GTA Condo Life - February 25, 2023

Grounded in Community

The Junction Triangle is an electric, eclectic place to be, with little discoveries waiting for you around every corner. Feed your spirit at the many neighbourhood art galleries, or get creative at any of the artistic groups and pursuits available nearby.

BRIGHTER OUTLOOK

Just last month in Condo Life, and in our Outlook 2023 Special Report (which can be found on nexthome.ca), we stressed that there were reasons to be optimistic, even positive, about this year and beyond, despite some current uncertainties.

One key reminder is that you should view real estate and homebuying over the long term and big picture, locally and even by property type.

Case in point – the Toronto Regional Real Estate Board’s (TRREB) 2023 Market Outlook & 2022 Year in Review report, which indicates the recovery may be already underway. The second half of this year will see a gradual uptick in home sales and an increase in competition between buyers, with a renewed upward pressure on home prices in the GTA.

“It will be a year of two halves in 2023,” says TRREB Chief Market Analyst Jason Mercer. “The first half will feel similar to the fall of 2022, due to the lingering effects of higher borrowing costs and related economic uncertainty. However, recent polling by Ipsos suggests buying intentions are edging up. The second half of 2023 should be characterized by an increase in demand for ownership housing, supported by lower fixed mortgage rates, a relatively resilient labour market and record immigration.”

WAYNE KARL EDITOR-IN-CHIEF

Condo Life Magazine

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

Translation: The pendulum is about to swing back the other way, buoyed by solid long-term economic fundamentals in the GTA. TRREB forecasts the aggregate average selling price will reach $1.14 million this year – up from current levels based on tighter market conditions forecast for the second half of 2023.

This will be down slightly from $1.18 million in 2022, which on the surface may not be ideal, but let’s then look at the last five years of average prices:

• 2017: $822,510

• 2018: $787,842

• 2019: $819,153

• 2020 $929,636

• 2021: $1.09 million

So, when you put market performance in longer-term perspective, things don’t look so bad, do they?

Looking even further down the road, against the backdrop of record immigration supported by job creation in a diversity of sectors, the population of the GTA is expected to soar over the next five, 10 and even 20 years.

With housing supply challenges not likely to be solved quickly in the meantime, this all bodes well for a brighter outlook for home price growth.

Perfect for downsizers and families alike, these 2 exceptional communities showcase Mason Homes’ commitment to construction excellence and award-winning Green For Life design innovation.

LAKESIDE

VILLAGE – PORT HOPE

With the release of Phase 5 you can be among the first to experience our fabulous new bungalow, bungalow+loft and 2-storey exterior designs and fabulous floorplans at Port Hope’s most popular address!

KINGSWOOD – COBOURG

Now under construction, these spectacular townhomes feature an outstanding portfolio of 2, 3 and 4 bedroom floorplans that take full advantage of Cobourg’s small-town charm and renowned waterfront.

FROM TOWNHOMES TO SINGLES NO MATTER WHAT YOU’RE LOOKING FOR IN A NEW HOME, MASON HOMES HAS YOU COVERED IN PORT HOPE AND COBOURG!

The Waddell Model

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, Amanda Aerin, Mike CollinsWilliams, Debbie Cosic, Bilha Kangethe, Michael Klassen, Barbara Lawlor, Ben Myers, Jayson Schwarz, Dave Wilkes

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

VICE-PRESIDENT, MARKETING – GTA

Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling

SALES & MARKETING CO-ORDINATORS

Gary Chilvers, Vi Nguyen

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA

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 & ASSISTANT MANAGER

Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

Hannah Yarkony

GRAPHIC DESIGNERS

Johannah Lorenzo, Mike Terentiev

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 2023 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.

Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time.

Official Media Partners:

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

æ Sign up to receive digital editions & newsletters to your inbox!

Live life your way.

Parkland is a family-owned company with maritime roots and more than three decades of being a trusted provider of services and supports to seniors in Ontario, Nova Scotia and New Brunswick.

Choose your level of carefree living with exible options to meet your dining, housekeeping and transportation needs. You will have peace of mind knowing that our hospitality and healthcare professionals are on-site and available 24/7. Our dedicated team members are ready to explore all that Parkland has to o er with you and your loved ones.

Meet Bob

COMING IN 2023 TO LAKEVIEW VILLAGE, MISSISSAUGA.

WHERE THE LAND MEETS THE LAKE

Birch Condos at Lakeview Village will be a rare boutique condo located in the visionary Lakeview Village waterfront community.

Discover distinctive architecture, spacious suites, hotel-inspired amenities and the attainable luxury design-forward features and finishes Branthaven is renowned for.

Step out and enjoy the endless greenspaces and vast waterfront playground of Mississauga’s most transformative new home community - all on the shores of Lake Ontario.

DON’T MISS THE LAUNCH. REGISTER TODAY AT BRANTHAVEN.COM

COMING SOON. REGISTER NOW.

BUILDING INDUSTRY AND RENTAL HOUSING PROVIDERS CALL FOR INCREASED FOCUS ON PURPOSE-BUILT RENTALS

A new report by the Building Industry and Land Development Association (BILD) and the Federation of Rentalhousing Providers of Ontario (FRPO) estimates that the deficit of rental housing supply in the Greater Toronto Area (GTA) will double in the next 10 years to 177,000 units. BILD and FRPO are urging all levels of government to implement policies to stimulate the development of purpose-built rental (PBR) housing to meet rapidly growing demand.

“There was a surge in purposebuilt rental starts in the region in 2018, but that appears to be stalling out,” says Dave Wilkes, president and CEO of BILD. “Purpose-built rentals represent a vital segment of the GTA and Ontario’s housing stock. They are dedicated rental housing and provide security of tenure. Unfortunately, we are just not seeing purpose-built rentals being built at the scale that is required. It comes down to the economics of building and managing these type of buildings.”

In the GTA, purpose-built rental units represent approximately a seventh of all the housing stock available, rental and owned, but

slightly less than half of the number of units available for rent. The region’s stock of purpose-built rental housing is aging and new supply is coming to market at much lower levels than other forms of housing. Almost 90 per cent of the GTA’s purpose-built rentals date from more than 40 years ago, between 1960 and 1979, when 223,954 units were built. By comparison, only about 23,590 purpose-built rental units were built between 2000 and 2022. The rate of purpose-built rental construction increased after 2018, but that surge appears to be abating.

The report finds that building purpose-built rentals, particularly in major cities in the GTA, is more expensive for developers than building other forms of housing because companies have to invest

more capital upfront and have to wait longer for the project to become profitable. These challenges are exacerbated by the way in which taxes and charges are applied to purpose-built rentals.

“In order to tackle our housing crisis, we need to build much more purpose-built rental housing, faster,” says Tony Irwin, president and CEO of FRPO. “The majority of Ontario’s purpose-built rental housing stock was built before 1980, so new units are essential to provide more choice and take the pressure off aging units. We are calling on all levels of government to make new purposebuilt rental housing a priority and to create a policy regime that recognizes the unique nature of this type development and stimulates the addition of PBR supply.”

The One Stop Shop for Builder Storytelling

SLOW START

TO NEW YEAR BUT POSITIVE SIGNS ON THE HORIZON

As we moved from 2022 into 2023, the GTA housing market unfolded as expected, with January sales and overall average selling price similar to December 2022. On a year-overyear basis, both sales and prices were down, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months,” says Toronto Regional Real Estate Board (TRREB) President Paul Baron. “This, coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future, will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward.”

GTA realtors reported 3,100 sales through TRREB’s MLS System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1.03 million was slightly lower than the December 2022 result, and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS Home Price Index (HPI) Composite Benchmark was in line with the December result, but

down by 14.2 per cent compared to January 2022.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs,” says TRREB Chief Market Analyst Jason Mercer. “While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023.”

