GTA Condo Life - January 1, 2023

BY BRANTHAVEN

WINDOW OF OPPORTUNITY

The end of one year and the beginning of the next is a natural time for reflection, and in the context of real estate in the GTA and surrounding areas, this period could represent turning the corner on market conditions.

There’s no question the multiple interest rate hikes through 2022 have negatively affected home sales and average prices (and consumer confidence), though more so in some markets and housing categories than others. And the first quarter of 2023 may see more of the same. Experts, however, largely agree that those challenges are short term, and the underlying fundamentals over the long term – namely low unemployment, strong population growth and a dearth in housing supply – remain strong.

Looking deeper into the new year and beyond, then, we can see the proverbial light at the end of the tunnel.

“Increased borrowing costs represent a short-term shock to the housing market,” says Kevin Crigger, president of the Toronto Regional Real Estate Board. “Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.”

Royal LePage concurs, saying the rates of decline have been modest and will likely be short-lived.

“We have a tightly managed national mortgage portfolio, with historically low default rates, supported by homeowners who have been required to qualify for a loan under the strict federal stress test for the last five years,” says Phil Soper, president and CEO of Royal LePage.

Without a significant increase in housing supply, a return of buyers to the market should start to put upward pressure on prices again.

“It’s important to note that many would-be buyers currently sitting on the sidelines have not been forced to exit the market,” Soper adds. “While some of these families have been priced out for now by rising borrowing rates, we believe some have voluntarily adopted a wait-and-see attitude. When interest rates appear to have stabilized, these buyers may jump back into the market, anticipating a return to escalating home values.”

With activity levels expected to pick up again by the middle of 2023, provided interest rates stabilize and consumer confidence is restored, these first few months of the new year represent an excellent window of opportunity for financially secure, well-prepared buyers.

PERSONAL FINANCE | JESSE ABRAMS

Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm based in Toronto. thinkhomewise.com

WESTERN VIEW | MIKE COLLINS-WILLIAMS

Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

HOME REALTY | DEBBIE COSIC

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

REALTY INSIDER | MICHAEL KLASSEN

Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential pre-construction listing brokerage. 1111realty.ca

REAL ESTATE PRO | BARBARA LAWLOR

Barbara Lawlor is President and CEO of Baker Real Estate Inc., and an indemand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condo developments in Canada and overseas. baker-re.com

STAT CHAT | BEN MYERS

Ben Myers is President of Bullpen Consulting. Ben provides pricing recommendation, product mix, and valuation studies on new residential housing developments for builders, lenders and property owners. bullpenconsulting.ca

LEGALLY SPEAKING | JAYSON SCHWARZ

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

BILD REPORT | DAVE WILKES

Dave Wilkes is president and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter at @bildgta or visit bildgta.ca

CHIEF REVENUE OFFICER Jacky Hill jacky.hill@nexthome.ca

EXECUTIVE MEDIA CONSULTANT Michael Rosset

EDITOR-IN-CHIEF – NATIONAL REAL ESTATE Susan Legge susan.legge@nexthome.ca

EDITOR-IN-CHIEF – GREATER TORONTO AREA Wayne Karl wayne.karl@nexthome.ca

MANAGING EDITOR Rise Levy rise.levy@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Michael Klassen, Barbara Lawlor, Ben Myers, Jayson Schwarz, Dave Wilkes

SENIOR VICE-PRESIDENT, SALES, NEXTHOME Hope McLarnon 416.708.7987, hope.mclarnon@nexthome.ca

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OHBA CALLS ON PROVINCE TO AUDIT MAJOR MUNICIPALITIES’ GROWTH FUNDING CHARGES

The Ontario Home Builders’ Association (OHBA) is calling on the government of Ontario to audit the collection and use of growth funding charges in major municipalities. Given the accumulation of significant reserves at the municipal and regional levels of government, it is in the interest of the public and new-home buyers to ensure that there is transparency and accountability around the collection of growth funding charges and that funds collected are used for their intended purpose.

“Municipalities across the Greater Toronto Area collect, on average, $116,000 per new housing unit in development charges, parkland fees and other growth funding charges, and these fees are reflected in the cost of new homes,” says Luca Bucci, CEO of OHBA. “We know from municipalities’ financial information returns, filed annually with the Ministry of Municipal Affairs and Housing, that municipalities in the GTA are holding in reserve more than $6 billion in development charges, parkland cash-in-lieu and Section 37 fees, and they are spending a fraction of what they collect on an annual basis. Municipalities across the province hold reserves in excess of $9 billion and these reserves are growing rapidly.”

In their reaction to Bill 23, More Homes Built Faster Act, municipalities have been vocal on the purported impact on municipal finances of capping, freezing and discounting certain development fees. An independent analysis conducted for the OHBA demonstrates that municipalities are overstating the impact and that there is overlap, particularly in the

development charges and incentives for affordable housing.

Taking into account the totality of their reserves and the grants they have received, major municipalities in Ontario, and Toronto in particular, are well positioned to accommodate the changes, OHBA says. For example, in 2021, the City of Toronto generated more than $15 billion in revenues, of which less than onethird was from the property tax base. It received $4.4 billion in provincial and federal grants and held a tax rate stabilization reserve of $1.12 billion (up from $66.8 million in 2018), a development charge reserve of $2.2 billion (up from $1.15 billion in 2018) and parkland cash-in-lieu/Section 37 reserve of $1.2 billion (up from $912 million in 2018).

