GTA Condo Life – July 27, 2024 by NextHome

GTA HOUSING MARKET

TICK TOCK, TICK TOCK, RATES HAVE DROPPED. Interest rates have dropped and relief is on the way. Pent up demand will drive prices up. That’s why NOW is a perfect time to buy at National Homes.

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A BLESSING IN DISGUISE?

WAYNE KARL

EDITOR-IN-CHIEF

Condo Life Magazine

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

On July 24, the Bank of Canada made its latest interest rate announcement, along with a monetary policy report.

At press time, we didn’t know the outcome of the announcement, but it was widely anticipated that BoC would again lower its target for the overnight rate.

In its previous announcement on June 5, BoC finally made the longawaited decision to reduce the rate to, 4.75 per cent – the first reduction in four years.

These may be small decreases, but ones that prospective homebuyers, homebuilders and homeowners with mortgage renewal on the horizon have been waiting for. The hope is that successive rate cuts will spur 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 would 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.

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

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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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 semi-

detached 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.

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GTA TO LEAD THE WAY AS PRICE GROWTH SET TO RETURN

Despite the spring housing market sitting in a holding pattern as buyers await interest rate reductions, the aggregate price of a home in Canada increased 1.9 per cent year-over-year to $824,300 in the second quarter of 2024, according to the Royal LePage House Price Survey. On a quarterover-quarter basis, the national aggregate price increased 1.5 per cent. And looking forward, the GTA will lead Canada when price growth resumes.

“Canada’s housing market is struggling to find a consistent rhythm, as the last three months clearly demonstrated,” says Phil Soper, president and CEO, Royal LePage. “Nationally, home prices rose while the number of properties bought and sold sagged; an unusual dynamic. The silver lining: Inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.”

Despite the Bank of Canada’s move to cut the overnight lending rate by 25 basis points on June 5, from 5.0 per cent to 4.75 per cent, buyers did not immediately rush back to the market as initially expected.

“A change in monetary policy drives consumer behaviour in two important ways,” says Soper. “Lower rates mean lower monthly payments, opening the door to some families previously shut out of the market.

Secondly, is the psychological signal broadcast to sidelined buyers that the tide is turning, and that market activity is about to pick up again. Not surprisingly, the quarter-point cut to the bank rate didn’t substantially improve the affordability picture. As for consumer sentiment, our early year research indicated that only one in 10 potential homebuyers would be motivated by a tiny rate drop. The tale the market tells as rate cuts get to the point of a material reduction in the cost of borrowing should be a very different one.”

When broken out by housing type, the national median price of a single-family detached home increased 2.2 per cent year-overyear to $860,600, while the median price of a condominium increased 1.6 per cent to $596,500. On a quarter-over-quarter basis, the median price of a single-family detached home increased 1.8 per cent, while condominiums increased 0.8 per cent.

GREATER TORONTO AREA

The aggregate price of a home in the GTA increased 0.9 per cent

year-over-year to $1.19 million, in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the GTA rose 1.1 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.3 per cent year-over-year to $1.46 million in the second quarter of 2024, while the median price of a condominium increased 1.4 per cent to $741,500 during the same period.

In Toronto, the aggregate price of a home decreased modestly by 0.5 per cent year-over-year to $1.21 million in the second quarter of 2024. However, the aggregate price of a home in Toronto increased 4.8 per cent quarter-over-quarter. The median price of a single-family detached home declined 0.9 per cent year over year to $1.76 million, while condominiums decreased 2.4 per cent to $711,500.

Royal LePage is forecasting that the aggregate price of a home in the GTA will increase 10.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The GTA is set to see the greatest price appreciation of all major markets.

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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 wellsupplied, 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 run-up 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.

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.”

“(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.

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.

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.

BRIXEN BREAKS GROUND AT EXHALE IN MISSISSAUGA

Brixen Developments recently broke ground its latest midrise condominium residence, Exhale Residences, in the fast-growing Lakeview neighborhood of south Mississauga.

Located at the corner of Lakeshore Road East and Dixie Road, the 11-storey, 284-unit mixed-use building will play a critical role in the urban transformation of this area, bringing thoughtful design, new retail and exceptional convenience to residents, given its proximity to downtown Mississauga, Toronto and Etobicoke.

About 50 guests, including the Brixen team, consultants, key stakeholders, and City of Mississauga Councillor Stephen Dasko, were treated to lunch and refreshments by the project team.

With construction now underway, Exhale is on track for scheduled completion and occupancies by summer of 2026.

“Brixen Developments is proud to be a part of this vibrant community and to play a role in transforming the streetscape of Lakeshore Road East,” Andrew Iacobelli, principal, told Condo Life.

Left to right: Andrew Iacobelli, co-founder and principal of Brixen Developments; Mississauga Councillor Stephen Dasko; and Alexander D’Orazio, co-founder and principal of

Exhale Residences will feature approximately 6,000 sq. ft. of retail fronting Lakeshore and Dixie, set among lush greenspace near the coveted Lakeview waterfront. It boasts a robust amenity program, including a large gym, party room/dining room, kids’ playroom, co-work area and a rooftop terrace featuring unobstructed views overlooking Lake Ontario and the Toronto skyline in the distance.

The location is a perfect balance between tranquility and urbanity, offering residents a sense of

community and an active lifestyle, without sacrificing convenience and connectivity. Long Branch GO Station is within walking distance, offering a 22-minute ride to downtown Toronto, and the QEW and Hwy. 427 are minutes away, providing convenient access to anywhere in the GTA. Exhale is also close the waterfront, two golf courses, parks, trails, the Small Arms Inspection community building and Long Branch GO station. Brixen was recently recognized by BILD with the prestigious Home Builder of the Year Award, in the midto highrise category.

