Your First Home & Condo - Fall 2015

FALL 2015, FREE

YOUR FIRST HOW YOU CAN BECOME A FIRST-TIME HOMEBUYER

SPECIAL EDITION

WHY CONDOS MAKE SUCH A

SMART CHOICE

THE APPEAL OF

SOUTHWESTERN ONTARIO

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Coming Soon to Danforth Ave. & Danforth Rd.

窶｢U

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SHEL-S

RE GI N O ST W ER !

Spice up your life with an intimate enclave of Urban Townhomes All the ingredients for a perfect urban lifestyle:

Danforth & Danforth

• Close to all amenities • Hassle-Free living • 9’ Ceilings • Contemporary designs • Outstanding finishes • Landscaped grounds • Underground parking • Rooftop Terraces • A transit hub like no other with subway, streetcar and GO train connections just minutes away • 2+Den and 3 Bedroom • 1 and 2-Storey homes available Starting from the mid

300’s

$

749 sq.ft. up to 1,029 sq.ft.

Limited Availability. Register Now

SpiceOnDanforth.com

Get Social with us: Brokers protected. Rendering is artist’s concept. Prices and specifications are subject to change without notice. E. & O. E.

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Family Focused

Condo Keen You’ve outgrown your curfew and are ready to start living 24/7.

Experience it all in a Menkes condominium, at the intersection of wherever you desire.

Soccer practice, hockey practice and family fun all year round. Menkes gives you the space to slow life down and grow roots in Ajax and Georgetown.

The Next C in Your Low-rise Ready You’ve been there, done that and stumbled upon your soulmate.

Time to trade the city lights for patio lanterns, in a Menkes townhome conveniently close to the life of the city.

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Freebirds Once Again

t Chapter r Life Storey

dy

e

The kids have flown the roost and now you talk with them on Twitter.

Time to migrate back to a carefree lifestyle in the city and enjoy Sunday brunch… after that all-important lie-in.

Start Something New with Menkes For over 60 years, Menkes has focused on building homes and condominiums to suit every stage of your life in Toronto’s most desirable locations. Come home to Menkes today, where your life storey always begins and ends with total customer satisfaction.

Facebook.com/MenkesLife

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FALL 2015

contents

property profiles

14

18

40 Averton

Design is everything – at Averton

Fieldgate Homes

You’ll love West Brampton – living in the city

Spice up your life with Spice living on the Danforth

45 Primont Homes

Seasons in Caledon – a master-planned community

20 Menkes Developments

Under construction: Humber Mews in Etobicoke

22 Mattamy/Monarch Waterfront living at its feature-filled finest

26 Adi Development

Nautique – a landmark residence in Burlington

30 Reid’s Heritage Homes Clairity – contemporary living in Guelph

34 Losani Homes

See it, touch it, feel it with Pronto on Demand

inspiration

44 Home Decor Nice legs

42 The Hi Rise Group

North Star Homes

Own right on the subway line at ConneXion

35

trending

21

23

by Elisa Krovblit

advice

38

by Jayson Schwarz

41

First-Time Facts

How first-time buyers are finding a way

Focus on Southwestern Ontario

35 Spotlight on Condos Why condos are such a smart buy

Mortgage Advice

How you can become a first-time homebuyer

by Alyssa Richard

43 BILD Report

Buying your first home in the GTA

6 reasons to buy in Southwestern Ontario

by Wayne Karl

Legally Speaking

4 first-time buyer tips

by Bryan Tuckey

in this issue

10

Editor’s Note

by Lydia McNutt

6 YPNEXTHOME.CA

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PRESIDENT, YELLOW PAGES NEXTHOME

Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge DIRECTOR OF SALES

Moe Lalani SALES MANAGER, NEW HOME GUIDE GTA, NEW CONDO GUIDE, HOME DECOR AND RENOVATIONS

Conni Robinson ASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO

Susan Maxwell ART DIRECTOR

Tammy Leung

34

EDITOR

Wayne Karl CONTRIBUTING EDITORS

Elisa Krovblit Sara Duck (on leave) Lydia McNutt SENIOR ACCOUNT EXECUTIVES

Nina Downs Dionne Fraser SALES & MARKETING CO-ORDINATOR

Terry Bassett PRODUCTION MANAGER

Bala Gnanapandithan PRODUCTION CO-ORDINATOR

Sandra Hanak-Vujnovic GRAPHIC DESIGNERS

Viosa Barileva Miguel Cea

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

40

NOW PUBLISHING 2X per YEAR (WINTER & FALL 2015) ADVERTISING Call 416.626.4200 for advertising rates

and information.

CIRCULATION Available at the Fall Bridal Show, Fall

Home Show, National Woman’s Show, Welcome Wagon Wedding Shows and by consumer request and with the ypnexthome city-wide retail distribution network.

COPYRIGHT 2015 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.

TERMS Advertisers, Editorial Content and Your First Home & Condo 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

45

be considered. Please submit to the above address, to the attention of the editor.

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

FALL 2015 | YOUR FIRST HOME & CONDO 7

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Bleed:

Colours:

.125

Built:

CMYK

13/08/2015 – JND

The Primrose Model Home In Wildflowers, Kitchener

DISCOVER THE GREATEST ADDRESSES IN AND AROUND THE GTA

CHINGUACOUSY

HURONTARIO ST.

CREDITVIEW RD.

MISSISSAUGA RD.

6 Worthington Avenue

From $497,990

38' HOME, THE PALMERSTON ‘F’ 2,644 SQ.FT.

Detached Homes

From $430,990

r.

28

Do

New

KITCHENER

nB lvd.

. ee Rd Dund

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t Fe rrie

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50' HOME, THE JUNEBERRY ‘B’ 3,412 SQ.FT. $566,990

Follow us:

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08/2015 – JND

WATCH OUT FOR WHAT’S COMING SOON

CALEDON

KITCHENER

MARKHAM

An Inspiring New Collection Of Family Sized 2-Storey Townhomes Coming Soon

An Innovative Collection Of Duplexes, Townhomes & Detached Designs

Featuring A Wide Selection Of Townhome Styles To Choose From

Taunton

Taunton

MILTON

PICKERING

RICHMOND HILL

A New Selection Of 30', 36', And 43' Detached Designs

A Brand New Seaton Neighbourhood With A Variety Of Town And Detached Homes

Upscale Towns And Detached Homes In A Prestigious Community

SCARBOROUGH

SCARBOROUGH

WATERDOWN

A Whole New Community Featuring A Variety Of Townhome Designs

A Variety Of Townhome Designs In An Established Neighbourhood

A New Selection Of Town And Detached Homes In A Popular Community

FOR MORE INFORMATION ON OUR COMMUNITIES REGISTER AT MATTAMYHOMES.COM All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.

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Editor’s Note

Buyers, please adjust your expectations

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

+ get social

PLEASE DON’T SHOOT the messenger, but if you’re a prospective first-time homebuyer and you’re not prepared to adjust your wish list, you may not be doing enough research. And you may be in for a disappointment.

Due diligence is essential when buying your first home.

Interest rates, mortgage providers, housing types, builders, target areas, neighbourhoods... these are among the long list of factors to research in depth in order to make an educated and informed decision.

That’s already a tall order, and it’s only getting more challenging. Indeed, if you’ve been paying attention to general economic and real estate news this year, you know that market realities are dictating that you may need to adjust your expectations.

Not that buying your dream home right out of the gate is impossible – if you’ve saved a substantial amount on your own, or you’re fortunate enough to have access to a well stocked Bank of Mom and Dad. And builders, for their part, are becoming increasingly adept at delivering a wider variety of home types, sizes and prices.

