GTA Homes Magazine - January 25, 2025

OUTLOOK: WHY 2025 COULD BE THE YEAR OF THE TURNAROUND

MARKHAM’S PREMIER LIFESTYLE COMMUNITY

Situated in the heart of Unionville, this collection includes elegant detached homes ranging from 2,500 to 6,000 square feet, and luxurious townhomes from 2,000 to 2,700 square feet — all with the highest standards of design and construction.

Angus Glen South Village is surrounded by premium amenities. Unionville’s historic Main Street and nature trails, valley lands and parks are all just steps away. Inquire today about our 2025 Incentives available now.

Homes

The Perfect WaterfrontLifestyle

Coming Early Spring 2025 to the Shores of Lake Ontario in the Town of Lincoln

As a brand new master-planned community, Prudhomme’s Landing will reimagine the unforgettable legacy of family, community, and connection. Once Ontario’s most celebrated vacation destination, Prudhomme’s Landing will now become a place to experience lakeside living like never before. With thoughtfully-planned residences and amenities designed to engage and enrich every member of the community, it will soon become a village of its own—a place to live, work, play, and love.

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

REAL ESTATE PRO | BARBARA LAWLOR

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

MARKET EXPERTISE | LIANNE MCOUAT

Lianne McOuat is Vice-President, Strategy, at McOuat Partnership, with builder/developer clients including in lowrise, midrise, highrise, master-planned, adult lifestyle, resort/recreational, retirement, commercial, industrial and multi-family leasing. mcouatpartnership.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

TRREB REPORT | JENNIFER PEARCE

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.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

SENIOR VICE-PRESIDENT, SALES, NEXTHOME

Hope McLarnon 416.708.7987 hope.mclarnon@nexthome.ca

DIRECTOR OF SALES, ONTARIO, NEXTHOME Natalie Chin 416.881.4288 natalie.chin@nexthome.ca

SENIOR MEDIA CONSULTANTS Amanda Bell 416.830.2911 amanda.bell@nexthome.ca

EDITORIAL DIRECTOR Amanda Pereira

EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Barbara Lawlor, Linda Mazur, Lianne McOuat, Ben Myers, Jennifer Pearce, Jayson Schwarz, Dave Wilkes

EXECUTIVE MEDIA CONSULTANTS

Jacky Hill, Michael Rosset

VICE-PRESIDENT, MARKETING – GTA Leanne Speers

MANAGER CUSTOMER SALES/SERVICE Marilyn Watling

SALES & MARKETING CO-ORDINATOR Gary Chilvers

BUSINESS DEVELOPMENT MANAGER Josh Rosset

DISTRIBUTION distributionteam@nexthome.ca

ACCOUNTING INQUIRIES accountingteam@nexthome.ca

DIRECTOR OF PRINT MEDIA Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA Lisa Kelly

PRODUCTION MANAGER – GTA Yvonne Poon

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR Hannah Yarkony

Published by nexthome.ca

Advertising Call 1.866.532.2588 ext. 1 for rates and information. Fax: 1.888.861.5038

Circulation Highly targeted, free distribution network aimed at real estate buyers using street level boxes, racking and Toronto Star in-home delivery.

Canadian subscriptions 1 year = 13 issues – $70 (inc. HST). Canada Post – Canadian Publications Mail Sales Product Agreement 40065416.

Copyright 2025 All rights reserved. All copyright and other intellectual property rights in the contents hereof are the property of NextHome, and not that of the individual client. The customer has purchased the right of reproduction in NextHome and does not have the right to reproduce the ad or photo in any other place or publication without the previous written consent of NextHome.

Editorial Submissions from interested parties will be considered. Please submit to the editor at editorial@nexthome.ca.

Terms and Indemnification

Advertisers and contributors: NextHome is not responsible for typographical errors, mistakes, or misprints. By approving your content and/ or submitting content for circulation, advertisers and contributors agree to indemnify and hold harmless NextHome and its parent company from any claims, liabilities, losses, and expenses (including legal fees) arising out of or in connection with the content provided, including but not limited to any claims of copyright infringement, unauthorized reproduction, or inaccuracies in the content. Advertisers acknowledge that they have the necessary rights, permissions, and licenses to provide the content for circulation, and they bear full responsibility for the content’s accuracy, legality, and compliance with applicable laws upon approval. Contributors acknowledge NextHome reserves the right to omit and modify their submissions at the publisher’s discretion.

2025 MUST BE THE YEAR

WAYNE KARL EDITOR-IN-CHIEF HOMES Magazine

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

To say that 2025 is an important year would be a severe understatement. Important to housing markets across Ontario and particularly in the Greater Toronto and Hamilton Area, to homebuyers, builders and pretty much everyone else involved in the housing industry.

But if there’s one group that ought to understand this message the most, it’s government. Of every stripe. Federal, provincial and municipal. Notwithstanding a leadership change in Ottawa and talk of an early election in Ontario, politicians better be paying attention.

“The current system is broken.” This is among the strong comments in our Outlook 2025 Special Report on page 16. It comes from Richard Lyall, president of the Residential Construction Council of Ontario. He’s underlining the importance that “the grossly inflated, regressive and frankly serious taxes fees and levies on new housing at all levels of government are cut. Plus, a major streaming of the development approvals process is finally imposed. Housing targets absent these measures have no chance of being hit. I think this reality is finally hitting home and will force policy makers to act decisively.”

There are other zingers in our Outlook and elsewhere in this, our first issue of 2025.

“Government taxes, fees and charges, such as DCs, have contributed to a ‘cost to build’ crisis that has undermined the financial viability of new home construction, is stalling residential development and threatening future housing supply across the metropolitan area,” says Dave Wilkes, CEO of the Building Industry and Land Development Association. “As Toronto, higher orders of government and the industry struggle to address this pressing challenge, it is clear that a fact-based discussion is needed to understand how the fees increased stratospherically and how they impact the cost of new housing. Now is the time to address these spiraling costs.”

Thankfully, some governments are paying attention, notably the City of Vaughan, which recently moved to drastically lower development charges. And others parties that are trying to influence action, such as Ontario Liberal leader Bonnie Crombie, who proposes to scrap DCs altogether.

Homebuyers needn’t have degrees in political science or urban planning, or even a keen interest in housing policy, to be able to plan and execute their new home purchase.

But the fact is these topics matter, increasingly so. Educating yourself on these influential issues is part of the important information gathering that helps you make informed homebuying decisions.

We hope 2025 truly is your year. It’s also the year that policy makers must get their act – or Acts – together.

HOUSING MARKET POISED TO CONTINUE RETURN TO GROWTH FROM 2024

Elevated interest rates and economic and political uncertainty weren’t enough to seriously hamper the housing market in Canada in the fourth quarter of 2024, as the aggregate price of a home increased 3.8 per cent year-over-year to $819,600, according to the Royal LePage House Price Survey.

On a quarter-over-quarter basis, the national aggregate home price remained essentially flat, rising a modest 0.5 per cent. While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer, home price appreciation remained in check last quarter.

“There are several converging factors revitalizing Canada’s real estate market and making homeownership more attainable,” says Phil Soper, president and CEO, Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.

“While geopolitical uncertainty and concerns over the Trump administration’s proposed trade policies may weigh on consumer confidence, residential real estate remains largely insulated from such external pressures in the short term,” he adds. “Canada’s housing market is fundamentally driven by domestic factors. With strong full-time job growth, improving housing supply in key markets, and more accessible financing, we expect healthy activity levels to persist, even as broader economic challenges unfold.”

Broken out by housing type, the national median price of a singlefamily detached home increased 4.9 per cent year-over-year to

$855,900, while the median price of a condominium increased 1.5 per cent to $592,700. On a quarter-overquarter basis, home prices remained virtually flat, with the median price of a single-family detached home increasing a modest 0.6 per cent, and the median price of a condominium rising just 0.4 per cent.

“Year-over-year activity levels were up sharply in Canada’s largest cities during the fourth quarter, with national home sales volumes exceeding the 10-year moving average for the first time since the post-pandemic market slowdown began three years ago,” says Soper. “As sidelined buyers regained confidence and took advantage of improved affordability, momentum built steadily through the final months of 2024.

“We expect stronger demand to persist through the winter, setting the stage for an early and active spring season,” says Soper.