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Brixen

NEW CONDO

Central Park – nature-inspired community rising in the Bayview Village neighbourhood

The Residences at Central Park, a vibrant, master-planned, mixed-use condominium community in the east end of the prestigious Bayview Village neighbourhood on Sheppard Avenue, is receiving rave reviews.

CONSTRUCTION

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.

PERSONAL FINANCE

4 reasons why homeownership remains a smart investment for Canadians

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. 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.

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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.

DECOR

6 interior design mistakes you should avoid 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. Here are some of the most common design mistakes to avoid in your interior designs.

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GTA HOUSING MARKET

NAVIGATING

THE GTA HOUSING MARKET

By the time you read this July 27 issue of Condo Life, the Bank of Canada will have made its latest interest rate announcement, on July 24.

From all accounts – or at least those of many economists and financial experts – we should have seen another reduction in BoC’s target for the influential overnight rate.

We sure hope they were right, and today we are celebrating another rate reduction that could kick off a notable pick-up in homebuying – and building – activity. Not just that, but a reduction on July 24 might just be the first.

“There could be three more drops this year,” says Jesse Abrams, cofounder at Homewise, a mortgage advisory and brokerage firm. “Meaning that rates could be down

by WAYNE KARL

one per cent from the beginning of the year, and potentially more.”

Debbie Cosic, CEO and founder of In2ition Realty, agrees, saying she’s hoping for at least another half to one full point reduction.

“We need significant cuts, bringing us in the four- to five-per-cent lending range,” she told Condo Life “Keep in mind it’s not only the high rates, but it’s also the stress test that is deterring people; they simply are not qualifying for mortgages, as they have to qualify for two per cent above the going rate.”

If BoC did, in fact, introduce a rate reduction on July 24, Cosic has some direct advice for would-be homebuyers. “Jump in ASAP and grab the incredible deals that are available in pre-construction. We have not seen this in decades. There are developers

offering 1.99 per cent for three years. For example, The Grand at Universal City in Pickering. This gives you not only mortgage assurance, but the low price that is currently being offered in the marketplace.”

But, Abrams adds, do so cautiously. “You date your rate and marry your home. Don’t make a home purchase based on current rates. Many buyers are saving a lot more money based on the higher rates, but with lower home prices. So, if you are someone considering buying a home within the next two years, get a pre-approval and find a great realtor, then start looking at homes. You may find the perfect home at a price you didn’t expect.”

And, as Cosic says, the potential bargains apply not just to resale, but to pre-construction as well.

On the off chance that the Bank did not lower rates on July 24, her advice would be the same. “We know rates are heading downwards over the next six to 12 months. And as rates drop, there will be fewer promotions by developers. Always buy low and wait for the market to come back. This is the perfect opportunity to jump on these amazing incentives and low prices. They will not last.”

Another expert, Ben Myers, president of Bullpen Consulting, a boutique residential real estate advisory firm based in Toronto, sums it up well: “The market is significantly challenged today, but population growth is near record highs. Future supply will be constrained, and interest rates are expected to decline over the next couple of years. There are signs of a future recovery, and buyers that understand the market and its direction in specific pockets of the Ontario new housing market will be handsomely rewarded.”

BANK OF CANADA INTEREST RATE ANNOUNCEMENTS

How can you better understand and navigate the GTA housing market? Let’s look at some of the other factors:

INFLATION AND INTEREST RATES

Despite the caution that interest rates and inflation have imparted on the housing market, home prices still found a way to increase in the second quarter this year. The aggregate price of a home in Canada increased 1.9 per cent year-overyear to $824,300, according to the Royal LePage House Price Survey. On a quarter-over-quarter basis, the national aggregate price increased 1.5 per cent.

For the last two years, the national housing market has seen home prices fluctuate between modest declines and increases – with some regional exceptions – as a result of the impacts of higher interest rates.

As the Bank of Canada navigates the balance between lowering the key lending rate and keeping inflation in check, some segments of Canada’s housing market have stalled.

“Canada’s housing market faces pent-up demand after two stifling years of high borrowing costs,” says Phil Soper, president and CEO, Royal LePage. “While inflation control is crucial, persistently high rates are increasing the risk of a surge in demand when buyers inevitably return. New household formation and immigration keep fuelling the need for housing, and a sudden release could create much market instability. This highlights the need for a more nuanced approach that balances inflation control with economic vitality.”

According to Statistics Canada, Canada’s inflation rate fell to 2.7 per cent in June, after rising to 2.9 per cent in May, which was up from 2.7 per cent in April. When shelter costs are removed, that figure dips to 1.5 per cent.

INCREASED BORROWING COSTS SLOW NEW HOME CONSTRUCTION

Elevated borrowing rates not only dampen housing market activity, but also the construction of new homes, Royal LePage points out. Builders, which rely heavily on lending, were finding it difficult to finance new projects, exacerbating the shortage

of housing at a time when our population continues to grow.

“Gradual interest rate reductions could unlock a housing supply logjam,” says Soper. “Lower rates would not only empower buyers but also incentivize builders, who rely on borrowing for development. This is crucial to meet the diverse needs of our growing population. We need affordable options for first-time buyers, growing families and downsizing retirees. Incremental rate adjustments are key to achieving a balanced and inclusive housing market.”

GTA WILL LEAD THE WAY

After all the uncertainty and challenges in the market, Royal LePage is still forecasting significant home price growth for Canada in 2024, with the GTA leading the way.

The realty firm is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. Nationally, home prices are forecast to see continued moderate price appreciation throughout the second half of the year.

