Southwestern Ontario New Home and Condo Guide - Feb 4, 2017

FEBRUARY 4 - 18, 2017 VOLUME 20, ISSUE 2, FREE

SOUTHWESTERN ONTARIO EDITION

INSIDE THIS ISSUE

6 WAYS TO REDUCE YOUR MORTGAGE COSTS

INVENTORY DOWN, PRICES UP IN SWO NEW HOME MARKET

BEFORE YOU HIRE A DESIGNER… READ THESE IMPORTANT TIPS!

YOUR FUTURE BEGINS HERE SPRING 2017 Empire is preparing for upcoming releases at three unique communities in three great locations, coming spring 2017. Our beautiful new homes are designed to make everyday life richer, with enviable designs where smart space planning and innovation meet. Select the community that fits your life. Your future begins here.

Register now at empirecommunities.com

IMAGINE NIAGARA FALLS

Townhomes & Detached homes

AVALON CALEDONIA

Townhomes & Detached homes

WYNDFIELD BRANTFORD

Detached homes

contents FEB 4 - 18, 2017 | VOLUME 20 ISSUE 2

VICE-PRESIDENT & CHIEF PUBLISHING OFFICER

Caroline Andrews PUBLISHER & GENERAL MANAGER

Shawn Woodford DIRECTOR OF SALES, NATIONAL

Moe Lalani ASSOCIATE PUBLISHER

Anne-Marie Breen SENIOR MANAGER, CONTENT

Jennifer Reynolds EDITOR

Wayne Karl ART DIRECTOR

Daiana Garay CONTRIBUTING EDITORS

Sonia Bell Elisa Krovblit Lydia McNutt

12

SENIOR ACCOUNT EXECUTIVE

Nina Downs nina.downs@ypnexthome.ca SENIOR ACCOUNT EXECUTIVE

ON THE COVER

12

Dionne Fraser dionne.fraser@ypnexthome.ca

Adi Development Group

SALES CO-ORDINATOR

Grand Opening at The West – luxury boutique condos at Stationwest

trending

inspiration

14

36

18

Economy

Economy to pick up in 2017: Conference Board

Housing Market

38

Sales improve after new mortgage rules slowdown

20 Personal Finance

Millennials’ goals collide with plans of boomer parents

32 34

26

Home Decor

The Love list from IDS17

3 reasons Americans won’t be gobbling up Canadian homes

Nearly half of Canadians lack a financial plan: CIBC

buyers’ resource section

Homebuying

15

Why the urban-suburban debate rages on

27

Increase in mortgage fraud, ‘suspicious’ applications

Great natural location, abundant amenities

Hot Properties Hamilton

New releases and grand openings

Hot Properties Kitchener-Waterloo & London

New releases and grand openings

city focus

Ancaster

43

Mortgage Rates

in every issue

10

Editor’s Note

44 Advertiser Index 46 What’s Online 6 YPNEXTHOME.CA

Helen Pearce CO-ORDINATOR

Hannah Yarkony GRAPHIC DESIGNER

Miguel Cea CONTRIBUTING WRITERS

Joanne Keenan Jeffrey Reed

Mortgage Advice

6 ways to reduce your mortgage costs

45 Fundamentally Speaking

Personal Finance

40 Mortgages

22

Before you hire a designer... read these important tips!

MANAGER OF PRODUCTION

advice

30 New Home Market

A look at prices and inventory of new homes in SWO

Design Secrets

Sarah Khan

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

ADVERTISING Call 416.626.4200 for advertising

rates and information Office hours are Mon-Thurs. 9-5; Fri. 9-12 CIRCULATION Free distribution. Published biweekly 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 2017 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. Yellow Pages Next Home is a trademark of Yellow Pages Group Co. in Canada.

MADIS S N CE N T R A L PA R K

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ok Rd

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Lincol n M. Al exande r Pkw y

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FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 7

Canadian

PROPERTY INVESTOR

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Available at these locations: • YP NextHome street boxes

• Airport lounges • Transportation hubs

• Newspaper insertions

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• Select hotels

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BY COCKTAILS IN THE PARTY ROOM. DESIGNER SPACES. THE VERY BEST IN QUALITY. THE REGION’S BEST LOCATION MINUTES TO THE COVETED LAKESIDE COMMUNITY OF PORT DALHOUSIE AND TRENDY DOWNTOWN ST. CATHARINES. YOUR HOME AT ELEMENTS... WHERE LUXURY IS STANDARD.

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DOWNTOWN

9

Editor’s Note

Tax time – make it a year-round activity IT’S EARLY FEBRUARY, AND SO FAR the long, harsh winter

WAYNE KARL Senior Editor Yellow Pages NextHome Email: Wayne.Karl@ypnexthome.ca Twitter: @WayneKarl

that was forecast for Ontario hasn’t really materialized. If this continues to hold true, it will be yet another reason to celebrate this time of year, when we often associate it with blahs. After all, it’s the shortest month of the year, and March and spring soon follow.

And while the deadline for 2016 Registered Retirement Savings Plan contributions isn’t until March 1, and April 30 for filing your 2016 income tax return, perhaps we need to start thinking of February in a different light altogether.

Indeed, heeding the advice of experts, perhaps “tax time” should be a year-round task. From making regular RRSP contributions, to comparing RRSPs and tax-free savings accounts, to learning of the various credits available, tax planning for some is as necessary as the inevitable taxes themselves.

Preparing as best you can throughout the year might help minimize the sting come deadline time – and help you learn to embrace the opportunities to save, not just fear what you have to pay.

ONLINE

SEE MORE PHOTOS ONLINE

DOWNTOWN ANCASTER is filled with heritage homes and character, in a small town on the edge of Hamilton.

Read the full story…

ypnexthome.ca/ancaster

+ get social 10 YPNEXTHOME.CA

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Property Profile | ADI DEVELOPMENT GROUP

cover story

Grand Opening at The West Adi Development Group introduces luxurious boutique condos at Stationwest A RARE STANDOUT in the GTA, Stationwest is directly connected to Burlington’s full-service Aldershot GO Station, allowing residents a seamless commute to Toronto’s Union Station in less than an hour.

Adi Development Group’s major 13-acre master-planned community will consist of 233 traditional, backto-back and urban townhomes with pedestrian-friendly shared courtyards, as well as a one-acre public park.

Adding to this project, The West – Condominiums at Stationwest is the newest phase, offering a bold collection of ultra-modern luxury boutique midrise condos.

There has been incredible demand for the first two phases at 12 YPNEXTHOME.CA

Stationwest. After launching in May, Stationwest sold all 93 townhomes in Phase One in a single weekend.

Interest continues to grow with the newest phase, The West, which is currently 65 per cent sold after previewing to VIP registrants in the fall. The official Grand Opening for The West is slated for Saturday, Feb. 4, 2017 starting at noon, and the presentation centre will be open to the public as of that date.

“This will be the absolute last opportunity to own in a transitconnected, lowrise community in Burlington, and it won’t last,” says Tariq Adi, CEO of Adi Development Group. “Buyers snapped up the units so quickly in the community.

Everybody loves the project. There’s nothing else like it in the GTA.” Unlike most other midrise projects built with wood, The West is built with concrete construction for durability and comfort. Offering a variety of layouts ranging from studios at 340 sq. ft. starting from the $190’s to two-bedroom plus den at 865 sq. ft. starting in the $400’s, the two buildings will be connected with a shared amenity spaces designed by award-winning interior designers U31. Some of the outstanding features include a show-stopping lobby with warm wood paneling and stone features and a welcoming concierge to attend to your needs, a cosy party

room with fireplace and outdoor terrace, a convenient fitness centre, and the west building will have a rooftop terrace so you can enjoy warm summer nights with friends.

Each suite was thoughtfully designed using Adi’s IntelliSpace philosophy, which maximizes living space and embraces natural light through a modern style aesthetic.

The layouts ensure that each room is bright and open with natural light spilling in, encouraging flow from one room to the next creating an immediate sense of space as soon as you walk in the front door.