“All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focussed on increasing housing supply in the ownership and rental markets,” adds TRREB CEO John DiMichele. “Most recently, we were encouraged to see Toronto city council support the mayor’s 2023 Housing Action Plan as part of the City’s overall $2-billion commitment to housing initiatives.”

HOUSING MARKET RISK LOW DESPITE SHORT-TERM PRESSURES

While interest rate hikes served to destabilize most major Canadian housing markets beginning in 2022, homeowners are well-positioned to ride out the coming storm in large part due to lower loan-to-value ratios on new mortgages, according to a report from ReMax Canada.

The ReMax Canada 2023 Canada Housing Barometer Report examined average price and new mortgage values published by CMHC-Equifax Canada in 12 major markets from British Columbia to New Brunswick, to compare loan-to-value (LTV) ratios between Q3 2012 and Q3 2022. The report found that LTV ratios had declined in 67 per cent of markets (eight) over the past decade, with the greatest drops noted in London and Moncton (21 per cent), Halifax (15 per cent), Hamilton (14 per cent), Toronto (10 per cent) and Ottawa-Gatineau (nine per cent). Four markets, including Calgary, Edmonton, Saskatoon, and Regina, were up over 2012 levels, a trend that is set to reverse in the years ahead as Alberta and Saskatchewan’s economic engines gain momentum and drive homebuying activity. The lowest loan-to-value ratios were found in the most expensive markets, including Vancouver (50 per cent), Toronto (53 per cent), and Hamilton (54 per cent), while the highest loan-

to-value ratios were found in Regina (88 per cent) and Edmonton (83 per cent). Nationally, loan-to-value ratios hovered at 57 per cent.

“While challenges certainly exist in today’s high interest rate environment, risk factors for the overall housing market are greatly reduced when homeowners own a larger proportion of their homes,” says Christopher Alexander, president, ReMax Canada. “With half of loan-to-value ratios within the 50- and 60-per cent range in Canadian markets, homeowners are better able to withstand downward pressure on housing values and fewer will find themselves underwater, carrying upside down loans.”

Three factors were largely responsible for the downward pressure on loan-to-value ratios over the past decade, according to the report: Equity gains, the pandemic facilitating the ability to work remotely in smaller markets, and the transfer of intergenerational wealth, particularly in the latter half of the last decade and the early 2020s.

“Government implemented measures to reduce risk to the country’s housing markets, including the much-maligned stress test, have also gone a long way in maintaining the overall health of the Canadian market,” says Elton Ash, executive vice-president, ReMax Canada. “The housing market in Canada has a reputation for stability relative to other

international markets, and prudent policy plays a substantial role.”

Rapid population growth was identified as a primary catalyst in driving homebuying activity over the past decade, with the quarterly population estimate rising 12.1 per cent nationally from Q3 2012 to Q3 2022. Interest rates also played a starring role over the 10-year period, with the overnight rate dropping to 0.25 per cent in May of 2009 and maintaining relatively low levels throughout the 2010s, climbing in 2018 and 2019 only to fall again to 0.25 per cent in 2020.

Population growth is expected to continue in the years ahead, given the federal government’s commitment to increase immigration levels, but interest rates will likely remain relatively high in the foreseeable future, which should temper homebuying activity to some extent, particularly in the first half of the year.

“The bottom line is that the dream and desire for homeownership is unmistakable,” says Alexander. “The mechanisms in place to underpin stability are working, and although more challenging conditions in 2023 may cause some to temporarily take pause, the longer-term outlook remains positive. Once the Bank of Canada has signalled that it is done with quantitative tightening, the market is expected to return to more normal levels of homebuying activity overall.”

GUPTA GROUP LAUNCHES YONGE CITY SQUARE IN HOGGS HOLLOW

The Gupta Group has launched Yonge City Square, a signature new condo in Toronto’s Hoggs Hollow neighbourhood, at the corner of Yonge Street and York Mills Road.

With two residential towers at 28 and 14-storeys, and 704 suites ranging from approximately 350 to 1,000 sq ft., the community will feature retail offerings on the ground floor below commercial office space. The Gupta Group has also announced it will donate $1,000 per unit sold at Yonge City Square to the Princess Margaret Cancer Hospital Foundation, and will top off funds for a total donation of $1 million upon the final closing of condominium units.

Ideally located between downtown Toronto and North York, the new condominium will be surrounded by lush green landscapes, backing onto the Don Valley Golf Course. This will be the first and only new condo in

the Hoggs Hollow neighbourhood in more than 20 years. Yonge City Square will also be uniquely positioned near other sought-after neighbourhoods such as Bedford Park, Bayview Village, Lawrence Park, Willowdale and the Bridle Path, and connect residents to diverse leisure, shopping, dining and entertainment options in all directions.

Setting a new standard for luxury in Hoggs Hollow, Yonge City Square will feature stunning environments, enviable amenities and thoughtfully designed spacious suites with oversized balconies to create a resort-like experience for modern urban living. Exteriors by IBI Architects and interiors by Studio Munge will come together to create a warm and inviting ambiance through luxurious finishes and artful expressions.

“We are thrilled to bring Yonge City Square to the market, which has

long been a vision of ours and will bring new life to the Hoggs Hollow neighbourhood,” says Dr. Steve Gupta, founder and chairman of The Gupta Group. “This luxury project will offer residents the best of many worlds, surrounded by other key Toronto neighbourhoods, coupled with world-class amenities that will make home feel like a five-star vacation resort.”

Occupancy is slated for fall 2027.

2023 NATIONAL HOME SHOW SET FOR MARCH 10 TO 19 IN TORONTO

The 2023 National Home Show, presented by ReMax, is set for March 10 to 19 at the Enercare Centre in Toronto.

Whether you’re looking to make your space more accessible, organize and declutter, or simply need a few hands-on pointers to tackle that DIY on your list, the National Home Show has the inspiration, advice and handson experiences to get your space working better for you.

The 10-day event is ready to inspire attendees with new and enhanced features. Here’s what you can expect: Grab a refreshment and take a seat in the new Speakers Lounge, where you’ll find celebrity guests and experts offering advice and inspiration for your decor and renovation projects. Whether you are a new homeowner,

a condo dweller, or about to build your dream home, this is where you’ll find all the experts, and it’s all included with your show ticket.

Speaker highlights include Mike Holmes on Friday, March 10 at noon; Michael Holmes and Sherry Holmes on Saturday, March 18; and Canada’s favourite garden expert and TV personality, Frankie Flowers, on Saturday, March 11 at 1 pm.

Bonneville Homes once again presents an on-site showhome – a 1,940-sq.-ft. home with a separate living space, as well as a garden suite concept, including design concepts showing how you can maximize square footage.

Not-to-be-missed returning fan favourites include free, one-onone 15-minute consultations with

design experts at Design Intervention, presented by RENO+DECOR Magazine, or visit Destination Renovation, presented by RenoMark to speak with a RenoMark Renovator.

nationalhomeshow.com

THE EVOLUTION OF THE NEW CONDO MARKET

IN THE GREATER TORONTO AREA

BEN MYERS

I started following the Greater Toronto Area’s new condominium apartment market 15 years ago. There were long lines at the openings of several projects, and the phrase “Manhattanization of Toronto” was starting to enter the city’s vernacular.

During this period, many investors were getting into the market and taking advantage of the value appreciation between preconstruction and completion. A slow process as many investors had gotten burned the previous years. During the 1980s, many people bought new condominiums with the intent to flip them, but the market bubbled up and crashed, leaving these investors with units worth less than they paid for them.

Following the bust in the 1980s, lenders started to require that developers sell at least 70 per cent of each project before it could qualify for construction financing. They started paying much more attention to the financial wellbeing of the buyers, ensuring they were pre-approved for a mortgage. Many lenders also required a down payment of at least 15 per cent of the suite’s sales price, and required foreign buyers to make a 35-per-cent down payment.