But the facts show that more and more first-time buyers have little choice but to compromise – on everything from source of funds to location to housing type.

Prime Minister Stephen Harper feels their pain, or at least purports to as he seeks re-election in the fall. He’s proposing to increase the withdrawal limit of the Home Buyers’ Plan to $35,000 from $25,000.

So don’t despair, first-time buyers. There are ways to get into the housing market. But they require not just research, but strategy and awareness – and flexibility – in order for you to begin to climb the property ladder.

Interact with us on social media: ypnexthome

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ATTENTION FIRST TIME HOME BUYERS

GO BIG ANDGO HOME

Go Big in Cookstown with North Star where you can get a 50’ lot for the price of a townhome!* FROM THE MID

Tour two decorated model homes! Singles on 50’ lots up to 4,767 sq.ft.

Victoria St. W.

400 89

Victoria St. E.

27

88

MON - THURS: 1PM - 8PM SAT, SUN & HOL: 11AM - 6PM

SALES OFFICE Sideroad 5

Queen St.

King St. S. King St. N.

705-458-0155 Or 416-291-9666

SALES OFFICE HOURS

27

Bradford St.

MyMillfair.com

500’s

$

Just because you’re buying your first home doesn’t mean it has to be small. You’re bigger than that! Go big AND go home to Millfair Village in Cookstown with North Star Homes, where you can get a 50’ lot for the price of a townhome! Visit Millfair and choose a floor plan that’s as big as the plans you have for your life.

400

FRIDAY BY APPT.

407 401

* Based on a comparable lot size and sq. ft. in Richmond Hill & Vaughan. Prices & specifications aresubject to change without notice. Map not to scale. E. & O.E.

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Property Profile | FIELDGATE HOMES

You’ll love West Brampton

LIVING IN THE CITY OPENING THIS FALL, CityTowns brings chic living to Brampton’s most convenient urban location.

In recent years, west Brampton’s bold wave of new urbanism has been getting some well deserved attention. With increasing emphasis on creating pedestrian friendly communities that offer easy access to transit, schools, shopping and recreation, west Brampton is leading the way in redefining the landscape of convenient GTA living. Now, on Chinguacousy Rd. just north of Steeles, Fieldgate Homes and Paradise Developments are joining forces to create a community that takes advantage of all that west Brampton has to offer. When you see the stylish townhome designs and convenient setting in the heart of this established neighbourhood, you’ll love living in the city at CityTowns.

Located just off of Chinguacousy Road, moments from shops, schools and transit, CityTowns is an intimate enclave of family townhomes that provides all the benefits of established neighbourhood living. Homes are situated on peaceful streets and crescents, creating a welcoming community atmosphere, with limited thoroughfare traffic. Set against the picturesque backdrop of the Credit River Valley, you can come home to a life that has it all in this tranquil community setting.

Homes at CityTowns offer an ideal combination of form and function, with contemporary open-concept floor plans that offer ample space for growing families. These twoand three-storey designs have been expertly conceived to provide you with everything you need – familysized kitchens, spacious living and dining areas, impressive master suites, large bedrooms and more.

Some home designs also include

an additional family room and bedroom in the basement, so there is more than enough room for all at CityTowns. With homes priced from just $399,990, you can discover great style and great value here.

At its core, the CityTowns lifestyle is about choice. When you live here, you can choose from countless unbeatable amenities that are sure to enrich your life, and the life of your family. This is true of the amazing shopping and dining amenities, such as Heartland Town Centre, Shoppers World Brampton, Fletcher’s Meadow and so much more. It’s also true of the abundant selection of public, separate and private schools to be found in the area. Even the college bound have wonderful options with Sheridan College and Algoma University both offering nearby Brampton Campuses, and University of Toronto’s Erindale

campus just south in Mississauga.

So when you’re ready to get out and enjoy your weekend, there is no better place than CityTowns. You can have a picnic at Eldorado Park, hit the links at Lionhead Golf and Country Club, go ice skating or play hockey at one of several local arenas or enjoy a blockbuster movie at the local Cineplex. There’s easy access to transit with nearby Mount Pleasant GO Station, Brampton Transit and Hwys.

401, 407 and 410 all nearby. With the proposed Mississauga/Brampton LRT Line along Main Street and Hurontario, you’ll be even more connected to life in the GTA in the coming years.

CityTowns is opening this fall.

If you’d like the chance to own before the community opens to the general public, register today at mycitytowns.ca

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Lifestyle in Orillia Phase 4 coming Summer 2016 Starting from the

$300’s

Phase 3 Over 70% Sold!

“THE ALPS” MODEL

FEATURING EXECUTIVE “THE FUJI“ MODEL

TWO STOREYS & BUNGALOWS Stone and Brick Veneer • Hardwood Floors Oak Stairs • Walkout Lots Walking Distance to Lake Head University

For further information contact:

MANCINI

MANCINI Homes Ltd.

where tradition and innovation meet

H O M E S LT D .

452 Nineteenth Avenue Richmond Hill, ON L4E 3P7

905-773-9997 15-Mancini 08-29-15.indd 15

| mancinihomes.ca | info@mancinihomes.ca 2015-08-26 11:23 AM

From Bowmanville to Niagara-on-the Lake, every detail of every From Bowmanville to Niagara-on-the Lake, every detail of every Averton home is created with the highest regard for design integrity Averton home is created with the highest regard for design integrity and value. Offering inspired townhomes from the high $200’s to and value. Offering inspired townhomes from the high $200’s to breathtaking suites over $1 million, Averton has a home designed for you. breathtaking suites over $1 million, Averton has a home designed for you.

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AVER-

AVE

Signature quality and design Pickering An incredible new selection of Brownstone Townhomes including Coach Towns, Garden Towns, and Urban Towns.

From the 280’s

Bowmanville Charming detached homes and bungalows with easy access to miles of trails winding down to the waterfront.

From the low $400’s

Mount Albert A uniquely appealing collection of incredible detached homes on 33’ and 40’ lots in a spectacular Mount Albert setting.

From the mid 500’s

TOUR OUR MODEL HOMES TODAY!

Etobicoke Superb selection of quick move-in ready suites in this spectacular completed boutique condominium.

From the low $300’s

TOUR OUR MODEL SUITES TODAY!

Niagara-on-the-Lake

From Bowmanville to Niagara-on-the Lake, every detail of every Just 20 detached bungalows in this beautiful and exclusive new residential enclave, set in the very heart of Canada’s prettiest town.

Averton home is created with the highest regard for design integrity From the low $600’s TOUR OUR MODEL HOMES TODAY!

and value. Offering inspired townhomes from the high $200’s to Kleinburg suites over $1 million, Averton has a home designed for you. breathtaking Three luxurious condominium villas offering suites ranging from 890 sq.ft to 1,560 sq.ft in historic Kleinburg village.

From the low $600’s to over $1 million

Learn more @ Averton.ca

Follow us on Prices and specifications are subject to change without notice. E. & O.E. Rendering’s are artist’s concept.

FALL 2015 | YOUR FIRST HOME & CONDO 17

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Property Profile | NORTH STAR HOMES

Own right on the subway at

NORTH STAR HOMES’ CONNEXION

ANYONE LOOKING at ConneXion

from North Star Homes can easily spot this urban townhome community as a winner – and it is.

The successful urban townhome community is now open and sales are brisk, so it won’t be long before the doors will close on this fabulous opportunity to own right on the subway line. Whether trading up from their entry level condo or looking for a family neighbourhood close to transit, ConneXion is just the ticket.

Great price, contemporary townhome designs and location are the ideal combination for a range of buyers.

