GTA New Home Guide - Jan 7, 2017

JAN 7 - 21, 2017 VOLUME 25, ISSUE 1, FREE

GTA EDITION

Connecting Canadians with real estate since 1992

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WHY GTA NEEDS A WEST CORRIDOR TRANSIT LINK

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CELEBRATING 25 YEARS OF NEW HOME GUIDE!

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contents JAN 7 – 21, 2017 | VOLUME 25 ISSUE 01

32

ON THE COVER

New Home Guide celebrates 25 Years How the world – and housing industry – looked in 1992

+ online NEIGHBOURHOOD

HOME SEARCH

MORE +PHOTOS +VIDEOS +ADVICE +INSPIRATION +TRENDING

MAPS

trending

10

14

Mattamy Homes

Bringing more upscale growth to the Preserve in Oakville

24 Fieldgate Homes

New release of singles at Valleylands in Brampton

WITH

DYNAMIC

property profiles

LOOK FOR THE CIRCLE

neighbourhood profile

30 Corktown

A community on the move

2 YPNEXTHOME.CA

16

Housing Market

Canada’s hottest housing market is...

CREA

Canadian home sales cool but prices continue to rise in November

20 RBC Economics

Consumers the driving force of growth in 2017

42

10 24

36

34 Tarion Report

Tip to maintain your home during the winter months

by Howard Bogach

28 Bank of Canada

Rising household debt a “key vulnerability” in Canada

36

37

52 Designer Advice

Millennial knowledge of mortgage risks low

The Conference Board of Canada

2017 Housing Forecast

12

18

Secondary suites are officially the new normal

Start 2017 by planning for the future

The GTA West Corridor is a much-needed link

Fundamentally Speaking

by Wayne Karl

22 CHBA

Homeownership a continuing wise goal for all Canadian

by Bob Finnigan

27

The Mink Mile dubbed Canada’s priciest street

56 Mortgage Professionals Canada

40 Legally Speaking

by Jayson Schwarz

55 Home Sweet Home

How to kick your homebuyer’s remorse to the curb

Prospective homebuyers might finally catch a break

48 Asking Prices

54 Retail News

BILD Report

by Bryan Tuckey

Newsmakers of 2016 Toronto’s real estate through the ages

Mortgage Advice

The 5 biggest mortgage mistakes to avoid

by Alyssa Furtado

advice

Federal and provincial policy to cool resale market, slow price gains

42 A Year in Review

38

Mirrors, mirrors on the wall

Environics Research

Ontario’s economy will continue to do well in 2017

39

inspiration

Make Your Move

Packing up that holiday cheer

by Chuck Resnick

29

Urban Living

Toll roads will take a toll on residents

by Lydia McNutt

buyers’ resource section

58 Hot Properties

New releases, openings and preview registrations

61

Mortgage Rates

in every issue

4

Editor’s Note

6

Contributors

62 What’s Online 63

Advertiser Index JANUARY 7 - 21, 2017 | NEW HOME GUIDE 3

Editor’s Note

Is 2017 a window of opportunity in GTA? AFTER A SCORCHING HOT last two or three years,

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

prospective homebuyers in the GTA might finally catch a bit of a break in 2017.

Price growth is expected to slow some, from high double digits to a more reasonable eight per cent this year.

Eight per cent? Many markets across Canada would love only eight-per-cent growth.

“There will certainly be opportunity for first-time buyers,” says Elton Ash, regional executive vice-president, ReMax, told New Home Guide.

Not that the market is without its challenges. Tougher qualification rates for high-ratio mortgages, low supply of highly sought-after lowrise homes leading to rising prices – even in areas such as Ottawa, previously considered a bargain compared to Toronto – will test buyers’ finances and buying expectations.

These and other issues will increasingly lead to growing demand for multi-family homes, but overall market health will be buoyed by a strong economy – the foundation of housing growth.

ONLINE

SEE MORE PHOTOS ONLINE

This former working class neighbourhood where Irish immigrants settled more than a century ago, is one of the last in the city to be transformed into a community on the move. Read the full story… ypnexthome.ca/corktown

+ get social 4 YPNEXTHOME.CA

Interact with us on social media: ypnexthome

Markham tour o ur

New Release! New Designs!

8

deco mod rated el hom es

FREEHOLD TOWNHOMES AND SINGLE FAMILY HOMES Townhomes starting from the high

800's

$

AMAZING AMENITIES AT YOUR DOORSTEP • new cornell community centre & library • markham stouffville hospital • new shopping centres & retail shops • excellent public & private schools • parks, playgrounds & woodlots • easy access to 401, 404, 407 & GO transit

cornellrouge.com 905.472.9556 SALES OFFICE LOCATED AT 655 Cornell Centre Boulevard (at 16th Avenue)

Open Monday to Thursday from 1 to 8 p.m.

Friday by appointment only Weekends & Holidays from 11 a.m. to 6 p.m.

Renderings are artist’s concept. Prices and specifications are subject to change without notice. See sales representatives for details. E & O.E.

MARKHAM

Contributors

TARION REPORT

HOWARD BOGACH 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.

VICE-PRESIDENT & CHIEF PUBLISHING OFFICER

Caroline Andrews PUBLISHER & GENERAL MANAGER

Shawn Woodford DIRECTOR OF SALES, NATIONAL

Moe Lalani ASSOCIATE PUBLISHER

MORTGAGE ADVICE

ALYSSA FURTADO 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

Anne-Marie Breen SENIOR MANAGER, CONTENT

Jennifer Reynolds EDITOR

Wayne Karl ART DIRECTOR

Tammy Leung

LEGALLY SPEAKING

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

CONTRIBUTING EDITORS

Sonia Bell Elisa Krovblit Lydia McNutt

SENIOR ACCOUNT EXECUTIVE

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

BILD REPORT

BRYAN TUCKEY Bryan Tuckey is President and CEO of the Building Industry and Land Development Association (BILD) and can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), Youtube (youtube.com/bildgta) and BILD’s official online blog (bildblogs.ca)

Dionne Fraser dionne.fraser@ypnexthome.ca DISTRIBUTION & SALES CO-ORDINATOR

Terry Basset NATIONAL CIRCULATION MANAGER

John Jenkins

PRODUCTION MANAGER

Helen Pearce PRODUCTION CO-ORDINATOR

DESIGNER ADVICE

Sandra Hanak-Vujnovic

YANIC SIMARD

GRAPHIC DESIGNERS

Yanic Simard is the principal designer of the awardwinning Toronto Interior Design Group (tidg.ca), and a regular guest expert on Citytv’s CityLine

Miguel Cea Mike Terentiev

Published by

more online We have even more content online! Read more stories from our team of contributors at ypnexthome.ca, including stories by:

#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

MONEY MATTERS

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

Follow Gail on Twitter at twitter.com/GailVazOxlade

DESIGNER ADVICE

JANE LOCKHART Jane lockhart is Founder and Principal Designer of Jane Lockhart Interior Design in Toronto. She can be reached at 416.762.2493. janelockhart.com

6 YPNEXTHOME.CA

and information.

CIRCULATION Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments.

COPYRIGHT 2017 All rights reserved by Yellow Pages Homes Ltd., Toronto, Ont. 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.

TERMS Advertisers, Editorial content 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 editor at wayne.karl@ypnexthome.ca

family places, wide open spaces.

a new community in holland landing Just north of Newmarket, within easy reach of the GTA, Holland Landing is waiting to be discovered. This charming village offers the best of small town living, just minutes from all the lifestyle amenities of the city, including GO transit and easy highway access.

It’s here, where life moves at a more relaxed pace, that we introduce Hillsborough — a vibrant new masterplanned community and a carefully designed collection of detached homes, brought to you by Great Gulf.

36’, 40’ & 45’ detached homes 1,510 - 3,520 sq. ft.

Prices and specifications subject to change without notice. E. & O.E. Illustrations are artist’s concept.

All square footages are approximate. Actual usable space varies from stated floor area.

greatgulf.com/hillsborough JANUARY 7 - 21, 2017 | NEW HOME GUIDE 7

Coming Early 2017 New Chances To Live In Our Mount Pleasant Communities

More Towns & Detached Homes in

Brampton’s Most Popular Communities Mattamy is bringing more thoughtfully designed homes to the desirable communities of Mount Pleasant Village and Mount Pleasant North.

Proud Partner of the Canadian National Track Cycling Team

8 YPNEXTHOME.CA

FOLLOW US:

Choose between both established communities with a full variety of Townhomes and Detached homes. Live in comfort surrounded by nature with a natural green corridor fi lled with parks, trails, and natural greenspace.

REGISTER TODAY AT

mattamyhomes.com

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 9

Property Profile | MATTAMY HOMES

Mattamy brings more upscale growth to the Preserve in Oakville OAKVILLE IS ALREADY home to one of the most sought-

Location

Oakville Builder

Mattamy Homes Development

The Preserve Home Type

Detached homes on 34-, 38-, 45- and 50-ft. lots Contact

mattamyhomes.com

10 YPNEXTHOME.CA

after addresses in the Golden Horseshoe when it comes to upscale living and sophisticated home designs. And it looks like that trend is only going to intensify, as Mattamy Homes is set to release the next phase in The Preserve, the blossoming community they established five years ago.

It’s fitting that Mattamy would choose Oakville for the site of their latest endeavour into luxurious masterplanned communities. Having built more than 10 communities in Oakville in its nearly 40-year history, Mattamy has helped shape its identity, and it’s a place people are eager to call home.

It’s tough to expect anything less than perfection from Canada’s largest home builder, and once again, Mattamy has hit the mark. Drive the gently winding streets of this much-desired established community and you’ll see how the superior design of Mattamy’s homes integrates with the nature and geography of the landscape.

These immaculately designed homes are naturally situated on spacious 34-, 38-, 45- and 50-ft. lots with many homes backing onto an old growth forest. The wide selection of architectural styles fits perfectly with its surroundings. Craftsman, Victorian, English Manor, French Chateau, Georgian and Tudor designs, in stone and stucco exteriors, will complement the established neighbourhood.

The brilliant thing about these differing styles of design is the way they integrate and complement each other.

Each home is a showpiece blending seamlessly into The Preserve. The inclusion of Contemporary designs gives the community a modern touch and architectural diversity.

The forest surrounding the community offers a unique opportunity for many homes in The Preserve to be nestled in wooded enclaves that bring the beauty of nature right to residents’ back door.

This next phase of The Preserve picks up where the original left off, using Mattamy’s design philosophy of maximizing real and aesthetic spaciousness – with every square foot used efficiently. Mattamy’s detached designs will be expansive, open and bright, with floorplans ranging between 1,988 and 5,454 sq. ft. Each room is designed to account for the daily life of active families, with ample

space to relax, work and play.

Mattamy’s interiors reflect the highest level of finish and design. And Mattamy goes one step further offering Architect’s Choice Options. This special program allows their purchasers to make structural changes to their interiors, truly making their home an absolute reflection of their personal taste.

Mattamy has been building homes and communities people love to live in for almost 40 years. The planning and detail that has gone into this community makes it easy to see not only why Oakville is the most desired address in Ontario, but why The Preserve is the most desired community in Oakville.

For more information register now at mattamyhomes.com JANUARY 7 - 21, 2017 | NEW HOME GUIDE 11

Advice | BILD REPORT

The GTA West Corridor is a much-needed link

By Bryan Tuckey

MORE ADVICE ONLINE ypnexthome.ca/news/advice

THE GTA HAS experienced considerable growth in recent years and with that growth we’ve seen a huge increase in traffic congestion.

The roads that move people and goods across the GTA haven’t been able to keep up with the increase of vehicles using them.

The GTA West Corridor is a proposed transportation corridor that the province has had on its radar for a long time. It would provide a muchneeded link from east to west running from York Region through Peel Region to Halton Region, and it would include a highway, transitway and help expedite the movement of goods.

After many starts and stops this project is once again under consideration. In addition to easing traffic congestion, the corridor would give surrounding municipalities the opportunity to move ahead with their plans for development.

Without the proper infrastructure planning, traffic congestion will only get worse. The Greater Golden Horseshoe is expected to grow significantly over the next two decades, bringing approximately 1.5 million more passenger and commercial vehicle trips per day to the GTA West Corridor area by 2031.

The GTA West Corridor would be more than just a highway. Its central location would link urban growth centres, encourage the development of new employment and businesses and build increased economic competitiveness.

12 YPNEXTHOME.CA

The province could design a forward-looking transit corridor that would include new and emerging technology features such as plug-in stations for electric cars, self-driving vehicles and drone delivery along with the coordination of more utility services to support greater connectivity between Waterloo Region and the GTAH. The building and land development industry strongly supports a transportation network like the one the GTA West Corridor would create.

It would allow us to plan and build complete communities in keeping with provincial intensification policies.

In addition to holding up landuse planning, indecision about the corridor also impacts the economic development initiatives geared to creating a region that draws business activity.

The GTA West Corridor is needed for Peel Region to meet provincial employment targets for 2031 and

beyond. Areas such as Brampton and Caledon are home to a big component of the GTA’s existing warehousing and goods distribution sector and the sector that would benefit from the corridor.

The undecided future of this project has brought government land-use planning to a halt in some affected areas. Future growth plans in the corridor are unclear and years of good work have been suspended.

The province needs to give the green light so that the opportunity to plan for the development of the GTA West Corridor is not lost and everyone involved can move forward.

It’s a critical and long-overdue necessity for our infrastructure.

Bryan Tuckey is president and CEO of the Building Industry and Land Development Association and a land-use planner who has worked for municipal, regional and provincial governments. Follow him on Twitter @bildgta, facebook.com/bildgta, and bildblogs.ca

Haven is just around the corner Whether you’re looking to buy now, or later this year, Rosehaven has a home for you.