The stricter lending rules required developers to sell more condos upfront, and investors were willing to

take that risk. Many end-users didn’t want to put 15 per cent down and wait three to four years for delivery, especially with the threat that the project could get cancelled.

This sales strategy worked very well, the demand for condominiums increased, the number of towers got bigger, and the time between the pre-construction and occupancy of the projects got longer. These larger projects and longer construction times further led to the decline of end-user buyers.

Surprisingly, the demand for new condominiums has continued to increase, as the cost of construction and government fees have increased and driven up pricing to unthinkable levels. But investors still believe there is more room for appreciation, as the decline in the single-family home construction market, worsening traffic and higher car ownership costs have shifted the demand for suburban housing to the urban market. Despite some recent changes to the Greenbelt, supply challenges remain in the inner-suburban markets, and young professionals will continue to buy and rent smaller downtown properties.

Despite the number of visible cranes in the GTA, the demand for condominiums continues to outstrip the supply. In 2002, the development industry built more homes than in 2022, and the average home size is significantly smaller than those constructed 20 years ago.

The rapid pace of new condo development is expected to decrease over the next couple of years due to higher interest rates, the rising

cost of construction due to product and labour inflation, and higher government-related fees. These factors will lead to fewer new home completions and a rise in the prices of resale homes and rents in and around 2026-27, which will subsequently encourage investors to buy again.

The GTA new condo market is characterized by long cycles, due to the time it takes to build tall towers. Buyers that have taken a 10- to 15year investment horizon have done very well. However, it is challenging to predict the future, so we always recommend caution.

Before investing in the new condo market, it is essential that you think long-term and always ask questions. How much immigration is there? What are the employment numbers? Are there restrictions on supply? How can the changing political policies affect the housing market?

Having an experienced team of real estate professionals around you can help you navigate the various factors that impact the market. Lean on their expertise, but do your homework. 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.

LAUNCHES 316 JUNCTION CONDOS IN JUNCTION TRIANGLE

Marlin Spring is leading the evolution of life in the Junction Triangle with its residential project at Campbell & Dupont.

316 Junction Condos is an example of the company’s everexpanding urban portfolio in Toronto, which currently includes Curio on The Queensway, The Dawes in Danforth Village, and House of Assembly on Sterling Road. Its newest community, 316 Junction Condos will bring a 26-storey tower to a unique neighbourhood and will offer stunning views of the downtown core and south to the water. In addition to the 283 condo units, the building will be home to more than 12,000 sq. ft. of amenity space.

Architecture firm Giannone Petricone designed this project

to fit within the neighbourhood’s eclectic charm, but also stand out in design. The area’s artistic roots are infused into the building’s design with a rustic patina. It was important that this community be a seamless addition to the Junction Triangle, which is known for its diverse social fabric, independent shops and restaurants and welcoming community atmosphere.

The materiality of the building exterior is echoed as you enter the lobby and are greeted with exposed concrete pillars, tiered benches, floorto-ceiling windows and a concierge desk that sets the tone for the building. These design choices are a nod to the area’s history as a hub for railways and industrial manufacturing.

Once inside 316, the thoughtful amenities were masterfully designed by interior designer Truong Ly.

“When creating the design plan for 316 Junction Condos, the goal was to include materials that evoked a feeling of rawness – hence the concrete, dark wood and open ceilings seen throughout areas like the fitness centre,” says Truong Ly, principal and founder of Truong Ly Designs. “It was paramount that we honoured the Junction Triangle’s past as the neighbourhood is modernized

through projects like this one from Marlin Spring.”

With 12,000 sq. ft. of amenities, there are options for residents of all ages to enjoy life at home. From the large fitness centre – naturally lit with long panelled windows – to the theatre room on the fifth floor, relaxation and wellness are always on the menu here. The 24-hour concierge, co-working space, games room, pet wash, outdoor barbecue and dining areas all add up to a comprehensive offering that embodies convenience and inclusivity. Residents will enjoy these spaces by themselves or with visitors.

CHARMING LOCATION MEETS CONVENIENCE ALONG DUPONT

With positive scores for walking, biking, and transit, 316 Junction Condos is primed for residents who enjoy living their lives locally but need to move beyond.

Dundas West Subway Station and Bloor GO Station provide easy access to the TTC, GO Transit and the UP Express. With these options available, as well as buses along Dupont, residents can always leave their cars at home. Whether they are commuting downtown towards Union Station or going to Pearson

to catch a flight, there are few locations this connected to the transit system in Toronto.

The neighbourhood will be further connected through the construction of a new GO Station at Bloor and Lansdowne (different from the one with the UP Express), which will be part of the SmartTrack system. This additional station in the area will provide even more access to the city’s rapid transit, with the trains utilizing existing rail corridors.

Cyclists will love the access to the West Toronto Rail Path, a rail-toproject, similar to midtown’s Beltline, that can connect them to the southern termination of Sterling Road.

Closer to home, whether they are shopping for groceries, visiting an independent cafe, or dining out with

family the options are as vast as they are unique.

THERE’S SOMETHING SPECIAL ABOUT THE JUNCTION TRIANGLE

The Junction Triangle is known for residents staying for years, and the reasons aren’t difficult to see: The variety of diverse dining options and an intriguing collection of galleries make it easy to go out at night or on the weekend and enjoy the taste of the area. Within a large city, this is an enclave of arts, culture and welcoming neighbours.

At 316 Junction Condos, residents will have access to the city’s best spots – the bustle of downtown to the south, and the quiet, tree-lined streets of Pelham Park, Carleton Village and Earlscourt to the north.

Marlin Spring was founded in 2016 and currently has 55-plus projects in various stages of planning, sales or construction. The company prides itself on delivering quality homes and creating lasting value for homeowners in the GTA.

This year, Marlin Spring is bringing to life a pipeline rich with opportunity. From Danforth Village to The Queensway, Junction Triangle, Mississauga and the waterfront, as well as locations as quaint as Courtice, these exciting communities and innovative offerings are sure to keep Marlin Spring top of mind as the developer of choice.

316 Junction Condos features 283 residential suites ranging from 419 to 1,086 sq. ft.

To register and learn more, visit 316condos.com.

A LOOK AHEAD AT

GTA HOUSING, INFRASTRUCTURE AND SUSTAINABILITY

by TORONTO REGIONAL REAL ESTATE BOARD

Immigration is the driver for overall housing demand in the Greater Toronto Area (GTA). But, will current transit and transportation infrastructure projects be enough to accommodate population growth over the long term? TRREB’s 2023 Market Outlook & 2022 Year in Review report and interactive digital digest uncover what’s next for the real estate market.

Policymakers need to take action and ensure housing and surrounding infrastructure serves the needs of its residents. Inside the report and digital digest, readers will find transit and transportation trends for the next three decades, research on the effects electrical vehicles will have on the residential real estate sector, more in-depth results from Ipsos polling on buying and selling intentions, and the ways affordability and supply challenges continue to exist in the marketplace. You can also watch videos on sales, average prices and listings for 2023 as well as discover the outlook on interest rates and the rental market.

Hosted by TRREB President Paul Baron, our Market Outlook event took place on Feb. 10, with more than 600 TRREB members, industry partners and associations in attendance.

TRREB CEO John DiMichele shared why a greener future is not possible without building greener homes, and having the right infrastructure to support these new developments.

“We have to build homes and communities better, so before builders start coming up with plans for their next project, we need them to think about building sustainable homes,” DiMichele says. “They need

to have an eye on environmental sustainability from raw materials to green designs that will benefit, not burden, our future generations.”

When it comes to the market outlook, TRREB Chief Market Analyst Jason Mercer says, “It will be a year of two halves in 2023. The first half will feel similar to the fall of 2022, due to the lingering effects of higher borrowing costs and related economic uncertainty. However, recent polling by Ipsos suggests buying intentions are edging up. The second half of 2023 should be characterized by an increase in demand for ownership housing, supported by lower fixed mortgage rates, a relatively resilient labour market, and record immigration.”

