Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm based in Toronto. thinkhomewise.com
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
WESTERN VIEW | MARY-ANNE DAMERCHIE
Mary-Anne Damerchie is Mortgage Broker, Empire Mortgage Group, and a member of the West End HBA Women in Industry Committee. westendhba.ca.
DECOR | LINDA MAZUR
Linda Mazur is an award-winning designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds throughout the GTA and Canada. lindamazurdesign.com @LindaMazurGroup
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
BIG STYLE | LISA ROGERS
Lisa Rogers is Executive Vice-President of Design for Dunpar Homes. Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and The Shopping Channel. Lisa is also a regular guest expert on CityTV’s Cityline. dunparhomes.com.
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
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A BLESSING IN DISGUISE?
WAYNE KARL EDITOR-IN-CHIEF HOMES Magazine
EMAIL: wayne.karl@nexthome.ca
TWITTER: @WayneKarl
In a little less than two weeks (July 24, to be exact), the Bank of Canada will make its next interest rate announcement, along with a monetary policy report. It quite possibly could be one of the most anticipated rate announcements ever, or at least in recent memory.
In its previous announcement on June 5, BoC finally made the longawaited decision to reduce its target for the overnight rate to, 4.75 per cent – the first reduction in four years.
It wasn’t a significant decrease, but one that prospective homebuyers, homebuilders and homeowners with mortgage renewal on the horizon have been waiting for. The hope is that the June reduction was just the beginning of a succession of rate cuts, spurring activity in homebuying and building. Is the dip in ownership costs provided by the slight drops in interest rates and home prices a turning point for housing affordability? RBC Economics thinks it just might be.
“There’s a long way to go, but affordability is heading in the right direction,” RBC says in a report from July 5. “We think ownership costs have room to fall further in the period ahead. In June, the Bank of Canada initiated what we expect will amount to a full two percentage-point cut in its policy rate to three per cent by the end of 2025, which will bring down long term rates as well (but to a lesser extent). Steady gains in household income will also help reduce some of the (intense) stress homebuyers face.”
While these developments may take some time to play out, GTA real estate is characterized by supply and choice.
“The GTA housing market is currently well-supplied,” says TRREB Chief Market Analyst Jason Mercer. “Recent homebuyers have benefited from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices.”
And while Canada’s employment picture has seen some challenging results recently, much of the rise in unemployment is coming from students and part-timers. This further means, RBC says, the June labour market data increases the odds that BoC will cut rates in July.
For well-prepared and confident prospective homebuyers, then, this represents opportunity. Over the long term, high population growth means strong demand for homeownership. Short- and mid-term, interest rate reductions, price relief and a cautious market all amount to something of a blessing in disguise.
GTA NEW HOME MARKET AWAITS RATE RELIEF
Greater Toronto Area (GTA) new home sales remained slow in May, and year-to-date sales from January to May are also sitting at a recordbreaking low at 39 per cent below January to May 2009, the Building Industry and Land Development Association (BILD) reports.
There were 936 new home sales in May, which was down 71 per cent from May 2023 and 71 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.
“New home sales across the GTA continued to languish in May under the weight of elevated prices and high interest rates,” says Edward Jegg, research manager with Altus Group. “Despite the rate drop earlier this month, additional relief will be required to coax prospective buyers back into the market.”
Condominium apartments, including units in low-, mediumand highrise buildings, stacked townhouses and loft units, accounted for 539 units sold in May, down 75 per
cent from May 2023 and 75 per cent below the 10-year average.
There were 397 single-family home sales in May, down 65 per cent from May 2023 and 61 per cent below the 10-year average. Single-family homes include detached, linked and semidetached houses and townhouses (excluding stacked townhouses).
Total new home remaining inventory increased compared to the previous month, to 20,427 units. This includes 16,845 condominium apartment units and 3,582 singlefamily dwellings. This represents a combined inventory level of 14.5 months, based on average sales for the last 12 months.
“The continuing record lows in new home sales is a flashing check engine light on the dashboard,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. “Today’s sales are tomorrow’s starts. It is inevitable that we are entering further tight supply conditions in the next two to three years. Not only are high interest rates
keeping buyers on the sidelines, but higher rates are making financing for new projects more difficult and expensive. When combined with higher construction costs, land costs and material costs and increasing government fees and taxes, the new home industry in the GTA is slowing down precipitously and new home supply in the 2025-27 time period will reflect this. To avoid future lack of supply driven price appreciation, we need all parties, all levels of government, (Canada Mortgage and Housing Corp.) and the industry to sit down and arrive at collaborative solutions that will support those seeking to call the GTA home.”
Benchmark prices decreased in May for both single-family homes and for condominium apartments compared to the previous month. The benchmark price for new condominiums was $1.04 million, down five per cent over the last 12 months, while for new single-family homes it was $1.61 million, down seven per cent.
GERANIUM ANNOUNCES THREE-YEAR COMMITMENT TO HABITAT FOR HUMANITY GTA
Geranium, an award-winning real estate development and new-home building company since 1977, has signed a three-year commitment to Habitat for Humanity Greater Toronto Area (Habitat GTA). With a donation totalling $150,000 over three years, this commitment stands as a testament to Geranium’s dedication to fostering community development, where the well-being and growth of the communities they build in is a top priority.
This commitment will support Habitat for Humanity GTA’s mission to complete 26 homes to help 26 families know strength, stability and independence by unlocking the benefits of homeownership in Oshawa, in addition to future projects in Durham Region. Through combined resources, expertise and passion, Geranium’s and Habitat GTA’s collective efforts will help drive meaningful change. Already, many families, including dozens of children, are moving into the Habitat homes in Oshawa and are beginning to thrive.
“Thanks to this tremendous partnership and collaboration, Geranium is helping to change lives for dozens of families who are facing a housing affordability crisis in Oshawa and the wider Durham Region by making homes possible,” says Habitat GTA CEO Ene Underwood. “It’s also clear that Geranium’s dedication goes beyond financial support; by participating in Build Days, Geranium’s team members are taking a real hands-on approach by grabbing a hammer and helping to build these affordable homes, something that shows they are truly committed.”
“At Geranium, we believe that building homes is not just about constructing houses, but about nurturing the communities within them,” says Cheryl Shindruk, executive
vice-president at Geranium. “We’re passionate about homebuilding and compassionate towards those in our community who need a helping hand. We’re excited to enhance our relationship with this incredible organization through a three-year commitment that includes both substantial financial support and inspiring volunteer opportunities for our entire team. Together, we can build stronger, more resilient communities that thrive well into the future.”
