Your First Home & Condo - FALL 2014

FALL 2014 EDITION FREE

HOME&CONDO THE GUIDE TO BUYING AND MANAGING YOUR FIRST HOME

Hot markets YOUR GUIDE ON WHERE AND WHAT TO BUY

YOUR FIRST MORTGAGE Stress-test before you buy

+

Money sense

CHECKING OFF ALL THE COSTS – AND OPPORTUNITIES TO SAVE! SPECIAL EDITION

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Your Life Storey always comes first.

2013 Tarion Award of Excellence Finalist For the last sixty years, Menkes has been a central chapter in the Life Storeys of so many. Menkes has always focused on building homes in the city’s most desirable and accessible locations. Discover elegant family homes in communities across the Greater Toronto Area that exude this company’s trademark character, charm and lasting value. Come home to Menkes today, where your Life Storey always begins and ends with total customer satisfaction.

Facebook.com/MenkesLife

@MenkesLife

Prices and specifications are subject to change. E.&O.E. August 2014.

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NOW OPEN

NOW OPEN

NEW RELEASE

Burnhamthorpe Rd. & West Mall Etobicoke Starting from the high $300’s 416.259.2525

Brown’s Line & Evans Ave. Etobicoke Starting from the $480’s 416.259.2525

Guelph St. & MacFarlane Dr. Georgetown Starting from the high $500’s 289.891.9103

FREEHOLD TOWNS

90 DAY CLOSINGS

Bathurst St. & Finch Ave. North York Starting from the high $600’s 416.730.1600

Salem Rd. North & Williamson Dr. East Ajax Starting from the mid $500’s 905.428.0500

menkes.com menkes.com

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FALL

2014 TABLE of CONTENTS

10

Editor’s Note

14

Community Profile

15

First-Time Buyer Primer

16

Community Profile

18

Finances

20

Community Profile

Buying your first home? We’re here to guide your decision After 97 years, families are still choosing Monarch first Who you are, what you’re buying and where Now open – Menkes’ Humber Mews in Etobicoke The total costs and savings when buying your first home ArtHouse Condos Markham’s first arts-inspired condo

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22

Mortgage Advice

Stress test your mortgage before you buy

23

Southwestern Ontario

26

Community Profile

28

Home Search

32

Highrise or Lowrise

35

Spotlight on Condos

New homes and condos in Southwestern Ontario Quality, value and experience make Losani a wise choice A guide to some key markets in Southwestern Ontario What type of new home might be best for you?

43

36

BILD Report

38

Style File

42

Community Profile

43

Home Search

45

Community Profile

Intensification and sustainable transit important for buyers Get a luxe look for your first home for less Introducing stylish living at Uptownes in Stouffville Some of the top areas and home types in the GTA Consider yourself at home with Primont

An excellent choice for firsttime homebuyers

2014-08-26 5:30 PM

YOUR FIRST

HOME&CONDO PRESIDENT, WALL2WALLMEDIA

Jacqueline Hill

DIRECTOR OF SALES, NATIONAL

Josh Heppner

SALES MANAGER, NEW HOME GUIDE GTA, NEW CONDO GUIDE, HOME DÉCOR AND RENOVATIONS

Conni Robinson

ASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO, LIFESTYLE COMMUNITIES

Susan Maxwell

EDITOR-IN-CHIEF/DIRECTOR OF CONTENT

Susan Legge

ART DIRECTOR

Tammy Leung

EDITOR

Wayne Karl

14

CONTRIBUTING EDITOR

Sara Duck, 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

3

GRAPHIC DESIGNERS

Pierre Farhan, Mihail Terentiev, Hannah Yarkony YOUR FIRST HOME & CONDO

500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 NOW PUBLISHING 2X PER YEAR - WINTER & FALL 2014 ADVERTISING: Call 416.626.4200 for advertising rates and information.

42

CIRCULATION ­Distribution 20,000 copies available at the Kismet Wedding Show, National Bridal Show, National Home Show, International Home Show, Welcome Wagon Wedding Shows and by consumer request and with the Wall2Wall Media city-wide retail distribution network.

COPYRIGHT 2014 All rights reserved by Wall2Wall Media Inc., Toronto, Ontario, Canada. Reproduction in any form is p ­ rohibited. Contents of this publication are ­covered by Copyright and offenders will be p ­ rosecuted under the law.

TERMS Advertisers, Editorial Content and Your First Home & Condo are not responsible for typographical errors, mistakes or m ­ isprints. 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 above address, to the attention of the editor.

Published By

Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.

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Please recycle this magazine! Wall2Wall Media 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.

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Monarch first.

Since 1917, Monarch has been at the heart of so many family histories. First homes.

First memories. First accomplishments. First friends. And first loves. For almost a century, the reassuring welcome of a Monarch home on a Monarch street has brought thousands and thousands of families closer together.

So if you’re looking for a new home, trust the oldest, strongest and most respected name in Canadian homebuilding.

Choose Monarch. First.

8 YOUR FIRST HOME FALL 2014

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MONARCH COMMUNITIES LOW RISE KLEINBURG | KLEINBURG CROWN ESTATES | DESIGNER DECORATED MODELS Singles from the upper $800,000’s Sales Centre located at 165 Timber Creek Boulevard 416-495-3513 CALEDON | SOUTHFIELDS | MODELS TO VIEW Singles & Live.Work Towns from the low $600,000’s Townhomes from the upper $300,000’s Sales Centre located at 12515 Old Kennedy Road, Caledon (Old Kennedy Rd. and Mayfield Rd.) 905-843-0707 SCARBOROUGH | PARKWOOD | BRAND NEW PROJECT - NOW OPEN Freehold Towns from the upper $400,000’s Sales Centre located at 1325 Danforth Rd., Scarborough 416-495-3574 SCARBOROUGH | BENNETT | COMING SOON - REGISTER TODAY A wooded Enclave of Detached Homes KITCHENER | TOPPER WOODS | BRAND NEW MODELS & SALES CENTRE NOW OPEN Singles from the mid $400,000’s Sales Centre located at 7 Wetland Way, Kitchener 519-894-8222

HIGH RISE ETOBICOKE WATERFRONT | LAGO | UNDER CONSTRUCTION From the $200,000’s Sales Centre located at 2167 Lake Shore Blvd. W. 416-495-3544 ETOBICOKE WATERFRONT | WATERSCAPES | MOVE-IN THIS YEAR From the $400,000’s Sales Centre located at 2167 Lake Shore Blvd. W. 416-495-3544 DOWNTOWN TORONTO | PICASSO | UNDER CONSTRUCTION From the $400,000’s By appointment only 416-495-3549 ETOBICOKE WATERFRONT | RIVA DEL LAGO | NOW OPEN From the mid $300,000’s Sales Centre located at 2167 Lake Shore Blvd. W. 416-495-3544

discover more

MonarchGroup.net

first.

*Limited time only. Some conditions apply. Please ask a sales representative for full details.

Prices, specifications and promotions are subject to change without notice. E.&O.E. 12156 FALL 2014 YOUR FIRST HOME 9

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Editor’s Note

W

hen you’re buying your first home, you are sure to be filled with many important questions. How much can I afford? How much will it all cost?

Where do I really want to live, and can I afford it? And, finally, what type of home do I want?

While the answers to these and other important questions depend on your situation, there are also some common guidelines you can follow.

1. HOW MUCH CAN YOU AFFORD? It’s a common mistake,

particularly for first-time buyers, to buy more home than you can really afford. Meeting with a mortgage broker or your banker will help determine your full financial picture, everything from your credit rating to your down payment.

Experts also suggest you “stress-test” your plan to see how well you could cope with higher interest rates.

BUYING YOUR FIRST HOME? Your First Home & Condo helps guide your decision

2. HOW MUCH WILL IT REALLY COST? Another common homebuyer mistake is not being prepared for all the costs involved, such as lawyer fees, land transfer taxes, utilities and insurance. All of these costs add up, and ultimately should factor into your overall home-shopping budget.