You can stroll to Bloor Street from ConneXion, walking distance to the Islington subway station, Mississauga Transit and GO service. Those who choose to drive will discover what savvy neighbours have known for years. This area is a fast and easy drive to downtown, the airport and beyond with access just minutes away to the Gardiner, QEW and Hwy. 427.

Pricing is ideal, too. Buyers can own for as low as $989 per month P&I (plus $99 per month condo fees, excluding property taxes). Also, an extended down payment plan is being offered to help buyers save the down payment.

The contemporary urban townhome designs at ConneXion maximize styling, space and light to create an ambiance that’s right on trend and so today; modern oneand two-bedroom Urban Towns, some with private patios, balconies or rooftop terraces. A designer model suite is now open to tour.

This quality townhome community is right where buyers want to live, near the trendy neighbourhood of old Islington Village.

Lifestyle amenities abound – schools, libraries, art galleries, museums, pubs, cafes and restaurants, local shops and major plazas – and active lifestyle facilities galore. Buyers looking to own in an

established neighbourhood with all the best amenities – where they can walk to the subway – should get a move on and visit ConneXion right away before all the available homes are sold.

Visit the ConneXion Sales Centre and Model Home at 26 Fieldway Rd. in Etobicoke. Visit northstarhomesinc. com for more details.

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Your conne ion

HAS ARRIVED!

OWN 989 urban towns at Bloor and Islington $

for as low as

*

mo P&I

26 Fieldway Road

as

St.

F

ay

.

Rd

SITE & SALES CENTRE

Kipling Ave.

N

Gardiner Expressway

19-NorthStar-Connexion 08-29-15.indd 19

Islington Ave.

d D un

w ield

Green Lns.

427

W.

Bloor St. W.

northstarhomesinc.com

* Calculations shown are based on best rates available today of 2.64% 5-yr. fixed rate mortgage amortized over 30 years, and are for demonstration purposes only. Actual mortgage rates and payments are subject to change at any time without notice.

19

2015-08-26 11:23 AM

Property Profile | MENKES DEVELOPMENTS

Under construction

MENKES’ HUMBER MEWS TOWNHOMES IN ETOBICOKE HUMBER MEWS, MENKES

Developments’ much anticipated designer townhome community in the heart of Etobicoke, is now under construction. This intimate townhome enclave is just minutes from Hwy. 427, the QEW, Gardiner Expressway and one of Toronto’s finest shopping and lifestyle destinations, Sherway Gardens. Only 66 pristine homes will be built in this intimate enclave at Evans Avenue and Brown’s Line in central Etobicoke.

Humber Mews is one of the best locations in the city. Evans Avenue and Browns Line is a fast growing area with fantastic amenities surrounded by parks, schools, recreation and shopping. Downtown Toronto is minutes away by car or transit and yet, this dignified community retains a neighbourhood ambiance that is welcoming and friendly. Just down the street is one of the city’s most popular shopping malls, Sherway Gardens, which is currently undergoing a $400-million transformation project and will house the top luxury stores and brands in the city. Just a short distance,

the Queensway offers residents of Humber Mews a wonderful selection of stores, entertainment, cinema and dining options.

Transportation options are abound: Long Branch Go Station is less than five minutes away along with the Kipling subway station, which is a short bus ride away. The QEW, Gardiner and 427 are easily accessed from Evans Avenue.

With only a few homes remaining for sale, Humber Mews offers unique product designs to suit a variety of tastes and budgets. Priced from $584,990, these smartly-designed open-concept three-bedroom, 2.5 bathroom, three-storey homes are 1,676 sq. ft. Each remaining home features a spacious backyard as per plan and gorgeous exteriors with brick and stucco set along a harmonious, pedestrian-friendly streetscape. The community also offers secure underground parking.

The homes are accentuated with an exceptional array of fabulous features and finishes, including nine-ft. main floor ceilings, four stainless steel kitchen appliances,

stacked white washer and dryer, granite kitchen counters, laminate flooring in a natural finish in living and dining rooms, upgraded casings and baseboards and much more.

For a limited time, purchasers will receive oak stairs and decor upgrades in addition to these outstanding standard features.

In addition to a wide array of fabulous features and finishes, Humber Mews offers a flexible deposit program with only a $5,000 initial deposit.

Menkes is also offering another exciting townhome project located in Etobicoke at Burnhamthorpe and 427 – Dwell City Towns. Dwell City Towns offers three-storey designs with rooftop decks starting from $585,990. The final units have just been released at Dwell; act now to own at this spectacular masterplanned community.

The sales presentation centre for both Humber Mews and Dwell is open by appointment only. Call 416.259.2525 or visit menkes.com for more information.

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Trending | FIRST-TIME FACTS FIRST-TIME BUYERS FACE LOADS OF OBSTACLES, BUT

280,000

FIRST-TIME BUYERS FIND A WAY

FOUND A WAY LAST YEAR!

HOW DID THEY DO IT? DOWN PAYMENTS

SOLO OR

HIGH HOUSE PRICES MEAN LARGE DOWN PAYMENTS

TEAMWORK? FIRST-TIME BUYERS ARE COMBINING PURCHASING POWER

28%

BUY ALONE

$451,000

VANCOUVER

5%

20%

20%

20%

$22,550

$90,200

$130,000

$181,000

AVERAGE HOUSE PRICE IN CANADA

62%

TORONTO

BUY WITH A PARTNER

DON’T FORGET CMHC INSURANCE $15,424

SAVINGS STRENGTH DOWN PAYMENT SOURCES

BANK OF MOM & DAD - GIFTS & LOANS

69%

39%

28%

24%

8%

5%

SAVINGS

FAMILY HELP

LINE OF CREDIT

RRSP

TFSA

WEDDING GIFT

ALL-TIME

2010-2014

13%

17%

LAST 24 MONTHS

28%

CITY

SMARTS CITY BUYERS ADAPTED BY:

PUT 20% DOWN

62% 53% CANADA 37%

BIGGER DOWN PAYMENTS

BUYING SMALLER PROPERTIES

BUY CONDO/TOWN/SEMI

TORONTO

VANCOUVER

VANCOUVER

TORONTO CANADA

74% 73% 45%

BORROWING FROM FAMILY

BORROW MONEY FROM FAMILY

40% 35% CANADA 28%

VANCOUVER

TORONTO

SOURCE ratehub.ca FALL 2015 | YOUR FIRST HOME & CONDO 21

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Property Profile | MATTAMY HOMES/MONARCH CORP.

WATERFRONT LIVING at its feature-filled finest THE FIRST RULE OF REAL ESTATE is and always will be location, location, location. Nowhere is this more true than for this special collection of mid- and highrise properties at the Lake Ontario waterfront, just west of the Humber River.

Monarch has recently become a part of Mattamy Homes. As two well-respected builders, this new partnership assures a superior standard of quality will be carried forward, in a greater, more exciting variety of living styles.

While any waterfront living offers its own obvious appeal, all waterfront options aren’t necessarily equal. A visit to the Mattamy/ Monarch Sales Centre on the Lakeshore will quickly reveal that their three condominium buildings, Waterscapes, LAGO and Riva del Lago, are all beautifully positioned directly across the road from the Humber Bay Butterfly Habitat. These extraordinarily lush grounds are preserved by the City for the benefit of local butterfly, fowl and waterfowl species. And yet, it warmly welcomes anyone who wishes to stroll through its green and calming pathways. Imagine what mornings or evening could be like for you when a few steps can transform you from an urban city dweller to a nature hiker.

And that’s really the point. The paths that cross your front steps may also carry you directly into the heart of the city if you choose to walk, jog or cycle to work. The location of the park and paths along the water’s edge ensures that no other development will ever obscure your exceptional view of the city skyline. Yes, the Humber Bay is courteous enough to curve at such an angle that positions your view to precisely profile the impressive towers and structures of the city.

