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

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

SOUTHWESTERN ONTARIO EDITION NHCSW_LIFE_Cover_02-23-2017_HR.pdf

INSIDE THIS ISSUE

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2017-02-23

HAMILTON: QUIETLY BECOMING ONE OF CANADA’S HOTTEST MARKETS

11:47 AM

TIPS TO DESIGNING YOUR KIDS’ EVER-CHANGING ROOMS

THE HOME BUYERS’ PLAN: IS IT FOR YOU?

YOUR FUTURE BEGINS HERE Empire is preparing for upcoming releases at three unique communities in three great locations. 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.

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IMAGINE NIAGARA FALLS

Townhomes & Detached homes Coming Spring 2017

AVALON CALEDONIA

Townhomes & Detached homes Coming Spring 2017

WYNDFIELD BRANTFORD

Detached homes Coming Summer 2017

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

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

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

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SENIOR ACCOUNT EXECUTIVE

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

ON THE COVER

12

Dionne Fraser dionne.fraser@ypnexthome.ca

Branthaven Homes

SALES CO-ORDINATOR

This is your Life – townhome living in Winona

advice

Property Profile

22

Losani Homes

26

Don’t miss out on Madison – at Central Park in Hamilton

News & Views

More people and competition in a crowded market

30 Money Matters

RRSPs – not just for retirement anymore

trending

14 32 34

Housing Market

Regional supply and demand issues skew national picture

Tax Season

6 ‘don’ts’ at tax time, from Canada Revenue Agency

Should you use the Home Buyers’ Plan?

45 Fundamentally Speaking More first-time buyer assistance, please

15 Hamilton

Quietly becoming Canada’s hottest real estate market

27

Tips for designing everchanging kids’ rooms

36

Designer Advice

Bedside essentials

40 Decor

The Little Black Dress – home decor edition

6 YPNEXTHOME.CA

Hot Properties Hamilton

New releases and grand openings

Hot Properties Kitchener-Waterloo & London

New releases and grand openings

inspiration

20 Design Secrets

Helen Pearce CO-ORDINATOR

Hannah Yarkony GRAPHIC DESIGNER

Miguel Cea CONTRIBUTING WRITERS

Joanne Keenan Jeffrey Reed

#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

buyers’ resource section

city focus

18

MANAGER OF PRODUCTION

42 Mortgage Advice

Financial Planning

Nearly half of Canadians lack a financial plan: CIBC

Sarah Khan

43

Mortgage Rates

in every issue

10

Editor’s Note

44 Advertiser Index 46 What’s Online

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 MADI DS N DI CE N T R A L PA PA R K Welcome to the most sought-after, most innovative and the largest master-planned community Hamilton has ever seen. It’s all here: nature, transportation, shopping and a true sense of community.

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

Canadian

PROPERTY INVESTOR

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Read the digital issue on

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Available at these locations: • YP NextHome street boxes

• Airport lounges • Transportation hubs

• Newspaper insertions

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NOW OPEN! BREAKFAST IN YOUR GOURMET KITCHEN. SIPPING COFFEE ON YOUR BALCONY. BEACHSIDE DAYS. URBAN NIGHTS. DOWNTOWN DINING, BOUTIQUES AND SHOPS. A DAY AT THE MUSEUM. DINNER PARTIES FOLLOWED

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9

Editor’s Note

Premium hike to have minor impact

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

CANADIANS – OR AT LEAST THOSE in markets where affordability is increasingly becoming an issue, may have bemoaned Canada Mortgage and Housing Corp.’s (CMHC) recent announcement it was increasing its homeowner mortgage insurance premiums.

But unlike the latest changes to mortgage regulations, announced last year, this premium hike is expected to have a minor impact.

Indeed, CMHC says the higher premiums, which take effect March 17, will result in an increase of just $5 to the monthly mortgage payment of the average CMHCinsured homebuyer.

“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.

“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.”

ONLINE

SEE MORE PHOTOS ONLINE

WESTDALE counts both a wildlife sanctuary of the Royal Botanical Gardens and the world-renowned education and research facility of McMaster University and Medical Centre within its boundaries.

Read the full story…

ypnexthome.ca/hamilton-westdale

+ get social 10 YPNEXTHOME.CA

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Property Profile | BRANTHAVEN HOMES

cover story

This is your kind of Life...

Branthaven Homes brings town living to

WINONA

THIS SPRING, life is about to get a whole lot better for savvy new-home buyers who want it all. City style.

Country setting. Perfect life balance.

It’s Branthaven townhome living, made yours!

Introducing Branthaven’s latest new community – Life, an exciting townhome collection in the heart of Niagara’s gateway to the good life!

Life will offer the best of Branthaven’s classic and contemporary two- and three-storey towns, as well as urban towns for the first time in Winona. Located in an intimate enclave off Barton Street and Glover Road, the 80-unit community will be nestled at the base of the 12 YPNEXTHOME.CA

majestic and picturesque Niagara Escarpment.

With expansive Escarpment scenery, vineyard vistas, fruit orchards and neighbouring large lot homes, Life will be the perfect setting for those longing for an authentic community to make their own.

And, with so much to see and do, Life will truly begin for Branthaven’s new-home buyers. Winona’s location enjoys easy access to all of Niagara’s bounty – hike along the Bruce or 40 Mile Creek trails, experience exhilarating Escarpment bike excursions, sip and savour with local wine tastings or simply enjoy fresh picked fruit and organic country

produce. And, make sure to taste the sweet life at the legendary Winona Peach Festival (up to 125,000 people attend each summer), as it will be celebrating its 50th anniversary this August.

“We are proud to be a part of this community,” says Kristen Bellamy, marketing manager at Branthaven Homes. “Winona is a really closeknit community with lots of familyfriendly places like schools and sports facilities, and is within the perfect proximity to so many naturally appealing amenities. Locals cherish the calmer pace of life and close connection to Niagara’s natural surroundings. Winona offers an enviable life balance that today’s busy people aspire to.”

Branthaven Homes brings to Life its renowned designer details, luxury appointments and urban style in a perfect country setting. “Interiors are designed to enhance the way you live, regardless of whether you’re a single

City style.

Country setting.

Perfect life balance. It’s Branthaven townhome living, made yours! professional, a growing family or even ‘smart sizing’ from a larger home,” adds Bellamy.

Just consider the living spaces.

