Southwestern Ontario New Home and Condo Guide - Feb 18, 2017

FEB 18 - MAR 4, 2017 VOLUME 20, ISSUE 3, FREE

SOUTHWESTERN ONTARIO EDITION

UNBEATABLE VALUE ALL BRICK, FREEHOLD HOMES WITH $30 MONTHLY ASSOCIATION FEE

FROM $277,000

INSIDE THIS ISSUE

HISTORY, CULTURE & PROSPERITY OVERFLOW IN KITCHENER-WATERLOO

Cover Story page 12

YOUR NEW HOME WARRANTY: COMPREHENSIVE & AFFORDABLE

THE HOTTEST DESIGN TRENDS FROM IDS17

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IMAGINE NIAGARA FALLS

Townhomes & Detached homes

AVALON CALEDONIA

Townhomes & Detached homes

WYNDFIELD BRANTFORD

Detached homes

FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 3

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5

contents FEB 18 - MAR 4, 2017 | VOLUME 20 ISSUE 3

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

Tillsonburg Developments

SALES CO-ORDINATOR

Baldwin Place – where retirement dreams are realized

advice

Property Profile

30 Mattamy Homes

28 Tarion Report

Your new home warranty comprehensive, affordable

You’re never far from a Mattamy home

36 trending

26 32

EQ Awards

42 Mortgage Advice

Housing Market

45 Fundamentally Speaking CMHC increasing mortgage insurance premiums – again

Why Americans won’t be gobbling up Canadian homes GTA home prices spilling over into surrounding areas

buyers’ resource section

15

city focus

21

inspiration

34 38

Editor’s Choice

The best from IDS 2017

Designer Advice

7 luxe looks that won’t break the bank

Hot Properties Kitchener-Waterloo & London

New releases and grand openings

Kitchener-Waterloo

Where history, culture and prosperity abound

43

Hot Properties Hamilton

New releases and grand openings

Mortgage Rates

in every issue

10

Editor’s Note

44 Advertiser Index 46 What’s Online

6 YPNEXTHOME.CA

MANAGER OF PRODUCTION

Helen Pearce CO-ORDINATOR

Hannah Yarkony GRAPHIC DESIGNER

Miguel Cea CONTRIBUTING WRITERS

Joanne Keenan Jeffrey Reed

3 tips to help first-time buyers get into the market

EnerQuality names 2017 EQ award finalists

40 Housing Market

14

Money Matters

Why are you in debt?

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

Pritcha

SITE Trinity Ch urch Rd

ok Rd

RHVP

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Up Mt Al per bion Rd

Binbro

.

Rd E

rd Rd

Rymal

Upper Centen nial Pk wy

Lincol n M. Al exande r Pkw y

W

Mud

St E

FEB 18 - MAR 4, 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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% 5 7

L O S

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9

Editor’s Note

Impact of transit even more pronounced IT MIGHT NOT EXACTLY come from the Captain Obvious

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

file, but the notion that proximity to transit infrastructure has a provable impact on housing certainly belongs in the folder of common sense.

Home builders have long touted such features as among the most appealing for their communities; buyers have experienced the convenience first-hand; and plenty of research from investment groups and other bodies illustrates there is a quantifiable benefit.

Now, new information from the Toronto Real Estate Board provides another indisputable chapter. TREB commissioned a study by the Canadian Centre for Economic Analysis on how improved infrastructure, particularly the Metrolinx Regional Express Rail (RER) in the Greater Golden Horseshoe, can impact housing affordability.

Among other findings, research shows the impact of RER on affordability is largely positive – especially when the new infrastructure provides residents with more commuting options.

Why is this so important? Among other benefits, improvements in transit accessibility provide price premiums of up to 12 per cent to a home’s value.

ONLINE

SEE MORE PHOTOS ONLINE

IN THE FORMERLY industrial shadow of Uptown Waterloo, there’s a bit of a renaissance going on. There’s more to Waterloo Park than the greenspace itself, however.

Read the full story…

ypnexthome.ca/waterloo-park

+ get social 10 YPNEXTHOME.CA

Interact with us on social media: ypnexthome

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PRESENTATION CENTRE 10 Windward Drive, Grimsby ON Mon-Thu: 1pm-7pm Fri: By Appointment Only Sat-Sun: 12pm-5pm Phone: (289) 235-8541 Email: aquazul@homesbydesantis.com

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Rendering is artist’s concept. Prices and specifications subject to change without notice. Go Transit is a registered trademark of Metrolinx and is not affiliated with Homes by DeSantis or Aquazul. E.&O.E.

11

Property Profile | TILLSONBURG DEVELOPMENTS

cover story

Baldwin Place Where retirement dreams are realized A TOUR OF BALDWIN PLACE in

Tillsonburg will reveal a real sense of community, quality homes and friendly neighbours Mike and Janice Kirk are happy with their choice of Baldwin Place.

“Moving here has definitely been one of the best decisions we have made.

With the activities and people we’ve met here, the quality of life in our retirement has improved significantly.”

People move to Baldwin Place 12 YPNEXTHOME.CA

for many reasons – they no longer need a large home, they don’t want the physical labour and costs of maintenance, and they prefer to downsize comfortably with money left over for travel and other personal needs. They soon realize their new Baldwin home is exactly right for this time in their life.

Quality built freehold homes with all brick exteriors on large lots at Baldwin Place start from $277,000

(including HST), with nine models to choose from. Included in the offering is the Surrey, the newest model, which allows you many options within a basic model – choice of lot, single or double garage, an open floor concept that allows easy movement of interior walls, the placement of windows and that feeling of a custom built home of your dreams.

