WINTER/SPRING 2015 FREE
HOME&CONDO THE GUIDE TO BUYING AND MANAGING YOUR FIRST HOME
Trends in lowrise & highrise homes Your guide on where and what to buy
WHAT TO CONSIDER BEFORE GETTING YOUR FIRST MORTGAGE
+
Expert tips to
DECORATE YOUR FIRST HOME SPECIAL EDITION
The second best decision you’ll ever make!
urban towns by the lake
starting from
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The Next 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.
menkes.com 4 YOUR FIRST HOME WINTER/SPRING 2015
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Freebirds Once Again
Chapter Life Storey
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.
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WINTER/SPRING
2015 TABLE of CONTENTS
38 10 14 16 18 20 22
Editor’s Note
Your first home will prove its value over the years First-Time Facts
First-time homebuyers – by the numbers Community Profile
Move in soon at Fieldgate’s Valleylands in Brampton Community Profile
After 97 years, families still choose Monarch first Legally Speaking
When buying your first home, do your due diligence Community Profile
Menkes’ Humber Mews townhomes in Etobicoke
23 26 28
Southwestern Ontario
36
Tarion Report
37
Spotlight on Condos
38
Trending in Highrise
42
Design Secrets
44
BILD Report
45
Community Profile
New homes and condos in Southwestern Ontario Community Profile
First-time buyers flock to LINK2 in Burlington Southwestern Ontario
boasts a number of unique communities and markets
30
Finances
32
Mortgage Advice
34
Trending in Lowrise
More than just a down payment What to consider before getting your first mortgage Towns, semis, singles... where to buy and for how much?
Your new home warranty has you covered An excellent choice for first-time homebuyers Bigger units, more bedrooms and expanding options Expert tips for decorating your first home or condo There’s nothing like a brand new home Primont presents Urban Townhomes in Mount Pleasant
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
16
CONTRIBUTING EDITORS
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 GRAPHIC DESIGNERS
Viosa Barileva, Mihail Terentiev, Hannah Yarkony YOUR FIRST HOME & CONDO
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CIRCULATION Available at the National Home Show + Canada Blooms, The GTA Home + Reno Show, Toronto’s Bridal Show, Welcome Wagon Wedding Shows and by consumer request and with the Wall2Wall Media citywide retail distribution network. COPYRIGHT 2015 All rights reserved by Wall2Wall Media Inc., Toronto, Ontario, Canada. Reproduction in rohibited. Contents of this publication are any form is p rosecuted covered by Copyright and offenders will be p 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.
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first run. It’s It’s something something you’ve you’ve never never done done before. before. Buying Buying your your first first home home is is aa moment moment filled filled with with promise promise and and hope hope and and aa rush rush of of excitement. excitement. And And when when you you cross cross this this threshold, threshold, you’re you’re entering entering aa place place that that will will be be with with you you forever. forever. Because Because it’s it’s your your first first run run at at ownership. ownership. Since Since 1917, 1917, thousands thousands and and thousands thousands of of Canadian Canadian families families have have made made Monarch Monarch their their first first choice choice for for aa first first home. home. So So trust trust the the oldest, oldest, strongest strongest and and most most respected respected name name in in Canadian Canadian homebuilding. homebuilding.
Choose Monarch. First.
8 YOUR FIRST HOME WINTER 2015
MONARCH MONARCHCOMMUNITIES COMMUNITIES LOW LOW RISE RISE LOW RISE KLEINBURG KLEINBURG|| |Kleinburg Kleinburg Kleinburg Crown Crown Estates Estates|| Designer Designer | Designer Decorated Decorated Models Models KLEINBURG Crown Estates Decorated Models 50’50’ Singles Singles from from just just over over one one million million dollars dollars 50’ Singles from just over one million dollars Sales Sales Centre Centre located located atat 165 165 Timber Timber Creek Creek Blvd., Blvd., Kleinburg Kleinburg|| 416-495-3513 416-495-3513 | 416-495-3513 Sales Centre located at 165 Timber Creek Blvd., Kleinburg CALEDON CALEDON|| |SouthFields SouthFields SouthFields|| Models Models | Models ToTo View View CALEDON To View $ $ 400,000’s Townhomes Townhomes from from the the mid mid $ 400,000’s 400,000’s, Semis from the high $400,000’s, Townhomes from the low $ $ Semis Semis from from the the high high 400,000’sLive.Work Towns from the low $600,000’s $400,000’s Singles from the low 700,000’s, $ $ 600,000’s 600,000’s Singles Singles from from the the mid mid Sales Centre located at 12515 Old Kennedy Road, Caledon | 905-843-0707 Sales Sales Centre Centre located located atat 12515 12515 Old Old Kennedy Kennedy Rd., Rd., Caledon Caledon| 905-843-0707 | 905-843-0707 SCARBOROUGH | Parkwood | Don’t Miss Out! Visit Monarch Today SCARBOROUGH SCARBOROUGH | Parkwood Parkwood | Don’t | Don’t Miss Miss Out! Out! Visit Visit Monarch Monarch Today Today Freehold Townhomes| from the low $500,000’s Freehold Freehold Townhomes Townhomes from the the mid mid $500,000’s $500,000’s Sales Centre located atfrom 1325 Danforth Rd., Scarborough | 416-495-3574 Sales Sales Centre Centre located located atat 1325 1325 Danforth Danforth Rd., Rd., Scarborough Scarborough| 416-495-3574 | 416-495-3574 SCARBOROUGH | Bennett | New Community - Now Open SCARBOROUGH SCARBOROUGH | | Bennett Bennett | New | New Community Community - Now - Now Open Open Executive Singles from the low $800,000’s Executive Executive Singles Singles from from the low low $800,000’s $800,000’s Sales Centre located at the 1325 Danforth Rd., Scarborough | 416-495-3574 Sales Sales Centre Centre located located atat 1325 1325 Danforth Danforth Rd., Rd., Scarborough Scarborough| 416-495-3574 | 416-495-3574 KITCHENER | Topper Woods | Models To View KITCHENER KITCHENER | Topper Topper Woods Woods | Models | Models ToTo View View 43’ & 50’ Singles| from the mid $400,000’s 43’ 43’ && 50’ 50’ Singles Singles from from mid mid $400,000’s $400,000’s Sales Centre located atthe 7the Wetland Way, Kitchener | 519-894-8222 Sales Sales Centre Centre located located atat 7 Wetland 7 Wetland Way, Way, Kitchener Kitchener| 519-894-8222 | 519-894-8222 HOURS: Monday – Thursday: 1pm – 8pm, Friday: 12pm – 5pm, Weekends & Holidays: 11am – 6pm HOURS: HOURS: Monday Monday – Thursday: – Thursday: 1pm 1pm – 8pm, – 8pm, Friday: Friday: 12pm 12pm – 5pm, – 5pm, Weekends Weekends & Holidays: & Holidays: 11am 11am – 6pm – 6pm
HIGH RISE HIGH HIGHRISE RISE
ETOBICOKE WATERFRONT | Lago | Under Construction Lago| Under | Under Construction Construction ETOBICOKE ETOBICOKE WATERFRONT WATERFRONT| |Lago from the $200,000’s from from the the $200,000’s $200,000’s Sales Centre located at 2167 Lake Shore Blvd. W. | 416-495-3544 | 416-495-3544 Sales Sales Centre Centre located located atat 2167 2167 Lake Lake Shore Shore Blvd. Blvd. W.W.| 416-495-3544 ETOBICOKE WATERFRONT | Waterscapes | Move-in Now ETOBICOKE ETOBICOKE WATERFRONT WATERFRONT| |Waterscapes Waterscapes| Move-in | Move-in Now Now from the $400,000’s from from the the $400,000’s $400,000’s Sales Centre located at 2167 Lake Shore Blvd. W. | 416-495-3544 Sales Sales Centre Centre located located atat 2167 2167 Lake Lake Shore Shore Blvd. Blvd. W.W.| 416-495-3544 | 416-495-3544 ETOBICOKE WATERFRONT | Riva Del Lago | Now Open Riva Del Del Lago Lago| Now | Now Open Open ETOBICOKE ETOBICOKE WATERFRONT WATERFRONT| |Riva from the $300,000’s from from the the $300,000’s $300,000’s Sales Centre located at 2167 Lake Shore Blvd. W. | 416-495-3544 Sales Sales Centre Centre located located atat 2167 2167 Lake Lake Shore Shore Blvd. Blvd. W.W.| 416-495-3544 | 416-495-3544 DOWNTOWN TORONTO | Picasso | Under Construction DOWNTOWN DOWNTOWN TORONTO TORONTO| |Picasso Picasso| Under | Under Construction Construction from the $400,000’s from from the the $400,000’s $400,000’s Appointment Only | 416-495-3549 Appointment Appointment Only Only| 416-495-3549 | 416-495-3549 HOURS: Monday – Thursday: 12pm – 6pm, Weekend & Holidays: 12pm – 5pm, Closed Fridays HOURS: HOURS: Monday Monday – Thursday: – Thursday: 12pm 12pm – 6pm, – 6pm, Weekend Weekend & Holidays: & Holidays: 12pm 12pm – 5pm, – 5pm, Closed Closed Fridays Fridays
discover discovermore more
MonarchGroup.net MonarchGroup.net
first. first.