CURRENT COMMUNITIES AFFINITY CONDOMINIUMS ALDERSHOT / BURLINGTON Contemporary Mid-Rise Condos Starting from the low $300’s NEIGHBOURHOODS OF MOUNT PLEASANT - BRAMPTON Contemporary Courtyard and Terrace Towns Starting from the upper $600’s ANCHOR WOODS HOLLAND LANDING

UT O Just a few Semi-detached LD homesO remain S from the low $800’s Starting COMING 2017 LAKE POINTE - STONEY CREEK Five 60’ Estate Singles Starting from $1.2 million Register at Rosehavenhomes.com ON THE RIDGE - STONEY CREEK Introducing Freehold Towns Register at LiveOnTheRidge.ca TIFFANY HILL - ANCASTER 45’ & 40’ Singles, Semi-detached and Freehold Towns Register at TiffanyHill.ca Ordinary is for others. Separate yourself from the common, the oh-so-typical, the middle-of-the-road, the good-enough, the runof-the-mill. Seek haven from anything less than the exceptional.

This is where life is a step above. If you’ve ever wanted to own a Rosehaven home, this is the time.

Visit RosehavenHomes.com For directions, hours & community info. call our hotline (1-888/416) 410-0175 Prices and specifications correct at press time.

Prices quoted are in thousands. E. & O.E.

DREAMFIELDS - BRADFORD Singles and Towns Register at DreamfieldsBradford.com

Trending

Canada’s hottest housing market is…

By Wayne Karl

CANADA’S HOTTEST HOUSING market

is… Hamilton, Ont. Yes, the HamiltonBurlington district – not Vancouver or Toronto. But let’s come back to that.

Prospective homebuyers throughout Canada, if ReMax’s forecast for 2017 is any indication, you’re about to get a break on home prices.

Finally. Even would-be buyers in Vancouver and Toronto – heretofore Canada’s most piping hot housing markets.

After achieving strong price growth – hitting record levels in some markets – over the last couple years, gains are expected to slow in 2017, creaking open a window of opportunity for those looking to buy a home.

ReMax expects the average home price in Canada to increase two per cent in 2017, according to the realty firm’s 2017 Housing Market Outlook Report.

“Strong demand in Canada’s urban centres is expected to continue throughout next year and into the foreseeable future, as almost half of Canadians plan to buy a home in the next five to 10 years,” says Christopher Alexander, regional director, ReMax Integra OntarioAtlantic Canada Region.

Vancouver and Toronto still garner much of the attention for price growth. High demand and low supply continued to characterize housing markets in these cities throughout 2016, as competition from buyers for limited inventory of single-family homes pushed prices higher.

The average residential sale price increased 13 per cent in Greater Vancouver to $1.02 million, and 17 14 YPNEXTHOME.CA

per cent in the GTA to $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new-15 per-cent foreign buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, ReMax estimates average residential sale prices will increase by two and eight per cent in Vancouver and the GTA, respectively.

Window of opportunity This slowing growth provides prospective buyers in these two markets a window of opportunity.

“There will certainly be opportunity for first-time buyers in both markets,” Elton Ash, regional executive vice-president, ReMax of Western Canada, told New Home Guide. “The challenge will be in the higher qualification rates for high-ratio mortgages. Once first-time buyers, in essence, reset their affordability expectations, they will see price advantages in buying in 2017.”

Regional markets in proximity to Canada’s highest-price cities continue to experience steady interest from local move-up buyers and buyers from these cities (so-called “move-over” buyers), who are looking to find a balance between affordability and square footage. The top markets for year-over-year price increases in 2016 were Hamilton-Burlington (20 per cent), Fraser Valley, BC (20 per cent), Barrie, Ont. (16 per cent) and Kelowna, BC (14 per cent).

As for major centres forecast to show the strongest price growth in 2017, Hamilton-Burlington will lead the country at 11 per cent, followed by Kitchener-Waterloo at eight per cent.

“Both areas will benefit from transportation upgrades and strong consumer confidence,” says Ash. “Tech sector growth due to the cheap Canadian dollar is positive for Waterloo, as well.”

The ripple effect of the foreign buyer tax in Vancouver can be felt in the upper end of the GTA and Montreal markets, as some foreign investors are expected to look for properties in these regions rather than Vancouver. New, tighter mortgage insurance criteria for new home buyers is expected to temper local first-time buyer activity across the country in the short term, but is not expected to have a long-term impact in most regions.

Alberta on the rebound Out west, the housing markets in Calgary and Edmonton remained relatively stable in 2016, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased by two per cent year-over-year, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province. The recent approval of the Trans Mountain pipeline is also expected to provide a boost to the provincial economy and help keep housing markets relatively stable in next year.

Average Residential Sale Price 2013-2016 and 2017 Outlook 2017 (forecast $)

2017 (forecast %)

2016 (estimate)

2015

2015/2016 % change

2014

2013

$590,450

1.60%

$580,961

$518,153

12%

$507,212

$476,568

$1,040,706

2.00%

$1,020,300

$902,801

13%

$812,652

$767,765

Fraser Valley

$655,500

-5.00%

$690,000

$577,507

20%

$498,703

n/a

Kelowna

$513,642

4.00%

$493,887

$435,074

14%

$424,145

$397,000

Calgary

$402,335

0.00%

$402,335

$417,328

-4%

$484,790

$456,000

Edmonton

$364,000

0.00%

$364,000

$372,511

-2%

$367,038

$351,000

Saskatoon

$351,032

0.00%

$351,032

$355,653

-1%

$361,031

$338,309

Regina

$318,785

0.00%

$318,785

$319,857

0%

$329,379

$320,430

Winnipeg

$297,155

3.00%

$288,500

$281,022

3%

$289,538

$274,373

Windsor-Essex

$237,791

5.00%

$226,468

$201,115

13%

$192,124

$183,518

London-St. Thomas

$295,179

6.00%

$278,471

$264,435

5%

$254,141

$245,737

Sudbury

$261,937

2.00%

$256,801

$250,593

2%

$255,371

$250,518

Kitchener-Waterloo

$413,313

8.00%

$382,697

$348,220

10%

$339,412

$336,325

Hamilton-Burlington

$594,427

11.00%

535,520

$446,961

20%

$388,487

$383,840

Victoria Greater Vancouver

Barrie

$425,730

4.00%

$409,356

$351,554

16%

$319,612

$308,200

Greater Toronto Area

$783,926

8.00%

$725,857

$622,217

17%

$566,626

$522,963

Kingston

$311,712

2.00%

$305,600

$298,000

3%

$287,291

$287,567

Ottawa

$378,359

2.00%

$370,940

$367,632

1%

$362,868

$353,881

Greater Montreal

$368,160

6.00%

$347,321

$337,263

3%

$331,057

$321,059

Quebec City

$259,793

-2.00%

$265,095

$265,204

0%

$264,589

$267,294

Saint John

$182,006

2.50%

$177,567

$175,152

1%

$178,440

$179,351

Halifax-Dartmouth

$292,235

1.50%

$287,916

$278,117

4%

$273,917

$274,153

Charlottetown

$240,250

4.00%

$231,010

$219,460

5%

$219,867

$203,722

St. John’s

$279,356

0.00%

$279,356

$296,812

-6%

$306,405

$301,000

“Alberta will experience a flat market in 2017,” Ash says. “There is light at the end of the tunnel as we get into Q3 and Q4, as oil prices are expected to increase. (Two-thousand and 18) will likely be the rebound year for Alberta.”

In Ottawa, market conditions were fairly balanced in 2016, with twoper-cent growth in average price.

“We see that continuing in 2017, with a one-per-cent increase in average price. All segments of the market

MORE TRENDING ONLINE ypnexthome.ca/news

are performing well, with condos sales increasing by 1.9 per cent in 2016, and continuing the trend in 2017. The upper end of the market has also been performing well and will continue to do so.”

Though price growth may be pausing, younger Canadians are still looking to creative ways to realize their dream of homeownership, according to the report. Thirty-three per cent would consider purchasing a home with a family member; 22 per cent would rent out a room in their home; 15 per cent would consider renting out a room via rental apps such as Airbnb; and nine per cent would purchase a home with a roommate.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 15

Trending

Canadian home sales cool but prices continue to rise in November

By Wayne Karl

CANADIAN HOME SALES were down

on a month-over-month basis in November 2016, while prices in most markets continued to rise, according to statistics from The Canadian Real Estate Association (CREA).

The number of homes trading hands via Canadian MLS Systems declined 5.3 per cent month-overmonth in November 2016. This represents the largest monthly decline in activity since August 2012.

Activity was down in about twothirds of all local markets, including Canada’s most active markets.

“November was the first full month in which the expanded stresstest was in effect for homebuyers 16 YPNEXTHOME.CA

with less than a 20 per cent down payment,” says CREA President Cliff Iverson. “The government’s newly tightened mortgage regulations have dampened a wide swath of housing markets, including places not targeted directly by the government’s latest regulatory measures. The extent to which they pushed firsttime home buyers to the sidelines varies among housing markets.”

“Canadian housing market results for November suggest that Canada’s housing sector is unlikely to be as strong a source for economic growth as compared to before mortgage regulations were recently tightened,” adds Gregory Klump, CREA’s

chief economist. “Housing activity generates a lot of spin-off spending, which makes its weakened prospects an additional source of uncertainty as regards the outlooks for Canadian economic and job growth.”

Sales activity held 1.6 per cent above where it stood in November 2015 – the smallest year-over-year increase since October 2015.

The number of newly listed homes edged down 0.4 per cent in November 2016 compared to October. New listings were up from the previous month in almost half of all local markets, led by the GTA but offset by declines in BC’s Lower Mainland.

“November was the first full month in which the expanded stress-test was in effect for homebuyers with less than a 20 per cent down payment”

The tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region (GTA, Hamilton-Burlington, Oakville-Milton, Guelph, KitchenerWaterloo, Cambridge, Brantford, Niagara Region, Barrie and nearby cottage country) is unprecedented.

In November, the number of months of inventory ranged between one and two months in many of these housing markets, and stood below one month in the Durham Region, Orangeville, Oakville-Milton, Kitchener-Waterloo and Cambridge.

Benchmark prices for two-storey single-family homes and townhomes posted the largest year-over-year

gains in November 2016, at 16.3 per cent and 16 per cent, respectively).

Prices for one-storey single-family homes increased 13.7 per cent and condos 11.5 per cent.

The Fraser Valley (29.7 per cent) posted the largest year-over-year gain in November, while Greater Vancouver grew 20.5 per cent, Victoria 20.6 per cent and the GTA 20.3 per cent. Vancouver Island also registered a double-digit increase in home prices at 16.8 per cent.

Meanwhile, home prices posted year-over-year gains of 5.4 per cent in Regina, 3.4 per cent in Ottawa, 3.1 per cent in Greater Montreal and 3.5 per cent in Greater Moncton.

The national average price for homes sold in November 2016 rose 7.3 per cent year-over-year to $489,591. Excluding Vancouver and Toronto from the calculations, the national average price is reduced by almost $130,000 to $361,260.

BoC warning CREA’s statistics were released on the same day as the Bank of Canada’s Financial System Review, in which BoC raised concerns about levels of Canadian household debt.

Since June, the proportion of highly indebted households has continued to rise in many cities, notably in the GTA. Nationally, house prices continue to increase relative to income, although significant regional divergences persist. Imbalances in some regional housing markets make it more likely that adverse economic shocks could cause large declines in prices, the Bank says.

This buildup of vulnerabilities will be mitigated over time by new federal housing finance rules and other housing sector policies, which will dampen activity in the sector and improve the quality of new mortgages. While the impact of these measures will be concentrated in regions where house prices are the highest relative to income, such as Vancouver, Toronto and Calgary, they will also have important effects at a national level, BoC says.

“These macroprudential policies will raise the underlying quality of household indebtedness over time, as well as financial institutions’ capital requirements and pricing criteria, which will make them more resilient to future shocks,” says Governor Stephen S. Poloz. “Accordingly, these policies will help mitigate financial stability risks over time.”

The most important risk remains household financial stress and a sharp correction in house prices, triggered by a large and persistent nationwide rise in unemployment, the Bank says. The likelihood of this risk materializing, however, remains low.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 17

Advice | FUNDAMENTALLY SPEAKING

Prospective homebuyers in the GTA, you might finally catch a break

By Wayne Karl

MORE ADVICE ONLINE ypnexthome.ca/news/advice

WHAT’S IN STORE for the housing

market in the GTA in 2017? Well, finally, prospective buyers might catch a break – in the way of slowing price growth.

Slowing being a relative term, however, as major realty firm ReMax is forecast that, after growing 17 per cent in 2016 to 725,857, average residential sale prices in the GTA will grow a more reasonable eight per cent to $783,926.

“There will certainly be opportunity for first-time buyers,” says Elton Ash, regional executive vice-president, ReMax. “The challenge will be in the higher qualification rates for high-ratio mortgages. Once firsttime buyers, in essence, reset their affordability expectations, they will see price advantages in buying in 2017.”

The star performer in home price growth for 2016 wasn’t far from Toronto, however, as HamiltonBurlington, at 20 per cent, led the country. It is also expected to be tops again in 2017, ReMax says, forecasting 11-per-cent growth.

On the new home front, supply constraints will likely continue to wreak havoc. This means buyers looking for new lowrise homes in the GTA should pay attention – as you new developments released, be prepared to act fast, as quick sellouts will likely be the norm.

Canada Mortgage and Housing Corp. says single-detached home starts will be particularly strong in 18 YPNEXTHOME.CA

2017, before price pressures lead to lower starts in 2018. Condominium apartment construction along with some new rental construction will fuel high rise construction over the forecast period.

Affordability concerns, greater demand for urban lifestyles and changing demographic patterns will continue to increase demand for multi-family dwelling types such as townhouses and condominium apartments, CMHC says.

And in neighbouring Oshawa, one of the hottest areas in the GTA in the last couple years, singledetached home starts will dominate construction in 2017 and 2018.

Price conscious buyers will continue to choose Oshawa and area for more spacious homes. However, despite strong demand for lowrise homes in Oshawa, sales activity in new home sites have trended lower throughout 2015 and into 2016. Land constraints are the reasons behind fewer site openings, and as a result fewer homes will be started in 2018.

Low supply will cause new home prices to increase in Oshawa, but still a relative bargain compared to Toronto.