Access into and out of the city is also simplified by the strategic

positioning of these exceptional properties. At the opposite end from the water, run the TTC Lakeshore streetcar tracks that will carry you east into the core, or west to the edge of the city. For drivers, Lakeshore Boulevard is also a handy artery into the city, as is the Gardiner Expressway, with its eastbound on-ramp just metres away.

Ultimately, the builders’ strategic approach to community planning shines through yet again.

Known for thoughtfulness in the design of their communities, as well as of their homes, Mattamy and Monarch once again deliver for their homeowners. Yes, their condominiums provide all the wonderful conveniences of contemporary urban living. But the insight to position their properties so well provides incalculable value in terms of breathtaking views and immediate access to more profoundly natural dimensions of satisfying home life.

The Mattamy/Monarch Sales Centre is located at 2167 Lakeshore Blvd. W., Etobicoke, 416.495.3544, open Monday to Thursday noon to 8 p.m.; Friday 1 to 6 p.m.; Saturday, Sunday and holidays 11 a.m. to 6 p.m. For more information, visit monarchgroup.net

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focus on

southwestern ontario

6 Reasons to buy in Southwestern Ontario

By Wayne Karl THE BEAUTY OF Southwestern Ontario

is that it comprises a number of cities and towns, each with their own unique economies and housing markets. And while they may not receive the attention Toronto does as Canada’s largest centre, that doesn’t mean they aren’t promising homebuying locations.

Here are six reasons SWO is a solid homebuying choice.

1|

SWO economies lead Ontario

A strong economy leads to employment and wage growth, which are central to a strong housing market. While the local economies of Southwestern Ontario are smaller than Toronto, for example, they play a key role in the health of the provincial economy.

Among the leaders in this regard are Kitchener-Waterloo and Cambridge, according to The Conference Board of Canada’s Metropolitan Outlook: Summer 2015.

Kitchener-Waterloo-Cambridge: KWC boasts among the strongest of Ontario’s mid-sized economies, with real GDP forecast to increase by 3.4 per cent. Construction activity is on the rise, and combined with the ongoing strength in the local manufacturing industry, employment was up 1.5 per cent in 2014 and is expected to increase 2.4 per cent this year.

London: The economy here grew by 1.8 per cent in 2014. This year, real GDP is forecast to grow by 2.1 per cent, its fastest increase since 2005, thanks to stronger manufacturing and construction output. The Conference Board expects construction output to rise by 2.9 per cent in 2015.

Employment is expected to increase by 2.1 per cent in 2015, adding close to 5,000 jobs.

St. Catharines-Niagara: An improving services sector will help lift the economy by 1.8 per cent this year.

A weaker Canadian dollar should

result in more cross-border trips by Americans, benefiting the region’s key tourism industry. Combined with solid employment and income gains, this is expected to boost retail sales by 2.9 per cent this year, lifting wholesale and retail trade output by 2.7 per cent.

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Hamilton humming along

The Hamilton housing market has been a darling in the eyes of homebuyers and investors for years.

A strong economy and infrastructure improvements are boosting local real estate, but the city is a bargain compared to nearby Toronto – where single-detached homes cost hundreds of thousands of dollars more.

The Toronto housing market, until now one of Canada’s hottest but also one of only moderate risk, has officially moved into high risk territory, according to Canada Mortgage and Housing Corp. (CMHC). …continued on page 31 FALL 2015 | YOUR FIRST HOME & CONDO 23

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Property Profile | ADI DEVELOPMENT GROUP

ADI DEVELOPMENT GROUP ANNOUNCES NAUTIQUE A landmark residence on Burlington’s exclusive waterfront ARRIVING AS BURLINGTON’S MOST

anticipated new downtown address, Adi Development Group introduces Nautique, an architecturally infused residential tower on the waterfront.

Located along the coveted Lakeshore Boulevard, this masterfully designed tower will mark an iconic new gateway to the city’s historic core.

A standout in Burlington’s hot real estate market, Nautique will introduce once unattainable lakefront residences to Burlington’s exclusive waterfront, priced from the high $200,000s.

“Until now, downtown real estate prices have been completely prohibitive to anyone starting out and looking to own their first home in this ultra-exclusive location,” says Tariq Adi, CEO of Adi Development Group. “With Nautique, we’re offering residents the best that the city has to offer – a luxury home overlooking the waterfront at a realistic price point.”

An ideal home for the city’s young professionals and young families, Nautique’s coveted location lends to a walkable, downtown lifestyle

surrounded by lakeside bistros and trendy boutique shops. Running through Spencer Smith Park, the waterfront trail paves a walkway to Nautique’s front door.

Exquisitely appointed interiors by world-renowned Cecconi Simone tell of the address’ prestige. Designed for a social lifestyle, Nautique’s Sky Lounge offers the city’s highest vantage point to take in 360-degree views of Lake Ontario’s sweeping shoreline and city lights. Residents can host cocktail hour at the sleek bar, unwind in the fireside lounge or sip a glass of wine while enjoying a book in the library.

The striking amenities continue on the building’s sixth floor with a lakeside club overlooking the waterfront. Begin your mornings with workouts in the state-of-the-art fitness centre, followed by a cool-down on the indoor/ outdoor yoga deck or a dip in the outdoor pool. Crisp evenings are spent dining Al fresco at the barbecue alcoves or relaxing fireside while enjoying the sights and sounds of the lake from Nautique’s expansive outdoor terrace.

“As soon as you step inside of Nautique, you can tell that something different is happening here,” says Saud Adi, COO of Adi Development Group. “We wanted to deliver a new type of home for the design-conscious buyer, offering the best amenities, the best views and the best location in the city. The demand and feedback for this project has been astonishing.”

Inside the suite, fluid layouts prioritize the views of the lake through floorto-ceiling windows. In-suite terraces invite private outdoor escapes from the city. Custom efficient kitchens are set around stylish islands that double as both workspace and hubs for entertaining, appointed with designer cabinetry with your choice of Corian or granite countertops.

Arriving this fall 2015, Nautique is a 24-storey residential tower at the corner of Martha and Lakeshore. Layouts range from one-bedroom to two-bedrooms plus den, with prices starting in the high $200,000s.

Register now at adidevelopments.com

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CONTEMPORARY CONDOS IN GUELPH

COMING OCTOBER 2015 C

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BACHELOR, 1 & 2 BEDROOM FROM THE MID $200s

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Register today at ReidsHeritageHomes.com 28窶ズPNEXTHOME.CA

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SAMPLE FLOOR PLAN

Discovery FR

875 sq. ft.

2 Bed, 2 Bath, Den

W

CL KITCHEN 7'-9" x 10'-4"

WS RI

D WH

DW

CL CL

C

M

Y

CM

MY

LIVING / DINING 12'-1" x 15'-2"

CY

BEDROOM 8'-3" x 10'-5"

MASTER BEDROOM 10'-0" x 13'-0"

CMY

K

H

AC

BALCONY

STANDARD FEATURES

ADDITIONAL FEATURES

• Quartz countertops in kitchen & bath

• Five raised panel doors with contemporary hardware

• Vinyl plank flooring throughout • Six piece appliance package (stainless steel fridge, stove, dishwasher, and microwave; stackable washer and dryer)

• Breakfast bar on kitchen peninsula • USB charging outlets

• Outdoor parking

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Property Profile | REID’S HERITAGE HOMES

CLAIRITY Contemporary condominium living in Guelph A GREAT PLACE TO LIVE IS COMING SOON TO THE CITY OF GUELPH.