As part of this commitment, Geranium staff from all departments will volunteer at a Team Build Day each year. The 2024 Build Days took place on four days in June in Oshawa. Team Build Days provided employees with a hands-on opportunity to contribute directly to the construction of homes and make a positive impact in our community, connecting with families in need.
“Participating in the Team Build Day was an incredibly rewarding experience,” says Christine Flynn, manager, integrated technology solutions at Geranium. “It was inspiring to see our efforts come to life and know that we are making a tangible difference in the lives of families in need. Working alongside our colleagues, witnessing the
collective dedication and hard work, truly showcases the impact we can have when we come together with a common purpose. This experience not only strengthened our team bond, but also reaffirmed our commitment to giving back to the community in meaningful ways.”
Through this commitment, Geranium aims to support the construction of homes and raise awareness about the importance of getting involved in the communities it builds in. By involving team members in this mission, Geranium hopes to create a ripple effect of goodwill and community support.
geranium.com
HOMEBUYERS EYING FURTHER INTEREST RATE RELIEF: TRREB
June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut on June 5, many buyers kept their home purchase decisions on hold. The market remained well- supplied, resulting in a slight dip in the average selling price compared to June 2023.
“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and homebuyers,” says TRREB President Jennifer Pearce. “However, the June sales result suggests that most homebuyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount.”
GTA realtors reported 6,213 home sales through TRREB’s MLS system in June 2024 – a 16.4-per-cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS system amounted to 17,964 – up by 12.3 per cent year-over-year.
The MLS Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1.16 million was down by 1.6 per cent over the June 2023 result of $1.18 million. On a seasonally adjusted monthly basis, both the MLS HPI Composite and the average selling price were up compared to May 2024.
“The GTA housing market is currently well-supplied,” says TRREB Chief Market Analyst Jason Mercer. “Recent homebuyers have benefitted from substantial choice and therefore negotiating power
on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick runup in selling prices.”
“Despite a temporary dip in home sales due to high interest rates, we know that strong population growth is driving long-term demand for ownership and rental housing,” adds TRREB CEO John DiMichele. “Ontario has set the goal of 1.5 million more homes on the ground by 2031. This is only possible if all levels of government ensure actionable solutions with sustained effort, including continuing to remove red tape, avoiding financial barriers to home construction and minimizing housing taxes and development charges.”
The next Bank of Canada interest rate announcement is July 24.
LANTERRA CELEBRATES TOPPING OFF AT GLENHILL CONDOMINIUMS IN GLEN PARK
Lanterra Developments earlier this month celebrated the “topping off” of Glenhill Condominiums, with construction reaching the top level of the building.
Glenhill Condominiums is a new iconic Toronto residence coming soon to the Glen Park neighbourhood at the corner of Bathurst and Glencairn. The nine-storey luxury boutique building will include 127 residential suites comprising one-, two- and three-bedroom lavish suites ranging from 800 to more than 5,000 sq. ft.
Condominium residents will have exclusive access to curated services by The Forest Hill Group, such as 24-hour concierge service and a dedicated parcel delivery room. Residents will also have access to exceptional amenity offerings such as the ninth-floor lounge, outdoor pool and rooftop fitness centre. Indoor amenities include a lower-level rejuvenating indoor pool with a hot
tub, wet and dry saunas, treatment room and more.
Designed by the celebrated Arcadis Architects (Canada) Inc, the architecture captures a new world elegance with a robust precast framed podium with elegant cascading balconies on the upper floors. Amenity interiors by acclaimed
GTA BUILDERS SHINE AT
Studio Munge feature exquisite custom flooring complemented by majestic finishes throughout. The project also features a 23-room custom hotel with a premier event space for memorable celebrations. Estimated occupancy is 2025.
glenhill.ca.
2024 CHBA NATIONAL AWARDS FOR HOUSING EXCELLENCE
New home builders, developers and marketers from the GTA and surrounding areas earned their share of hardware at the recent Canadian Home Builders’ Association (CHBA) National Awards for Housing Excellence recently, this year staged in Saint John, NB.
Below is a partial list of GTA winners. For a complete list, as well as an image gallery of all finalists, visit chba.ca/housing awards.
MARKETING AWARDS
Best Signage HIP Developments Inc., Cambridge: Strata Condos with Pureblink
Best Brochure/Kit Emblem Developments Inc., Toronto: ALLURE
with The Brand Factory, Arcadis IBI Group
Best Digital Advertising Campaign
Branthaven Homes, Burlington: West&Post
Best Print Ad Activa, Waterloo: Fur Kids Love Activa Energy Efficient Homes
Best Virtual Tour Experience Tridel, Toronto: Harbourwalk with II BY IV
DESIGN, Pureblink, and The Brand Factory
Best Sales Office ByBurnac, Toronto: The Bedford with The Brand Factory
Best Short Video (under 45 seconds)
Mattamy Homes and Gladstone Media, Toronto: BLVD Q
Best Branding and Identity ByBurnac, Toronto: The Bedford with The Brand Factory
NEW HOME AWARDS
Best Mid- to Highrise Building (Completed) MOD Developments Inc. and Woodcliffe Landmark Properties, Toronto: Waterworks with Cecconi Simone Inc.
NET ZERO HOME AWARDS
Best Production Net Zero Home
Minto Communities Management Inc. and Metropia, Toronto: Union Village with RN Design Ltd., Bluewater Energy Inc., Building Knowledge Canada Inc., and HVAC Designs Ltd.
Marketing Excellence Award
Mattamy Homes and Gladstone Media, Toronto
Image:
Lanterra Developments
RENTERS REMAIN UNDAUNTED AS THEY PLAN THEIR HOMEBUYING MOVE
The homeownership market has its challenges, but that’s not deterring prospective buyers from carefully planning their move – and Ontarians are among the most hopeful, according to Royal LePage.
According to a recent Royal LePage survey, conducted by Hill & Knowlton, 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54 per cent) do not feel their income will be sufficient to afford a property in the area where they wish to live (61 per cent among respondents aged 18 to 34).
“The rental sector is not immune to the significant affordability challenges stemming from Canada’s acute housing shortage,” says Phil Soper, president and chief executive officer, Royal LePage. “High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market.”
Of renters who say they plan to buy within the next two years, half (50 per cent) say they will have a down payment of less than 20 per cent. Twenty-six per cent say they will put 20 per cent down, while 15 per cent say they will have a down payment of more than 20 per cent. In Canada, mortgage insurance is required for homes purchased with less than 20 per cent down.