The event also featured Ipsos consumer polling results on homebuying and selling intentions. The new research suggests buying intentions are edging up, with 28 per cent of respondents saying they will

consider buying a home in 2023. This is up two per cent over the previous polling results. Listing intentions were also slightly up, with 39 per cent of homeowners saying they would consider listing their home in 2023.

To read more about consumer buying and selling intentions, research from CANCEA on transportation infrastructure, and insights from the Pembina Institute on electric vehicle trends in Canada and the impact on real estate, explore the digital digest and report at trreb.ca.

The Toronto Regional Real Estate Board is Canada’s largest real estate board, with more than 70,000 residential and commercial professionals connecting people, property and communities. trreb.ca.

TECH TALK

HOW PROPTECH IS REBUILDING THE HOUSING INDUSTRY

potentially profitable areas for development. Once a purchase has been made, investment management software makes it possible to monitor your portfolio.

Technology is transforming every aspect of our lives. When you wake up in the morning, without getting out of bed, you can ask Siri or Google for the weather forecast. Then, you can use an app on your phone to turn on the lights and your coffee maker. Commuting to work? Getting behind the wheel of a self-driving car is now a legitimate option.

So, it should be no surprise that tech is changing the real estate industry. Known collectively as PropTech, various platforms, software, algorithms and other tools are transforming how people buy, sell, rent, build and manage properties around the world.

Here’s how PropTech is impacting the various stakeholders.

HOMEBUYERS AND OWNERS

Digital tools make it possible to buy or lease real estate from anywhere at any time of day or night. With virtual tours, you can view properties if you can’t physically be there, there are treasure troves of neighbourhood information and a property’s sales history available online, and secure digital contracts make it easy to close the deal. Smart contracts use the blockchain network for complete transparency and traceability.

INVESTORS

The real estate world is flush with data and it can be used. Data can be used to do everything from assessing a property’s future risks and opportunities and forecasting future rental rates to identifying

TOP INVESTMENT SOFTWARE USED IN CANADA

1. Alluve

2 Suitespot

3. Stratafolio

4. Equance

BUILDERS AND DEVELOPERS

Construction management software makes it possible to plan, track and execute the countless moving parts necessary to build a home or multiunit property. Managers can create workback schedules and punch lists, share documentation, track budgets, communicate with the various stakeholders and more, all from one secure platform.

TOP CONSTRUCTION MANAGEMENT SOFTWARE

1. Buildertrend

2. Procore

3. Redteam REALTORS

In addition to being able to host virtual tools and conduct sales around the clock and around the world, automation of paperwork streamlines back-office processes, freeing up time and money to focus on market research, client relations and closing deals.

PROPERTY MANAGERS

Property managers have access to tools that allow them to do everything from managing listings to running tenant screenings, and then sign a digital contract.

Once the tenants are in place, smart technology makes it possible to remotely monitor everything from HVAC and security systems to appliances to lighting. Some equipment can even self-perform diagnostics and send routine maintenance reminders.

TOP PROPERTY MANAGEMENT SOFTWARE

1. Bildium

2. Total Management

3. Doorloop

4. Re-Leased

TENANTS

When apartment hunting, tenants can use tools such as 360-degree views and satellite images of neighbourhoods to check out a potential new home whenever and wherever it is convenient for them. If issues arise after they move in, tenants can share photos, errors codes and diagnostics reports from the equipment, or have real-time video calls with a technician to troubleshoot before scheduling a site visit.

Stay tuned to my upcoming columns to learn more about how PropTech is transforming real estate.

Tim Ng is the Principal and Founder of ADHOC STUDIO and BLACKLINE, an industry-leading digital studio that combines real estate, art and technology. To learn more about ADHOC’s awardwinning renderings and industry leading sales platform, BLACKLINE, visit adhocstudio.ca and blacklineapp.com.

LOOKING FORWARD TO A SUCCESSFUL 2023 FOR PRE-CONSTRUCTION CONDOS

As we move into 2023, I cannot help but be optimistic. Last year was Baker Real Estate Inc.’s second-best year for sales since the company was founded in 1993. Momentum is strong, and we are starting out this year with great reasons to believe it will continue. This month, we are launching Olive Residences condominium at Yonge and Finch, and interest has been phenomenal. The demand for newconstruction condos is as formidable as ever, especially as 430,000 new residents immigrated to Canada last year.

Whether savvy buyers are investors or end-users, they know that pre-construction is the way to go, because they will have years to save and plan before closing. With prices continually on the rise, they also earn equity in the meantime. Investors understand that rental rates are at an all-time high, so the ROI outlook for them is encouraging.

Adding to the benefits of purchasing pre-construction in the condo market is the fact that when you buy now, you wait a few years to take possession, building equity that entire time. Buying a preconstruction lowrise home usually involves a much faster occupancy, which often has many potential purchasers waiting on the sidelines to see what interest rates will do.

Another reason for real estate being a popular investment is that

unlike stocks and bonds, which are money on paper and can fluctuate wildly day to day, property is tangible. Real estate is something you can touch and keep your eye on, and the return-on-investment is usually strong, especially with rental rates at an all-time high. In midDecember, the average rent for a one-bedroom apartment in Toronto was $2,279, which was 25 per cent higher compared to the previous year. Plus, the rental vacancy rate is close to zero per cent.

In addition, many long-time investors who paid double-digit mortgage interest rates in the past understand that our current rates are still relatively low. Inflation is on a downward trend and expected to fall to four per cent by spring. Of course, the Bank of Canada will do what’s necessary, so if you are in doubt, obtain a one-year mortgage and watch for rates to settle before you lock in for a longer period of time.

The need for new homes and condos will not slow any time soon, especially with the number of immigrants Canada will welcome over the next couple years. A great percentage will settle in Toronto and the GTA, and why not? Toronto continues to rack up international awards for quality of life, education and business. Remember, too, that with the government banning foreign buyers from purchasing real estate in Canada, more of the supply we have is available.

Baker has several developer clients ready to launch in Q1 and Q2. There are signs everywhere that the industry is picking up, and why wouldn’t it? It always does. We all

need a roof over our head, including newcomers to our country. Here’s to an exciting and successful 2023, and my ongoing advice is: Buy new and buy now.

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

BARBARA LAWLOR

Olive Residences

IS YOUR HOME AT RISK?

TITLE FRAUD AND HOW TO PROTECT YOURSELF

JAYSON SCHWARZ, LLM AND HAMZA AHMAD, JD

In these most uncertain times, we worry about everything from identity theft to scams where people try to take our money. Your home is one of, if not your most important asset, and you need to protect it.

There has been widespread media coverage recently about title fraud affecting property owners, which may be of concern to homeowners or prospective homebuyers. Most of the stories have had one common theme: The property owner was away from home for a significant period. During this absence, fraudsters took several steps to impersonate the owner and sell the property to an innocent third party.

While COVID-19 kept us confined for some time, we cannot all stay at home indefinitely to prevent title fraud, so below are a few things you should know.

1. WHAT TO LOOK FOR TO PREVENT REAL ESTATE TITLE FRAUD

To fraudulently list a property, there may be “For Sale” signs, appraisals and prospective purchasers around the home, so it’s good to have trustworthy neighbours to alert you of suspicious activities.

Keep an eye on your mortgage statements and payments. One helpful thing to know is that if someone (typically the lawyer acting for the seller) requests a mortgage discharge statement, most lenders will pause your mortgage payments

in anticipation of the payment. One of our clients contacted us recently because they noticed red flags for real estate fraud on their property. We suggested they change their mortgage payment frequency to weekly, so if someone did order a discharge statement for their mortgage, they would know as soon as possible.

In addition to real estate specific protections, follow the usual steps to protect your identity: Shred documents containing personal information, check your credit report periodically and keep your passwords secure.