Please Please Please see seeaasee sales sales a sales associate associate associate for forfull full for details. full details. details. Prices Prices Prices and andand specifications specifications specifications subject subject subject totochange change to change without without without notice. notice. notice. E.&O.E. E.&O.E. E.&O.E. January January January 2015. 2015. 2015. 14481. 14481. 14481. WINTER/SPRING 2015 YOUR FIRST HOME 9
Editor’s Note
R
LONG-TERM INVESTMENT Your first home will prove its value over the years
eal estate is front page news on almost a daily basis. Talk of market overvaluations, predictions for interest rate hikes (followed by actual rate cuts) and ongoing discussion about the impact of declining oil and gas prices on the housing market. For first-time homebuyers, all of this can add confusion and doubt to the feelings of excitement and anticipation that naturally come with buying your first home. But, provided your finances are in order, you’ve pre-qualified for a mortgage and you don’t overspend because current interest rates are low, take heart in knowing you’re about to make a good decision. Why? Because in the GTA and the many varied markets in Southwestern Ontario, real estate is proving to be a prized possession. There’s plenty of evidence of this in the stories contained in this issue of Your First Home & Condo. There’s an old adage in real estate – and the stock market – urging you to “buy low, sell high.” But how would you ever know when “low” is, and when “high” is actually the highest? Perhaps the most realistic, if humorous, suggestion for how to look at this equation comes from Torontobased mortgage broker Calum Ross: “There are two times that real estate values matter – when you buy and when you sell. What happens in between is no more relevant than the total cash you have in the middle of a game of Monopoly.” To be sure, buying your first home is no game, and the investment you’re making is not with play money. But if you’re looking at the long term with your home purchase, not only are you unlikely to be affected by any short term fluctuations in value, you’re likely to see, years down the road, just what a wise long-term investment you made. And that deserves some congratulations. Wayne Karl, Editor wayne.karl@wall2wallmedia.com twitter.com/WayneKarl
FANTASTIC LOCATION & UNBELIEVABLE VALUE IN SUTTON
36ft. Lots 40ft. Lots
36 ' Windsor Gate Elevation B
40' Ruston Hall Elevation B
$384,990
WOW DID YOU KNOW?
New home prices up to $400,000 less here than in Markham!
starting from
$409,990
IT’S ALL ABOUT FINDING THE RIGHT BALANCE AND A PLACE TO LOVE With a population of 5,000, Sutton is a closely knit community and part of the Town of Georgina. It’s all just minutes from Highway 48, and minutes from the new 404 extension at Ravenshoe Rd., with Toronto less than 40 minutes to the south.
SUTTON
MyJubilee.ca SALES OFFICE: 4950 Baseline Road, Sutton, ON, LOE 1RO
1.877.455.0201
Prices and specifications are subject to change without notice. All renderings are artist concepts. E. & O.E.
EXTENSION NO
starting from
PEN WO
First-Time Facts
FIRST-TIME BUYERS
USE OF TECHNOLOGY
By the numbers by WAYNE KARL
40%
HOW YOU’RE GETTING A MORTGAGE
23%
used social media to gather information about mortgages
used mobile devices to access mortgage information
Up from 28% last year
84% research mortgages online
55% visit lender websites
Compared to 14% for other mortgage consumers
Up from 77% last year
Down from 61% last year HOMEBUYING PROCESS
33% visit broker websites
80%
use an online mortgage calculator
Up from 31% last year
Up from 79% last year
42%
got pre-approval
60%
40%
had concerns or uncertainty about buying a home, such as unforeseen costs, paying too much or finding the right home
incurred unexpected expenses during the homebuying process, such as adjustments, lawyers fees and land transfer tax
THE LENDER EXPERIENCE
HOMEBUYER ATTITUDE
37%
54%
arranged their mortgage through their primary financial institution
67%
VS.
of repeat buyers
33%
28%
had a good understanding of mortgage options
feel they got the best mortgage deal to meet their needs
feel the mortgage process was easy and straightforward
VS.
VS.
VS.
59%
for repeat buyers
53%
44%
for repeat buyers
for repeat buyers
Average price of new singledetached home in the GTA expected to be about $870,000 in 2015
of all MLS sales in the GTA are lowrise homes
WHAT YOU’RE BUYING
48%
arranged their mortgage with a broker
40%
VS.
for repeat buyers
78%
80%
were satisfied with their lender
VS.
70%
were satisfied with their broker
of all homes purchased by firsttime buyers in the GTA were priced below $500,000 (through first half of 2014)
75%
55%
of all MLS sales in the city of Toronto are lowrise homes
WHO YOU ARE
Two-thirds are younger than 35 Æ
SOURCE: CANADA MORTGAGE AND HOUSING CORP., OTHER SOURCES
Almost half are between 25 and 34 Æ
65%
have household incomes of $90,000 or less
82%
have postsecondary education
20%
have household incomes of less than $45,000
Higher than other mortgage consumers
23% were born outside Canada
+
34%
of first-time buyers born outside Canada are more likely to have more than four people living in their home, versus 15% for those born in Canada
Community Profile / Fieldgate Homes
Move in soon at Valleylands With an impressive selection of inventory homes now available, you can call Valleylands home in as little as 30 to 120 days
W
hen driving along Chinguacousy Road in southwest Brampton, one gets the feeling that they’re in the midst of a very special community. It’s a place where the valleys of the Credit River offer a breathtaking outdoor playground of lush green parkland. It’s in the heart of this exquisite neighbourhood that Fieldgate Homes has created one of Brampton’s finest family communities, Valleylands of the Credit River. With closings available in as little as 30 days, there are 38-, 41-, 45-, 50and 70-ft. singles currently available at Valleylands. For those looking to movein soon, Valleylands current inventory homes run from 2,325 to 4,200 sq. ft. and start from just $566,990. It’s never been easier to come home to Valleylands!