Sept. 4Oct. 23 Dec. 11 SOURCE:

For the GTA, Royal LePage is forecasting that the aggregate price of a home will increase 10 per cent in the fourth quarter of 2024, compared to the same quarter last year. This is the highest price appreciation of all major markets.

2024 MARKET SURVEY FORECAST

ECONOMIC METTLE

The International Monetary Fund recently upgraded its forecast for the Canadian economy, projecting it will grow by 1.3 per cent this year and by 2.4 per cent in 2025.

For 2025, Canada is projected to be the fastest growing economy among the G7 and other advanced economies. The U.S. economy will rank second at 1.9 per cent and the U.K. third at 1.5 per cent growth next year.

Moreover, IMF says, as global inflation continues to decline this year and in 2025, Canada’s monetary policy has positioned it to exceed the performance of the U.S. and other countries in this regard.

WHY ALL THIS MATTERS

Dave Wilkes, president of the Building Industry and Land Development Association (BILD), in his column on page 50, writes that GTA residents are growing increasingly concerned about housing affordability. A recent public opinion survey showed that 90 per cent of people in the GTA agree there is an affordability issue, and 72 per cent of agree that there is not enough being done to address it.

Another report, this one from the Centre for Urban Research and Land Development, examining Statistics Canada’s latest estimates of net intraprovincial migration flows, shows a quest for more affordable housing plays a significant role in the movement of Ontario residents between municipalities.

Three municipalities in the GTA accounted for all the net outflow of

residents within the province in the 12 months ending July 1, 2023: The city of Toronto (51,508); Peel region (40,934); and York region (6,249) for a total net outflow of 98,600 persons.

In contrast, the net inflow of residents within the province was much more dispersed – the three top recipients were Greater Golden Horseshoe (GGH) municipalities: Simcoe County (12,782), Durham Region (10,416) and Niagara Region (8,213). They accounted for just 32 per cent of the province’s intraprovincial migration in 2023.

It is anticipated that the continued dispersal of GTA residents will occur as they search for the type and price of housing they can afford elsewhere in the GGH and other parts of the province, the report says.

HOMEOWNERSHIP A PRIORITY, STILL AND ALWAYS

A recent survey by TD Bank Group underlines that despite an everevolving homebuying market, Canadians’ desire to own a home remains steadfast. Seventy-four per cent of prospective homeowners surveyed still feel hopeful that they will be able to purchase a home in the next five years. More than half (58 per cent) of these prospective buyers, though, admit it will likely take them at least two years to be in a financial position to do so.

To achieve homeownership, 56 per cent of prospective buyers surveyed said they are reducing their non-essential expenses, 52 per cent are planning to invest more of their money, 32 per cent are planning to

work with a financial professional to develop a plan for homeownership, and 23 per cent are taking out loans. Eight per cent of prospective homebuyers appear to be tapping into the rising trend of the “modern homeowner” by looking to purchase property with someone who is not their partner, such as a friend or family member.

BANK OF GRANDMA AND GRANDPA You’ve heard of the Bank of Mom and Dad? Well, the team of familial assistants may now also include grandparents. A new poll from RBC shows that Canadian grandparents are finding themselves caught in a money squeeze, as the high cost of living is having a large impact on both their own finances and the financial support they’re providing to two generations – their adult children and their grandchildren.

The 2024 RBC Family Finances Poll – Grandparents Edition, says 21 per cent are currently supporting at least one adult child aged 25 plus, and 30 per cent have provided money to their grandchildren.

Poll findings indicate that many grandparents support their grandchildren with everyday living costs (30 per cent), second only to education expenses (39 per cent).

“While it’s not unusual for grandparents to provide financial assistance to younger generations, the dramatic difference today is this support has become a necessity, rather than simply a desire to help,” says Craig Bannon, director, Financial Planning Centre of Expertise, RBC.

GTA HOUSING MARKET

MID-YEAR UPDATE:

UNDERSTANDING THE SHIFTS IN REAL ESTATE

JENNIFER PEARCE

As we hit the mid-year mark, it’s appropriate to take stock of the latest trends in the GTA real estate market, and look ahead to what’s in store for the rest of the year.

Despite a recent rate cut from the Bank of Canada in June, many buyers are still holding back and waiting for more cuts before diving in. In June, we saw a dip in home sales, with 6,213 homes sold, a 16.4-per-cent drop from June 2023.

PRICE AND LISTING TRENDS

Home prices have slightly dipped. The average price now stands at $1.16 million, down by 1.6 per cent from June 2023.

HOME TYPE PRICE BREAKDOWN

• Detached homes: $1.48M

• Semi-detached: $1.10M

• Townhouses: $931,490

• Condo units: $727,861

The GTA housing market is currently well-supplied. Recent homebuyers are benefiting from more choice and negotiating power on price. There were 17,964 new listings in June, which is up 12.3 per cent over last year.

WHAT’S NEXT?

Looking ahead, the future of the GTA market hinges on further rate cuts and economic adjustments. As borrowing costs decrease, sales are expected to pick up again. Long-term demand remains robust, driven by strong population growth and Ontario’s ambitious goal to build 1.5 million new homes by 2031. Achieving this will require cutting red tape and

reducing financial barriers for home construction.

For more on the state of the market, check out our monthly Market Watch. We break down prices, sales and new listings each month with an easy to glance report.

Visit trreb.ca for the latest look into the housing market and to connect with a TRREB member realtor.