“Why does the municipalities’ own data, submitted to the province, show large and growing surpluses?” says Bucci. “Why have certain municipalities spent far less than they have collected, every year for more than a decade, and

why are municipalities crying poor over changes intended to help bring housing affordability back to Ontario?

“We are in the middle of a housing crisis in the province. We are calling on the provincial government to initiate an audit for select municipalities to ensure that funds collected are used for their intended purposes and that there is transparency for ratepayers and new-home buyers. The people of Ontario deserve the facts.”

IMPACT OF INTEREST RATE HIKES SHORT-TERM: TRREB

Homeownership market activity in November continued to be influenced by higher borrowing costs on affordability, according to the Toronto Regional Real Estate Board (TRREB), though the organization expects the impact to be short-term.

Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 million to $1.09 million mark since August.

GTA realtors reported 4,544 sales through TRREB’s MLS System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October, especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.

“Increased borrowing costs represent a short-term shock to the housing market,” says TRREB President Kevin Crigger. “Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden

Horseshoe in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.”

“We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news,” adds TRREB CEO John DiMichele. “However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness.”

The MLS Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent year-overyear. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

“Selling prices declined from the early year peak as market conditions became more balanced, and homebuyers have sought to mitigate the impact of higher borrowing costs,” says TRREB Chief Market Analyst Jason Mercer. “With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer.”

BEN mYERS

EVERYONE IS TALKING ABOUT

HOUSING SUPPLY –

WHAT IS UP AND WHAT IS DOWN ?

The last three years in the residential housing market in the GTA have been the ultimate roller coaster ride. Prior to the pandemic, the new, resale and rental markets were very hot, with prices and rents rising near or above double-digit annual rates.

When the pandemic hit, many of us in the industry were bracing for the worst, expecting prices to decrease rapidly with people not working. We expected that there would be a need for significant government intervention to prevent a full-scale collapse in the housing market. Government stimulus is what we got, in the form of the Canada Emergency Response Benefit and rock-bottom interest rates. Rents still declined at unprecedented rates in the most expensive downtown markets, but prices rose almost everywhere, with many far-flung markets experiencing the most egregious price bubbles as Torontonians attempted to flee the city and the COVID virus.

In hindsight, the mistake the federal government and the Bank of Canada made (which many other countries also made) was keeping the stimulus going for too long, and the interest rates at their emergency levels far into the post-vaccine period. This miscalculation contributed to asset prices being overinflated as too much money in the system chased too few goods. This was certainly the case in the early 2022 new and resale housing markets, as prices in some areas saw increases of 30 per cent or more in comparison to just a year earlier.

As a result of COVID and its distortions, we have high inflation in the GTA, in Canada and all over the world. The Bank of Canada has raised interest rates to quell inflation, but it also has negative effects such as job loss. One of the intended impacts of higher rates is lower house prices, but one of its unintended consequences of rising rental rates.

Despite all the craziness we’ve experienced recently with the changes in rents and prices, there remains a consensus among the various levels of government that we need more housing supply. Some want much more government funded affordable housing, some want more market-based condos and rental apartments, while others want to see more family-oriented single-family product in the outer suburbs.

Doug Ford’s provincial government is proposing a number of controversial changes as part of Bill 23, while John Tory and Councillor Brad Bradford have put forward an ambitious plan for Toronto that will hopefully lead to more “missing middle” housing, and higher densities around transit.

Unfortunately, there are many uninformed and economicallychallenged individuals that fight every change to housing, happy with the status quo and its positive impact on the value of their property. Developers are painted as the bad guys, greedy and unscrupulous.

On a recent Toronto Under Construction podcast, architecture critic Alex Bozikovic from the Globe and Mail indicated that the real estate development industry needs to make a better case for what they do: Creating homes, creating jobs and helping pay for parks and other infrastructure. He also encourages young people, who

don’t own homes, to insist that their voices are heard, or the traditional politics of NIMBYism will win (and they’ll lose). Alex also encourages developers to do their part: They can make a good return by making a good city, and by making buildings better than their competitors.

A quote from Alex is extremely important, “Intensification is not just a nice thing to do, it’s going to be absolutely necessary, because the GTHA is projected to grow by about two million over the next 40 years.”

More people are coming, and if the recent extreme controversy and political mismanagement of housing and new development in the GTA is any indication of the future pace of residential homebuilding, we are going to continue to undersupply the market in a big way.

Undersupply means higher prices in the long run, so be prepared for some short-term pain if you’re someone who follows the value of your property on a regular basis, as interest rates are expected to be elevated for a few years. If you’re looking to get into the market, opportunities will abound in 2023 and 2024. Do your research, hire an experienced real estate agent and mortgage broker, and make an informed decision. Good luck.

Ben Myers is the President of Bullpen Consulting, a boutique residential real estate advisory firm specializing in condominium and rental apartment market studies, forecasts and valuations for developers, lenders and land owners. Contact him at bullpenconsulting.ca and @benmyers29 on Twitter.

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INTRODUCING… BIRCH CONDOS & TOWNS AT LAKEVIEW VILLAGE

BY BRANTHAVEN

Branthaven is excited to introduce Birch Condos & Towns at Lakeview Village, Mississauga’s visionary new master-planned waterfront community.

Launching in 2023, Birch will be a rare boutique condo and luxury townhome collection that draws its design inspiration from the very land, lake and shoreline on which the new community will rise.