None of these market characteristics are possible, of course, without a strong economy – the foundation of housing growth. And on that front, CMHC also forecasts Toronto will continue to generate more jobs, albeit at a slower pace.

Employment is forecast to grow by 1.5 per cent for 2016, followed by 1.5 and 1.3 per cent in 2017 and 2018, respectively. After declining to 6.9 per cent in 2016, the lowest level since 2008, the unemployment rate is expected to remain fairly stable over the next two years.

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

Canadian

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Pick-up your copy: • YP NextHome street boxes

• Airport lounges • Transportation hubs

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JANUARY 7 - 21, 2017 | NEW HOME GUIDE 19

Trending

Consumers the driving force of growth in 2017: RBC Economics CANADA’S ECONOMY regained

momentum in the second half of 2016 and is poised to see sustained growth throughout 2017, according to the latest RBC Economic Outlook report. The RBC forecast calls for real Gross Domestic Product (GDP) growth of 1.3 per cent in 2016, 1.8 per cent in 2017 and 2.1 per cent in 2018.

“The Canadian consumer drove growth again in 2016,” says Craig Wright, senior vice-president and chief economist at RBC. “Despite falling energy investment and the Alberta wildfires weighing on the economy, strong consumer spending and housing market activity supported growth in 2016. In 2017, a bounce-back in energy investment and anticipated fiscal stimulus are expected to provide a further boost.”

Despite a year of surprises and uncertainty around the world, favourable conditions for Canadian consumers and a robust housing market led the economy forward.

Consumer spending in 2016 has increased 2.2 per cent, while home sales rose 4.4 per cent with average prices jumping 9.5 per cent. While the sources of economic strength are expected to shift in 2017, the net impact will be continued forward momentum in the Canadian economy.

Although core inflation is likely to top the Bank of Canada’s two per cent target, RBC expects the Canadian central bank will hold the overnight rate steady throughout 2017 with the first-rate hike expected to come in 2018.

MORE TRENDING ONLINE ypnexthome.ca/news

20 YPNEXTHOME.CA

Business investment to offset declining housing market in 2017 Regulatory changes at both the federal and provincial levels are expected to slow the pace of new home building, home resale activity and housing price increases across the country in 2017. RBC forecasts an 11.5 per cent decline in home resales in 2017 with price increases slowing to 1.6 per cent.

Conversely, business investment, which has been sluggish over the past two years, will inch higher. An expected recovery in energy prices should lead to a modest rise in investment from energy companies with additional increases in investment by service-sector companies and exporters.

Consumers remain in the driver’s seat Disposable income will continue to grow in 2017, supported by job gains and changes to the federal Canada Child Benefit that came into effect on July 1, 2016.

While Canadians’ debt levels remain elevated, the debt-tonet worth ratio eased for three consecutive quarters and owners’ equity in real estate remained encouragingly high at 74 per cent.

Provincial growth to become more uniform across Canada As global energy markets enter a recovery phase in 2017, a turnaround in oil-producing provincial economies is expected to provide more uniform growth performance across Canada. Barring any unexpected adverse events, RBC forecasts modest to moderate growth for all provincial economies in 2017, except Newfoundland and Labrador where a drop in capital investment and persistent fiscal austerity are anticipated to cause a further contraction.

Canadian dollar finds stability amid contrasting forces Volatility in oil prices and uncertainty about monetary policy in 2016 contributed to a seesaw in the Canadian dollar.

In 2017, two contrasting forces will vie for influence: rising oil prices will exert positive pressure on the dollar, while tighter monetary policy in the U.S. is expected to have the opposite effect. As a result, RBC forecasts a mild overall depreciation in currency in 2017 to 72.5 U.S. cents.

Global economy marches forward despite change and uncertainty

Stimulus, spending and investment to accelerate U.S. growth in 2017 The U.S. economy is on track to post a 1.6-per-cent increase in 2016, driven largely by consumer spending and a gain in residential construction. In 2017, a recovery in business investment will supplement continued growth in consumer spending. Employment gains and wage increases will strengthen consumption and support a pickup in the housing market. Anticipated fiscal stimulus from the incoming administration will further add to the momentum, with growth forecast at 2.3 per cent in 2017.

While policy shifts in the UK and U.S. could affect confidence, RBC anticipates continued momentum in the global economy, driven by historically low interest rates, commodity price increases and anticipated fiscal stimulus policies.

RBC estimates 3.1-percent growth in 2016 and forecasts 3.4-per-cent growth in 2017 and 3.6per-cent growth in 2018.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 21

Advice | CHBA

Homeownership a continuing wise goal for all Canadians

By Bob Finnigan

MORE ADVICE ONLINE ypnexthome.ca/news/advice

STATISTICS CONCERNING

homeownership in Canada continue to change and have evolving effects on the marketplace – particularly when it comes to first-time home buyers. Over the past few decades, the average age of Canadians purchasing their first homes has 22 YPNEXTHOME.CA

inched upward into the thirties.

Reasons for this changing life cycle vary, from people postponing marrying and having children until later in life and the prices of homes increasing across the country. Today’s 35-year-old is where the average 30-year-old was 20 years ago.

Those who choose not to postpone entering the marketplace often buy small condominium suites because of price and intend to move to larger homes when they start their families.

In the old days, they bought a lowrise starter home for X dollars, then five years later purchased a larger house for X+ one-third or X+ one-half, and that was the family home for decades.

Nowadays, to move from a condo suite purchased at X dollars requires X times two or more – and X is hard enough to achieve.

What has not changed is the wisdom of getting into homeownership as both lifestyle and financial investments. Homeowners build equity over time with something that is tangible and not as elusive as stocks and mutual funds, plus you get to live in your investment. With housing costs such a large portion of the family expenditure nowadays, and with people delaying their first home purchases until their 30s, they have less time to accumulate equity and pay off mortgages before

retirement. Ideally, renters would sit down and figure out how much more a mortgage payment would be than rent and put the difference in a tax-free savings account. This rarely happens, however, and the major thing holding them back from buying is the down payment.

Before assuming that you cannot come up with a down payment, do some research on the options available to help. Look into non-profit organizations such as Toronto’s Options for Homes (optionsforhomes.ca). This developer of condominiums was founded in 1992 after government grants for affordable housing ended. The organization is based on a second mortgage/pay it forward premise.

Options contributes a loan that

boosts members’ down payments worth between 10 and 13 per cent of the purchase price of the Options suite. No payments are due until the suite is sold or rented out. The loan appreciates by the same percentage as the home’s resale value and is then paid back in full. These repaid loans go into a pool to help other buyers.

This is one alternative to the “bank of mom and pop” – which is an option for some buyers. Parents lending or gifting money as part of their transfer of wealth can benefit everyone involved. Statistics show that about one-third of home buyers receive help toward their down payment from family members.

However, you do it, get into homeownership when you can. The market may go up and down, but in long run, you’ll have an asset that most people won’t have in terms of

return-on-investment. Throughout your life, you can leverage your mortgage when you need resources for other things.

For a healthy outlook on your future, consider homeownership sooner, rather than later. Rest assured that new home builders continually seek out ways to design and create residences that are within the financial reach of the spectrum of buyers. Before you write off owning a home, ask your family, financial institution, the government and the builders themselves what help is available to you. Then embark on one of the most exciting and fulfilling steps in your life.

Bob Finnigan is Principal and COO Acquisitions & Housing at Herity, and is President of the Canadian Home Builders’ Association.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 23

Property Profile | FIELDGATE HOMES

Fieldgate Homes announces...

Register today for new release of 38-, 41- and 50-ft. singles at Valleylands in West Brampton early in 2017 TIME AND TIME AGAIN, when we ask our homeowners why they

ABOVE

chose to buy a Fieldgate home, we get some pretty familiar answers.

Many say that the deciding factor was Fieldgate’s award winning floorplan designs, while others say it was the beautiful masterplanned community design. Whatever your reason for choosing Fieldgate, with New Releases coming soon to all three of our current new home communities, we’re confident that you will find a home that you’ll love in 2016 with Fieldgate Homes.

The St. Lawrence A Elevation 3,662-sq.-ft., five-bedroom

Valleylands – West Brampton Visit the sales centre to view the floorplans that will be available in the next release of detached homes in early 2017. Boasting a selection of single-detached 38-, 41- and 50-ft. designs from the upper $800’s, some with walk-up basements, discerning buyers will like what they see when they discover these impeccably crafted …continued on page 26 24 YPNEXTHOME.CA

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 25

…continued from page 24

At Valleylands, the best of west Brampton living is literally at your doorstep. luxury homes.

At Valleylands, the best of west Brampton living is literally at your doorstep. The Heartland Town Centre is only five minutes away, offering major retailers such as Best Buy, Home Depot and Costco.

Nearby Erin Mills Town Centre, Trinity Common Mall and Bramalea City Centre also offer wonderful selections of shops and restaurants.

Nature lovers can soak up the Credit River landscape at nearby El Dorado Park and golfing enthusiasts will be impressed with the great selection of golf courses within a short driving distance. If that weren’t enough, the commute to Toronto is a breeze with Hwys. 401 and 407 minutes away.

Coming Soon – Stouffville, Kleinburg & West Whitby An all new release of 36- and 40ft. detached homes and freehold townhomes will be coming in early 2017 to Stouffville’s popular Blue Sky Community. In this popular community setting, GTA homebuyers have a lot to look forward to. Register now and watch your inbox.

Impressions – Kleinburg Register for the next release at Impressions in Kleinburg coming in early 2017, featuring a stellar collection of luxurious family residences in a charming village setting. Featuring exquisite single detached 38- and 44-ft. homes starting from more than $1.2 million, you can discover a lifestyle of true comfort and prestige in this exceptional family community.

Throughout all of the GTA, there’s no place quite like the Village of Kleinburg. Perfectly nestled between the east and west branches of the Humber River, 26 YPNEXTHOME.CA

Kleinburg offers all the pleasures of small town life just minutes from the big city conveniences of Vaughan and the surrounding area.

Vaughan’s many other charming neighbourhoods also offer convenient shopping destinations – such as Vaughan Mills – boasting a host of major retailers and top name brands. Commuting is made easy with Hwys. 27, 400, 427 and

407 all just minutes away.

The next master-planned community is Whitby Meadows, featuring a selection of 30-, 36-, 42-ft. single-detached homes and freehold townhomes in west Whitby’s finest natural setting.

To register for the next release at any of these communities, visit fieldgatehomes.com

Advice | MAKE YOUR MOVE

Packing up that holiday cheer

By Chuck Resnick

MORE ADVICE ONLINE ypnexthome.ca/news/advice

NOW THAT THE HOLIDAY hustle and

bustle is done for another year, it’s time to pack it all up. Thoughtful packing of seasonal decorations and materials at the end of the holidays for the next year can keep the fun in what is, for some, a stressful time. In other words, it pays to plan – even 12 months ahead.

Careful packing and organization prevents damage and breakage, and ensures you can find everything next year.

Here are some tips to keep in mind while packing away holiday decorations.

Delicate items » Wrap breakables in tissue or packing paper, or use bubble wrap.

Do not use newspaper – the print may wear off on ornaments. And instead of throwing away used paper or junk mail, run it through a paper shredder – it makes great packing filler. » Boxes with dividers are best to pack ornaments in. They come with adjustable inserts that form individual cells for delicate items. » Keep extra hangers, hooks and ornament parts in a labeled bag or box.

Lights » To prevent tangles, wrap lights around empty gift-wrap paper tubes. » Leave the plug accessible by taping the ends of the light strands to the end of the tube. Next year, you

can quickly test the lights before unwinding them. » Store coloured lights in a dark place to prevent fading – especially blue, green and purple.

Wrapping paper » Hanging garment bags provide good storage for wrapping-paper rolls. Use outside pockets for gift tags, cards and tissue paper. » To protect used rolls of paper, cut an empty wrapping paper tube from end to end and slide it over the roll. » Ribbons and bows can be saved and reused. Pack these loosely so they keep their shape.

Some other considerations » Wrap holiday candles individually in cellophane and store in a cool place so they don’t melt together. » Pack an “open first” box. Place the decorations you use first in here with essentials such as extension cords.

» Use a “wardrobe box” to hang and store seasonal clothing that you only wear twice a year like that special snowman sweater from your mother-in-law or that flashing Christmas tie. This way you can find it, wear it, and store it away on a hanger easily. » Take special care if you are storing your items in a damp area. Don’t store boxes near sources of heat and moisture. » Label every box. The more detailed the description, the easier it will be to find things next year. » Take a digital photo of special-care items like snow globes or wreaths, print them off on regular paper and tape the photo to the outside of the box as an easy description of what’s inside.

Chuck Resnick is vice-president of marketing and operations, Two Men and a Truck Canada. twomenandatruck.ca JANUARY 7 - 21, 2017 | NEW HOME GUIDE 27

Trending

Rising household debt a “key vulnerability” in Canada THE BANK OF CANADA IS WARNING of rising household

debt and housing prices... again. This familiar theme was echoed in December 2016 and previously, in June 2016, in the Bank’s Financial System Review (FSR) – a twiceyearly report that examines and analyzes Canada’s overall macro-financial conditions.

The Bank highlighted elevated levels of Canadian household debt as a key vulnerability in most Canadian cities, but particularly in Toronto, Vancouver and Calgary.

“The most important risk remains household financial stress and a sharp correction in house prices, triggered by a large and persistent nationwide rise in unemployment,” the report outlines. “The likelihood of this risk materializing, however, remains low.”

Canada’s overheating housing markets will experience a cooling effect thanks to recent changes to mortgage financing rules and other housing sector policies, “which will dampen activity in the sector and improve the quality of new mortgages,” the Bank reported.

The latest round of mortgage rule changes took effect in October 2016 and now require high-ratio mortgages

MORE TRENDING ONLINE ypnexthome.ca/news

28 YPNEXTHOME.CA

to qualify at the Bank’s posted rate – currently 4.64 per cent – to guarantee the ability to make mortgage payments in a more realistic rate environment.