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HOW FIRST-TIME HOMEBUYERS

CAN ENTER THE MARKET AMID HIGHER RATES AND INFLATION

JESSE ABRAMS

Entering the housing market can be daunting, especially with higher interest rates and inflation is in flux. However, there are promising signs and innovative solutions that can make homeownership more attainable in this environment. Many first-time Canadian homebuyers continue to navigate these challenges with creativity and resilience. In fact, a recent Mortgage Consumer Survey

by the Canada Mortgage and Housing Corp. (CMHC) indicated a growing shift towards non-traditional methods of buying homes, showcasing the determination among today’s buyers.

WHAT HOMEBUYERS ARE DOING DIFFERENTLY

• There’s a significant shift towards non-traditional methods of homebuying, such as digital platforms for finding homes and funding mortgages.

• Fixed-rate mortgages remain the most popular option, though the traditional five-year term is losing ground to shorter terms.

• Almost half of all mortgage consumers now choose brokers as often as lenders, with first-time buyers and Ontario and BC residents more likely to use brokers.

“ ” The market is becoming more favourable for buyers compared to the last few years.

“ ” Getting the funds together for your down payment while the cost of living only gets more expensive is challenging, but it’s possible.

WHAT BUYERS CAN EXPECT IN THE SHORT-TERM

Although we have yet to hear any rate announcements for the month of July, the market and economists are pricing in another rate drop (although you never know for sure). If interest rates drop later this month, it could encourage more potential homebuyers, especially first-time buyers, to think about getting off the sidelines and entering the real estate market this fall. This is because a drop in interest rates makes mortgages more affordable, and changes customer sentiment, and in a time when inventory continues to grow and prices in some areas are dropping, it shifts the market to a buyers’ market, potentially. While the rate drop may not be large, compared to the increases, the sentiment shift in the media and market always affects buyers.

The market is becoming more favourable for buyers compared to the last few years, especially in major cities. However, while a decrease in rates can nudge some buyers off the sidelines, we shouldn’t expect a massive surge in demand, as previous rate drops have not led to a significant increase in buyers. If rates stay the same, the market is likely to remain stagnant, creating a lot more hesitance among buyers. If rates do drop, it might signal to cautious buyers that rates could continue to fall in the coming months or years, making now a more attractive time to buy.

FINDING OPPORTUNITIES AMID HIGHER INTEREST RATES

For first-time homebuyers, there’s definitely a silver lining in today’s housing market. While interest rates remain higher than usual, they are slowly starting to decline, providing some relief to Canadians. This gradual decrease in rates is a positive sign that indicates a more stable borrowing environment. Not to mention, home prices are beginning to drop. This combination of easing rates and decreasing prices can offer a unique opportunity for first-time buyers to enter the market with more confidence and opportunity. There have also been some hidden gems, as homes that sit on the market for a longer period end up being sold at lower prices than the sellers expected or hoped.

WHAT HOMEBUYERS CAN DO IN THIS ENVIRONMENT

To navigate these conditions successfully, buyers can start by creating a feasible financial plan. This will help you understand your monthly expenses and savings, allowing you to begin the buying process with greater clarity and awareness of your budget and financial capacity. Getting a mortgage pre-approval is a great next step. In that time, buyers can decide which mortgage type is right for them. Fixed-rate mortgages offer stability, while variable-rate mortgages can save you money if rates drop. Before making any decisions, be sure to assess your risk tolerance and financial flexibility. In this time, it’s important to consult with a knowledgeable mortgage specialist at a company such as those at Homewise, who can help you shop around for the best mortgage that aligns with your specific circumstances, budget and homeownership goals.

SAVING FOR A DOWN PAYMENT WITH HIGHER INFLATION

Getting the funds together for your down payment while the cost of living only gets more expensive

is challenging, but it’s possible. Nowadays, it’s common for firsttime buyers to get help from a family member in the form of a financial gift when buying a home. In fact, 38 per cent of buyers received an average of $77,487 in down payment gifts, according to the CMHC survey. Research also shows that only a third of buyers take full advantage of taxfree savings accounts like RRSPs and FHSAs, which can provide significant financial benefits when buying a home. Not to mention, despite the First-Time Home Buyer Incentive being discontinued, there are still several helpful resources that firsttime buyers can use to get their foot in the door quicker. Some of these resources include the Land Transfer Tax Rebate, Home Buyers Plan, and First-Time Home Buyer Tax Credit. By leveraging innovative solutions and staying informed about market trends, first-time homebuyers can navigate the challenges of higher rates and inflation with confidence. With careful planning and the right resources, homeownership remains a goal within reach, even in today’s complex economic environment.

Jesse

GTA HOUSING MARKET

GTA PRE-CONSTRUCTION HOUSING:

THRIVING

THROUGH ECONOMIC UNCERTAINTY

DEBBIE COSIC

The Greater Toronto Area (GTA) pre-construction housing market has demonstrated remarkable resilience over the years, amid economic uncertainty. Despite fluctuations in the broader economy, this sector continues to attract buyers and investors. Understanding the factors contributing to this resilience can provide valuable insights for prospective homeowners and real estate investors.

STRONG DEMAND AND URBANIZATION

The GTA has experienced consistent population growth due to immigration and domestic migration. As a major economic and cultural hub, the GTA attracts a diverse array of people seeking job opportunities, education, and a high quality of life. This influx of residents sustains a strong demand for housing, including pre-construction projects.

Urbanization trends also play a crucial role. With limited land available for new lowrise developments within the city, vertical growth through condominiums and highrise buildings becomes essential.

Pre-construction projects cater to this demand, offering modern, welllocated housing options that appeal to young professionals, families and downsizers.

INVESTMENT APPEAL

Pre-construction properties in the GTA have long been considered a sound investment. Buying a property before it is built often allows purchasers to secure it at a lower price than a completed unit, potentially resulting in significant appreciation by the time construction is finished. Investors are particularly attracted to this model, as it offers a way to capitalize on the

steady appreciation of real estate in the GTA.