Forty-four per cent of renters planning to purchase in the next two years believe they will be able to afford a home in their current city of residence, while 37 per cent do not. Among those who don’t believe they can buy in their current location, 40 per cent say they will have to travel more than 50 kms to buy within their budget, while 21 per cent believe
they will have to search for a property within a 31- to 50-km radius, and 18 per cent say they would need to look within a 16- to 30-km radius.
“We know that Canadians widely consider homeownership a worthwhile long-term investment and a quintessential part of the Canadian dream,” says Soper. “So much so, that many are willing to relocate in order to make their homeownership dreams a reality. This is especially true for young Canadians and those who have remote work flexibility.”
When asked about the motivating factors behind their decision to continue renting rather than buy, approximately one third of respondents said they were waiting for interest rates (33 per cent) and property prices (30 per cent) to decrease. Twenty-two per cent said they are continuing to rent while saving for a down payment.
“(In June), the Bank of Canada announced its first rate cut in more than four years,” adds Soper. “Falling borrowing costs will lower the threshold to qualify for a mortgage, helping renters become owners. However, this creates a double-edged sword. Increased competition as they
enter the market will put additional pressure on property values. While some will wait for home prices to become more reasonable, Canada’s housing shortage will leave them waiting indefinitely.”
ONTARIO HIGHLIGHTS
In Ontario, 30 per cent of renters say they considered buying a property rather than renting before signing or renewing their lease. Among them, 47 per cent say saving for a sufficient down payment led to their decision to rent instead. Twenty-eight per cent say they are waiting for property prices to decline, while 26 per cent are holding off for interest rates to decrease.
Looking ahead, 31 per cent say they plan to purchase a property in the next two years. Of those planning to purchase, 43 per cent believe they will be able to afford to buy a property in their current city of residence.
Across Canada, only respondents in Manitoba and Saskatchewan, at 36 per cent, were more positive about buying a home in the next two years than Ontarians. This compares to 27 per cent for prospective buyers in both BC and Alberta.
YOUR FOREVER HOME IN KING CITY
Vision. Passion. Legacy. Family. The driving forces that have defined Remington Homes for 35 years. As the company celebrates this milestone, it introduces Triple Crown Estates – a collection of luxuriously appointed, artfully designed singles and townhomes in King City.
Triple Crown Estates, at Dufferin and 15th Side Road, is named for the legendary thoroughbred that once called these rolling hills home. A winner of the Queen’s Plate and Prince of Wales Stakes, Norcliffe represented the pinnacle of success in Canadian racing.
Drawing inspiration from this legacy, a pinnacle collection of 25-ft. townhomes and detached homes on 45-, 50-, 60- and 70-ft. lots at Triple Crown Estates reflects a refined architectural style, featuring both classic and contemporary expressions. With two- and three-car garages, double-height windows, steep roof pitches, private balconies and covered outdoor living spaces. The interiors are an equally curated experience. The homes include upgraded ceiling heights and details,
custom-crafted cabinetry, solid stone counters and smart tech that further enhances comfort and convenience, both indoors and out.
This future community and the homes themselves reflect what matters most: Quality, family and home.
Designed around Eaton Hall Creek, a central protected greenspace that runs through the centre of the site, Triple Crown Estates preserves its heritage and natural exclusivity. Nestled among historic farms and modern amenities, this neighbourhood offers families a curated experience, that pairs connectivity with tranquility. This new community’s streetscapes were envisioned for bike riding lessons, with the backyards perfect for baby showers and grad celebrations. These homes will serve graciously for families of all shapes and sizes with equal consideration throughout to enhancing moments of togetherness and retreat.
One of the most desirable locations in the GTA, King City offers the perfect balance of greenspace, local
conveniences and connectivity to urban centres. With the area’s equestrian history, pristine landscape and connectivity to Vaughan and Richmond Hill, everything important is close at hand – from Seneca College King Campus and the prestigious Country Day School to Coppa’s Fresh Market, King City Arena, and Eagle’s Nest Golf Club. King City truly provides the perfect setting for our signature community. Since 1989, Remington Homes has established an enduring legacy of innovation and showcased a deep-rooted dedication to quality, sustainability and community enrichment. Remington continues to go above and beyond industry standards to develop vibrant spaces that enrich communities: Shaping developments to celebrate human connectivity, to inspire and engage with one another, and most importantly to create thriving centres where people can live, work, learn and play.
For more information, visit remingtonhomes.com.
NEW COMMUNITY
National Awards for Housing Excellence finalist offers a building standard you won’t find elsewhere
At The Village Farm in Embro, Langlois Eco Homes is doing what other builders only dream of. Six new townhomes have been engineered, built and certified to the Passive House standard – the world’s highest standard for energy efficiency, comfort and health.
ANALYSIS
New buyer expectations in pre-construction market
The GTA pre-construction real estate market is a dynamic sector, continually shaped by evolving buyer preferences. As demographics shift, technology advances and lifestyle trends change, we must stay agile and responsive to meet the demands of modern buyers.
PERSONAL FINANCE
How self-employed Canadians can qualify for a mortgage
If you’re Canadian and you own and operate a business, you might be wondering if it’s possible for you to get a mortgage. The answer is yes, but there are some additional details that you need to know to make this process as seamless as possible.
HOMEBUILDING
2024 BILD Awards celebrate homebuilding excellence in GTA
The Building Industry and Land Development Association (BILD) recently recognized excellence in the design, construction, marketing and sales of new homes in the GTA at its 2024 BILD Awards.
Visit nexthome.ca
In Conversation With... Ron McMillan, President of Reid’s Heritage Homes
After 45 years in business, Reid’s Heritage Homes recently undertook a brand revitalization to reflect its tradition of innovation, quality and commitment to customer satisfaction. We spoke with President Ron McMillan for his insight on this decision, and what else the company has on the horizon.
HOUSING POLICY
Builders urge municipalities to exercise restraint with charges on new homes
With the passing of Bill 185, the Cutting Red Tape to Build More Homes Act, 2024, the Building Industry and Land Development Association (BILD) urges GTA municipalities to not raise development charges (DCs) on new homes in the midst of a housing crisis.
Q&A
4 REASONS WHY HOMEOWNERSHIP
REMAINS A SMART INVESTMENT FOR CANADIANS
JESSE ABRAMS
It’s no secret that the Canadian housing market has faced challenges over the past couple of years. Interest rates have risen, inflation has persisted and everything seems more expensive than ever. The good news is that there are signs of improvement. We recently saw a decline in interest rates in June, marking the Bank of Canada’s first rate cut since March 2020. Also, home prices have been declining across the country, making homebuying more palatable for many. Despite the economic conditions, the truth remains that buying a home and investing in real estate continues to be an often smart,
long-term investment for Canadians both personally and financially.