You’ll escape big city traffic and headaches and be welcomed by

Location

Tillsonburg Builder

Tillsonburg Developments Development

Baldwin Place Sales Centre

3 Esseltine Dr., open 10 a.m. to 5 p.m. Monday to Thursday, Saturday 10 a.m. to 5 p.m., Sunday 1 p.m. to 5 p.m. Closed Friday and holidays Contact

1.800.265.5709 baldwinplace.ca

new neighbours who will invite you to participate in the rich social life encouraged at the Baldwin Place Recreation Centre. Participate in fitness classes or join one of the many clubs – there are sure to be several that meet your needs. Meanwhile, the other amenities you require are right at your doorstep in Tillsonburg. There, you’ll find more than 220 shops, restaurants and other services and the excellent care provided at Tillsonburg

District Memorial Hospital.

If that isn’t sufficient, there are additional services available in nearby London.

Baldwin Place is waiting for you, so come and see for yourself and meet your new neighbours. It will be a decision you’ll never regret.

For more information or to set up a tour of our model homes, call 1.800.265.5709 or visit baldwinplace.ca

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

City Focus | KITCHENER-WATERLOO

History, culture and prosperity abound in

Kitchener-Waterloo

By Wayne Karl

KITCHENER-WATERLOO may have once been best known as the home of Kitchener-Waterloo Oktoberfest, meat processor Schneider Foods and the Ontario Hockey League’s Kitchener Rangers. But while rich in German heritage and other culture, the town of about 230,000 has more recently gained a reputation more for high technology and education than pork sausage and beer-inspired oompahs.

This vibrant community located in the Region of Waterloo in the heart of Southwestern Ontario, helps form the three point-towns that make up “Canada’s Technology Triangle.”

Kitchener-Waterloo and Cambridge today comprise one of Canada’s most diverse economies, evolving from a reliance on manufacturing into a balanced economy that crosses many sectors. Today, the area boasts a thriving advanced technology sector and a highly skilled workforce in the IT, automotive, business and financial services sectors.

Complementing these strengths is a naturally advantageous location off Hwy. 401, close to major Canadian cities Toronto and Hamilton, as well as to entry points to the U.S. 14 YPNEXTHOME.CA

All of this has the region poised for long-term economic health.

Employment and population growth, two key factors in housing demand, are both doing well in the area, though they are not without their challenges in the short term.

Residential construction is experiencing a shift in the new home market, from single-detached homes to condos, and demographic changes will support this continuing trend, according to Canada Mortgage and Housing Corp.

Ontario’s economy is expected to outpace national growth over the next two years, CMHC says, with net migration expected to rise to 108,000 and 114,000 for 2016 and 2017, respectively. The Conference Board of Canada says KWC will have one of the fastest-growing economies in the country this year. With a booming student population and an economy hanging tough post-RIM dominance, this is one of the top destinations for newcomers. A new LRT and improved GO Transit affords better connections with Toronto and elsewhere.

In terms of population, net migration accounts for more than 50 per cent of the growth, CMHC says,

and is expected to average more than 3,000 annually. The city, in fact, is second only to Toronto in attracting immigrants, with almost all of them under the age of 45.

A new health sciences campus of the University of Waterloo, located in downtown Kitchener, has inspired social and economic spin-off benefits. Redevelopment of the downtown block includes new condo, retail and hotel projects and other improvements.

Transit expansion, an important element for any growing city, has also been a focal point for KW. This facilitates transportation not just within the city but also eases commuter traffic to Hamilton, Oakville, Mississauga and Toronto. GO Transit is also expanding to the area, with extended bus and train services.

As for entertainment, Kitchener has a lot more going for it than just Oktoberfest. From Bingemans camping resort and family playground, to Chicopee Ski Club, to the Children’s Museum, the Kitchener-Waterloo Art Gallery and the Farmers’ Market, there is always plenty to see and do in town. …continued on page 18

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

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

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

new openings

pre-registration

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

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

new releases HAVELOCK CORNERS 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: Detached freehold bungalows from $277,000. 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

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

FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 15

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Elmira

ypnexthome.ca Plattsville

Stratford

Baden

Breslau

Acton

STRATFORD, WOODSTOCK, INGERSOLL, TILLSONBURG, ST. THOMAS, STRATHROY, MILTON, GEORGETOWN, ROCKWOOD, GUELPH, FERGUS, ELORA, ALMA, CAMBRIDGE, KITCHENER, WATERLOO, AYR

London / Halton Hills / Wellington / Waterloo:

SEARCH ONLINE Toronto

BUILDERS

SITES

PRICES

Guelph

REID'S HERITAGE HOMES

Grange Hill Point

•

BC

Ilderton

SIFTON

Timberwalk

•

20

Innisfil

BW HOMES

Alcona Shores

•

4

Kitchener

LOSANI HOMES

Victoria Common

London

SIFTON

Evergreen at Warbler Woods

North London

SIFTON

Ballymote Woods

•

South London

SIFTON

Andover Trail

•

South London

SIFTON

Westwood Village

Tillsonburg

TILLSONBURG DEV.

Baldwin Place

•

West London

SIFTON

Riverbend Golf Community

•

West London

SIFTON

Warbler Woods

•

•

PAGE

from mid $300's

7

from mid $300's

20

•

from mid $300's

20

•

from mid $300's

20

from mid $300's

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from $277,000

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from $290,000

20

•

•

•

•

20

STRATFORD, WOODSTOCK, INGERSOLL, TILLSONBURG, ST. THOMAS, STRATHROY, MILTON, GEORGETOWN, ROCKWOOD, GUELPH, FERGUS, ELORA, ALMA, CAMBRIDGE, KITCHENER, WATERLOO, AYR

LOCATION

London / Halton Hills / Wellington / Waterloo:

D et .