For most families, school is a top priority, so it’s nice to know that Valleylands is ideally situated to take advantage of many of Brampton’s wonderful educational facilities. A new elementary school is now under construction right in the Valleylands community that’s projected to be ready for the September 2015 school year, and Queen Street elementary school and Sir William Gage middle school are a short walk north of the community. There are also a number of public and Catholic primary and secondary schools within a short distance. In addition to excellent proximity to schools, Valleylands is also in a great location to take advantage of a whole host of other lifestyle amenities. The Heartland Town Centre is only five minutes away, offering major retailers such as Best Buy, Home
Depot and Costco. Nearby Erin Mills Town Centre, Trinity Common Mall and Bramalea City Centre also offer wonderful selections of shops and restaurants. For those in search of live entertainment, there’s the Rose Theatre, offering a year-round calendar of musical and theatrical performances. Golfing enthusiasts will be impressed with the great selection of golf courses within a short driving distance, and the commute to Toronto is a breeze with Hwys. 401 and 407 just minutes away. With more than 55 years of experience, Fieldgate Homes is one of the GTA’s finest home builders, known for exceptional floorplan designs. For more information on Valleylands, please call 905.457.0445 or visit fieldgatehomes.com
WINTER/SPRING 2015 YOUR FIRST HOME 17
Community Profile / Monarch
semis at Longfields, while Monarch’s award-winning Stonebridge is in its last act with some remaining singles at Finale. FOR CONDOS TOO, IT’S MONARCH FIRST
More than 97 years and families still choose
Monarch first
B
uying your first home is a moment filled with promise and hope – and a rush of excitement. After all those sacrifices you made in order to save, the big day has arrived. It’s your first run at ownership and you want to make the right choice. Since 1917, thousands of Canadian families have made Monarch their first choice for a first home. You might be surprised how many of your own family, friends, colleagues and their families chose Monarch for their first home. That’s because Monarch is one of the oldest, strongest and most respected names in Canadian home building. Monarch has built and continues to build in many soughtafter neighbourhoods and visionary communities. Monarch takes pride in a heritage of dependability, with exceptional design, quality and livability the hallmarks of every Monarch community.
FIRST IN NEW HOME COMMUNITIES
Monarch offers remarkable singlefamily home and townhome communities across the Greater Toronto Area and beyond. Now open at Monarch’s new phase of Topper Woods in Kitchener are new models and sales centre. At prestigious Kleinburg Crown Estates, designer decorated models of Monarch’s manorinspired homes are captivating visitors. Models are also open in Caledon at the bustling Village of SouthFields where Monarch offers singles, semis and townhomes. Freehold towns are now open at Parkwood in Scarborough and a wooded enclave of singles are being offered at Bennett in exclusive West Hill. Excited Ottawa area buyers are registering now for Traditions II coming early 2015 to New Stittsville. Stunning singles and townhomes are being offered at Blackstone in Kanata. In Nepean, families can choose from urban and courtyard townhomes or
As buyers’ needs evolved, Monarch entered the condominium market in a big way. Since 1995, the company has sold more than 10,000 suites and achieved a notable level of success in some of the most desirable settings in the Greater Toronto Area. Monarch has earned recognition as a pacesetter, continually raising the bar in this highly competitive environment with their inspired building designs and awardwinning floorplans. Those looking for condos in the most desirable locations should visit Monarch’s Picasso now under construction on Richmond St. W. in the heart of Queen West, voted by Vogue as one of the coolest neighbourhoods in Toronto. Monarch covers Etobicoke’s waterfront with their boutique condominium Riva del Lago now open, Lago under construction and Waterscapes ready for move-in now. 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 singlefamily 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. For more information on Monarch, please visit: Monarchgroup.net Twitter@monarch_group facebook/monarchcorp
THERE’S NO PLACE LIKE HOME!
Averton, distinguished by innovative design, quality construction and sustainability. COMING SOON
NOW PREVIEWING
Pickering
Bowmanville
New selection of Brownstone Townhomes including Coach Towns, Garden Towns and Urban Towns. All in a central Pickering location close to parks, shopping, schools and GO Transit. from the high $200’s
Register Today @
Mount Albert TOUR OUR MODEL HOMES TODAY! A unique collection of incredible 33’ and 40’ Detached Homes in a spectacular Mount Albert setting. from the low $500’s
Exceptional collection of Detached Homes with easy access to trails that wind through Bowmanville and down to the waterfront. With small town charm and just 45 minutes from Toronto. from the low $400’s
Averton.ca
Etobicoke
Kleinburg
Quick move-in-suites available in this spectacular boutique Condominium. from $260’s
3 Luxury Condominium Villas with suites ranging from 890 to 1,560 sq. ft. in historic Kleinburg village. from the low $600’s
LUXURY LIVING In the Heart of Niagara-on-the-Lake
TOUR OUR DECORATED MODEL SUITE TODAY!
Bungalows
Condominiums
An exclusive beautiful enclave of just 20 Bungalows in Canada’s prettiest town Niagara-On-The-Lake. from the low $600’s
New boutique luxury Condominiums nestled on a quiet, tree-lined street within the heart of this historic town. A collection of 83 luxurious suites from 638 to 1,485 sq. ft. from the low $300’s
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.
Legally Speaking
WHEN BUYING YOUR FIRST HOME, DO YOUR DUE DILIGENCE
P
urchasing your first home will likely be the largest investment you ever make. Think about that... Why, you ask? The answer is that in my 35 years of practicing law, I have seen young couples spend more time researching a new telephone than a new home! The most important advice I can give, and if you take anything from this article, it is this: research everything ahead of time, such as prospective builders, areas, amenities, property taxes, lawyers, your financial ability, zoning, bylaws and neighbours. And don’t allow yourself to be pressured by anyone.
and upkeep fall on your shoulders. The choices are boundless. 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 go to other sites the company has done and ask people about quality and after-sales service. FIND THE RIGHT LAWYER
WHAT CAN YOU AFFORD?
Review your available cash for deposit and annual income to pay a mortgage and expenses. Once you have done that, speak to the mortgage specialists at the bank you deal with and speak to a reputable mortgage 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. Find out how much money you can borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because especially today, it is critical that you do not get caught up in the rush of buying a house that is beyond your budget. DO YOU WANT A CONDO OR A FREEHOLD?
Condo living provides a carefree lifestyle – someone else cuts the grass and shovels the snow – but you pay additional monthly common 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
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 how real estate agents work, 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 you will face and what you may encounter. Ensure that you arrange a pre-agreed fee with the solicitor. Get the fees locked in. The fee to close a standard resale home or condominium priced 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 – those monies expended on your behalf necessary to properly search and close the transaction. This is where some lawyers may try to charge large fax, mail and photocopy fees. Make your lawyer justify all expenditures that don’t make sense. MISCELLANEOUS
Do you have a will? If you do, is it up to date and does it represent your
current situation and state of affairs? 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. As you can see, 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.
BUYING, SELLING OR REFINANCING A HOME? YOU NEED A LAWYER! Helping YOU make your home buying dream a reality.