“Stationwest offers a rare balance of comfort and convenience. It’s an ideal family neighbourhood that’s beautifully nestled in Burlington’s scenic green enclave, while still cleverly situated on transit,” says Saud Adi, COO of Adi Development Group.

“High-quality, luxe features and finishes are key elements that make each home feel comfortable without sacrificing design or space.”

Removed from the loud and bustling downtown core of Toronto but connected by a quick train ride, Stationwest offers residents room to grow in a mature residential enclave close to nature. From the Village of Waterdown’s quaint downtown, to the shopping areas along Aldershot’s Plains Road, Stationwest offers urban accessibility while being immersed in celebrated parkland. The world famous Royal Botanical Gardens, the waterfront trails at LaSalle Park, and the LaSalle Park Marina for avid boaters and sailors are just three of the surrounding natural sites that can be enjoyed year-round.

The West Grand Opening is Saturday, Feb. 4, 2017. Register now at adidevelopments.com. For more information, call 905.681.7743 or email stationwest@adidevelopments. com. Presentation centre hours are Monday to Thursday 2 to 7 p.m., Saturday and Sunday noon to 5 p.m. and Friday by appointment.

Location

Burlington Builder

Adi Development Group Development

The West Home Type

Luxury boutique midrise condos Sales Centre

101 Masonry Crt., open Monday to Thursday 2 to 7 p.m., Saturday and Sunday noon to 5 p.m. and Friday by appointment Contact

adidevelopments.com 905.681.7743 stationwest@adidevelopments.com

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 13

Trending

Canadian economy to pick up this year: Conference Board FOLLOWING AN INCREASE of just 1.3

per cent last year, Canada’s economic growth is expected to accelerate to 1.9 per cent in 2017, according to The Conference Board of Canada’s Canadian Outlook: Winter 2017.

“Last year, Canada’s economic growth was held back by weak business investment and a disappointing export performance,” says Matthew Stewart, associate director, National Forecast. “Overall, we anticipate a better performance this year, as the energy sector puts less of a drag on the economy, exports manage a slightly better performance and government stimulus ramps up.”

Highlights » Canada’s economic growth is forecast to accelerate to 1.9 per cent in 2017. » Improved export activity and increased government spending will partly offset slowing consumer spending and declining residential construction. » Business investment outside the oil and gas sector is showing some signs of recovery.

Although Canada’s trade sector will likely encounter numerous speed bumps over the next couple of years, exports are projected to increase by 1.8 per cent in 2017 and see even stronger growth 2018 thanks to strength in the U.S. economy and a weak Canadian dollar. However, export growth will be held back somewhat by capacity issues over the near term. With most manufacturing sectors operating at capacity, the lack of investment spending to expand capacity will continue to limit the ability of firms to increase production, and hence, exports. While it is too soon to estimate the impact that the new U.S. government will have on Canada’s trade sector, it is highly 14 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

probable that Canadian exporters will face greater protectionist measures under the Trump administration.

Business spending outside of the oil and gas sector should finally see some growth this year. Nonresidential construction is poised for a gentle recovery, while machinery and equipment investment spending is also expected to turn a corner.

However, this won’t be enough to offset further declines in oil and gas investment, which is projected to drop by 4.9 this year. Overall, business investment is projected to decline by 0.3 per cent this year, before increasing in 2018.

While the household sector will remain a key driver of the economy in 2017, consumer spending growth is forecast to slow slightly amid mediocre employment gains and subdued wage growth. In addition, residential construction is poised to

fall as recent changes to mortgage rules take some of the steam out of the housing market. Housing starts will see to drop by roughly 185,600 units this year and rise slightly in 2018.

One factor that is expected to give a boost to economic growth is the beginning of federal stimulus funds. The federal government is committed to increasing program spending and infrastructure funding levels, which will account for 0.3 percentage points of Canada’s economic growth in 2017.

With economic growth remaining modest in Canada, the Bank of Canada is expected to hold off on any interest rate hikes until 2018, even then the rate of increase will be modest. As Canadian and U.S. interest rates widen, the loonie will lose ground against the U.S. dollar in the coming year, expected to average US$0.745.

Hot Properties

Find your next home! This page features a few of the latest properties to keep your eye on in Southwestern Ontario. Find more properties at ypnexthome.ca

LATEST LISTINGS

HAMILTON HALTON NIAGARA ANCASTER • BEAMSVILLE • BINBROOK • BRANT • BRANTFORD • BURLINGTONCATHARINES • GRIMSBY • HAMILTON • MILTON • NIAGARA • OAKVILLE • PARIS PORT DOVER • ST. CATHARINES • STONEY CREEK • VINELAND THE GATSBY

pre-registration MERRITTON COMMONS By: Phelps Homes City: St. Catharines Housing type: Attached bungalows and bungalow towns phelpshomes.com

SCENIC TRAILS By: Starward Homes City: Hamilton Housing type: Condominiums from the mid $200’s scenictrails.ca

VISTA RIDGE By: Losani Homes City: Beamsville Housing type: Singles from the $400’s myvistaridge.ca

ALCONA SHORES By: Bayview-Wellington Homes City: Innisfil Housing type: Luxury singles on 32-, 45- and 48-ft. lots myalcona.com

THE WEST By: Adi Developments Location: Burlington Housing type: Luxury boutique condos from the $190’s adidevelopments.com

PARADIGM By: Molinaro Group City: Burlington Housing type: Condo suites in midtown Burlington paradigmcondos.ca

CENTRAL PARK By: Losani Homes City: Hamilton Mountain Housing type: Townhomes from low $300’s mycentralpark.ca

SAPPHIRE

By: New Horizon City: Hamilton Housing type: Condos from the low $200’s gatsbycondos.ca

By: New Horizon City: Stoney Creek Housing type: Waterfront condominiums from $199,999 sapphirecondos.ca

WOODWAY TRAILS

FALLINGWATERS

By: Eastforest Homes City: Simcoe Housing type: Singles from $329,400 and semis from $224,900 eastforesthomes.com

By: Losani Homes City: Hamilton Mountain Housing type: Two- and threestorey towns from the $400’s losanifallingwaters.com

STEPPING STONES

TIFFANY HILL

By: Phelps Homes City: Smithville Housing type: Two-storey townhomes phelpshomes.com

SIMPLY GRAND By: Losani Homes City: Paris Housing type: Townhomes from from the $300’s simplygrandtowns.com

SUMMERLEA WOODS By: Empire Communities City: Binbrook Housing type: Townhomes from the mid $300’s and detached homes from the low $400’s summerleawoods.com

LIFE By: Branthaven Homes City: Winona Housing type: Townhomes from the $400’s branthaven.com

EXPLORE By: Branthaven Homes & Ballantry Homes City: Hamilton Housing type: Townhomes exploretowns.com

AQUAZUL By: Homes by DeSantis City: Grimsby Housing type: Waterfront condos from the high $200’s aquazulcondo.ca

By: Rosehaven Homes, Homes

by DeSantis & CDI Homes City: Ancaster Housing type: Detached homes and freehold townhomes tiffanyhill.ca

PASSAGES ON THE CANAL By: Bayview-Wellington Homes City: Welland Housing type: Luxury freehold townhomes on the Canal mypassages.ca

AVALON By: Empire Communities City: Caledonia Housing type: Townhomes from $239,990 and detached homes from the mid $300’s empireavalon.com

THE WOODLANDS ANCASTER By: Losani Homes City: Ancaster Housing type: Singles on forest court lots from the $500’s woodlandsancaster.com

PURE By: Branthaven Homes City: Milton Housing type: Two-storey freehold townhomes branthaven.com

LAKE HOUSE By: Branthaven Homes Location: Grimsby Housing type: Waterfront townhomes and condos lakehouselife.ca

THE BERKELEY CONDOMINIUMS By: Carriage Gate Homes City: Burlington Housing type: 154-unit condo carriagegatehomes.com

new openings AFFINITY CONDOMINIUMS By: Rosehaven Homes Location: Aldershot, Burlington Housing type: Condos from the low $300’s affinitycondo.com