“We challenged our design teams to create a unique residential building that feels just right for the Lakeview Village community and our location within it – sensitive to scale, materiality,

water, land and city views and, most importantly, be a reflection of contemporary Canadian architecture,” says Steve Stipsits, president of Burlington-based Branthaven.

CORE Architects of Toronto responded to the challenge with a design that pays homage to the iconic Canadian white birch woodlands that hug the shoreline of Lake Ontario. The condo’s distinctive “birch timbers” crisscross the facades, adding dynamic energy to the 15-storey elevation from every perspective.

Crisp white panels and black window framing reflect the simply

sophisticated palette of the bold birch tree. A modern “forest floor” of birch groves will define the condos landscaped perimeter and adjacent townhomes’ front courtyards.

Renowned II BY IV Design have brought their nuanced style to Birch’s suite design and amenity spaces. “Each space is a collection of moments to reflect the natural beauty of Lakeview Village’s “land and lake” lifestyle,” says Keith Rushbrook, partner at II BY IV Design.

“Birch’s amenity spaces are curated for calm. Residents will experience the ambience of lakeside living right

from the lobby.” With light toned wood walls, a bespoke “Birch” art installation, sculpted timber reception desk, soft “pebble” furnishings and a custom watery blue carpet, the lobby’s first impression will evoke relaxed lakeside living.

The lobby’s design elements are seamlessly carried through to the ground level indoor/outdoor coworking and Lakefront Promenade Lounge. Imagine the convenience of working from home at a tabletop window seat with direct views to Lakefront Promenade. Or taking a casual meeting at the wavy upholstered banquettes designed for plush privacy. Charge up with handy port connections and refuel at the impressive central island coffee station.

At night, this co-working space transforms to a sophisticated lounge with dramatic cove lighting, cosy club seating, sleek cocktail loungers and a suspended fireplace orb you and your guests will certainly gravitate to.

There’s even more to explore around the corner. Stretch, strengthen and soak up the sun from the ground level double-height fitness studio. Enjoy your workout even more with abundant natural light from the wraparound glazing. Taking your fitness routine outside is easy with access to all of Lakeview Village’s parks, paths and waterfront trails – all right at your doorstep.

Cross the Skybridge to the podium for even more building features and lifestyle amenities. The Birch Social Club and Terrace offers residents and their guests plenty of entertainment choices. Host an sunny al fresco brunch or sunset dinner. Challenge neighbours to a game of billiards. Cosy up at the fireside lounge. Hold an event in the party room and take it terrace-side for spectacular sunset cocktails.

Birch’s 15th floor rooftop terrace brings a truly elevated outdoor experience for residents and their guests. This is the perfect perch to take in the Lake Ontario waterscapes,

Port Credit Harbour views and uninterrupted western sunsets.

For more than 50 years, Branthaven has earned its legacy reputation for attainable luxury and award-winning design. Interiors are crafted with an emphasis on highly livable, easy to furnish, functional layouts and no wasted space. Branthaven’s Signature Fresh Thinking kitchens feature design-forward style, curated colour palettes, upgraded cabinetry, solid surface countertops, smart storage and full-sized appliances – at no extra cost.

Branthaven’s bathrooms draw their inspiration from boutique hotels with contemporary fixtures and finishes, furniture-style vanities and spa-like ambience.

Birch Condo suite choices range from one-bedroom, one-bedroom plus den, two- and two-bedroom plus den collections, as well as a very limited collection of threebedroom layouts. There’s even a small collection of very special twostorey townhome suites for spacious

family living. Every suite comes with a generous balcony, and some suites feature grand terraces.

Birch Condos is part of Phase 1 of the visionary Lakeview Village, a 177-acre destination waterfront community with every modern amenity imaginable. Located near Lakeshore Road and Dixie, minutes from the TTC and GO Transit, Lakeview Village is a transformative mixed-use development with everything from waterfront trails and beaches, parks and nature preserves to people-places such as the destination waterfront pier and canals, public plazas, curated shops, new schools and exciting entertainment venues and cultural centres. Lakeview Village is where it all comes together.

Get ready to “live the life” with Branthaven at Lakeview Village, Mississauga’s premier waterfront community. Register now for Birch Condos – where the land meets the lake. branthaven.com.

4 THINGS TO THINK ABOUT

THIS TIME OF YEAR

JAYSON SCHWARZ, LLM

The beginning of a new year is a time of hope, love, charity, family, potential and the promise of a better tomorrow.

As a senior lawyer with more than 40 years of experience, I often reflect this time of year on how I can best help people. When my children were small, when asked what a lawyer does, they responded “lawyers help people.” Helping people and guiding their growth has always been our motto.

As we begin a new year, here are some things for people to consider.

GET YOUR HOUSE IN ORDER

Get your Will done, regardless of your age. If you have children, you want to make sure they are taken care of –financially and in terms of guardians, if they are young – in the event of tragedy. If you don’t have a Will, controversy is almost guaranteed, and no one needs that. In the end, Wills and Powers of Attorney are musts. Everyone – single, married, divorced, rich or poor, young or old – needs a Will and Powers of Attorney.

MEET WITH YOUR LAWYER OR ACCOUNTANT

Early in the New Year is a good time to meet with your lawyers and accountants to discuss your affairs. Start with a view to exercising the best tax and succession planning you can achieve, to minimize taxes now and in the future.