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price*
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Toll Free: 1.888.609.8888 Fax 905.452.8135
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Community Profile / Menkes Developments
Menkes’ Humber Mews Townhomes in Etobicoke
M
enkes Developments’ much anticipated designer townhome community in the heart of Etobicoke – Humber Mews – is an intimate townhome enclave just minutes from Hwy. 427, the QEW, Gardiner Expressway and one of Toronto’s finest shopping and lifestyle destinations, Sherway Gardens. A mere 66 pristine homes will be built in this intimate enclave at Evans Avenue and Brown’s Line central Etobicoke. 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, currently undergoing a $400-million transformation and will house the top luxury stores and brands in the city. Just a short distance, the Queensway offers residents of Humber Mews a great selection of stores, entertainment, cinema and dining options. Transportation options abound: Longbranch GO Station is less than a five-minute drive, the Kipling subway
“ Just a short distance, the Queensway offers residents of Humber Mews a wonderful selection of stores, entertainment, cinema and dining options.” station is a short distance away, 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 the low $500’s, these smartly-designed open-concept, three-bedroom, 2.5-bathroom three-storey homes range from 1,266 to 1,676 sq. ft. Some layouts have basement options and direct underground garage access. 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 decor upgrades in addition to these outstanding standard features. Please visit the sales centre to inquire. 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-story 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, in Etobicoke. The sales office is open Monday to Thursday from noon to 7 p.m., and weekends from 11 a.m. to 5 p.m.; closed on Fridays. Call 416.259.2525 or visit menkes.com for more information.
welcome to
The following pages feature new homes and condos from some of the area’s most prominent builders
CONCRETE BUILT FOR SUPERIOR SAFETY & SOUND INSULATION
Exclusive Listing, Baker Real Estate Incorporated, Brokerage. Brokers Protected.
*See Sales Representative for details. Illustrations are artists concept. Prices and specifications subject to change without notice. E. & O.E.
24 YOUR FIRST HOME WINTER/SPRING 2015
DESIGN FORWARD LIVING IN BURLINGTON NOW PREVIEWING! New Chic Urban Designs from $242,990
On Dundas West Overlooking Bronte Creek Provincial Park.
from
One Bedrooms
One Bedroom + Den
242,990 265,990
$
$
from
Two Bedroom + Two Bath
321,990
$
from
Two Storey Garden Villas
Two Storey Lofts
383,990
$
498,990
$
from
from
MOVE IN 90 DAYS!
Final Few Available Spacious Suites $300,000’s from mid
Guelph Line Just North Of the QEW
Buy with Only $17,900 Down* • 5% Deposit 6% Annual Interest Paid On Your Deposit (Adjusted on final closing) Free Locker and Parking Spot • 6 Months FREE Phone, Cable & Internet
Sutton Drive
N
Dundas Street West PRESENTATION CENTRE
QEW / Hwy. 403
Bronte Road
Link2: 905-592-2028 Mod’rn: 905-592-2144 www.adidevelopments.com
HW Y 40 7
Appleby Line
PRESENTATION CENTRE FOR LINK2 + MOD’RN: 5210 Dundas Street West, Burlington HOURS: Monday to Thursday: 3 - 8 pm • Fridays by appt Saturdays, Sundays and Holidays: 12 - 5 pm
LAKESHORE RD. LAKE ONTARIO
WINTER/SPRING 2015 YOUR FIRST HOME 25
Community Profile / Adi Development
First-time buyers flock to
LINK2
A
striking collection of urban lofts, garden villas and condominiums in Burlington’s hip uptown core, the launch of Adi Development Group’s LINK2 Condos + Lofts is making world-class contemporary architecture accessible for first-time homebuyers. “The demand for real estate in this city is on fire. It’s a terrific investment, but it can be difficult for first-time buyers to enter the market with detached houses costing upwards of a million,” says Saud Adi, COO of Adi Development Group. “The LINK is a great option for buyers who are looking to capitalize on such an incredible neighbourhood and enjoy unbeatable convenience at an amazing price point.” The second phase of Burlington’s most-awarded project overlooks Bronte Creek, where residents will enjoy cosmopolitan living connected to a gorgeous natural landscape. Ranked best mid-sized city to live in all of Canada by MoneySense magazine, Burlington checks all the boxes for buyers.
“Burlington is an incredibly vibrant city with a rich and unique culture that’s rivaled only by its stunning natural landscape. All of these elements make it one of the most desirable places to live in the country,” says Tariq Adi, CEO of Adi Development Group. Catering the best of urban living, suites invite entertaining. Intimate dinner parties linger in LINK’s contemporary kitchens where a choice of premium designer features and finishes are served up standard. No matter the occasion, LINK’s two-storey amenity building is perfect for socializing. Experiment with your favourite cocktails at the resort-style bar, or invite your favourite chef to sample gourmet treats in the catering kitchen. The evening wraps up on the spacious outdoor patio overlooking the ravine. Living directly on Bronte’s Twelve Mile trail, the active outdoor lifestyle abounds with lush hiking trails leading into Bronte’s pristine Provincial Park. Bright winter days are spent on the park’s outdoor rink, and fresh spring weather
invites jogs along Lake Ontario’s waterfront. Looking to take things indoors? LINK’s fully outfitted fitness studio and spa retreat encourages an active lifestyle year-round. Nearby to all of the shopping, restaurants, and culture that Burlington is recognized for, LINK is situated just off of the 407 and minutes from the 403. All day GO train service makes getting into the heart of Toronto relaxing and convenient. Located at the corner of Dundas and Sutton in Burlington, LINK2 Condos + Lofts feature studio to two-bedroom condo suites from 437 to 882 sq. ft. priced from the mid-$190’s; onebedroom plus den to four-bedroom plus den lofts from 915 to 1,443 sq. ft.; and one-bedroom to four-bedroom plus den garden villas from 817 to 1,644 sq. ft. Lofts and garden villas start in the mid-$300’s. The presentation centre is located at 5210 Dundas St. W., Burlington. For more information, call 905.592.2028 or email link@bakersales.info. To register, visit adidevelopments.com
Southwestern Ontario
SOUTHWESTERN ONTARIO
boasts a number of unique communities and markets by WAYNE KARL
BURLINGTON OAKVILLE
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. 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. REAL ESTATE
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. AT A GLANCE POPULATION: 175,000 MAJOR EMPLOYERS: Sales and service, business finance administration, management, trades and transport sectors AVERAGE HOME PRICE, DEC 2014:
$387,000 (CREA Hamilton-Burlington
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
Hamilton also has plenty going for it in terms of culture and entertainment. It is home to the Royal Botanical Gardens 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. REAL ESTATE
There are good reasons to consider Hamilton, as the city is among Canada’s
most welcoming for first-time buyers. Hamilton’s housing market will experience steady demand in 2015 as homebuyers moving to the city and increasing job creation support strong existing homes sales, CMHC says. AT A GLANCE
692,000, metro area Health services, manufacturing, government, education sectors POPULATION:
MAJOR EMPLOYERS:
AVERAGE HOME PRICE DEC 2014:
$387,000 (CREA Hamilton-Burlington)
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.