THE PRESERVE By: Mattamy Homes City: Oakville Housing type: Executive condo townhomes from the mid $800’s mattamyhomes.com

STATIONWEST By: Adi Developments Location: Burlington Housing type: Three-storey townhomes at Aldershot Go Station adidevelopments.com

ELEMENTS By: Mountainview Homes City: St. Catharines Housing type: Luxury one- and two-bedroom luxury condos elementscondo.com

Builders If you would like to include your preview registration, new release or site opening in this feature, just email the details to wayne.karl@ypnexthome.ca 15

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ypnexthome.ca

Paris

Port Dover

Simcoe

Binbrook

Grimsby

Georgetown

Caledon

Smithville

Welland

Fonthill

Thorold

Ridgeway

Stevensville

Chippawa

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

Halton / Hamilton / Wentworth / Niagara:

SEARCH ONLINE Fort Erie

BUILDERS

SITES

Aldershot

ADI DEVELOPMENTS

The West Condominiums

Ancaster

LOSANI HOMES

Astoria Grand

Ancaster

LOSANI HOMES

The Woodlands Ancaster

•

Beamsville

LOSANI HOMES

Vista Ridge

Brantford

EMPIRE

Caledonia

EMPIRE

Grimsby

HOMES BY DESANTIS ADVERTISERS

PRICES

•

PAGE

from $190's

19

from $300's

7

•

from high $700's

7

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•

from $400's

7

Wyndfield

•

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Avalon

•

•

2&3

2&3

Aquazul

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from low $200's

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Hamilton

BRANTHAVEN HOMES

Explore

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from $300's

Hamilton

LOSANI HOMES

Madison at Central Park

•

from low $300's

7

Hamilton

LOSANI HOMES

Fallingwaters

•

from high $400's

7

Hamilton

STARWARD HOMES

Scenic Trails

Lincoln

LOSANI HOMES

Lincoln Estates

Niagara

BW HOMES

Passages on the Canal

Niagara Falls

EMPIRE

Imagine

•

Oakville

MATTAMY HOMES

The Preserve

•

Paris

LOSANI HOMES

Simply Grand Encore

•

•

from $300's

7

Paris

LOSANI HOMES

The Peninsula

•

•

from $300's

7

St Catharines

MOUNTAINVIEW HOMES

Elements

from mid $200's

9

Winona

BRANTHAVEN HOMES

Life

•

•

24&25

from $200's

21

from $400's

7

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5

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2&3

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from $400's

24&25

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

LOCATION

Halton / Hamilton / Wentworth / Niagara:

D et Se . m Bu i n To gal w ow C nh o o Ad ndo me ul tL ife st yle

ADVERTISER'S MAPPING INDEX

17

Trending

Home sales rebound after new mortgage rules slow activity HOME SALES ARE RISING – albeit slowly – following a dip in activity when the new financing rules took effect in October, according to the latest market statistics from the Canadian Real Estate Association (CREA). December 2016 saw home sales increase 2.2 per cent monthover-month. The rebound recovered less than half of the drop in activity from October to November, when it posted the biggest monthly retreat in more than four years after Ottawa tightened mortgage regulations.

Activity was up month-overmonth in about 60 per cent of all local markets, led by Calgary and Edmonton, where sales rallied following large declines in November.

Sales activity was down five per cent in December from a year ago, when it reached the highest level ever for the month. The number of homes changing hands in 2016 was up by 6.3 per cent annually, reflecting strong sales activity in the first half of the year that has softened since.

“Sales set a new annual record last year,” CREA president Cliff Iverson said in a press release. “However, tightened mortgage regulations are expected to contribute to lower sales activity this year, though the extent to which they will weigh on housing markets across Canada will vary.”

“Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016,” added Gregory Klump, CREA’s chief economist. “New regulations mean that in order to qualify for a mortgage, homebuyers will either have to save longer for a bigger down payment or purchase a lower priced home. In urban centres where the latter are in short supply, that’s likely to translate into fewer sales.”

The number of newly listed homes 18 YPNEXTHOME.CA

fell three per cent in December 2016 from November. New listings were down in about 60 per cent of all local markets, with declines in B.C.’s Lower Mainland, Calgary and the Greater Toronto Area. With sales up and new listings down, the national sales-tonew listings ratio rose to 63.5 per cent in December compared to 60.3 per cent in November.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets.

The ratio was above 60 per cent in more than half of all local housing markets in December, the vast majority of which are located in British Columbia, in and around the GTA and across Southwestern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to completely liquidate current inventories at the current rate of sales activity.

There were 4.6 months of inventory on a national basis at the end of December 2016 – down from 4.8 months in November.

The tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent. The region includes the GTA, HamiltonBurlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country. The number of months of inventory in December ranged between one and two months in many of these housing markets, and stood below one month in the Durham Region, Orangeville,

Oakville-Milton, Kitchener-Waterloo, Brantford and Cambridge.

Price gains remained strongest for two-storey single-family homes and townhouse/row units (up 16.1 and 15.4 per cent year-over-year respectively. Single-storey singlefamily homes followed, at 13.3 per cent year-over-year, and apartment units up 12 per cent year-over-year.

While benchmark home prices were up from year-ago levels in nine of 11 housing markets tracked by the MLS HPI, trends continued to vary widely by location.

In the Fraser Valley and Greater Vancouver, prices continued to recede from their peaks reached in August 2016 but remained above year-ago levels (up 27 and 17.8 per cent year-over-year, respectively).

Meanwhile, benchmark prices climbed to new heights in Victoria and elsewhere on Vancouver Island, and in the GTA. By comparison, home prices were down 3.7 per cent year-over-year in Calgary and edged lower by 1.6 per cent year-over-year in Saskatoon, continuing their retreat from peaks reached in 2015.

The national average price for homes sold in December 2016 was $470,661, up 3.5 per cent from a year ago, marking the smallest year-overyear increase in nearly two years.

The national average price continues to be skewed upward by Greater Vancouver and the GTA. The average price is drops to $352,513 if Greater Vancouver and GTA sales are excluded from calculations.

MORE TRENDING ONLINE ypnexthome.ca/news

GRAND OPENING

Join us Saturday, February 4, 2017 Experience the Diamond Standard of Living

Luxurious Boutique Condominiums at Aldershot GO Station

Studios from the $190’s 1 Bedroom Suites from the $200’s 2 Bedroom Suites from the $400’s Introducing The West, a bold new direction in luxury living at the highly successful Stationwest community.

Located in the vibrant Aldershot Village, these glam condominiums are just minutes from downtown Burlington’s shops, restaurants and waterfront.

Presentation Centre:

N

PRESENTATION CENTRE

ALDERSHOT GO STATION

101 Masonry Court

Plains Rd. Lake Ontario

QEW

Waterdown Rd.

403

101 Masonry Court, Burlington Hours: Monday - Thursday: 2 pm - 7 pm Friday: By Appointment Saturday, Sunday & Holidays: 12 noon - 5 pm T. 905-681-7743

AdiDevelopments.com Follow us for the most recent updates

PMA Brethour Real Estate Corp., Brokerage. Illustration is artist’s concept.

Prices and specifications subject to change without notice. E. & O.E. Brokers Protected.

19

Trending

Déjà-boom

Millennials collide with retirement goals of their boomer parents THE BOOMERANG effect is in

full swing, as many Millennials continue to lean on the boomer generation for financial support, according to a recent TD survey. At a time when the older generation should be preparing for retirement, many instead are experiencing a “déjà-boom” effect, as children or grandchildren return to the family home or need financial assistance.

“As a parent or grandparent, it’s natural to want to help our kids and grandkids who may be facing financial challenges such as finding full-time employment or paying their day-to-day expenses,” says Rowena Chan, senior vice-president, TD Wealth Financial Planning. “It’s important that this desire to help is balanced with the goals you have when it comes to retirement.”