PLAN YOUR HOMEBUYING STRATEGY

If you are looking to buy a home in January to March, this period may provide many opportunities to take advantage of the market. See your financial institution and pre-qualify for a mortgage, and then set your sights on what you can afford. And be picky as, for a change, it is a buyers’ market. Find the right real estate agent and lawyer in advance. Remember, hire an agent who knows the area where you wish to buy, and do your due diligence and reference checks. A good agent is a blessing; a bad one is a curse. Find a lawyer who specializes in real estate, not someone who just dabbles in it as part of their practice.

CONSIDER INCORPORATION

If you own a small business, consider incorporating, as it may be advantageous from a liability perspective and for tax minimization. If you have a company, remember,

you need a minute book and one that is up to date. Every corporation is required to have a book filled with bylaws, resolutions and minutes, and these need to be maintained, as Canada Revenue Agency will not be happy if you don’t have an up-todate minute book on a spot audit. Your corporate lawyer and counsel is responsible for doing this, so this is a great time of year to ensure it’s being managed properly.

On behalf of Schwarz Law Partners LLP, I wish you all a happy, healthy and prosperous New Year.

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

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2022

A SURPRISING YEAR IN NEW HOME REAL

ESTATE

BARBARA LAWLOR

It is that time of year when we look back at 2022 and forward to what 2023 might bring. This year has been surprising. Regardless of the negativity that spread through the media, especially with interest rate increases, materials and labour shortages, and demand greatly exceeding supply, we had a successful year at Baker Real Estate Inc. Granted, overall GTA statistics for 2022 will likely not live up to the amazing results of 2021, when new home and condo sales were 27 per cent above the 10-year average, and the second highest on record after 2002. However, sales in January of this year started off with a bang –the highest for January in 19 years.

In February, the Altus Group new home and condo statistics for the GTA showed that overall sales were 17 per cent above the 10-year average. Condominiums did especially well, with sales up 78 per cent from February 2021, and 67 per cent above the 10year average. In fact, the 3,048 units sold set a new monthly high record for condos for the month of February.

In March, mortgage interest rate hikes were a hot topic in the media. Although sales of new homes and condominiums were down compared to March 2021, they were still 12 per cent above the 10-year average, with condo sales 34 per cent above that same average. Benchmark prices for both low- and highrise were both up over the previous 12 months.

During the summer, Baker oversaw the launch of several notable projects in Toronto: Forma at King and

Duncan Streets, designed by worldfamous Frank Ghery; 8 Elm on Yonge, designed in collaboration with actor/ author Simu Liu; and Motto at Bloor Street and Dovercourt Road, in the prestigious area between Dufferin and Ossington stations.

The fall saw a lag in sales, but in October, we experienced an upsurge from the previous two months. Homebuyers are becoming comfortable with the new realities of the market.

Through it all, the city of Toronto continued to rack up international accolades in 2022:

• Among the top economic hubs in the world for supporting work-life balance

• One of the top places to live and work in the film industry

• First out of 15 major global cities in the 2021 Bloomberg Women and Cities study

• First as to where people from 50 nations around the globe would choose to move to

• One of the 50 greatest places on earth to visit

• Among the top-10 of the most livable cities in the world

• And the top city in the number of cranes in North America during the third quarter of 2022.

Overall, in 2022, in the face of materials and labour shortages, along with rising interest rates, developers in the GTA have been going full steam ahead on their new home and condominium communities. I expect we will see the same in 2023, as pent-up demand will unleash a new wave of buyers who recognize that homeownership is always a wise decision, and interest rates are still relatively low.

My advice remains the same as always: Buy new, and buy now.

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Barbara Lawlor is CEO of Baker Real Estate Inc. A member of the Baker team since 1993, she oversees the marketing and sales of new home and condominium developments in the GTA, Vancouver, Calgary and Montreal, and internationally in Shanghai. baker-re.com

Dream by Great Gulf

DEBBIE COSIC

HERE’S TO A MORE STABLE

REAL ESTATE MARKET IN 2023

Looking back on 2022 is interesting and offers a peek at what 2023 will bring to the new home and condo market in the Greater Toronto Area.

Overall, new home and resale sales were down from 2021. The difference is that both pre-construction lowand highrise prices were up more than nine per cent, while resale prices were down 5.7 per cent. Rental rates for one-bedroom units were up from $1,964 to $2,696 (37.3 per cent), and for two-bedroom suites up from $2,481 to $3,184 (28.3 per cent). That’s great news for investors.

Of course, mortgage interest rates went up during 2022, with current rates at 6.09 per cent for one-year fixed, and 6.5 per cent for five-year fixed. No matter how you look at it, these are amazingly low rates compared to the double digits people paid 20 and 30 years ago, sometimes more than 20 per cent. The five-year average is 3.45 per cent for one-year fixed, and 5.2 per cent for five-year fixed. The 10-year average is 3.27 per cent for one-year fixed, and 5.0 per cent for five-year fixed.

When you buy pre-construction, you have to think about what rates will be like in the future. I expect we’ll see a levelling and then a lowering of the prime rate in 2023, but I doubt we’ll ever see two-per-cent rates again. Remember, the government brought those in to help deal with the crisis we were experiencing.