3. WHERE DO YOU WANT TO LIVE? This question is becoming more important for a number of reasons, though influenced primarily by where you work, how much of a commute you want and what your transportation options include. Indeed, proximity to mass transit is something more people are looking for in their new home location.

4. WHAT TYPE OF HOME DO YOU WANT? Once you have determined your options for cost and location, you can then assess what types of homes are available in your price range and desired neighbourhood: Single-family detached, semi-detached, townhome or condo?

So many questions, so many choices. The good news is, home builders today are in sync with customer preferences for location and amenities, and with market realities with regard to pricing and needs for energy efficiency. Your options for new-home product have never been better.

Wayne Karl, Editor wayne.karl@wall2wallmedia.com twitter.com/WayneKarl

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Community Profile / Monarch Corporation

After 97 years, families are still choosing

Monarch first I

f you’re like many Canadian families looking for a new home, you start at the top of your wish list first. That’s where you’ll find Monarch, one of the oldest, strongest and most respected names in Canadian home building.

Since 1917, the reassuring welcome of a Monarch home on a Monarch street has been at the heart of many family histories. First homes. First memories.

And first loves. As the company grew along with the country, Monarch is woven into the very history of Canada itself. Today, more and more family stories start with a Monarch home.

Canada’s first builder has a long and illustrious history of dependability.

Look into the Monarch story for yourself and discover how many of the most sought-after neighbourhoods and visionary condominiums were built by Monarch.

achieved a notable level of success in condominiums in the Greater Toronto Area. For their inspired building designs and award winning floorplans in some of the most desirable settings across the city, Monarch has earned recognition as a pacesetter, continually raising the bar in this highly competitive environment.

Those looking for condos in the most desirable locations will find Monarch in the downtown core at Picasso on Richmond under construction on Richmond St. West. and in the very best locations on the trendy Etobicoke waterfront. With their boutique condominium Riva del Lago now open, Lago under construction and Waterscapes move in ready, Monarch covers the waterfront.

FOR CONDOMINIUMS, IT’S MONARCH FIRST

Monarch’s reputation for remarkable single-family home communities is enviable. The builder offers communities across the Greater Toronto Area and beyond. Brand new models and Sales Centre are now open at Monarch’s new phase of Topper Woods in Kitchener.

Designer decorated models are captivating visitors of Monarch’s manor-

Monarch continues with innovative designs to suit every buyer’s needs.

In 1995, Monarch launched its first highrise development and entered the condominium market in a big way. Now with more than 9,000 condo suites built, Monarch has

FIRST FOR DETACHED HOME COMMUNITIES, TOO

inspired homes at prestigious Kleinburg Crown Estates. In Caledon at The Village of SouthFields, Monarch offers singles, townhomes, Live Work Towns, and coming soon, semi-detached homes. Freehold towns are now open at Parkwood in Scarborough and a wooded enclave of singles at Bennett in exclusive West Hill, also in Scarborough is now taking registrations.

About Monarch Headquartered in Toronto, Monarch is one of Canada’s oldest and largest home builders. Monarch has consistently been recognized in the home building industry and by its customers for superior quality and outstanding customer satisfaction.

Monarch builds and develops single-family detached and attached homes in Toronto and Ottawa and builds highrise condominiums in the Greater Toronto Area. Monarch focuses on style, design, quality and livability in all of its homes and is the Canadian brand of Taylor Morrison Home Corp. For more information on Monarch, please visit: Monarchgroup.net, Twitter@ monarch_group, facebook/monarchcorp

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First-Time Buyer Primer

WHO YOU ARE, WHAT YOU’RE BUYING & WHERE

by WAYNE KARL WHO YOU ARE

Two-thirds are younger than 35 Æ

Almost half are between 25 and 34 Æ

65%

have household incomes of $90,000 or less

82%

have postsecondary education

34%

20%

have household incomes of less Housing market intelligence you can count on than $45,000

23%

Higher than other mortgage consumers

+ Median Price

of first-time buyers born outside Canada Housingmarket market intelligence youyou can can countcount on on Housing intelligence are more likely to have more than four people living in their home, versus 15% for those born in Canada

were born outside Canada

First Time Buyers by Dwelling Type

50% WHAT YOU’RE BUYING

Median Price

WHERE YOU’RE BUYING

N W W

40%

EssaInnisfil

Essa

20%

Orangeville

10% 2002

Bradford West East Gwillimbury Uxbridge Bradford West Gwillimbury East Gwillimbury Uxbridge Gwillimbury Scugog New Tecumseth Scugog New Tecumseth Newmarket Newmarket Whitcurch– Whitcurch– Aurora Stouffville Aurora Stouffville Oshawa King Pickering King Whitby Oshawa Orangeville Pickering Richmond Markham Whitby Richmond Hill Caledon Ajax Markham Hill Caledon Ajax Vaughan Vaughan Scarborough North York Scarborough North York

Brampton

2012 Condos

Singles

Condos

Singles

Condos

Singles

Halton Hills

Etobicoke Mississauga

30-29

59%

predominantly purchase singledetached homes

39%

likely to purchase semi-detached, townhomes or condos, versus 20% for repeat buyers Source: CMHC

40-49

31%

plan to move within five years, versus 19% of repeat buyers

16%

rate energy efficiency as a very important factor

E

Clarington Clarington

Halton Hills

Median Price

Toronto Etobicoke Toronto

No Data No Data- $400,000 $250,000

Mississauga

$250,000 - $400,000 $400,001 - $600,000 $400,001 - $600,000 $600,001 - $800,000

Milton 20-29

E

S

Brampton

2006

0%

Georgina Georgina

S

Adjala– Tosorontio

Adjala– Tosorontio

30%

Innisfil

Brock Brock

N

Milton

Oakville

Oakville Burlington

Lake Ontario Lake Ontario

$600,001 - $800,000 $1M+ $1M+

Burlington

0

0

5

10

5

10

20

30

20

30

40 Km

$80

40 Km

HOW YOU’RE GETTING A MORTGAGE

77%

research mortgages online

61%

visit lender websites

31%

visit broker websites

79%

use an online mortgage calculator

54%

arrange their mortgage through their primary financial institution, versus 68% of repeat buyers

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Community Profile / Menkes Developments

Now open!

Menkes’ Humber Mews Townhomes in Etobicoke

T

he wait is over! Menkes Developments’ much anticipated designer townhome community in the heart of Etobicoke-Humber Mews is now open. Humber Mews is a private and intimate townhome enclave just minutes from Hwy. 427, the QEW, Gardiner Expressway and one of Toronto’s finest shopping and lifestyle destinations, Sherway Gardens.

Tall, stately, elegant... these are words that aptly describe the collection of designer townhomes at Menkes’ Humber Mews community.

A mere 66 pristine homes will be built in this intimate enclave at Evans Avenue and Brown’s Line in convenient and central Etobicoke.

Featuring three grand storeys, each townhome represents meticulous design and finishing; majestic architecture coupled with opulent features and finishes to create a truly polished home for people who appreciate the finest things in life.

Humber Mews offers one of the best locations in the city. A fast growing area with fantastic amenities surrounded by parks,

schools, recreation and shopping, downtown Toronto is just minutes away by car and yet, this dignified community retains a neighbourhood ambience 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 a five-minute drive, the Kipling subway station is a short drive or bus ride away, the local transit is right outside your door and the QEW, Gardiner and 427 are easily accessed from Evans Avenue.

Humber Mews offers unique product designs to suit a variety of tastes and budgets. Priced from $480’s, these smartly-designed, open-concept three-bedroom, 2.5bathroom three-storey homes range

from 1,266 to 1,676 sq. ft. Some layouts have basement options that provide additional space. Each home features a spacious patio or 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 embellished with an exceptional array of fabulous features and finishes, including nine-ft. ground 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 décor upgrades in addition to these outstanding standard features. Please visit the sales centre to enquire.