Se m Bu i ng a To low w C nh on om Ad do e ul tL ife st yle

ADVERTISER'S MAPPING INDEX

17

…continued from page 14

Neighbourhood Profile Waterloo Park In the formerly industrial shadow of Uptown Waterloo, there’s a bit of a renaissance going on. There’s more to Waterloo Park than the greenspace itself, however. Everyone’s on the move here, whether running or hiking, stopping to smell the roses and feed the goats, or heading to the Uptown core for some live music after dark.

Vibe Innovative, energetic and idyllic, Waterloo Park feels like a community of the future. There’s a lot to love, from the repurposing of former industrial buildings and brownfields into smart and sustainable condo projects, to the intersection between academia, government and business success.

Meet the Neighbours It’s a smart and generally upscale crowd, with the exception of the students.

While there’s a lot of family activity in the area, this neighbourhood probably holds more appeal for single professionals who prefer to live, shop and eat out close to work. Academics and business types from all over the world have settled here.

And, of course, there are the Kitchener Rangers of the OHL, a fixture in town since 1963. Playing out of the storied Kitchener Memorial Auditorium Complex, the Rangers are especially noteworthy because they are a publicly-owned team, operated by a 40-member board of directors comprising season ticket holders.

This a rarity in sports today, and speaks to the level of community spirit and involvement in Kitchener.

What does all this mean for prospective homebuying in Kitchener-Waterloo? For one thing, KW-Cambridge is ranked as the number two investment area in Ontario through to 2018, according to the Real Estate Investment Network. In addition to the strong economy, a commitment to infrastructure improvements and transportation projects will help drive the economy and real estate market in this area, the group says.

Builders seem to agree, as all 18 YPNEXTHOME.CA

of Mattamy Homes, Losani Homes and Mountainview Homes all have developments underway in Kitchener.

The area is proving to be a top performing market in Ontario. The latest House Price Survey from Royal LePage, for instance, confirms the housing market is being boosted by employment growth in the technology sector.

Despite the growth, Kitchener remains proud of its German ancestry, harking back to its founding in 1854 as the Town of Berlin. Today, about 25 per cent of residents are Canadians of German descent.

Oktoberfest still serves as an annual celebration of this heritage. The nine-day event, based on the original German Oktoberfest in Munich, is the largest Bavarian festival in the world outside of Germany, and runs every October from the Friday before Thanksgiving to the Saturday after.

All told, it sounds like a recipe for continued prosperity – and “ein prosit!”

In The Area The vast Waterloo Park contains the Lions Lagoon splash pad, the Eby Farm Zoo, playing fields, baseball diamonds, a tennis bubble and courts, Victorian gardens, walking trails, the Park Inn concession and grill, and picnic and event areas. In addition to the University of Waterloo and Wilfrid Laurier University, there are three public elementary schools in the immediate area, with several private, separate, and secondary schools just a few blocks away.

Planes, Trains & Automobiles Waterloo Park is a highly walkable neighbourhood, and the city has posted signs throughout advising residents and visitors of the best routes for pedestrians. Cycling is a popular means of getting around, either for pleasure or commuting. City buses serve the area extensively, while for out-of-town commutes, there’s easy access to Hwys.

7 and 85, and Hwy. 8 takes you right to the 401.

Real Estate Waterloo Park offers a pretty broad range of housing prices, from the inexpensive to the luxurious, and neighbourhood businesses also reflect this reality.

– Anne Marshall

BALDWIN PLACE TILLSONBURG

HOME SWEET HOME But Hurry!

We’re proud to announce the FINAL PHASE of Baldwin Place, where everything comes together and everyone feels at home.

Make your choice soon. It’s a decision you will never regret.

All-brick, detached, freehold homes starting at $277,000 (incl.hst)

3 ESSELTINE DRIVE, TILLSONBURG MODEL HOME HOURS: OPEN MONDAY - THURSDAY & SATURDAY 10:AM TO 5:PM. SUNDAY 1:00PM - 5:00PM, CLOSED FRIDAYS & HOLIDAYS E.& O.E. Prices & Specifications are subject to change without notice.

Call us now at 1-800-265-5709

baldwinplace.ca FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 19

Homes built for life.

You have your shining star. We have ours.

While your star is bursting with energy, ours saves you energy.

But your washer and dryer aren’t the only place our star shines.

Every inch of a Sifton home is Energy Star certified and is built to make your space more comfortable and sustainable.

EnerQuality Environmental Stewardship Award Winner.

• Higher Efficiency HVAC • Heat Recovery Ventilation • Drain Water Heat Recovery

• Low E-Argon Windows • Foam Insulated Doors • Increased Insulation

519.850.0756 Sifton.com

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

pre-registration ON THE RIDGE By: Rosehaven Homes & Homes by DeSantis Location: Stoney Creek Housing type: Freehold townhomes liveontheridge.ca

TIFFANY HILL

CENTRAL PARK

SAPPHIRE

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

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

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

WOODWAY TRAILS

By: Rosehaven Homes & Chiaravalle Developments Location: Ancaster Housing type: Freehold towns, semis and detached homes tiffanyhill.ca

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

MERRITTON COMMONS

STEPPING STONES

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 $290’s scenictrails.ca

VISTA RIDGE

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

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

ALCONA SHORES

LIFE

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

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

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

PARADIGM

EXPLORE

PURE

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

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

FALLINGWATERS

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

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

LAKE HOUSE

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

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

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

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

FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 21

22

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

PRICES

Ancaster

LOSANI HOMES

Astoria Grand

Ancaster

LOSANI HOMES

The Woodlands Ancaster

•

Beamsville

LOSANI HOMES

Vista Ridge

Brantford

EMPIRE

Caledonia

Grimsby

•

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from $300's

7

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from high $700's

7

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from $400's

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Wyndfield

•

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EMPIRE

Avalon

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HOMES BY DESANTIS

Aquazul

2&3

2&3

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

Trending

EnerQuality names awards finalists, to induct Paul Golini into Hall of Fame EACH YEAR AT THE Housing Innovation Forum, the EnerQuality Awards recognize the leaders, influencers and innovators in the residential Green building and construction industry in Ontario.