Average resale listing prices dipped a bit from March through July, but increased during August and the fall, showing that the overall market has legs. The market seems to have stabilized, and prices have increased slowly but steadily. At In2ition Realty, we’ve had a successful year. We helped to launch thousands of units, and most of them are at threshold for construction. The only difference from 2021 is that instead of selling out in two weekends, projects are taking eight to twelve months to reach construction threshold.

In today’s market, new home and condo shoppers can go to sales offices and select the homes they want, rather than settling for whatever is left, which was the case for the last few years. Keep in mind, too, that with the recent passing of Bill 23, we will start to see more

choices of townhomes and midrise condominiums in locations where they were not zoned for previously. This will enable families to share homes with grown children or inlaws, which is a normality in many other countries in the world.

As we settle into 2023, embrace the new normal and enjoy your homeshopping experience.

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

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The Grand by Chestnut Hill Developments

WEHBA CELEBRATES INDUSTRY CHAMPIONS

MIKE COLLINS-WILLIAMS

The West End Home Builders’ Association (WEHBA) recently held its annual President’s Gala at Liuna Station in Hamilton, in a celebration of the hard work and success of the association and Bianca Bruzzese, 2022 and 2021 president, and Robert Molinaro, 2020 president.

Bruzzese began her two-year WEHBA presidency in 2021, in the middle of a global pandemic and after a very difficult and eventful 2020. In addition to external factors that made 2021 challenging, WEHBA had just gone through a major rebranding exercise and substantial internal restructuring. Even before her term began in 2021, Bruzzese had stepped up and substantially supported the association on administrative and financial matters. She is a partner at BDO and an established accountant, with years of experience in the industry. Her expertise was crucial to the association’s success during the past three years, and her commitment and devotion to WEHBA is unparalleled. In addition to the demanding nature of her work and busy schedule, Bruzzese dedicated multiple hours to the association on a weekly basis, to ensure steady growth and stability. We are looking forward to following and cheering on her work on a local, as well as on a provincial level, as treasurer of the Ontario Home Builders’ Association.

Robert Molinaro, vice-president of The Molinaro Group, was president of the WEHBA in 2020, a very challenging year for our industry

and people. After the news of the global pandemic broke in 2020, Molinaro immediately stepped up and supported the association on internal management and administrative matters. During a very uncertain period and when social distancing and isolation were the main parameters for survival, Molinaro joined a group of local businesses as a WEHBA representative, in personally delivering food to front line workers. For numerous months and in the middle of the gravest global pandemic our generation has encountered, Molinaro and representatives from nine other local businesses were dropping off weekly meals at various local organizations, including St. Joseph’s Hospital, various local fire and EMS Stations, and St. Joseph’s Villa, one of Ontario’s largest long-term care facilities. During his presidency year, Molinaro was present and ready to help on a daily basis, supporting the association on governance matters, and dedicating a large portion of his time for our industry and community.

Bruzzese and Molinaro, along with incoming WEHBA President Terri Johns, are three of the most committed and involved presidents the association has even known and great champions of our industry. The association was and is extremely lucky to be under their leadership, and we owe them a great deal of our ongoing success and growth.

During the President’s Gala, WEHBA also recognized the efforts of very hardworking members and friends of the building industry. The following is a list of this year’s award recipients:

Bianca Bruzzese, left, and Robert Molinaro

DISTINGUISHED SERVICE AWARD – ASSOCIATE MEMBER Steven Frankovich, S. Llewellyn & Associates Ltd.

RENOVATOR MEMBER OF THE YEAR Phil Authier, Integrimark Inc.

THE KEVIN MCINTOSH MEMORIAL AWARD FOR THE UNDER 40 YOUNG PROFESSIONAL OF THE YEAR AWARD Anthony Pizzuti, MNP LLP

PAUL WRIGHT MEMORIAL AWARD Bob Schickedanz, OHBA

ENVIRONMENTAL LEADERSHIP AWARD Molinaro Group Inc., Community Garden Bunchberry Connections

PRESIDENTIAL AWARD Robert Molinaro, Molinaro Group

DISTINGUISHED

SERVICE AWARD – BUILDER MEMBER

New Horizon Development Group

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Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.

jESSE AbRAmS

LOOKING TO PURCHASE A HOME IN 2023?

HERE’S WHAT YOU

NEED TO KNOW

As we enter 2023, there’s a lot to look back on in the housing market. From fluctuating interest rates to declining home prices, it’s safe to say that buyers and sellers alike are eager to see where the housing market will stand in the new year.

What potential buyers need to knoW about the current market

Housing prices are dropping and making way for buyers – especially first-timers – to finally make a purchase. Variable rates are still increasing, but with a possible recession and bond yields looking to drop, this can lead to lower fixed rates and increased affordability for buyers. There are also many sellers who have been sitting on the sidelines in the volatile back half of 2022, which could lead to more homes on the market in spring 2023. This creates an interesting opening for Canadians looking to buy a home.