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. Please see a sales representative for details.

Humber Mews shares the presentation centre with Menkes’ modern townhome community, Dwell City Towns, located in Etobicoke.

Dwell City Towns offers a variety of two- and three-storey designs starting from the high $300’s.

The presentation centre for both Humber Mews and Dwell is located onsite at 2 Holiday Dr., off West Mall, north of Burnhamthorpe, Etobicoke. The sales office is open Monday to Thursday from noon to 7 p.m., and weekends and holidays from 11 a.m. to 5 p.m.; closed on Fridays. Call 416.259.2525 or visit menkes.com for more information.

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36' The Oxford Gate, Elv. B

36' LOTS IN SUTTON

BY T H E S H O R E S O F L A K E S I M C O E

FANTASTIC LOCATION & UNBELIEVABLE VALUE SUTTON

• Only a 10-minute drive to big box retailers such as Wal-Mart, Home Hardware, Food Basics, Fresh Co. and other retailers to satisfy all your shopping needs • Minutes from the new 404 extension at Ravenshoe Rd. opening in Fall 2014 • Minutes from Highway 48 • Less than 40 minutes from Toronto

Starting from

$369,990 42' starting from

SALES OFFICE: 4950 Baseline Road, Sutton, ON, LOE 1RO

$399,990

MyJubilee.ca

1.877.455.0201

Prices and specifications are subject to change without notice. E. & O.E. All renderings are artist concepts.

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Finances

MORE THAN JUST A DOWN PAYMENT

Land Transfer Tax Credit

The total costs of buying your first home

Ontario residents can claim up to $2,000 if you are buying a home as a principal residence for the first time.

Home Buyers’ Plan The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to buy or build a qualifying home.

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.

Generally, you have to repay all withdrawals to your RRSPs with a period of no more than 15 years, paying an amount each year until your HBP balance is zero.

BUYING YOUR FIRST HOME involves

more than just saving a down payment.

A good way to start is to meet with a financial planner, your banker or a mortgage broker, to assess your full financial landscape: from your savings to your credit rating and everything in between.

HOW MUCH CAN YOU AFFORD?

Once you get a clearer understanding of your financial situation, you can figure out what you can afford in monthly housing payments.

Generally speaking, lenders follow two affordability rules to determine how much you can pay: The first is that your monthly housing costs shouldn’t exceed 32 per cent of your gross household monthly income – and that figure is called your Gross Debt Service ratio. These costs include monthly mortgage principal and interest, taxes and heating expenses. If you’re buying a condo, half of the monthly condominium fees are factored into the equation.

The second affordability rule is that your entire monthly debt load – including housing costs, car loans and credit card payments – shouldn’t exceed 40 per cent of your gross monthly income. Lenders total these debts to determine the representative percentage of your gross household monthly income, which then is known as Total Debt Service ratio.

HARMONIZED SALES TAX

Purchases of new freehold and condominium homes in Ontario – unlike resale homes – are subject to the HST. HST is a combination of the eight per cent Ontario provincial sales tax (PST) and the five per cent federal goods and services tax (GST). The percentage of HST applicable to the transaction is directly related to the purchase price of the home. However, homebuyers are able to claim a rebate of some of the PST and GST. For example, the rebate associated with the PST portion of the tax is available for new homes priced up to $500,000.

The PST rebate for new properties under $400,000 is six per cent of the purchase price (or 75 per cent of the eight per cent PST portion of the HST), with the rebate amount reduced for homes priced between $400,000 and $500,000. There is a similar rebate mechanism for the five per cent GST portion of the HST.

HOW MUCH WILL YOU NEED? HOUSEHOLD INCOME

5% DOWN PAYMENT

$50,000 $60,000 $70,000 $80,000 $90,000 $100,000

$7,500 $9,300 $11,050 $12,500 $14,400 $16,275

MAXIMUM HOME PRICE $150,000 $186,000 $221,000 $250,000 $288,000 $325,500

10% DOWN PAYMENT

MAXIMUM HOME PRICE

$15,800 $19,600 $23,400 $27,200 $31,000 $34,800

$158,000 $196,000 $234,000 $272,000 $310,000 $348,000

25% DOWN PAYMENT $47,400 $58,800 $70,100 $81,500 $92,800 $104,300

MAXIMUM HOME PRICE $189,600 $235,200 $280,400 $326,000 $371,200 $417,200

GST/HST New Housing Rebate GST/HST New Housing Rebate: This program allows buyers to claim a rebate for part of the five-per-cent GST/HST you pay on a newly built home. Different rebate amounts apply to different levels of a home’s value.

FIRST-TIME HOME BUYERS’ TAX CREDIT

$750

The federal government wants to help you buy a home.

The First-Time Home Buyers’ (FTHB) Tax Credit assists first-time homebuyers with associated costs such as legal fees, disbursements and land transfer taxes.

The FTHB Tax Credit is a $5,000 non-refundable income tax credit amount on a qualifying home, providing eligible individuals with up to $750 in federal tax relief.

To be eligible for the tax credit, you or your spouse or common-law partner cannot have lived in another home owned by either of you in the four preceding years.

Source: Canada Revenue Agency

Source: Canada Mortgage and Housing Corp.

18 YOUR FIRST HOME FALL 2014

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HOW TO BUILD AND PROTECT YOUR CREDIT

F

irst-time homebuyers often learn the hard way how important it is to have a good credit rating, since it reflects your ability to repay any money you’ve borrowed. Basically, the better credit rating you have, the more likely you are to get a better interest rate.

GET A COPY OF YOUR CREDIT REPORT

Before you begin looking for a mortgage lender, get a copy of your credit history from one of the two main credit-reporting agencies: Equifax Canada Inc. and TransUnion of Canada. There is often a fee for this service. Once you receive your credit report, examine it to make sure the information is complete and accurate.

A credit score ranges from 300 to 900, and higher scores are viewed more favourably. According to Equifax, 71 per cent of Canadians have a credit score of 725 or higher, which is considered Very Good or Excellent. » consumer.equifax.ca » transunion.ca

BUILDING YOUR CREDIT HISTORY

If you have no credit history, it is important to start building one by, for example, applying for a standard credit card with good interest rates and terms, making small purchases and paying them as soon as the bill comes in.

IF YOU HAVE A POOR CREDIT HISTORY

If you have poor credit, you may need to re-establish a good credit history by making debt payments regularly and on time. Most unfavourable credit information, such as bankruptcy, drops off your credit file after seven years.

If you have a history of poor credit, consider getting credit counseling, or speak to your lender to discuss your options.

APPLY FOR A SECURED CREDIT CARD

One way to rebuild damaged credit is to apply for a secured credit card.

This gives you the advantages of a traditional credit card, but requires that you provide a certain amount of money

BE HONEST WITH YOUR PERSONAL DATA A recent survey by Equifax Canada indicates that Canadians may not take their personal data as seriously as they should. And when it comes to buying a home, this can really matter.

One in 10 Canadians mistakenly believe it is okay to inflate their annual income when applying for a mortgage, and nine per cent agree that they had not been entirely truthful on a credit or loan application.

“Make no mistake, lying on your loan application is a type of mortgage fraud,” says Tim Ashby, vice-president, personal solutions, Equifax Canada.

Canadians embarking on the mortgage brokering process are not any more informed about their credit score than the general population.

Only 23 per cent of Canadians know their current credit score, versus 26 per cent who knew it at the time they applied for a mortgage. Simply not knowing your credit score can add tens of thousands of dollars to your mortgage, Equifax says.

“Maintaining a healthy credit report by paying bills on time will go a long way in securing a loan at a lower interest rate,” says Ashby.

as security, to ensure you will pay the money back. Over time, you can improve your credit rating to the point you can be approved for an unsecured credit card.