Moreover, pre-construction projects often come with attractive deposit structures, allowing buyers to spread out their payments over the construction period. This financial flexibility is appealing, especially during times of economic uncertainty when parting with large sums of money may be challenging.

In additional to flexible deposits, we are seeing incentives that we haven’t seen in decades. Chestnut Hill Developments just rolled out a 1.99-per-cent, three-year vendor take-back mortgage at The Grand, the fifth building in its Pickering master-planned development –Universal City.

ECONOMIC DIVERSIFICATION AND JOB MARKET

The GTA’s diverse economy provides a buffer against economic downturns. With strong sectors such as finance, technology, healthcare and education, the region can better withstand economic shocks compared to areas reliant on a single industry. This economic stability supports a healthy job market, ensuring continued demand for housing.

Even amid global economic uncertainties, such as those brought about by the COVID-19 pandemic, the GTA has shown resilience. Remote work trends have increased

“ ” The current market dynamics provide opportunities to secure desirable units at competitive prices, setting the stage for future financial growth and stability.

the demand for flexible living arrangements, often found in preconstruction condominiums offering modern amenities and convenient locations. As interest rates begin to decline, we expect to see the real estate market demonstrate the same resilience it has shown in the past. Lower interest rates can stimulate buyer activity by making mortgages more affordable, potentially leading to increased demand and stability in property values. This resilience will likely bolster investor confidence and encourage more transactions, reinforcing the long-term strength and appeal of the real estate sector.

LONG-TERM VISION IS KEY

Buyers of pre-construction properties often have a long-term vision. They are less affected by shortterm economic fluctuations and are more focused on the potential growth and appreciation of their investments over several years. This long-term perspective helps sustain the market even during periods of economic uncertainty.

Developers, too, plan with a long-term vision. By focusing on high-quality projects in strategic locations, they ensure their developments remain desirable and valuable. This careful planning and execution contribute to the ongoing resilience of the pre-construction housing market.

If you have the capital, now is an ideal time to enter the pre-construction market. The current market dynamics provide opportunities to secure desirable units at competitive prices, setting the stage for future financial growth and stability.

HOW TO LOOK AT THE NEW HOUSING MARKET TODAY

The Ontario housing market has undergone significant changes in recent years, characterized by fluctuating prices, shifting demand and evolving trends. There was a period of inactivity and plunging rents during the early part of the pandemic, followed by surging sales and pricing in 2021 and early 2022, and then very slow transaction activity and falling values in 2023 into 2024. The current landscape presents both challenges

and opportunities for new home buyers and investors.

In terms of new housing activity in the Greater Toronto and Hamilton Area (GTHA), single-family home prices have seen a dramatic decrease, dropping 31 per cent from the 2022 market peak to an average of $1.7 million. Similarly, condo asking prices have fallen by 27 per cent since their peak two years ago, and townhouses have experienced a 24-per-cent decline from early 2022.

There are many people proclaiming that, due to these drops, the market for low-density housing is now oversupplied. However, a long-term price trend shows a different story. The average price for a single-family

home in the Census Metropolitan Area (CMA) has increased significantly over the last quarter-century, rising from $275,000 in 2000 to $1.39 million in 2023 according to data from CMHC on absorptions. This increase reflects the persistent demand and limited supply in the market, which has seen a drop in single-family completions from 25,000 in 2002 to just 6,000 in 2023.

In specific regions, such as Brampton and Vaughan, there were significant price increases in singlefamily homes during 2021 and 2022, followed by declines in 2023 and 2024. For example, Brampton saw increases of 24 and 51 per cent in 2021 and 2022, respectively, before

dropping seven per cent and 12 per cent in the subsequent years.

The lack of new single-family houses being built has pushed demand into the highrise market, which accounts for the majority of the new home activity.

The condo market in the Greater Toronto Area (GTA) also presents a mixed picture. While new condo price declines have been relatively small, the reduction in prices is constrained by the limited room developers have to lower prices further and still be profitable enough to qualify for construction financing. In Toronto, prices decreased slightly from $1,617 per sq. ft. (psf) in 2022 to $1,583 psf in 2024. However, it should be noted that these prices are not net of incentives, which have been very prevalent over the last two years.

Suburban condo prices in the GTA dropped by 2.6 per cent annually in 2024, while the Hamilton area experienced a 3.2 per cent year-overyear decline.

New home sales have dropped significantly, as buyers see an abundance of resale listings and assignment opportunities. New apartment completions in the Toronto CMA reached 36,763 units over the past 12 months, surpassing the 10-year average of 22,100 units. However, the number of apartment units under construction is starting to decline, falling from 94,000 to 88,000, though this remains above the long-run average of 63,500 units.

As sales slump, construction starts do not occur, and the number of units under construction declines, we can see a period in 2027 and 2028 where the market is significantly undersupplied. This is where the potential opportunities exist for investors, buying at the right price today, in a project with expected occupancy in late 2027 and into 2028.

Alan Leela from Vantage Developments was a guest on the Toronto Under Construction podcast where he mentioned the importance of a comprehensive financial plan for developers, including funding

sources, budgeting and cash flow management. Vantage has a private equity approach to real estate development, which underscores the significance of data-driven decisionmaking. This mindset can be adopted by the individual investor as well. Do your research, and make an educated bet on the future of the market.

Leela also mentioned the importance of site selection for a developer, and how his firm must balance emerging markets and established ones. For the more seasoned pre-construction condo investor with a portfolio of suites, emerging areas with limited development but high-order transit can make for great buying opportunities.