If buying a home is a goal for the new year, you’ll want to start preparing now. Here’s a simple outline of everything you need to hit the ground running and purchase a home in the new year:

come up With a doWn payment, but don’t spread yourself thin Most of your savings are likely going toward your down payment. Fortunately, in Canada, the minimum down payment is five per cent for a home of less than $1 million. With home prices dropping, active buyers

now need less money to make a down payment. This relieves some of the stress for buyers currently because saving for a down payment is a little easier. Given the volatility we are seeing in today’s market, it is not advisable to put all your eggs in your down payment basket. You’ll want to ensure you have access to funds for carrying costs, closing costs if applicable and any household expenses down the line.

organize and prepare all your paperWork

There are a number of key documents that you must have prepared and available to successfully move forward with your mortgage application and home purchase. These documents include government ID, proof of employment, income tax forms and bank statement.

shop around for a mortgage With features that align With your needs

You don’t want to make the mistake of going straight to your bank for a mortgage without shopping around. It will minimize your chances of potentially saving thousands of dollars, and you will lose the opportunity to see what other mortgage products and features are available. Outside of the big banks, there are other lenders, such as credit unions and monoline lenders, which may provide mortgage options more suitable to your financial needs. Companies such as Homewise help clients search through many lender options, and it is incredible how much money people are able to save by shopping around.

Aside from your interest rate, you may also want to consider the key features of your mortgage. Keep an eye out for details, such as prepayment privileges, portability and low penalties when applying for your mortgage. If you need a hand reading the small print, get in touch with a professional mortgage advisor. They will walk you through the process of understanding these features and how they can benefit you in the long run.

get pre-approved and lock in a rate

A pre-approved mortgage is beneficial for a number of reasons. It helps homebuyers understand what they can afford from the start, simplifies their home search and boosts their credibility as a buyer in the market. Getting pre-approved for a mortgage means that your lender agrees to hold the rate and mortgage product they’ve offered for up to 120 days. This is a helpful tool because it can shield you from unexpected rate increases over a four-month period. If your mortgage conditions are met within this timeframe, your preapproval can be converted to a final mortgage approval.

If buying a home is something you’re eager to accomplish in 2023, the best thing you can do is educate yourself on the process, and be prepared with all your documents.

Jesse Abrams is Co-Founder

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at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com

BUY N0W AND GET

THE NEW HOME OR CONDO YOU WANT

MICHAEL KLASSEN

Over the past few years, the real estate market has had potential buyers jumping through hoops when trying to find the new preconstruction home or condominium that best fits their needs. The pandemic, lack of supply issues, materials and labour shortages, rising prices and interest rates created a roller-coaster for anyone juggling locations, prices, amenities, features, timing and the like. Many of those who did purchase had to “settle” to even get a home or condo that would do. The days of competitive pricing and incentives seemed to be over, but the good news is, they’re back.

At Eleven Eleven Real Estate Services, we are seeing a lot of product launches. Developers may release fewer units at one time, but the choices are there. In addition, there are incentives to be had again. Now is a great time to buy.

Look at mortgage rates. If you buy now, you won’t be locking into crazy rates. When you buy preconstruction, by the time you close in a few years, those rates will likely have settled again. Everything about the new purchase experience has relaxed and is quite pleasant nowadays.

Prices may be down from last year, but remember they went through the roof a year ago, especially in resale. Right now, you can find great buys on the home or condo you want in an area you like, and likely at a price you can afford, without sacrificing something on your must-have list.

Once again, you can be choosy and discerning, whereas in a year or two, you’d take what you could get. In the current market, you can select a home or condo that truly fits your needs and wants.

The key is to take an active role in your buying process. Compare fairly, and a great way to do that is to keep a spreadsheet on who is offering what and where. My advice is to shop around, even in locations you might not previously have considered. If you can live outside the Greater Toronto Area, even better for finding great deals.

Being able to visit sales offices in person helps a lot, too. In addition to speaking one on one with sales representatives, you can get a real feel for the character of the style and quality offered by touring model homes/suites. Be sure to ask all the

questions you have, because an educated shopper is far more likely to be a happy buyer.

When it comes to homeownership, buying sooner rather than later is always good advice. The juggling act of considering all the parameters such as location, price and timing, will never disappear completely, but it is much easier now to zero in on the best deal for you. Why wait until 2023, when a new home or condo could be the perfect holiday gift for you and your family?

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Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential preconstruction listing brokerage. 1111realty.ca

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ROLLER SHADES

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CONDO PROFILES

Bristol Place Brampton

NorthShore Burlington

developer: SOLMAR DEVELOPMENT CORP.

style: Highrise size: Starting from 432 sq. ft. features:

• Two 48 storey towers on a podium within a landscaped courtyard

• 1 bed, 1 bed + den, 2 bed, 3 bed

• Steps to Go, VIA Rail, and ZUM rapid transit

• Surrounded by shopping, dining, arts and culture

• Party room, gym, yoga, lounge, outdoor BBQ & dining area, work stations and more contact: solmar.ca location: 199 Main St N, Brampton, ON L6X 1N2

Branthaven Mississauga

developer: NATIONAL DEVELOPMENTS

style: Mid-Rise size: 8 Storeys, 387 Units features: • 1 Bedroom Condos starting at $499,990, 2 & 3 bedroom also available

• Lobby, Gym, Co-Working Space, Party Room, Private Dining Room with Catering Kitchen

• Rooftop with BBQs & Party Lounge Area

• Coming soon to Burlington register at: MyNorthShore.ca location: 490 Plains Rd E near Plains Rd. & King Rd., Burlington

Central Park North York

developer: BRANTHAVEN

project name: Birch Condos & Towns at Lakeview Village style: Highrise Condos and Towns features: 298 Condos & 59 Towns prices from: TBD features:

• Part of Mississauga’s most anticipated master planned waterfront community, Lakeview Village.