The careful review process of award nominees culminates with the EQ Awards ceremony on Feb. 23, 2017 at the Universal EventSpace in Vaughan.

EQ Housing Innovation Forum is where new thinking, new products and new techniques are shared with the goal of advancing building performance. This year brings a focus on innovation in building science, climate change policy, and performance-based architecture. It also brings back the ever-popular “Dragon’s Den”-style Innovation Gauntlet.

While everyone else has to wait until Award night, Paul Golini, executive vice-president and cofounder of Empire Communities, knows he is this year’s EQ Hall of Fame inductee. Paul joins an illustrious group of Green building champions who share the Hall of Fame, including recent honorees such as Andy Goyda, Canadian builder lead and market development manager for Owens Corning Canada

and Peter Gilgan, founder and CEO of Mattamy Homes.

This year, the categories have been expanded to include the Builder Achievement Award, developed to honour an outstanding individual who

2017 EQ Award Nominees Building Innovation – Lowrise Arista Homes Doug Tarry Homes Lindvest Mason Homes Reid’s Heritage Homes RND Construction

Lisa Bergeron, JELD-WEN Windows & Doors Marlon DaSilva, Mosaik Homes Robert Lucchetta, Lucchetta Homes

Energy Star for New Homes Builder of the Year – Small/Custom Castleform Developments Gemini Homes Lucchetta Homes SanDiego Homes

Best Green Renovation Project of the Year

Energy Star for New Homes Builder of the Year – Mid Volume

Eurodale Developments RND Construction Seaman and Sons Builders

Best Green Marketing Campaign of the Year Great Gulf Menkes Developments

Building Knowledge John Godden RGL Consultants Mark Rosen Matthew Salkeld Jack Zhou

R-2000 Builder of the Year RND Construction Seaman and Sons Builders Sloot Construction Steve Snider Construction

Net Zero Builder of the Year Doug Tarry Homes Lucchetta Homes Minto Group Inc. Reid’s Heritage Homes

26 YPNEXTHOME.CA

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Tricar Group

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Arista Homes Coscorp Doug Tarry Homes Mason Homes Sean Mason Homes Tartan Homes

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Ontario Green Builder of the Year Arista Homes Empire Communities Mason Homes Minto Group Times Group Corp.

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27

Advice | TARION REPORT

Your new home warranty is comprehensive and affordable

By Howard Bogach

MORE ADVICE ONLINE ypnexthome.ca/news/advice

VALUE FOR MONEY is top of mind with

consumers these days, and when I read a recent New York Times article about extended warranties, it got me thinking about warranties in the context of new homes.

The article talked about the practice of encouraging consumers to purchase an extended warranty, above and beyond the manufacturer’s warranty, when they buy a product.

In Ontario, new home builders are required to provide a set of warranties that last up to seven years on every new home they build. This is the law. Before construction begins, the builder must enroll the home in the warranty program.

While builders pay the enrollment fee, this cost is often passed on to the purchaser, like virtually every other cost a builder incurs, including overhead or administration fees.

Yet, for a one-time investment, ranging from $385 to a maximum of $1,500, depending on the value of the home, new-home buyers are covered for defects in workmanship and materials and violations of the Ontario Building Code for up to seven years to a maximum of $300,000.

These are the core components of the Ontario new home warranty.

However, there are a number of additional protections, not available in other jurisdictions, that provide value to Ontario’s new-home owners.

Even before you move into your new home, the warranty program protects your deposit up to $40,000 28 YPNEXTHOME.CA

for freehold homes and $20,000 for condominium units.

There is also compensation for delayed closing or occupancy. If your builder agreed to deliver your home by a certain date (whether the original date or a date that was properly extended) and fails to deliver on time, your builder may be required to compensate you for that delay. The maximum compensation is $7,500.

Coverage for radon gas is another feature of the warranty that sets it apart from others in Canada. If excessive levels of radon gas are found in your home anytime during the seven-year period of your warranty, you may be covered for remediation of the gas.

The warranty also protects you against unauthorized substitutions.

If your choice of hardwood flooring in the dinning room was contained in your Agreement of Purchase and Sale and accepted by the builder,

then your builder must provide that flooring. If it’s not available, your builder must ask you in writing to make another selection.

Tarion also addresses risks associated with illegal building.

Illegal builders typically avoid enrolling a new home in the warranty program, which means the homeowner is likely unaware of their rights and responsibilities under the warranty. The good news is that if the builder fails to enroll a home, there may still be a warranty for the home.

All of these protections add up to provide Ontario’s new home buyers with comprehensive warranty coverage that is also affordable.

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.

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Property Profile | MATTAMY HOMES

You’re never far from a

MATTAMY HOME IT’S NO ACCIDENT THAT MATTAMY HOMES is Canada’s

largest home builder. The company has spent nearly 40 years committed to carefully planning communities and building places that people love to call home. As a testament to how much people love their Mattamy homes, the family that lived in the first home Mattamy ever built stayed in that home for more than 25 years.