As I have emphasised in many of my articles, market research is fundamental to making informed decisions. Buyers need to understand local market conditions, demand for properties and target demographics. Another factor to consider for buyers is the unit design/floorplan and the shared amenities, which influence their attractiveness to buyers and tenants. The current trend in the GTA shows an “amenities war,” with developers offering extensive shared spaces such as co-working offices, party rooms, dog wash stations, theatre rooms, rooftop pools, community gardens, gyms with saunas and more.

Sustainability is another critical consideration. Developers are increasingly incorporating sustainable

practices and energy-efficient features to appeal to environmentally conscious buyers and tenants, and investors should consider the longterm savings at these Green projects.

For investors looking to rent their units out, the high number of unit completions is flattening rent levels for new buildings completed over the last 15 years. Rents for newer buildings have remained relatively stable in 2024. Condo rents saw a significant increase from the pandemic-impacted rates of 2021, rising from $3.27 to $4.15 psf in 2022-23.

The market is significantly challenged today, but population growth is near record highs. Future supply will be constrained and interest rates are expected to decline over the next couple of years. There are signs of a future recovery, and buyers that understand the market and its direction in specific pockets of the Ontario new housing market will be handsomely rewarded. Good luck.

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

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TORONTO: THE FASTEST-GROWING CITY

IN NORTH AMERICA

BARBARA LAWLOR

Toronto Metropolitan University’s Centre for Urban Research and Land Development looked at population growth data across Canada and the U.S. from mid-2022 to mid-2023. The resulting report, published on

June 10, 2024, stressed that our increased immigration accounted for Toronto’s tremendous growth, making it the fastest-growing city in North America. Even before the pandemic, we were “one of” the fastest-growing cities. Toronto is also home to a population that is comprised of approximately half immigrants. We are, in fact, the most diverse city in the world, with about 180 languages spoken here.

By 2025, our population is expected to reach nearly three million, which brings to mind the housing shortage we are experiencing, for both potential purchasers and renters. The population explosion speaks well to the rental market, as we have a continuing flow of people who want to rent accommodations. Although Toronto’s average rent prices have decreased slightly over the past few months, as of June they were still

$2,240 for an unfurnished onebedroom apartment. Rents can go a long way to paying off a mortgage on a single or multi-residential property.

In addition, a lot of the immigrants we welcome work in the skilled trades, and to get more homes and condominiums built, as well as the infrastructure needed to accommodate them, we need workers to fill in the shortage of domestic labour. A research study by the Smart Prosperity Institute produced a report called Baby Needs a New Home – Projecting Ontario’s Growing Number of Families and their Housing Needs. Population growth projections by the Ontario Ministry of Finance indicate that we will need

one million new homes to keep up with an increase of 2.27 million more residents over the next decade.

A several-thousand worker deficit in the skilled trades is counterproductive to this happening. The Province of Ontario has improved the apprenticeship and skills training system, but we need more, especially in incentives for those who provide residential construction skill sets. It was also recently reported that 700,000 tradespeople will retire this decade.

Immigrants also add to the diverse tapestry that is desirable by world standards. We can also see expansions of our public transit system being implemented, which

“ ” It is easy to understand why the city of Toronto is so popular on an international basis. We enjoy one of the highest qualityof-life standards in the world.

will help greatly as more people move to Toronto and buy or rent homes or condos here. In total, Toronto has 77 new transit stations (commuter rail lines, LRT and subway stops) either planned or under construction.

The provincial government’s Bill 23, More Homes Built Faster Act, calls for areas around rapid transit stations to become more dense, and that is happening slowly. We have the recent interest rate cut, along with the rental construction HST rebate, the provincial Cutting Red Tape to Build More Housing Act, and Toronto City Council’s recently passed Major Streets policy, a bylaw that allows for “gentle density” through missing-middle housing in lowrise neighbourhoods.

It is easy to understand why the city of Toronto is so popular on an international basis. We enjoy one of the highest quality-of-life standards in the world. Now, we must continue to find ways to house everyone.

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

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SMART MOVES:

INVEST WISELY WITH HELP FROM THE HCRA

Buying a brand-new condominium is a major investment. Whether you’ve done this before or you’re a first-timer, having confidence in the builder is one of the most important factors in a positive condo buying experience.

New-home builders in Ontario are licensed by the Home Construction Regulatory Authority (HCRA). What does having a licence mean? For one thing, it’s the law. Building or selling a new home in Ontario without a licence from the HCRA is illegal.

Above all, a licence gives you, the consumer, assurance that the builder meets professional standards. To be licensed, a builder must have the right technical skills to build homes, and the right knowledge and capability to run a homebuilding operation. They must also act with honesty and integrity.

All of this falls under the banner of consumer protection. The HCRA is one of Ontario’s newest regulators with this responsibility, alongside agencies enforcing standards for

financial services, retirement homes, funerals, wine making, motor vehicles, real estate, travel and other consumer-driven sectors.

Few consumer transactions are as significant as buying a new home. These are large, often life-changing decisions – with no shortage of emotion on top of the financial and construction considerations. Giving consumers confidence in their condo builder is fundamental to the HCRA’s work.

A FAIR MARKETPLACE FOR BUYERS AND BUILDERS

The HCRA helps consumers as a reliable resource, offering useful education on the homebuying process and addressing concerns with the conduct of licensed builders and sellers.

It also benefits builders – good builders, that is, who play by the rules – by keeping unscrupulous competitors from having an advantage and creating a level playing field throughout the new-home building marketplace.

In addition to licensing, the HCRA enforces a Code of Ethics giving builders and sellers clear standards for what is considered ethical and acceptable conduct for their profession. The Code of Ethics sets out specific principles for how Ontario homebuilders are expected to behave. It’s also a roadmap for consumers to understand the standards licensed builders must meet.