They are open to provide bright airy spaces with flow and functionality of furniture, art and media placement in mind. Most floorplans include threebedrooms; kitchens are Life-sized to provide plenty of room for casual eating-in or entertaining. Generous counter space is ideal for meal prep and easy clean up. Breakfast bars and islands do stylish double duty serving up coffee or cocktails.

Buyers will surely appreciate Branthaven’s many Fresh Thinking features – all included at no extra cost. Busy parents will love that the spacious master retreat includes sitting areas, walk-in closets and plenty of room to unwind after work or play.

Life strikes the perfect balance with its contemporary interiors and Branthaven’s classic exterior styling

and thoughtful site planning. Both conventional townhomes and rear lane townhomes are coordinated with complementary colour palettes and high quality construction. Smart, durable materials will add long lasting character and enduring curb appeal.

A common-element fee covers seasonal landscaping and snow removal so you will enjoy simplified maintenance privileges.

Life is what you make it! Register today for an exclusive sneak peek at inspiring elevations and floorplans, preview pricing and incentives before opening to the public. Priced from the high $300’s.

Location

Winona Builder

Branthaven Homes Development

Life Home Type

Two- and three-storey townhomes Contact

branthaven.com

Find out why Life is better with Branthaven. branthaven.com MARCH 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 13

Trending

Supply and demand imbalance skews Canadian market

By Wayne Karl

SUPPLY AND DEMAND ISSUES – and

the resulting price increases – in Vancouver and Toronto continue to skew the national real estate picture.

Thankfully, however, housing market conditions in the rest of the country are not fallowing suit.

“The shortage of homes available for sale has become more severe in some cities, particularly in and around Toronto and in parts of BC,” Gregory Klump, chief economist of the Canadian Real Estate Association (CREA), said in releasing the association’s statistics for January 2017. “Unless sales activity drops dramatically, the outlook for home prices remains strong in places that face a continuing supply shortage.”

National home sales were down slightly in January on a monthover-month basis, falling 1.3 per cent – putting them at the second lowest monthly level since the fall of 2015 and only slightly above levels recorded last November when recently tightened mortgage regulations came into effect.

Sales activity was down from the previous month in about half of all local markets, led by the GTA, Greater Vancouver and Montreal.

“Canadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulatory changes that will push up mortgage financing costs,” says CREA President Cliff Iverson. “It will take some time to gauge the extent to which these challenges will weigh on homebuyers in different housing markets across Canada.”

The imbalance between limited housing supply and robust demand in Ontario’s Greater Golden Horseshoe region (the GTA, HamiltonBurlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, 14 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

Brantford, the Niagara Region, Barrie and nearby cottage country) is without precedent, CREA says.

The number of months of inventory in January 2017 stood at or below one month in the GTA, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, Cambridge, Brantford and Guelph.

While the conditions in Toronto and Vancouver are good for those who already own homes, they’re anything but for prospective homebuyers.

“Supply and demand for singlefamily homes will return to a more sustainable balance over time, reflecting fewer transactions as homebuyers are priced out of the market, and price stability rather than price gains,” Klump told New Home & Condo Guide.

“To qualify for home purchase financing under recently tightened mortgage regulations, first-time homebuyers have been forced to look further from the urban centres, where land prices are less expensive, or shop for a lower priced home.”

Prices for two-storey singlefamily homes posted the strongest

year-over-year gains (16.8 per cent), followed closely by townhouse/ row units (15.8 per cent), one-storey single-family homes (14.4%) and condo units (13.3 per cent).

While benchmark home prices were up from year-ago levels in 10 of 13 housing markets tracked by the MLS HPI, price trends continued to vary widely by location.

Benchmark prices continue to climb in Victoria and elsewhere on Vancouver Island together with Greater Toronto, Oakville-Milton and Guelph. Year-over-year price gains in these five markets ranged from about 18 to 26 per cent in January.

The national average price for homes sold in January 2017 was $470,253, up just 0.2 per cent from where it stood one year earlier.

The national average price continues to be pulled upward by sales in Vancouver and Toronto, two of Canada’s tightest, most active and expensive housing markets.

The average price is reduced by almost $120,000 to $351,998 if Vancouver and Toronto sales are excluded from calculations.

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

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

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

PARADIGM

THE GATSBY

FALLINGWATERS

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

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

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

STEPPING STONES 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 low $300’s branthaven.com

EXPLORE

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

new openings SCENIC TRAILS By: Starward Homes City: Hamilton Housing type: Condominiums from the $290’s scenictrails.ca

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

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

PURE

ELEMENTS

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

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

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

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

CENTRAL PARK

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

LAKE HOUSE

Builders

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

SAPPHIRE

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

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

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

PRICES

PAGE

Ancaster

LOSANI HOMES

The Woodlands Ancaster

•

•

from high $700's

7

Beamsville

LOSANI HOMES

Vista Ridge

•

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from $400's

7

Brantford

EMPIRE

Wyndfield

•

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Caledonia

EMPIRE

Avalon

•

Grimsby

HOMES BY DESANTIS

Aquazul

2&3

2&3

•

from low $200's

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ADVERTISERS Hamilton

LOSANI HOMES

Madison at Central Park

•

from low $300's

7

Hamilton

LOSANI HOMES

Fallingwaters

•

from high $400's

7

Lincoln

LOSANI HOMES

Lincoln Estates

from $400's

7

Niagara

BW HOMES

Passages on the Canal

Niagara Falls

EMPIRE

Imagine

Paris

LOSANI HOMES

Paris

•

•

5

•

•

2&3

Simply Grand Encore

•

•

from $300's

7

LOSANI HOMES

The Peninsula

•

•

from $300's

7

St Catharines

MOUNTAINVIEW HOMES

Elements

from mid $200's

9

Winona

BRANTHAVEN HOMES

Life

from high $300'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

City Focus | HAMILTON

HAMILTON Quietly becoming Canada’s hottest housing market HAMILTON MAY BE ONLY less than an hour’s drive west along the Queen

Elizabeth Way, but it long lived in the shadows of its neighbour Toronto.

Until recently.

Long known as Steeltown, The Hammer and other less-thancomplementary monikers, Hamilton has undergone a fundamental transformation that has the city poised for long-term prosperity.

For homebuyers considering purchasing in the area, there are good reasons to consider Hamilton. The city has been cited as among Canada’s most welcoming areas, particularly for first-time buyers.

The Real Estate Investment Network, for example, has named Hamilton as the top real estate investment town in all of Ontario through to 2018.

Continuing diversification of the city’s economy, coupled with increased accessibility provided by the transportation improvements, provides a strong economic base, the group says. In a few short years, Hamilton’s economy will be unrecognizable compared to past decades.