The resignation of Prime Minister Justin Trudeau and the prorogation of government on Jan. 6 has raised the prospect of an early federal election.

“The critical need for housing in Canada transcends political cycles,” says Soper. “The next government must prioritize addressing the supply crisis, which affects millions of Canadians seeking affordable shelter and stability for their families.”

In December, Royal LePage issued its 2025 Market Survey Forecast, projecting that the aggregate price of a home in Canada will increase 6.0 per cent in the fourth quarter of 2025, compared to the same quarter in 2024.

GREATER TORONTO AREA

The aggregate price of a home in the GTA increased 2.3 per cent year-over-year to $1.14 million in the fourth quarter of 2024. On a quarterly basis, the price decreased slightly by 0.6 per cent.

Broken out by housing type, the median price of a single-family detached home increased 3.9 per cent year-over-year to $1.42 million in the fourth quarter of 2024, while condominiums dipped 0.7 per cent to $714,600.

“Declining lending rates and changes to mortgage regulations will make it easier for buyers in Toronto and the surrounding regions to take their time and find the right deal for them,” says Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Your Community Realty.

Zigelstein notes that activity in the townhome segment is currently leading the market, due to the property type’s relative affordability. Meanwhile, condominium sales have continued to stagnate.

In the city of Toronto, the aggregate price of a home decreased 1.7 per cent year-over-year to $1.09 million in the fourth quarter of 2024, while the median price of a single-family detached home rose a modest 1.2 per cent to $1.62 million, and condos decreased 2.7 per cent to $681,200.

Royal LePage is forecasting that the aggregate price of a home in the GTA will increase 5.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

HOUSING MARKET GETS MORE AFFORDABLE IN 2024 WITH LOWER RATES AND PRICES

The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024, with annual sales up slightly compared to 2023, and new listings up significantly year-over-year, according to the Toronto Regional Real Estate Board (TRREB).

Buyers benefited from substantial negotiating power on price, especially in the condominium market. Average selling prices in 2024 dipped in comparison to 2023 as a result.

“Borrowing costs were top of mind for homebuyers in 2024,” says incoming TRREB President Elechia Barry-Sproule. “High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.”

Annual 2024 home sales amounted to 67,610 – up by 2.6 per cent from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4 per cent. Listings increasing by a greater rate than sales provided buyers with considerable choice in the marketplace, which effectively kept a ceiling on any widespread price growth.

The average selling price for all home types combined was $1.11 million in 2024, representing a decline of less than one per cent compared to the 2023 average of $1.12 million. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. Price declines were more notable for condo units.

“Market conditions varied by market segment in 2024,” says TRREB Chief Market Analyst Jason Mercer. “Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments.”

“Consumer sentiment, monetary policy, development policy and issues such as congestion continued to impact the resale, new and rental housing markets in 2024,”

adds TRREB CEO John DiMichele. “Government policies on these fronts need to be reviewed in 2025. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February.”

GTA home sales in December 2024 amounted to 3,359 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a wellsupplied market. The MLS Home Price Index Composite Benchmark was up by less than one per cent year-overyear in December. Over the same period, the average price, at $1.06 million, edged lower.

DOWNSVIEW REDEVELOPMENT TAKES ANOTHER BIG STEP WITH ARBO FROM CANADA LANDS

Redevelopment of the Downsview area of Toronto got another shot in the arm recently, when Canada Lands Co. received approval for the Draft Plan of Subdivision for Phase 1 of Arbo.

Approval of the Draft Plan for Phase 1 of Arbo at Downsview (formerly known as William Baker) is a crucial step in making the future neighbourhood a reality. The approval is needed to divide what has historically been a single large piece of property into parcels for development and public amenities. With approval in place, Canada Lands moves one step closer to receiving all necessary municipal approvals to be able to sell or lease the development lands to builders that can bring this project to life.

Arbo at Downsview is intended to be a vibrant transit-oriented community with a mix of housing and set a precedent for thoughtful urban development. The future neighbourhood will feature an existing, significant natural heritage woodlot and a new ecological park at its core.

Arbo’s Phase 1 is a multi-block, 1,400-unit mixed-use community at Sheppard Avenue West and Keele Street with a minimum of 20 per cent of affordable housing units included. Almost 20 acres of land is being provided by Canada Lands to the City of Toronto for the woodlot and new parks. There will be a mix of residential and non-residential uses (such as commercial, retail and senior amenities). A new east-west street will serve the Phase 1 blocks, which will run between Keele and Sheppard.

Arbo is being developed in multiple phases. Phase 1 includes three development blocks (Block 1, Block 3A and Block 3B). The approved District Plan provides for approximately 1,400 residential units in Phase 1.

Upon approval of the Draft Plan of Subdivision for Phase 1, Canada Lands will begin working through the conditions of the Draft Plan

of subdivision approval, including detailed engineering design of the public elements starting in 2025. This will conclude with subdivision registration, which will finalize the blocks created by the Draft Plan approval and allow for transfer of ownership to the City and future builder partners.

In fall 2024, Canada Lands announced plans for another major project at Downsview –Downsview West, one of the largest transit-oriented communities in Toronto’s history.

Canada Lands has submitted its Downsview West District Plan application, proposing a transformational development with about 8,800 homes for approximately 17,000 residents, including 20 per cent affordable housing, new parks and commercial spaces.

“A complete community built for families, climate resilience, transportation, jobs and amenities, the Downsview West District Plan is the result of robust engagement

and our deep ambition to deliver more housing with affordability and diversity in mind,” says Stephan Dery, president and CEO of Canada Lands. “We look forward to continued collaboration with residents, builders, Indigenous communities and the City of Toronto to deliver on a neighbourhood that will transform the area for generations to come.”

Approximately 40 per cent of homes are designed to be two and three-bedrooms units, catering to diverse households, including families. Most residents will live within a five-minute walk from higher-order public transit, supporting the goal of having 75 per cent of trips taken by walking, cycling and transit. The community also features more than one kilometre of off-street pedestrian and cycling paths, encompasses approximately 3.8 hectares (9.3 acres) of parks and open spaces, exceeding the municipal Planning Act requirements and providing spaces for gathering, recreation, tree canopy and rainwater retention.

DEVELOPMENT

Development and growth putting Collingwood on the four-seasons map Collingwood has long been a popular vacation destination, but there’s a lot more happening in this part of Simcoe County, situated on the Nottawasaga Bay at the Southern Georgian Bay Region. A beautiful natural location will do that.

NEW COMMUNITY

Burlington booms at Northshore Towns

Waves of homebuyers landed at the recent Northshore Towns sales launch, where National Homes introduced the first phase of its new boutique townhomes.

MORTGAGE REGULATIONS

New rules make mortgage renewals easier for Canadians

The Office of the Superintendent of Financial Institutions recently announced a new rule for uninsured mortgages in Canada. Uninsured mortgages no longer require stress-testing at renewal, which could save Canadian homeowners thousands of dollars. Here’s what you need to know.

Q&A

In Conversation With... Richard Mariani, Sales and Marketing Manager, CountryWide Homes

It hasn’t exactly been the best performing last couple years for the new-home building industry in the GTA. But CountryWide Homes has found a way to excel, by continuing to do what it does best – focusing on being a builder of premium homes and master-planned communities.

HOMEBUYING

How to choose a community that is right for you

When shopping for a new residence, there are many things to consider. But your lifestyle extends far beyond the bricks and mortar to your surroundings. Opportunities for socializing, exercising, entertaining, shopping and running other errands… the things that mean so much as you go about your day-to-day routine.

WHERE YESTERDAY MEETS TOMORROW

Though many may be too young to remember, there was a time when Prudhomme’s Landing was Canada’s ultimate vacation destination in the Niagara Region. Where families were brought closer together, lifelong memories were made, and the name brought a wave of excitement to all ages.

But a lot can change over the years. And after a century of history,

something entirely new is sprouting from the fertile soil where water meets wine country in the town of Lincoln.

Prudhomme’s Landing is transforming the way we look at community building. Created from the memory of treasured family vacations that thousands of Canadians still cherish, this master-planned community has

been designed to offer the lifestyle of a lakeside resort to those seeking a full-time home in a quiet, welcoming community.

With inspiration drawn from historic European seaside towns, the first priority of the community’s design is connection – and it starts with the Market Square.