2. WHAT PROTECTIONS ARE AVAILABLE?

In the event of a fraudulent transfer, most property owners will be protected through the Land Titles Assurance Fund and/or their owner’s title insurance policy.

The Land Title Assurance Fund was created pursuant to the Land Titles Act of Ontario and one of its purposes is to reimburse those who have been wrongfully deprived of land because some other person is registered as the owner, through fraud (such as the circumstances described above).

Title insurance is another form of protection. Title insurance provides coverage for post-closing fraud. If there is a fraudulent transfer to a property you own, then your title insurance company will take action to correct the issue (such as work to have the property transferred back to you, or pay you for the value of your property).

It is important to note that your title insurance policy has a limit; for example, our preferred title insurance

company provides coverage for the initial purchase amount, but the coverage increases with the fair market value of the property to a limit of 200 per cent of the initial amount (your policy may differ). What does that mean?

If your property value increases significantly after the purchase of the title insurance policy, you may not have enough coverage. Here is an example: You purchased your home in Toronto for $500,000 seven years ago, and today it is worth $1.4 million. Not an unusual occurrence. You are covered only to $1 million if defrauded. We recommend all of our clients consider increasing the coverage to today’s values.

Finally, keep in mind that you may remember seeing something about a title insurance policy when you last completed a refinance, but that was most likely a lender title insurance policy, so make sure you are aware of the details of your owner’s policy.

Title fraud is ultimately rare, but horrible if it happens to you, and can result in terrible tragedy and cost. We recommend that all homeowners, whether new or existing, should know how this kind of fraud occurs, how to prevent it and what to do if it happens.

Jayson Schwarz LLM is the founding senior partner of Schwarz Law Partners LLP and Hamza Ahmad is the lead partner residential real estate. schwarzlaw.ca.

BRISTOL PLACE

SOLMAR BRINGS ELEVATED LUXURY TO BRAMPTON’S TALLEST CONDOMINIUM TOWERS

Nestled in the heart of downtown Brampton, Solmar Development Corp. has created a stunning new landmark – Bristol Place. The two luxurious towers will be Brampton’s tallest. Strategically located in a family-oriented neighbourhood that surrounds the historic district of downtown Brampton, the Etobicoke Creek Trail passes through the heart of the community, offering plenty of greenspace for people to enjoy.

The third largest city in Canada, Brampton is one of the fastestgrowing in the country. Bristol Place adds a cosmopolitan flavour to the area with their hotel-like amenities, steps to the GO Station, ZUM Rapid Transit and Via Rail.

Many malls and shopping centres can be found in Brampton. This includes the Bramalea City Centre, Trinity Common Mall, Brampton Corners, as well as Bramrose Square. Since its inception in 2006, the Rose Theatre Brampton has served as the

city’s performing arts centre and a vibrant part of the community. You can dine at a variety of restaurants in Brampton that are appropriate for any occasion. Goreway Pines is just steps away from a newly expanded and revitalized trail system. Play a round of golf at Riverstone Golf & Country

Club, or spend the day exploring nature at Claireville Ranch. The downtown heritage district includes landmarks such as Brampton City Hall and Garden Square.

Connected to Brampton’s future world-class High-Tech Innovation District, Bristol Place is

at the hub of the city’s innovation and entrepreneurship ecosystem. The Toronto-Brampton-Waterloo Innovation Corridor will be the second largest tech sector in North America, putting residents at the centre of an economically booming city. The new hub will feature a central library, flex office spaces and the future head office campus of Rogers Telecom, Gage Park, The Rose Performing Arts Centre and the Peel Art Gallery Museum.

HOTEL-INSPIRED AMENITIES

The Bristol Place community will consist of two 48-storey towers –each positioned on a podium within an attractive courtyard. A spectacular landscaped rooftop terrace offers dramatic views of downtown and is the perfect spot for hosting summer barbecues and family gatherings. This well-appointed condominium community will include 15,000 sq. ft. of vibrant amenities, including an outdoor yoga and meditation retreat, presentation kitchen, study lounge, outdoor co-work lounge with Wi-Fi, well-appointed fitness centre, as well as an expansive outdoor entertainment lounge with private dining areas.

Twenty-four-hour concierge, pet wash and spa, designer lobby and lounge, plus EV charging stations and the Kite car share program round out the amenity offerings.

INSPIRED DESIGNS

Taking full advantage of Solmar’s experience and expertise, the suites at Bristol Place have been designed for maximum efficiency with spacesaving layouts. One-, one- plus den and two-bedroom floorplans are available, and include contemporary kitchens, bright living areas, comfortable bedrooms and spa-like ensuites. A limited selection of threebedroom units and penthouse suites will also be available.

Unique to Bristol Place is Solmar’s SmartSuite. This feature is easily controlled with a smart app on a mobile phone and provides smart-key

access to the amenities room, as well as delivery updates on pre-ordered meals, groceries and packages.

At Bristol Place, Solmar has injected its signature style, while defining the status of the extended neighbourhood. Condo buyers are eager to profit from one of the most sought-after locations in Ontario. Registrations are being accepted for the first tower release, coming this spring, with a tentative occupancy date in 2027.

A RESPECTED BUILDER

With more than three decades of homebuilding knowhow and skilled commercial development, Solmar is a family-owned and operated business. The company’s exceptional track record across the Greater Toronto Area places it in good standing when it comes to assessing and predicting

the success of existing communities and future expansion.

From the moment a customer purchases a Solmar home, the builder’s customer care team is there for support and guidance every step of the way. Throughout the sales process to moving day and beyond, Solmar ensures that the customer experience is as smooth and seamless as possible.

From visionary master-planned communities to exquisite family homes and condominiums to business parks and commercial real estate, Solmar brings cutting-edge innovation, sophisticated design and seamless architecture to every landmark project they build.

Suites start from the low $500,000s. Coming this Spring. To register visit solmar.ca.

MORE OPTIONS FOR YOUR NEW HOME –

LONG-TERM ADAPTABILITY

When choosing to invest in a new home, buyers usually think about both their short and long-term needs. With the recent provincial changes, new Ontario lowrise homeowners have the ability to adapt their homes to current and future family situations and increase their passive income.

For example, a young couple can now add a basement or attic apartment rental to help with mortgage costs, or an elderly couple looking to downsize could divide their home into two units, allowing them to stay in their community as they age. The new Ontario-wide regulations present new-home buyers with numerous opportunities to increase their income and adjust their homes to adapt to changing circumstances.

In fact, any detached, semidetached or townhome property can add up to two apartment units (equaling a total of three units) on a single piece of urban residential land. There are many ways a homeowner can do this. It can be through an attic apartment, a basement apartment, or even a vertical split. Homeowners could build an in-law suite, a guest house, convert a garage to a livable housing unit or even build a new accessory dwelling in the yard of their property. These changes provide lowrise homeowners with more options for their properties than ever before. If a homeowner needs to add an apartment to supplement their mortgage, they are now able

to do so, whereas before this was often only a possibility through extensive compromises with the local government.

These new housing options also help build better communities where families can live in the same neighbourhoods longer and contribute to healthy densification of our communities. More populated neighbourhoods often translate to more services, infrastructure, community centres and an enhanced local commercial district that supports the survival and growth of local businesses. These provincewide changes give young people the chance to afford to live in the neighbourhoods they grew up in, and at the same time allow seniors to age in place.

These regulatory changes have a major impact on how we plan for our family’s future and our longer-term housing needs. Owning a home now gives us the opportunity to modify our residential unit according to our needs, at the same time increasing our income and the value of our property. Having these adaptable options in place helps to ensure our new homes can meet our needs today and tomorrow.

Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’

Association. westendhba.ca.