Overall, 62 per cent of the boomer generation feels the “déjà-boom” effect is preventing them from saving enough for retirement. The survey also reveals that the tradeoff between providing financial support and saving for retirement is placing boomers under a considerable amount of financial stress. More than half (58 per cent) of boomers report feeling financially stressed and say their retirement savings are being impacted by their extended financial support of boomerang kids; one in four Canadian boomers admit to supporting their adult children or grandchildren.

“While the déjà-boom effect may be an unexpected event in retirement planning, it is important for preretirees to remember that it’s not too late to plan for the future and achieve their goals. A lot can be accomplished in the 10 to 15 years before retirement and planning ahead is a key step in making the journey as smooth as possible,” says Chan.

TD offers these tips for boomer parents: 20 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

Be ready for whatever life throws your way Understand that your retirement goals are still within reach. Meet with a financial planner and do a goals-based assessment to determine what your options might be for supporting your kids while keeping your retirement plans on track. Identify short, medium and long term goals, and make sure they align with your kids’ goals.

Negotiate the return Discuss how everyone can contribute to the household budget and operations. For example, you may be able to cover the basics such as room and board, but other cell phone bills, car payments or financial support for recreational activities are additional costs that could be covered independently.

Prepare to “relaunch” Whether it’s your newly married daughter and her spouse and child, or your son who recently graduated and has moved back home, there are plenty of opportunities to educate family members on the importance of being fiscally responsible and working toward financial independence.

Invite them to join in your financial conversations to discuss how to navigate their current circumstances and establish good financial habits.

Decide when to release As you map out financial action plans, identify a date when you will no longer be financially committed to each other.

As you approach this date, set up a series of mini-goals that will allow you to free up funds to divert toward your retirement savings while ensuring that your kids are meeting the savings targets they set in their own financial plan.

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21

City Focus | ANCASTER

ANCASTER

Great natural location, abundant amenities JUDGING BY POPULATION growth

alone, Ancaster is the place to be.

But there’s much more than that to this thriving bedroom community adjacent to Hamilton. Its historical village of shops, pubs and restaurants and an abundance of recreational walking trails and scenic surroundings and even a tiny, treed roadway known as Lovers Lane make it a pictureperfect community.

Ancaster presents an intriguing dichotomy that offers an old town atmosphere that contrasts with new home communities and substantial retail services wrapped within greenspace and conservation lands.

Located on the Niagara escarpment, the former town offers a 200-year history of industry, agriculture and military. Ancaster was settled in the 1790s and played a role in the War of 1812. By the 1830s, Ancaster was the commercial centre for the area.

In an age before electricity, Ancaster was able to tap an abundance of energy through its mills from streams and creeks within a break in 22 YPNEXTHOME.CA

the escarpment. It is located at the end of Mohawk Road, which, in the 18th century, was one of the most important transportation routes in Upper Canada, making it a strong candidate for capital of Upper Canada.

Unfortunately, transportation was key to economic success in those days.

The Desjardins Canal was built in the rival village of Dundas giving lakers access and the railroad was introduced to Hamilton – both drawing industry away from Ancaster and ending its days as a commercial hub.

Fortunately, agriculture ensured Ancaster remained a vibrant community. Today, local markets such as Lindley’s Farm & Market and Carluke Orchards draw visitors to their seasonal outdoor events as well as to purchase locally grown fruits and vegetables. The Ancaster Fair remains a popular attraction each fall for farmers and visitors alike.

Ancaster’s population began to increase after the Second World War when subdivisions around the village were established. The

population increased again with the completion of the Hamilton-Ancaster section of Hwy. 403 in 1968 and the introduction of sewer systems in 1974. True to history, Ancaster offers the most growth of the five communities within Hamilton, and has double the growth rate of the province of Ontario. Ancaster’s population of very young is the fastest growing in Hamilton, a figure attributed to the family-oriented lifestyle and sense of community in this area. At the other end of the scale, there is also considerable growth in the population over 65 given the number of adult-lifestyle communities, retirement residences and long-term care facilities.

The original farming community of Ancaster began its metamorphosis from old town to shiny new urban centre decades before amalgamation with a small-town atmosphere that drew families and caused a boom in home building and commercial development. Best known is The Meadowlands, a master-planned

Ancaster presents an intriguing dichotomy that offers an old town atmosphere that contrasts with new home communities and substantial retail services wrapped within greenspace and conservation lands. community of retail and serviceoriented businesses designed to serve thousands of new homes that have been built in the past 20 years in the residential component across the road. At the junction of Hwy. 403, just moments from the QEW, and the Lincoln Alexander Pkwy., this prime position places residents within moments of downtown Hamilton and Burlington, Brantford and Stoney Creek. Commuters are a predominant part of the Ancaster population.

In addition to being at the crux of all of the region’s highways and byways, Ancaster is only moments from the John. C. Munro Hamilton International Airport, which is gaining popularity as an alternative to the busier airport in Toronto. Hamilton now has great links with low-cost air carriers to the rest of Canada as well as charter flights to a variety of destinations.

As part of the amalgamated city of Hamilton, Ancaster also has a labour force in flux with the downsizing and closure of a number of manufacturing operations. But, being a bedroom community, employment in Ancaster isn’t dependent on operations only within the town, but also the opportunities beyond. Residents of Ancaster can be found in the employ of Hamilton’s largest employer – Hamilton Health Sciences and the five hospitals under its umbrella. Other major employers include McMaster University and the public and separate school boards. While not the giants they were a decade or more ago, the manufacturing sector and the steel industry remain prime employers in the Hamilton area. Ancaster’s retail sector is thriving with retail giants such as Costco, Walmart and The Home Depot and neighbouring retailers employing hundreds of individuals.

Neighbourhood Profile

In terms of new-home developments, builders such as Losani Homes, Homes by DeSantis, Rosehaven Homes, Branthaven, Starward, and Carriage Gate Homes have carved out community niches throughout Ancaster offering luxury townhomes and singles, along with adult-lifestyle options on a grand scale to meet the growing demand for welladorned homes in this area where comfortable living is sought after.

The Niagara Escarpment and the Bruce Trail run through the community. Ancaster serves as the location of the offices of the Hamilton Region Conservation Authority from scenic lands on Mineral Springs Rd. Waterfalls are a notable feature within these lands and include such popular hiking areas as Tiffany Falls.

Along much of the escarpment lies the Dundas Valley Conservation Area, that protects part of the Carolinian forest of southern Ontario. Historic buildings, most notably the Old Town Hall (1871) and the Fieldcote Memorial Park and Museum, are local attractions in the old town.

Ancaster is also home to numerous golf courses including the Hamilton Golf and Country Club, which has hosted multiple Canadian Opens on the PGA Tour. It has been regarded as one of the top golf courses in Canada and consistently ranks high on Canada’s list of best golf courses

by Scoregolf magazine.

Recreation got an added boost to serve this growing community with the addition of the Ancaster Rotary Centre and Morgan Firestone Arena.

It includes a full-size gym, workout complex and meeting rooms. It is surrounded by the Robert E. Wade Park with four baseball diamonds and five soccer fields. Nearby is the Lions Pool, an outdoor pool still enjoyed throughout the summer months.

DOWNTOWN ANCASTER Downtown Ancaster is filled with heritage homes and character, in a small town on the edge of Hamilton.

Life is very relaxed here, and homes are located on spacious lots that allow for the utmost privacy.

Lifestyle Life is very relaxed here, and homes are located on spacious lots that allow for the utmost privacy. Homes are situated away from the traffic and highways, affording a feeling of peace and quiet in the community.

Vibe Considered one of the more beautiful areas around Hamilton, downtown Ancaster is lined with historic stone buildings from the 1800s housing local businesses. Most residents live a laid back lifestyle.

Meet the neighbours Residents of this area are mixed.

Some bought their homes before the neighbourhood became high in demand, others have more recently bought in and have replaced aging detached homes with modern rebuilds.