This pedestrian-friendly street integrates social and commercial

spaces right into our neighbourhoods, so that residents can walk down the block to meet for coffee, pick up dinner or grab daily essentials. It’s not only more convenient, but it builds closer communities than sprawling box stores and packed parking lots.

But beyond the shopping and dining, Prudhomme’s Landing will engage the community unlike any other. Taking cues from the former

resort, waterfront, and theatres that this land was once home to, Prudhomme’s will have an array of amenities that most neighbourhoods could only dream of.

While many of them seek to protect and build upon the natural landscape, like beaches, valleylands and butterfly gardens, many were designed to provide families with the experiences they’re seeking.

*Renderings are artist’s concept and are for inspiration only. Pier pending approval. E.&O.E

A playground and splash pad are hours of fun and activity for kids. An ice rink brings Canada’s favourite pastime to your backyard. And a bandstand will host events all summer long, from festivals and fireworks to local concerts under the stars. These moments are what life is all about.

The deep-seated desire for community connection is a universal experience for modern homebuyers. This lifestyle is one that appeals to a wide array of people, and Prudhomme’s Landing seeks to offer it to them all.

This landmark development will take place over several phases, thoughtfully building the infrastructure right into the community as it adds density to the region. And when it’s complete, Prudhomme’s will be home to spacious detached homes and townhomes, flexible live/work condos and everything in between.

This spring, the first phase of Prudhomme’s Landing will officially be released by Silvergate Homes, a

premier homebuilder with 40 years of experience in crafting high-quality homes across southern Ontario.

As a family business, Silvergate believes that every family is entirely unique – and their homes should be, too. And as a result of the company’s vision, dedication and passion, it

has built hundreds of communities tailored towards the distinctive needs of each family who calls it home.

To learn more about the upcoming launch of Prudhomme’s Landing this spring, register online for exclusive access at prudhommeslanding.com.

*Renderings are artist’s concept and are for inspiration only. Pier pending approval. E.&O.E

URBANIST RICHARD FLORIDA A CONVERSATION WITH

I recently had the opportunity to interview urbanist Richard Florida on my Toronto Under Construction podcast. While this discussion delved into urbanism and gentrification, it also offered new-home buyers a unique lens to understand the city’s potential and the key issues shaping its development. Florida is the author of TheRiseoftheCreativeClass , which focuses on how the “clustering force” of young creatives and tech workers in metropolitan areas led to greater economic prosperity. He’s also on the faculty of the University of Toronto and a former senior editor at TheAtlantic

As a native of New Jersey, Florida has had a different perspective on Toronto, arriving here as an expat in 2007 with his wife from Washington, DC. In his opinion, Toronto’s growth has been nothing short of extraordinary. As he puts it, the city has become a global hub for innovation and creativity, from its vibrant neighbourhoods to its diverse cultural scene. However, in noting this, he does observe issues as well. “Toronto is one of the world’s most remarkable cities – its diversity, talent and creativity are unmatched.”

Seeing the city with the fresh eye of a newcomer, he could see its potential, and it drew to the namesake of his most famous work, the creative class. He calls the creative class “the

engine of urban economic growth,” which is evident in its thriving arts, tech and entrepreneurial sectors. To Florida, they can choose amongst so many locales: The charm of Kensington Market or the familyfriendly vibes of Leslieville. Toronto’s neighbourhoods offer something for everyone. The creative class brings a dynamic quality that draws more of itself. However, this surge in popularity, especially among those with youth and talent, causes housing prices to rise. He noted that to remain competitive, Toronto must address affordability and infrastructure challenges head-on. “The very things that make Toronto attractive – its culture, diversity and talent – are at risk if younger generations can’t see a future here.”

Despite these legitimate concerns, Florida remains a steadfast advocate for this city, believing a city full of promise for new-home buyers. Its vibrant culture, world-class amenities and strong job market make it a magnet for talent from around the globe. “Toronto’s brand is its openness and diversity. That’s its superpower.” He further notes that for those exploring new home options, the city’s ongoing investments in transit, including the Crosstown LRT and expanded bike lane networks, signal a shift toward more sustainable urban living. There is a push towards acceptance and embracing higher density and spaces where cars aren’t as prevalent.

Toronto’s skyline continues to evolve with ambitious projects reshaping its urban landscape. For example, the revitalization of Ontario

Place promises to blend public and private investment to transform the waterfront into a vibrant destination. Despite some controversy, Florida believes such projects are vital: “These developments inject life into the city and create spaces where people want to live, work and play.” He notes, however, that while innovative projects are critical, we must remember the unique tapestry of this city that brought us here. Places such as Kensington Market, which are challenged economically and by the forces of economic change. “It’s about balance,” says Florida. “We need to meet the housing needs of a growing population while respecting the cultural fabric of these communities.”

Ultimately, it’s nice to see, even through the eyes of a newcomer, the force this city has. Although there have been recent challenges, there is faith that the creative class has chosen a city such as Toronto, and perhaps that is why prices have risen in part. They will do anything they can to stay. Toronto needs them, and they need Toronto.

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.

BEN MYERS

WHY THIS COULD BE

THE YEAR OF THE TURNAROUND

It’s been quite the start to 2025 already, with the prime minister resigning, a respected federal housing minister recently announcing he wouldn’t seek re-election, and all kinds of other agenda items piling up on the provincial and municipal housing files.

All this activity, then, seems quite fitting for a report that examines the outlook for the upcoming year. There already were enough matters for would-be homebuyers to think about: New home supply, interest rates, inflation and the economy. We didn’t need federal politics, as it pertains to housing policy, added to the list, but here we are.

Let’s come back to this, though, for even on this topic, there are some good reasons homebuyers can feel positive about 2025, and for the market in general to embrace it as the year of the turnaround.

Several factors are swinging back in the market’s favour.

by WAYNE KARL

THE INCREASING IMPACT OF DECLINING INTEREST RATES

The Bank of Canada reduced its policy rate five times last year, the most recent being by 50 basis points on Dec. 11, following a similar 50-basis-point reduction on Oct. 23. The rate now sits at 3.25 per cent, and most experts predict more cuts in 2025.

“The December rate drop may not immediately ignite the market, but it is likely to shift sentiment, creating a more favourable environment for the spring market, which typically begins around March,” Jesse Abrams, co-founder at Homewise, a mortgage advisory and brokerage firm, told HOMES. “Further rate decreases anticipated in early 2025 could also help as the Canadian economy works to regain momentum.”

BoC’s reductions have been helpful and are likely to stimulate the Greater Toronto and Hamilton housing market in the short term by increasing

buyer affordability, adds Mike CollinsWilliams, CEO of the West End Home Builders’ Association (WEHBA). “As we move through 2025, sustained lower rates will assist to stabilize market, prompting recovery and growth in both sales and new construction activity across the region.”

2025 RATE ANNOUNCEMENTS

Jan 29

March 12

April 16

June 4

July 30

Sept 17

Oct 29

Dec 10

Debbie Cosic, CEO and founder of In2ition Realty, agrees, but says lower rates are just a start.

“It is a clear signal that we are moving in the right direction, offering much-needed relief for borrowers, and a glimmer of hope for a recovering

real estate market in 2025,” she says. “Lower interest rates will provide breathing room for homeowners and prospective buyers, fostering renewed activity in the housing market.

“Every little bit helps in the fight to restore the marketplace to a balanced state, but it’s still far from enough,” she told HOMES. “We need governments to step in and banks to step up. Extended amortization rates are essential to tackle the affordability crisis we’re facing. Why is it that commercial loans in Canada can secure 50-year amortizations through CMHC-insured funds, yet this option isn’t extended to the residential market, where it’s so desperately needed?”

She also says the government needs to implement a true five-percent down payment program for first-time buyers – one that allows them to purchase in any marketplace, including pre-construction homes. “The government could bond the additional 15 per cent required for preconstruction purchases and guarantee it to developers, so it counts toward their preconstruction sales tallies.”

Simply put, Collins-Wiliams adds, achieving middle-class housing affordability is impossible with the current tax burden on new housing. “All levels of government need to come to the table and work with industry to drastically reduce taxes, fees and charges on new housing.”