MIKE COLLINS-WILLIAMS

LAKESIDE VILLAGE IN PORT HOPE

PHASE 5 NOW SELLING AT MASON HOMES’ AWARD-WINNING PROJECT

Mason Homes welcomes you to life by the lake, with the muchanticipated release of all-new bungalow, bungalow plus loft and two-storey designs recently released at Port Hope’s most popular address.

From its award-winning master plan nestled along the picturesque shores of Lake Ontario and rolling fairways and meticulously manicured greens of the Port Hope Golf and Country Club, Lakeside Village offers the best in small town living with easy access to Hwy. 401, the GTA and an endless offering of local amenities and attractions.

Inspired by Ontario’s rich architectural heritage, classic and rear-lane courtyard designs offer a variety of lifestyle advantages that are ideal for empty nesters, as well as first-time buyers, young families, professional couples and singles alike.

Courtyard Collection homes are the perfect complement to your live-life-to-the-fullest lifestyle. Openconcept, well-planned interiors offer every convenience close at hand while the accessibility of the rear lane garage provides handy direct access to your home as well as creating an inviting rear courtyard oasis that’s perfect for both relaxing and entertaining with family and friends.

Classic Collection residences showcase an exceptional offering of Mason Homes’ signature exterior elevation styles and, with wide lots, allow for recessed double-car garages, welcoming porches and an abundance of sun-filled windows at the front and rear, as well as spacious backyard amenity space.

No matter what design you choose, each home style includes an exciting new range of professionally designed

architectural exterior colour palettes, creating beautiful pedestrian-friendly streetscapes within your community. Interiors are sun-filled, bright and spacious, with endless design highlights, including soaring nineft. main floor ceilings, convenient main floor master retreats, gourmet inspired kitchens, inviting Great Rooms with available gas fireplaces, direct access double-car garages, main floor laundry rooms and the added convenience of optional finished basement layouts. To take full advantage of this spectacular golf course setting, a limited number of spectacular fairway walkout lots are also available.

In true Mason Homes fashion, the homes at Lakeside Village also deliver affordable luxury by combining cutting-edge building products and technology with a variety of today’s

most requested features and finishes. And, as with every new Mason home, each residence is built to Energy Star standards, offering you more comfort, less energy consumption and total peace of mind for today and the years ahead.

As the Grand Opening of Lakeside Village continues, two-storey bungalow and bungalow plus lofts feature three to five bedrooms, ranging from 1,625 to 3,150 sq. ft. and priced from the mid $800,000s.

With exciting communities now selling or coming soon, there’s a new Mason home that’s the perfect fit for your lifestyle and budget.

THE RESIDENCES OF BROADWAY – PETERBOROUGH

A charming new addition to Mason Homes’ award-winning, masterplanned Parklands community in Peterborough, The Residences of Broadway enjoy a wonderful location set along people-friendly streetscapes and richly landscaped boulevards. Close to fabulous shopping, schools, transit and more, this limited offering of two- and three-bedroom threestorey townhomes is just steps from the numerous paths, trails and

preserved woodlands that continue to make the Parklands community Peterborough’s address of choice.

FOUR10 YONGE – BARRIE

Located at the gateway to cottage country, backing onto Willoughby Park at the corner of Yonge Street and Little Avenue, FOUR10 Yonge features all-new loft inspired urban townhomes. With three magnificent levels of living space up to 2,100 sq. ft., design highlights include sun-filled interiors showcasing hard-wearing vinyl plank flooring, and generous gourmet-inspired kitchens with every convenience close at hand, private master bedroom retreats, direct access single- and doublecar garages, and stunning rooftop terraces up to 500 sq. ft.

KINGSWOOD – COBOURG

For those looking for a more traditional townhome design, Mason Homes invites you to Kingswood. Now selling in Cobourg, Kingswood features an intimate collection of just 27 exceptional two-, three- and fourbedroom freehold townhomes, all with direct access two-car garages, and available in Mason Homes’

ever popular Arts & Crafts Classic designs. These exceptional 30- and 40-ft. designs showcase the highest level of construction and design innovation, while showcasing the very best in luxury appointments, finishes and features.

CELEBRATING ALMOST 60 YEARS OF EXCELLENCE IN DEVELOPMENT, DESIGN AND NEW HOME CONSTRUCTION

Mason Homes remains one of Ontario’s most successful and forward-thinking new home construction companies.

Since 1961, Mason Homes has received numerous industry accolades for design and construction excellence including the Peterborough & Kawarthas Home Builders’ Association’s Builder of the Year and Green Builder of the Year.

For more information and to register for Lakeside Village in Port Hope, The Residences of Broadway in Peterborough, FOUR10 Yonge in Barrie and Kingswood in Cobourg, visit masonhomes.ca, or follow on Facebook, Twitter or Instagram for updates.

WHAT DO RISING RATES AND DROPPING PRICES MEAN

FOR HOMEBUYERS?

JESSE ABRAMS

It’s safe to say that rising rates and inflation have officially overstayed their welcome. The cost of living is deeply impacting Canadians, and the economic uncertainty has left many feeling stuck and unsure what to do next.

However, there is a potential thread of silver lining worth looking at. Home prices have dropped from record highs, and affordability is looking a lot better than it did a year ago. With the supply of homes trending higher, we may see prices drop even further in the coming months. The current environment, although uncertain in some respects, is showing some promise for homebuyers.

POTENTIAL GOOD NEWS FOR FIRST-TIME BUYERS

While it’s natural for buyers to be wary of rate hikes, it’s important to

SCENARIO ONE

Home price = $900,000

Down payment (10%) = $90,000

Rate = 2.5%

Mortgage term = 5 years

Total mortgage = $835,110

Monthly payments = $3,746

Interest paid = $96,682

Principal paid = $128,104

Balance = $707,006

see how the drop in prices comes into play. For first-timers, it might feel like you missed an opportunity to buy a home at a record-low interest rate. While that may be partially true, there are many other factors to consider. Oftentimes, the heaviest lift for first-time buyers is coming up with a down payment. With prices currently dropping, this is becoming a lot easier as less money is required up front.

It’s important to remember that you date a rate and marry a home. Although rates are high right now, they are expected to drop in the near future, and prices are down more than 10 per cent (in some areas and categories) from their highs when there was hysteria in the market a year ago. So, homebuyers can actually save more money over time by buying today, even though rates are higher. Here’s a breakdown to help you better understand.

When comparing these scenarios, you can see that there is a $90,000 difference in the price due to a lower home price in Scenario Two. In Scenario One, the buyer is left with a

SCENARIO TWO

Home price = $810,000

Down payment (10%) = $81,000

Rate = 4.5%

Mortgage term = 5 years

Total mortgage = $751,599

Monthly payments = $4,178

Interest paid = $159,398

Principal paid = $91,260

Balance = $660,339

larger balance of $707,006 compared to a balance of $660,339 in Scenario Two at the end of a five-year term. This is a $57,000 difference – which also bears interest, so it will increase over time. So, even with higher rates, the cost of ownership over the lifetime of your home is fairly similar after five years ($7,000 more today), but less overall due to less principal owed.

POTENTIAL TO UPSIZE YOUR HOME

Housing prices in some areas and categories across the country are anticipated to drop as much as 15 per cent. If you’re expanding your family or wanting more space, this may provide a window of opportunity. For example, 15 per cent off an $800,000 home is $120,000. But if you’re looking to buy a $1.2 million home, that’s a $180,000 drop – resulting in $60,000 of total savings. This dip in the market not only increases your affordability, it will also expand your search of available homes.

While uncertainty in the market can lead us to endless conclusions, history has proven over and over again that everything is temporary and cyclical with opportunities always presenting themselves. The key is stay informed about what’s going on, engage professionals for advice and always stay within your budget before any decisions are made.