PAY YOUR BILLS ON TIME AND IN FULL

Pay your bills in full, and consider setting up automatic payments from your everyday bank account to ensure you don’t miss any payments. If you can’t afford to pay the entire bill, pay at least the minimum monthly due.

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Community Profile / Flato Developments

ArtHouse Condos Markham’s first arts-inspired condo building

ArtHouse Condos

F

lato Developments is an award-winning real estate developer and builder in the Greater Toronto Area. We have successfully built communities in Markham, Richmond Hill, Vaughan and Mississauga, and have ongoing construction projects in Markham, Richmond Hill and Brampton.

With six ongoing and more than a dozen completed projects, our diverse portfolio includes both low- and highrise communities of residential, commercial and mixed use. Our aim is not just quantity but also quality, and thus Flato Developments is proud to be a recipient of the Markham Building Excellence Awards.

Later this year, we’re about to begin construction on our biggest project

yet – a 14-storey building in Markham called ArtHouse Condos. Referred to by some as Markham’s trendiest new development, this is where arts lovers live. Located on Main Street near 16th Avenue in Markham, ArtHouse is home to artist-inspired amenities such as an artist’s studio, a digital arts centre and a culinary arts room.

Designed by renowned architects Page + Steele, ArtHouse is unlike anything the city of Markham has ever seen. Not only is this Markham’s first arts-inspired condo building, its Green design has made ArtHouse a candidate for the prestigious LEED certification. It’s where art and design truly come together.

Inside, the suites are designed with comfort in mind. With textured ceilings,

chrome hardware throughout, laminate flooring, stainless steel appliances and more, ArtHouse is perfect for those with an appreciation for fine detail.

Step outside and you get the GO, restaurants, schools, parks and plenty more nearby. Be it your building, your suite or your neighbourhood, ArtHouse has you covered.

Perks at the ArtHouse include a six months free Presto Pass for the Mount Joy GO Station across the street, six free performances at the Flato Markham Theatre, one-year free membership for the Varley Art Gallery, and much more.

So come home to inspiration and make Markham your muse.

Markham is quickly becoming one of the GTA’s fastest growing cultural hotspots and to support the growing arts community, Flato has become the naming sponsor of the Markham Theatre. The best plays, musicals, bands and comedians – you name it – come to the Flato Markham Theatre.

At Flato, we know that building communities means more than just building homes. Creating dynamic, vibrant neighbourhoods means giving back to the services that we all love and share. That’s why Flato is an active donor to the Flato Markham Theatre, Brampton Civic Hospital, Trees for Tomorrow, SickKids Foundation, William Osler Health System Foundation and the Markham Stouffville Hospital. Aiding services, the arts and recreational activities keeps our communities active, healthy and thriving for future generations to enjoy.

For more information, visit flatogroup.com

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Mortgage Advice

STRESS TEST YOUR MORTGAGE BEFORE YOU BUY

by ALYSSA RICHARD

T

here are so many “what ifs” to consider before you purchase your first home or condo.

What are the inspection and warranty needs? What if your family starts to grow and you need more space? What if you get a new job in a new city shortly after?

It’s not always easy to answer these questions ahead of time, but the most important question you should be asking yourself right now is: what if interest rates rise?

Finance officials and economists have said that an interest rate hike is on the horizon – it’s just a matter of when. Coupled with that is the fact that our national average home price has been steadily increasing, and is now at an all-time high of more than $413,000. Knowing that we are taking

out larger mortgage loans than ever before, it’s time to question whether we can actually afford them.

In finance, planning for a worstcase scenario with an investment is called a stress test. When it comes to mortgages, a stress test is a way of determining exactly how much you can afford and – this is the important part – under what circumstances. For example, can you afford your mortgage payment today? Great. But what would you do if you lost your job? And, the more imminent question, will you be able to afford your monthly payment when interest rates go up?

While it’s near impossible to predict exactly how much interest rates could rise, sticking with a guideline of two to three per cent is a conservative estimate. For example, if you bought

a home for $413,000, put down 20 per cent and got a five-year fixed rate of 2.99 per cent, you’d have a monthly mortgage payment of $1,562.

However, if interest rates went up by two per cent during your five-year term, and the next lowest five-year fixed rate you could get was 4.99 per cent, your monthly mortgage payment would go up to $1,920. Knowing that was a possibility, would you secondguess buying the $413,000 home today and look for something less expensive?

The best way to do a stress test before you buy a home is to look at your current budget and determine the absolute maximum amount you could afford to pay each month – and try to think long-term. From there, you could use a mortgage payment calculator to see what you could afford today, but then also customize the mortgage rate to run some scenarios and see what would happen if interest rates increased. A good rule of thumb is: if you can’t afford a two per cent interest rate hike, you may want to look at a home within a more appropriate price range.

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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PHOTO BY JOANNE KEENAN

welcome to

The following pages feature new homes and condos from some of the area’s most prominent builders

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Community Profile / Losani Homes

A reputation for quality, value and experience makes Losani Homes an

Excellent choice for your first home

B

uying your first home can be an exciting, yet nerve-wracking time. For most people, it is one of the biggest, most important purchases they will make in their lifetime. First-time buyers often have lots of questions, and should look towards a quality builder with lots of experience and a strong reputation standing behind their work.

Losani Homes has been in business for 38 years, and has been long renowned for its award-winning designs, meticulous workmanship and exceptional customer service.

Along with its impressive collection of hundreds of builder awards, Losani has won the Consumer Choice Award in Hamilton the past three years for its quality, service and value, and has been named one of Canada’s Best Managed Companies for the past seven years.

Serving the Golden Horseshoe and Kitchener-Waterloo area, Losani Homes also offers a wide product

selection that is sure to suit the needs of every new-home buyer.

In the traditional new-home buying experience, individuals will not only choose a location and their specific lot within that community, but they will also select from a number of home styles to suit their lifestyle needs and budget. Losani Homes offers everything from both condo and freehold townhomes with twoand three-storey plans, to affordable singles in a variety of styles and lot sizes. Losani even offers three different exterior packages (Traditional, Craftsman and Chateau series), which are all available in 19 finishing options to make your home truly stand out.

As an alternative to the traditional homebuying experience, Losani Homes also offers their signature Pronto program. This offers homebuyers quick move-in date and significant savings with value pricing, included upgrades worth thousands,

ma

and bonus incentives. While the lot, model and elevation have been preselected along with some custom structural upgrades, in most cases purchasers can still choose their interior features and finishes and make it their own. This is a great option for those who want to purchase a new home, but may not have the luxury of waiting the length of time traditional builds can take. Depending on the home you choose, Pronto homes can be ready in as little as 30 days and Losani has one of the largest inventory programs in Southern Ontario.

No matter the style or home you buy, you can be rest assured that each Losani home is designed with strict architectural guidelines, ensuring buyers that their community will retain its premium curb appeal and provide a long-term real estate investment value.

For more information, visit losanihomes.com

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Prices, sizes and specifications are subject to change without notice. *Please see Sales for full details. Map not to scale. Exclusive listing brokerage: TFN Realty Inc. Broker Protected. E. & O.E.

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Home Search

HOT MARKETS

IN SOUTHWESTERN ONTARIO A guide to some of the key areas in SWO

by WAYNE KARL

Kitchener-Waterloo Rich in German heritage and other culture, KW has more recently gained a reputation for high technology than beer-inspired oompahs.

KW and Cambridge comprise one of Canada’s most diverse economies, evolving from a reliance on manufacturing to a balanced economy with a thriving IT sector.