In recent years, Hamilton has seen significant expansion in sectors such as health care and post-secondary education, offsetting a historical reliance on steel manufacturing. Indeed, Hamilton’s economy today is much more diversified than the Hammer of old.

For these and other reasons, the Hamilton housing market has been a darling in the eyes of homebuyers and investors for years – and a bargain compared to nearby Toronto – where single-detached homes cost hundreds of thousands of dollars more.

The limited supply of single-detached homes in the GTA is causing record price growth there, encouraging some buyers to look west to Hamilton.

18 YPNEXTHOME.CA

By Wayne Karl

Indeed, the Hamilton-Burlington region led all of Canada for yearover-year price increases in 2016, at 20 per cent, according to the ReMax 2017 Housing Market Outlook Report. The area is expected to lead the country in price growth again this year, at 11 per cent, followed by Kitchener-Waterloo at eight per cent.

Both areas will benefit from transportation upgrades and strong consumer confidence, ReMax says.

Hamilton’s employment has been trending higher since March 2015, as strengthening employment and income, combined with slower price growth, should reduce any level of housing overvaluation.

Housing starts were to stabilize near 2,400 units for 2016 and 2017, following a decline in 2015. Fewer single-detached housing starts in 2017 will be offset by more multi-unit starts. High mortgage carrying costs will result in slightly lower demand for

Neighbourhood Profile WESTDALE Westdale counts both a wildlife sanctuary of the Royal Botanical Gardens and the world-renowned education and research facility of McMaster University and Medical Centre within its boundaries.

single-detached housing in 2017, as this type of dwelling is less affordable compared to multi-unit housing.

“Relative to the GTA, Hamilton is still considered a more affordable housing market and will continue to attract potential homebuyers from the less affordable municipalities,” says Abdul Kargbo, senior market analyst for Hamilton and Brantford, for Canada Mortgage and Housing Corp.

Non-residential projects underway in the region include major expansions in the health care sector, and millions of dollars spent on infrastructure improvements. A new rapid transit system is also being studied, which is expected to further benefit already improving inter-city travel.

Beyond industrial expansions, Hamilton is also seeing a marked increase in other types of businesses moving into the downtown area.

Much of the employment growth, in fact, is taking place in creative services, education, professionalscientific and health care.

CMHC says job prospects are expected to continue to improve, and Hamilton will likely fare better than other Ontario markets due to its increasingly diverse base of industries.

Thanks to billions of dollars on infrastructure around and within

the city, as well as expanded GO Train services, the “new” Hamilton is becoming more accessible as well as desirable. Buyers can acquire more affordable property here and commute to Toronto, or other neighbouring communities such as Burlington, Oakville or Mississauga.

An emerging condominium market provides buyers with an even more affordable entry into Hamilton.

Developers see this potential and a number of new projects are underway from all of Losani Homes, Empire Communities, Multi-Area Developments, New Horizon Homes, Spallacci Homes and Country Green Homes, with many aimed at first-time buyers and priced accordingly.

Hamilton also has plenty going for it in terms of culture and entertainment. It is home to the Royal Botanical Gardens, a major tourist attraction and significant local and regional horticultural, education, conservation and scientific resource.

The city is also home to the Art Gallery of Hamilton, Ontario’s third largest public gallery.

For sports enthusiasts, there’s the Hamilton Tiger Cats of the Canadian Football League, and the Hamilton Bulldogs of the Ontario Hockey League, who play out of FirstOntario Centre (formerly Copps Coliseum).

If living in the city is not exactly your favour, development is also leading to growth in adjacent areas such as Ancaster, Dundas, Flamborough, Glanbrook and Stoney Creek. Empire Communities, Homes by DeSantis, Losani Homes, Branthaven Homes, Mattamy Homes and other builders all have communities under way in these towns.

Lifestyle Considered one of the most walkable places in North America, credit is ultimately due to Westdale’s intentional design almost a century ago as Canada’s first master-planned community.

Westdale remains the place many want to live, with tree-lined streets in distinctive, traffic-calming oval patterns.

Vibe At the commercial heart is Westdale Village, complete with an Art Deco movie theatre that has been a date-night magnet since the era of silent films.

Students, profs, moms and tots, couples and teens are all regulars at Westdale Village coffee shops.

Meet the neighbours If you’re looking for trendy and artsy, Westdale might not be for you. This is a community where young families moved in decades ago and today they are empty-nesters enjoying visits from grandchildren. Families still make up the majority of new residents, with schools, parks and sports fields to support the lifestyle.

In the area Buying a house in Westdale isn’t the best bargain in the city, but there are some available. You might consider a former student-occupied home, which can be more affordable, but be prepared to renovate to return it to a singlefamily residence. Trendy boutiques can be pricey, but mainstream shops and restaurants are competitive and affordable.

Planes, trains & automobiles For those who need to get to and from Westdale, The Hamilton Street Railway offers the Bee-Line east to west. GO train and bus service leaves from the downtown GO Station, with access to Burlington, Oakville, Mississauga and Toronto. Hwy. 403 offers immediate access to Hamilton Mountain, up the Niagara Escarpment and on to Ancaster and Brantford or east to Burlington.

The good, the bad & the rest Independent business is alive and well in Westdale Village. This vibrant, historic shopping district features more than 80 shops, services, cafes and restaurants on King Street West from Cline Street North to Sterling Street. Festivals take place through the year to draw even more into the local hotspots.

MARCH 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 19

Inspiration | DESIGN SECRETS

HOW TO PREPARE FOR YOUR (EVER-CHANGING) KIDS’ ROOMS

By Jane Lockhart WHEN IT COMES TO KIDS’ ROOMS

and decor, I have one rule of advice: Let your child participate in the decisions. It’s their room and they know best what they prefer for colours. Now, that rule also carries with it a caveat – these decisions will be temporary. Children grow, change and then change some more and so do their tastes.

I’m certainly not advocating that we indulge in their every whim and fantasy – unless you’re okay with that, but at least let them take an active part in the decision regarding colour. Paint is one of the least expensive decorating 20 YPNEXTHOME.CA

products and it can transform a space in a relatively quickly.

Think about it. Did your parents let you choose the wall colour of your room when you were a child?

My mother chose it for me so my childhood room was gold and brown.

They were contemporary choices “back in the day” but I wouldn’t have picked them for myself.