1. GROW YOUR WEALTH THROUGH EQUITY
As a homebuyer, you gain one of the most significant advantages to grow your future wealth – the ability to build equity over time. When you rent, your monthly payments go to a landlord, but with a mortgage, these payments help you contribute to owning a valuable asset. As you continue to pay down your mortgage, the difference between your home’s value and what you owe on it – your equity – increases. Over time, the equity you build can serve as a financial safety net that enables you to borrow against it for major expenses or to fund future investments.
The type of mortgage you get is very important, as it can affect how quickly you build equity and the overall cost of your home. At Homewise, our mortgage advisors spend a great deal of time with Canadians to understand their shortterm and long-term financial goals to ensure they get the right mortgage that suits their vision for their financial future.
2. POTENTIAL FOR PROPERTY VALUE APPRECIATION
While the real estate market experiences ups and downs, Canadian property values have a long history of trending upwards. Although recent years have shown market fluctuations, particularly since the start of the pandemic, the overall trajectory remains positive over the
long term. Owning a home represents a wise long-term investment, with the potential for significant returns when it’s time to sell. The increase in your home’s value can substantially enhance your net worth and offer financial stability for retirement and other important life milestones like a child’s post-secondary education or a vacation property. Important to note, that this is a long-term strategy, not a “get rich quick” situation in most circumstances. As Canada’s population continues to grow, the supply vs demand curve should continue to see home prices rise over the long-term.
3. ACCESS TO TAX BENEFITS
In Canada, owning a home offers several notable tax benefits. For instance, when selling your primary residence, you may qualify for the principal residence exemption, allowing you to avoid capital gains tax. Additionally, various home improvements and energy efficiency upgrades might be eligible for tax credits or rebates, helping to further reduce your overall tax burden. Furthermore, property taxes and mortgage interest can often be
deducted from your tax bill, providing additional financial relief.
If it’s your first home, you also have access to the Home Buyer’s Plan, allowing first-timers to withdraw up to $35,000 from their Registered Retirement Savings Plan to use towards their downpayment. This is all without paying taxes on the withdrawal, provided the funds are paid back within 15 years.
4. MORE STABILITY AND PERSONAL FREEDOM
Owning a home provides significantly more stability compared to renting. As a homeowner, you’re not affected by sudden rent hikes or the possibility of your landlord deciding to sell the property. This stability enables you to make long-term plans, both financially and personally. Additionally, homeownership grants you full control over your living space. You have the freedom to renovate, decorate or landscape your property
according to your preferences and lifestyle, all without needing anyone’s approval.
Despite the challenges in the Canadian housing market, homeownership remains a positive, long-term financial decision. With prices dropping, it could be a good time to start your process of consideration. With benefits such as growing equity, potential property value appreciation, tax advantages and increased stability, owning a home – with the right mortgage –continues to offer a range of financial and personal benefits.
Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com
Life on the Riverbank is timelessly and elegant. Wrapped by the woods and the Nith River, this extraordinary setting will be home to a premium collection of detached homes on 36’ to 50’+ lots and modern freehold townhomes. Live in the prettiest little town in Canada. OPENING MAY 2024
LUXURY RENTALS IN UPPER STONEY CREEK
This is SOHO, where stylish condominiums will rise in the urban heart of Central Park. When you live here, the pulse of the city is right across Highland Blvd., while the peace of Central Park is all around you. SOHO is the perfect balance of both. SOHO is so perfect for you.
MODERN FARMHOUSE TOWNHOMES IN BEAMSVILLE
Nestled within Beamsville, Ontario, Benchmark stands as a testament to modern farmhouse living at its finest. This community not only captures the essence of rural charm but also offers a host of key features that make it a truly unique and coveted place to call home.
MODERN FARMHOUSE TOWNS IN LOWER STONEY CREEK
SweetBerry a new community located in Lower Stoney Creek at Barton and Glover, minutes from the QEW. This vibrant community offers escarpment views from its modern farmhouse and stacked townhomes, providing a variety of housing options for families and individuals. OPENING JULY 2024
WHAT DO THE INTEREST RATE CUTS
MEAN FOR THE REAL ESTATE MARKET?
MARY-ANNE DAMERCHIE
For the first time since the onset of the COVID-19 Pandemic, the Bank of Canada on June 5 announced that it would be cutting its overnight interest rate by 0.25 per cent, bringing the policy rate down from 5.0 to 4.75 per cent. This announcement was widely
anticipated by the general public, especially by those who work within the real estate industry who have felt the negative impacts of the turbulent economy affecting their businesses, and those who are patiently waiting on the sidelines to enter the market and transact.
“ ” After a prolonged period of what seemed to be never ending economic strain taking a negative toll on the real estate market, this recent news has reignited hope among Canadians.
With four more scheduled Bank of Canada rate announcements for 2024, the predictions amongst economists are quite aggressive but probable in predicting an additional rate cut per announcement. Although the initial rate cut won’t necessarily boost the economy, it will certainly start to shine some positive light on the housing market as a whole.
Prior to the glimpse of hope we received earlier this month, the inflated interest rate environment created a negative snowball effect impacting those from the development space to home purchasers. Due to the increase in the cost of borrowing, the profitability of development projects has become marginal, and developers have become reluctant to launch future projects at the rate in which they did in previous years. Additionally, developers are left with an influx of unsold product on their books while purchasers are simultaneously leaving money on the table and walking away from their contractual obligations given the stringent mortgage approval guidelines.
The continued interest rate cut forecast suggests that we will start to notice some relief when it comes to household budgeting and less hindrance on small business growth and prosperity. Although we are not
likely to return to a pre-pandemic rate environment and that rates are still relatively higher now than what they have been in previous years, the data supports a downward trajectory, nonetheless.
Like many things in life, perception is the key indicator of individual actions, and when it comes to real estate, it is no different. After a prolonged period of what seemed to be never ending economic strain taking a negative toll on the real estate market, this recent news has reignited hope among Canadians. It has created some optimism which will likely ramp up real estate transactions, housing initiatives, business development, among many other activities that will assist in economic recovery and stimulus. All signs point towards a fruitful and financially stimulating third and fourth quarters of 2024, along with a strong start to 2025.