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

THANK CONSTRUCTION INDUSTRY FOR ADVICE | REALTY INSIDER

MICHAEL KLASSEN

The outlook for the economy may be a little cloudy nowadays, but there are some things that remain constant in a sea of uncertainty. One is the importance of the construction and homebuilding industry to the economy in the GTA and Ontario overall. Yes, things have slowed some, as real estate is a cyclical business and recent circumstances have been unusual, to say the least. Throughout the cycles, however, new-home building soldiers on to create as many of the homes we need as possible.

In March 2022, Altus Group Economic Consulting and the Building Industry and Land Development Association (BILD) published a report called The Construction Industry Driving Economic Recovery which, of course, we were experiencing then. BILD retained Altus to conduct an analysis of the size and scale of the construction sector (new residential, non-residential, commercial and repair) and its role in the economies of the GTA and Ontario.

To give you an idea of impact, in 2021, the sector contributed approximately $60-plus billion to overall economic activity in the GTA alone, which helped support more than 235,000 person-years (unit of measurement for the amount of work done by an individual throughout the entire year) of employment in the region in the same year, as well as $17 billion in wages, salaries and

34 condolife magazine | Feb. 25–March 25, 2023

employee benefits. In that year, construction spending accounted for nearly eight per cent of the gross domestic product in both the GTA and Ontario, and construction investment in the GTA amounted to about 1.4 per cent of all GDP Canadawide. Annually, construction activity also generates significant tax revenue for all levels of government.

The report refers to total construction spending as a “pillar of strength” for the economy during the previous five years. During the period between 2016 and 2021 in Ontario, the construction industry was the fourth largest sector and the seventh-fastest growing sector out of 24. In other words, the construction industry was, and still is, vital to our economy.

Putting aside economic statistics, BILD, builders and developers contribute a lot to the greater community through donations, events to benefit and awareness of non-profit organizations and charities. Their generosity goes a long way to improving the quality of life for their customers and the residents in the areas around where they are building. From supporting Toronto’s SickKids Hospital to educational facilities and

arts organizations, professionals in the residential building industry add a deeper dimension to the concepts of “home” and “community.”

It’s easy to criticize the real estate industry without taking the big picture into account. Today’s prices and designs are far from the whims of builders. They are restricted by municipal and provincial controls that keep them factoring in continually rising approval and development costs, which amount to approximately $1.9 billion per year at the municipal level, along with $216 million per year in parkland cash-in-lieu revenues.

It will be interesting to see the picture that is painted of 2022 and 2023 when they are available. Regardless of circumstances, we owe a debt of gratitude to the construction industry for helping to keep our economy buoyant in all climates.

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

LOOK OUTSIDE TORONTO FOR ATTRACTIVE RESIDENTIAL DESTINATIONS

Nowadays, with new home and condominium prices the way they are and with so many people working from home, looking for a residential destination outside of Toronto, and even the GTA, can be rewarding.

Take Pickering in Durham Region, for example. Boasting a high quality of life and the highest diversity rate in Durham, this inviting city borders Toronto, Markham, Rouge National Park and part of Lake Ontario’s shoreline, including the spectacular Frenchman’s Bay.

In addition to natural beauty, Pickering is packed with modern amenities, including an award-winning public library, top-quality schools and exciting recreational opportunities. In the downtown area, you’ll find Chestnut Hill Developments’ The Grand at Universal City Condos. This community is mere minutes to Pickering GO Station, Pickering Town Centre and the lake, and has a retail and commercial space at ground level for the utmost in convenience. Prices begin from the high $500,000s.

A little farther east, Whitby is home to Brookfield Residential’s Station No. 3, a collection of one- to three-bedroom plus den suites with premium features and finishes in sizes up to 1,200 sq. ft. Prices begin from just the mid $500,000s.

The community is located steps to Whitby’s four corners, in the heart of downtown, close to access to Hwys. 401, 412 and the Whitby GO Station, as well as shops, restaurants

and other local schools and services. Residents will also be able to enjoy amenities right in their own community. Whitby also features one of the prettiest sections of the Lake Ontario shoreline, with three beautiful beaches where people can enjoy everything from picnicking and expending energy in the playground to strolling along the waterfront. For those who love water sports, Whitby has a boat launch and marina.

And for something different, look west to Alberta, which is attracting new residents at record rates. Multi award-winning Averton Homes offers two townhome collections in Alberta priced from the high $400,000s.

In Edmonton, construction has started on Pivot in the tree-lined neighbourhood of Rutherford, close to schools, shopping and more.

In January, the CHBA released its 2022 Municipal Benchmarking Study ranking Edmonton a national leader in finding solutions to housing affordability and supply issues. Did you know that in Edmonton, there are no closing costs or land transfer taxes – just legal fees? That saves between $30,000 and $50,000 in costs typically incurred in Ontario. For

investors, Edmonton offers a rental guarantee by the builder for two years from $2,300 to $2,400 per month, depending on the design. Many of the towns feature a private patio or rooftop terrace (as per plan).

Northwest of Edmonton in St. Albert, Midtown is a community of loft-, two- and three-bedroom townhomes. Canada’s first Built Green community is graced with 45 acres of walkable local amenities. St. Albert is home to the Capital Region’s only provincial park, Alberta’s largest public rose garden and the largest outdoor farmers’ market in Western Canada.

Think outside the Toronto box and look at purchasing your next home or condo where you will enjoy the best return-on-investment over time.

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

DEBBIE COSIC

Station No. 3 by Brookfield Residential

by BILHA KANGETHE

Spotlight on spring

It’s not all gloom and doom for 2023 — there is some light to help you get through what is anticipated to be a challenging economic time. We combed through the trend diaries and noticed an overarching theme in mind.

This year is all about celebrating your authenticity and focusing on sustainability, paving the way to establish new connections within the spaces in your home and most importantly, with your loved ones.

Whether you are looking to spend this spring decluttering, choosing to refresh your space or renovating and making major changes, why not plan ahead and enhance your interiors with what we have discovered?

Freedom of expression

Functional maximalism is taking centre stage this spring, allowing you to express yourself fully through colour, texture and

material, all the while helping with your daily rituals. Multisensory touchpoints infused in a space — for example, wallpaper, incorporating a bold couch with rich colour schemes, or mixing pieces from the past and present — will be ruling our interiors with a focus on high-low design in the home. It’s a pared-back design, with the classic and the timeless taking a back seat to usher in an era of expressionism and individuality.

Photo : TThe Lifestyle loft

Buckle up – spring is fast approaching, and with it, the excitement to usher out the old and bring in the new

Furniture fundamentals

It was in 2020 that we began to see a shift in the furniture and decor industry. Manufacturers and designers began to dive deep into recreating furniture collections, blending clean lines, elegant shapes, and materiality, pushing the boundaries of what we have been accustomed to seeing in previous years.

In 2023, there has been an upswing, with different eras expressed through modernity. Working with rich velvets, bouclé, hair on hide, mohair and vegan leather, the trends are predicting that this industry is going to continue to shift and elevate in design and functionality, while making these pieces approachable.

We have loved and lived with bleached woods, but we are noticing that designers and manufacturers are veering away from the Scandi influence and beginning to use darker, richer tones. We are loving all the moody vibes that this trend is giving – everything from walnut to black mango wood, wood veneer and rich marble. All you need is one statement piece that will be the conversation starter at a dinner party or barbecue you will host this spring.

Tantalizing tables

The devil is in the details, and yes, our dinnerware, silverware and serving ware will have its moment. Form, uneven organic shapes, rustic textures, and warm woods converted to sculptural serving essentials are all designed with one goal in mind — to intentionally spark some gleam when serving your most coveted foods and recipes. An inexpensive way to refresh your space and decor, this spring’s trends enable you to create a delightful tablescape to reflect the freshness and vibrance of the season and celebrate a new and exciting year ahead.

SPRING TRENDS TO OWN NOW!