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. Waterloo Region has experienced a shift in new home construction, from single-detached homes to condos, as demographic changes support the trend, according to Canada Mortgage and Housing Corp. AT A GLANCE
220,000 Advanced manufacturing, education, IT POPULATION:
MAJOR EMPLOYERS:
AVERAGE HOME PRICE DEC 2014:
Hockey League London Knights, and more than 100 public golf courses within an hour’s drive. REAL ESTATE
Job growth, slightly higher net migration and stable mortgage rates are expected to lead to stronger housing demand in 2015. Housing starts will increase in single-detached homes, townhomes and condos. AT A GLANCE
360,000 Advanced manufacturing, education, life sciences, financial services POPULATION:
MAJOR EMPLOYERS:
AVERAGE HOME PRICE DEC 2014:
$252,746 (CREA London)
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 with the new Queen Elizabeth Park Community and Cultural Centre, offering more than 144,000 sq. ft. of active living space, making it one of the largest venues in Canada to house such a diverse collection of recreation, arts and cultural opportunities. 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
MAJOR EMPLOYERS: Automotive,
technology, pharmaceutical, construction AVERAGE HOME PRICE, DEC 2014:
$648,000 (CREA Oakville-Milton)
$336,302 (CREA K-W)
LONDON “The Forest City,” so-called for its abundance of urban forests, is more than just the hub of Southwestern Ontario. It’s a culturally diverse town, with notable English, Scottish, Irish, German, Italian and Latin communities. It also boasts an increasingly diverse economy; manufacturing is the core sector, but IT and financial services are among the industries becoming more important contributors. LIFESTYLE
A wealth of local attractions, such as the Western Fair Raceway, Storybook Gardens and the Royal Canadian Regiment Museum, offer residents plenty of options for leisure. It’s a big sports town, too, with the Ontario
LONDON
Finances
Land Transfer Tax Credit Ontario residents can claim up to $2,000 if you are buying a home as a principal residence for the first time.
MORE THAN JUST A DOWN PAYMENT
Home Buyers’ Plan
The total costs of buying your first home 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 $15,800 $19,600 $23,400 $27,200 $31,000 $34,800
MAXIMUM HOME PRICE $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
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.
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.
Getting married?
Your honeymoon is on us! Now that you are making plans for your new life, planning a family and your new dreams, you realize no dream is complete without your dream home. Enjoy our exclusive offer to newlyweds, “Your honeymoon is on us”, when you buy an Eastforest Home. Receive a HONeYMOON tRip tO a destiNatiON OF YOUR cHOOsiNG! Buy any home from eastforest Homes by august 31st, 2015 and enjoy your honeymoon on us. (Rules and Regulations apply)
get your dream home now!
www.eastforesthomes.com/honeymoon RuLES ANd REguLATiONS:
This promotion applies to newlywed couples ONLY and on a purchase of any Eastforest Homes Ltd. home purchased between January 31st, 2015 and August 31st, 2015. This offer must be used within the specified time period and at a location as set out by Eastforest Homes Ltd., is not redeemable for cash and is subject to HST. Must present coupon or this ad and marriage certificate as proof of marriage. Valid for couples married between January 31st 2015 and May 31st 2016. Couples must be registered online at www.eastforesthomes.com/honeymoon for this promotion to be valid. This promotion is subject to change and may be cancelled at any time without notice or obligation. Valid from January 31st, 2015 to August 31st, 2015 while quantities last. E. &.O.E. Broker Protected.
Your honeymoon is on us! this coupon entitles you to a FRee travel voucher for 2 (valued at $3,000) towards your honeymoon when you buy any eastforest Home by august 31st 2015. Must present marriage certificate as a proof of marriage and this coupon upon request. Must be registered online at www.eastforesthomes.com/honeymoon for this offer to be valid. Don't miss our special promotions follow us RuLES ANd REguLATiONS:
This promotion applies to newlywed couples ONLY and on a purchase of any Eastforest Homes Ltd. home purchased between January 31st, 2015 and August 31st, 2015. This offer must be used within the specified time period as set out by Eastforest Homes Ltd., is not redeemable for cash and is subject to HST. Must present coupon or this ad and marriage certificate as proof of marriage. Valid for couples married between January 31st 2015 and May 31st 2016. Couples must be registered online at www.eastforesthomes.com/honeymoon for this promotion to be valid. This promotion is subject to change and may be cancelled at any time without notice or obligation. Valid from January 31st, 2015 to August 31st, 2015 while quantities last. E. &.O.E. Broker Protected.
Mortgage Advice
WHAT TO CONSIDER BEFORE GETTING YOUR FIRST MORTGAGE
A
s another new year begins, some of the most common resolutions people make revolve around personal finances. You may want to get out of debt, save more money or even buy your first home. If you’re thinking about the latter, a plethora of new financial tasks awaits you in 2015. You’ll need to get your down payment ready, hire a home inspector and a real estate lawyer, and, of course, find the home you want to buy. But before you can do any of that, you need to get preapproved for a mortgage.
Once you’ve been pre-approved, remember that this is the absolute maximum amount a bank or mortgage broker would be willing to give you – and the mortgage payment at that top price is often outside of people’s comfort zones, when it comes to their personal budgets. To ensure you’re not strapped for cash and become
house poor, try to buy something at a lower price point. Your budget will especially thank you when – not if, when – interest rates go up. Economists have said an interest rate hike was on the horizon for years, but indications are that it could happen in 2015 (despite the recent drop). Since our economy follows the U.S.’s, the Bank of Canada will watch what the Federal Reserve does then go from there. It’s predicted that our prime rate could go up by as much as 1.25 to 1.50 per cent, though, which would affect anyone who had a loan attached to prime (variable mortgage, bank loan or line of credit). If you’re thinking of taking advantage of a low variable mortgage rate this year, you should first run the numbers to see if you could afford this potential increase. According to the Canadian Real Estate Association, the average home price in Canada is slightly more than $413,000. If we plug that number into a mortgage calculator, put down 20 per cent and choose the current best five-year variable rate in Toronto (2.09 per cent), your monthly mortgage payment would be $1,413. Now, if prime went up by 1.50 per cent, so would your mortgage rate. If yours went up from 2.09 per cent to 3.59 per cent, your monthly mortgage payment would go up to $1,665 – that’s $252 per month or $3,024 per year extra that you’d need to find in your budget. Imagine how difficult that would be to come up with, if you’d already purchased something at the top of your max budget. And fixed rate mortgage holders won’t be immune to the interest rate increase, either – those will likely
Once you’ve been pre-approved, remember that this is the absolute maximum amount a bank or mortgage broker would be willing to give you – and the mortgage payment at that top price is often outside of people’s comfort zones, when it comes to their personal budgets. go up, too, but you’d be protected from that until your mortgage came up for renewal. Still, I wouldn’t be surprised if we saw more people go fixed this year, in light of this potential interest rate increase. Even if it weren’t on the horizon, it’s always best to stress test a mortgage before you buy. A good rule of thumb: 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 financial product comparison site that aims to empower Canadians to make smart financial decisions.
winter time warmth
QUICK CLOSINGS AVAILABLE in KITCHENER ENJOY THE WARMTH AND COMFORT OF A NEW HOME AND COMMUNITY THIS WINTER Eby Estates is a quaint neighbourhood full of charm, complete with old-style street lamps, craftsman style exteriors and rustic stone accents, and all within a private setting in Kitchener perfect for your family.
30’, 36’ AND 40’ SINGLE-DETACHED HOMES IN KITCHENER FROM $352,900* • Beautiful Architecturally Distinct Heritage Homes • Well-loved almost complete neighbourhood • Quiet and peaceful winding streetscape • Exceptional Energy Star neighbourhood
COME VIEW OUR TWO MODEL HOMES KITCHENER Conestoga Parkway
MODEL HOME AND SALES CENTRE: Mon. - Wed. 2 - 7pm Sat. - Sun. 12 - 5pm
Homer Watson
Isaiah St.