And this brings us to…

THE HEIGHTENED IMPORTANCE OF HOUSING POLICY

Putting aside any uncertainty from Trudeau’s Jan. 6 resignation, housing policy is a hot topic in Canada, and certainly in the GTHA and elsewhere in Ontario. Homebuyers, builders, lenders and industry associations all have a stake in this important matter. And it’s up to government – federal, provincial and municipal – to truly understand the issues and address them with meaningful and effective measures.

From the “promises, promises” department, two important initiatives were suggested recently – though by opposition parties.

In the fall, the federal Conservatives tabled a proposal to remove the GST on new homes with a purchase price of less than $1 million. WEHBA and Canadian Home Builders’ Association (CHBA) say they have been advocating for years with all major parties for a change to GST thresholds, and are encouraged that such initiatives would address what has been a major contributor to housing affordability challenges.

“The GST thresholds haven’t changed since the introduction of the GST in 1991,” says CHBA CEO Kevin Lee. “Since then, house prices have more than doubled. Removing the GST on new homes will help improve affordability and enable more supply.”

Removing the GST for new homes purchased for less than $1 million may be “the most significant housing policy commitment made in the past two decades,” says CollinsWilliams. “(It) shows leadership to cut crippling levels of taxation on new housing, puts money directly back into the pockets of Canadians while combatting the housing crisis.”

The other important recent initiative came at the provincial level, from Bonnie Crombie, leader of the Ontario Liberals. On Dec. 11, Crombie announced More Homes You Can Afford, a plan to make buying or renting a home more affordable. The measures would help young people buy their first home, seniors downsize and drive economic prosperity.

Among other benefits, Crombie says, the plan would:

Eliminate the provincial land transfer tax: For first-time homebuyers and seniors downsizing – saving families and seniors on average $13,500 off the cost of a new home.

Scrap development charges: On new middle-class housing, which can add up to $170,000 on the price of a new home, and replace them with the Better Communities Fund to ensure that the province invests in and benefits from sustainable municipal growth.

“The More Homes You Can Afford plan will save real people up to $170,000 on the cost of a new home,

make rent more affordable, and get more homes and communities built by cutting the taxes that are making homes more expensive,” she says.

Like the federal Conservative proposal, Crombie’s plan is just an idea at the moment, not a policy by a government that can actually implement it. But it’s getting huge support.

“The plan focuses on key population groups, including firsttime homebuyers, seniors looking to downsize, and people looking to rent a home they can afford,” the Ontario Home Builders’ Association (OHBA) says.

Richard Lyall, president of the Residential Construction Council of Ontario (RESCON), is even more direct.

“It’s a bold move and the right call,” he told HOMES. “(Development charges) have exploded in the last decade. A 1,000-per-cent increase. Incomes have been left in the dust and housing affordability has been crushed. No other jurisdiction does this. The growth has been a runaway train.”

Adds Collins-Williams: “The Ontario Liberal Party proposal recognizes that development charges have reached unsustainable levels and have become a huge cost driver of higher housing prices. The plan put forward by Bonnie Crombie appears to represent a good step forward in making housing more affordable.”

For their part, municipalities are beginning to take action on their own.

VAUGHAN SHOWS LEADERSHIP ON DEVELOPMENT CHARGES

More locally, the issue of development charges and other fees is an issue that, as Building Industry and Land Development Association (BILD) President and CEO Dave Wilkes explains in his column on page 50, must be addressed.

New homes are subject to a multitude of fees and charges collected by the municipality, such as DCs and other fees that amount to burdensome costs for new-home buyers.

Some good news on this front came in November 2024 when the City of Vaughan adopted a plan to bring these costs down. Mayor Steven Del Duca and council approved reductions to the City’s development charges, which have been among the highest in the GTA.

“Development charges have become an unfair tax burden on homebuyers,” Del Duca says. “Too many of our residents, in particular young families in our community, have seen their dream of buying a home close to where they grew up, disappear completely as housing prices have spiraled out of control. We have a housing affordability crisis, and it’s time for us to get real about the solutions needed to solve it. (This) decision by Vaughan Council to dramatically reduce our development charges for the foreseeable future is a strong step in the right direction. I urge other municipalities to follow our lead and do the right thing.”

Wilkes and others applaud the move. “BILD recognizes and commends Mayor Del Duca and the City of Vaughan for taking bold action to address housing supply and the cost to build by lowering development charges,” he says. “This will enhance the financial viability of future projects, unlocking potential investment and stimulating supply.”

Adds Cosic, “Other municipalities need to follow Vaughan’s lead by

reducing development fees and charges, ensuring these savings are passed directly to purchasers.”

Such actions to reduce costs to build and buy are among what Lyall is most hopeful for in 2025. “That the grossly inflated, regressive and frankly serious taxes fees and levies on new housing at all levels of government are cut. Plus, a major streaming of the development approvals process is finally imposed. The current system is broken. Housing targets absent these measures have no chance of being hit. I think this reality is finally hitting home and will force policy makers to act decisively.”

WELL PREPARED BUILDERS ARE READY

Facing a market with fundamental challenges, well prepared builders are more than ready for the 2025 turnaround. And for patient and informed homebuyers, there are plenty of opportunities in both highand lowrise homes.

“I think 2025 is heading in the right direction,” says Kelly Anderson, sales and marketing manager at Silvergate Homes. “With interest rates on a steady decline, this should add confidence back into the minds of buyers.

“There is a lot of demand out there for housing – new buyers, downsizers, right-sizers – they all want to purchase and are just waiting for the right time. The right time for a lot of these people might be spring – so builders should gear up and get ready for a busy market. There are a lot of builders out there with fabulous projects, so buyers should see some excellent options. That, mixed with lower rates, should spice things up for 2025.”

“I believe 2025 will bring healthier sales volume compared to recent years, but the recovery will be gradual, allowing time for buyer confidence to rebuild,” adds Richard Mariani, sales and marketing manager of CountryWide Homes.

“Interest rates are continuing to trend in the right direction, but it. might still take some time before we gain large-scale momentum. I always advise potential buyers to act now because when the tides do turn,

changes can happen rapidly. Before you know it, the pendulum swings back to a sellers’ market, with limited new construction available in top GTA communities.”

CountryWide celebrates 20 years of homebuilding in 2025, and has a number of new releases across its 16 active GTA communities, including Gates of St. Anne’s in the Shining Hill community of Aurora. The company is also in the planning stages for Jefferson Reserve in Richmond Hill, which will offer a collection of freehold townhomes, semi- and detached homes.

MORTGAGE REFORM AND THE POWER OF FIRST-TIME BUYERS

In September 2024, the federal government announced bold mortgage reforms to address housing affordability and make homeownership more affordable for more Canadians.

The changes included:

• IIncreasing the $1-million price cap for insured mortgages to $1.5 million, to reflect current housing market realities and help more Canadians qualify for a mortgage with a down payment of less than 20 per cent.

• Expanding eligibility for 30-year mortgage amortizations to all firsttime homebuyers and to all buyers of new builds. By helping Canadians buy new builds, including condos, the government is announcing another measure to incentivize more new home construction and tackle the housing shortage. This builds on the Budget 2024 commitment permitting 30-year mortgage amortizations for firsttime homebuyers purchasing new builds, including condos.

“These new measures aim to make the Canadian housing market more accessible for first-time buyers,” Abrams writes in his column on page 19 breaking down the new rules. “While there are considerations to weigh, they offer an opportunity to take a significant step toward owning your dream home.”

UNDERSTANDING THE IMPACT OF NEW MORTGAGE

RULES IN CANADA

JESSE ABRAMS

If you’re a first-time homebuyer in Canada, there’s some big news that could affect your journey into the housing market. Starting next month, new government policies will extend the amortization period for insured mortgages from 25 years to 30 years. Additionally, the cap on insured mortgages will increase from $1 million to $1.5 million. These changes aim to make homeownership more accessible, particularly for new builds and first-time buyers. What does this mean for you?

The extended 30-year amortization period offers more time to pay off your mortgage, resulting in reduced monthly payments. This can provide some much-needed breathing room in your monthly budget, allowing you to manage other rising expenses such as groceries and utility bills.

However, there are trade-offs to consider. Lower payments may lead to higher demand for homes, which could potentially drive-up prices. Additionally, stretching payments over a longer period increases the total interest paid on your mortgage, potentially adding up to 20 per cent more over 30 years compared to a 25-year term.