In the area Besides plenty of shopping, another attraction in this neighbourhood is the abundance of nature and hiking trails.

The Dundas Valley Ravine is located nearby, and there are plenty of mom and pop stores, offering everything from ice cream and clothing to coffee.

Planes, trains & automobiles Public transit is infrequent in the area, so having a car is key to getting around.

Due to its history, you’ll come to find that most stores, restaurants and entertainment venues are spaced out from each other.

The good, the bad & the rest Ancaster may not be the cheapest place to live, but there’s no denying its charm and beauty. There are plenty of recreational spaces, alongside small businesses and a seasonal farmers’ market for those who like to support local initiatives. If you’re into living in a locale with a heavy community focus, this is the place for you.

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 23

24

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 25

Advice | MORTGAGE ADVICE

6 ways to reduce your mortgage costs

By Alyssa Furtado

MORE ADVICE ONLINE ypnexthome.ca/news/advice

THE NEW YEAR is a good time for a

financial health check. And since for most homeowners’ financial wellbeing is directly linked to the cost of your mortgage, re-evaluating your mortgage is key.

Before getting a mortgage, look at how much of your income goes towards your payments. When you review these costs, you should consider options that can lower your payments and reduce the amount of interest you have to pay.

Here are three ways to access lower interest rates: 1. Get and keep a high credit score Maintaining a higher credit score makes you a more attractive debtor.

This will enable you to negotiate a lower interest rate. Most financial institutions consider credit scores in the 800 to 900 range to be favourable. A long history of good credit will give you access to lower rates. Get your free credit score before meeting with an advisor.

2. Use a broker A licensed mortgage broker can give you access to the best mortgage rate possible. A broker can access a pool of both traditional and non-traditional lenders from which they can then offer you the lowest rates possible.

Although brokers are paid by the lender, they are also acting for you and are not tied to specific lenders.

3. Consider a variable-rate mortgage The interest on a variable-rate mortgage is often lower than a fixedrate one. This enables you to pay less 26 YPNEXTHOME.CA

interest with your monthly payment.

Choosing a variable rate comes with the risk of paying a higher rate at some point. That’s because the rate will change with the prime lending rate set by your lender.

There are also ways to reduce the amount of interest you pay over the lifetime of your mortgage. Here are three strategies you can use: 4. Increase your down payment You can put down as little as five per cent to buy a home under $500,000, but when you put down less than 20 per cent you have to get mortgage insurance. A larger down payment also decreases the monthly cost of the principal and interest of your mortgage loan, as well as the total interest over the life of the mortgage.

5. Increase payment frequency When arranging your mortgage, ask your broker to structure it so you can make accelerated biweekly payments. If you do so, the monthly payment is divided by two and the frequency of payments increases

to 26 times a year from 12 times annually. Therefore, you’re paying the equivalent of 13 monthly payments a year and accelerating your payments, you’ll increase the amount that goes towards the principal.

6. Make lump-sum payments Ensure your mortgage allows you to make lump-sum payments. Making an annual lump-sum payment can help you pay off your mortgage years earlier and reduce your interest costs.

THE BOTTOM LINE Reducing your mortgage rate and increasing how much you pay towards your principal will help you reduce your overall mortgage costs.

It’ll also make your finances healthier because your monthly expenses will shrink and you’ll spend less to pay off your mortgage.

Alyssa Furtado is founder and CEO of RateHub.ca, a website that compares mortgage rates, credit cards, deposit rates, and insurance with the goal to empower Canadians to search smarter and save money.

Hot Properties

Find your next home! This page features a few of the latest properties to keep your eye on in Southwestern Ontario. Find more properties at ypnexthome.ca

LATEST LISTINGS

LONDON BAYFIELD • BLYTH • CLINTON GRAND BEND • INGERSOLL • LONDON MITCHELL • SEAFORTH • SHAKESPEARE ST.THOMAS • STRATFORD • TAVISTOCK TILLSONBURG • WINGHAM • WOODSTOCK

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CASTLE ROCK PLACE

140 CALEDONIA By: The Tricar Group City: Stratford Housing type: Four-storey boutique style condominiums from the high $200’s. tricar.com

VICTORIA ON THE RIVER By: Stonecrest Homes City: London

HALTON HILLS WELLINGTON WATERLOO ALMA • AYR • CAMBRIDGE • ELORA FERGUS • GEORGETOWN • GUELPH KITCHENER • ROCKWOOD • WATERLOO

pre-registration

new releases HAVELOCK CORNERS

By: Rembrandt Homes City: London Location: 3444 Singleton Ave., off Southdale Housing type: Two-storey and mulit-level condominium townhomes from $231,990. rembrandt-homes.ca

By: Senator Homes City: Woodstock Housing type: New release of 42- and 50-ft. singles from the low $400’s senatorhomes.com

BALDWIN PLACE FOX FIELD By: Fusion Homes City: London Location: Fanshawe Park Road West and Foxwood Avenue

By: Tillsonburg Developments City: Tillsonburg Housing type: Single-detached freehold bungalows from $244,500. baldwinplace.ca

WILDFLOWERS

VICTORIA COMMON

By: Mattamy Homes City: Kitchener Housing type: Townhomes and 30and 36-ft. detached homes. mattamyhomes.com

By: Losani Homes City: Kitchener Housing type: Final release of modern townhomes from the $300’s losanihomes.com

ISHERWOOD AVENUE CONDOS

ROSEMOUNT SEMIS

By: Activa Group City: Cambridge Location: 25 Isherwood Avenue Housing type: Condo community activagroup.ca

CLAIR MEADOWS By: Gatto Homes City: Guelph Housing type: Townhomes and singledetached homes gattohomesinc.com

Housing type: Single-family homes from $482,900 fusionhomes.com

Housing type: Single-family homes at Hamilton Road & Commissioners Road East. stonecresthomes.ca

new openings

WESTWOOD MEWS

THE ENCLAVES OF UPPER CANADA

By: CountryGreen Homes City: Kitchener Housing type: Urban townhomes up to 1,365 sq. ft. countrygreenhomes.com

By: Menkes City: Georgetown Housing type: New release of 40-ft. lots from the low $800’s menkes.ca

By: CountryGreen Homes City: Kitchener Housing type: Semi-detached homes in the heart of Kitchener from $349,900 countrygreenhomes.com

CLAIRITY By: Reid’s Heritage Homes City: Guelph Housing type: One- and two-bedroom condominiums from the mid $200’s reidsheritagehomes.com

Builders If you would like to include your preview registration, new release or site opening in this feature, just email the details to wayne.karl@ypnexthome.ca

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 27

28

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29

Trending

Southwestern Ontario new home market

By Phong Ngo

AT THE START OF 2016, there were more than 170 active lowrise and highrise new home projects across some of the major markets in Southwestern Ontario. By the end of the year, there were less than 100 projects with units to sell. Buyers were quick to snap up homes; and many projects sold out at impressive rates. Total new home sales for the region were 35 per cent more in 2016 than in 2015.

As of the end of 2016, there were slightly more than 1,600

units available for sale – a 55-per-cent drop in inventory from the end of 2015. Average unsold new home prices increased in almost every product category from Q3 2016 to Q4 2016.

MORE TRENDING ONLINE nexthome.yp.ca/news

Hamilton

Guelph

Average New Home Prices

Welland

Average New Home Prices

1M+

$

Detached 30-39 ft.

2,114 sq. ft.

Detached 40-49 ft.

2,430 sq. ft.

Detached 50-59 ft.

3,225 sq. ft.

SemiDetached 1,555 sq. ft.

Apartment 936 sq. ft.

Waterloo

Average New Home Prices

1M+

1M+

$

$

Townhouse 1,952 sq. ft.

Apartment 694 sq. ft.

Detached 30-39 ft.

1,915 sq. ft.

Cambridge

Brant & Brantford

Average New Home Prices

$392,578

Apartment 847 sq. ft.

$586,740

Townhouse 1,487 sq. ft.

$200's

Detached 40-49 ft.