Bilha Kangethe is founder and creative director of The Lifestyle Loft. As a certified designer and interior decorator, she has created a company that focses on the needs of each client and customer and helps them curate a lifestyle that is comfortable and economical. thelifestyleloft.com

Tondo SERVEWARE collection. crateandbarrel.ca

Bowtie green velvet SOFA. cb2.ca

Everett ACCENT CHAIR madegoods.com

Shutter high-gloss walnut MEDIA CONSOLE. cb2.ca

Pile parfait MUG crateandbarrel.ca

Jass marble SIDE TABLE. cb2.ca

Kulti BOWL thelifestyleloft.com

Shibori PLATE thelifestyleloft.com

by design

Spectacular 365-degree penthouse views are the backdrop for a canvas of bold blues and saturated pinks

Colour queen

by AMANDA AERIN

When my glamourous client presented me with the design freedom to create a colourful penthouse in the sky, I jumped at the chance. The 365-degree views of the lake are the perfect backdrop for my canvas of bold blues and saturated pinks.

When designing an open-concept space with colourful pieces, it’s important to consider the flow and sightlines in the rooms from various angles, ensuring that the entire colour palette works in harmony.

The custom pink settee that sits like a reigning queen in the entrance gives visitors a sneak peek into the vibrant pops of colour that awaits them as they pass from room to room. The watery hue is echoed in the rich blue custom velvet sofa that forms the basis of this welcoming seating area. I opted for an oversized coffee table that proudly displays a mix of books, candles and my client’s colourful collectables.

Get the look

Add the magic of colour to your home. For some inspiration, here are my top three tricks to achieving a luxurious colourful look in any space.

Use a pattern as the jumping-off colour palette in your room. Art, a rug or accent pillows are the perfect accessories to use as the basis to your vibrant room scheme.

Consider slipcovers as a budget-friendly alternative to colourful custom upholstery.

Incorporate painted furniture pieces to add character and warmth.

Amanda Aerin is the guest editor of RENO+DECOR. She can be seen on the Marilyn Denis Show on CTV, heard on radio and shared on social media outlets.

When designing an open-concept space with coourful pieces, it’s important to consider the flow and sightlines in the rooms from various angles...

ART: Artist Donna Andreychuk, Life in the Woods oil on canvas 48x60. canvasgallery.ca

RUG: Art silk, woven in India. wstudio.ca

PILLOWS: Ming Trail velvet pillows in green or chinoiserie. etsy.ca

Adonis Urima SIDEBOARD/BUFFET for living room or dining room wayfair.ca

Färlöv three-seater SOFA COVER in navy blue. bemz.com

Bristol Place Brampton

Branthaven Mississauga

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

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

The Villages of Oakpark Oakville

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

• Leslie 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

developer: Ballantry Homes

project name: The Villages of Oakpark

style: Highrise size: 500 to 1504 sq.ft.

features: • Easy access to the QEW, Highways 403 and 407, and the Oakville GO Station.

• Select from luxurious 1, 2 and 2-bedroom+den suites.

• Rich amenities include gym, party room, rooftop terrace, lounge, co-work space.

contact: ballantryhomes.com

location: 90 Oak Park Blvd, Oakville

316 Junction Condos Toronto

Duo Toronto

developer: MARLIN SPRING

style: Highrise

size: 419 to 1,086 sq. ft.

features: • 24 Hr Concierge • Lobby Lounge

• Parcel Rooms • Outdoor Lounge • Pet Wash

• Library Lounge • Co-Working Space

• Outdoor BBQ • Games Room • Theatre Room

• Party Room • 2-Storey Fitness Centre

sales office: 324 Campbell Avenue

Mon-Thurs 12PM - 6PM | Sat-Sun 12PM - 5PM (closed Fri)

contact: 316condos.com

sales@316condos.com | (647) 368-6735

location: Junction Triangle

LSQ Toronto

developer: NatioNal DevelopmeNts aND BrixeN DevelopmeNts iNc.

style: Highrise size: 26 storeys

features:

• Studio, 1 bed, 1 bed + den, 2 bed, 2 bed + den

• Lobby, Gym, Co-Working Space

• Kids Playroom, Party Room, Private Dining Room With Catering Kitchen

• Rooftop with BBQ’s, Flex Lawn, Dining and Lounge Areas register at: duocondos.ca

location: Steeles Ave. W and Malta Ave. just west of Hurontario

First release is sold o ut. register for New release.

developer: ALMADEV

size: 488sqft-1185sqft

features:

• Masterplan Community in North York - new residential units, new commercial building along with existing office space, exciting retail opportunities for dining and shopping, and over 1.2 acres of community green space.

• Employment Hub - one of the largest employment areas outside of downtown Toronto, and through the evolution of ConsumersNext, an additional 13,500 jobs are anticipated to be created.

• Transit & Commuting - In addition to major transit lines, like Don Mills subway station close by, Highway 401, 404, and DVP, LSQ is anticipated to connect with the proposed Sheppard East LRT.

contact: lsqliving.com

location: 2305 Sheppard Ave E., Toronto, ON M2J 5B5

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

MAPS

HOT PROPERTIES

The latest properties in the Southwestern Ontario Area to keep your eye on FIND YOUR NEXT HOME

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

WE MUST PLAN TO MEET NEED FOR DEDICATED RENTAL

HOUSING

Did you know about a third of Canadians rent their home, rather than own? Renter households may be less numerous than owner households, but they have been growing at more than twice the pace, according to Statistics Canada. As rapid population growth and housing supply and affordability challenges lead more families to choose renting, causing rents to increase, policy makers must look for ways to build more homes specifically for longterm rental accommodation, also known as purpose-built rentals.

Purpose-built rentals represent a vital segment of the GTA and Ontario’s housing stock. Unlike other forms of rental housing, such as condominiums rented out by individual owners, they are a dedicated form of rental, providing security of tenure. Purpose-built rental buildings also tend to offer a greater share of two- and threebedroom units per building, better accommodating families.

In the GTA, purpose-built rental units represent approximately a seventh of all the housing stock available, rental and owned, but slightly less than half of the number of units available for rent. Unfortunately, the region’s stock of purposebuilt rental housing is aging, and new supply is coming to market at much lower levels than other forms of housing.

Almost 90 per cent of the GTA’s purpose-built rentals were built more than 40 years ago. The golden age of building purposebuilt rentals was between 1960 and 1979, when 223,954 units were built. By comparison, only about 23,590 purpose-built rental units were built between 2000 and 2022. The rate of purpose-built rental construction increased after 2018, with the removal of rent controls, but that surge appears to be abating.

With demand for rental housing expected to grow in the next decade, why are we not building more purpose-built rentals? The answer lies in simple economics. Building purpose-built rentals, particularly in major cities in the GTA, is more expensive for developers than building other forms of housing because they have to invest more capital upfront and have to wait longer for the project to become profitable. These challenges are exacerbated by the way in which taxes and charges are applied to purpose-built rentals.

Earlier this month, the Building Industry and Land Development Association, along with our colleagues at the Federation of Rental-housing Providers of Ontario, released a report on the current state of the market for purpose-built rental developments in the GTA. It is available at bildgta.ca. We hope that policy makers will consider its recommendations on how to enable purpose-built rental development to help meet the present and future housing needs of GTA residents.

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

SOPHISTICATED LIVING IN THE HEART OF OAKVILLE

1, 2 & 2-BEDROOM+DEN SUITES

Dundas and Trafalgar is buzzing. The newest landmark in downtown Oakville soars above the intersection, with incredible views of all that the city has to o er. Presented by Ballantry Homes, The Villages of Oak Park is a new, master-planned, multi-phased community coming soon to the neighbourhood of Oak Park. Select from luxurious 1, 2 and 2-bedroom+den suites. Enjoy the endless amenities o ered to residents. Close to parks, trails, shops and restaurants, The Villages of Oak Park o ers easy access to the QEW, Highways 403 and 407, and the Oakville GO Station. This is sophistication at a whole new level.