By raising the insured mortgage cap to $1.5 million, more homes in high-demand cities such as Toronto, Vancouver and Calgary may now be within reach. This adjustment significantly lowers the down payment needed to qualify for a home at the new cap. For instance, instead of requiring $300,000 for a $1.5 million home, the down payment could now be as low as $125,000 – an appealing change for many first-time buyers.

WHY THESE CHANGES MATTER

Improved affordability

The combination of lower monthly payments and access to a broader range of properties enhances the sense of affordability for first-time buyers. Keep in mind, though, that rising demand could lead to price increases, which might counteract some of the affordability benefits.

Expanded housing options

With greater financial flexibility, you’ll be able to explore a wider variety of homes without making as many compromises. This could make it easier to find a property that fits your lifestyle and long-term needs.

Better budget management

Lower monthly payments can help new homeowners balance their budgets during a critical transition. However, be prepared for potential market fluctuations that could

affect home prices and your overall financial plan.

Incentives for new builds

The 30-year amortization specifically for new builds is a noteworthy addition, encouraging investment in newly constructed homes. While this change provides a helpful boost, increasing housing supply remains essential for long-term affordability. Policymakers will need to focus on removing barriers to new construction to make meaningful progress.

What’s next for you?

If you’re planning to buy your first home, now is the perfect time to evaluate your budget. Use these new policies to your advantage by getting pre-approved through a mortgage broker such as ours at Homewise to understand how much you can borrow. Working with an experienced real estate professional can also help you navigate the market and identify properties that fit your criteria.

These new measures aim to make the Canadian housing market more accessible for first-time buyers. While there are considerations to weigh, they offer an opportunity to take a significant step toward owning your dream home. If you’d like personalized guidance or have any questions, reach out to us today.

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

WHAT TO EXPECT IN THE 2025 REAL ESTATE MARKET

DEBBIE COSIC

Looking ahead to 2025, I see the potential for significant positive shifts in the real estate market. With economic adjustments and targeted government interventions, we may finally begin addressing the affordability crisis while stabilizing the market for buyers and sellers alike.

One of the most promising developments I expect in 2025 is the steady decline of interest rates. This change could provide much-needed relief, reducing borrowing costs and restoring confidence in the housing market. Lower rates have the power to stimulate activity, enabling more people to consider buying a home and boosting the overall health of the market.

I’m hopeful that governments will introduce more concessions to combat housing affordability. A great example is Vaughan’s initiative to reduce development charges, a move that has made new housing more affordable to build. If other municipalities adopt similar measures, we could see widespread benefits. These initiatives could lower construction costs, making

new housing more accessible to buyers while supporting the development industry.

When it comes to inventory, I expect to see product launched within the last 12 to 24 months being offered at discounted prices or heavily incentivized. On the other hand, brand-new inventory hitting the market is unlikely to see the same level of discounts. This dynamic could create opportunities for buyers to find value in slightly older offerings while maintaining demand and pricing stability for fresh developments.

While these changes are promising, I believe we need bold, systemic solutions to truly address the affordability crisis. One key solution I’d like to see implemented is the extension of amortization periods to 40 or even 50 years. This adjustment could significantly reduce carrying costs – by as much as half in some cases – making homeownership much more accessible.

An essential next step is the creation of a genuine first-time buyer program that offers a true five-per-cent down payment option, making homeownership more accessible to buyers. Currently, these five-per-cent down payment deals don’t count toward the builder’s construction financing threshold, but they should. If there

were a government bond to cover the remaining 15 per cent, builders could use it to meet construction thresholds more quickly, accelerating the development of much-needed homes. Existing programs often fall short of meeting the needs of firsttime buyers, and it’s time for more effective solutions to help Canadians achieve homeownership.

As these changes take shape, I’m optimistic about what 2025 could bring. With declining interest rates, government concessions and innovative affordability solutions, we could see a market that is not only more stable but also more inclusive. These steps would go a long way toward making homeownership attainable for more people, helping to create a stronger, healthier real estate market for everyone

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

HOMEOWNERS ON A RELIABLE PATH

TO WEALTH-BUILDING

BARBARA LAWLOR

One of the many reasons homeownership is the dream of most Canadians is its contribution to wealth-building. At the end of October, Statistics Canada released new results of the 2023 cycle of the Survey of Financial Security (SFS) Here are a few of the findings.

• Canadians aged 55 to 64 who own a principal residence and have an employer-sponsored pension plan had a median net worth of approximately $1.4 million more than those who have neither. Renters in that age group with no employer pension had a median net worth of just $11,900.

• Families who had an employer pension plan, but who did not own their principal residence, had a median net worth of $359,000. Those who owned their principal residence but did not have an employer-sponsored pension plan had a median net worth of $914,000. Quite a difference.

• Usually, families build up their assets and reduce debts during their working years, then use their assets during their retirement years. Those who have low net worth might need to work into their retirement years, require more government support, or even have a greater risk of poverty.

• Even the youngest homeowners had a net worth measuring more than 10 times that of renters. The lowest net worth members of this group were those who did not have an employer pension or own a principal residence.

• For those who owned homes in 2023 where the highest income earner was 35 to 44 years of age, the median net worth was more than 10 times that of renters ($673,000 versus $61,200). Those between the ages of 45 and 54 had a median net worth of $972,200 versus $50,800 for renters.

• As so many young people are priced out of the homeownership market nowadays, they are looking around for other avenues to amassing wealth, such as RRSPs and Tax-Free Savings Accounts.

In addition to all of this, Canadians who purchase homes enable other opportunities that help them build wealth. For example, we have a GST/ HST rebate for those who buy a new home. First-time buyers in Ontario may qualify for a Land Transfer Tax Rebate. The Home Buyers’ Plan enables people to withdraw from their RRSPs to build or buy a qualifying home. Budget 2024 raised the limit from $35,000 to $60,000 (some conditions apply).

For many Canadians, owning a home is more than a potential wealth builder; it brings with it a sense of

putting down roots, of belonging. It is also a tangible asset, as opposed to stocks and bonds, which are difficult to understand. People can touch, see and live in their homes. They understand the real estate practices of buying and selling. And when you consider appreciation over time, real estate ownership is historically lucrative.

Over the years, and for many generations, homeownership has been a big part of amassing assets that increase families’ and individuals’ net worth. When considering how to build wealth yourself, remember that owning a home(s) is investing in your future in more ways than one. So, stop dreaming and make it happen.

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

M City, by Rogers Real Estate Development Ltd. and Urban Capital

KELLY ANDERSON

SALES AND MARKETING MANAGER

SILVERGATE HOMES

by WAYNE KARL

Prospective homebuyers in search of larger homes, more space and possibly outside the Greater Toronto Area, might want to make their way to Niagara Region, where Silvergate Homes has built a reputation for exceptional quality and a commitment to customer service.

We spoke with Sales and Marketing Manager Kelly Anderson for insights on how this local family business, building homes in the area for 40 year, caters to the demands of increasingly discerning homebuyers, in a challenging market.

What is your outlook for 2025?

I think 2025 is heading in the right direction. With interest rates on a steady decline, this should give buyers more confidence.

There is a lot of demand out there for housing – new buyers,

downsizers, right-sizers – they all want to purchase and are just waiting for the right time. The right time for a lot of these people might be spring – so builders should gear up and get ready for a busy market. There are a lot of builders out there with fabulous projects, so buyers should see some excellent options. That, mixed with lower rates, should spice things up for 2025.

What do you see as the greatest opportunities and challenges for homebuilders in 2025?

The last few years certainly haven’t been a walk in the park for builders. Higher interest rates slowed the market and created some uncertainty, causing some buyers to hesitate. Additionally, all the red tape in our municipalities makes the development process quite

lengthy and challenging to bring product to market on a timely basis. The longer is takes builders to get projects to market, the greater the affects on the price of homes and condos. However, given that the market has been slow; there will be an abundance of homes and condos available going into 2025.

And for homebuyers?

Although the interest rates have declined, some homeowners are still considering all options and are slightly nervous to purchase. But a great opportunity for homebuyers is the amount of product that is on the market. There are some great builders with such a variety of low-, mid- and highrise housing available. If you’re in the market, you will have lots of opportunity to purchase any style of home you’re looking for.

Silvergate has a number of communities under development at the moment – Merritton Mills, Luna and Harbourtown Village. How are things coming along at each?