Since that first home was built, Mattamy has gone on to build more than 70,000 homes in hundreds of communities across Canada and the United States.

It’s not just the number of homes Mattamy has built that illustrates its success, it’s the amount of research, planning and design that truly sets them apart. Mattamy is rigorous about every single aspect of community planning. Mattamy assesses the landscape and determines what natural elements can be preserved, then, anticipating how people want to live and play in their community, they introduce amenities like parks, trails and other features that deliver anything families might enjoy. The result is a plethora of well-planned 30 YPNEXTHOME.CA

communities that are distinct yet integrate with the nature that surrounds it.

What’s truly remarkable about the way Mattamy builds is how much thoughtful design goes into every square foot of each home. This approach to design has become Mattamy’s signature, giving homes distinctive architectural features that make the spaces completely functional and aesthetically brilliant.

Features such as breakfast bars in spacious kitchens, perfect for a Sunday breakfast with the whole family; open concept rooms with high ceilings and large windows, keeping rooms bright and inviting; or Mattamy’s famous Stop & Drops, coat hooks and cubbies that make coming

home fast and easy. These are hallmarks of Mattamy’s commitment to designing and building homes for how people actually use them.

Mattamy’s exclusive Architect’s Choice Options gives homeowners real personal choice in designing their home to suit specific needs and wants by giving purchasers the opportunity to make pre-approved structural changes to their home before construction even begins.

Additionally, Mattamy’s extraordinary design studio offers a magnificent array of finishes and features that let homeowners to create a home that better reflects their personal tastes. Known for attention to superior customer service, Mattamy thoughtfully assigns everyone their own Design Studio Consultant to provide expert guidance through the wealth of options in colours, textures and styles.

Whether you’re looking for a livework townhome in an established

master-planned community, or an upscale 60-ft. luxury home in a prestigious neighbourhood, or anything in between, Mattamy has a home that’s just right for you.

Mattamy makes homes you’ll value for a lifetime.

Find your next home at mattamyhomes.com FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 31

Trending

3 reasons Americans won’t be buying up Canadian homes

By Wayne Karl

NOW THAT DONALD TRUMP has been sworn in as the 45th president of the United States, should we prepare for an onslaught of Americans moving north and buying Canadian 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 during and after the election, even leading to a reported crash of Citizenship and Immigration Canada’s website on election night on Nov. 8.

Now, Royal LePage Canada and others are fanning the flames even more. On the morning of the 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, the company’s consumer real estate portal, 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. “Looking at the full month of November 2016, U.S. web traffic grew 73.7 per cent year-overyear, when compared to the same period in 2015. This trend continued throughout the remainder of 2016, with American web traffic rising by 40.9 per cent year-over-year during the fourth quarter.”

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 32 YPNEXTHOME.CA

hatches and prepare for an onslaught of Americans offering wheelbarrows full of U.S. greenbacks for their Canadian homes. (Sorry, Canadian homeowners.

And you’re welcome, prospective Canadian homebuyers; prices in some markets are rising fast enough as it is.)

Let’s also remember Royal LePage, and every single one if its agentrespondents to its survey, would have a vested interest in a sudden and severe spike in Americans buying Canadian homes.

Putting aside all jokes about Americans crossing the border – in summer – with skis affixed to their car rooftops to hit the slopes and other misconceptions, their fear of their new leadership is no laughing matter.

But Americans cannot just pick up and move here, because they don’t like their new president.

Here’s why: IMMIGRATION LAWS Immigration to Canada is complicated, and it depends on a person’s background, according to Robin Seligman, a Toronto-based a specialist in Canadian immigration law, past chair of the Canadian Bar Association and Ontario Bar Association.

“We have express entry, and each province has numerous programs,” she told New Home & Condo 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

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

MORE TRENDING ONLINE ypnexthome.ca/news

professional list.”

Just as Canadians face regulations when wanting to head to the U.S. for employment, there are similar rules for Americans wanting to head the other way.

“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,” Seligman says. “However, there are many exemptions, including intra-company transfers and NAFTA exemptions.”

Even those provisions may change, however, if Trump signs executive orders to renegotiate NAFTA. TAX ISSUES Clearly, there are a variety of tax issues to deal with, and certainly legal issues involved in acquiring properties here and moving to Canada. But basic questions can be as simple as, when does a person become a ‘resident’ of Canada for tax purposes?

“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, filing requirements, eligibility for deductions and credits.

“It’s quite doable for most, it’s just there are right ways and wrong ways that require guidance from qualified tax and legal professionals. Owning a home for

MORTGAGE REQUIREMENTS “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.”

While Canadian citizens and permanent residents have the option of paying a minimum five-per-cent down payment, out-of-country buyers will need to pay roughly 10 times that amount to compensate for their lack of Canadian employment to qualify for competitive financing from an A lender, according to RateHub’s real estate brokerage affiliate, Zoocasa. For those Americans who would manage to pay less than 20 per cent down, they would also need to adjust to a 25-year amortization timeline, rather than the 30-year products available in the U.S. As for Royal LePage’s survey, American interest was primarily focused on Canada’s largest markets, with Ontario, British Columbia and Quebec receiving 72.7 per cent of all U.S. regional page views generated on royallepage.ca Ontario led, with 41.4 per cent of U.S. regional page views directed to the province, with most of the interest (62.5 per cent) in the GTA. British Columbia accounted for 17.4 per cent of U.S. regional page views, though, Victoria – not Vancouver – garnered the most attention, at 32.1 per cent.