Babies’ rooms are (relatively) easier to decorate because you get to choose how the room will look. You get to indulge your tastes… for a while. As soon as your child can talk, he or she will develop opinions. From then on

the countdown is on ‘til they tell you what they want in their room. I usually give it five years. You’ve been warned.

There will come a day when they will outgrow that adorable space and insist on decorating their own space.

Today we see decor options for children that cater to their tastes, such as cartoon characters or hobbies.

That interest may not last so add a few accessories based on the theme and spend your investment on the more permanent pieces in a room.

A great bed, desk and dressers can last for years right into their first adult apartment. But that requires discipline

MORE INSPIRATION ONLINE ypnexthome.ca/news/inspiration

on your part. There is a whole category of juvenile furniture that may look great but is sometimes smaller in scale and your child may not be interested in those furnishings starting in their teen years.

The next stage in your child’s developing opinions on their “territory” come when your child hits the preteen years. Suddenly all the childhood themes are replaced with something a little more “aspirational.” Whether it’s sports, hobbies or fandom, your pre-teen will want a room that reflects their changing tastes. As I mentioned, painting can produce great results, then let them participate in what goes up on those painted walls. You may not like it, but everything is temporary, including the holes in the walls.

Your teen may just start taking over the decor completely and become even more territorial over their space. I have a client whose teen son always left the empty drawers open in his dresser, the contents spilled out all over the floor. This client was mortified at the lack of respect for tidiness. The teen, however, saw it as a shortcut to getting dressed.

This is normal, some teens express themselves through their room. This can be alarming and depending on your degree of tolerance, this may be the thing that puts you over the edge.

But take a breath, try to relax, this too is temporary.

If we can just keep in mind that it’s just decor. That it’s going to constantly change and develop. Most children learn a healthy respect for their surroundings and develop their own tastes by the time they’re adults.

It may be difficult for those who like to control the aesthetics of their homes, but try to look at it as a gift you’re giving your child – the gift to express themselves in their own four walls. After all, one day you just might have a chance to exact revenge by decorating the guest room in your grown children’s homes!

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

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

Property Profile | LOSANI HOMES

Don’t miss out on Madison – Losani Homes’ second neighbourhood at

Central Park in Hamilton Location

HAMILTON WILL SOON be home to one of the

Hamilton

largest and most innovative master-planned communities in the country – Central Park.

This transformational community of residences will be located in the heart of booming east Hamilton, one of the strongest real estate markets in the province, with pricing that is well below those in the Greater Toronto Area. The community will comprise four neighbourhoods: Park Avenue, Madison, Midtown and Soho.

Park Avenue, currently sold out, consists of townhomes and singles. Madison and Midtown will feature townhomes. Soho will offer modern condo suites.

After the tremendous success of Park Avenue, the first neighbourhood at Central Park, Losani Homes is excited to release Madison, the second neighbourhood, this spring.

The townhomes at Madison boast modern

Builder

Losani Homes Development

Central Park Home Type

Two- and three-storey townhomes from the low $300’s Contact

mycentralpark.ca

22 YPNEXTHOME.CA

elevations with a dramatic colour palette, glass doors and smooth brick. A variety of layouts and square footages will be offered, making Madison a perfect destination for any new-home buyer. People with unique accessibility needs can be accommodated at Central Park.

Losani Homes is proud to offer barrier-free living including a full outfitting for elevators or a roughed in shaft for future installation. Central Park will feature a five-acre Eco-Trail Promenade connecting residents to the 10-km East Mountain Trail Loop, including the Eramosa Karst Conservation Area and the Bruce Trail. The 1,100-ft.-long paved Promenade offers access to 1,300

The townhomes at Madison boast modern elevations with a dramatic colour palette, glass doors and smooth brick. ft. of pathway for pedestrian use and enjoyment. The trail will be modified to accommodate wheelchairs as well as baby strollers and cyclists.

Nature is truly accessible for every resident at Central Park. “At Central Park, we are committed to working one-on-one with each home purchaser with special mobility needs to ensure that the home meets all their accessibility requirements while also providing the ability for families to remain in their homes throughout their lifetime. In fact, we have completed 20 customized accessible homes for customers with special needs,” says Fred Losani, CEO of Losani Homes. Futures phases of Central Park will also offer

accessibility options for barrier-free living, as well as many future Losani Homes communities.

Losani Homes offers a sophisticated program and boutique buying process. Those interested can register online to receive emails with important community information including the aerial site plan, amenities brochure, site plan, floorplans, and the premium features and finishes. Those interested are invited to attend a VIP Preview where they will receive a brochure package and an informative presentation.

Later in the week, those who attended the Preview are able to book their purchasing appointment conveniently online and then attend

MORE PHOTOS ONLINE ypnexthome.ca/losani-madison

the appointment on the weekend in a relaxing atmosphere with their own Losani sales representative.

Most builders use the line-up method, which creates chaos and is quite demanding on the prospective homeowners. With Losani’s boutique, online method, interested buyers are able to book their appointment from the comfort of their own home.

Madison will offer three-storey back-to-back townhomes, threestorey townhomes and two-storey townhomes, with prices starting in the low $300’s. Get VIP access for Madison at Central Park by registering online at mycentralpark.ca MARCH 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 23

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

Advice | NEWS AND VIEWS

More people, more competition, more common sense in a hot housing market

By Lydia McNutt

MORE ADVICE ONLINE ypnexthome.ca/news/advice

STATISTICS CANADA HAS RELEASED

the first installment of data gathered in the 2016 Census, with this initial snapshot offering insight on Canada’s population and dwelling counts. What have we learned?

Canada is growing.

Back in 1871, when the first census was recorded, there were 3.5 million people living in Canada. By the time Canada reached its 100th birthday, its population had grown to 20 million. In 2016, we surpassed 35 million people – up five per cent from the last count in 2011, and 10 times greater than the first tally post-Confederation.

This is the fastest rate of population growth among the G7 countries, according to Statistics Canada.

Reflective of Canada’s rising population, there are now more big cities. In 2016, there were 35 census metropolitan areas (with a population of at least 100,000, of which 50,000 or more live in the core), versus 33 in 2011. The newest members of the “big city” club are Lethbridge, Alta. and Belleville, Ont. Even Canada’s small towns are getting bigger, with eight new Census Agglomerations (CAs) counted in 2016 versus 2011, with a core population of 10,000 people or more.

Canada’s three largest CMAs – Vancouver, Toronto and Montreal – were home to more than one-third of the entire population, housing 35.5 per cent, or a combined 12.5 million people.