Award-winning builder Reid’s Heritage Homes is excited to present Clairity, a midrise condominium community located on desirable Clair Road in Guelph. Its location is just minutes from Hwy. 401, charming downtown Guelph, grocery stores and schools, making access to every-day needs simple. To be released in October 2015, the community will offer one- and two-bedroom units ranging from 690 sq. ft. for a single dweller to 936 sq. ft. for those looking for more living space. Two-bedroom units will start in the mid-$200’s.

All suites will be well appointed with standard upscale finishes, including: » Quartz countertops in the kitchen and bathrooms » Vinyl plank flooring throughout or a combination of hardwood, ceramic and carpet » A six-piece kitchen/laundry appliance package with a stainless steel fridge, stove, dishwasher and microwave, as well as a stackable washer and dryer » Modern five raised panel doors with contemporary hardware, » Breakfast bars on kitchen peninsulas » USB outlets for convenient recharging of electrical devices. » One parking spot Design consultants will be available to guide buyers with the selection process of additional features and finishes, and assist in achieving the perfect amount of personalization for each unit.

“The architecturally designed exterior façade will incorporate sophisticated masonry detailing, balconies and patios at grade level.”

The building will feature a secured entrance with intercom system, a party room on the main floor complete with kitchenette and washroom, a bike storage room in the parking garage and electric car charging stations.

The architecturally designed exterior façade will incorporate sophisticated masonry detailing, balconies and patios at grade level.

This community will be further enhanced by pristine surroundings of professionally designed and landscaped grounds and greenspace for neighbours and friends to gather and socialize.

Homeowners of this new community will be only a short walk away from a variety of banks, restaurants and health services as well as several grocery stores. Only a 10-minute drive away is Stone Road Mall, which houses more than 130 retailers, including H&M, Home Outfitters, Old Navy, Shoppers Drug Mart, Lush, the Rocky Mountain Chocolate Factory and more.

There is no shortage of activities, with a Galaxy Cinema just down the road, and the Victoria Park East Golf Club nearby. Also close by are the Guelph Farmers’ Market open Saturdays year-round, and the Aberfoyle Antique Market where you can buy a season pass or just spend a pleasant Sunday.

Plenty of festivals are also held in Guelph, including arts festivals in the summer, the Guelph Jazz Festival and the well-known Hillside Festival.

Visit reidsheritagehomes.com to learn more, and register to receive additional details on this upcoming community.

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a historic landscape and ample recreation opportunities, will benefit from the Town’s commitment to spend $5 million to create a waterfront trail system with wandering promenades, passage to beaches and outdoor pavilion spaces. AquaBlu is located adjacent to this development.

“The popularity of Grimsby as a place for new development and investment in recent years is demonstrating what long-time residents have known all along, that Grimsby is a wonderful place to live, raise a family, work, play and visit,” says Mayor Bob Bentley.

…continued from page 23

5| Just down the QEW, the Hamilton housing market remains safely in the low risk category, CMHC’s latest House Price Analysis and Assessment framework shows.

The limited supply of singledetached homes in the GTA is causing record price growth there, encouraging some buyers to look west to Hamilton. Single-detached homes accounted for more than 60 per cent of total existing home sales in Hamilton in the first quarter, CMHC says.

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

3|

Go west, go west… to Milton

Buyers looking for new lowrise homes in the GTA and feeling priced out of the Toronto market can also head west – to Milton.

There are plenty of examples of new lowrise home options in Milton – said to be the fastest growing municipality in the Greater Golden Horseshoe. One of them is Branthaven Homes’ new townhome community, Pure, which offers six, two-storey floorplans from 1,765 to 2,030 sq. ft.

“Milton is the number one choice for young professionals and families who want small-town allure and wide open spaces,” says Steve Stipsits, president of Branthaven. “They are also looking for quality new home construction, contemporary finishes and family-friendly amenities at an affordable price point.”

Milton boasts proximity to Sixteen Mile Creek and the Niagara Escarpment, so options for cycling, hiking, walking and exploring abound.

4|

Affordable luxury in Grimsby

If you live and work in the Hamilton area, luxury condos are now within reach for first-time buyers – in Grimsby.

One example is AquaBlu, a new midrise luxury condo by Homes

by DeSantis.

“People want to live at the lake, they want luxury and easy access to major centres all at an affordable price,” says Homes by DeSantis President Gabriel DeSantis.

AquaBlu features 120 condominium residences and four townhomes, starting from $189,900, a cost suited to first-time homebuyers.

Grimsby is a town that is undergoing something of a renaissance. The downtown area, already boasting

Waterfront condos in Burlington

Waterfront condo options in Southwestern Ontario are expanding, including with Adi Development Group’s offering of Nautique, a 24-storey tower along Lakeshore Boulevard.

Another example is New Horizon Development Group’s Bridgewater Residences on the Lake, two luxurious condominium buildings.

Bridgewater Residences will feature two residential condominium buildings, comprising 120 units between the two towers and retail space at the ground level.

6|

Investment potential

First-time buyers are typically not too concerned with the investment potential of their home – other than hoping the value appreciates over time.

But the same characteristics support real estate, be it a primary residence or an investment property – a solid and growing local economy and stable employment conditions.

You would be interested to know, then, that in our recent list of 10 top Canadian cities for investing in real estate, Ontario ruled – the province occupied seven of the top spots.

Of those seven locations in Ontario, three of them were in SWO – Guelph, Brantford and Hamilton.

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Pricing and and specifications specifications subject subject to to change change without without notice. notice. E&OE E&OE ** Limited Limited time time offer. offer. See See Sales Sales Representative Representative for for details. details.

Pricing Pricing and Pricing and specifications specifications subject subject to to change change without without notice. notice. E&OE E&OE ** Limited Limited time time offer. offer. See See Sales Sales Representative Representative for for details. details.

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ANCASTER GLEN • Ancaster • Single Detached • 435 GARNER RD EAST • 289-239-7629 ANCASTER GLEN • Ancaster • Single Detached • 435 GARNER RD EAST • 289-239-7629 Desirable community of Singles & Towns close to parks, highways and shopping. Singles from the high $500’s.

Desirable community of Singles & Towns close to parks, highways and shopping. Singles from the high $500’s.

DOON CREEK • Kitchener • Decorated Model Home • 691 ROBERT FERRIE DR • 519-893-7600 DOON CREEK • Kitchener • Decorated Model Home • 691 ROBERT FERRIE DR • 519-893-7600 Kitchener’s most sought-after new home community. Towns from the low $300’s. Singles from the low $500’s.

Kitchener’s most sought-after new home community. Towns from the low $300’s. Singles from the low $500’s.

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FAIRGROUNDS FINALE • Binbrook • Decorated Model Homes • 56 PUMPKIN PASS • 289-286-0928 FAIRGROUNDS FINALE • Binbrook • Decorated Model Homes • 56 PUMPKIN PASS • 289-286-0928 Where country charm meets downtown convenience. Freehold Towns from the low $300’s. Singles from the low $400’s.

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PARAMOUNT AT VALLEY PARK • Stoney Creek • One Left • 220 MUD STREET WEST • 905-560-2061 PARAMOUNT AT VALLEY PARK • Stoney Creek • One Left • 220 MUD STREET WEST • 905-560-2061 Where dream living comes to play, with a sports complex and hiking trails. Singles and Condo Towns from the mid $200’s.

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GREENHILL GLEN • Hamilton • Decorated Model Home • 689 GREENHILL AVENUE • 905-538-8752 GREENHILL GLEN • Hamilton • Decorated Model Home • 689 GREENHILL AVENUE • 905-538-8752 Be steps from the escarpment at Greenhill Glen. Singles and Semis from the mid $400’s.