In total there are 20 principles which all licensees must adhere. To name a few, this includes:

• Complying with the law

• Financial responsibility

• No misrepresentation

• Providing conscientious and competent service

You can learn more about the Code of Ethics on the HCRA’s website.

CONDO BUYING – KEY RESOURCES

The Ontario Builder Directory

Just as you would research a new car or phone before buying it, researching builders is highly recommended.

Before purchasing a preconstruction condo, the HCRA always recommends researching builders on the Ontario Builder Directory (obd. hcraontario.ca). This is a searchable online database hosted by the HCRA that contains information about each of the province’s nearly 7,000 licensed builders and sellers. Most importantly, it includes whether they have a valid licence from the HCRA .

On the Builder Directory, you can find the number of years a builder has been active, the number of homes it has built, and any conduct concerns among other relevant data.

New Home Buyer Dashboard

Choosing a builder is just one of many considerations when buying a pre-construction condo. The HCRA’s New Home Buyer Dashboard (hcraontario.ca/go) can help you make an informed decision. It provides a roadmap about what to

expect during the journey – including a section with important information specific to buying a pre-construction condo and what you should expect during that transaction.

For example, with a preconstruction condo, you should be prepared for delays. Condo construction is a complex process, often with multiple units and many different components that need to fit together, usually in sequence. If any one of them gets held up, the whole project can be delayed.

However, when delays do happen, you have rights. There is action you can take, especially if the delays are unreasonable or take too long.

Assuming the delay is for legitimate reasons, there are rules the builder has to follow, including obligations to inform the purchaser of the delay, provide an estimate of how long it will be and give written notice about new construction timelines.

They can’t “ghost” you – your builder must respond to your queries honestly, fully and in a timely way.

And the delays can’t go on indefinitely. If there are multiple delays with no valid reason (or reasons that aren’t being resolved), this may raise questions about the builder’s financial viability and have licensing ramifications.

Anyone experiencing these kinds of concerns should contact the HCRA. In addition, homebuyers should be aware that in Ontario new homes come with deposit protection, this is overseen by a separate organization known as Tarion.

Supporting documents can be critically important, which is another big lesson in the condo-buying process: Always keep a paper trail. It’s also always a good idea to get professional legal advice, to have your agreement reviewed by an experienced lawyer, to make sure you understand exactly what you’re agreeing to.

What if things go wrong?

While most condo buyers have a positive experience with their builder, exceptions do happen. In those unfortunate cases, you

do not have to simply accept bad behaviour. The HCRA has a complaint process to review and manage concerns you may have about your builder, including those who skirt the rules.

The HCRA’s complaints process operates on two fundamental principles: Giving consumers a clear path to voice their concerns, and ensuring a fair review process for all parties involved.

There are basically two streams of complaints the HCRA will pursue:

1. Building or selling a new home without a licence – which as noted earlier is illegal in Ontario.

2. Professional conduct and competency concerns.

Just a few examples of what may be considered professional misconduct:

• Pressuring a homeowner to sign an amended contract before they obtain legal advice.

• Not honouring signed agreements.

• Not communicating with homebuyers after significant construction delays.

If you believe that a builder’s conduct has fallen below the expectations set out in the Code of Ethics, submit your complaint to the HCRA.

Visit the HCRA website to learn more about the types of complaints the HCRA manages and details on how to submit a complaint.

KNOW YOUR RIGHTS

Never be bullied

Under the Code of Ethics, the HCRA has made it abundantly clear that intimidation and coercion are unacceptable and considered professional misconduct. In a recent advisory to licensees, the HCRA reiterated the rules and conduct expectations builders are required to follow. This was a reminder about rules such as never trying to prevent you from making a complaint or voicing your concerns.

Honouring their contracts

Builders are expected to abide by the terms of their contract. Sometimes

there are legitimate reasons why a builder might ask a condo buyer to revisit a contract, like an unexpected increase in costs. However, in doing so, the HCRA expects builders to act ethically and follow the terms stated in their contract (also known as the Agreement of Purchase and Sale or APS). Builders are also expected to give condo buyers adequate time and information to respond to these requests.

Be aware that builders are legally required to include a Condominium Information Sheet as the first page of the APS for all new condo buyers. This sheet highlights important and potential risks of buying a pre-construction condo, helping purchasers to make more informed decisions.

REACHING OUT

The condo market can be complicated to navigate, and it makes sense for you to get as much information as possible to make the right decisions.

The HCRA’s top priority is protecting homebuyers and providing a confident path to home ownership. As a regulatory authority, it’s the HCRA’s job to uphold the standards of the industry.

Visit the HCRA website (hcraontario.ca) for resources and support in making the condo buying journey the exciting, positive experience it should be.

ZONING 101

HOW ZONING AND BUILDING CODES CAN IMPACT YOUR HOMEOWNING EXPERIENCE

MIKE COLLINS-WILLIAMS

There is a lot to consider when purchasing a home; open houses, offer placements, inspections, contracts, closing deadline, and much more, on top of the work that goes into homeownership. An oftenoverlooked aspect of the homebuying and homeowning experience is a complex municipal document called the Zoning Bylaw, and a provincial regulation known as the Ontario Building Code.

In Ontario, zoning has its origins in the late 19th early 20th centuries. The province allowed cities to regulate how landowners used their land, preventing proximity between industrial and residential uses. Today, municipalities use Zoning Bylaws to divide the city into specific zoning codes; they control all aspects of development from height and density to parking requirements and minimum landscaping in front yards. The province and municipalities also enforce the Ontario Building Codes, regulating building materials and specific construction requirements.