We have a lot on the go at the moment. Merritton Mills is a fivestorey condo in a fabulous area in St. Catharines, surrounded by great amenities such as The Keg, Sobeys, Starbucks and Johnny Rocco’s. We are slightly more than 30 per cent sold and we will begin road reconstruction in the spring. Occupancy will begin late 2026 or early 2027.

Luna is our boutique bungalow townhome community in Thorold. We have sold our model home and will be moving into a new home. We have a few units left to sell, with closing dates as early as May and June, as our talented team has already completed the colour selections.

Harbourtown Village in Fort Erie is our beach town community, and we have a ways to go, as this is one of our larger sites at the moment. With more than 35 homes closed, we are working our way through Phase 2 and

anticipating launch of Phase 3 late summer. This community is a great place to retire, or for secondary home, if you like long walks on the beach.

And you have Prudhomme’s Landing coming soon to Lincoln… What does that community entail? Prudhomme’s Landing is a masterplanned waterfront community. There are more than 4,000 homes going in –single-family, townhomes, bungalow townhomes, rear lanes, back to backs, three-storey, mid- and highrise. All these homes will have access to our waterfront park containing a splash pad, skating rink, bandshell, butterfly park, farmers’ market, trails and a possibly a pier, where people will be able to travel by boat over to Toronto Harbourfront. (The pier is pending approvals). There will also be quite a bit of commercial ventures coming –groceries, restaurants, coffee shops and amenities right at your fingertips. We will be opening our sales office this spring, with our first phase offering being detached homes.

How does it differ from what else might be available in the area?

on a personal note

How do you spend your time away from the office?

Everyone will have a water view. Whether it’s a single-family, townhome or condo, this community allows everyone to leave their front door and walk minutes down to the park to enjoy the spectacular waterfront views. We purposely planned this community so that it goes from lowrise homes to highrise – everyone will have that luxurious waterfront view.

What else about Silvergate Homes that you really would like prospective homebuyers to know? When you buy with Silvergate Homes, you become part of our family. Although we have grown exponentially over the last few years, we maintain that family-oriented culture within our company values. We recognize that this is a biggest purchase someone will ever make, and we want them to feel confident in their choice to buy with us. A lot of our building is referralbased – we built a home for a buyer’s parents, sibling or friend and that’s why they have come through our door today and are asking Silvergate to build their dream home.

silvergatehomes.com

When I’m not working, you can find me at the gym, practising my Italian on Duolingo, playing Catan with the kids – an awesome board game about negotiations. Or walking our two German Shepherds through the neighbourhood.

We also do a lot of teambuilding at Silvergate. Even when we may not be working, we’ll get together and go to a game, dinner, attend events or hang out at one of our company barbecues.

Who or what is your greatest inspiration for what you do, personally and professionally?

I love what I do. Some days can get pretty crazy busy and there’s barely time to get a coffee in – but I wouldn’t change it for anything. There are always new communities, product type and clientele that we are dealing with. Every day is different, and that’s what I think keeps it exciting.

My inspiration would be our builder, John Passero. Growing his small family business to where it is today – from 12 houses a year to upwards of 70, while still maintaining a good company culture where we all love coming to work every day. It makes you want to do a good job every day. We also give back to our community, an admirable thing. Big Bothers Big Sisters, Project Share, Humane Society and most recently doating $200,000 to Ronald McDonald House, and building the new family room at our local St. Catharines hospital.

What’s on your reading, binge-watch or podcast list these days?

One of my personal favourites and an easy read is one I read every year – Move Your Bus – a great book to apply to your life and business relationships. Current binge-watch is Landman with Billy Bob Thornton – an excellent show.

A HOME FOR ALL

HOW TO BUILD GOOD WILL WITH YOUR NEW HOME PURCHASE

During occasions such as the recent holiday season, many of us reflect on the warmth and security that comes with having a home – and it’s a feeling that should be universal. But currently we live in a world where more than one billion people – 14 per cent of the global population – live without adequate shelter. At McOuat Partnership, one of the things we are most proud of this past year is our newest partnership with World Housing, an organization that aligns perfectly with our core values and mission by partnering with builders, developers and real estate professionals to transform the most vulnerable communities around the globe with safe, secure housing. And homebuyers are watching.

Because as a homebuyer wouldn’t you prefer to know that your home purchase is also supporting others

and making a genuine impact? Homebuyers have the opportunity to choose builders or realtors who are actively working to make a difference. By purchasing from a builder or realtor who supports World Housing, you can be assured that you are contributing to a cause that puts a roof over families’ heads, with 100 per cent of all public donation dollars going directly to homebuilding, all while fulfilling your own dream of homeownership. That’s why builders and real estate professionals from across Canada are stepping up as ambassadors and benefactors for World Housing. Recognizable names such as Bosa Developments, Sotheby’s International Realty, James Hardie Siding, Koru Pacific, Cook Homes, Zehr Group, MLA Canada, and McEvay Blair Multifamily Group, along with private donors such as Audie and Peter Lenkov, have collectively helped to establish more than 1,000 homes in nine countries, and providing shelter for more than 5,000 individuals.

As you consider how you can make an impact, here are several ways you can give back:

IF YOU ARE A HOMEBUYER:

• Buy from a builder or hire an agent who supports World Housing.

• Make a donation through World Housing’s Give a Home for the Holidays campaign.

IF YOU ARE A DEVELOPER/ REAL ESTATE PROFESSIONAL:

• Become a benefactor, corporate sponsor or agent of change.

• Agents – donate a portion of each sale to build a home in a developing country.

• Sponsor a fundraising event to raise awareness and resources for communities in need.

• Participate in World Housing’s annual “House Party.”

To learn more about how you can get involved and support World Housing’s initiatives, visit worldhousing.org or contact me directly at lianne@partnership.ca. If you are a local builder or real estate professional who wants to make a global impact, contact me and we can start the discussion.

Lianne McOuat is Vice-President, Strategy, at McOuat Partnership, with builder/ developer clients including in lowrise, midrise, highrise, master-planned, adult lifestyle, resort/recreational, retirement, commercial, industrial and multi-family leasing. mcouatpartnership.com.

+MORE CONTENT ONLINE nexthome.ca

LIANNE MCOUAT

November 2024 Ribbon Cutting ceremony with Audie and Peter Lenkov as children and families moved into their new homes in Lenkov Village in Phnom Penh Cambodia.

REMOVING GST FOR NEW HOMES

MAY BE THE MOST SIGNIFICANT HOUSING POLICY COMMITMENT IN TWO DECADES

MIKE COLLINS-WILLIAMS

In a move aimed at tackling Canada’s housing affordability crisis, the Conservative Party of Canada has announced plans to eliminate the GST on new homes priced at less than $1 million. If enacted, this policy could provide significant relief to prospective homebuyers, particularly first-time buyers seeking to enter the housing market.

The Canadian Home Builders’ Association (CHBA), a longtime advocate for reforming GST thresholds, welcomes the announcement. CHBA CEO Kevin Lee highlighted the policy’s potential impact, stating, “The GST thresholds haven’t changed since the introduction of the GST in 1991. Since then, house prices have more than doubled. Removing the GST on new homes will help improve affordability and enable more supply.”

The proposal addresses a longstanding issue: Outdated GST thresholds that have failed to keep pace with the dramatic rise in housing prices over the past three decades. By eliminating this financial barrier, the Conservative Party aims to reduce costs for buyers and stimulate the construction of new homes, ultimately increasing the housing supply.

Removing the GST for new homes purchased for less than $1 million may be the most significant housing

policy commitment in the past two decades. Removing the GST shows leadership to cut crippling levels of taxation on new housing and puts money directly back into the pockets of Canadians while combating the housing crisis.

To fund this initiative, the party has proposed reallocating certain federal infrastructure spending currently tied to municipal commitments for improving housing policies. While this approach may allow for immediate action on GST reform, it has sparked debate over its broader implications. Housing-supportive infrastructure funding is essential for removing barriers to development and enhancing municipal processes that facilitate new housing projects.

Lee emphasizes the importance of a balanced approach, urging the Conservatives to complement this GST reform with additional measures addressing systemic challenges at the municipal level. “Addressing the GST is an important part of what needs to be a comprehensive plan supporting better housing affordability and more supply,” Lee says. “It is also crucial that all federal parties have robust policies surrounding the funding of housing

infrastructure and creating change at the municipal level to address current affordability challenges.”