Be steps from the escarpment at Greenhill Glen. Singles and Semis from the mid $400’s.

Be steps from the escarpment at Greenhill Glen. Singles and Semis from the mid $400’s.

SUMMIT SHORES • Thornbury • Decorated Model Homes • 103 DELPHI LANE • 705-293-0223 SUMMIT SHORES • Thornbury • Decorated Model Homes • 103 DELPHI LANE • 705-293-0223 Enjoy four seasons of active living steps away from the waterfront and ski hills. Chalet-style Towns from the high $400’s.

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VICTORIA COMMONS • Kitchener • Decorated Model Homes • 310 LOUISA ST • 519-585-0500 VICTORIA COMMONS • Kitchener • Decorated Model Homes • 310 LOUISA ST • 519-585-0500 Perfectly positioned between Downtown Kitchener and Uptown Waterloo. Towns from the high $200’s.

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Perfectly positioned between Downtown Kitchener and Uptown Waterloo. Towns from the high $200’s.

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TOWNS & TOWNS SINGLES & SINGLES in Ancaster

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Property Profile | LOSANI HOMES

See it, touch it, feel it with Losani’s innovative

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Losani Homes has recognized the demand for quick closing homes and is excited to introduce Pronto on Demand. This innovative program allows homebuyers to move in quick, and depending on the stage of construction, affords them the opportunity to make various features and finishes selections before they move in. You can now move into a beautiful Losani home in 30, 60, 90 or 120 days.

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spotlight on

condos

Why condos are such a smart buy

By Lydia McNutt HOUSES IN TORONTO are becoming more expensive, and according to RBC’s latest Housing Trends and Affordability Report, prices for single-detached homes continued on their upward trajectory through

the first quarter of 2015, with no end in sight. But that’s not the case across for all housing types.

The trend? The hotter the market, the cooler the affordability rating. Albertans, Quebecers and

Maritimers are faring better than Ontarians and our westcoast counterparts. So are condo buyers, including those in Canada’s hottest markets. …continued on page 36 FALL 2015 | YOUR FIRST HOME & CONDO 35

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1 The ups and downs

There were two big stories that dominated the headlines with a ripple effect on the housing market: “Oil prices hit the floor” and “Mortgage rates reach record lows.”

The oil slump softened home prices and eased affordability in oil-producing provinces, particularly in Edmonton and Calgary, says Craig Wright, senior vice-president and chief economist at RBC. Low lending rates coupled with lower prices are making these markets a buyer’s paradise.

Meanwhile, in Toronto and Vancouver, which are showing strong price gains, affordability took a hit as a result of increased activity and high demand due, in part, to low lending rates. RBC expects an eventual normalization of monetary policy, starting in Q2 of 2016, which means costs will rise and the affordability rating will continue to fall.

3 An affordable alternative

With lending rates expected to rise and single-detached homes “inching towards risky levels,” as RBC notes in its report, what does this mean for homebuyers in Toronto? You’d be wise to buy now, while you still can. And with an affordability rating of 28.9 per cent, condos provide a viable, affordable alternative singledetached homes.

2

Affordability in Ontario

RBC’s housing affordability index captures the proportion of pre-tax household income required to own and operate a home at current market value.

The greater the measure, the worse the affordability.

For example, a measure of 50 per cent means owning a home – including mortgage payments, utilities and property taxes – will eat up 50 per cent of a typical household’s pre-tax income. The higher the measure, the worse the affordability.

In Ontario, the measure for bungalows and twostorey homes rose by 0.3 percentage points to 45.5 and 51.7 per cent, respectively. Condos dropped by 0.2 percentage points, to a much more

affordable 28.9 per cent.

Translation: Owning a two-storey home in our province will eat up 51.7 per cent of your budget.

According to Canada Mortgage and Housing Corp., Affordability Rule No. 1 is that your monthly housing costs shouldn’t exceed 32 per cent of your gross monthly income.

RBC attributes the affordability gap to the increase in multi-unit construction, “with about half as many singlefamily homes being built compared to 10 years ago.

The relative scarcity of single-family homes in the face of growing demand, therefore, has fuelled stronger price increases compared to the well supplied condo segment.”

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Advice | LEGALLY SPEAKING

4 first-time buyer tips

By Jayson Schwarz AS A LAWYER, my best advice

to first-time homebuyers is – research everything ahead of time: prospective builders, areas, amenities, property taxes, lawyers, your financial ability, zoning, bylaws and neighbours. Don’t allow yourself to be pressured by anyone.

1. What can you afford?

Review your savings and income to determine what you can afford. Speak to mortgage specialists at your bank as well as a reputable broker. Companies such as the Mortgage Centre in Mississauga and Mortgage Providers in Toronto have the experience and integrity to get you the best deal.

Get pre-approved so you know your budget – and get it in writing so you have something to rely on. Especially today, it is critical that you don’t spend more than you can afford.

2. Do you want a condo or a freehold?

Condo living provides a carefree lifestyle, but you pay additional monthly expenses and sometimes others determine how the amenities, if not your unit itself, can be used.

Freehold provides the freedom to do what you want, but maintenance and upkeep fall on your shoulders.

Once you determine what kind of home you want, you need to decide new or resale.

If new, the offers are long and filled with clauses that could cost you money or result in long delays.

Be sure to see an experienced real estate lawyer familiar with these kinds of agreements before it is final and no longer conditional.

Research the builder and visit other sites the company has done and ask people about quality and aftersales service.

3. Find the right lawyer A lawyer must advise you at the time you make your offer, to guide you in understanding the offer (Agreement of Purchase and Sale).

The right lawyer will explain what documents you will sign and what is to be included in the offer. It is important that your lawyer explains all the potential costs and what you may encounter. Ensure you discuss and agree to the fees beforehand.

The fee to close a standard resale home or condo of less than $500,000 should be somewhere between $800 and $900, plus HST and disbursements. This may vary in special circumstances. Also, make sure you get a free offer review.

Then have your lawyer provide you a list of disbursements – the money expended on your behalf to properly close the transaction. This is when some lawyers may try to charge large fax, mail and copying fees. Make your lawyer justify all expenditures that don’t make sense.

4. Miscellaneous Do you have a will? Is it up to date and does it represent your current situation? A will prevents sibling disputes, clarifies who will look after children, keeps the government out of your affairs, allows for an orderly disposition of everything from possessions to your realty, stocks and bonds, and will help guide your funeral arrangements.

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

There is a lot to consider when buying your first home. Being prepared will help you enjoy the experience and find that dream home.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and senior partner in the law firm Schwarz Law LLP. If you have a topic in mind, mail, deliver or fax letters to the magazine or to the firm, email (info@schwarzlaw.ca) and give us your questions, concerns, critiques and quandaries.

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Property Profile | AVERTON BEACON HILL in the heart of Bowmanville From the most luxurious builder in Bowmanille, Beacon Hill offers a stunning range of luxurious detached homes and bungalows on beautiful 40-ft. lots, priced from the low $400’s.

Here, you’ll enjoy life in a thriving and established neighbourhood with easy access to GO Transit, Hwy. 2 and the 401, plus miles of walking trails.

AVERTON SQUARE in downtown Niagara-on-the-Lake Imagine living just a short stroll from the theatres, shops, restaurants and galleries of downtown Niagara-onthe-Lake. Located in “Canada’s Prettiest Town,” this exclusive collection of 20 beautiful bungalows is now offering its model homes for sale, priced from the low $600’s, with an exciting new release of homes coming soon.

AVERTON COMMON in the Historic Village of Kleinburg

Design is everything at

AVERTON AVERTON is a new home builder actively redefining homes in Ontario and Alberta. With the goal of creating modern, affordable luxury that pushes the boundaries of traditional home design. Every feature in an Averton home is designed with unparalleled craftsmanship and integrity to ensure it has a lasting connection to your lifestyle. At Averton – design is everything.