Mary-Anne Damerchie is Mortgage Broker, Empire Mortgage Group, and a member of the West End HBA Women in Industry Committee. westendhba.ca
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TORONTO’S HOUSING AGENDA
UNDER MAYOR OLIVIA CHOW: A YEAR IN REVIEW
JENNIFER PEARCE
As we approach the anniversary of Mayor Olivia Chow’s first year in office, Toronto finds itself at a crossroads of promise and challenge, particularly in the realm of housing.
On a recent episode of TRREB’s Ready to Real Estate podcast, we took a deep dive into Mayor Chow’s inaugural year, examining her achievements, the hurdles she
is facing and what lies ahead for Toronto’s housing landscape.
Mayor Chow’s tenure began with a clear mandate: To confront Toronto’s housing crisis head-on. Throughout her first year, she is making significant strides in expanding affordable housing options and enhancing support for renters. She also successfully negotiated a
new deal with the province putting Toronto on a path to long-term financial sustainability, as well as obtaining additional immigration funding from both Premier Doug Ford and Prime Minsiter Justin Trudeau, demonstrating her proactive approach to securing essential resources for the city.
Mayor Chow’s path has certainly not been smooth. A staggering $1.5-billion budget shortfall posed a challenge early in her term. In response, she implemented a 9.5-per-cent residential property tax increase – an ambitious move aimed at funding critical city services and infrastructure projects while navigating financial constraints.
On the episode, TRREB’s Chief Market Analyst Jason Mercer was
joined by Matt Elliott, founder of City Hall Watcher, and Steve Adler, senior director of Public Affairs at National Public Relations. They both shared valuable perspectives on Mayor Chow’s performance and highlighted the complexities of governing a city as diverse and dynamic as Toronto, emphasizing the importance of collaboration across all levels of government.
From innovative solutions in affordable housing to advancements in modular homes and purpose-built rentals, her initiatives reflected a comprehensive strategy to address Toronto’s housing needs across the spectrum. There are ongoing challenges and opportunities to balance development community needs and sustainability.
Listen to the entire conversation and other insightful chats with industry experts, head over to TRREB’s Ready to Real Estate podcast. Stay engaged and informed as we navigate the evolving dynamics of Toronto’s real estate market together.
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
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BANK OF CANADA’S RATE CUT IN JUNE A SMALL YET HOPEFUL START
BARBARA LAWLOR
The big news in June was that the Bank of Canada reduced its target for the overnight rate to 4.75 per cent. It was the first rate cut since March 2020. Although the Toronto housing market will not change dramatically
as a result, it is a hopeful step in the right direction. This reduction of 25 basis points in the policy interest rate may seem small, but it offers a breath of fresh air and diffuses some of the negative energy out there. It signifies hope that this is the beginning of real and badly needed change in the real estate marketplace, and hope is essential when it comes to our economy.
In addition, Canada’s inflation rate is slowly easing toward the two per
cent target Bank of Canada would like to see, so again, there is hope for more rate cuts this year. We will likely see many potential home and condominium buyers wait to see what BoC decides. The market in Toronto will not change overnight, but the door has opened, and it brings some relief to borrowers. I don’t think rates will go back down to where we were at during COVID again. I do think that 4.25 per cent by the end of this year is a fair bet.
Birchley Park by Diamond Kilmer Developments
“
” I have learned that after low economic cycles when the market comes back, it comes back with a vengeance.
Our population growth is undeniable. From Oct. 1 to Dec. 31, 2023 (a period of only three months), Canada’s population increased by 241,494 people. This was the highest rate of growth during a fourth quarter since 1956. This year in March, according to Statistics Canada, our country’s population hit 41 million, with more than 97 per cent
of the growth due to immigration. Remember that people always need somewhere to live, whether they are looking to rent or to buy a house or condominium.
The GTA is one of the most coveted residential destinations in the world, and a healthy percentage of immigrants choose to settle here each year. Superior educational facilities, world-class hospitals, incredible shopping, amazing sports, inspiring arts and cultural opportunities… the list of amenities that provide us with the high quality of life that is envied around the world goes on.
Through my decades of industry experience, I have learned that after low economic cycles when the market comes back, it comes back with a vengeance. There is a massive pent-up demand for houses and condos in Toronto and the GTA – and
frankly, across Canada – that will not go away any time soon.
Many of our major clients at Baker Real Estate Inc. are pencilling in launches, and we have some big, exciting projects coming in Toronto. The stage is set for success. Let’s hope that with future announcements, the Bank of Canada takes yet more steps in the right direction.
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
+MORE CONTENT ONLINE nexthome.ca
GOVERNMENT POLICIES AND THEIR IMPACT
ON THE GTA PRE-CONSTRUCTION HOUSING MARKET
DEBBIE COSIC
The Greater Toronto Area preconstruction housing market is a vital segment of the real estate industry, playing a significant role in the region’s economy. Government policies, both at the federal and provincial levels, have profound impacts on this market. These policies shape the market dynamics, influencing prices, demand and supply, thereby affecting the broader economic landscape of the GTA.
One of the most significant government interventions in recent years has been the implementation of the mortgage stress test. This requires borrowers to qualify for mortgages at higher interest rates than their contract rate. The policy aims to ensure that borrowers can withstand potential future increases in interest rates, thereby maintaining financial stability. However, the stress test has made it more challenging
for many potential buyers to secure financing, reducing the pool of eligible buyers for pre-construction homes. As a result, demand for preconstruction properties has softened, leading to slower sales and in some cases, price adjustments.
Municipal governments in the GTA impose development charges on new construction projects to fund infrastructure improvements and public services. These charges can be substantial, adding significant costs to pre-construction projects. While development charges ensure that growing communities have the necessary infrastructure, they also contribute to higher prices for new homes. And although these funds are allocated towards infrastructure, there are significant shortcomings in the construction of our infrastructure, hospitals and schools, making us question whether this money is being allocated and utilized in the most prudent manner.
On June 25, a new capital gains tax inclusion rate came into effect. Previously, sellers of secondary
properties paid tax on 50 per cent of any capital gains. As of June 25, they will be taxed on 50 per cent of the first $250,000 in gains, and 66.7 per cent on any amount beyond that. This change is raising significant concerns among real estate investors and owners of vacation and secondary properties. The new policy may deter individuals and corporations from investing in business, investment or recreational properties in Canada. It also places a considerable burden on smaller investors, such as families who use investment properties as a retirement savings vehicle or to help their children purchase homes.