• Waterfront trails, beaches, parks, schools and shops

• Fully furnished indoor and outdoor amenities designed by II BY IV DESIGN

• Rooftop terrace, fitness facility, dining/social lounge, media/games lounge and pet spa

• BH Home TechnologyTM , a Smart Home solution providing integrated building/home access and control system

• 1-3 bedroom condo units

• Located between Port Credit and Long Branch Go Stations contact: Branthaven.com location: Hydro Road, Mississauga

developer: AMEXON

DEVELOPMENT CORPORATION

style: Highrise – 12-acre, master-planned community size: 436 - 1,200 sq. ft. prices from: from the $700,000s features: • 1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den

Spacious layouts, terraces/balconies

Located in the Bayview Village neighbourhood

subway station and GO Transit at your door

Direct access to the East Don Parkland ravine

Central Park Common – a three-acre urban park offering year-round, outdoor event programming

55,000 sq. ft. of resort-style amenities including coworking space, skating rink, indoor and outdoor saltwater pools, privately operated childrens’ daycare, EV charging stations in all parking areas contact: centralparktoronto.com

• (416) 252-3000 location: 1200 Sheppard Avenue East

Etobicoke Westerly HR Islington & Dundas tridel.com

Etobicoke Curio Condos MR 801 The Queensway marlinspring.com

Etobicoke Humberwood Heights CTH/FTH 50 Humberwood Blvd. tributecommunities.com

Etobicoke Cypress at Pinnacle Etobicoke HR 5475 Dundas St. W. pinnacleinternational.ca

Etobicoke Verge MR Islington & The Queensway vergecondos.com

Markham/Unionville Panda Markham HR 8200 Warden Ave. lifetimedevelopments.com

Markham/Unionville Varley Condo Residences LR 20 Fred Varley tributecommunities.com 9. Markham Canvas on the Rouge MR Donald Cousens Pkwy & Ninth Line flatogroup.com 10. Markham Gallery Towers at Downtown Markahm HR 162 Enterprise Blvd. downtownmarkham.ca 11.

Mississauga Birch at Lakeview Village MR/TH Lakeshore & Dixie Rd. branthaven.com 12. Mississauga Harbourwalk at Lakeview HR 1260 Lakeshore Rd. East tridel.com 13. Mississauga Perla Towers and Amber at Pinnacle Uptown HR 5044 Hurontario St. pinnacleinternational.ca 14. Mississauga Oro, at Edge Towers HR 24 Elm Dr.W. solmar.ca 15. Mississauga Artform Condos MR 86 Dundas St. E. artformbyemblemdevelopments.com 16. Mississauga Gemma at Pinnacle Uptown HR 5044 Hurontario St. pinnacleuptown.com 17. North York Express 2 MR Tippett Rd./Wilson subway express2condos.ca 18. North York Central Park HR Sheppard Ave. East & Leslie St. amexon.com 19. North York The Diamond HR 5336 Yonge St. diamond.diamantedevelopment.com 20. Oshawa U.C. Condos Tower 3 HR Simcoe St. N. & Winchester Rd. W. tributecommunities.com 21. Pickering Vupoint HR Kingston Rd. & Liverpool Rd. tributecommunities.com 22. Scarborough Pinnnacle Toronto East HR 3260 Sheppard Ave. E. pinnacleinternational.ca 23. Scarborough FourMe HR Markham Rd. & Ellesmere fourmecondos.com 24. Toronto 111 River St. Condos HR 111 River St. lifetimedevelopments.com 25. Toronto Lawrence Hill Urban Towns CTH Don Mills & Lawrence lawrencehillurbantowns.com 26. Toronto 489 Wellington St. W. HR 489 Wellington St. W. lifetimedevelopments.com 27. Toronto 500 Dupont St. MR 500 Dupont St. lifetimedevelopments.com 28. Toronto Aqualuna at Bayside HR 200 Queens Quay East tridel.com 29. Toronto Artistry Condos HR 292 Dundas St. W. tributeartistrycondos.ca 30. Toronto Panda Condos HR Yonge & Dundas. lifetimedevelopments.com 31. Toronto Skytower at Pinnacle One Yonge HR 1 Yonge St. pinnacleinternational.ca 32. Toronto The Prestige at Pinnacle One Yonge HR 1 Yonge St. pinnacleinternational.ca 33. Toronto Tridel at the Well MR/HR Spadina Ave. & Wellington St. thewelltoronto.com 34. Toronto Via Bloor HR Bloor & Parliament. tridel.com 35. Toronto The PJ Condos HR 283 Adelaide St. W. pinnacleinternational.ca 36. Toronto 36 Eglinton Ave. W. HR 36 Eglinton Ave. W. lifetimedevelopments.com 37. Toronto Linx Condominiums HR Danforth & Main tributecommunicties.com 38. Toronto Y&S Condos HR 2161 Yonge St. tributecommunities.com 39. Toronto Burke Condos HR Bloor & Sherbourne burkebyconcert.com 40. Toronto MRKT Alexandra Park MR HR Dundas & Spadina tridel.com 41. Toronto 181 East HR 181 Sheppard Ave. East stafford.ca 42. Toronto Avenue & Park MR Avenue Rd. & Bedford stafford.ca 43. Toronto 50 at Wellesley Station HR 50 Wellesley St. East pureplaza.com 44. Toronto No. 1 Yorkville HR 1 Yorkville Ave. pureplaza.com 45. Toronto Theatre District Residences HR Adelaide & Widmer pureplaza.com 46. Toronto Bijou on Bloor MR 2450 Bloor St. West pureplaza.com