2,858 sq. ft.

Townhouse 1608 sq. ft.

$527,490

$904,994

$829,900

Detached Detached 50-59 ft. 60-69 ft.

2,977 3,687 sq. ft. sq. ft.

$321,962

Detached 40-49 ft.

2,642 sq. ft.

$344,123

Detached 30-39 ft.

2,170 sq. ft.

$680,071

$295,183

$500's

$511,090

$470,740

Apartment 738 sq. ft.

$200's

Apartment 1,010 sq. ft.

$

$500's

Townhouse 1,593 sq. ft.

Townhouse 1,380 sq. ft.

1M+

$

$500's

Townhouse 1,526 sq. ft.

Average New Home Prices

1M+

$

$200's

Kitchener

Average New Home Prices

1M+

Detached Detached 40-49 ft. 50-59 ft.

2,301 1,825 sq. ft. sq. ft.

$401,471

$346,671

Detached 60-69 ft.

3,280 sq. ft.

$542,043

$501,900

Detached 50-59 ft.

2,775 sq. ft.

$200's

$617,240

$999,800

Detached 40-49 ft.

2,514 sq. ft.

$500's

$494,490

$625,400

Detached 30-39 ft.

2,306 sq. ft.

$628,100

$500's

$505,036

$500's

Apartment 942 sq. ft.

$473,166

1M+

Townhouse 1,405 sq. ft.

Niagara Falls

Average New Home Prices

$

$200's

Detached 40-49 ft.

1,528 sq. ft.

Centre Wellington

Average New Home Prices

$200's

$200's

$370,000

$389,616

$200's

$439,900

$471,900

Apartment 802 sq. ft.

$902,400

Townhouse 1,545 sq. ft.

$698,400

$388,410

Detached 60-69 ft.

3,571 sq. ft.

1M+

$500's

$552,657

$446,512

Detached Detached 40-49 ft. 50-59 ft.

2,634 2,578 sq. ft. sq. ft.

$1,402,456

Detached 30-39 ft.

2,268 sq. ft.

$849,175

$200's

$804,990

$500's

$715,490

$500's

$

$475,900

$

$423,400

1M+

Average New Home Prices

Detached 30-39 ft.

2,365 sq. ft.

Source: Altus Group (Q4 2016) Phong Ngo is the New Homes Research Director at Altus Group, the official source of new home information for the Building Industry and Land Development Association, and a member of Waterloo Region Home Builders’ Association, Hamilton Halton Home Builders’ Association and Guelph & District Home Builders’ Association.

30 YPNEXTHOME.CA

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FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 31

Trending

Nearly half of Canadians lack a financial plan: CIBC poll

NEARLY HALF (46 per cent) of

Canadians do not have a financial plan in place to reach their goals, despite many feeling concerned about their retirement years, according to a new CIBC poll.

“While most of us have a fairly good sense of our financial goals, so many Canadians do not have a clear road map in place to achieve what they want today – and tomorrow,” says Sarah Widmeyer, managing director and head of wealth strategies, CIBC. “Whether the goal is to eliminate debt, save more, or retire early, you can achieve success with a financial plan.”

32 YPNEXTHOME.CA

Key poll findings include: » 54 per cent of Canadians surveyed have a financial plan, with » 64 per cent of them having a long-term plan that identifies their savings goals and the steps to achieve them » And 36 per cent who describe it as only a budget they review regularly, a short-term plan or ‘other » 46 per cent of Canadians surveyed do not have a financial plan » with 42 per cent of them saying they ‘have a pretty good idea’ and don’t need to write it down » When thinking about retirement,

just over half (51 per cent) are most worried about increasing health care costs, 45 per cent are concerned about how to manage unexpected expenses, and 43 per cent worry that they won’t have enough money to live the life they want.

Life gets in the way According to previous CIBC polls, paying down debt has been the top financial priority for Canadians for seven straight years, indicating few people are making headway on their goals.

“We all aim to have a sufficient nest egg for retirement and money to

handle the unexpected, but everyday life has a tendency of getting in the way,” says Widmeyer. “By setting out a clear path to your goals, a financial plan can help you stay on track. It also gives you the confidence to manage surprises, so that setbacks don’t put your retirement dreams and other goals at risk.”

The poll finds that having a financial plan in place makes Canadians feel more confident in their ability to manage unexpected changes in their finances. Additionally, those who have a financial advisor (61 per cent) also feel better able to manage setbacks.

The poll surveyed Canadians with household incomes above $100,000.

A financial plan and a budget are not the same The poll findings show that even among those who do have a financial plan, more than a third (36 per cent) appear to be confused about how it differs from a budget, pointing to a limited understanding of the full value and purpose of a financial plan.

“While budgeting and financial planning go hand-in-hand, a budget alone is insufficient in crafting the life you want in the future,” says Widmeyer. She adds that confusing a budget with a financial plan may leave Canadians ill-prepared.

Widmeyer describes a financial plan as a clear, written report detailing an individual’s personal goals, financial needs and priorities in areas such as income and expenses, taxes, mortgage planning, education needs, retirement, estate planning and insurance. A financial plan also incorporates assumptions like inflation, the time to a goal and expected rates of return, which many may miss on their own, she adds.

“There are many things to consider depending on your life stage, income and lifestyle expectations,” says Widmeyer. “Is it better to pay down debt or save? Are you saving enough?

Could you possibly retire earlier than you thought? These are some of the questions a financial plan can help you answer and where the real value of a plan lies.”

Tips for the ages

In your 20s and 30s When you’re starting out, it’s important to manage debt effectively and keep an eye on savings. Taking advantage of the Home Buyers’ Plan can help you build a down payment for your first home, while saving through a TFSA could save your RRSP contribution room for years when you’re likely to earn a higher income.

In your 40s and 50s For the sandwich generation, it’s all about balance. Competing priorities pull you in different directions, and can make it difficult to stay on track. Look for ways to maximize savings through Registered Education Savings Plans, and be sure to balance your portfolio to fit the right time horizon, risk tolerance and accurately forecast future cash flow.

In your 60s and beyond For those at or nearing retirement, it’s important to understand your new income needs, lifestyle and plan for any unexpected health costs to set a clear course for the years ahead. Knowing the right time and amount to withdraw from Registered Retirement Income Funds to reduce tax liabilities and continue saving for later years, while discussing your estate can help protect your wealth and minimize taxes.

MORE TRENDING ONLINE ypnexthome.ca/news

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 33

Trending

Why the urban/suburban debate rages on

By Lydia McNutt

THE URBAN SUBURBAN debate rages

on in the search for the perfect home – particularly in the face of Toronto’s rising real estate prices. Indeed, affordability hit an eight-year low in the third quarter of 2016, according to the latest Housing Trends and Affordability Report from RBC Economics Research.

The skyrocketing price of homes may be old news in Toronto, but it’s now spreading into the suburbs.

Oakville, for instance, saw the average home price rise 15.4 per cent to $894,696 in the third quarter of 2016, according to Royal LePage’s House Price Survey. The story’s the same in Oshawa and Whitby, which saw the average home price increase 26 and 21.5 per cent, respectively.

Meanwhile, in Richmond Hill, prices were up 25.7 per cent.

How’s that for “urban sprawl?”

A chat some time ago with Empire’s co-founder and executive vice-president of Industry Relations, Paul Golini Jr., enlightened me to an old saying that rings true today, more than ever: drive till you qualify. But with the suburbs gaining speed in price appreciation, how far is too far?

The choice between location, lifestyle and housing type all play into the decision of “where?”

“Is it important to be able to walk to work? On the other hand, would you mind commuting if it means you’ll have a detached home with a backyard? Or, are you looking for low maintenance and on-site amenities? Homebuyers need to determine which factor is most important to them,” Golini told New Home & Condo Guide.

34 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

Driving decisions Location is one of the strongest drivers when it comes to finding the right home. A lot of it has to do with the three Ts: traffic, time and tolls – Toronto Mayor John Tory’s plans to bring road tolls to the Gardiner Expressway and Don Valley Parkway. They’re all common concerns among home hunters who are seeking more affordable housing outside of the city limits.