The new rules also require that the Gross Debt Service ratio (total housing costs including mortgage, taxes and heating) not exceed 39 per cent of a borrower’s gross income while the Total Debt Service ratio (housing costs plus all other debt payments) not exceed 44 per cent.

Other policy measures include Vancouver’s new 15-percent foreign buyers’ tax and the new vacant home tax.

The Bank calculates that 31 per cent of Canada’s highratio mortgages issued in the past year would not have qualified under the new rules.

The good news is that the new mortgage rules are expected to have the desired effect of reigning in housing market activity and reducing mortgage debt.

“While the impact of these measures will be concentrated in regions where house prices are the highest relative to income, such as Vancouver, Toronto and Calgary, they will also have important effects at a national level.”

Advice | URBAN LIVING

Toll roads will take a toll on residents

By Elisa Krovblit

MORE ADVICE ONLINE ypnexthome.ca/news/advice

ARE TOLL ROADS THE ANSWER?

Apparently, they’re the answer that Toronto City Council has landed on.

After 12 hours of debate, on Dec. 13, 2016, Mayor John Tory’s motion to add tolls to both the Don Valley Parkway (DVP) and the Gardiner Expressway was passed by a 32-9 margin.

While paying tolls to use roads isn’t a new idea, it’s a relatively new prospect for residents of the GTA. Of course, Hwy. 407 has been collecting tolls for nearly 20 years now, but it’s not a critical artery in the heart of Toronto and is seen as more of a suburban convenience, connecting areas north of Toronto to the eastern and western reaches of the GTA. It can be pricey, and its transponder technology is de rigeuer for regular users, but droves of drivers avoid Hwy. 407 with Hwys. 7 and 401 as free alternatives along the same route.

Tolls are Tory’s answer to a major shortfall in transit and infrastructure expenditures. There is a $33 billion shortfall in funding, and at an estimated $2 per trip, the tolls would bring in $200 million each year.

We already pay for roads in our hefty city taxes. While the money has to come from somewhere, and new infrastructure isn’t cheap, it was seen as the least horrible of the three proposed solutions: Tolls, property taxes or selling off other municipal assets, such as Hydro One. With tolls a real possibility, it has a rather unfortunate effect on real estate – or more specifically, where

people will be able to afford to live and work. At $2 per trip or $4 round trip every day, the cost of commuting goes up $80 per month. For those with very tight budgets, this added cost could tip the scales and mean the difference between having a job and not having a job. Some that already commute a considerable distance may find this takes its toll.

The DVP is the only highway artery on the east side of the GTA, and The Gardiner is the only crosstown highway in the city’s south end. It diverts a huge amount of east-west traffic from going through the city’s core. Toronto’s core has heavy traffic throughout the day, which escalates to a near-gridlock situation during peak rush hour periods. City street traffic cannot afford additional congestion during rush hour, but as the free alternative, paying drivers may be able to get a break in traffic on toll highways, as those who can’t take the budgetary hit move off the pay-to-play Expressway.

It also adds expense to a group who chose to live a considerable distance out of town in order to afford a larger home and property.

With vacancy rates under one per cent and home prices rising to more than $1 million for a detached home in Toronto, it’s an added expense on people who already can’t afford to live in the city, near work or school.

With an estimated $80 to add to a commute, it’s something to consider when budgeting for a

move. While you may save some money by choosing a location out of the city, will the expense be made up by your commute?

And how will businesses react?

One of the issues of city living is the price of parking. Many choose big box locations or malls outside of the core for one-stop-shopping, dining or entertainment because the convenience and free parking offset the travel time. If it now has an added cost just to get there, it doesn’t offset the price of parking, and the toll highways may make a considerable impact on destinations.

While it will always be the worstcase scenario when envisioning change such as this coming in, there has to be a way to fund transit and infrastructure, and there doesn’t seem to be much in the way of alternative funding. Transit ridership may increase, but transit fairs can’t be raised enough to support the high cost of transit development.

Tolls are still waiting for provincial approval, and we won’t see them roll out until 2019 – and it could be as long as 2024 before they become a reality, according to municipal transportation staff. Until then, enjoy the free ride on the city streets your taxes already pay for.

Elisa is senior editor at YP NextHome.

When not searching out some unusual solutions to her century home’s reno projects, she’s busy discovering the next best thing in Toronto.

Elisa.Krovblit@ypnexthome.ca JANUARY 7 - 21, 2017 | NEW HOME GUIDE 29

Neighbourhood Profile

Corktown

By Joanne Keenan

Fast facts Average household income

$81,461 MORE PHOTOS ONLINE

Family structure

nexthome.yp.ca/Corktown

THIS FORMER WORKING class

neighbourhood where Irish immigrants settled more than a century ago, is one of the last in the city to be transformed into a community on the move. With a prestigious location at the foot of the escarpment, it’s taken a while to draw newcomers, but now it’s as in-demand as any other hot spot. Growing developer presence adds new to the old to create a viable community.

The vibe Work, play and dine is the essence in the air of today’s Corktown. No longer a tired collection of streets that have seen better days, it’s been picked up and dusted off by those seeking city living and creating it themselves. When the work’s done at home, there are dozens of options for dining or grabbing a bite and a beer. Bikable and walkable, it ranks high on walkability scales.

30 YPNEXTHOME.CA

Meet the neighbours Corktown is home to about 7,500 residents. Still the home of oldtimers who moved into affordable cottages a lifetime ago, they are slowly being purchased by singles and professionals looking for city living. Because of its affordability in past years, families settled here as reflected by the parks and schools within its boundaries. Some rowhouses are being converted to live/work homes and businesses are fueling the redux.

In the area Not exactly downtown, but close enough, Corktown offers the best of both worlds: nightlife plus a place to live in an area following the trends and tastes of city living. The Art Decostyled Hamilton GO Station is ideal for those commuting to the GTA. You’ll find St. Joseph’s Hospital, several schools and a rec centre. There are also plenty of pubs and some of the city’s best dining.

SINGLES

COUPLES

FAMILIES

55%

33%

12%

Own vs. rent

41%

OWNERS

59% RENTERS

Cheers!

Heineken

TOP BEER BRAND

SOURCE: ENVIRONICS

Hot Spots

Planes, trains and automobiles With its tiny streets and dead ends truncated by the CN tracks and overpasses, traffic is often limited.

The Hamilton Street Railway (HSR) travels along predominant roads to offer regular bus service. There is also DARTS service for those who require accessible transportation.

Corktown is only a few minutes from the Wellington access up the escarpment or into downtown.

Dollars and sense When all is said and done, Corktown is still a liveable community for residents who can meet their needs at surrounding shops and offices.

From Millennials and Gen Xers to Boomers, they can dine, find a coffee shop and pick up essentials without breaking the bank. Variety is key and within reach on adjoining streets.

Housing prices, like everywhere else in the city, are on the rise.

The good, the bad and the rest With gentrification comes increasing rents and home prices. Century row

houses of a few decades ago have been updated and transformed into business and offices to elevate the demand of the area. With proximity to downtown, it’s always been an affordable location for small and independent business. Small homes are commanding competitive prices along with lots of renovations and updating.

Real estate Corktown still offers some of the city’s most affordable homes, and they don’t last long on the market.

Lots of century rowhouses and cottages, many updated and some in need of a good facelift. Still some good, older detached homes, but lot sizes are typically small. You’ll have better luck finding a condo than detached, with highrises and midrises hitting the market more often. Small condo buildings and walk-ups rent for going rates.

Developers have discovered Corktown and are building trendy towns at upwards of $350,000 each.

White Elephant If you’re looking for the real deal when it comes to Thai food, you can’t get more authentic than this restaurant, established by Bangkok natives who longed for tastes from home. whiteelephant366.com Enoch Turner Schoolhouse What was once a one-room schoolhouse in 1848 is now Corktown’s most popular setting for a storybook wedding or special event for intimate gatherings of 100 or less. enochturnerschoolhouse.ca Gilead Café & Wine Bar You’d never expect to find world-reknowned fare hidden in a café on a backstreet in Corktown but then you can always expect the unexpected from Jamie Kennedy and his kitchen. jamiekennedy.ca Corktown Cubes This cluster of cubes has been a curious landmark at the city’s eastern gateway since 1996. A mystery to many they are occupied as an example of futuristic, affordable housing on a minimal footprint.

Little Trinity Anglican Church Great acoustics for orchestras and choirs, make one of Toronto’s oldest surviving churches a great performance venue as well as well as a place of worship.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 31

Trending

cover story

As New Home Guide celebrates 25 years…

We revisit how the world – and housing industry – looked in 1992

By Wayne Karl

HOW MUCH HAS CANADA and the

housing market in the GTA changed in the last 25 years?

You won’t believe it.

Well, actually, you might – if you were lucky enough to own a home back then. The average home price in Canada was $149,864, and in the GTA $203,323. Compare these numbers to today’s – $442,264 and $622,707, respectively, as of the beginning of 2016. Hence, the luck reference.

But real estate was in a very different place back then. Mortgage 32 YPNEXTHOME.CA

rates were about 9.71 per cent for a five-year fixed rate product. Ontario was coming out of a recession, and home prices were still trying to recover. In Vancouver, average prices had climbed 53 per cent from 1988 to 1992, and 41 per cent from 1984 to 1988, and the rest of Canada was experiencing decent growth. But it was quite another story in the GTA; it was the only market in the country to decline, by four per cent from 1988, and was about to decline again by three per cent from 1992 to 1996.

What was going on?

“All indicators pointed to a bubble in the Toronto housing market during the late 1980s and early 1990s,” Dana Senagama, principal market analyst for GTA, Canada Mortgage and Housing Corp. (CMHC) told New Home Guide. “The market overheated, which led to an acceleration in house price growth. House prices then became overvalued, and overbuilding was observed before a significant decline in house prices.”

Toronto’s housing market faced significant macro-economic headwinds, from a recession in 1990-

“The market overheated, which led to an acceleration in house price growth.

House prices then became overvalued, and overbuilding was observed before a significant decline in house prices.”

CANADA, TORONTO AND THE WORLD IN 1992:

Toronto Home prices (Toronto Real Estate Board)

91. Mortgage rates were increasing at the same time.

“These headwinds resulted in significant job losses, and the subsequent years saw very slow job growth,” says Senagama. “Leading up to the recession, Toronto’s real estate market had gone through a fairly exuberant period that resulted in rapid price growth and home construction.

Between 1986 and 1989, home prices were growing at 20 to 30 per cent per year, on average. This encouraged builders to increase supply based on speculation that the previously strong demand would still be there.”

But by 1990, Toronto’s new-home market had a large overhang of unsold inventory. The weak recovery in Toronto’s job market and higher mortgage rates led to a lack of buyers, and the market was unable to absorb inventory fast enough to maintain price levels.

1991: $234,313 1992: $214,971 1993: $206,490 Mortgage rates 5-year fixed rate average 9.71 Prime rate 6.50 Price of gas in Toronto 49.7 a litre Unemployment rate Canada 11.2 Ontario 10.8 Canadian dollar US 0.83 Population Canada 28.52 million Toronto city 2.75 million Toronto CMA 3.89 million GTA 4.23 million Prime Minister Brian Mulroney Premier of Ontario Bob Rae Mayor of Toronto June Rowlands Canadian Books The English Patient,

by Michael Ondaatje Canadian Music Barenaked Ladies, Gordon Blue Rodeo, Lost Together The Tragically Hip, Fully Completely Notable births in Canada Jan. 31 Tyler Seguin, NHL player Notable deaths in Canada March 26 Barbara Frum, radio and television journalist Dec. 13 K.C. Irving, entrepreneur and industrialist

World Events » Feb. 1 U.S. President George H. W. Bush Russian President Boris Yeltsin formally end the Cold War » Feb. 8 to 23 Winter Olympics in Albertville, France » April 6 Barney and Friends first televised on the PBS television network » April 20 Freddie Mercury Tribute Concert held at Wembley Stadium in London is televised live to more than 1 billion people and raises millions of dollars for AIDS research » April 29 The acquittal of four police officers in the Rodney King beating criminal trial triggers massive rioting in Los Angeles, lasting six days, resulting in 53 deaths and more than $1 billion in damages » May 22 The Tonight Show Starring Johnny Carson airs its final show on NBC » June 23 Gambino crime family boss John Gotti sentenced to life without parole for the murder of Paul Castellano and other crimes » July 17 The Slovak National Council declares Slovakia an independent country, signaling the breakup of Czechoslovakia » July 25 to Aug. 9 Summer Olympics, Barcelona, Spain » Oct. 8 Ottawa Senators enter the National Hockey League » Oct. 24 The Toronto Blue Jays become the first non-U.S. team to win the World Series » Nov. 3 Arkansas Governor Bill Clinton is elected the 42nd President of the United States » Dec. 17 Prime Minister Brian Mulroney signs NAFTA JANUARY 7 - 21, 2017 | NEW HOME GUIDE 33

Advice | TARION REPORT

Tip to maintain your home during the cold winter months

By Howard Bogach

MORE ADVICE ONLINE ypnexthome.ca/news/advice

ONTARIO WINTERS CAN BE A

particularly hard on a home. There’s no doubt that winter wind, snow and ice can batter the exterior of your new home, but they can also impact the inside of the house.

Your new home is not exempt from needing regular maintenance – especially from a harsh winter – so be sure to take some important maintenance steps to help protect your investment.

All new homes in Ontario come with a builders’ warranty that lasts up to seven years from the date of possession. That warranty is guaranteed

by Tarion. However, without regular, year-round maintenance, normal wear and tear on your home can cause damage that may not be covered by your warranty.

What kind of maintenance needs to be done in winter?

One issue is fluctuating temperatures. This can sometimes lead to a build-up of roof ice, as well as potentially dangerous icicles. This happens when the roof surface is warm enough to melt the snow, but the surrounding air temperature is cold enough to re-freeze it.

Areas to watch are roof valleys, dormers, skylights and roof overhangs. A regular cycle of freezing and thawing can eventually lead to water penetration inside the home. That’s why it’s a good idea to clear your roof of snow and ice.