Toronto The Briar on Avenue CTH 368 Briar Hill Ave. pureplaza.com

Toronto One Seventy HR Spadina & Queen St. West pureplaza.com

Toronto King West & Charlotte HR King St. West & Charlotte pureplaza.com

Toronto Forest Hill Private Residences MR 2 Forest Hill Rd. foresthillresidences.com

Toronto Oscar Residences MR 500 Dupont St. W. at Bathurst oscarresidences.com

Toronto Whitehaus HR Yonge & Eglinton lifetimedevelopments.com

Locate properties using the map on the previous page

BUILDERS IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO EDITORIAL@NEXTHOME.CA

1. Ancaster Meadowlands MR/CTH 559 Garner Rd E elitemdgroup.com 2. Brampton DUO Condos HR Malta Ave. & Steeles Ave. duocondos.ca 3. Brampton Bristol Place HR 199 Main St. North solmar.ca 4. Brantford Station Sixty Lofts MR 60 Market St. S. elitemdgroup.com 5. Burlington Affinity Condos MR Plains Rd. E. & Filmandale Rd. rosehavenhomes.com 6. Burlington Millcroft Towns CTH Appleby Line & Taywood Dr. branthavenmillcroft.com 7. Burlington North Shore MR/TH Plains Rd. East nationalhomes.com 8. Burlington NorthShore MR North Shore Blvd. & Plains Rd. mynorthshore.ca 9. Fonthill One Twenty Condos LR Rice Rd. & Highway 20 mountainview.com 10. Fonthill One Fonthill Condominium Collection MR Rice Rd onefonthillcondos.com 11. Grimsby Century Condos HR Main St. East & Baker St. South. desantishomes.com 12. Hamilton 1 Jarvis HR 1 Jarvis 1jarvis.com 13. Hamilton The Design District HR 41 Wilson Street emblemdevcorp.com 14. Hamilton Steeltown City Co. MR/CTH Fennell Ave. E. & Upper Ottawa St. elitemdgroup.com 15. London White Oaks Urban Towns CTH London elitemdgroup.com 16. Niagara Region Lusso Urban Towns CTH Martindale Rd. & Grapeview Dr. lucchettahomes.com 17. Oakville The Greenwich Condos at Oakvillage MR Trafalgar Rd. & Dundas branthaven.com 18. Oakville Synergy MR McCraney St. E. & Sixth Line branthaven.com 19. Oakville The Randall Residences MR Randall St. & Lakeshore Rd. E. randallresidences.com 20. Oakville Upper West Side at Oakvillage MR 351 Dundas St. E. upperwestsidecondos.ca 21. Oakville Greenwich Condos at Oakvilage HR Trafalgar Rd. & Dundas St. branthaven.com 22. St. Catharines 88 James HR 88 James elitemdgroup.com 23. Stoney Creek Casa Di Torre MR 980 Queenston Rd. branthaven.com

AUDIT

OF MUNICIPAL CHARGES ON NEW HOMES WOULD ENSURE TRANSPARENCY, ACCOUNTABILIT Y

WiLkES

When a family buys a new home in the GTA, as much as a quarter of the price consists of fees, taxes and charges imposed by the three levels of government. More than half of that amount is levied by the municipality in the form of charges intended to pay for growth-related infrastructure, additional services and new parks. Given the accumulation of large reserves of growth funding charges by municipalities and the housing affordability crisis we are facing in the GTA, it makes sense that the public – our industry included – wants transparency and accountability around how these charges are collected and spent. That’s why last month, the Ontario Home Builders’ Association (OHBA) called on the province to audit major municipalities’ collection and use of growth funding charges.

Across the GTA, municipalities collect $116,000 per new housing unit, on average, in growth funding charges, including development charges, community benefits charges and parkland cash-in-lieu. The rates for the most significant of these charges, development charges, are based on background studies that municipalities are required to produce every few years, projecting how much new infrastructure and services will be required to support the residents of new housing being added. Development charges have increased between 250 and 800 per cent since the early 2000s.

Ensuring that residents get the infrastructure and services they need is important. Unfortunately, for more than a decade, GTA municipalities have been collecting far more in growth funding charges than they have been spending, accumulating an estimated $6 billion in reserves. This estimate is based on the financial information returns municipalities file annually with the Ministry of Municipal Affairs and Housing.

When challenged about the intended use of these large reserves, municipalities state that the funds are allocated. However, in most cases, it is not clear whether the funds have been allocated for the new infrastructure and services for which they were ostensibly collected. Transparency and accountability are missing here.

As part of its efforts to address the housing supply and affordability crisis in Ontario and the GTA, the provincial government has brought in measures in Bill 23, the More Homes Built Faster Act, to slow the increases in development charges and remove development charges from affordable housing projects. Municipalities have objected that these measures will

be detrimental to their finances, but an independent analysis conducted for the OHBA demonstrates that they are overstating the impact. Taking into account the totality of their reserves and the grants they have received, major municipalities in Ontario, and Toronto in particular, are well positioned to accommodate the changes.

Given the significant impact of municipal growth funding charges on housing affordability, it is important that we have all the facts about how they are being collected and spent. An independent audit is the best way to get this clarity as we chart a sensible path forward in addressing our region’s housing supply and affordability challenges.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the homebuilding, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter, @bildgta or visit bildgta.ca.

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DavE