GUELPH

LIFESTYLE

Kitchener has a lot more going for it than just Oktoberfest. From Bingemans camping resort and family playground, to Chicopee Ski Club, to the Kitchener-Waterloo Art Gallery and the Farmers’ Market, there is plenty to see and do in town. The Kitchener Rangers of the Ontario Hockey League, a fixture since 1963, are noteworthy because they are publicly-owned, operated by a board of directors comprising season ticket holders. It’s a rarity in sports today, and speaks to the town’s community spirit.

REAL ESTATE

KW-Cambridge is ranked as the number one investment area in Ontario to 2018, according to the Real Estate Investment Network (REIN). A strong economy and a commitment to infrastructure improvements will help drive the economy and real estate market, the group says.

Residential construction is picking up. Multi-family starts are to surge more than 71 per cent this year and another 16.5 per cent in 2015.

AT A GLANCE

220,000 Advanced manufacturing, education, IT POPULATION:

Guelph Central to this family-friendly community is a downtown where historic buildings mingle with shops, restaurants, unique clothiers and spas.

Among the city’s largest employers are the University of Guelph, the hospital and health care centres.

Growing sectors include research and development, manufacturing, agricultural operations, environmental management and technology.

LIFESTYLE

Waterfront parks, greenspaces and recreational facilities deliver year-round fun. A downtown core, anchored by an iconic farmers’ market, is alive with activity. Residents enjoy a myriad of annual events, including the Guelph Spring Festival, The Guelph Jazz Festival and The Guelph Film Festival.

$335,858 (CREA K-W)

AT A GLANCE

118,000 Health services, manufacturing, education sectors POPULATION:

MAJOR EMPLOYERS:

AVERAGE HOME PRICE JULY 2014:

$366,953 (CREA Guelph)

Hamilton Hamilton has undergone a fundamental transformation in recent years, positioning the city for long-term prosperity. REIN ranks Hamilton as the number two real estate investment town in Ontario through to 2018, thanks to economic diversification and increased accessibility through transportation improvements.

LIFESTYLE

MAJOR EMPLOYERS:

AVERAGE HOME PRICE JULY 2014:

but next year, starts in the multi-family category are expected to rise by more than 34 per cent.

REAL ESTATE

Growth in single-detached homes is to drive new-home construction this year,

Hamilton also has plenty going for it in terms of culture and entertainment. It is home to the Royal Botanical Gardens

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and the Art Gallery of Hamilton, Ontario’s third largest public gallery.

For sports enthusiasts, there’s the Hamilton Tiger Cats of the Canadian Football League, and the Hamilton Bulldogs of the American Hockey League.

OAKVILLE

REAL ESTATE

There are good reasons to consider Hamilton, as the city is among Canada’s most welcoming for first-time buyers.

Housing starts, in the single-detached and multiple, are down this year, but are expected to rebound in 2015 – 4.5 per cent and 6.8 per cent, respectively.

AT A GLANCE

692,000, metro area Health services, manufacturing, government, education sectors POPULATION:

MAJOR EMPLOYERS:

active living space, making it one of the largest venues in Canada to house such a diverse collection of recreation, arts and cultural opportunities.

AVERAGE HOME PRICE JULY 2014:

$366,953 (CREA Hamilton-Burlington)

Oakville Blessed with location along Lake Ontario, with easy access to major Canadian cities as well as those in the U.S., Oakville shines in business as well as culture, recreation and leisure.

This geography and proximity to large industries and communities, plus a strong transportation infrastructure, are central to Oakville’s prosperity.

A strong and diversified economic base offers an excellent location for business. More than 260 national and international corporate headquarters constitute an important part of the 4,500 employers in Oakville.

LIFESTYLE

Oakville boasts abundant natural attractions and culture, with more than 2,400 acres of parkland, theatres and galleries, Glen Abbey Golf Club, and the annual Waterfront Festival and Jazz Festival.

Culture in the city received a big boost in 2012 with the grand opening of the new Queen Elizabeth Park Community and Cultural Centre, offering more than 144,000 sq. ft. of

REAL ESTATE

A strong economy is supporting job opportunities and leading to employment and average wage growth – which drive new housing and real estate values. A number of newhome developments are underway, including luxury townhomes, as well as condominiums.

AT A GLANCE POPULATION:

165,000

LIFESTYLE

Residents can enjoy a variety of cultural and local attractions in Burlington, from the famous Royal Botanical Gardens to the Burlington Art Centre, home to the world’s largest collection of contemporary Canadian ceramics.

Parkland is abundant in Burlington, with 75 parks occupying 800 acres.

Key among them is the Spencer Smith Park, a highlight in downtown old Burlington which has undergone significant redevelopment over the years to become one of the city’s central recreational centres along the waterfront.

MAJOR EMPLOYERS: Automotive,

technology, pharmaceutical, construction

REAL ESTATE

AVERAGE HOME PRICE, JULY 2014:

Burlington is benefiting from a strong local economy, which leads to employment and wage growth, which in turn contribute to new housing demand and increasing real estate values.

A number of new-home developments are underway, including mid- and highrise condos in the downtown area.

$635,000 (CREA Oakville-Milton)

Burlington Burlington is a city on the rise, with a progressive local government and economic development office helping to build a self-sufficient economy.

Proximity to Hamilton, the GTA and the U.S. is central to its prosperity.

Already well positioned with extensive access to regional, national and international transportation networks, the city is also the beneficiary of recent investments in infrastructure to improve highways and mass transit.

AT A GLANCE POPULATION: 175,000 MAJOR EMPLOYERS: Sales and service, business finance administration, management, trades and transport sectors AVERAGE HOME PRICE, JULY 2014:

$366,953 (CREA Hamilton-Burlington)

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Jazz_FirstHome& Condo Ad(O).pdf

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EASY LIVING, EASY PRICE! YOUR CHOICE

Traditional Townhomes $224,990 Stacked Townhomes $192,990 Quads $169,990 Octominums $214,990 Andover Trails | Carriage Lanes | Huron Village | Grasslands Starting From

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Prices correct at press time and vary at each community. Pictures are for illustration purposes only. Promotions available on new construction only, are not applicable with any other promotion unless stated and may be cancelled or discontinued at any time. See Sales Representative for details. Broker protected. E. & O. E. June 2014

14-08-25 3:29 PM

Highrise vs Lowrise

WHAT TYPE OF HOME MIGHT BE BEST FOR YOU?

T

he GTA boasts an expansive housing market, with builders offering an abundance of different new home types – single-family homes, townhomes, and of course, condominiums. As a first-time buyer, you’re sure to have a lot of questions about which type might be best for you.

HERE ARE SOME BASIC SCENARIOS TO EXPLORE

» Single-family detached A single-family detached home is one-dwelling unit.

It stands alone, and sits on its own lot. This often gives the family a greater degree of privacy. » Single-family semi-detached A semi-detached home is a single-family home that is joined on one side to another home. It can offer many of the advantages of a single-family detached, but is often less expensive. » Duplex A duplex is a building containing two single-family homes, located one above the other. Sometimes, the owner lives in one unit and rents the other. » Townhouse Also sometimes called rowhouses, these homes are several similar single-family homes, side-by-side, joined by common walls. They can be freehold or condominiums. They offer less privacy than a single-family detached home, although each has a separate outdoor space. These homes can cost less

to buy and maintain, even though some are large, luxury units. » Stacked townhouse Stacked townhouses are usually two-storey homes. Two two-story homes are stacked one on top of the other.

The buildings are usually attached in groups of four or more. Each unit has direct access from the outside. » Link or carriage home A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards.

Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots.

These houses can be less expensive than single-family detached homes. ...continued on pg 34

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Highrise vs Lowrise ...continued

REASONS TO LOVE A CONDO

» Fewer maintenance and repair responsibilities. » Access to on-site amenities such as a gym or swimming pool, which you otherwise might not be able to afford. » Enhanced security features in some condominiums, providing peace of mind when you’re away on business or vacation. » Monthly maintenance or condo fees are usually predictable. » You have input into the running of the condominium corporation.