Provinces affected by recent economic downturns saw minimal interest from American buyers, with Alberta accounting for only 7.6 per cent of total interest, with most of that in Calgary (54.6 per cent) and Edmonton (27.3 per cent).

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

Inspiration

Editor’s

CHOICE

Toronto’s annual Interior Design Show is a hot spot for what’s new in the wonderful world of design and decor. It’s where trends are revealed, creative concepts come to life, and designers take the stage to showcase their best. Here’s what caught my eye for 2017.

by LYDIA MCNUTT

independent designer Nika Zupanc and her highly acclaimed Sé Collection, presented by South Hill Home and loosely inspired by the Olympics. southhillhome.com

“Design is a profession you learn on the street.”

–Designer Nika Zupanc

These colourful collage tiles by San Antonio, Texas-based carpenter, furniture-maker and artist extraordinaire Peter Glassford. peterglassford.com

34 YPNEXTHOME.CA

The Ontario Wood exhibit, showcasing designers and manufacturers who work with locally sourced wood. This artful installation was conceived and created by blackLAB architects inc. in partnership with Lewitt Construction, Moses Structural Engineers and Dark Tools.

These curated environments, ranging from public lounges and cafes. This “shocking” bar is by Hollis+Morris hollismorris.com and Alison Milne alisonmilne.com

These trendy tile selections from Surfaces & Co. surfacesco.ca

Partisans “illuminating” demonstration. This diverse team of architects, artists, thinkers and cultural enthusiasts is devoted to a cause: smart, beautiful and provocative design. partisanprojects.com

35

Advice | MONEY MATTERS

Why are you in debt?

By Gail Vaz-Oxlade

PEOPLE WHO ARE IN DEBT often say

they no longer want to be in debt.

And often they take the steps to get themselves out. But, it seems to me, just as often people who claim they want to get out of debt do little to change their behaviour and their outcome. They keep on doing the things that got them into debt in the first place. Here are four questions 36 YPNEXTHOME.CA

you may want to ask about why you’re in the hole.

1. Do you buy stuff you don’t need?

The biggest cue that you’ve got the impulse monkey on your back are the things you have bought but no used: the clothes with the tags still on, the shoes you have yet to wear, the new dishes you’ve used just once

or twice in the six months that you’ve owned them.

Impulse shoppers are the first to admit they have a problem and the last to do anything about it. If you’re an impulse shopper, you need to remove the fuel for the impulse. That means cutting up your credit cards – or disabling them in some other fashion – and limiting the amount of

cash you carry. It also means leaving your debit card at home unless you’re headed out to take care of a need: gas, groceries, etc. When you do go shopping, you have to use a list and never go off-list.

Window shopping is torture for the impulse shopper so don’t browse stores or participate in this female bonding ritual since you’re just teasing yourself by drooling over a bunch of stuff you don’t need.

2. Do you use credit to buy things you can’t afford to buy with cash?

Hey, when you spend money you don’t have by using your credit card, line of credit or overdraft, you’re doing the wrong thing, plain and simple. If you can’t afford to pay for something in cash today, you should not be buying that thing, I don’t care how important you think it is, how great a deal you’re getting, or how desperate you feel. Using credit is no way to get out of debt. Put away all forms of credit and commit to building yourself a budget that balances. If you want something, you’ll have to give something else up to accumulate the cash you need to buy it. If you can’t come up with the cash, you must not want it badly enough.

3. Do you buy things for a one-time use that you could borrow from a friend or rent?

Practically everyone is guilty of this.

You need something such as a sewing machine or power washer twice a year so you go and buy one and then watch it – and the money you spent, likely on credit – sit and grow cobwebs (and interest charges?)

What’s with us all? We have to own everything we ever use? In the old days friends borrowed from each other and stuff got way more use.

Now our possessions are so much a part of who we are we a) hate to lend and b) hate to have to admit we don’t already have one. Dumb! And why

“Impulse shoppers are the first to admit they have a problem and the last to do anything about it. If you’re an impulse shopper, you need to remove the fuel for the impulse.”

MORE ADVICE ONLINE ypnexthome.ca/news/advice

do we feel we need to apologize because we don’t have the right kind of wine glasses? “Sorry, I only have these cheap glasses.” It’s a glass for heaven’s sake.

4. Do you buy certain brands because they are a status symbol?

While any car gets you from point A to point B, the high-cost, brandname buggies come with “oohs” and “ahhs” from friends and relatives.

Ditto the D&G sunglasses, the LV handbags, the CL shoes . . . I could go on forever. If you’re paying a premium to have a brand name, you have to ask yourself why. Is it

because you don’t have confidence in your own sense of style? Is it because you’re trying to emulate the dudes and dames of TV and movie fame, wearing what they wear, driving what they drive, eating what they eat? How come? Is your life so sad that you’re trying to escape?

Hey, I’m all for spending your money on the things that bring you pleasure, so if you’re not using credit to make expensive brands part of your image, I’m not talking to you. But if you are using credit, what makes you think you have the right to this stuff if you can’t afford to pay for it?

Gail Vaz-Oxlade is the host of Til Debt Do Us Part and author of Debt Free Forever and blogs daily at gailvazoxlade.com

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

Advice | DESIGNER ADVICE

7 LUXE LOOKS that won’t break the bank

By Yanic Simard

WANT TO ELEVATE your home’s look

without having to spend a week living in a hotel — or in a construction zone? I’ve put together some of my top tips for giving your home a major boost without tearing open the walls, for a big decor upgrade at any time.

Area rugs » Don’t want to commit to wallpaper? This is where a large area rug comes in to add that sense of richness and texture in a big way.