Explore Averton’s active developments in the GTA and beyond:

MAIN STREET SEATON on Brock Road in Pickering Pickering’s best new home value, Main Street Seaton offers a stunning collection of Brownstone

Averton Common is an enclave of condominium villas, located in prestigious historic Kleinburg, surrounded by quaint shops, art galleries and fine restaurants. Priced from the low $600’s, this intimate cluster of condominium villas projects elegance and sophistication, with a warm, rural charm. Construction is well underway and occupying Fall 2015.

Townhomes. Choose from Coach Towns, Garden Towns and Urban Towns, all close to every big city amenity and priced from the $280’s.

It’s all yours in what has recently been named “the best place in Canada to raise a family.”

EVOLUTION with immediate occupancy in Etobicoke

VICTORIA HIGHLANDS in beautiful Mount Albert

As a market leader in both eastern and western Canada, Averton has proven itself with new-home buyers across the country. Quality materials, proven construction techniques and innovative technology – all come together in a builder whose guiding principles of design and innovation are evident in everything it does.

Amidst the rolling hills of Mount Albert, Victoria Highlands combines small-town friendliness and easy access to big city amenities. It’s the perfect venue for a collection of 33- and 40-ft. detached homes, priced from the mid $500’s. There are two designer-decorated models to tour, with quick closing available on some homes.

Want to move in quickly? This boutique condominium in Etobicoke is fully complete, with quick moveins available on a superb selection of suites priced from the low $300’s.

For more information, visit averton.ca

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Advice | MORTGAGE ADVICE

How you can become a first-time buyer

By Alyssa Richard NO GENERATION has had a tougher time getting into the housing market than Generation Y. Indeed, the deck is also stacked against Millennials, who are burdened with heavy student debt, challenging job prospects and limited wage growth.

Housing prices have continued to surge over the last decade, fueled by record-low interest rates and booming condo sales.

But first-time homebuyers still represent a large portion of the housing activity in Canada. According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), an estimated 210,000 of the 425,000 homes purchased in 2014 were from first-time buyers.

And these property virgins aren’t just putting down the bare minimum to get into the market. CAAMP estimates that, on average, first-time buyers make down payments equal to 21 per cent of the price of their homes. That’s no small chunk of change. With average home prices across Canada surpassing

$450,000 this summer, 21 per cent represents nearly $95,000.

Where does the money come from?

Here’s what the CAAMP survey found.

Personal savings (40 per cent): First-time buyers are using their own savings to get into the housing market, with a reported 40 per cent of total down payments coming from the personal savings of applicants and their co-applicants.

Tax-free savings accounts represent a flexible way for first-time buyers to save up for a down payment. With annual contribution limits rising to $10,000 this year, couples have the potential to save up to $20,000 per year inside their TFSAs and invest the funds in a variety of ways – from highinterest savings accounts and GICs, to stocks, mutual funds and ETFs. Gifts and loans from family (17 per cent): Funds procured from the bank of mom and dad are on the rise. Gifts and loans from family

represent 17 per cent of down payment funding for first-time buyers, up from 13 per cent five years ago.

RRSPs and Home Buyers’ Plan (12 per cent): Withdrawals from RRSPs using the Home Buyers’ Plan (HBP) have declined in recent years, down from 16 per cent between 1995 and 2004.

The HBP allows first-time buyers to withdraw up to $25,000 from their RRSP to put toward a down payment on a home. But with declining savings rates, a relatively low maximum withdrawal amount (when compared to the amount needed to qualify for a home today) and the introduction of the TFSA, the HBP has become somewhat redundant in today’s market.

(Prime Minister Stephen Harper recently tabled a proposal to raise the withdrawal limit to $35,000, should he be re-elected.)

You have up to 15 years to repay the funds, starting the second year after which your withdrawal.

First-time power Although it’s become increasingly difficult to buy a home today, it’s clear that first-time homebuyers are the engine that fuels the housing market, representing nearly half of all homebuying activity in Canada.

The challenge comes when firsttime buyers can’t save fast enough to keep up with a hot real estate market. That type of pressure can lead to emotional decisions, such as buying before you’re financial ready or borrowing the funds through alternative lending, all in order to avoid getting priced out of the market forever.

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.

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Property Profile | THE HI RISE GROUP

Ad

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SPICE LIVING THERE’S SOMETHING new coming to the Danforth neighbourhood that’s sure to “spice” up your life.

Living in one of Toronto’s most vibrant, colourful and diverse pockets is anything but boring, and The Hi Rise Group is excited to be part of the action with Spice – a two-storey urban townhome on Danforth Road, offering affordable city living to match the excitement and convenience of the Danforth locale.

Buyers are flocking for a taste of Spice. With every imaginable amenity nearby and easy access to transit, Spice has every ingredient you need to connect with your city and enjoy comfortable living that truly suits your lifestyle.

Part of Spice’s allure is its price – homes start from the mid-$300’s, with suites ranging in size from 749 to 1,029 sq. ft.

Few new living options in Toronto can offer convenience, location and affordability in one tasty package.

Spice embraces diversity and flavour beyond this enclave of 116

homes. Designer Bryon Patton, well known for his ingenious interior designs across the city, has created colour palettes that cater to your preferences.

Your style will shine through your home with options like rich granite, smooth wood grains and custom hues that make your choices your own.

Topping off the project, rooftop terraces, balconies and patios complement your home’s design by providing larger entertainment spaces and easy access to the outdoors.

Speaking of the outdoors, Spice offers a unique opportunity for residents to connect with their city via the 24-hour bus right at their doorstep. Alongside bus services, Warden and Victoria Park subway stations are minutes away.

With a walk score of 79 and transit score of 80, residents can immerse themselves in culture and lifestyle without ever leaving their neighbourhood.

A perfect lifestyle includes the key ingredient of relaxation, and there’s

no shortage of leisure activities to escape the daily grind. Spice’s location makes a day at the beach or a run along The Bluffs easy as pie.

Spice residents also can enjoy all the perks of life on The Danforth with its popular restaurants, bars, shops, grocers, day cares, schools and a plethora of parks all nearby.

At the heart of it all, Spice itself is an escape from hectic city life.

This intimate complex of homes boasts an element of seclusion to afford residents downtime and provide the privacy they desire in the city they love.

Spice has all the ingredients of a winning recipe for real estate – location, lifestyle and price – a combination that’s hard to find in a city such as Toronto, and coming soon to the Danforth area.

Ready to add some Spice to your life?

Visit spiceondanforth.com for more information and to register for the preview opening and prime selection of suites at pre-construction prices.

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Advice | BILD REPORT bedrooms and a basement, and offer a different lifestyle than condos.

Buying your first home in the GTA

By Bryan Tuckey BUYING A NEW HOME in the GTA can

be challenging, especially if you’re a first-time buyer. But through careful research and a bit of help from qualified real estate professionals, you can rise to the challenge.

The first step is to determine what type of new home is best for you – a highrise condo, or a lowrise home such as a detached or semi-detached house or a townhome. Start by determining how much space you need, where in the GTA you want to live, how you commute to work and how much you can afford.

House or condo?

Highrise condos are a popular choice for many first-time buyers.

While usually smaller than a lowrise home, condos built today often offer premium locations. New projects

tend to be located closer to city centres and transit corridors.

Other advantages include building amenities such as fitness and recreation centres and 24-hour concierge service. These are typically covered in monthly maintenance fees, which are usually lower in new buildings.