CHBA’s stance underscores the need for holistic housing strategies that go beyond immediate cost reductions. While the GST removal is a promising start, ensuring adequate funding for critical infrastructure and promoting municipal reform remain vital components of a long-term solution.

As the Conservative Party rolls out its platform, the housing sector and advocacy groups such as CHBA will continue to monitor development and provide recommendations. With housing affordability remaining a top concern for Canadians, comprehensive policies addressing supply, affordability and infrastructure will be key to making homeownership more attainable for all.

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

+MORE CONTENT ONLINE nexthome.ca

THINGS TO CONSIDER

AS WE HEAD INTO 2025

JAYSON SCHWARZ, LLM

The beginning of a new year is a natural checkpoint to take stock of some of life’s important issues, so there is no better time to remind you to stop putting off our estate planning. Making a Will is actually much easier and less complicated than it may seem when you work with an experienced lawyer.

With families now coming in so many different shapes and sizes, your lawyer can help your blended family answer important questions, such as reviewing your obligations to legal spouses, ex-spouses, separated spouses and common law spouses. They can also advise you with respect to obligations for your children and stepchildren, which may help avoid future conflicts.

If you have loved ones with disabilities, it’s especially important to plan for their unique needs. As we plan for the future after we are gone, a critical issue is the appointment of those who will administer our estates. Who will be in charge? The responsibility for distributing your assets in accordance with your wishes or administering the distribution of income and capital from a trust are serious considerations. Speak to your accountant and lawyer, and have open discussions with your family to achieve the best result.

Today, many people also have family and assets spread out in different jurisdictions around the world. Now is the time to plan what happens to your bank accounts or real estate holdings

in other countries. Importantly for your beneficiaries, it’s also crucial to plan for tax burdens, as these vary significantly depending on the locations of the assets or beneficiaries. Tax planning to recognize whether there is a Tax Treaty or not; whether there will be double taxation and other considerations, mean you need to consult with your professional advisors to figure this out in advance and not leave problems after you are gone.

Let us not forget that when you are having your Will made, you also need Powers of Attorney (POA). What is this? A lot of people wrongly refer to them as Living Wills. What a POA does is puts someone in charge, in case you are no longer capable of running your affairs or looking after yourself. We never know when something might happen. and then it’s too late to provide. This is very important to protect yourself and those you love from the insecurity of not knowing who has to make the hard choices.

Importantly, there are two POAs –one is for property of all kinds and the other for personal health. You need you bills paid and someone to make life decisions. Don’t wait.

As we enter 2025, we also need to keep an eye on interest rates. So many Canadians are out of work and U.S. President Elect Trump is threatening crippling tariffs. This means interest rates should drop further to stimulate the economy. If you have the financial ability, start looking for the right opportunity to purchase a home, or even better, to get into the market at this time with a condo – that you always wanted. Pre-qualify for a mortgage, and as rates drop, keep getting reviewed; find the right agent and lawyer – and be prepared.

Cheers to a healthy 2025.

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.

