but for fees and levies range from 16 to 27 per cent of the cost an increasingly difficult – not to mention controversial – of a new home, depending on the city and type of housing, issue that’s costing you more money.

Robert de Wit, CEO of the Greater Vancouver Home And you likely don’t even know it.

Builders’ Association, told New Home & Condo Guide.

Development Charges. If you’re not familiar with the Though the problem may differ slightly from one city term, you likely will be soon, as it’s a contentious issue and province to the next, with critics arguing the fee facing home builders – and therefore buyers – across the increases are largely arbitrary, the concern is universal: country. new-home buyers are picking up a disproportionate part Just what are Development Charges? In short, they of the tab for infrastructure development. are the fees applied by various levels of government when new homes are built, to pay for new infrastructure such So, what can you do about it? as roads, transit and other necessities.

Thanks to the Hamilton-Halton Home Builders’ AssociaThat part you may know. But what you likely aren’t tion and other industry voices speaking out on the matter, aware of is that these fees are rising exponentially, have the Ontario government is now looking at how cities and been for years, and they’re occupying an increasingly high towns can better plan and pay for development. The Minportion of new-home costs. And they’re passed right on istry of Municipal Affairs and Housing is consulting with to you, the homebuyer. the public, municipalities and stakeholders across the province on what changes are needed.

How much are we talking about?

In Toronto, for example, City Council recently voted to THE PUBLIC IS INVITED TO COMMENT BY JAN. 10, 2014, BY: increase Development Charges by 75 per cent, to almost ›› Sharing your views at a meeting $30,000 for a semi or single-detached home. These new ›› Submitting comments through an online discussion guide at ontario.ca/landuseplanning fees will be phased in, beginning Feb. 1, 2014 and fully ›› Emailing a submission to dcaconsultation@ontario.ca implemented by Feb. 1, 2016.

It’s even worse further out in the GTA. According to ›› Or writing to: Development Charges Consultation › Ministry of Municipal Affairs and Housing a report from Altus Group, an economic consulting firm, › Municipal Finance Policy Branch municipal fees and charges collected by Toronto, Markham, › 777 Bay St., 13th Floor, Toronto, ON M5G 2E5 Oakville, Brampton, Bradford-West Gwillimbury and Ajax average out to about $116,200 on a new single-detached ›› A discussion guide is also available at mah.gov.on.ca home, representing 22 per cent of the cost. For a new As a prospective new-home buyer, you may not aphighrise, the fees average $64,000 – or 20 per cent.

But this is not just a GTA, Toronto or even an Ontario preciate the importance of the Development Charges issue just yet. But if you’re a few or even several months problem.

In Ottawa, Development Charges and other govern- away from making a purchase, or family members slightment-imposed fees today account for about 23 per cent ly further, you may learn the hard way what many are of the cost of a new home – or about $100,000 of a already concerned about: if such fees are allowed to rise single-family home, according to John W. Herbert, ex- unchecked, new-home affordability will eventually be ecutive director of the Greater Ottawa Home Builders’ severely threatened.

And that will be a price that, ultimately, no one can Association. Twenty-five years ago, the costs accounted afford to pay. for just three per cent.

GET READY, NEW-HOME BUYERS. NO, NOT JUST

NOV 23 - DEC 7, 2013 | NEW HOME & CONDO GUIDE SWO 85

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