As an owner, you have voting rights and can be elected to the board of directors. » A community that may have a wide range of social, entertainment and recreational activities geared to your lifestyle.

BUT, KEEP IN MIND...

FORMS OF OWNERSHIP

» Freehold This means that one person (or two, such as joint ownership by spouses) owns the land and house outright. There is no space co-owned or co-managed with owners of other units.

Freehold owners can do what they want with their property – up to a point.

They must obey municipal bylaws, subdivision agreements, building codes and federal and provincial laws, such as those protecting the environment.

Detached and semi-detached homes, duplexes and townhouses are usually owned freehold. » Condominium Condominium ownership means you own the unit you live in and share ownership rights for the common space of the building.

Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms.

Condo owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.

Condominium ownership is ownership of a unit, usually in a highrise but can also be a townhouse or in a lowrise.

» You may not have input into when maintenance and repairs are done. » You may have to pay for amenities you don’t regularly use. » Potentially less privacy and space and more noise in some units. » There may be special assessment charges for unexpected repairs. » Possible restrictions on matters such as parking, pets, smoking and noise levels.

CONDO OWNERSHIP CHECKLIST

The more “yes” answers you get to the following, the more likely buying a condo may be a smart move for you. » I like the fact that a condominium is an “instant community” and my neighbours aren’t far away. » I want to participate in the running of the community with other unit owners. » I don’t want the hassle of shoveling snow, cutting grass and other outdoor chores. » I’ll use some of the condominium’s amenities. » I understand that I will pay monthly fees for maintenance and repair of the condominium and will budget accordingly. » I know there may be restrictions on the number of occupants in my unit, pets, noise and parking. » I’ll read through the condominium’s documents before I buy so there’ll be no surprises. » I understand that a board of directors can make decisions on my behalf. » I’m an empty nester or single and would be satisfied with the space provided in a condominium unit. » I’m reassured by the building’s security measures, such as entry buzzers and video surveillance cameras.

Source: Canada Mortgage and Housing Corp.

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150 Main West Residential Loft Condos Spacious and Open Concept designed suites Fantastic location, in the “Heart of the City”!

Spectacular views of the Hamilton Bay, Escarpment and Skyline Standard Features & Finishes: • • • • •

Laminate flooring Porcelain tiles (12”x 24”) Quartz counter top Glass tile backsplash in kitchen Contemporary design cabinetry by Frendel

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PHOTO BY LYDIA MCNUTT

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BILD Report

INTENSIFICATION AND SUSTAINABLE TRANSIT

by BRYAN TUCKEY

T

ransit is one of the hot topics facing first-time buyers and others in the GTA. It’s also discussed frequently in the building industry. After all, we live here, too!

With 100,000 people and 50,000 jobs coming to the GTA every year, the pressure is on to accommodate new arrivals heading to their new workplaces. The challenge for our industry is building new homes and businesses that people can afford to purchase. We believe infrastructure and new transit services should be added to the areas that need it most: where new homes and offices are being built and residential intensification is happening quickly.

BILD member Barry Lyon of N. Barry Lyon Consultants, one of our local industry’s foremost experts, says intensification plays a key role in transit funding as it increases ridership levels to make new transit sustainable.

“The industry can deliver and would love sites around new stations, but they can’t do it alone,” Lyon says, adding that municipal and provincial government partners “must step up to the plate” to make it happen.

The province understands the dilemma. By 2031, it says the Greater Golden Horseshoe is expecting about 2.4 million more people and about one million more jobs. The need for better movement of people around the region is only going to grow.

BILD believes that long-term planning is critical to success, and any transit and transportation strategy must be aligned with the principles of the provincial Growth Plan, Places to Grow. The plan emphasizes the need for intensification: building high- and midrise homes around urban centres and transit corridors. That means the greatest number of people can choose the subway, streetcar, bus or bike as the best way to travel to work.

One of the barriers to intensification in downtown areas and transit corridors is the use of outdated planning policies on these lands. To move forward, we need tools and policies that will support intensification, and we need investment to support jobs and the economy.

We must all work together – the industry, government partners and

new-home buyers – to make sure that the appropriate regulatory framework to support intensification is in place.

This should include streamlined development approvals, incentives and as-of-right zoning, efficient use of infrastructure, and a way to let people know and understand the changes that are coming.

Lyon says we have to be strategic in where we choose the next subway stations or LRT stops, because there is no money to waste on unused transit corridors.

“We need packed platforms. We need a really busy service,” Lyon says.

He says ridership improves when a plan is made “for the evolution of the community around stations.”

BILD has long advocated for a fair and reasonable transit funding strategy. The industry will continue to do its fair share but it’s important to find a balanced, equitable approach. All residents of the GTA are responsible for funding transit that everyone in our region will use.

The key to creating a visionary transit plan is aligning partners – government, the industry and ratepayers – and their priorities.

We all need to work together to make it happen.

BILD members are experts in execution and we want to be part of the discussion.

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.

36 YOUR FIRST HOME FALL 2014

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GET READY FOR AN ENCORE! GET READY FOR AN ENCORE! DANIELS IS IS BACK BACK DANIELS DANIELS BACK WITH THEIRISNEWEST NEWEST WITH THEIR WITH THEIR NEWEST AND FINAL FULLY-BUILT AND FINAL FULLY-BUILT AND FINAL FULLY-BUILT CONDOMINIUM TOWNHOME CONDOMINIUM TOWNHOME CONDOMINIUM COMMUNITY IN INTOWNHOME ERIN MILLS MILLS COMMUNITY ERIN COMMUNITY IN ERIN MILLS WITH MORE HOME HOME CHOICES WITH MORE CHOICES WITH MORE HOME CHOICES THAN EVER BEFORE! THAN EVER BEFORE! THAN EVER BEFORE!

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REGISTER TODAY! REGISTER TODAY! 905-814-0123 905-814-0123 www.DanielsEncore.com www.DanielsEncore.com www.DanielsEncore.com

Illustrations are artist’s concept. Brick colours may vary from colours shown. Prices and specifications are subject to change without notice. All brand names, logos, images, text and graphics are the Illustrations are artist’s concept. Brick colours may vary from colours shown. Prices and specifications are subject to change without notice. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission of The Daniels Corporation, is strictly prohibited. Brokers Protected. E.&.O.E. copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission of The Daniels Corporation, is strictly prohibited. Brokers Protected. E.&.O.E. Illustrations are artist’s concept. Brick colours may vary from colours shown. Prices and specifications are subject to change without notice. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission of The Daniels Corporation, is strictly prohibited. Brokers Protected. E.&.O.E.

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Style File

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6

GET A FOR LESS! Buying your first home can leave a major dent in your wallet. We show you how to acheive a living room space that is high on style and low on cost

by SARA DUCK

1

TANNER RECTANGULAR COFFEE TABLE. $499.

VINCE ACCENT STOOL. $374. YORK ROLL ARM SLIPCOVERED SOFA. $2,259.

VISIT POTTERYBARN.COM

Klingsbo Coffee Table. $80. Visit ikea.ca

2 Ektorp Sofa in Risane Natural Beige. $600.

Visit ikea.ca

38 YOUR FIRST HOME FALL 2014

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5 4

3 Veranda Three-Light Ceiling Silver Pearl Incandescent Semi-Flush Mount. $203. Visit homedepot.ca

6 7

Wood and Leather Lantern with Horse-bit Detail. $60.

Visit homesense.ca

Travel Books. $20 each.

Visit homesense.ca

7

Bartlett Woven Natural Fiber Look Indoor/Outdoor Rug in Sahara Brown/Taupe. $169 for 5 x 7. Visit bedbathandbeyond.ca

Moroccan Throw in Straw. $80.

Visit chapters.indigo.ca

9

8 Framed Birch Grove Art. $80. Visit pier1.ca

Perfect Suzani Night 18-inch Embroidered Throw Pillow. $44. Visit overstock.com

10

Karl Club Chair. $250.