Golini pointed out, those who commute will happily continue to do so if it means they’ll get more home for their money. “In our industry there’s a saying, ‘you drive till you qualify,’ which is based on the size of the mortgage you can afford as you move further away from the GTA.” “There is a segment that embraces the work/live/play/shop lifestyle and opts to live in the downtown core. They often abandon the car until the weekend, because they can take transit, the streetcar or walk to work,” Golini added.

That being said, lifestyle is increasingly becoming a significant factor in the home search – particularly in the condo market,

Golini said. “We see that people are spending less time at home and more time at work or outside of their home, whether it’s for entertainment or going to the gym.

These purchasers are okay with a smaller form of housing where little maintenance is required.”

Density – yay or nay?

Aside from commute times and price, Golini highlighted density as a key factor in the home hunt.

“Some people want to be close to their neighbours and living in a condo gives them the chance to meet in the gym, at the pool or even in the elevator.” On the flip side, lowrise communities are less dense and offer more privacy. “If someone is determined to fulfill their dream of the white picket fence, they may be driven further outside the core.

Alternatively, they can go the route of a townhome, which is a great way to enter the housing market.

“Once you determine which of these factors is the most important to you, as well as what you can afford, this can then act as a filter to direct your home-buying decision.”

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 35

Inspiration | DESIGN SECRETS

BEFORE YOU HIRE A DESIGNER…

By Jane Lockhart

THE PROCESS OF designing a home can be daunting. But, choosing the right designer will help relieve some of the pressure and stress. Their expertise, knowledge and experience allows them to do the heavy lifting, take care of small and they have the foresight to anticipate any problems and take care of the details. However, before you even begin looking for the person who will help transform your home, here are some important things to consider.

Budget Be realistic. Know your budget from the beginning so that you and your 36

designer can frame your vision within the scope of your finances. Do your research. Take a good look at what furniture, fabric, paint and renovations truly cost and plan for those costs.

As designers, it is our job to be up front about costs to temper your expectations. It’s very common for clients to have a $10,000 budget with a $1-million vision.

Scope of work Determining the scope of your project will set the framework for the process.

Once you know the range of work, you can find the appropriate designer. If you require a whole home renovation, find

the designer who has the experience required to finish your project. The scope can also help indicate whether your project requires an architect, engineer, designer or decorator. If you’re doing a full house renovation, or just redesigning one room, your designer can help make these determinations based on your budget.

Show and tell Not everyone speaks fluent designer.

This is where photos of finished rooms come in handy! Go through magazines, houzz.com and Pinterest to look for inspiration.

You’d be amazed at the amount of

ideas a simple image can spark. When trying to gather ideas, I often tell my clients to view the portfolio of your designer’s past projects. Sometimes you don’t know what you want until you see it!

Time The magic of television has led many to believe anything can be completed within an hour or less.

Would you really want to inhabit a home that looks like it took an hour or less to build? That’s why it’s important to understand design professionals can do great things with what they are given. There are many moving parts that help your dream design turn into a reality that include contractors, painters, electricians and many more who all need time to do their job properly.

Customized pieces of furniture alone take at least eight to 10 weeks to complete, a full house renovation can take up to a year. Do your research before hand, your future designer and contractors will confirm the time frame once the scope of work is established.

Decisions It’s important you feel comfortable with your designer. Work with someone you can trust them to create your vision for your home. While it’s not essential to having a personal connection, it may be beneficial knowing that you’ll be working with each other for several months.

Who to hire It is essential that you get the full value for your money so seek out a designer who can project and deliver your vision. Experienced professional designers can work with any style.

In the end, designers are here to service you. Remember to choose wisely because your designer is an extension of yourself and will help you maximize your investment.

Jane Lockhart is founder and principal designer of Jane Lockhart Interior Design. She was creative director and host of W Network’s top-ranked show, Colour Confidential, and has a Canadian-built furniture collection, Jane by Jane Lockhart, by Statum Designs. Visit online at janelockhart.com

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 37

Inspiration Blanco Statuario blancocanada.com

W Studio Warped Interior wstudio.ca

The LOVE List at

IDS17

By Elisa Krovblit

Need some design inspiration for your new home? Check out these items and ideas from the recent Interior Design Show 2017 in Toronto.

Jalice Interiors freistil jalice.ca DXV American Standard 3D Printed Faucets americanstandard.ca

38

Wetstyle FogoIsland wetstyle.ca

DesignBoom Mart Pamela Coulston disegnojewellery.ca

Djuna Day Studio Totems djunadaystudio.com

Jacob Antoni Transforma jacobantoni.com

MIele DGC XXL miele.ca

sachaGRACE Penny sachagrace.com

Oeuf Canada Brooklyn Desk oeufcanada.com

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 39

Trending

Increase in mortgage fraud, ‘suspicious’ applications THE LATEST DATA FROM credit reporting agency Equifax Canada suggests high-risk and suspected fraudulent mortgage activity is on the rise noting a 52 per cent increase in suspected fraudulent mortgage applications since 2013.

According to data from Equifax’s enterprise fraud management solution, ‘Falsified Account Statements’ and ‘Falsified Documents’ were the most prominent application tags, as reported by investigators.

The other was ‘Conflicting Information’. Of those applications flagged, 67 per cent were from Ontario while the next highest was 12 per cent from B.C. Equifax also conducted a survey to chart the attitudes and perceptions of Canadians with respect to the current housing market. One-infive Canadians, who do not have a mortgage, indicated they are nervous they will never own a home because of rising prices and want to buy a home but can’t because of the down payment.

“We’re certainly seeing more mortgage applications being flagged as suspicious by our reporting institutions,” said Tara Zecevic, vice-president, Customer Insight at Equifax Canada. “While we cannot entirely attribute these increases to consumers overstating personal income or falsifying applications, we do want to remind people that there are serious consequences for making false or inaccurate claims on any loan or mortgage applications.

Not only will it stretch your finances, it is in breach of your contractual

40 YPNEXTHOME.CA

“There are serious consequences for making false or inaccurate claims on any loan or mortgage applications. Not only will it stretch your finances, it is in breach of your contractual obligations with the lender, and simply put, it’s against the law.” obligations with the lender, and simply put, it’s against the law.”

Little white lies With respect to mortgage fraud, the results of the recent Equifax survey showed: 13% of Canadians indicated they felt it was okay to tell ‘a little white lie’ when applying for a mortgage to get the house they want.

16% said they believe mortgage fraud is a victimless crime 8% admitted to misrepresenting the facts on a credit or loan application The cost of buying a home When asked about housing prices, the results of the recent Equifax survey showed: 84% believe that the cost of home ownership is too high for first-home buyers today Nearly 30% of Canadians cite ‘more demand than supply’ (29 per cent) and ‘foreign buyers’ (27 per cent), as the main factors driving up home prices

BC residents (compared to other provinces) were significantly more likely to cite foreign buyers as the top reason for home prices being driven up (75 per cent versus 42 for all other provinces, respectively) Examining trust When asked about who they trust in the home-buying experience, the survey showed: 44% of Canadians trust real estate agents the least during the homebuying experience About 25% also distrust homeowners (27 per cent) and home inspectors (26 per cent) 20% distrust mortgage brokers, another 16 per cent don’t trust their bank and equally 16 per cent have little trust in their insurance agent 9% said they trust all professionals involved in the home-buying experience

MORE TRENDING ONLINE ypnexthome.ca/news

FEBRUARY 2017

Model Home Photo Compliments of Reids Heritage Homes | ReidsHeritageHomes.com

The Residences of Cobble Beach - Homes with Glorious Views of Georgian Bay. Set amidst acres of land that majestically overlook the water, the homes have been designed to maximize water and golf views.

This inviting community is located only 10 min north of Owen Sound and 2 hours from Toronto’s Pearson International Airport. Home shown is the Harriston Model with 1,672 sq ft of living space.