+MORE CONTENT ONLINE nexthome.ca

FIND YOUR NEXT HOME

The latest properties in the Greater Toronto Area to keep your eye on

AJAX

1. Time Rossland Road marshallhomes.ca

AURORA

2. Queen’s Grove Collection Yonge St. & Bloomington Rd. northstarhomes.com

3. Allegro 36 Klees Cres. geranium.com BRAMPTON

3. Bodhi Towns Fogal Road & Nexus Ave. countrywide.ca

4. DUO Condos 245 Steeles Ave. W. duocondos.ca

5. Three Rivers Claireville Goreway Dr. & Humberwest Pkwy nationalhomes.com

6. Queens Lane Townhomes Mississauga Rd. & Queen St. branthavenbrampton.com

7. Classic Drive Creditview’s Valley Lands & Lionshead Golf and Country Club branthaven.com

BRANTFORD

8. Brant West 501 Shellard Lane losanihomes.com

CALEDON

9. Palgrave Estates

Mount Pleasant Rd. & Hunsden Rd. flatogroup.com

10. Pathways Caledon East Old Church Rd. & Innis Lake Rd. flatogroup.com

11. Highlands Caledon East 22 McKee Drive, Caledon dunsire.com

CLAIREMONT

12. Cresthaven Estates Brock Rd & Central Street

COURTICE

13. Courtice Glen Bloor & Trulls Rd. mytribute.ca

ETOBICOKE

14. The 900 Condo Signature Residences 900 The East Mall 9hundredcondo.ca

KING CITY

15. Triple Crown Estates Dufferin Street & 15th Sideroad remingtonhomes.ca

KLEINBURG

16. Kleinburg Hills Appleyard Ave countrywidehomes.ca

MARKHAM/ UNIONVILLE

17. Cornell Markham Bur Oak Ave. & Hwy 7 ballantryhomes.com

18. Upper East Side Unionvillle Major Mackenzie & Woodbine fieldgatehomes.com

19. Riverwalk Meadows Ninth Line & 14th Ave. flatogroup.com

20. Angus Glen South Village 9980 Kennedy Rd., #200. kylemorecommunities.com

21. Kennedy Manors 4500 Major Mackenzie Dr East. kylemorecommunities.com

OSHAWA

22. Park Ridge Conlin & Townline Rds. tributecommunities.com

PICKERING

23. Seaton 1075 Taunton Rd. fieldgatehomes.com

PORT PERRY

24. Courts of King’s Bay Near Port Perry geranium.com

RICHMOND HILL

25. Jefferson Reserve 363 Jefferson Side Road countrywide.ca

26. Millbrook Park Elgin Mills & Leslie St. northstarhomesinc.com

27. Park Lane Place Elgin Mills & Leslie St. northstarhomesinc.com

28. Observatory Hill Bayview Ave. & 16th Ave. myobservatoryhill.ca

29. King East Estates King Rd. & Toscanini Rd. pureplaza.com

30. 670 Progress Ave. Progress Ave. & Grangeway Ave. fieldgateurban.com

TORONTO

31. Lambtown Towns 2650 St. Clair West dunparhomes.com

32. 2650 St. Clair Ave W. 2650 St. Clair Ave W dunparhomes.com

THORNHILL

33. Citylux Towns at Thornhill Woods Dufferin St. & Rutherford Rd. fieldgatehomes.com WHITBY

34. Country Lane Taunton Rd. & Country Lane countrylanewhitby.com

35. Wellings of Whitby 372 Taunton Road E wellingsofwhitby.com

WOODBRIDGE

36. Sora Vista Pine Valley & Teston Rd soravista.ca

37. Woodend Place Major MacKenzie & Pine Valley Dr. woodendtowns.ca

BURLINGTON/ WATERDOWN

1. Northshore Condo 484-490 Plains Rd. E. nationalhomes.com

2. Tyandaga Heights Burlington nationalhomes.com

CAMBRIDGE

3. Modal at Main 840 Main St, Cambridge modalatmain.ca

4. Moffat Creek Dundas St. S & Main Street terra-view.com

EMBRO

5. The Village Farm 519-807-1757

FERGUS

6. Bellwood Estates Fergus geranium.com

GEORGETOWN

7. Juniper Gate 10130 10 Line, Norval remingtonhomes.com

GRIMSBY

8. Grimsby Waterfront 398 N Service Rd. losanihomes.com

GUELPH

9. Argyle Village Lowes Rd E & Gordon Street argylevillage.ca

10. Northside Guelph Woolrich St & 7 granitehomes.ca

11. Nima 2 Nicholas Way terra-view.com

12. Heart Village 67 Lovett Lane terra-view.com

HAMILTONWENTWORTH

13. Soho Homes at Barton & Glover Barton St. & Glover Rd. losanihomes.com

14. Highland Park & Central Park: Midtown & Soho

Upper Red Hill Valley Pkwy & Rymal Rd. losanihomes.com

KITCHENER/ WATERLOO

15. Wallaceton Huron Rd. & Fischer-Hallman heathwood.com

16. Lackner Ridge Lackner Blvd & Ottawa St N lacknerridgetowns.ca

MILTON

17. The Valleylands Mayfield Rd. & Chinguacousy fieldgatehomes.com

18. Thompson Towers Thompson Rd. S & Drew Centre thompsontowers.ca

MISSISSAUGA

19. Whitehorn Woods 1240 Britannia Rd. W. nationalhomes.com

20. Streetsville Centre Mill St. & Queen St. S. dunparhomes.com

NIAGARA REGION

21. Portview Estates Simcoe St. & Canal St. silvergatehomes.com

22. Luna Hwy. 406 & 56, Thorold silvergatehomes.com

23. Harbourtown Village Fort Erie silvergatehomes.com

24. Hazelwood on the Grand Hardy Rd. sifton.com

25. Joy Towns Niagra branthaven.com

26. Bench Mark Ontario St. & Drake Losanihomes.com

OAKVILLE

27. The Greenwich at Oakvillage Trafalgar Rd. & Dundas St. East branthaven.com

28. Bronte Meadows Bridge Rd & Warminster Dr. flatogroup.com

29. Upper West Side Condos 2 351 Dundas St. East branthaven.com

30. Trafalgar Ridge River Oaks Blvd. & Namron Gate dunparhomes.com

31. The Villages of Oak Park Trafalgar Rd. & Dundas st. E. ballantryhomes.com

32. West & Post 2714 Westoak Trails Blvd. branthavenoakville.com

PARIS

33. Riverbank Estates Nirh River losanihomes.com

ST. CATHARINES

34. Lincoln Estates Lincoln Ave. & King St. losanihomes.com

35. Lusso Urban Towns Martindale Rd. & Grapeview Dr, St. Catharines lucchettahomes.com

36. Merritton Mills St. Catharines silvergatehomes.com

37. Benchmark at Vista Ridge 4008 Mountain St., Beamsville losanihomes.com

ST. THOMAS

38. Harvest Run Centennial Parkway & Elm Street dougtarryhomes.com

39. Prudhomme’s Landing 1051 Old Thorold Stone Road silvergatehomes.com

STRATFORD

40. Poet & Perth Quinlan Rd & O’Loane Ave, Stratford. poetperth.ca

STONEY CREEK

41. Maplewood Park Upper Creswood maplewoodstoneycreek.com

42. Sweetberry Barton & Glover sweetberrytowns.ca

WELLAND

43. Davis Heights 1535 Haist St, Pelham lucchettahomes.com

44. The Residences at Hunters Pointe 71 Kyntre Trail lucchettahomes.com

45. Village on the Twelve 21 Willow Bank Common St. silvergatehomes.com

46. Riverside at Hunter’s Point 300 Daimler Pkwy., Welland lucchettahomes.com

47.Shelter Cove 15 Cricklewood Cres., Nanticoke sheltercove.ca

WEST REGION

48. St. George Village Concession 2 & Woodhill Rd. losanihomes.com

49. Brant West 562 Shellard Ln losanihomes.com

50. Magnolia Trails Modeland Rd. & Michigan Lane sifton.com

51. Soleil St. Clair Corunna sifton.com

52. Expressions & Riverbank Estates 1021 Rest Acres Rd., Paris losanihomes.com

53. Knightsbridge Graff Ave. & Mornington St. sifton.com

54. Cottonwood Dingle St. sifton.com

55. Edgewood Suites 270 Hagan Street East, Dundalk flato.com

56. Discoverie Condos 7 Central Ave Fort Erie DiscoverieCondos.ca

BARRIE

1. FOUR10 Yonge 410 Yonge Street masonhomes.ca

2. Midhurst Valley 1296 Carson Rd. geranium.com

3. Heartland Hwy 89 & Yonge St., Baxter brookfieldhomes.ca

4. Midhurst Hwy 26 & Bayfield Rd. Brookfieldhomes.ca

BEETON

5. GreenRidge & Beeton

Village 41 Main St. W. flatogroup.com

CAMBELLFORD

6. Haven on the Trent Forest Hill Rd. & Riverside Trail sifton.com

COLLINGWOOD

7. Mountain House at Windfall Mountain Rd. & Crosswinds Blvd. georgianinternational.com

8. Collingwood Maple & Sixth Street georgianinternational.ca

9. Reverie 391 First St, Collingwood reverietowns.com

COURTICE

10. The Vale Prestonvale Rd. & Bloor St. nationalhomes.com

DUNDALK

11. Edgewood Greens Hwy. 10 & Main St. East flatogroup.com

12. Edgewood Suites 270 Hagan St. E., Dundalk edgewoodsuites.ca

HORSESHOE VALLEY

13. Craighurst Horseshoe Valley Rd. & Hwy. 93 georgianinternational.com

14. Braestone Horseshoe Valley 3246 Line 9 North georgianinternational.com

LINDSAY

15. Grace & Grand flatogroup.com

NEWCASTLE

16. Belmont treasurehill.com

OWEN SOUND

17. Greystone Village 1800 2nd Ave. E. flatogroup.com

PETERBOROUGH

18. Parklands & The Condo Arbour Villas 1224 Chemong Rd. masonhomes.ca

PORT HOPE/ COBOURG

19. Port Hope Lakeside Village 415 Lakeshore Rd. masonhomes.ca

20. Kingswood Cobourg 425 King St. E. masonhomes.ca

21. Meadow Heights 82 Hillcrest Road, Port Colborne dunsire.com

SHELBURNE

22. Emerald Crossing Hwy. 89 & Hurontario St. fieldgatehomes.com

DEDICATED TO EXCELLENCE

THESE BUILDERS ARE PROUD OF THEIR COMMITMENT TO EXCELLENT CUSTOMER SERVICE AND CREATING GREAT COMMUNITIES.

THE FEES MUNICIPALITIES ADD TO NEW HOMES

MUST BE ADDRESSED

In recent weeks, there have been significant discussions about development charges (DCs) in municipalities across the GTA – but specifically in the City of Toronto. Government taxes, fees and charges, such as DCs, have contributed to a “cost to build” crisis that has undermined the financial viability of new home construction, is stalling residential development and threatening future housing supply across the metropolitan area. As Toronto, higher orders of government and the industry struggle to address this pressing challenge, it is clear that a fact-based discussion is needed to understand how the fees increased stratospherically and how they impact the cost of new housing. Now is the time to address these spiraling costs.

New homes in Toronto are subject to a multitude of fees and charges collected by the municipality, such as DCs, community benefits charges, educational development charges, planning fees and parkland cashin-lieu payments (among others). Of these, DCs are the largest of the municipal fees levied and, like all input, material and labour costs, they impact the price paid by the newhome buyer. Development charges were intended to offset the cost of infrastructure, transit and services incurred by growth, but given that enhanced infrastructure and services provide value for all and the eyewatering rate of increase, it is clear

that both new and existing residents benefit from these investments.

The City of Toronto publishes its development charges rates on its website, meaning anyone can check the information at any time. The City even publishes historical rates, which allows going back to 2013 to verify rates of increase over the last decade. In 2013, development charges on a new single-family home were $19,412 (Nov. 1, 2013). This year (June 6, 2024), the rate reached $137,846 – an increase of 606 per cent. Over the same period, DCs on a one-bedroom apartment increased from $8,356 to $57,153 or 584 per cent.

To put that into perspective, over the past decade, the residential property tax rate has increased in the low double-digit percent range across the GTA. For the same period, the sale price of the average home (all types) in Toronto has increased by approximately 95 per cent and according to the Bank of Canada, the actual rate of inflation was 31.54 per cent over that same period.

So, development charges in the City of Toronto have increased six times faster than home prices and 20 times faster than inflation (hardly in line with inflation, as some highprofile commentators have alleged). This then begs the question: Does it cost six times more today to pave a road or install a water main versus a decade ago? The answer is clearly no.

It is hardly surprising then that the City of Toronto’s DC reserve fund is swelling massively. Since 2013, the fund increased from $383 million to $2.821 billion as of Dec. 31, 2023 – a 640-per-cent increase. It must be pointed out that the city is charging

roughly six times more per door and yet also seems to have six times more money in the reserve.

Let me be clear, municipal fees and charges are not the only factor driving home price appreciation, but they are a significant variable given the impact on new home prices, the cost to build challenge, the rate of increases and the accumulation of massive surpluses. Recently, the City has, laudably, recognized that DCs are a significant barrier to building new homes. This announcement, which is very narrowly focused, must be broadened to build much needed new housing and more importantly, it is time for a serious discussion about developing a new approach to fund infrastructure.

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.

DAVE WILKES