When it comes to lowrise homes, most new ground-related developments are located in the 905 regions such as York and Peel. You can still find townhome projects in Toronto, but expect to pay a premium for living in the city.

In the 905, you will find a wider variety of housing types – everything from townhomes that offer a more urban feel, to detached singlefamily homes on large lots. These homes typically come with multiple

How much can you afford?

Once you’ve established what type of home you are looking for, it’s time to narrow your search by determining how much you can afford.

Consult with a professional mortgage broker who can help evaluate your finances. Interest rates are still at record lows, but don’t get carried away. With a five-per-cent down payment, your total monthly housing costs should not exceed 32 per cent of your gross household income.

Highrise condos are the more affordable option, but make sure you factor in all fees. It’s important to find out whether these fees also cover your water, heat and hydro, as individual utility monitoring is a common feature in new buildings.

Buying a lowrise home in the GTA presents more of a challenge for first-time buyers. Prices have grown rapidly in recent years, largely due to constrained supply and high demand.

Some builders have addressed this issue by introducing new lowrise housing options such as stacked townhomes, which usually start in a lower price range. Be aware that demand for these homes is very high, and they often sell out quickly when they come to market. While you should never rush into a purchase, you can act quickly by doing your research ahead of time – learn about some of the builder’s previous communities, pre-register for the project, and find out what kind of area amenities are coming to the community that are important to you.

Congratulations Buying a new home is likely the biggest investment you will ever make. Take your time and ask as many questions as you need before finalizing your purchase.

Bryan Tuckey is President and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta) and BILD’s official online blog (bildblogs.ca).

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Home Decor

NICE LEGS

By Elisa Krovblit

When you’re looking to furnish your first home, don’t be shy – take a long look at those legs.

It’s not just the colour, fabric and finish that make the style and the statement – the line created by the legs can be a show stopper. From the rolling and scrolling decorative feel of a Queen Anne and the architectural elegance of midcentury modern, to the curvy flair of a cabriole, you’ve got a lot to look at.

Cavett Chair in Twine $1,449 crateandbarrel.com Mid-century Dutch

Stick Around White/ Grey Arm Chair $599 cb2.com Queen Anne

Atelier - Urban Classic - Tempered Glass-top Console Table with Metal Legs $540 bouclair.com Cabriole

Baxter Sofa with Turned Black Wood Legs $3,595 jonathanadler.com Turned bun foot 44 YPNEXTHOME.CA

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Property Profile | PRIMONT HOMES

SEASONS IN CALEDON A master-planned community WELCOME TO CALEDON’S flourishing family community that offers a great selection of 42- and 43-ft. detached homes starting at $714,900, as well as homes with finished basements from $827,900.

Seasons in Caledon is part of an established master-planned community from an award-winning home builder renowned for quality, livability, design, style and outstanding customer service.

Located at Kennedy and Mayfield, this is a community where nature paints gorgeous masterpieces with every changing season.

Caledon is home to more than 70 spectacular parks and more than 260 km of walking trails! Your family will love hiking in the summer and cross-country skiing and skating in the winter. Indulge in locally grown food and farm-fresh goods from nearby Farmers’ Markets. Local fairs and a roster of family-centred activities are also located just around the corner.

Minutes from Hwy. 410 and every destination in the GTA, Seasons is close to transit, shops, dining, recreation and much more. The nearby Heart Lake Conservation Area features a pool and splash pad, cross country running during the fall, day camps during the summer, picnic venues, hiking and biking trails.

Seasons in Caledon offers a wide selection of all-brick, two-car garage family homes on 42- and 43-ft. lots that feature stunning entranceways, gorgeous porches and balconies. Many of the homes feature large open-to-above spaces with high ceilings that create an air of contemporary beauty and spacious luxury. The second floor overlooks the formal living and dining room, creating a layered ambiance that adds dimension.

At Seasons, the kitchen is the foundation of the home. It is here that families gather together to

prepare a meal, share the day’s stories and enjoy casual dining at its best. Seasons kitchens offer stunning extended cabinets built to maximize storage. Spacious countertops and extended breakfast bars contribute to a friendly atmosphere that showcases luxury and style.

Prime locations, elegant design, superlative craftsmanship and exceptional customer service have earned Primont Homes the trust of tens of thousands of homebuyers.

Primont Homes knows that every homebuyer is special, which is why they work individually with each customer to reflect their dreams and aspirations. Today you can see Primont’s signature quality and excellence at dozens of communities across the GTA. Visit Seasons sales centre today at 12688 Old Kennedy Rd., north of Mayfield or call 905.843.8686. Visit primonthomes.com for more.

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Builder

Story

As a family-owned homebuilder with over 40 years of experience, Primont Homes is committed to providing the highest quality and value to all our homebuyers.

Prime locations, elegant design, superb craftsmanship and unrivaled customer service have made Primont a leading and trusted name in the industry.

MOUNT PLEASANT BR AMPTON

RENAISSANCE WOODBRIDGE

CORNELL MARKHAM

BAVIEW & 19 TH AVENUE RICHMOND HILL

PHASE 2 COMING SOON

COMING THIS FALL

COMING SOON

COMING SOON

AT CORNELL

FROM THE MID

300’S

$

PHASE 3 LUXURY FREEHOLD TOWNHOMES

URBAN TOWNHOMES

FREEHOLD TOWNHOMES

FREEHOLD TOWNHOMES

REGISTER NOW at Primonthomes.com Connect with us on

#MyPrimontHome

SALES OFFICE HOURS: Mon – Thurs 1pm – 8pm • Fri & Hol Closed • Sat & Sun 11am – 6pm See Sales Representative for details. Prices and specifi cations are subject to change without notice. E. & O.E.

H O M E S™

Consider Yourself at Home

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where happiness is always in season Elegant 42’ and 43’ Detached Homes from $714,900 Finished Basements Available!

Imagine a beautiful family community from Primont, where nature paints gorgeous masterpieces with every changing season. A home that’s just steps to schools, shops and community centres. Welcome to Seasons in Caledon.

SEASONS IN CALEDON

BONUS PACKAGE RECEIVE $5,000 IN UPGRADES PLUS MORE! OLD SCHOOL RD.

IN CALEDON

N

HEARTLAKE RD.

SEASONS

KENNEDY RD.

12688 Old Kennedy Road, North of Mayfield Tel. 905.843.8686

HURONTARIO ST.

Visit the Presentation Centre Today

MAYFIELD RD.

PrimontHomes.com FALL 2015 | YOUR FIRST HOME & CONDO 47

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Bleed:

.125

Colours:

Built:

CMYK

14/08/2015 – SS

APPEALING LOCATIONS PAIRED WITH ATTRACTIVE PRICING

ETOBICOKE WATERFRONT RIVA DEL LAGO | READY EARLY 2017

ETOBICOKE WATERFRONT LAGO | READY 2016

DOWNTOWN TORONTO PICASSO | READY 2016

UNDER CONSTRUCTION

UNDER CONSTRUCTION

UNDER CONSTRUCTION

From 616 Sq.Ft. From The Mid $300s

From 424 Sq.Ft. From The Low $200s

From 929 Sq.Ft. From The High $500s

By Appointment 416-495-3549

FOR MORE INFORMATION REGISTER AT MONARCHGROUP.NET FOLLOW US: SALES CENTRE ADDRESS: 2167 Lake Shore Blvd. West, Etobicoke, ON, M8V 0A8 SALES CENTRE HOURS: Monday - Thursday 12pm - 8 pm; Friday 1pm - 6 pm; Saturday, Sunday and Holidays 11am - 6 pm • 416-495-3544 Prices, specification and promotions are subject to change without notice.

Renderings are artist’s concept and images are for mood and impression only. E.&O.E. August 2015.

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