Government policies play a crucial role in shaping the GTA preconstruction housing market. While these burdensome interventions such as the mortgage stress test, foreign buyer tax, development charges and capital gains tax aim to ensure market stability and affordability, they also introduce complexities and challenges for developers and buyers. Additionally,
land use policies and zoning regulations determine where and how pre-construction projects can be developed. Stricter zoning laws and slow approval processes can limit the supply of new housing, exacerbating affordability issues in the GTA. Balancing these policies to promote sustainable growth, affordability and financial stability is essential for the health of the pre-construction housing market in the GTA. As the market evolves, continuous assessment and adaptation of these policies will be necessary to address emerging trends and challenges. +MORE CONTENT ONLINE nexthome.ca
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
THAT PROTECTS YOU A CONSTRUCTION CONTRACT
JAYSON SCHWARZ, LLM AND KELLY WONG, BA
With all the things that go into a renovation project – design plans, importing materials, scheduling dates for completion – the last thing
you want to do is read through a complicated construction contract. But did you know that the standard form contracts that are often used to reduce drafting time and transaction costs for home renovations generally do not offer owners adequate protection if something goes wrong? Standard form contracts, such as those by the Canadian Construction Documents Committee (CCDC)
and the International Federation of Consulting Engineers (FIDIC), provide a convenient method for owners, contractors, designers and consultants to get started on a project quickly. These forms cover matters from stipulated price contracts, service contracts between owners and consultants, to rules for mediation and arbitration of disputes. Standard form contracts are
well known and understood in the industry, strive towards a balanced allocation of risk, and aim to reduce transaction costs.
However, standard form contracts are rarely used as is. All standard form contracts are open to amendment, to suit the requirements of a project. And the supplementary conditions that are often added by the other party may lead to an offbalance allocation of risk to their benefit. Alterations may also include the omission of important issues such as termination for convenience, key personnel provisions and liquidated damages. All of these
“
” It is essential that you retain a lawyer who understands construction contracts, project delivery models and common pricing models to ensure you are protected…
affect an owner’s liability and the recourse available to them in the case of a dispute.
Additionally, different contracts and provisions must be adapted to the particular circumstances of a project. For example, different standard delivery models (more on this in our last issue) align with
particular pricing models. Designbuilds with clear design parameters lend themselves to stipulated price models that push almost all the risk to contractors. However, additional provisions must be included to limit an owner’s risk. The possibility of extra costs must be addressed in the contract, or the owners run the risk of paying exorbitant costs at the completion of the project.
It is essential that you retain a lawyer who understands construction contracts, project delivery models and common pricing models to ensure you are protected in the best way possible throughout your renovation journey.
Jayson Schwarz, LLM is the senior managing partner of Schwarz Law Partners LLP, and Kelly Wong is a secondyear summer student attending Osgoode Hall Law School.
+MORE CONTENT ONLINE nexthome.ca
7 FLOWER ARRANGING BASICS
MARK AND BEN CULLEN
“I dig, therefore I am.” We can relate to this statement as a gardener. It is the joy of digging that draws us to the gardening experience more than anything. Cutting the bounty of all that digging and planting to bring indoors this time of year is not second nature to us. We are flower arranging rookies.
However, we sure enjoy seeing the fruits of our gardening labour displayed indoors in a deep vase full of water. Years of listening to the professionals has taught us more than a thing or two about what to cut, when and how to display it to best advantage indoors.
So, in a nutshell, here is everything that you need to know about cutting flowers and arranging them, just as long as you are not trying to win awards:
1. THINK FRESH
When you are out there in the garden doing a tour in search of the best
flowers for cutting, keep in mind that the plants that are currently coming into bloom will provide you with the longest show of colour. In other words, if the plant has been in bloom for some time, the flowers will not stand up in a vase for very long.
2. USE A LIMITED RANGE
OF COLOUR
Say what you will, mixing up colours without regard for how they look together is hard to pull off without producing a mish-mash. Stick within a narrow range of colours when cutting flowers for a vase. If you have lots of different colours to choose from
in your garden pallet, then create more than one arrangement. Think “monochromatic” – tints and shades of the same colour.
3. TAKE A LONG STEM
The most common mistake of all is cutting too short a stem for the flower for the vase/arrangement. The heavier the flower, the longer the stem. (Mark made this mistake years ago when cutting peonies in June… the whole bunch were wasted.) Also, the larger the flower, the lower it should be placed in the arrangement.
4. GREENERY? WHAT GREENERY?
When you buy cut flowers at a florist, they always through in some asparagus fern or leather fern or what-have-you. No need for this stuff when you are cutting flowers from the garden. For the most part, the flowers speak very well for themselves without the addition of greenery. Many flowers have leaves that add plenty of interest on their own.
5. USE A DEEP VASE
You want your cut flowers to last as long as possible indoors, right?
The best way to do that is to use a good, deep vase and fresh, cool (not cold) water. Change the water every couple of days to prolong the life of the flowers.
6.
WHAT WOULD MOTHER NATURE DO?
It is a simple question, but the answer is not always so obvious. Take your time to observe how nature arranges flowers in a meadow or how they mature in your own yard. Take your design cues from her. They are effective and free.
7.
HAVE FUN
You are arranging flowers for the satisfaction of seeing the fruits of your gardening labour indoors.
Even if you are making a special effort to do this for expected
company, remember that you need to be satisfied with the look of it, above all.
Right now, our gardens are awash in colour from Echinacea (purple cone flower), several varieties of rudbeckia (Brown Eyed Susan) and Veronica, all of which make for great flower arranging.
One note: Daylilies, while they look great in the garden, do not perform well as cut flowers.
Give it a shot. Maybe, like us, you will find that you can do it and get a lot of satisfaction from it, even if you are a klutz.
Mark Cullen is a Member of the Order of Canada. He reaches more than two million Canadians with his gardening/ environment messages every week. Receive his free monthly newsletter at markcullen.com Ben Cullen is a professional gardener with a keen interest in food gardening and the environment. You can follow both Mark and Ben on Twitter @MarkCullen4, Facebook @MarkCullenGardening and Pinterest @MarkCullenGardening.
+MORE CONTENT ONLINE nexthome.ca
4 TIPS TO COLOUR YOUR WORLD
by LINDA MAZUR
Colour is a major influencer in our world of design. It’s not simply about making a space pretty, we can also use it to invoke an emotional response within a space, to energize or to calm while in the surroundings. Colour can enhance and punctuate a monochromatic space, play up – or downplay – drama in a room, and create a relaxing serene environment. Whatever your goal is in designing a space, colour will surely play a key role.