Another important maintenance task is to make sure all air intakes, 34 YPNEXTHOME.CA

exhausts and meters are clear of snow.

Clean the gutters and wash out all debris to prevent obstructions. And, turn off and drain all exterior hoses and pipes.

Today’s new energy-efficient homes are built to better seal out the elements. But they can also trap excessive amounts of moisture inside the home if not managed and vented properly. If ignored, this moisture could cause considerable damage to your new home and even create unhealthy indoor air quality.

Be sure that bathroom fans, kitchen range hoods and ventilators, such as heat recovery ventilators – items that are specifically installed in your new home – are in good working order to help you control excess moisture.

One way to check to see if you

have a healthy indoor environment is to use a hygrometer, which measures humidity. The recommended range during the winter is 30- to 45-percent humidity.

Other indoor maintenance during the winter months should include: cleaning or replacing your furnace filter on a regular basis; cleaning the heat recovery ventilator and washing or replacing the filter; and regularly checking all caulking and weather stripping around windows and doors.

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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Millennial knowledge of mortgage risks low Only 12 per cent confident they can make best decisions A RECENT SURVEY among Ontario

Millennials raises concerns about how prepared those with mortgages are to deal with the likelihood of rising interest rates, and how ready firsttime homebuyers are for the realities of having a mortgage.

The survey conducted by Environics Research for the Financial Services Commission of Ontario (FSCO) asked how confident Ontario Millennials are when dealing with banks and other lenders regarding mortgages. Only 12 per cent of those likely to get a mortgage said they felt very confident that they know everything they need to know to be able to make the best decisions for themselves. Forty-seven per cent said they were not very or at all confident.

Other findings included: Only 22 per cent of Millennials likely to get a mortgage knew that they would have to contribute at least five per cent of the purchase price as a down payment in order to buy a home in Ontario.

When asked about closing costs, only 39 per cent named legal fees, 24 per cent Land Transfer Tax and eight per cent insurance such as home insurance.

Twenty-five percent said they didn’t know what closing costs might be.

Meanwhile, of Millennials who already have a mortgage, many are not prepared to deal with unexpected events or costs: Just 42 per cent said they have built up six months of emergency savings in case something unexpected happens such as losing a job; Only 37 per cent said they understand very well what happens if they miss a mortgage payment; and Only 43 per cent have a life, disability or critical illness insurance policy on the mortgage.

36 YPNEXTHOME.CA

QUICK FACTS One million home owners in Canada renewed or refinanced their mortgages in 2015, with the average still owing $203,000 (Mortgage Professionals Canada)

ADDITIONAL RESOURCES Understanding Mortgages: FSCO’s Financial Literacy Month website Government of Canada Online resources

MORE TRENDING ONLINE ypnexthome.ca/news

The survey was conducted as part of FSCO’s Financial Literacy Month campaign that aims to increase awareness among typical first-time homebuyers aged 25-34, of the responsibilities of getting a mortgage.

The campaign will also improve knowledge about their rights as financial consumers.

FSCO recommends Ontarians planning to renew or obtain a mortgage should at the very least: Ensure they are able to afford the mortgage by taking a close look at their finances, future plans and lifestyle, considering not just how much money they have today, but their financial position for the length of the mortgage.

Consider how they would manage payments if their income fell, their expenses rose, or their mortgage payments increased.

Plan ahead for hard times by building up emergency savings, identifying other funds they can access and clarifying payment options available on their mortgage contract.

Do their research regarding the process of saving, shopping and applying for a mortgage by visiting FSCO’s Understanding Mortgages website and other helpful online resources.

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Ontario’s economy will continue to do well in 2017

ONTARIO’S ECONOMY WAS PROJECTED to grow

by more than three per cent in 2016 and tie British Columbia for first place among the provinces in 2017, with real GDP growth of 2.4 per cent, according to The Conference Board of Canada’s Autumn 2016 Provincial Outlook.

“Ontario’s economy is not immune to the difficulties hitting the Canadian economy, but nevertheless, has been a pillar of growth,” says Marie-Christine Bernard, associate director, Provincial Forecasting. “However, with a number of industries operating at or near capacity, business investment is expected to improve over the next few years in Ontario.”

Ontario consumers will greatly contribute to the province’s economic growth over the next two years. With employment forecast to outpace the national average and wage and salary increases of 2.8 per cent expected over the next two years, household spending will add $21 billion to Ontario’s GDP in 2016 and 2017.

With the Canadian dollar forecast to remain weak and given improving economic prospects for the U.S. economy – Ontario’s major export market – international exports are also expected to be a critical contributor to Ontario’s economy. Stability in the automotive sector, including General Motors’ new product mandate at its Oshawa plant, will help international trade remain strong through the medium term.

Rising home prices in Toronto have driven strong residential investment at the provincial level for three consecutive years. A decline in housing starts

HIGHLIGHTS » The province’s real GDP is expected to increase by over three per cent this year and 2.4 per cent in 2017. » With wage and salary increases of 2.8 per cent forecast over the next two years, consumer spending will help fuel growth in the province. » With the exception of Newfoundland and Labrador, all provinces will see their economy expand in 2017.

and softer residential investment are expected in 2017 as tighter mortgage insurance rules and rising borrowing costs cool demand. But there is upside risk that the housing market continues to perform well as demand and prices continue to increase at a solid pace.

Meanwhile, a handful of large commercial development projects in downtown Toronto will help improve non-residential business investment.

Investment in machinery and equipment should also improve next year as capacity constraints in a number of sectors have been felt.

MORE TRENDING ONLINE ypnexthome.ca/news

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 37

Advice | MORTGAGE ADVICE

The 5 biggest mortgage mistakes to avoid

By Alyssa Richard

MORE ADVICE ONLINE ypnexthome.ca/news/advice

NOW THAT YOU’VE decided to buy a home, there are numerous steps in the process you’ll have to follow.

When it comes to getting a mortgage, it could cost you in the long run if you make a mistake or two.

To help you save money and avoid potential problems down the road, here are some mistakes you should avoid:

1. Not knowing your credit score/rating Lenders love borrowers with a good credit rating. They’re often the ones who pay their bills on time, don’t use a large percentage of their available credit, and have different types of credit, such as a credit card, car loan, and line of credit. If you have good credit, you should be able to qualify for the best mortgage rates. But if you have bad credit, expect to get a mortgage with a higher interest rate. Not sure of what your rating is?

You can get your credit score from Equifax or TransUnion.

2. Not being pre-approved for a mortgage If you’ve been looking at properties for a while, you might suddenly find the perfect home. But it’s possible you won’t be able to afford the place. That’s why it’s best to get preapproved for a mortgage so you’ll know how much you can afford.

Many lenders will guarantee your pre-approved rate for a period of 38 YPNEXTHOME.CA

between 60 and 120 days. That’ll give you time to find a property in your price range.

3. Not shopping around a mortgage If you think you’ll get rewarded with the lowest rate from your financial institution because you’ve been a loyal customer for a number of years, think again. Your institution may not have the best rate while a rival across the street might have a lower rate.

You should do some comparison shopping on a site like RateHub.ca before getting a mortgage. You can also hire a mortgage broker who can do all the legwork at no cost to you.

4. Not making more payments No one really likes to carry a large mortgage. Typically, mortgage payments are made on a monthly basis but there are ways to pay it off faster by using accelerated biweekly payments. For example, if you have a $400,000 mortgage with a 25-year amortization and make monthly payments, your mortgage

won’t be paid off until 2041. We used RateHub’s mortgage payment calculator and found if you make accelerated payments, you’d pay off your mortgage nearly three years earlier and save about $15,000 in interest. Also, most lenders allow you to make lump-sum payments, which will let you pay your mortgage down faster and save you thousands of dollars in interest.

5. Not preparing for extra costs Buying a home can end up costing a lot more than you’d expect. First, there are closing costs, which include legal fees, title insurance and the land transfer tax. You might also need to reimburse the seller for the property taxes and utility bills they’ve already paid. These costs will add up to from anywhere between 1.5 and four per cent of the property’s purchase price.

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

Trending

2017 housing forecast: Federal and provincial policy to cool resale market, slow price gains

By Lydia McNutt

WITH 2016 DRAWING to a close and

a new year ahead, housing market experts are making their predictions as to what to expect in 2017.

According to RBC’s latest Canadian Housing Forecast, it’s cooler resales and curbed price increases, thanks to provincial and federal policy changes aimed at cooling the hot housing market.

RBC has downgraded its earlier 2017 forecast, now calling for a national drop of 11.5 per cent in home resales following a 4.4-percent increase in 2016. Resale transactions are expected to reach a record high of 527,900 units nationally by year’s end.

While resale transactions are expected to drop across the board, the degree will vary greatly depending on province. Declines could range from three per cent in Manitoba, to 24 per cent in British Columbia.

However, benchmark prices are still expected to rise in 2017, though at a much slower pace – up 1.6 per cent, compared to 9.5 per cent in 2016.

The rapid price gains this year are being led by British Columbia, which grew 20.5 per cent over 2015, and Ontario where the rate of growth hit a 27-year high of 11.6 per cent.

“Overstretched affordability conditions in Canada’s most expensive markets are poised to restrain homebuyer demand, especially if longer-term interest rates rise as we expect – however, we see recent policy action as the bigger factor at play,” said RBC Senior Economist Robert Hogue in his report. “Importantly, we expect rule changes at the federal level will have

MORE TRENDING ONLINE ypnexthome.ca/news

a dampening effect on home-buying activity across all provinces, not just for Canada’s hot markets.”

New mortgage insurance rules, which took effect on October 17, are expected to reduce 2017 sales activity by eight per cent nationwide. Meanwhile in BC, the new tax on foreign nationals buying property in Vancouver – just one of the province’s policy changes aimed at cooling the hot housing market – is expected to reduce sales activity by 23.8 per cent next year.

“While we downgraded our housing market outlook, we remain of the view that our base case scenario would qualify as a soft landing posing little threat to the stability of the market, even in British Columbia,” Hogue wrote in his report.

“There is an unusually high degree of risk around this outlook, however, both on the downside and on the upside. Much of this uncertainty stems from the difficulty to gauge the market’s reaction to the new policy measures, as well as the potential for further policy intervention to cool the market we assume none at the present time.”

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 39

Advice | LEGALLY SPEAKING

Start 2017 by planning for the future

By Jayson Schwarz WHETHER YOU’RE purchasing a

home for the first time, are a seasoned buyer moving in the market or purchasing a retirement condominium, the very action of this significant investment in real estate represents a major life change.

There are a number of issues that you should consider in order to ensure that your house is in order – in 2017 and beyond.

1. How will I hold the title?

If more than one person is buying the property, it is necessary to decide how they will share the title.

There are two ways people can hold title together. The first is generally the way we hold title with our spouses or children, which is called “joint tenancy.” This means that upon the death of one of the parties, the remaining party automatically

MORE ADVICE ONLINE ypnexthome.ca/news/advice

becomes the owner of the whole property without having to inherit it or having it pass through an estate. The reason is simply that all owners on title own the whole property rather than a part each.

The other way title can be held is as “tenants in common.” Here each party only owns the percentage allocated to them, although the physical part owned is not described. Upon the death of a tenant in common, his or her percentage of the ownership goes to their heirs in accordance with their will or law. Therefore, remember to discuss this issue when you go see your lawyer.

2. What about a will?

If you have a will, is it up to date and does it represent your current situation or state of affairs? It is important, especially if you have young children, to have your wills completed; not so much for the money, but for a clear resolution of the issue of custody if something happens to both parents.

A will stops sibling disputes, takes care of who will look after children, keeps the government out of your affairs, allows for an orderly disposition of your assets, and will allow you to determine how you are to be buried.

A power of attorney is used when you are physically or mentally incapacitated — there are two kinds. The first is for your body (what care you will or will not receive). Your representative will determine that. The other is for the management of your financial affairs.

Now is the time to create a will.

Speak to your lawyer and ensure that this important matter is dealt with.

3. What about insurance?

You will need insurance for the house. This is a great time to look at life and disability insurance, and determine if you should be insuring your mortgage in case something happens to the major wage earner.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. Visit schwarzlaw.ca or email info@schwarzlaw.ca and give us your questions, concerns, critiques and quandaries.

40 YPNEXTHOME.CA

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A YEAR IN REVIEW

NEWSMAKERS OF 2016

By Lydia McNutt

When it comes to Canada’s real estate landscape, 2016 certainly had its ups and downs. Here are our top 10 newsmakers of the year – some good news, some bad news, but all essential reading for the smart homebuyer in 2017.

1

CITY

AVERAGE PRICE

The 2016 leap year

VANCOUVER

1984: $113,722 2016: $897,158

If you kept up on the real estate headlines in 2016, then you already know that a big newsmaker was the rising home prices. Markets such as Greater Vancouver and Greater Toronto saw the price of an average detached home skyrocket to more than $1 million. Semis, townhomes and condos also made big gains. With 2016 being a leap year, we analyzed home price growth in four-year intervals, dating back to 1984, market by market. Strong historical home price growth might be expected, given that real estate is a proven performer over the long term. But looking at the growth in these four-year windows shows some pretty staggering appreciation. Here are the average prices in Canada’s biggest markets, across all housing types:

CALGARY

1984: $86,724 2016: $453, 936

EDMONTON

1984: $79,215 2016: $370,010

WINNIPEG

1984: $58,755 2016: $279,365

GTA

1984: $95,423 2016: $622,707

HAMILTON/BURLINGTON

1984: $65,995 2016: $443,388

SAINT JOHN

1984: $53,257 2016: $164,155

HALIFAX-DARTMOTH

1984: $78,474 2016: $282,672

NEWFOUNDLAND & LABRADOR

1984: $60,629 2016: $276,302

READ THE FULL STORY ONLINE nexthome.yp.ca/leap-year

SOURCE: CREA, 2016 figures as of Dec. 2015

42 YPNEXTHOME.CA

2 BC implements foreign buyers’ tax While on the topic of rising home prices, the British Columbia government introduced a controversial 15-per-cent property transfer tax on foreign nationals who buy real estate in Metro Vancouver, with the aim of curbing low vacancy rates and reigning in the out-of-control home prices. So, why the controversy? Also known as Bill 28, the new tax was criticized by the real estate industry due to: 1. lack of industry consultation and no warning that this was coming down the pipe; 2. the size of the tax; 3. a lack of a grandfather clause, which left many pre-sales buyers on the hook and introduced unnecessary uncertainty into the market; 4. and how the government failed to take into account the fact that it appeared that the market was slowing down previously, regardless of the new tax.