Even if you have beautiful hardwood floors, a large rug adds a layer of new texture (and optionally, a pop of colour) while defining a seating or dining area, with a softness that adds 38 YPNEXTHOME.CA

a sense of “home.” When it’s time for change, roll up the rug and place it in a new space, or resell it as vintage. » Size your rug to tuck fully under the furniture. For the biggest impact, run a custom sized rug from wall to wall, leaving a 12- to 18-in. border of exposed floor. A custom cut, plain, solid colour carpet can achieve this look without breaking the budget.

MORE ADVICE ONLINE ypnexthome.ca/news/advice

oversized gallery frames. » Using a grid of 10, 20-by-20-in. frames, you can fill an area over three ft. tall and eight in. wide – perfect for livening up a wall in the sitting area or a hallway.

Wallpaper murals » Another way to add the look of wallpaper without the labour is to use a single roll of paper and hang it poster style across one accent wall (for the casual sophistication of a Paris apartment), or cut it to fill

Layered lighting » No amount of pot lights can provide enough even lighting to unlock your space’s full potential.

Plug-in sconces with beautiful cords are perfect for flanking a sofa or

cabinet, and will help balance to a heavy furniture piece with some extra light. » Try a long swing-arm sconce to add light over hard-to-reach places, like on a compact desk or over a favourite reading chair.

Headboards » Upgrading to an oversized, upholstered headboard can really fill in the look of a bedroom, especially if you choose an extra-tall style to give some play of height. Many companies supply standalone headboards that can be attached to any bed, so you can make this upgrade without changing your existing frame and mattress. » Choose an oatmeal beige to subtly contrast white walls, or use a royal blue for a restful pop of colour (and leave the sheets clean and white).

Regal mouldings » Whenever possible, now I usually install extra deep baseboards (eight inches plus) in homes to give a highend European look. You can upgrade just your baseboards to give your walls a new look, or for an even easier solution, simply add an extra strip of moulding above the top of your baseboards to stretch the existing boards a little taller. » Consider crown moulding in places like ceiling coves or windowless bathrooms. It finishes the ceiling in a stately way that lends a sense of history.

Mixed and match » Matching furniture can be pleasant, but can lack personality.

Mixing materials and textures lends a sense of energy, so try contrasting opposites like wood versus sleek mirror, or stainless steel against

antiqued bronze. This applies to fabrics too, like leather and wool. » A sofa with two chairs is a classic seating configuration, but there’s no rule that says the chairs have to be the same. Try a low lounger for when you feel like sinking in, and a more formal upright seat for reading or conversation.

Blending periods and silhouettes will give your home a little edge.

Flowers » A vase of fresh flowers isn’t only for magazine shoots. A few blossoms can add life to your space. One of my favourite clients would keep vivid carnation blossoms in bud vases and this simple touch gave a sense of care to her entire home. » Blooms in the bathroom are extraunexpected. Add a live tropical orchid to your vanity or perched on a stool next to the shower/tub.

Yanic Simard is New Condo Guide’s design editor, principal designer of award-winning Toronto Interior Design Group (tidg.ca), and regular guest expert on City’s Cityline.

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

Trending

GTA home prices spilling over to surrounding centres

INCREASING HOME PRICES in the Greater Toronto Area (GTA) are having a spillover effect in surrounding centres, particularly those within commuting distance. This analysis is part of Canada Mortgage and Housing Corp.’s (CMHC) latest Housing Market Insight (HMI) report on the relationship between GTA home prices and those of neighbouring markets.

While most Ontario markets have seen substantial home price increases over the past 20 years due to favourable economic conditions, more recently, CMHC detected moderate or elevated evidence of overvaluation in Hamilton and the GTA, suggesting that price appreciation in those centres is partly driven by other factors.

Report highlights include » GTA house prices have increased disproportionately compared to other Ontario CMAs. 40 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

» Single-family home prices in the GTA are motivating buyers to purchase more affordable homes in nearby CMAs, driving up prices in those centres. » Historically, house price spillovers from the GTA were prevalent in Hamilton, Barrie and Guelph. » More recently, house price spillovers have been occurring a bit farther out, especially in St. Catharines-Niagara, driven by the price of lowrise homes in the GTA To further illustrate the spillover effect, the report also considers the potential impact that a positive and negative shock to GTA home prices may have on surrounding areas. While these scenarios are in no way predictions, they demonstrate that should GTA house prices rise unexpectedly by 10 per cent in a given quarter, Hamilton house prices could rise by 14 per cent within a year. Conversely, an unexpected 10 per cent contraction in GTA prices could lead Hamilton prices to decline by 14 per cent within a year. In both cases, the impact would moderate over time and be less pronounced in other nearby communities.

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

Advice | MORTGAGE ADVICE

First-time homebuyers 3 steps required to get into the market

By Alyssa Furtado

MORE ADVICE ONLINE ypnexthome.ca/news/advice

PURCHASING A HOME will be one of the biggest investments you’ll ever make. If you’re just starting to look, there are a few steps you’ll need to take before you can buy a home.

Determine how much you can afford First, you have to determine what you can afford. Your affordability is based on your household income, your current monthly debt payments and the costs associated with owning a home (such as property taxes, heating costs, and condo fees).

A lender will also look at two ratios to figure out how large your mortgage can be. The first is called the gross debt service ratio. Your monthly housing costs for (principal and interest, taxes, and heating costs) shouldn’t be more than 32 per cent of your gross income. The second is called the total debt service ratio, which includes your housing costs as well as any loan expenses (such as credit card and line of credit payments, and car loans or leases).

This ratio shouldn’t be higher than 40 per cent of your gross income.