Gravel Ridge Trail MODEL HOME & SALES CENTRE 276 GRAVEL RIDGE TRAIL
Fischer-Hallman
7/8
LEARN MORE AT: HWY #8
Exit #278
Bleams Rd.
401
LONDON
TORONTO
williamsburghomes.ca
|
519.208.5834
*Prices and specifications subject to change. See sales ® representatives for more details. | ENERGY STAR is administered and promoted in Canada by Natural Resources Canada. Used with permission. Dec. 2014.
WINTER/SPRING 2015 YOUR FIRST HOME 33
Trending in Lowrise
TOWNHOMES, SEMIS, SINGLES…
Where can you buy, and for how much? by WAYNE KARL
L
ocation, location, location has always been the golden rule of real estate, but more and more, homebuyers are putting extra stock into exactly what this means. Proximity to infrastructure and transit, for example, is becoming more important than ever. “Especially with regard to the Millennials, in their 20s and early 30s, people who are very particular about where they want to live,” says Dana Senagama, GTA senior market analyst for Canada Mortgage and Housing Corp. “Proximity to both work and play plays a role in their decision to live downtown.” This is especially relevant when it comes to buying a condo (see page 37). HOMEBUYER PREFERENCES FOR LOCATION
There’s also more research providing valuable insight into the subject. Case in point – a recent report by the Pembina Institute and RBC that examined homebuyers’ preferences when it comes to home location in the GTA. The survey asked a series of questions to gauge respondents’ preferences for location-related attributes – such as walkability, commute times, home size, neighbourhood, home prices and transportation costs when making home location choices. The survey shows that a large house and spacious lot – the dream of many homebuyers – are not as important as living in a neighbourhood that is walkable, includes mixed-use features, is transit-connected and offers shorter commute times. GTA homebuyers would choose a more modestly sized home to enjoy these attributes, both in suburban and urban locations. In fact, the survey
shows a clear preference for location-efficient suburbs over those that are car-dependent. First-time homebuyers, according to Pembina and RBC, have very similar homebuying preferences. One key difference, understandably, is that costs matter more to them. When cost is a factor, 50 per cent of first-time homebuyers would pay more for a smaller, location-efficient home, while 41 per cent would opt for a larger, cheaper, car-dependent home. If you can afford a lowrise home as a first-time buyer, know that the market is a strong performer. In their Strategic Review of the GTA’s 2014 new home market, released in January, RealNet Canada Inc. and the Building Industry and Land Development Association confirmed that lowrise prices hit record highs last year. This is thanks to the popularity of the housing type, but also provincial government policy. “Our analysis of the 2014 market and the story the numbers tell is frankly less about the year that just passed and more about a policy decision made by the provincial government a decade ago,” says George Carras, president of RealNet. “The desire to curb sprawl and encourage intensification has led to the continued condominium boom in the 416, spiking home prices and a widening price gap between lowrise and highrise housing product.” The lowrise new home price index in 2014 closed at a record high of $705,813 – an increase of eight per cent from 2013. By comparison, the highrise price index was $454,476 – up four per cent. The price disparity between low- and highrise homes widened to a record $251,337 in 2014.
When cost is a factor, 50 per cent of first-time homebuyers would pay more for a smaller, locationefficient home, while 41 per cent would opt for a larger, cheaper, car-dependent home. WHERE TO BUY LOWRISE IN THE GTA
Given these challenges with availability and rising costs, “townhomes are becoming the new singles” for many buyers, Senagama says. Location is a personal preference with many factors, “but purely based on price, if you’re looking to buy a lowrise home, I would say the Durham region, especially in Oshawa and Whitby – those are areas where you’re still able to get in at a much more affordable price if you’re looking for a single-detached home. “The beauty of the GTA is that you can choose between different municipalities,” she says. “If you want to live in the downtown core, the price points are far outreaching for a lot of young, first-time buyer families – but perhaps you could buy a property in Milton at a much lower price. The good news is that there’s product choice out there, and different regions to explore.”
Lucy and Ken Richardson
WHY WE BOUGHT A TOWNHOME Ken and Lucy Richardson, The Highlands in Newmarket, The Daniels Corporation
YFH: Why did you purchase a lowrise home,
versus a condo? RICHARDSONS: We wanted something smaller, and a
townhome is perfect. YFH: What other home types did you consider? RICHARDSONS: We looked around at many homes. We
loved the area around St. Andrew’s Valley Golf Course in Newmarket and attended several open houses there, but they were always out of our price range. YFH: What were the main determining factors in your
decision (price, location, amenities, lifestyle)? RICHARDSONS: We got great value for the price, and being
able to walk to a golf course is a dream. We’re surrounded by nature, yet it’s minutes to shopping. This is a unique pocket in Newmarket. YFH: What did you end up buying, in terms of community and home size? RICHARDSONS: When we saw that The Daniels Corporation was building The Highlands, a townhome community overlooking St. Andrews Valley Golf Course, we went on opening day and bought a 1,963-sq.-ft., three-bedroom townhome. YFH: How’s life in your new home? RICHARDSONS: Fantastic! We love taking our dog for walks
in the area and sitting on our balcony with a glass of wine enjoying the wildlife. We received a warm welcome from Daniels when we moved in. The service has been wonderful from the moment we first entered the presentation centre.
Tarion Report
YOUR NEW HOME WARRANTY HAS YOU COVERED
P
urchasing a new home is one of the biggest decisions most of us will make and it’s understandable that you want to get it right. One of the biggest benefits of choosing to buy a newly built home is that it comes with a seven-year warranty from your builder that is backed by Tarion Warranty Corp. So, what is Tarion and what is it that we do? Tarion is a not for profit corporation, established in 1976, that protects the rights of new home buyers and also regulates new home builders in Ontario. We administer the Ontario New Home Warranties Plan Act, which outlines the warranty protection provided to new home buyers in Ontario.
ONTARIO’S NEW HOME WARRANTY
Almost every new home sold in Ontario comes with a builder’s warranty that’s backed by Tarion. The warranty is made of many different components. Its coverage begins before you even move in to your new home and lasts for seven years from the time you take possession. The warranty provides different types of coverage at different stages in the life cycle of your home. WHEN YOU BUY
Deposit protection and delayed closing protection begin once you sign a purchase agreement and make a deposit on your new home. Deposits on freehold homes are protected up to a maximum of $40,000 in the event that your builder goes bankrupt, breaches the purchase agreement or in situations where you have a statutory right to treat the purchase agreement as terminated. Deposits on condominiums are protected up to $20,000 and any deposit amounts are protected by the trust provisions of the Condominium Act. BEFORE YOU MOVE IN
Delayed closing and occupancy
provisions requires your builder to take reasonable steps to ensure that your home will be ready for you to move in either by a date specified in the purchase agreement or by a date that has been properly extended if circumstances occur that delay the home’s completion. In many cases, your builder will be required to compensate you if a delay occurs. WHEN YOU’RE READY TO TAKE POSSESSION
The one-, two- and seven-year warranties begin when your home is complete and ready for possession. The one-year warranty covers defects in work and material, protects against unauthorized substitutions and ensures your home is fit for habitation and constructed according to the Ontario Building Code. The first-year warranty includes almost everything inside and outside your home that was provided by the builder, from flooring to drywall to heating and air conditioning systems and is in place for one year from your home’s date of possession. It also provides coverage from unauthorized substitutions of materials. The two-year warranty protects against water penetration through the basement or foundation walls, defects in materials that affect windows, doors and caulking, and defects in work that result in water penetration into the building envelope. It also covers defects in work or materials in the electrical, plumbing and heating delivery and distribution systems. Also covered are defects in work or materials that result in the detachment, displacement or deterioration of exterior cladding, such as brickwork, aluminum or vinyl siding. The warranty continues to provide protection against violations of the Ontario Building Code that affect health and safety and applies for two
years, beginning on the home’s date of possession. The seven-year major structural defect warranty provides coverage for defects in work or materials that result in failure of a structural, load-bearing element of the building or one that would reduce the expected life span of a structural element. It also includes protection against defects that in some circumstances may adversely affect the use of the home. UNIQUE PROTECTION FOR CONDOS
Condos come with an additional warranty that covers the shared spaces – or common elements – of the condo. A common element is something that is shared by the unit owners like parking garages, recreation facilities, exterior cladding and roofing. Certain systems like plumbing, electrical and heating can also be part of the of the common elements. The condominium corporation is responsible for making warranty claims to Tarion for common element defects. Your unit boundary document should clearly outline what is owned by your unit and what is considered to be part of the common elements. You can learn more about the new home warranty and how to make a claim by visiting tarion.com or find us on Facebook at facebook.com/ TarionWarrantyCorp
Howard bogach is President and CEO of Tarion Warranty Corp. His column appears monthly in New Home Guide. For more information about how Tarion helps new-home buyers, visit tarion.com or find us on Facebook at facebook.com/ TarionWarrantyCorp.