Whether you enjoy the simplicity of white walls while incorporating colour with your furnishings and accessories, or whether you are drawn to a colour and use it prominently throughout, the trending colours we are seeing will
inspire us to create an exciting home and leave you feeling all the love for colour in your life. Rich jewel tones, deep plums and purples, bright exciting corals and blues, warm pinks and browns, calm earthy greens and cheery yellows… there’s a broad spectrum of possibilities that will inspire you.
Richly patterned fabrics and area rugs, colour saturated tiles and bold wallpapers lend themselves to creating a space with a personality all its own. However, if this all seems a bit too much for you and your comfort zone lies deep within the monochromatic white-on-white look, colour can still find it’s way into your home in the subtlety of artwork, or even the lushness of fresh green
plants. Whatever your heart desires, there is an abundance of ways to colour your world. And… colour can find it’s way into every room in your home – especially the kitchen, where traditional white cabinetry has moved aside for everything from shades of soft and pretty blue-greys to deep blues, greens and reds. However, it’s not just cabinetry that has seen a surge of colour over the last few years, but hardware, faucets and appliances, both large and small, have taken on a life of there own when it comes to colour.
Whether you desire a calm, grounding and comfortable space or are looking for some energy and drama, give your home a little facelift with an inspirationally stylish and sophisticated blend of colour, pattern and texture then sit back, relax and enjoy all the beauty you have created.
HERE ARE A FEW TIPS TO START YOUR COLOUR INSPIRATION:
1| Paint is always a great place to start; any “weekend warrior” can easily liven up a room with a gallon of paint, and when you’ve tired of the colour it’s easy enough to change.
2| Wallpaper is a fun and fantastic way to inject life into your room. With an abundant selection of patterns and colours, you’re sure to make a great impact.
3| Be bold in your selections and use of colour. If you love a particular colour but are unsure, use it in smaller doses as an accent instead of on a larger scale, such as a wall colour.
4| Add a touch of black to your mix, it doesn’t need to be a large item – a black box, vase, picture frame or other accent. This way, you clarify and enhance all the other colours within the space.
Linda Mazur is an award-winning, nationally publicized designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds within Toronto, the GTA and throughout Canada. lindamazurdesign.com
@LindaMazurGroup
INTERIOR DESIGN you should AVOID MISTAKES 6
by LISA ROGERS
When it comes to interior design, there aren’t any rules, per se, but there are a few suggestions that homeowners can take into account when designing or redesigning their homes. Interestingly, when we’re online, we’re bombarded with many trends and “must-have” decor that we’re being told to try in our spaces. Yet, we’re rarely given as much intel on what design, decor and decorations to avoid in return. Design errors can be expensive, so I’ve broken down some of the most common design mistakes I’ve seen (or heard of) in my career and how you can avoid them in your interior designs.
NOT MEASURING A ROOM
This is a cardinal rule because it forces us not to make design decisions too spontaneously (such as buying furniture that is either too big or small for a room). Before making a purchase, I implore you to gather the dimensions of each piece first. Never rely on your eye to measure a space (it seldom works). Measure every nook and cranny in a room and map out your area (patiently) before committing to anything.
TOO MUCH FURNITURE
Just having the space does not mean you need to fill it up with furniture. It makes a room feel cluttered, but it can be impractical, too. Filling a room with an overabundance of furniture, as well as accessories, can make the space feel much smaller and less functional. One easy tip: Take stock
of a room you use most often in your home – such as a living room – and question which pieces you use and don’t serve a purpose beyond aesthetic appeal. Any pieces that seem redundant, sell or donate. You want the space to be comfortable and spacious, and that requires, well, space. Too much furniture has the opposite effect.
CHOOSING THE WRONG RUG SIZE
I love the transformational nature of rugs. They can create interest and beauty, and there are so many price points available that you can find the right price for you. It can be tricky knowing the right size of rug for your space. There are some general failsafe rules I’ve followed for years: Living rooms almost always need a carpet that’s either eight-by-10 or nine-by-12 ft. Anything smaller, and it looks awkward and out of place. A rug should be big enough to fit (at least) two chairs or couch legs on it. Alternatively, you can go smaller in functional spaces, such as a kitchen, providing it serves the right purpose. A small rug under bar stools creates a more inviting space to sit.
FORGETTING LIGHTING
It’s surprising how little homeowners invest in thinking about lighting, and it’s one of the essential functions in a space to give ambiance and overall comfort. My advice? Don’t opt for a singular light in one room
and think you’re done – it’s jarring when light is washed over you from overhead. It’s unflattering and can give the feel of an interrogation room at times. Instead, try to layer your lighting. That means that you decide on your central lighting – for your kitchen worktops, mirrors in your bathrooms, or light above your dining table. Then the idea is that you build around that with smaller lighting options, which sets the right vibe and creates that ambiance I speak of. The possibilities are endless: Table lamps, string lights, small pendants, anything that will highlight the areas in the room that may require some warmth. And don’t forget candles. They’re the most affordable and romantic way to set the mood.
TAKING TRENDS TOO SERIOUSLY
We’re bombarded online and via social platforms with seasonal design and decor trends, such as palm prints and wicker furniture. It’s easy to get caught up in the fray and incorporate some of those fun and unique looks into our own homes. Remember: Trends are fleeting, and you don’t want to drain your budget with items that won’t stand the test of time. Never make a design decision flippantly. I always tell people that they need to live in their space before making big purchasing decisions, whether it’s a couch, bed or dining room table. You need to exist in your space to get a sense of how you live in it, and then you can decide what pieces fit your lifestyle and design aesthetic the best.
NOT INVESTING IN QUALITY FURNITURE
One important rule to remember –quality outweighs quantity. While it’s a challenge to live with less furniture, investing in high-quality pieces means
they could potentially last a lifetime, and more significantly, they won’t go out of style. Take your time and shop with a critical eye. Buy the highest quality you can afford, and if you can’t at that exact moment, create a budget plan that means you can for the future. It may take six months to get that beautiful, oversized couch you’ve been eyeing, but it’s surely worth the wait once you have it.
Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca
LIVING etc.
by SARA DUCK
Home decor trends and inspiration for summer
Crafted in Montreal, Cozey epitomizes Canadian design brilliance. The furniture — from outdoor seating and accent chairs to sofas and tables — merges functionality with chic aesthetics, ensuring easy assembly and swift doorstep delivery. But the company’s dedication goes beyond style. Sustainability is woven into the fabric of their ethos. Items returned within the 30-day trial period are either meticulously refurbished and discounted or generously donated to charity, minimizing waste and maximizing value for you and the planet.
is trending this summer; turn the page for more!