The new tax took effect on Aug. 2, but as of Dec. 2, the Greater Vancouver Real Estate Board reported that home buyer and seller activity remained near historical averages.

4 Trump takes the win, Immigration Canada site crashes When the U.S. sneezes, Canada catches a cold. So, after a year of dominating the headlines, when Donald Trump won the presidential election in November – much to the chagrin of many Americans and people around the

3 Mortgage rule changes

READ THE FULL STORY ONLINE nexthome.yp.ca/new-mortgage-rules

Again, rising home prices and low lending rates prompted our third newsmaker of 2016 – the mortgage stress test. On Oct. 17, the federal government implemented changes to Canada’s mortgage lending rules to help reduce the risk of a housing market crash. Under the new rules, homebuyers with a high-ratio mortgage (which is required when buyers have less than 20 per cent of the purchase price) must qualify at

world – the ripple effect was immediate. With the election results revealed, Citizenship and Immigration Canada’s website crashed due to a traffic surge. Could our American neighbours be planning a move to Canada in an attempt to escape Trumpdom? But it’s not as easy as packing your bags and taking a road trip.

The Government of Canada plans to welcome 300,000 immigrants in 2017. Of these, 172,500 will be taken in on economic grounds,

a rate that is much higher than what is currently being offered by mortgage lenders. At the time of writing, the best rate for a five-year fixed mortgage was 2.34 per cent (source: Rate Hub).

Under the new rules, buyers would have to qualify at the Bank of Canada’s benchmark rate of 4.64 per cent. This, all in an effort to shield highly indebted Canadians from spending more than they can afford in a more realistic rate environment.

which includes applicants and accompanying family members in federal and provincial programs, business immigrants, caregivers, and skilled workers and business immigrants. Another 84,000 will be family members of existing residents. Then, 40,000 will be refugees and protected persons, and another 3,500 will be taken in on humanitarian, compassion and “other.”

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 43

5

TRUDEAU PHOTO COURTESY OF PM.GC.CA

PM Justin Trudeau’s 2016 Budget

PHOTO CREDIT: CNW GROUP/ROGERS REAL ESTATE DEVELOPMENT LIMITED

READ THE FULL STORY ONLINE nexthome.yp.ca/rogers-development-mississauga

Wait a minute… We had a little election of our own recently, didn’t we? Since revealing his inaugural 2016 Budget, we thought it might be a good time to grade this former teacher and Canada’s current PM, Justin Trudeau, on his housing promises – and delivery. We looked at the Home Buyers’ Plan, rental/ affordable housing, and housing policy. So, how’s he doing? C– Time to hit the books, Mister Prime Minister.

7 CMHC raises the red flag on Canada’s housing market This was all over the news before Canada Mortgage and Housing Corp. (CMHC) even made the official announcement. The federal housing agency upgraded its risk rating for Canada’s housing markets from “moderate” to “strong” in its Housing Market Assessment, citing problematic conditions overall due to four key factors: 44 YPNEXTHOME.CA

6 Rogers Real Estate drops $1.5 billion on downtown Mississauga development Rogers Real Estate will be developing a vacant, prime piece of property in downtown Mississauga, Ont. into a 10-tower, 15-acre, 4.3 million-sq.-ft. master-planned community that will also include more than two-acres of public parkland. The cost? A whopping $1.5 billion. Dubbed M City, this will be the first major residential condominium development by the Rogers family.

The project has been quietly in the works since 2007, when Rogers Real Estate enlisted developer Urban Capital Property Group to manage the process of turning this long-held family asset into a legacy community.

1. over-heating, when sales greatly outpace new listings in the market for existing homes; 2. acceleration of housing prices; 3. over-valuation of house prices in comparison to levels that can be supported by housing market fundamentals; and 4. over-building when the rental market vacancy rate and/or the inventory of new builds that are unsold is elevated.

Of Canada’s 15 major markets assessed, nine – or 60 per cent – showed moderate or strong

evidence of over-valuation, seven showed evidence of overbuilding, and four showed evidence of price acceleration and overheating.

CMHC highlighted that this problem isn’t exclusive to Canada’s priciest markets – Toronto and Vancouver – but is slipping into the suburbs. For example, check out the price growth in Victoria, Abbotsford, Kelowna outside of Greater Vancouver, or Greater Toronto’s Hamilton, Oshawa and Barrie communities, which are also experiencing double-digit gains.

8

9

Fort McMurray wildfires

Top 50 real estate investment cities

A wildfire had been reported southwest of Fort McMurray, Alberta on May 1. That, in itself, is not unusual. Fort McMurray is an area in the Regional Municipality of Wood Buffalo in northeastern Alberta, surrounded by the Athabasca oil sands and Boreal forest. By May 3, the fire had quickly spread through the town, destroying 2,400 homes and buildings and forcing Alberta’s largest wildfire evacuation. The fires continued to burn across northern Alberta and into Saskatchewan. When they were finally deemed “under control” on July 5, it was two months, 1.5 million acres, and a cost of $3.58 billion – the costliest insured natural disaster in Canadian history, as per the Insurance Bureau of Canada. The effect on real estate in The Prairies was doubly dark, adding to the area’s existing economic woes due to prolonged low oil prices.

For those looking to invest in Canadian real estate, the talented editors of our sister publication, Canadian Property Investor, pinpointed the top 50 investment hotspots based on vacancy and rental rates for a twobedroom unit, complemented by data on population, employment and wage growth, average home prices and economic development. Drum roll please…

1. Brampton, Ont. 2. Richmond Hill, Ont. 3. Milton, Ont. 4. Barrie, Ont. 5. Orillia, Ont. 6. Surrey, BC 7. Maple Ridge-Pitt Meadows, BC 8. Abbotsford-Mission, BC 9. Squamish, BC 10. Okotoks, Alta.

Wood Buffalo at a glance » Number of private dwelling units: Approximately 31,240 » New home construction 2015: 193 units, lowest level in more than 20 years; 13 units started in first 4 months of 2016 » Peak new home construction: 2,175 single- and multifamily homes started in 2007 » Unsold new inventory: 16 completed but unoccupied new homes in April, down from 17 in March and 80 in April 2015 » New home prices: $838,000 for typical new singlefamily home built in last three years; new semidetached homes about $686,000 » MLS Sales 2015: Declined 43.5% from 2014 to 974 units » MLS Sales 2016: Sales declined 23% for Q1 2016 to 155 units » MLS Prices 2015: Average decrease of 6.2% from previous year to $560,794; this followed a 5% decline in 2014 » MLS Prices 2016: For Q1 2016, average fell 11.8% to $504,097 compared to same period in 2015 » Rent: $1,842 per month for 2-bedroom apartment (October 2015), down from $2,118 the year before; by comparison, 2-bedroom apartment rented for $1,355 in Calgary and $1,260 in Edmonton Wood Buffalo Census Agglomeration includes Fort McMurray and nearby smaller centres

SOURCES: CHBA – Alberta, Canada Mortgage and Housing Corp., Statistics Canada, Canadian Real Estate Association, Insurance Bureau of Canada

GET INVESTMENT PICKS #11-50 ONLINE nexthome.yp.ca/canadian-property-investor

10

#

#

#

What should our National Housing Strategy look like?

Wrapping up our list for 2016, but perhaps tops for 2017, the National Housing Strategy is a biggie. The federal government recently kick-started efforts to begin building a National Housing Strategy that addresses issues, from affordable housing to rental housing to home ownership, and create a plan that is equitable across differing economies, markets and conditions. This resulted in consultations with provincial bodies, industry experts and others – including everyday Canadians. Job 1: tackle the affordable housing issue.

The hope is that the consultative process – dubbed “Let’s Talk Housing” – yields solutions that make more sense than unilateral policy changes, such as the latest round of mortgage rule changes. We’ll see what the new year brings on this front.

With files from Sonia Bell, Wayne Karl and Elisa Krovblit JANUARY 7 - 21, 2017 | NEW HOME GUIDE 45

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The asking price: Toronto’s real estate through the ages

By Jackie Marchildon

IT’S NO SECRET THAT REAL ESTATE

prices continue to increase in markets such as Toronto, but certain neighbourhoods have homes that fly off the market faster than others. If you were lucky enough to get into these markets many moons ago, this review of historical pricing will likely leave you feeling pretty happy about your investment. But, if you nervously held back, worrying the bubble would inevitably pop, well, this report might leave you with feelings of regret.

Here are three examples of listings within neighbourhoods that have experienced a significant incline in pricing over the past few decades. What might start out as 48 YPNEXTHOME.CA

neighbourhoods with reasonably priced homes, often progress to significantly high ROI for homeowners who bought and sold at the right times.

Each example shows what the home listed for in 2016 and is compared to their property records that show the mortgage amounts of the past.

54 High Park Blvd., Roncesvalles/High Park Bedrooms: 6 Bathrooms: 6 Property taxes: $10,393.54 (2015 1912 – Consideration or amount of mortgage*: $6,000

2000 – Consideration or amount of mortgage*: $350,000 2016 – Consideration or amount of mortgage*: $3,300,000 Roncesvalles Village is one of those neighbourhoods that you might not discover when you first move to Toronto, but as soon as you do, you love it. Known for its Polish heritage, Roncy has seen many changes over the years, and its real estate prices are no exception.

Veronica Feihl, manager of the Roncesvalles Village BIA and long-time neighbourhood resident, notes a few changes in the area. “I have noticed that the Polish demographic has

Palace Pier: 2045 Lake Shore Blvd.

W., Unit unknown, Humber Bay Bedrooms: 3 Bathrooms: 3 Property taxes: $3,337.71 (2015) 1987 listing price: $224,900 2003 listing price: $385,000 2016 listing price: $598,000

changed, for sure. When I first moved here I’d go into stores and they would automatically greet me in polish.”

According to Feihl, the polish population has declined over the years and a lot of new stores have opened up, which has contributed to the neighbourhood changes.

Feihl bought a home on Marion Street in 1990, “When we moved in, the interest rates were so high, mortgages were around 17 per cent, we got it at 13.5 per cent... We thought we were so lucky to get that.”

She laughs thinking about today’s record-low interest rates.

Feihl rented part of that house to afford her mortgage payments and

she suspects that a lot of people are doing that in Roncesvalles nowadays too — families splitting places across generations, or friends going in on a home together. Feihl thinks university students expect a different lifestyle than their parents had — they know they might not be able to buy a home in the traditional way, so they’re finding new avenues to get into the market.

And perhaps she’s right — maybe community buying is the future of homeownership in neighbourhoods such as Roncesvalles. In an area where a home goes from $6,000 to $350,000 to $3.3 million, splitting the costs doesn’t seem like a bad idea.

Today, Toronto is known for its condos – there seems to always be another condo going up somewhere, somehow. Toronto’s west end waterfront is one area seeing this trend. But not all too long ago, this area was almost completely bare.

When Palace Pier went up in 1976, it was essentially the first of its kind.

A luxury building on the waterfront, what more could you ask for? Today, the waterfront is merely a starting point for city dwellers looking to buy.

Long-time Palace Pier resident and broker of record for Regency Park, Irene Goodman has seen the Humber Bay neighbourhood develop into the condo haven it is today, “The waterfront has become a city of its own,” she says.

It’s not hard to understand why – a waterfront community is always a hot commodity and with new condo developments come new customers.

But what else is driving up the prices in Palace Pier and other condos throughout the city?

Foreign buyers continue to be a hot topic in Canadian real estate and while some deny that they seriously contribute to skyrocketing home prices, Goodman has no doubt, “We are cheap to the rest of the world,” she explains, “We’re only expensive to each other.” She’s had multiple sales with foreign buyers in Palace Pier and assumes condo prices will continue to be affected by this.

Goodman suspects that this area in Humber Bay is just about done developing (she wonders where we’d manage to put more), but Palace Pier will no doubt stay on top of Toronto’s real estate market.

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 49

181 Crescent Rd., Rosedale Bedrooms: 7 Bathrooms: 7 Property taxes: $15,045.97 (2016) 1901 – Consideration or amount of mortgage*: $2,700 1946 – Consideration or amount of mortgage*: $12,000 2016 – Consideration or amount of mortgage*: $5,295,000 From $2,700 to $5,295,000 – Rosedale’s prices have certainly witnessed significant increases.

As the chair of the Rosedale BIA and a local designer, Marissa Agueci works with many businesses and residents in the neighbourhood. “The 50 YPNEXTHOME.CA

care and maintenance people have put into their property has in turn made it a highly desirable location for many people to strive to buy in.”

She makes a good point – Rosedale homes like this one are undeniably gorgeous. This home on Crescent Road is reminiscent of a small castle and was built by Toronto architects in 1902. It has been renovated and updated, so while the outside may show its age and history, the inside is modern and practical.

Like other historic neighbourhoods in Toronto, the homes in Rosedale are unique and their architecture and design styles often vary from street to street. This neighbourhood has been

home to upper-class Torontonians for some time now, but as Agueci says, “It still maintains the small village charm – with a focus on diversity, inclusion and celebration.” Because of this, she feels the area will continue to attract new homebuyers.

According to Agueci, there are speculations that condos are in the forecast for the area. For now, she suspects that home prices will continue to rise in the area as the neighbourhood offers the combination of greenspace, subway access and community amenities. *According to property records on file at Toronto’s land registry office.

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51

Inspiration | DESIGNER ADVICE

MIRRORS,

MIRRORS ON THE WALL

By Yanic Simard

MIRRORS IN INTERIOR DESIGN are an important, functional item that virtually all of us have, and yet we sometimes manage to overlook the many ways (outside the morning get-ready routine) they can beautify and visually enlarge our spaces, often in ways you might not expect. Forget the flimsy closet doors you may have had in the past, and keep your mind – and your space – open to mirror finishes with these eight-plus ideas.