Visit wayfair.com

FALL 2014 YOUR FIRST HOME 39

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E@D?G>5C 1D 3 1 B 4 9 > 1 < @ ? 9 > D

DESIGNER DECORATED

MODEL HOME GRAND OPENING SATURDAY, SEPTEMBER 13TH

After months of design planning, Geranium Homes is thrilled to announce the Grand Opening of 2 gorgeous model Townhomes in Uptownes at Cardinal Point.

These magnificent 3-storey models — designed by Los Angeles-based Interior Designer Jo-Ann Capelaci — showcase an exciting twist to townhome living featuring sensational loft-inspired layouts with fabulous features, finishes and every convenience close at hand.

Open concept, sun-filled interiors • Great Rooms with soaring 10’ ceilings • Ground floor flex-space with in-floor heating • Central air conditioning • Gourmet euro-style kitchens with extra-height cabinets • Oversized windows throughout • Rooftop terrace with bbq hook-up • Parking for 2 cars • Plus so much more!

LOFT INSPIRED CONDO TOWNS

$ from

374900

Two Bedroom Designs 1,401 to 1,639 sq. ft.

SALES CENTRE

Main St

9th Line

SITE LOCATION

Millard St Bakerhill Blv

404

Hwy 48

John Davis Gate

Stouffville

Mon to Wed: 1 – 7pm Wknds & Hols: 11am – 5pm

905-640-9999

geraniumhomes.com BILD 2014 P2G COMMUNITY OF THE YEAR BILD 2012 HOME BUILDER OF THE YEAR CHBA 2011 GRAND SAM AWARD WINNER

Prices are correct at press time and are subject to change without notice. Specic features are as per plan and series. Sq.ft. measurements are approximate. Map not to scale.

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See

ale.

Exceptional Interiors - Fabulous Finishes

BREATHTAKINGLY BEAUTIFUL

Open Concept Living Never Look So Good!

#" - - " / 5 3 " & 4 50 6 ' ' 7 * - - & 1 0 35 ) 0 1 & 80 0 % 4 50 $ , See sales rep for details. The ENERGY STAR® mark is administered and promoted in Canada by Natural Resources Canada. Used with permission. E & O E.

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Community Profile / Geranium Homes

Illustration becomes a furnished model home in midSeptember

Introducing stylish living at

Uptownes in Stouffville

Y

our home is a reflection of your personal style, and when it’s your first home, you may find it helpful to get ideas from the professionals. Geranium Homes offers just that at Uptownes at Cardinal Point in Stouffville, where two new furnished and decorated models of these popular stacked townhomes are opening in mid-September. The model opening is the culmination of a design collaboration with Los Angeles-based interior designer, JoAnn Capelaci, who initially created four themed approaches for stylish living at Uptownes – two for the back-toback series of designs and two for the stacked series.

From contemporary to traditional, you’ll be inspired by the basic elements that Jo-Ann has integrated, along with her choice of colours and finishes, all of which will help you to define your own decorating style.

A spacious living environment is what you get at Uptownes along

with a choice of homes, which range from 1,401 to 1,639 sq. ft., priced from the $370,000s. Every home includes a bright and spacious Great Room with 10-ft. ceiling heights, a large rooftop terrace, two bedrooms, two bathrooms and a bonus ground level recreation room that could become an exercise room, studio or home office – it’s your choice. Parking for two cars is accommodated in the single-car garage and driveway.

Uptownes exterior brick and stone facades were modeled after trendy warehouse conversions and incorporate oversized windows. Maintenance fees are just $89 per month.

The neighbourhood is situated minutes from Stouffville’s Main Street with shops, services, restaurants and regular GO service.

Nearby, there are plenty of parks, schools and the Leisure Centre, which has an indoor pool, fitness facilities and year-round programs.

Geranium has been developing and building family communities across Southern Ontario for more than 36 years. The Neighbourhoods of Cardinal Point received the 2014 Award for Best Places to Grow Community of the Year from the Building Industry and Land Development Association (BILD); Geranium is also the recipient of BILD’s Home Builder of The Year 2012, Canadian Home Builder Association’s Grand Sam Award along with numerous design awards.

Visit Uptownes at Cardinal Point and discover value-packed home ownership, complete with model homes that are brimming with ideas.

In mid-September, the sales office will be in the model homes, located at 180 Glad Park Ave. in Stouffville (south off John Davis Gate, west off Ninth Line). Call 905.640.9999 or visit geraniumhomes.com

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Home Search

HOT MARKETS

IN THE GTA

A guide to some of the top areas and home types in the GTA

by ANTHONY JONG

P

rice and location come hand in hand, when it comes to real estate. Other than personal preferences based on your family size and commute to work, which influence your target areas, buyers usually base their decisions on price.

But then when it comes right down to it, budget for most buyers is set, while they sometimes compromise on location. When affordability is such a big factor in their choice of housing type and location, buyers begin to ask these questions: ›› What can I get more for the same amount of money in the suburbs, as opposed to the city? ›› What can I get less for the same

amount of money in the city, as opposed to the suburbs?

Affordability is the percentage of the total gross household income that is goes towards the mortgage principal and interest payments, property taxes and utilities. In 2014, the affordability factor had risen to approximately 35 per cent, moving slightly above the 33-per-cent mark set in 2013.

The last time the affordability factor surpassed 35 per cent was in 1993.

As affordability in the GTA trends higher – meaning, homeownership becomes less affordable – buyers take a closer look at the area to make a real estate purchase.

Average prices by major home types, July 2014: CITY WITH AREA CODE 416

SUBURB WITH AREA CODE 905

DETACHED $880,433 $638,864 SEMI-DETACHED $635,311 $452,536 TOWNHOUSE $493,989 $402,472 CONDO $375,002

$302,685

These figures are not surprising, given that real estate prices are based on location. It is inevitable that the closer you are to downtown, the higher average prices are of similar housing types.

For example, a buyer with a $400,000 budget must determine if purchasing a highrise condo in the city is worth the compromise than a townhouse or semidetached in the suburbs for relatively the same price. The highrise may be smaller in size with no yard space, compared to a semi or townhouse, but is likely closer to amenities and public transit. It is common for many buyers to experience this tug-of-war before purchasing a home.

REASONS YOU MIGHT CONSIDER BUYING IN THE CITY PROXIMITY TO WORK: A long commute to work is not only a waste of time, but also of energy and fuel, if you’re driving. The estimated time a Torontonian spends in traffic is at least seven hours per week. If you live in the suburbs and travel to the city for work, expect traffic jams and long commute times each day. ...continued on pg 44 FALL 2014 YOUR FIRST HOME 43

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Home Search...continued

PROXIMITY TO AMENITIES: Living in a highrise condo let’s you tap into many amenities without setting foot outside. Many developers have much more elaborate in-building amenities to cater to the busy lifestyle of an urbanite. These may include full service spa, tanning decks, swimming pools, gourmet kitchen coupled with party lounges, cooking classes, tech lounges and meticulous selection of professional gym equipment that is accessible 24 hours a day.

Some of the best restaurants in Toronto are in the downtown core.

In addition to shopping areas, gyms, supermarkets, coffee shops and movie theatres around the corner, public transit is convenient – especially if you are walking distance to a subway line.

NO CAR, NO FUSS: If my job wasn’t car dependent, I would use public transit every day. Monthly savings of approximately $800 to $1,000 per month from car payments, insurance and fuel would allow a more expensive home in the city. TTC has been designated as an essential service in Toronto, and car rental companies such as Zipcar can be found in many convenient locations across the city.

GREATER SELECTION OF HIGHRISES: The city has a higher density, which in turn, gives buyers a greater selection of products within their budget. There may be four to five highrise projects at a single intersection of the downtown core, versus one or two highrise developments in the suburbs.