If you live in one of these cities, 26 YPNEXTHOME.CA

or you aspire to, then you already know that these housing markets can be competitive, pricey and, at times, unpredictable in the short term.

You also likely know that housing in these markets has historically been a profitable venture in the long term.

Think about it: what other investment vehicle allows you to purchase something and use it daily, while it continues to appreciate in value? It’s no wonder that real estate is a hot commodity.

If you’re embarking on this ambitious endeavour, here are some tips for keeping your cool in a hot housing market: 1 | Set your budget and perhaps more importantly, stick to it! Multiple offers may be rolling in on your dream home, but don’t let yourself become a bidding war casualty. A home is only worth so much. It’s up to you to decide what that magic number is.

2 | Work with the pros. Your real estate agent, financial advisor/lender and lawyer are your holy trinity – all key resources in the homebuying process. Their job, aside from collecting their fee, is to help you

keep your emotions in check and make a purchasing decision based on facts and figures, not emotions.

3 | Know when to quit. Just because a competing bid comes in $300,000 over asking (as is commonly the case in Toronto and Vancouver!), that doesn’t mean the home is actually worth that much – and it definitely doesn’t mean you’ll get that return on resale, if that’s what you’re banking on.

Make a smart bid that reflects what the home is actually worth. Compare the property you’re considering buying to others that sold in the same area. Your realtor has access to the Multiple Listing Service (MLS), allowing you details on sales volumes, average price and days on market, both by housing type and neighbourhood, allowing you to make a fair offer that you can live with.

Lydia McNutt is an award-winning writer and senior editor of New Condo Guide.

Lydia’s love of architecture, interior design and the written word have landed her happily at YP NextHome, where real estate rules. Email Lydia.McNutt@ ypnexthome.ca, and follow Lydia on Twitter @LydiasTweets

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

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

28

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:

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BUILDERS SITES

Guelph REID'S HERITAGE HOMES Grange Hill Point • BC

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Tillsonburg TILLSONBURG DEV. Baldwin Place • • from $277,000 31

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

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London / Halton Hills / Wellington / Waterloo:

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29

Advice | MONEY MATTERS

RRSPs: They’re not just for retirement anymore

By Gail Vaz-Oxlade

MORE ADVICE ONLINE ypnexthome.ca/news/advice

THERE WAS A TIME when the only

thing a Registered Retirement Savings Plan (RRSP) was used for was saving for retirement. But this is no longer the case.

The government lets you use your RRSP as a savings plan for a down payment on a home. It lets you use your RRSP to finance your on-going education. And those who wish to raise a family or go on sabbatical have long employed the RRSP as an income-averaging tool. It’s even used as an emergency fund by those who have suddenly found themselves unemployed. It’s fair to say that the RRSP has become Canadians’ favourite savings account.

The problem with RRSPs being all things to all people is that its wider scope, its greater flexibility, its move from a hands-off-don’t-ever-touchthe-money retirement plan to a you-can-use-it-whenever-you-canjustify-it savings account is that the process of identifying your investment strategy has become more complex.

Most people say they don’t have enough money to maximize their RRSP and set aside a non-registered emergency fund, which explains the overlap between retirement savings and other types of savings that often takes place within an RRSP. The first question you have to ask yourself when you’re trying to choose investments for your RRSP is, “When am I going to use this money?” If you’re using a portion of your RRSP savings as your emergency 30 YPNEXTHOME.CA

fund, then keep that portion of the RRSP assets fairly liquid so you can get at the money if an emergency arises. If you’re going to tap into your RRSP within the next year or three to buy a home, that money isn’t destined for long-term investment.

You’ve got a short- to medium-term investment horizon and must choose investments that suit. So you’ll have to forgo equities in favour of a moreconservative investment portfolio.

Since you don’t have the time to wait out the bumps in the road that are part of the equity-investment experience, you’ll have to settle for less return.

Being clear on how you plan to use your RRSP dollars is especially important when those dollars are being contributed to a spousal plan or the contributing spouse could find money withdrawn from that plan taxed in his or her hands. That’s because the rules for withdrawals from a spousal RRSP state that if money is taken from a spousal plan within three calendar years of a contribution to any spousal RRSP, that money could be taxable at the hands

of the original contributor. And that, of course, would completely defeat the income-averaging strategy the couple had set out to use.

Make spousal contributions by the end of the calendar year as opposed to in the first 60 days of the new year, since spousal contributions are measured on a calendar-year basis.

If you delay your contribution, you’ll end up extending the withdrawal period by another calendar year.

Perhaps the toughest part about using your RRSP for myriad purposes is keeping track of which of your RRSP dollars are for what. Here, consolidation may work against you.

Instead, consider opening a separate RRSP for each of your purposes and file your statements based on what you’re trying to accomplish.

Separate accounts will not only help you stay focused on the purpose for which you are saving, it will allow you to keep your time horizon in perspective.

While the money in your RRSP is yours and you decide how to spend it, don’t sacrifice your long-term goals for short-term ones. It’s easy to get focused on a single objective to the exclusion of all others. But to be balanced, take a look at what you want your savings to do for you long-term, as well as short- and medium-term. If you’re saving for a home, instead of putting this year’s total RRSP contribution into your “Home Ownership RRSP,” consider dividing it equally between home ownership and retirement. It will take a little longer to get into your dream home, but when you do, you won’t be behind in terms of retirement planning.

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

IN ASE W H O N LP NA I F

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

Trending

Six ‘don’ts’ at tax time DON’T LOSE OUT on time and potential cash in your pocket this upcoming tax season. Here are six things you’ll definitely want to avoid, courtesy of the Canada Revenue Agency (CRA):

1 | Not doing your taxes Even if you have not received income for 2016, you should still file your income tax and benefit return. You may be eligible for a refund, credits and benefits such as the Canada child benefit and the goods and services tax/harmonized sales tax (GST/ HST) credit. To get your benefit and credit payments, you have to file a tax return every year so that the CRA can calculate the amount you should receive.

If you have a modest income and a simple tax situation, you may be able to get help doing your taxes at a free tax preparation clinic near you. Find out more at cra.gc.ca/volunteer.

2 | Not reporting all your income Make sure you report all your income.

You should have received most of your slips, such as T4 slips, from your employer, payer, or administrator by the end of February. If you have not received, or have lost or misplaced a slip for 2016, ask the issuer of the slip for a copy. If you register with My Account you may have access to electronic copies of your slips. If you are still missing information, use any documents you have and enter estimated amounts.