Mirror wall To do a full wall of mirror the modern way – and avoid any 1970s flashbacks – use oversized mirror tiles (24-by-24in.) with a beveled edge, making the wall itself decorative while doubling the apparent size of the space. To take the look up another notch, choose a smokey grey glass to add an air of moody sophistication.

52 YPNEXTHOME.CA

Use it: To open a tight foyer or hall, behind the bed (as a striking layer to a headboard), or to back the TV.

Mirrored niche Rather than a full wall, applying mirror to a niche (or a partial wall between awkward bulkheads) can still have a powerful deepening effect.

Hang art or display an interesting object in the space to make it a feature, while giving the eye the sense that a whole other room exists on the other side.

Use it: On an awkwardly broken-up wall to create a feature.

furniture (especially storage) can leave a room feeling a little boxed in.

Furniture in a mirror finish appears visually lighter to the point of virtually disappearing. Try a mirror-faced nightstand or buffet, or a wardrobe in a polished metal finish for a similar effect in a more industrial look.

Use it: In the bedroom to add drama without adding a loud colour to keep you awake at night.

Antiqued mirror MORE INSPIRATION ONLINE ypnexthome.ca/news/inspiration

worth it.

Use it: On any bathroom, big or small, to get a huge look.

Layered mirror Love the style of a traditional frame for your vanity mirror? Try layering a small ornate mirror (or empty frame) over the glass surface. A professional can drill a hole in the existing mirror, or you can suspend a small frame from the ceiling on invisible wires or a decorative chain for an art gallery appeal.

Use it: Over each sink to define individual stations and add personality.

Mirrored backsplash Inset mirror When re-tiling a bathroom, double the effect and save money simultaneously by replacing a large, floor-to-ceiling (or vanity-to-ceiling) area of tile with inset mirror (rather than applying a framed mirror over the tile itself). The look is still perfectly polished without the bulky frame, and the cost of the mirror is offset by the material savings on tile. Just adding a mirror? Go wall-to-wall for the biggest impact – the small splurge is

Mirrored backsplashes are back in a big way, and are especially effective in smaller kitchens, giving you a sense of a larger space as you work at a compact counter. A quality glass will be easy to wipe clean as well, for a look that’s both durable and practical.

Use it: As the main backsplash over the counter, or as a backing to major appliances (such as the fridge or oven) as I did in my own kitchen.

To add an extra sense of history and stately sophistication to a sleek new condo, introduce some antiqued mirror glass using one of the tips below. For the DIY expert, a faux aging effect can be applied to mirror or tiles using glass paints, vinegar, a splatter brush or sprayer and a little effort, creating just the right hint of character and a truly unique home detail.

Use it: In a powder room or foyer to add textural richness and a subtle story.

For more design inspiration, visit tidg.ca/interiors, or find me on Instagram or Twitter at @yanicsimard.

Other DIY Ideas:

» Use three or four inexpensive full-length mirrors and hang them horizontally over a desk or foyer console for a big look at a fraction of the price of an oversized floor mirror. » Use an elegant mirror as a stylish version of a dry-erase board in your office area or kitchen, making it feel more like home and less like work. » Anchor a seating area with a decorative mirror over the sofa instead of artwork, and get a sense of depth and a focal point at the same time.

Mirrored furniture Sometimes fitting in all the essential

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.

Check out Yanic’s accessory line, Yanic Simard Selected, by visiting online at ysselected.com

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 53

Trending

The Mink Mile dubbed Canada’s priciest street

By Sonia Bell

MORE TRENDING ONLINE ypnexthome.ca/news

A TORONTO STREET was featured in Cushman &

Wakefield’s Main Streets Across the World report, which tracks more than 500 of the top retail streets around the globe, ranking the most expensive in each country by their prime rental value.

So what street made the list, deeming it the most expensive in Canada? Here’s a hint: It is a main street in the very trendy – and expensive – Yorkville neighbourhood, and is lined with high-fashion retail stores such as Louis Vuitton and Chanel. The answer: Bloor Street, which likely won’t come as a surprise to most Torontonians (there’s a reason it was dubbed “The Mink Mile”).

Bloor Street was ranked the 22nd most expensive street in the world, demanding U.S.$250 per sq. ft. in rent.

New York’s Upper Fifth Avenue topped the global list with rents reaching a whopping $3,000 per sq. ft. Bloor Street was also ranked the sixth most expensive street in the Americas, followed by Vancouver’s Robson Street at number eight and Montreal’s Saint-Catherine W – Street Level at number 11.

Other notable mentions was Edmonton’s Whyte Avenue, which was ranked the highest in rent growth, up 16 per cent, while Ottawa’s Wellington Street was ranked 54 YPNEXTHOME.CA

the most affordable retail location at U.S. $30.80 per sq. ft.

There’s a correlation between retail and real estate – it’s not a coincidence that a street in each of Canada’s hottest real estate markets made the list. The relationship between retail and real estate is symbiotic; homebuyers want to live near retail and the convenience it provides, and more people living in the area means more foot traffic for retailers. So, in the case of Bloor Street, it is not only going to cost you to shop here, you’ll also have to pay a pretty penny to own a business or a home.

Advice | HOME SWEET HOME

How to kick your home-buyer’s remorse to the curb

By Lydia McNutt

MORE ADVICE ONLINE ypnexthome.ca/news/advice

MANY QUESTIONS will cross your mind in the months and weeks leading up to the closing date on your new home. Did I choose the right location? Did I pay too much?

Should I have waited out this hot market?

We’ve all heard of buyer’s remorse.

Maybe it’s that canary yellow convertible that caught your eye at the car dealership, when you were there only to get an oil change. It could be that Florida timeshare that tempted you in the dead of winter.

Or perhaps it’s, dare I say it, the home you just purchased. Gasp!

When it comes to buying a home, a little anxiety and even some doubt as to whether you’ve made the right decision is normal. It’s a big investment and a huge commitment – financial and emotional.

As the closing date drew near on my most recent home purchase, I was rightfully swept up in a whirlwind of excitement, anxiety and stress bordering on distress. First of all, my new house is more expensive.

Second, it’s further away. Third, it’s a new community. (Well, not new new, but new to me.) While I was well aware of these factors when I made my offer – and I still consider it worth the trade-off – I couldn’t help those pangs of fear as I prepared for my move.

So, how to curb those niggling thoughts of “What if…” and “If only I...”? Here are three ways to leave the buyer’s remorse at the door.

1 | Stop looking. You’ve had your eyes glued to the real estate listings for months now, and you’ve finally purchased your dream home. While it’s tough to go cold turkey, click “unsubscribe” on those realtor emails and move on to the next chapter of your life – the literal move. If you keep looking at listings, you’ll find something in a more convenient location, or at a cheaper price, or better in some way. Why are you torturing yourself? You were happy with your decision to buy when you made it, so stop looking for the bigger, better deal.

2 | Stop listening. You’ve made your buying decision based on your needs and wants. You were confident with your purchase... until Uncle Joe tsktsked and dug up that newspaper article he’s been saving for you about the housing market crash that’s apparently coming next year. No one knows for certain what will happen in the future, but here’s one likely possibility: by sitting on the fence and waiting for “perfect market conditions,” you could miss out on a really great opportunity right now. Don’t be overcome by analysis paralysis. If the timing is right for you, go for it.

3 | Stop worrying. You’ve done your homework, haven’t you? You’ve scoped out a variety of locations with a close look at the amenities (present or planned in the future), home types and prices. You’ve set a budget. You’ve been preapproved at a mortgage interest rate and terms that you can afford.

You’ve saved for a down payment and closing costs. You’ve got your team of professionals: realtor, home inspector, lawyer. What more could you have done? Buying a new home – especially for the first time – is stressful, but ask yourself if your fears are founded on facts, or just a common case of cold feet?

Nothing will ruin your home-buying happiness like having it engulfed in a wave of irrational fear. In your home purchase, as in life, regret nothing and enjoy every moment.

Lydia McNutt is an award-winning writer and the 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. Lydia can be reached at Lydia.McNutt@ypnexthome.ca, and follow her on Twitter @LydiasTweets JANUARY 7 - 21, 2017 | NEW HOME GUIDE 55

Trending

Secondary suites are officially the new normal

By Sonia Bell

56 YPNEXTHOME.CA

contributing to this “new normal.” Of course, rising house prices, especially in hot markets such as the Greater Toronto Area and Greater Vancouver Area, has put added pressure on first-time homebuyers to save a larger down payment. Moreover, the new mortgage stress test implemented in October 2016, which is currently 4.64 per cent, means some prospective homeowners will either have to lower their budget or continue saving.

“It is too soon to measure the impacts of this policy change,” says Will Dunning, Mortgage Professionals Canada Chief Economist and author of the Annual State of the Residential Mortgage Market in Canada report.

“The survey finds that among potential homebuyers who expect to be subject

to that test, their ability to buy a home will be impaired. As a result, they also expect that there will be negative impacts in the overall housing market and in the broader economy.”

Homebuyers are seeking various avenues to achieve their down payment; personal savings is still the primary source of their down payments, but homebuyers are more likely now than ever before to rely on other sources including, loans from financial institutions and withdrawals from RRSPs. There is also a larger dependence on the “Bank of Mom and Dad.” Many parents have enjoyed rapid increases in their home values in the past decade and a half, affording them the ability to assist their children.

Highlights from the report:

20%

average down payment

12%

51%

personal savings

18%

Bank of Mom and Dad

26%

Laons from financial institutions

8%

RRSP

of homeowners rent or plan to rent a part of their home

$

20%

Canadians between 18-34 years old plan to rent their home

34%

of first-time buyers think it’s important to generate income from their home

$$

40% rent their home to afford their housing costs

1

13%

5.6

10

50%

Consumers were asked: “On a scale of one to 10, what is the degree to which you agree that now is a good time to buy a home?”

43%

are saving for a down payment

renovated their home to add space for a rental unit

50% of 18-34 year-olds do not own a home Why?

29%

lack financial stability

26%

are waiting for prices to decrease

GRAPHIC BY DAIANA GARAY

WITH THE COSTS of buying and maintaining a home on the rise, Canadians are increasingly relying on secondary suites to help mitigate the costs of homeownership.

According to a new report by Mortgage Professionals Canada, Canadians who purchased their home within the past two years reflect a “new normal” in the Canadian housing market. Thirty-four per cent of first-time buyers think it’s important to generate income from their properties, and 13 per cent of homeowners undertook renovations to add space for a rental unit.

The report contains data obtained from various sources, including an online survey of 2,000 Canadians.

According to the respondents, current homeowners renting a secondary suite indicated that it was a necessity, with 24 per cent stating, “I need to rent a room/unit in my home to afford my mortgage,” and 15 per cent acknowledging that they “would have to make major lifestyle changes if [they] did not have rental income.”

“Creating income remains a useful tool for first-time homebuyers,” says Paul Taylor, president of Mortgage Professionals Canada. “People are looking for ways to make owning a home more affordable. Generating income allows them to reduce their mortgage more quickly.” Each year more than a third of mortgage holders take actions that will shorten their amortization periods, such as creating and renting a secondary suite. For homes purchased during 2014 to 2016, the average contracted amortization period is 22.4 years.

The most recent buyers expect that, on average, they will repay their mortgages in 18.8 years, which is 3.6 years shorter than their average contracted period.

There are multiple factors

Treasure Hill has been featured as “Model HOME Of The Month” as seen in the New Home Guide model home calendar

Model Home Photo Compliments of Treasure Hill | www.treasurehill.com

DISCOVER LIVING

Treasure Hill is consistently raising the bar, building one award-winning development after another. Accolades in Markham, pictured here, showcases Treasure Hill’s appealing architecture and contemporary interiors.

JANUARY 2017

Hot Properties

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

LATEST LISTINGS

TIME By: Treasure Hill Homes City: Aurora Housing type: Urban towns from the high $590’s and up to 1,500 sq. ft. treasurehill.com

KLEINBURG SUMMIT By: Mattamy Homes City: Vaughan Housing type: New 60-ft. home designs plus townhomes and 30-, 40- and 50-ft. homes mattamyhomes.com

new releases SEASONS IN CALEDON PARK RIDGE

new openings CHELSEA MAPLE STATION By: Aspen Ridge Homes City: Vaughan Housing type: Stylish modern townhomes across from the Maple GO aspenridgehomes.com

NEWTOWNS AT MOUNT PLEASANT By: Primont Homes City: Brampton Housing type: Final phase of masterplanned community of townhomes primonthomes.com

VISTA By: Geranium Homes City: Stouffville Housing type: Condominium one-storey flats and two-storey towns from the low $400’s vistaflatsandtowns.com

58 YPNEXTHOME.CA

By: Primont Homes City: Caledon Housing type: Final release of 36-, 42- and 45-ft. detached homes primonthomes.com

SADDLE RIDGE

IMPRESSIONS IN KLEINBURG

By: Greenpark and Starlane Home Corp.