REASONS YOU MIGHT CONSIDER BUYING IN THE SUBURBS PRICE/SPACE: The price per square foot of a house or condo is generally higher in city than in suburbs, which results in less square footage of living space for the same amount of money.

The Canadian dream has always been a lovely house with a large backyard and a white picket fence.

This still holds true, but for a typical household with an average income, this dream is likely more plausible in the suburbs with greater selection of lowrise housing. Space is one of

Percentage change in average price July 13/14 CITY WITH AREA CODE 416

SUBURB WITH AREA CODE 905

DETACHED 11% 7.3% SEMI-DETACHED 8.3% 8.3% TOWNHOUSE 9.2% 6.2% CONDO

4.7%

the important considerations, so for buyers with children or other family members, the suburbs typically make for a better decision.

AFFORDABILITY ISSUES IN THE CITY: Data from the Toronto Real Estate Board shows that the city outperformed the suburbs in 2014. The year-over-year per cent change of average prices in three out of four home types within the city surpassed the suburbs making the purchase of a home in the city less affordable than that of the same housing type in the suburbs.

PEOPLE AND MORE PEOPLE: If you don’t like crowds, then living in the city, in particular the downtown core, might not be for you. The suburbs generally have lower residential density than the city and offer a more peaceful setting than its counterpart. However, you definitely won’t experience the heavy traffic in the suburbs as you would in the city.

EXTENDED FAMILY: Urban sprawl has caused many families to move away from the downtown core into the suburbs. Choosing to live in the city may translate to being away from close family members and a greater commute for weekend get-togethers.

DOWNTOWN SUBURBS: Some large condominium developments are

7.3%

turning into their own self-sustaining communities. Developments like Downtown/Uptown Markham and World on Yonge are coupling multi-building condominiums with commercial and office spaces.

Residents are able to shop, bank and find essential services, right at their doorstep.

GREATER SELECTION OF LOWRISES:

Building density is lower in the suburbs, with housing more spread out than in the city. There is a greater selection of lowrise housing types, such as detached, semis and townhouses that may be scarcer in the city.

Anthony Jong, BA (Hons), M. Arch., is a broker at Re/Max Hallmark Realty Ltd., Brokerage, specializing in residential homes, condos and commercial properties. He can be reached at anthonyjong@live.com, online at anthonyjong.ca and by phone at 416.836.2821.

44 YOUR FIRST HOME FALL 2014

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Primont Homes / Community Profile

Consider yourself at home with Primont

A

t Primont Homes, we’ve always prided ourselves in putting our customers first. Guided by this commitment, we’re continuing to go above and beyond to create the finest new home communities in the GTA so you can find the home you’ve always dreamed of. Brampton’s Centretown community features an impressive array of breathtaking townhomes and picture perfect two-car garage singles in a stunning masterplanned community. Located in the northwest part of Brampton, Mount Pleasant is a charming storybook community of unparalleled beauty.

Bordering picturesque greenspace, yet offering all the major conveniences of Brampton – such as shopping, schools, restaurants and more – Mount Pleasant is a neighbourhood that truly offers the best of all worlds. And with easy access to Brampton Transit, GO Transit and Hwy. 410, it’s easy to get anywhere you want to go when you live at Centretown in Mount Pleasant.

Centretown’s exquisite townhomes and single-detached homes are priced from $375,900. Visit the sales centre, located on Mississauga Road, just north of Bovaird, or call 905.495.5067.

Another exceptional community offered by Primont Homes is Renaissance Townes in Woodbridge.

Renaissance Townes offers the finest collection of executive townhomes that Vaughan has ever seen. Distinctive elevations of brick, stucco and stone create an atmosphere of refined elegance. And with exquisite premium features and finishes, every home is a true work of art in this breathtaking family community. Located in the heart of Woodbridge, the residents of Renaissance Townes can also enjoy a renaissance of convenient living, with an amazing selection of shops, restaurants and recreation facilities and more all nearby. And with easy access to Hwys. 400, 407 and 401, you’re never too far from where you want to

Renaissance Townes offers one of the finest collections of executive townhomes that Vaughan has ever seen. Distinctive elevations of brick, stucco and stone create an atmosphere of refined elegance.

be in this distinctive community setting.

These exquisite executive townhomes start from just $569,900. Visit the sales centre located on Major Mackenzie, west of Weston Road in Woodbridge.

Construction is well underway at Primont’s popular Castlemore and Heirloom communities. Like all Primont communities, Castlemore and Heirloom offer breathtaking collections of exquisite family homes at some of the finest locations in the GTA. Heirloom is an inviting family community of stylish freehold towns at an exceptional Markham location, just minutes from Hwys. 404 and 407.

Homes feature beautiful brick and stucco exteriors and a fine selection of interior features and finishes. And with schools, shopping, restaurants, a community centre, neighbourhood parks and GO transit nearby, you’re not just moving into a home, you’re moving into a vibrant, established community. The final release of Town Manors in this wonderful community is coming this fall, so register now at

primonthomes.com to ensure that you stay at the front of the line for this final release.

Primont has been receiving a lot of attention for its stunning family community in Brampton’s iconic Castlemore Village. At Castlemore, potential homebuyers are sure to be impressed by the fine selection of stunning townhomes. With homes starting from $429,990 and closings available this year, it’s never been a better time to make a move to this highly prestigious community.

Coming soon from Primont Homes is a new community in the highly sought after location of Cornell in Markham.

This new community, opening this fall, will offer an elegant collection of freehold townhomes. Register now at primonthomes.com to ensure you stay at the front of the line for this new community in Cornell, Markham.

For more information on any of these wonderful Primont Communities, visit primonthomes.com FALL 2014 YOUR FIRST HOME 45

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Our

assion

We create homes that meet your dreams and aspirations.

Building fine homes is not just our business, it’s our passion.

At Primont Homes, we understand what your dream home means to you. Our professionally trained designers, craftsmen and customer service people are committed to bringing your vision to life. It’s the Primont Promise.

Brand New Release IN WOODBRIDGE & MOUNT PLEASANT B R AM PTON

NEW RELEASE OF EXECUTIVE TOWNS IN WOODBRIDGE

EXECUTIVE TOWNS & 38’ DETACHED

569,900

$

FROM

FABULOUS NEW MODELS AVAILABLE!

905.417.3363

• Located in the heart of Woodbridge • Distinctive brick, stucco and stone exteriors • Close to highways, shops, restaurants and more

375,900

$

FROM

INVENTORY SALE! • Close to Mount Pleasant Village’s iconic town square • Urban amenities within a charming community • GO Train, Brampton Transit, shops, schools and parks

905.495.6057

SALES OFFICE HOURS: MON-THURS 1PM - 8PM FRI CLOSED SAT, SUN & HOL 11 AM - 6 PM * See sales representative for details. Prices & specifications subject to change without notice. Renderings are Artist’s Concept. E.&O.E.

Consider Yourself at Home 46 YOUR FIRST HOME FALL 2014

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Register Now! COMING SOON TO MARKHAM

FINAL RELEASE OF TOWNHOMES A A TT C CO O RR N N EE LL LL

FROM THE MID

400’s

$

COMING THIS FALL • Located Distinctive in the brick, heart stucco of and Woodbridge stone exteriors • Distinctive Close to highways, brick, stucco shops, and stone restaurants exteriors and more • Close to highways, shops, restaurants and more

FREEHOLD TOWNHOMES IN CORNELL FROM THE

500’s

$

ELEGANT TOWNHOMES COMING THIS FALL • Live in the established Cornell community • Close to Main St Markham, shops & GO

REGISTER NOW AT PRIMONTHOMES.COM * See sales representative for details. Prices & specifications subject to change without notice. Renderings are Artist’s Concept. E.&O.E.

PrimontHomes.com FALL 2014 YOUR FIRST HOME 47

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