Sold your principal residence in 2016? Starting with sales in the 2016 tax year, you are required to report basic information (date of acquisition, proceeds of disposition, and address) on your income tax and benefit return when you sell your home to claim the full principal residence exemption.

If you file your return online, you can save time by using Auto-fill my return, available through some 32 YPNEXTHOME.CA

MORE TRENDING ONLINE ypnexthome.ca/news

made a claim to which they are not entitled, their return is adjusted.

See the reasons for the most frequent adjustments at cra.gc.ca/ commonadjustments.

4 | Missing out on tax credits, benefits, and deductions

certified tax preparation software.

This secure service will automatically fill in certain parts of your return with information the CRA has on file. To use Auto-fill my return, you must be fully registered for My Account. For more information, go to cra.gc.ca/ auto-fill.

If you already filed your return but did not report income from a slip, you can change your return by using the “Change My Return” feature in My Account or by filling out Form T1-ADJ, T1 Adjustment Request, and sending it to your tax centre.

If you want to correct earlier mistakes and put your tax affairs in order, you can make a voluntary disclosure through the CRA’s Voluntary Disclosures Program. The program gives taxpayers a second chance to correct their taxes.

3 | Making a claim you’re not entitled to Various non-deductible amounts, such as funeral expenses, wedding expenses, loans to family members, a loss on the sale of a home designated as a principal residence, and other similar amounts, are sometimes claimed in error.

If the CRA determines that a taxpayer has made a mistake or

The Government of Canada has credits, benefits, and deductions that may apply to your tax situation.

Before filing your return, go to cra. gc.ca/getready to learn about the new and existing tax measures that could help you save money. Some certified tax software programs offer suggestions on credits, benefits, and deductions you can apply for, based on the information you enter.

5 | Filing late If you have a balance owing and do not file your return on time, the CRA will charge you a late-filing penalty.

The penalty is 5% of your balance owing on the due date of your return, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. Even if you cannot pay your balance owing by the filing deadline, you can avoid the late-filing penalty by filing on time.

If you cannot pay the amount you owe by the due date, it is best to contact the CRA before then. The CRA will work with you to resolve your tax debt or other government programs debt. You may qualify for a payment arrangement or taxpayer relief.

6 | Not keeping receipts and records Keep your receipts and documents for at least six years after you file your return. If the CRA chooses to review your return, you will need to send your receipts to the CRA to support your claims.

For more information, see Responding to the CRA.

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.”

34 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

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

Inspiration | DESIGNER ADVICE

BEDSIDE

essentials

By Yanic Simard | Photography by Brandon Barre, Ted Yarwood

THERE’S MUCH MORE to the science of sleep than just picking a comfortable

mattress. Your bedside accouterments need to be ready to house a good book or two (and hide those glowing electronics) to give you peaceful slumber in style.

However, there are many more options out there than the humble night stand. To put some variety in your nightlife, even when it’s spent at home, here’s my guide to all things bedside.

Table essentials: » A bedside table is typically 24 to 28 in. high – around the height of the mattress it accompanies (so you may want to go taller for a very high bed or shorter for a modern low style). » A lamp with a switch on the cord will be easier to flick on and off than a switch under the shade. For maximum ease you can instead have a switch wired into the wall, hidden behind the headboard or table for a clean look. » Dimmable lamps will adjust to the wide range of light levels desired, going from a restful glow to wide-awake bright. You can have a dimmer system built in during your condo’s construction, or find a dimming style after the fact. Just be sure to choose dimmable bulbs.

HERE ARE FIVE BEDSIDE LOOKS TO INSPIRE YOUR DESIGN DREAMS:

Look 1 Classic couple WHAT Identical side tables with matching lamps.

WHY The consistency of a matching set leads to a sense of rhythm, and 36 YPNEXTHOME.CA

perfect symmetry can be calming.

HOW I like using mirrored or marble side tables against an upholstered headboard to add some drama. Using the same material throughout can be too matchy-matchy. Designer Jonathan Adler makes a line of chic table lamps which mix traditional elegance with modern energy.

MY PICK Saarinen-style marble-top table.

Look 2 Big and small WHAT Small table with large lamp; large chest with small lamp.

WHY A chest of drawers at table height will add more storage (great for smaller spaces), with the lighter lamp to help balance against the opposite side.

HOW Large furniture stores will likely have a matching table and chest for easy coordination, or you can go with two styles in related materials (even

MORE INSPIRATION ONLINE ypnexthome.ca/news/inspiration

in slightly different heights). Pick a stand-out lamp for the more petite table and balance it with a quieter style on the chest. Just check that the lamp shades will sit at the same level (add the table and lamp dimensions) for a polished finish. Also consider using a desk instead of the chest to create a miniature home office.

MY PICK Urban Barn’s “reflection” accent table and chest of drawers.

Look 3 Bedtime story WHAT Table with lamp; chair with floor lamp.

WHY Having a proper chair gives you a space to read or tie your shoes, but can also hold a book, electronics, or a tea tray just as a table would.

HOW In a modern space I like a transparent or metal chair for an open and airy look, but you can also use a small upholstered wing chair for stylish comfort. Add a slim floor lamp for reading, or even a petite table for your coffee and tea. In a client’s

bedroom I recently used a swing arm sconce over a clear plastic chair and added an antiqued mirror for a dramatic backdrop.

MY PICK Louis Ghost chair (with arms) or Victoria Ghost (without arms).

WHY A jet-setter, trend-setter look, a suite of chic luggage you’ve invested in should be seen more often than just at the airport.

HOW Pile the luggage to table height, and use it to store out-of-season clothes between trips. Perch a lamp on top or use a low floor lamp. Add a traditional metal fan or a globe for old-world charm.

MY PICK Classic Louis Vuitton LV print luggage with leather trim.

Look 4 Nightcap WHAT Bar cart turned table.

WHY A bar cart is one of my favourite flexible furniture pieces, and not just for cocktail hour. It makes an unexpected side table, but the look is both trendy and practical.

HOW Because bar carts are usually open and airy, choose one in a bright colour, sparkling metal or rich wood to balance a dark, heavy table. Fill the top and bottom with your most beautiful books and boxes, and leave space on top for a lamp.

MY PICK Moller Trolley wooden cart from Design Within Reach.

Look 5 Trendy traveler WHAT Stack of luggage as table.