spotlight on
An excellent choice for first-time homebuyers
Trending in Highrise
CONDO OPPORTUNITIES IN THE GTA
Bigger units, more bedrooms, expanding options by WAYNE KARL
I
f you’re looking to buy a condo in the GTA this year, know that it’s one of the most affordable and desirable home choices for first-time buyers. And coming off a strong 2014 in which the number of condo completions hit record highs, and prices of new condos climbed four per cent to $454,476 (compared to eight per cent to $705,813 for new lowrise homes), the good news is that there’s plenty of options for you. Young, first-time buyers typically like to live downtown, close to work and play, and there are virtually countless projects to choose from. Indeed, it’s largely a lifestyle choice – living in a modern building not only with features such as health and fitness facilities and attached mixeduse amenities, but also proximity to hot neighbourhoods with popular restaurants, pubs and other attractions. The challenge is that in recent few years, the majority of the units, especially downtown, were small, onebedrooms, and there was a notable trend toward more “micro condos” – those averaging less than 500 sq. ft. This may be suitable for young singles, but presents a challenge for buyers who get married or otherwise want to buy with their partner or a co-buyer, or have a family. The answer is more two-bedroom units, and developers are building them. The number of two-bedroom units climbed to 41 per cent in 2014, compared to 31 per cent in 2011, according to RealNet Canada Inc. continued on pg. 40
Trending in Highrise continued
“ Developers will increasingly have to offer attractive incentives to buyers, like prices that are at or below resale values, extended deposit structures, and rental guarantees to keep the momentum going.” The 2014 Strategic Review from RealNet and the Building Industry and Land Development Association shows that the index size of a new condominium increased to 816 sq. ft., as supply shifts toward two-bedrooms. Average price per sq. ft. was $557, an increase of two per cent from 2013. Given the choice available to buyers, and the competitive nature of the condo sector, more developers are also offering incentives. “Developers will increasingly have to offer attractive incentives to buyers, like prices that are at or below resale values, extended deposit structures and rental guarantees to keep the momentum going,” condo expert Andrew La Fleur said in his forecast for 2015. “If they do these things and they have good sites in good locations, they will continue to sell well.” Shaun Hildebrand, senior vice-president at condo research firm Urbanation, seems to agree. “After taking a break in 2013, new condo buyers were enticed back into the market as pricing and incentives became more competitive across a greater selection of available units. The strengthening resale market and tight rental conditions, combined with lowered expectations for interest rates, should keep the new condo market humming in 2015.”
WHY I BOUGHT A CONDO Hanley Koo Canary District Condominiums YFH: Why did you buy a condo versus a lowrise home? KOO: I wasn’t ready to own a home in a neighborhood
where I would still need to travel for amenities. I chose the Canary District to be a part of the community and have access to all the shops at my doorstep. YFH: What other home types did you consider? KOO: None – a condo is perfect for me. YFH: What were the main determining factors in your
decision – price, location, amenities, lifestyle? KOO: I wanted to purchase in an up-an-coming community
close to downtown. Being next to the DVP also made the decision pretty clear, as I travel on it frequently. As new builds go, it was a very fair price point for the quality. Other options were similar, but lacked the community that is being created in Canary District. YFH: What did you end up buying, in terms of
WHERE TO BUY HIGHRISE IN THE GTA
development and unit size?
And the condo opportunities are not just limited to downtown Toronto. “You could take your pic from any area,” Dana Senagama, GTA senior market analyst for Canada Mortgage and Housing Corp., told Your First Home. “If you want to live in the urban core, yes, you will pay a premium to live downtown. But there are more condos we’re seeing emerging in the 905 region – Markham, Richmond Hill and Vaughan. Especially with the anticipated completion of the subway extension, we’re seeing a lot of development occurring in that corridor.”
KOO: I bought a suite at Canary District that occupies in
two years. The unique factor here is that I can see the community now, as it is already built, which makes me very excited to move in. YFH: What are you looking forward to most in your
new condo? KOO: Moving into a neighbourhood where there will be
brand new retail shops, parks and homes is very exciting. I’m looking forward to moving in and meeting others that likely share the same interests as we’ve chosen to be part of this new and upcoming community.
VISIT ONE & YOUR SEARCH IS DONE
beautifully designed living rooms
Actual Model Photography
Suites from the mid $200,000s Towns from the mid $500,000s spacious bedrooms
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*The First Home Boost Program is not available on the townhomes and is only available on a limited number of suites.**Conditions apply. Parking, locker and maintenance incentive are only available on a select number of home types. Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices and specifications are subject to change without notice. E.&O.E. 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.
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Exclusive listing, Baker Real Estate Incorporated, Brokerage. Brokers protected. All illustrations are artists’ concept. Prices, sizes and specifications subject to change without notice. E.&O.E.
Design Secrets
DECORATING YOUR FIRST HOME
N
ow that a new year is upon us, many of us like to regroup and think about how we can make changes to maximize storage and rid ourselves of unneeded items. Nothing could be more important as you move into your new home! As a first-time homeowner, it’s sometimes tempting to move everything with you for those “just in case� moments. Starting fresh has its advantages when it comes to making the most of storage options to max out their usefulness. No matter if you are moving into a new house or condo, no one ever says they have enough closet space, so making the most of what you have is critical. Investing in closet organizers in the bedroom that provide shelves, both short and long, hanging as well as drawers and shoe storage will be invaluable. You will be happy you took the time to do this as you move in and create a new life and new routines. Leaving a closet undone will simply waste space in the end. Another area to make sure you maximize space is in the front hall closet. Being Canadian means we have a lot of different seasonal coats and footwear and this needs to go somewhere! Think about adding shelves, drawers and hooks to this closet as well. Make sure the doors to the closet are swing doors if possible and not sliders, as sliders can make closet access difficult. Another place to create useful organization is the linen closet. Be sure to update this space with lots of shelving prior to using it. A tip that will help maximize your storage within your linen closet is to tightly fold each sheet set and then place them inside the corresponding pillowcase. This will help you stay organized, allow you to see all of the linen sets and will keep everything together. Store unused items in bins that fit under a bed or purchase a new bed
Being Canadian means we have a lot of different seasonal coats and footwear and this needs to go somewhere! Think about adding shelves, drawers and hooks to this closet as well.
with built-in drawer storage under the mattress as this is a big area so make sure gets used, particularly in a condo! This is a good place to store out-ofseason items, as they will be out of sight and mind until they are needed. If you have the height and budget, build upwards! Create a wall unit that goes to the ceiling so you not only elevate the visual height, you take advantage of this extra storage space. In the area, you can store items such as CDs, DVDs, books and photo albums. These items can take up lots of space if not stored efficiently, so make sure to buy storage solutions specifically created for these items.