You also have to come up with enough money to make a down payment. You’ll need to have a minimum of five per cent. If you’re able to come up with a down payment of 20 per cent or more, you won’t need mortgage loan insurance.

And you should also have money saved for closing costs, which could be between 1.5 and four per cent of the purchase price of your property.

42 YPNEXTHOME.CA

Dip into savings Once you’ve determined how much you’ll need, you’ll have to find a source for your down payment and closing costs, one of which can be your RRSP. Under the Home Buyers’ Plan, you can withdraw up to $25,000 from your RRSP on a tax-free basis as long as the funds have been in the plan for more than 90 days.

If you’re purchasing a property with a partner who’s also a firsttime buyer, you’ll each be able with withdraw $25,000.

Keep in mind that the money has to be paid back starting the second year after you make the withdrawal and you have up to 15 years to repay the amount. If you don’t make an annual payment, you’ll have to declare it as taxable income on your tax return for that year.

If your RRSPs or other savings aren’t enough, your family may be able to help you. In fact, an April 2015 BMO survey found 42 per cent of first-time buyers expect their parents or relatives to help pay for their first home.

Shop for a mortgage It can pay to shop around. If you and your partner go with the first mortgage rate you find, you could end up paying a lot more.

Let’s assume the following: you plan on buying a $500,000 home with a $400,000 mortgage, your amortization period will be 25 years, and you have a five-year fixed rate of 3.5 per cent. That means your total mortgage payment will be $1,997 a month.

But if you do a little research, you could save some money. If you’re able to get a mortgage with a fiveyear fixed rate of 2.5 per cent, your payments will be $1,792, a difference of $205 a month or $2,460 a year.

That’s why you should look for the best mortgage rates.

You need to be ready financially before you’re able to purchase a property. Knowing what steps are involved to become a first-time homebuyer will allow you to start your search for buying a home.

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

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

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

2.79

2.74

2.59

2.84

2.84

6.30op

6.30op 2.89

2.95

2.99

2.89

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

OTHER FINANCIAL INSTITUTIONS Alterna Savings Comtech Fire C.U.

2.6 2.6

First National Fin. LP IC Savings

2.7

Luminus Financial

6.2

2.84

6.40op

6.30op

3.1

2.64

2.64

2.64

2.84

2.94

4.25

2.89

2.79

2.89

2.95

2.89

6.50op

6.50op 3.2

3.65

4

4.5

2.79

2.64

3.89

2.64

3.04

2.84

2.89

3.39

3.74

2.8

2.85

2.95

3.05

3.15

2.39

2.49

2.59

2.69

3.25

3.25 6.25op

Meridian Credit Union

2.4

2.84 6.30op

PACE Savings & C.U. Parama Credit Union

5.05 2.65

2.95op Steinbach Credit Union

2.25

2.39

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 February 18, 2017. Prepared By http://www.FiscalAgents.com/mortgage/rates

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

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44 YPNEXTHOME.CA

2&3

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7

Advice | FUNDAMENTALLY SPEAKING

CMHC to increase mortgage insurance premiums – again

By Wayne Karl

MORE ADVICE ONLINE ypnexthome.ca/news/advice

CANADIANS ARE about to face yet another potential homebuying hurdle, as Canada Mortgage and Housing Corp. (CMHC) has announced that it is increasing its homeowner mortgage insurance premiums effective March 17, 2017.

Unlike the latest changes to mortgage regulations, announced late last year, this newest round is expected to have a minor impact.

CMHC says the higher premium will result in an increase of just $5 to the monthly mortgage payment of the average CMHC-insured homebuyer.

“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” says Steven Mennill, senior vice-president, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”

“The increase in premiums for high ratio mortgages will have a minor effect on the average Canadian,” James Laird, co-founder of RateHub and president of CanWise Financial, told New Home & Condo Guide.

“Relative to the rule changes that were implemented in late 2016, this is not a major change. Premiums will be increased for all of those Canadians with less than 20 per cent down, but these premiums are added on to the mortgage and paid off over the life of the mortgage, so the cash required on closing does not change. This change specifically will not impact the borrowing habits for the majority of

high ratio clients.”

Using RateHub’s mortgage payment calculator, based on an average home price of $730,472 with a minimum down payment of 6.6 per cent (or $48,047), the current premium is 3.6 per cent of the mortgage amount (purchase price less down payment). For that mortgage amount of $682,425, the CMHC premium is $24,567. With the new premium at four per cent of mortgage amount, the CMHC premium becomes $27,297 – an increase of $2,730. This translates to a mortgage payment increase of approximately $12 per month (based on today’s best rate of 2.44 per cent, amortized over 25 years).

If that buyer has an 18-per-cent down payment, the total down payment would be $131,485. At the current premium of 1.8 per cent of the mortgage amount, that buyer is paying $10,782 in CMHC insurance.

At the new premium of 2.8 per cent of the mortgage amount, the CMHC premium becomes $16,772 – a $5,990 difference for that buyer. This translates to a mortgage payment increase of approximately $27 per month (based on 2.44 per cent amortized over 25 years), RateHub says.

Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect the Office of the

Superintendent of Financial Institutions’ new capital requirements that came into effect on Jan. 1 of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system.

Prior to the mortgage rule changes... » The average CMHC-insured loan was approximately $245,000. » The average down payment was approximately eight per cent. » The average gross debt service ratio (GDS) was 25.6 per cent.

To qualify for CMHC insurance, a homebuyer’s GDS should not exceed 32 per cent of their total monthly household income.

Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments.

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 FEB 18 - MAR 4, 2017 | NEW HOME & CONDO GUIDE SWO 45

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