INSPIRING BEDSIDE IDEAS: » Wooden ladder (hang books and accessories over the rungs and clamp a lamp) » Floating cantilevered table with stool (great for small spaces) » Log section (cut to length, sand/ seal, add a notch to tuck a book) » Floor lamp with built-in table (saving space while adding a sophisticated twist) » Antique rustic garbage can with lid » Pair any of these looks with a classic one-drawer bedside table, or mix two together to totally defy expectations and make your private space suit you to a T! Or should that be, “to a zzz...”

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.

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

Trending

Need a little luck to find that perfect home?

By Elisa Krovblit WANT TO LIVE AT lucky number

seven? Would you ever live on the 13th floor? How superstitious are you, and how much would it affect your next home purchase? You might not think that finding the perfect home has much to do with luck and superstition, but for some, it’s on the list.

You have to do your research and check out the tangible factors, but it just so happens that the wrong number can stigmatize a property and hurt the price — or add value because of a luck factor.

Numerology plays highly into real estate superstition, because it’s so integral — street names, street numbers, floor numbers, suite numbers and even sale prices. Home pricing strategy, says realtor Yan Gurevich, is affected by numerology and personal connections to lucky or unlucky numbers, and to personal and sometimes weird preferences. He notes that you’ll see numbers that add to a specific lucky number, or the inclusion of repeated numbers, like an “888” price point.

So what are the lucky — and not so lucky — numbers?

4 UNLUCKY

Tetraphobia. In Chinese it sounds like the word for death so 4, and any number with a digit of 4 is to be avoided: 40, 444, 441. Numerous buildings exclude the fourth floor.

You may find buildings like hotels, apartments and even hospitals without a fourth floor and even without a room number 4. In fact, Vancouver has had an increasing problem with developers wanting to omit the fourth floor, 14th floor and any other floor with the number 4 — even excluding suites with the number 4. According to Chief 38 YPNEXTHOME.CA

Building Officer Pat Ryan, as reported in the Vancouver Sun November 2015, it was becoming a safety issue, and the city issued a bulletin to developers that removing floors for cultural or superstitious reasons would have to stop, citing that, for example, it could pose a danger to firefighters in case of emergency, who would not be able to rely on finding an actual floor by numerical sequence if random numbers were arbitrarily missing in some buildings.

7 LUCKY

Whether it’s the number of days it took the divine to create the world or the fact that 7 is a number that

repeats itself in too many obvious ways — 7 seas, 7 colours in the rainbow’s spectrum, 7 notes on the scale — it’s lucky and it’s worked out well for playoff games and James Bond (007) too. My house address is number 7, and without fail, everyone that has ever visited has remarked that my home is lucky. I can’t disagree — it’s been good to me.

8 LUCKY

An auspicious number in Chinese culture, 8 is considered to be the luckiest number. Have you ever seen a property listing price with the last three digits 888 — as in $400,888?

Now you know why.

18 LUCKY

In Hebrew, the same digits are used for letters and numbers, so every word can be read as a number and every number can be sounded out.

The digits for 18 are read as the word “life” which is invested with a belief of luck, especially luck to live a long life.

To live at number 18 or on the 18th floor would invest the residence with luck for a long life.

666 EVIL

In Japanese, 9 sounds like the word for torture or suffering and is to be avoided.

of superstitions, enough so that a great number of buildings — rentals, condos and office buildings — don’t offer a 13th floor.

13 UNLUCKY

17 UNLUCKY

Triskaidekaphobia, or the fear of the number 13, has long been a superstition. Paraskevidekatriaphobia is the fear of Friday the 13th. Whether it stems from The Last Supper in the Christian faith, where Judas was the 13th apostle to sit at the table, or from Viking lore, we’ll never know — but it’s among the most famous

In Italy, 17 is not a welcome number.

The Roman numerals for 17 (XVII) are an anagram for VIXI — a term implying you’re dead, similar to the term RIP (Rest In Peace). You don’t want your address denoting you’re dead. Real estate, in turn, rules out 17 — which is easier and less intrusive than ruling out the number 4!

9 UNLUCKY

From the book of Revelations, John The Apostle’s reference to ‘The number of the beast’ (chapter 13) is associated with Hexakosioihexekontahexaphobia.

Though in Chinese culture, the pronunciation of 666 sounds like “things going smoothly” so the number is favourable. I once had a colleague who lived at 668. She joked that she was ”The Neighbour of the Beast.” This one is pretty universal.

There are other superstitions and signs of luck in real estate, beyond buying a home with a yard full of four-leaf clovers on St. Patrick’s Day. The colour red is a symbol of luck in Chinese culture and occasionally comes up, from the paint palette to the marketing material of new developments.

Some agents and homeowners believe that burying a little statue of St. Joseph will help their home sell.

There are a few differing views about how the statue should be buried, though all agree that the statue should be wrapped to keep it clean as a sign of respect. You can buy a St. Joseph House Selling Statue Kit online.

Feng Shui is also given some consideration. If a property has bad energy or no flow, it can be a deterrent for a sale. Feng Shui can even relate to a residence’s placement on a street and how the energy will interact with the flow in the neighbourhood. A home at the T of an intersection can get too much chi too fast, and that’s not good.

But for now, may luck be with you for your real estate ventures.

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

Inspiration 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

40 YPNEXTHOME.CA

MARCH 2017

Model Home Photo Compliments of Great Gulf | www.greatgulf.com

Outstanding interiors, like this magnificent Mike Niven designed gourmet kitchen at Summerlyn Village in Bradford, have been a Great Gulf hallmark for four decades. The Maple, 3,150 sq. ft. at Summerlyn Village in Bradford.

Great Gulf has been featured as “Model HOME Of The Month� as seen in the New Home Guide model home calendar

Advice | MORTGAGE ADVICE

Should you use the Home Buyers’ Plan?

By Alyssa Furtado

MORE ADVICE ONLINE ypnexthome.ca/news/advice

WITH THE AVERAGE selling price of a home in Canada reaching $470,661 in December 2016, it can take years to save for a down payment because homebuyers must put down five per cent or more.

The Canadian government has a program called the Home Buyers’ Plan (HBP) to help first-time buyers get into the market. This program allows you to withdraw up to $25,000 from your RRSP if you’re a first-time homebuyer.

If your spouse or partner is also a firsttime buyer, they can also withdraw $25,000 from their RRSP, for a total down payment of $50,000.

But is the HBP right for you?

Let’s look at the advantages and disadvantages of the program.

Save your down payment quicker The largest benefit of the HBP is that it lets you become a homeowner sooner. Saving for a large down payment can be daunting if you’re starting at zero.