The blues
You may have noticed that blue is seriously trending right now. From serene sky tones to deep navy accents, this versatile hue adds a timeless touch of sophistication and tranquility to any indoor or outdoor space.
1. Marta ombre blue double old-fashioned GLASS by Azeeza. $9. cb2.ca
2. Blue swirl acrylic PITCHER $12.99. homesense.ca
3. Poolside geo indoor/outdoor RUG in cobalt. $599. westelm.ca
4. Herb PLANTER in chambray. $50. lecreuset.ca
5. Sicily ceramic dinner PLATE in blue. $29. williams-sonoma.ca
6. Navene blue outdoor dining ARMCHAIR. $549. cb2.ca
2 3 4 5 6 1
EXTERIOR MAINTENANCE
Just in time for the outdoor season, Benjamin Moore has launched the Premium Woodluxe Exterior Stain collection with four opacities: Translucent, semi-transparent, semi-solid, and solid. “Staining is a great way to refresh and protect your outdoor wooden surfaces such as decks, furniture and fences for the coming season and beyond,” says Sharon Grech, Benjamin Moore colour and design expert. Woodluxe is easy to apply, and can be used in the heat, sun, and humidity for in a consistent finish that provides a UV and mildewresistant coating. benjaminmoore.ca
Keep busy all summer long with fun games that can be played in your backyard (or local greenspace).
Embrace your inner Ariel (or Sebastian) with these sea-themed accessories for your home.
2 3 1 2 3 4 5
1. Coral-shaped SCULPTURE. $32.
Metal BOTTLE OPENER. $17.
Outdoor CUSHION COVER. $16.
Shell-shaped plant POT. $36.
Stoneware KNOBS. $13 (set of two). hm.com
1. CROQUET in varsity stripe. $90.
2. BEAN BAG toss set. $60.
3. PICKLEBALL set in varsity stripe. $30. indigo.ca
LIT! Breathe easy
As we move into the summer wildfire season, an air purifier at home provides numerous benefits, such as improving indoor air quality and removing airborne pollutants such as dust, pet dander and allergens. Additionally, it helps reduce the risk of respiratory issues, promotes better sleep and creates a healthier environment for you and your family. Breathe easier with the Clorox large room air purifier. Its three-stage 360-degree filtre system, including a true HEPA filtre, captures 99.9 per cent of allergens and particulates and 99.9 per cent of viruses and bacteria. $230. cloroxhomeappliances.ca
Planted is a Canadian candle company focused on minimizing its impact on the planet. Its active botanical line of candles is handmade in small batches using sustainable, toxin-free ingredients. And if that’s not enough, each purchase plants a tree with the Eden Reforestation Project, supporting environmental revival and community upliftment. shopplanted.com
MUST, delivering cutting-edge design inspo and contemporary furnishings, has opened two new stores in the GTA with locations in Toronto and Mississauga. “Our new stores have been designed with diverse urban living in mind, offering a curated furniture selection ideal for various settings like townhouses and compact condos. Our functional and stylish furniture and accessories are inspired by the essence of city living and our customers’ evolving tastes,” explains Émilie Corbeil, product director at MUST. mustsociete.com MUST
FIND YOUR NEXT HOME
The latest properties in the Greater Toronto Area to keep your eye on
AJAX
1. A Towns Bayly St. E. & Salem Rd. S. fieldgatehomes.com
AURORA
2. Queen’s Grove Collection Yonge St. & Bloomington Rd. northstarhomes.com
3. Allegro 36 Klees Cres. geranium.com
BRAMPTON
4. DUO Condos 245 Steeles Ave. W. duocondos.ca
5. Spring Valley Village Bovaird Drive W. & Elbern Markell Drive ballantryspringvalley.com
6. Three Rivers Claireville Goreway Dr. & Humberwest Pkwy nationalhomes.com
7. Queens Lane Townhomes Mississauga Rd. & Queen St. branthavenbrampton.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. New Impressions Hwy. 27 & Major McKenzie Dr. W. fieldgatehomes.com
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
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.
DISSECTING WHAT’S BEHIND PERSISTENT HIGH PRICES
– AND WHAT GOVERNMENTS SHOULD DO ABOUT IT
As we approach the second half of 2024, the housing landscape and new home prices in the Greater Toronto Area (and Canada broadly) continue to be surprisingly resilient in the face of economic headwinds. Despite historical trends suggesting a downturn in housing prices following periods of high inflation and interest rates, recent prices have moderated somewhat, but have largely defied the expected convention. Here are some of the factors behind it.
In the past 18 months, interest rates have surged to unprecedented levels, while sales of new homes have dwindled to half or less of the 10-year average. Although prices have moderated since their peak in 2022, with some types and locations experiencing a 10- to 15-per-cent decrease, the decline falls short of historical expectations. Why is this happening?
Firstly, the availability of shovelready serviced land within municipal boundaries in the GTA is scarcer today than in the past. Unlike previous cycles and due to current supply and demand, there is less room for the prices of new land to decrease.
Secondly, fixed-rate municipal charges (such as development charges) now constitute a larger proportion of new home costs. In many GTA municipalities, these charges can average between $100,000 to $150,000 for a single-
family home and are going up, not down, contributing as an inflationary pressure to the cost of a new home.
Thirdly, the cost to build has seen a dramatic escalation. Between 2019 and the end of 2023, in Toronto, there was a staggering 98.3-percent increase in single-family home construction costs and a 74.1-per-cent increase in apartment construction costs. Looking nationally, using an 11-city sample, these figures were 69.1 per cent and 54.2 per cent, respectively. This surge is attributed to widespread rises in material and labor expenses, making significant price moderation unlikely without a substantial reduction in construction costs.
Lastly, the cost of capital remains much higher than in the previous decade. It is likely that we will see a prolonged period of higher interest rates for longer when it comes to the cost of capital – which further exerts upward pressure on costs as access to capital is vital for financing construction projects.
To turn the impossible into the possible and solve the affordability challenges confronting the current housing market requires a multifaceted approach. Governments
must prioritize measures such as controlling the additional charges imposed on new housing, expanding available land for development and increasing density allowances to maximize land use efficiency and spread costs. And, of course, governments should continue to focus on the fundamentals to streamline approval processes and remove unnecessary barriers to new housing construction.
While historical precedents offer insights, the current landscape calls for a targeted approach to tackle the aforementioned root causes. By addressing these and renewing their focus on the fundamentals, only then will policymakers succeed in addressing affordability.
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.