If you are building new, you can request to have additional outlets placed in easy-to-access places to cutdown on the clutter of power cords. Consider adding extra receptacles under the cabinets in kitchens to maximize counter space and a few extra in the bed and bathroom, so that you have enough space for chargers, blow dryers and shavers. And never forget, there are great accessories that can be added within kitchen cabinets and under sinks for better organization and easier access. Good organization may take a little more time and money in the beginning but it will definitely be worth the effort in the end.
Jane Lockhart is founder and principal designer of Jane Lockhart Interior Design. She was creative director and host of W Network’s top-ranked show, Colour Confidential, and has a Canadian-built furniture collection, Jane by Jane Lockhart, by Statum Designs. Visit online at janelockhart.com
BILD Report
THERE’S NOTHING LIKE A BRAND NEW HOME by BRYAN TUCKEY
T
he home building industry is constantly evolving and changing for the better. With the advent of new technologies over the years, newhome purchasers in the GTA can enjoy some of the highest quality homes that rival the best in the world. This is just one of the reasons I recommend buying a brand new home. You just can’t get the modern design, quality of construction and energy efficiency in a home that’s several decades old. Today’s homes are built with open concept, practical designs that allow homeowners to maximize their use of space. This helps bring more light into your homes while opening it up to appear larger.
Builder and developers in the GTA hire some of the world’s best architectural and design firms for their projects, as well as top local talent. Many of these firms have been recognized on provincial, national and international levels for their design excellence, which really speaks to the quality of the homes GTA residents can choose from. Design is just one element of quality. There’s also quality of construction. Every new home introduced into the market today is built to or better than the strict requirements of the Ontario Building Code (OBC). It is designed to better protect property and health, including
structural design and fire protection. The OBC is updated regularly to ensure that new homes are constructed with the highest of quality. The most recent update in 2012 had an environmental focus, putting in place measures that reduce greenhouse gases, protect air, water and soil quality and conserve energy. Energy efficiency is yet another way in which today’s homes have evolved over the past few decades. According to building scientist Michael Lio of Lio & Associates, there is 75 per cent less energy used in a home built today than a house built in the 1960s. Homeowner expectations have changed drastically as well. Today’s homeowners demand more from their homes. Features like instant temperature control and draft resistance are no longer luxuries, and the industry has grown considerably when it comes to ensuring homebuyers are as cosy as possible while keeping their heat and water bills low. Just spend some time in an older home. Chances are you’ll find mould growing because of thermal bridging, single-pane windows which not up to current OBC requirements, inefficient furnaces and poor insulation levels. All these issues have been addressed through the continuous improvement of our industry’s building practices over several decades. These are just a few of the reasons why I choose to buy a brand new home.
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
Community Profile / Primont Homes
There’s a new energy in town! Primont Homes presents Urban Townhomes in Mount Pleasant from $339,900
T
he name Mount Pleasant conjures charming images of a bustling community; a place where children can attend a fine school, play safely in parks, enjoy sports and extra-curricular activities, skate on a community pond – all within a five-minute walk of home! In this vibrant and urban masterplanned community, Primont Homes is bringing a whole new style of living, a new opportunity to be part of a one-of-a-kind community. Welcome to Newtowns, a stunning collection of Urban Townhomes surrounded by transit, schools, shops, dining, and acres of lush parks and greenspace. With hundreds of acres of protected greenbelt and open greenspace, Mount Pleasant offers a picturesque wonderland of forests, parks, walking trails and more. Families will appreciate the stunning architecture and excellent craftsmanship of Primont’s Urban Townhomes, set in proximity to nearby amenities. Enjoy living close to a wide range of amenities in the neighbourhood. Newtowns is within walking distance
of Brampton Transit and the GO Station, connecting families to every destination in the GTA and beyond! Just steps away is the brilliant Mount Pleasant Village, a wonderfully integrated and diverse community hub. The walkable, streetscaped Village is home to schools, shops, dining, cafes, recreation, libraries and much more! A new hybrid mega mall is coming soon just down the street from Newtowns! Millions of dollars of infrastructure is being planned around the upcoming Osmington Centre at Mississauga Road and Bovaird Drive West. Scheduled for completion in 2019, this Centre will feature a mix use shopping mall including retail, office, hotel, open space, and residential community uses, it is also comprised of enclosed retail and street retail. Osmington Centre promises to bring tremendous ease and convenience to all Mount Pleasant residents. With all the conveniences of carefree condominium living, the Urban Townhomes are spacious three-bedroom designs that feature your own private garage. The main
living space is open concept, maximizing space and light – ideal for flexibility with furniture layouts. The open, bright and airy Great Room is perfect for family gatherings. Every townhome comes with a covered terrace, great for summer barbecues! Gourmet Kitchens with tall cabinets are contemporary to optimize your living space. The Master bedroom comes with a walk-in closet and luxurious ensuite. You’ll be proud to call this your home. Register at primonthomes.com
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.
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INVENTORY SALE: 5% DOWN & UP TO $10,000 CASH BACK!*
NO CONDO FEES! PHASE 2 NOW OPEN
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10629 Mississauga Rd. 905.495.5067
3890 Major Mackenzie Dr. W. 905.417.3363
Hwy 7, East of Ninth Line 905.201.2804
SALES OFFICE HOURS: MON-THURS 1PM - 8PM FRI CLOSED SAT, SUN & HOL 11 AM - 6 PM 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
46 YOUR FIRST HOME WINTER/SPRING 2015
There’s a new energy in town
• • • • •
Minutes to GO Transit Acres of lush parks and greenspace Steps to planned Osmington Mall Charming Mount Pleasant Village nearby Shopping, dining, leisure and more!
COMING SOON to Mount Pleasant, Urban Townhomes from $339,900 Limited collection of 3-bedroom Urban Townhomes from 1,136 sq. ft. with private garage in the heart of Mount Pleasant, surrounded by great family amenities.
REGISTER NOW primonthomes.com See Sales Representative for details. Prices and specifi cations are subject to change without notice. E. & O.E.
PrimontHomes.com WINTER/SPRING 2015 YOUR FIRST HOME 47
We Always Remember Our First Home. Especially When We Build Yours. Discover The Mattamy Difference. FROM THE VERY BEGINNING, Mattamy Homes decided we’d design better and build better than anyone else. Over 70,000 homes later, a first glance still reveals the clear Mattamy difference. See for yourself. Every Mattamy home presents a personal, welcoming face that reflects its own individual family. Living space is maximized and joyfully useable. Windows are large, plentiful
and well-placed. And the Mattamy communities themselves are created to encourage neighbours to become friends. Our first homeowners were so delighted with their Mattamy home, they lived in it for over 25 years. So, when you’re ready to choose your own first home, we hope you’ll consider a home that people love to live in.
FOR MORE INFORMATION ON OUR COMMUNITIES REGISTER AT MATTAMYHOMES.COM Follow us: All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.