City: Milton Housing type: Towns, semis, and 40- and 46-ft. singles saddleridgemilton.ca

By: Fieldgate Homes City: Vaughan Housing type: New release of 38- and 44-ft. singles from $1,200,000 fieldgatehomes.com

VILLAGE GREEN

VALLEYLANDS

By: Averton City: Mount Albert Housing type: Family-size townhomes with up to three bedrooms from the high $500’s averton.ca

By: Fieldgate Homes City: Brampton Housing type: 38- and 41-ft. singles starting from the $800’s fieldgatehomes.com

MILL STREET VILLAGE

CORNELL ROUGE

By: Ballymore Homes and Briarwood Homes City: Tottenham Housing type: 50-ft. singles starting from the high $790’s millstreethomes.com

By: Madison Homes and Forest Hill Homes City: Markham Housing type: Freehold townhomes and single-family homes from the high $800’s cornellrouge.com

KLEINBURG GLEN

PARK RIDGE

By: Gold Park Homes City: Kleinburg Housing type: Collection of luxury homes in a prime location, from the upper $600’s goldparkhomes.com

By: Tribute Communities City: Oshawa Housing type: Detached community offering 36-, 40- and 50-ft. designs mytribute.ca

…continued on page 60

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JANUARY 7 - 21, 2017 | NEW HOME GUIDE 59

LATEST LISTINGS

Find your next home! Find more properties at ypnexthome.ca

…continued from page 58

AFFINITY CONDOMINIUMS

preview registration TAZZO TOWNES By: Marlin Spring Developments City: Markham Housing type: Elegant townhomes at 16th Avenue and McCowan Road tazzotownes.com

TIMBERLANE By: Brookfield Residential City: Aurora Housing type: Limited release of 56 estate homes in a gated community setting auroratimberlane.ca

HILLSBOROUGH LANDING By: Great Gulf City: East Gwillimbury Housing type: 36-, 40- and 45-ft. detached homes on Hwy. 7, north of Davis Drive greatgulf.com

GEORGIAN SANDS By: Elm developments City: Wasaga Beach Housing type: towns and singles starting from the high $230’s georgiansands.com

AFFINITY CONDOMINIUMS By: Rosehaven Homes City: Burlington Housing type: Two contemporary midrise condominium buildings from the high $200’s rosehavenhomes.com

QUEEN’S COMMON By: Mattamy Homes City: Whitby Housing type: Detached and townhome designs mattamyhomes.com

VICTORY HEIGHTS By: Treasure Hill Homes City: Vaughan Housing type: 40- and 42-ft. luxury singles at Eagles Landing Road and Dufferin Street treasurehill.com

CITYLUX TOWNS By: Fieldgate Homes City: Thornhill Housing type: Register for a new release of urban townhomes in Thornhill Woods fieldgatehomes.com

60 YPNEXTHOME.CA

BOXGROVE VILLAGE

TWELVE ON THE RAVINE

By: Arista Homes City: Markham Housing type: Family sized freehold townhomes and live/work towns boxgrovevillage.com

By: Geranium Homes City: Scarborough Housing type: 12 two-storey homes on 43-ft. lots that back onto Highland Creek ravine geraniumhomes.com

BLUE SKY

DOWNSVIEW PARK

By: Fieldgate Homes City: Stouffville Housing type: Register for the next realease of 30-, 36-, 40- and 50-ft. single-detached homes and towns fieldgatehomes.com

By: Stafford Homes City: Toronto Housing type: Three- or four-storey townhomes staffordhomes.ca

REAL TOWNS By: Madison Homes City: Thornhill Housing type: Townhomes starting from $1 million madisonhomes.ca

SEATON TAUNTON By: Mattamy Homes City: Pickering Housing type: Affordable townhomes alongside greenspaces and other amenities mattamyhomes.com

OAK PARK By: Ballantry Homes City: Oakville Housing type: One- to three-bedroom condominium suites ballantryhomes.com

TIFFANY HILL By: Rosehaven Homes City: Ancaster Housing type: 40- and 45-ft. singles, semidetached and freehold towns tiffanyhill.ca

THE LOGGIAS IN RICHDALE By: Senator Homes City: Richmond Hill Housing type: Luxurious 40-, 50- and 60-ft. detached homes on deep lots senatorhomes.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

Homebuyers’ Help

Compare mortgage rates for your best deal CHARTERED BANKS

variable

ATB Financial

2.5

Alterna Bank

2.45

Bank of Montreal

2.6

Bank of Nova Scotia

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 6.30op 3.09 6.95op 3.29 6.50op 3.14 6.30op 2.84 6.35op 3.14 3.14 6.35op 2.94 3 3.20op 3.14 6.70op

2.39 4.10op 2.74

2.59

2.69

2.79

2.59

2.84

2.74

3.19

3.59

4.09

2.89

3.09

3.39

3.89

4.49

3.04

3.65

4.2

4.74

2.79

2.64

4.09

4.79

3.04 2.15

3.65 3.39

4.39 4.09

4.64 2.35

2.94 2.94

2.94 2.84

2.99 2.79

2.99 2.89

3.04

3.39

2.79

2.94

2.79 2.54

3.34 2.64

3.99 2.74

4.44 2.89

2.84

3.44

2.69

2.94

3.24

3.49

3.69

3.79

6.95op 4.55 6.45op 4 6.45op

2.7 6.95op

Equitable Bank HSBC Bank Canada

2.35

ICICI Bank Canada Manulife Bank

2.75 2.6

National Bank

n/a

President’s Choice Finan Royal Bank

2.7 2.7

TD Canada Trust

2.6

Tangerine

2.7

4.45 6.20op 4.45 4.4 6.70op

7.00op

2.99 7.00op 3.04 4.00op 3.19

TRUST COMPANIES Community Trust Effort Trust

n/a n/a

Home Trust Investors Group Trust

2.35 n/a

MTCC

2.9

6.5 4.45 6.30op 3.95 4.2 6.50op 4.55 6.45op

3.14 3.35 6.30op 2.69 3.14 6.30op 3.29 6.50op

3.25 3.5

3.95 3.7

4.39 4.3

4.64 4.35

2.14 3.09

2.34 3.39

2.59 3.89

2.69 2.45

3.09

3.39

3.89

4.49

4 6.30op 6.2 6.40op 3.1 4.25 6.50op

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

2.74

2.59

2.84

2.74

2.89

2.95

2.99

2.89

2.64 2.79

2.64 2.89

2.84 2.95

2.94 2.89

3.2

3.65

4

4.5

2.79

2.64

3.89

2.54

2.84

2.89

3.39

3.74

2.85

2.95

3.05

3.15

2.39

2.39

2.49

2.49

OTHER FINANCIAL INSTITUTIONS Alterna Savings

2.45

Comtech Fire C.U.

2.45

First National Fin. LP IC Savings

2.7

Luminus Financial

3.25

Meridian Credit Union

2.4

PACE Savings & C.U.

5.05 6.70op

Parama Credit Union

2.65

Steinbach Credit Union

2.25

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 Dec 19, 2016. Prepared By Fiscal Agents Financial Information Services 905.844.7700

JANUARY 7 - 21, 2017 | NEW HOME GUIDE 61

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projects & communities MAP LISTINGS IN THIS ISSUE PAGE

BUILDER

SITE

CONTACT INFO

continued from page 64 PROPERTY TYPE

PRICE RANGE

PIN

MAP FINDER

East Fieldgate Homes

Whitby Meadows

fieldgatehomes.com

D

T

31

28N

Mattamy Homes

Queen’s Common

mattamyhomes.com

D

T

91

27O

Mattamy Homes

Seaton

www.mattamyhomes.com

D

T

from $350,000

44

24N

Tribute Communities

Corporate

mytribute.ca

D

Tribute Communities

Park Ridge

mytribute.ca

D

from $750,000

88

31N

Tribute Communities

U.C.Towns

mytribute.ca

D

from $556,000

71

30M

Aspen Ridge Homes

King Country Estates

905-558-0255

D

18

13I

Aspen Ridge Homes

Queensville

yourqueensville.ca

D

from $550,000

46

20D

Great Gulf

Hillsborough Holland Landing

greatgulf.com

D

from $750,000

51

18E

Great Gulf

Sharon Village

905-478-7362

from $600,000

65

20E

Great Gulf

Summerlyn Village

905-775-3461

from $700,000

52

17D

Mattamy Homes

The Estates of King Township

mattamyhomes.com

74

16I

Rosehaven Homes

Anchorwoods Holland Landing

anchorwoods.ca

86

19E

Tribute Communities

Gates of Nobleton

647-633-3500

Aspen Ridge Homes

Mayfield Village

905-230-2592

D

Fieldgate Homes

City Towns Valley Lands in Brampton

fieldgatehomes.com

D

Fieldgate Homes

Lotus Pointe Caledon

905-838-2806

D

Fieldgate Homes

Valley Lands

905-457-0445

D

Great Gulf

Trafalgar Landing

905-844-1605

Great Gulf

Westfield

905-866-6876

Mattamy Homes

Cranberry Hill

mattamyhomes.com

Mattamy Homes

Hawthorne South Village

mattamyhomes.com

T

8-9

Mattamy Homes

Mount Pleasant North

mattamyhomes.com

T

8-9

Mattamy Homes

Mount Pleasant Village

mattamyhomes.com

BC

Mattamy Homes

The Preserve

mattamyhomes.com

Mattamy Homes

The Village of Southfileds

mattamyhomes.com

Mattamy Homes

Topper Woods

mattamyhomes.com

T

from $520,000

Mattamy Homes

Wildflowers

mattamyhomes.com

T

from $195,000

25

North

7

T

T D T D

S T

from $1000,000

18

13I

S

T

from $360,000

22

9L

S

T

from $400,000

26

9P

T

from $724,000

23

8M

T

from $800,000

26

9P

T

from $200,000

30

8V

from $537,000

24

8P

59

6S

60

7O

93

8O

29

7V

66

8M

West

25

S

D

from $325,000

D

from $634,000 C

T

from $406,000 C

Property Type D Detached S Semi-Detached T Townhome

projects & communities MAP LISTINGS IN THIS ISSUE PAGE

BUILDER

SITE

CONTACT INFO

PROPERTY TYPE

PRICE RANGE

PIN

MAP FINDER

Central IFC & 1

Aspen Ridge Homes

Chelsea Maple Station

aspenridgehomes.com

D

1

Aspen Ridge Homes

Corporate

aspenridgehomes.com

D

Aspen Ridge Homes

Kleinburg Hills

aspenridgehomes.com

D

Aspen Ridge Homes

Scenic on Eglinton

416-805-1781

D

Aspen Ridge Homes

Seventy Seven Charles

416-203-7034

Aspen Ridge Homes

Upper West Side

uwscommunity.com

D

Fieldgate Homes

90 Niagara

416-981-0036

D

Fieldgate Homes

Aurora Trails

fieldgatehomes.com

D

25

Fieldgate Homes

BlueSky Stouffville

905-640-0002

D

25

Fieldgate Homes

City Lux Towns

fieldgatehomes.com

D

25

Fieldgate Homes

IMPRESSIONS

905-893-9500

D

Fieldgate Homes

Zigg

416-545-0223

D

T

Geranium Homes

Twelve on the Ravine - Highland Creek

12ontheravine.com

D

T

Geranium Homes

Vista at Cardinal Point

vistaflatsandtowns.com

D

T

Great Gulf

Corporate

416-449-1340

T

Madison Homes

Briar Hill

madisonhomes.ca

T

Madison Homes

Cornell Rouge

905-472-9556

D

Madison Homes

REALTowns Thornhill

Madisonhomes.ca

Madison Homes

Thornhill Ravines

Madison Homes

5

13

8

16L

45

13L

from $190,000

33

18Q

from $2100,000

34

17R

from $1099,000

4

17L

T

from $346,000

35

16S

T

from $620,000

14

19G

from $700,000

12

22J

53

16L

3

12K

36

16R

from $1700,000

89

23P

from $420,000

12

22J

from $500,000

1

16Q

from $890,000

16

23M

D

from $1000,000

85

17L

905-417-1203

D

from $1800,000

53

16L

Zigg

ziggcondo.com

D

from $380,000

10

18J

Marlin Spring

Tazzo Townes

tazzotownes.com

94

21L

Marlin Spring

The Mack

LiveAtTheMack.com

Mattamy Homes

Alderidge

mattamyhomes.com

D

Mattamy Homes

Cornell

mattamyhomes.com

D

T

Mattamy Homes

Corporate

mattamyhomes.com

D

T

Mattamy Homes

Downsview Park

mattamyhomes.com

Mattamy Homes

Heron Park

www.mattamyhomes.com

Mattamy Homes

Kleinburg Summit

mattamyhomes.com

Mattamy Homes

Lago

monarchgroup.net

Mattamy Homes

Picasso on Richmond

monarchgroup.net

Mattamy Homes

Richmond Green

mattamyhomes.com

Mattamy Homes

Riva del Lago

monarchgroup.net

Mattamy Homes

Thomson Towns

mattamyhomes.com

Mattamy Homes

Upper Summerside

www.mattamyhomes.com

Rosehaven Homes

Corporate

rosehavenhomes.com

continues on page 63

T

T T

C

T S

T

from $1200,000

S

T T S

from $720,000

79

15K

S

from $1138,000

82

13S

from $260,000

17

22M

37

15P

S D

D

T

from $400,000

38

22Q

T

from $860,000

84

13K

C

from $220,000

39

14S

C

from $550,000

40

16S

41

18K

from $300,000

39

14S

from $450,000

42

19R

T C

D S

T T

Property Type D Detached S Semi-Detached T Townhome

NOW OPE

BRAMPTO Cleave View Estate- Presentation Cen 905.216.51

MAP Chelsea- Presentation Centre & Model Hom 289.553.31

TORONT Scenic on Eglinton - Presentation Centre & Model Suit 416.805.17

TORONT Studio - Presentation Centre & Model Su 647.352.77

TORONT The Jack - Presentation Cen 416.203.70

Your dream home is waiting

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COMING SOO

Chelsea is ideally located across from the

BRAMPTO Mayfield Villa

Browse the latest new homes and condos in your area

Maple GO, with easy access to Highway 400 and within minutes of shopping centres,

KESWIC Simcoe Landing Phase

entertainment complexes, restaurants, golf courses, parks and more.

SEATO New Seat

QUEENSVIL

Visit ypnexthome.ca/listings Queensv to get started RICHMOND HI

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DUFFERIN ST.

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HWY. 400

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S O O N M AT TA M Y ’ S U P S C A L E D E S I G N RE TURNS TO THE PRESERVE

A New Collection Of Well-Appointed Detached Homes Coming in 2017 Mattamy will soon be returning to Oakville’s most prestigious address in The Preserve.

Our new collection of thoughtfully designed Detached Homes integrate seamlessly with the established master-planned community and the nature that surrounds it. A Mattamy home is a mark of achievement; both for the people who build it, and the people who call it home.

We’re proud to have helped shape the Oakville landscape. Register today to be a part of the most desired community in Oakville.

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