Reid’s Heritage Homes has been featured as “Model HOME Of The Month” as seen in the New Home Guide model home calendar

Trending Lawndale Black Leather Daybed With Brass Base $2,699 crateandbarrel.ca Noche Media Storage Cabinet $999 crateandbarrel.ca

The perfect

LBD!

by Elisa Krovblit

The LBD – little black dress – is a wardrobe staple. With the right accessories, you can dress it up or down, styled with whimsy or sophistication. Same for the LBD – little black decor – pieces for the home. They make a statement and can be styled with your personal expression.

Arched Floor Lamp $249 bouclair.ca Bodum Bistro Black Thermal Coffee Carafe $45 crateandbarrel.ca

Résumé Dress $246 jcrew.com Raskog Utility Cart $35 ikea.ca

Umbria Pebbled Vase – Anthracite $48 chapters.indigo.ca

42 YPNEXTHOME.CA

Homebuyers’ Help

Compare mortgage rates for your best deal CHARTERED BANKS ATB Financial Alterna Bank Bank of Montreal Bank of Nova Scotia

variable 2.5 4.10op 2.6 6.30op 2.6 6.95op 2.9

Canadian Western Bank CIBC

6 months

1 year

2 years

3 years

4 years

5 years

4.1 4.10op 4 6.30op

3.04 4.10op 2.79

2.39

2.64

2.69

2.89

2.74

2.59

2.84

2.84

3.09

3.19

3.59

4.09

2.89

3.29 6.50op 3.14 6.30op 2.84 6.35op 3.14 3.14 6.35op 2.64 3 3.20op 3.14

3.09

3.39

3.89

4.49

3.04

3.65

4.2

4.74

2.79

2.74

4.09

4.79

3.04 2.15

3.65 3.39

4.39 4.09

4.64 2.35

2.64 2.94

2.64 2.84

3.19 2.94

3.29 2.99

3.04

3.39

2.79

2.94

2.79 2.49

3.34 2.74

3.99 2.84

4.44 2.99

2.84

3.44

2.74

2.94

3.24

3.49

3.69

3.79

6.95op 4.55 6.45op 4 6.45op

2.7 6.95op

Equitable Bank HSBC Bank Canada

2.35

ICICI Bank Canada Manulife Bank

2.75 2.7

National Bank President’s Choice Finan Royal Bank

n/a 6.70op 2.7 2.7

4.45 6.20op 4.45 4.4 6.70op

7.00op TD Canada Trust

2.6

Tangerine

2.7

2.99 7.00op 3.04 4.00op 3.19

TRUST COMPANIES Community Trust Effort Trust

n/a n/a

Home Trust Investors Group Trust

2.35 n/a

MTCC

2.9

6.5 4.45 6.30op 3.95 4.2 6.50op 4.55 6.45op

3.14 3.35 6.30op 2.69 3.14 6.30op 3.29 6.50op

3.25 3.5

3.95 3.7

4.39 4.3

4.64 4.35

2.14 3.09

2.34 3.39

2.59 3.89

2.79 2.45

3.09

3.39

3.89

4.49

4 6.30op 6.2 6.40op 3.1 4.25 6.50op

2.79 6.30op 2.84 6.30op 2.64 2.89 6.50op 3.25 6.25op 2.84 6.30op 3.04 2.8 2.95op 2.39

2.74

2.59

2.84

2.84

2.89

2.95

2.99

2.89

2.64 2.79

2.64 2.89

2.84 2.95

2.94 2.89

3.2

3.65

4

4.5

2.79

2.64

3.89

2.64

2.84 2.85

2.89 2.95

3.39 3.05

3.74 3.15

2.39

2.49

2.59

2.69

OTHER FINANCIAL INSTITUTIONS Alterna Savings

2.6

Comtech Fire C.U.

2.6

First National Fin. LP IC Savings

2.7

Luminus Financial

3.25

Meridian Credit Union

2.4

PACE Savings & C.U. Parama Credit Union

2.65

Steinbach Credit Union

2.25

5.05

ONLINE CALCULATOR ypnexthome.ca/mortgage-calculator 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 January 30, 2017. Prepared By http://www.FiscalAgents.com/mortgage/rates

FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 43

Ad Index

ADVERTISERS

Adi Development Group - The West Condominiums

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Losani Homes - Madison at Central Park

Bayview Wellington - Alcona

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Mattamy Homes - The Preserve

Bayview Wellington - Passages on the Canal

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Mountainview Homes - Elements

7

47

9

Branthaven Homes - Explore

24

Reid’s Heritage Homes - Grange Hill Point

BC

Branthaven Homes - Life

25

Starward Homes - Scenic Trails

21

Tillsonburg Developments - Baldwin Place

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Empire Communities - Multi-Site

Homes by DeSantis - AquaZul

44 YPNEXTHOME.CA

2&3

11

Advice | FUNDAMENTALLY SPEAKING

3 reasons Americans won’t be gobbling up Canadian homes

By Wayne Karl

MORE ADVICE ONLINE ypnexthome.ca/news/advice

NOW THAT DONALD TRUMP has been sworn in as president of the United States, should we prepare for an onslaught of Americans moving to Canada and buying up our homes?

Don’t bank on it.

The “possibility” was well publicized leading up to the election last November, with search terms such as “How to move to Canada” and “How to become a Canadian citizen” skyrocketing on Google.

Now Royal LePage Canada and others are fanning the flames even more. On the morning of the Jan. 20 inauguration, the realty firm issued a press release titled U.S. Interest in Canadian Real Estate Surges Following U.S. Presidential Election.

“American web traffic on royallepage.ca, has been highly correlated to recent U.S. political events. U.S.-originated sessions surged 329 per cent the day following the election and climbed 210.1 per cent year-over-year the week after Donald Trump’s victory,” the release said.

We can’t blame Royal LePage for publicizing the web search trend. It’s the company’s job, after all, to sell homes.

But it’s a bit of a stretch that Canadians should batten down the hatches and prepare for an onslaught of Americans offering wheelbarrows full of U.S. greenbacks for their Canadian homes.

Here’s why:

IMMIGRATION LAWS “We have express entry, and each province has numerous programs,” Robin Seligman, a Toronto-based a specialist in Canadian immigration law, told New Home Guide. “As well, we have options for work permits if the person has an employer in Canada, or under NAFTA if they are on the professional list.

filing requirements, eligibility for deductions and credits.

“Owning a home for personal use, versus investing in a rental property, from a tax perspective, is easier to deal with. There are still issues such as changes to the principal residence exemption rules that came about last fall.”

“We also have the labour market impact stream, so employers in many cases must first try to hire a Canadian or permanent resident for the job,” she says. “However, there are many exemptions, including intra-company transfers and NAFTA exemptions.”

MORTGAGE REGULATIONS “Foreign buyers – including Americans – will have a more difficult time qualifying for a mortgage than Canadians,” says James Laird, cofounder of RateHub and president of CanWise brokerage. “The down payment requirement is higher, and there are additional challenges around proving income.”

TAX ISSUES “For U.S., citizens, they will need to deal with various U.S. tax issues as a result of their U.S. citizenship,” says George Dube, a partner at BDO Canada LLP, Waterloo, Ont. “And, they will need to abide by different tax regulations while considered a non-resident of Canada versus as a resident, such as withholding taxes,

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@ypnexthome.ca or follow him on Twitter at Twitter.com/ WayneKarl FEBRUARY 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 45

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New Collection of Well-Appointed Detached Homes Coming in 2017 Mattamy will soon be returning to Oakville’s most prestigious address in The Preserve. Our new collection of thoughtfully designed well-appointed Detached Homes integrate seamlessly with our established master-planned community. Experience the natural beauty of the community, with many homes surrounded by an exclusive woodlot. A Mattamy home is a mark of achievement; both for the people who build it, and the people who call it home. We’re proud to have helped shape the Oakville landscape. Register today to be a part of the most desired community in Oakville.

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