The HBP allows you to access the money you already saved in your RRSP. Accessing this money can significantly decrease the time you have to spend saving.

Reduced mortgage default insurance costs If you’re planning to make a down payment of 20 per cent or less, your mortgage is considered highratio, and you’ll need mortgage default insurance. The lower your down payment, the higher your premiums. As of March 17, the premium rates are: 42 YPNEXTHOME.CA

Down payment 5% to 9.99% 10% to 14.99% 15% to 19.99% 20% or more

Premium rate 4% 3.1% 2.8% 0%

You don’t have to pay the insurance premiums at closing. Instead, they’re usually added to the mortgage and you pay them off over time.

The downside of mortgage insurance is you’re essentially paying for nothing. The insurance doesn’t protect you, it protects your lender in the event you can’t make your payments. By adding those premiums to your mortgage, you’ll have less equity in your home. Even if you shop around for the best rates, you’ll end up paying additional interest over the life of your mortgage.

If you don’t want to pay mortgage insurance, you need to put down at least 20 per cent down. Some Canadians use the HBP to top up their existing down payment to 20 per cent so they won’t have to get mortgage insurance.

You’ll be taxed if you don’t pay it back The HBP isn’t free money. You can withdraw up to $25,000 tax-free from your RRSP, but you have to repay the amount you borrowed over a 15-year period. If you don’t make your repayments, the government will consider the money taxable income.

Repayments begin in the second year after you make your withdrawal.

The bottom line The best way to use the HBP is to save for your home in your RRSP and withdraw that money. You can also contribute your income tax refunds to your RRSP to grow your savings faster. But you aren’t robbing yourself of compounding as long as you don’t touch the money you already saved for retirement.

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.

Homebuyers’ Help

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

variable 2.35 4.10op 2.6 6.30op 2.6 6.95op 2.9

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

2.84

2.74

2.59

2.84

2.84

3.09

3.19

3.59

4.09

2.89

3.29 6.50op 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

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 2.89

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

2.69 2.94

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

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

2.99

2.99

3.1

3.14

6.50op

6.50op 3.2

3.65

4

4.5

2.79

3.39

3.89

2.64

3.25

3.25 6.25op

Meridian Credit Union

2.4

2.84 6.30op 3.14

3.04

3.15

3.89

3.89

Parama Credit Union

PACE Savings & C.U. 2.65

5.05

2.8

2.85

2.95

3.05

3.15

Steinbach Credit Union

2.25

2.39

2.39

2.49

2.59

2.69

2.95op

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 March 4, 2017. Prepared By http://www.FiscalAgents.com/mortgage/rates

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

Ad Index

ADVERTISERS

Bayview Wellington - Alcona

4

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Bayview Wellington - Passages on the Canal

5

Mattamy Homes - Corporate

Branthaven Homes - Life

Empire Communities - Multi-Site

Homes by DeSantis - AquaZul

44 YPNEXTHOME.CA

24 & 25

2&3

11

Mountainview Homes - Elements

7

47

9

Reid’s Heritage Homes - Grange Hill Point

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Tillsonburg Developments - Baldwin Place

31

Advice | FUNDAMENTALLY SPEAKING

More first-time buyer assistance, please

By Wayne Karl

MORE ADVICE ONLINE ypnexthome.ca/news/advice

WHEN WE HAVE double-digit price

growth in some markets, supply shortages reaching “crisis” levels and people having little choice but to drive further into the suburbs for housing options other than condos… who could blame firsttime homebuyers if they feel a little discouraged?

In the GTA, the Building Industry and Land Development Association (BILD) has been speaking out on the issue for months, if not years.

President and CEO Bryan Tuckey recently said the supply shortage has reached crisis levels.

And more recently, mayors and other municipal leaders – notably former mayor of Mississauga Hazel McCallion – throughout in the Greater Golden Horseshoe Area have joined the chorus.

Now another important voice is speaking out.

“If first-time buyers, young families, newcomers to our province, are going to have any chance at homeownership, provincial and municipal governments must focus on increasing housing supply,” says Tim Hudak, CEO of the Ontario Real Estate Association.

“Government-imposed barriers are restricting builders from bringing more housing supply online. To make homeownership more affordable, the province should work with municipalities to loosen building restrictions, speed up approvals to allow developers to build ‘missing middle’ housing types like townhomes, duplexes and

stacked townhomes.”

Prime Minister Justin Trudeau has promised to address homeownership affordability and other issues through the federal government’s Home Buyers’ Plan (HBP) and other tools.

This has yet to happen – though we may see some measures in the National Housing Strategy, coming later this year.

So, until then, first-time buyers can only save as best they can, and take advantage of whatever programs are available, besides the HBP (page 26).

Thankfully, lenders are increasingly doing their part.

With the new B.C. Home Owner Mortgage and Equity Partnership (B.C. HOME Partnership), created to help first-time homebuyers in the province with repayable assistance loans, BMO recently announced its own cash incentive on a national scale. It provides up to $1,000 to eligible firsttime buyers.

“The introduction of this offer is timely, considering the program the B.C. government has put into effect to assist with the costs associated with home ownership,” says Michael Bonner, senior vice-president and regional head, B.C. & Yukon Division, BMO Financial Group. “We are committed

to helping our customers meet their home ownership dreams. While the provincial government’s offer is exclusive to B.C., our hope is to support all Canadians who come to us for this important milestone and investment.”

Builders are also doing what they can. The Daniels Corporation, for one, has its FirstHome program, which allows first-time buyers to purchase with only five per cent down. A unique Gradual Deposit Payment Plan allows buyers to pay only $3,000 with the Agreement of Purchase and Sale, another $3,000 within 10 days of the purchase, and then $1,000 every month until they reach five per cent of the purchase price on final closing.

With some sources saying the chances of the Ontario government, for example, changing its land use policy is “zero,” we need a lot more of this creativity from all parties.

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

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Trending now The latest real estate news from across Canada

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Introducing the CLEANEST MESS in the house.

“If you ever wanted to bug my little brother, all you’d have to do was hang up your jacket on his hook. I don’t know why it bugged him so much, but I loved it.

I’m sure he did, too.”

As Canada’s largest homebuilder, Mattamy Homes are built for your real life.

With thoughtful design features like Stop & Drop areas, that make coming home fast and convenient, a Mattamy home is a home you’ll value for a lifetime.

Find your next home across the GTA at mattamyhomes.com

MARCH 4 - 18, 2017 | NEW HOME & CONDO GUIDE SWO 47