In Hamilton, there is a plethora of rules that dictate what is permitted and restricted on land. For example, in most of the R1 residential zone, single-detached dwellings must be below 10.5m and must be at least 7.5m from the rear property line. In addition, home-based businesses such as barbers and hair salons are

limited to a single chair. Zoning can be amended through several processes, including minor variances and zoning amendments, which must be applied for and approved by the city through a public process. Cities also have sign, fence and pool bylaws that must be consulted.

These elements are further regulated by the Ontario Building Code – a more than 800-page document that dictates everything from sprinkler systems to window materials. Building permits are also required for many renovations; working with a licensed contractor ensures the proper permits are acquired and the work is completed in a proper manner. Running afoul of these rules may result in visits from municipal by-law enforcement, who can cease construction, require rectification of issues at the homeowners’ expense, or issue fines.

There are various other regulations, laws and policies homeowners may wish to be aware of; municipal Official Plans; heritage restrictions

under the Ontario Heritage Act and municipal by-laws; restrictions on construction in flood-prone areas, enforced by Conservation Authorities; holding provisions placed on the legal title of homes requiring certain work to be completed before development can proceed; and many more.

When purchasing a home, do your research, contact your municipality, consult with your realtor and lawyer, and consider speaking with an urban planning consultant and contractor if you are planning major renovations, additions, garages, decks, pools, rebuilds or a change in use. By purchasing a home with all the facts on hand, the experience of homeownership can go just a little bit smoother.

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

IS YOUR HOME RENOVATION PROJECT

RUNNING LATE?

JAYSON SCHWARZ, LLM AND KELLY WONG

Is your project suffering from some of the following: Ceiling lights not installed; moldings unfinished; closet doors hanging off their hinges. There are several scenarios in which you could be entitled to compensation from your contractor, design professional or consultant.

Each party to home renovation or construction contract has certain duties and obligations. These duties and obligations are specific to the project delivery model chosen. The homeowner’s duties typically include financing the project and making payments (interim and final), maintaining access to the site, approving design drawings and materials, and not interfering with the means and methods of the contractor. Contractor duties usually include the following: Completing the work in a “good and workman-like manner” fit for purposes intended in accordance with the set schedule; identifying and obtaining required resources, including the workforce for the project; and determining the means and methods to complete the construction.

If these responsibilities are not executed properly by a party, the completion of a project is likely to be delayed. There are three categories of delays – excusable, compensable and non-compensable – depending on the party who is responsible for the delay, and each have varying remedies.

Excusable delays are caused by unexpected and inexorable external

forces, such as an international pandemic, a blockade or force of nature, such as a tornado. In these cases, because no party is responsible for the cause of the delay, there is typically no extra compensation unless specifically provided for in contract. The remedy is typically an extension of the construction schedule.

Compensable delays result in the contractor being compensated and are those caused by someone other than the contractor or other than someone under the contractor’s control (such as subcontractors). These can include owners or designers providing late drawings and the owner providing impeded site access. Remedies for compensable delays are dependent on whether a buffer has been written into the contract, but typically include extra compensation to the contractor as well as a schedule extension.

Non-compensable damages result in the customer being compensated and may include such things as the contractor supplying an insufficient

workforce or the work being done inefficiently. Depending on the scope of the project defined in the contract including the drawings and specifications incorporated by reference and whether a project has reached substantial completion, the contractor may be liable to you for damages and might have to accelerate completion of the project.

It is essential that you retain a lawyer who understands construction contracts, project delivery models, and the Construction Act to ensure you are protected and compensated 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.

THE BASICS OF LIGHTING

by LINDA MAZUR

It’s always exciting at the start of a design project. It’s easy to get caught up in the fun details of colour, furnishings and finishes. These are all obviously of great importance to the overall aesthetics of our space, however, equally or quite often even more important is lighting. Light is a vital element of any good design. Good lighting will enhance any space – and great lighting will elevate it.

For your lighting plan to be a success, you need to consider a layered approach to your lighting. Layering your lighting is key when planning, as it enables you the flexibility of creating different moods and functions within a given space. There are four basic categories of lighting layers to note: Ambient, task, accent and decorative.

Ambient lighting illuminates a space and allows you an ease of mobility throughout a room. Task lighting, as seems obvious, affords you added lighting in a specific area devoted to a particular task or function. Accent

lighting can be used to highlight artwork, decor or perhaps architectural features within a space. And, finally, decorative lighting is an accessory to your room, or the “finishing touch.”

Another source of light that should never be forgotten in design is natural light – what I consider to be a fifth layer of lighting. Natural light is the most inexpensive and environmentally friendly light available. Many new condo and home builds today are being constructed with wonderfully large window features that allow for maximum natural light, even in smaller spaces. Not only does this feature provide you with great source of natural light as well as a wonderful view, it also helps to create the illusion of a larger rather elevated space.

Remember when approaching your new home projects, invest some time and consideration into how best to not only light but highlight your home. You may be pleasantly surprised at the end results.

1| Working with a reputable lighting store when purchasing your lighting can help immensely. These people are versed in lighting, so spend some time inquiring about the various types of lighting that are available, especially with respect to LED lighting.

2| Incorporate a different style of light into your space, something a bit modern in a more traditional environment or a beautiful crystal chandelier paired with a rustic farmhouse table.

3| The general rule for an eightft. ceiling height is that a chandelier should be hung approximately 29 to 33 in. above a dining table, for each added foot of ceiling height increase by three in.

4| Recessed pot lights are lovely addition to a room, but be sure to add the proper amount – too many can be overwhelming and appear messy on your ceiling. If you reside in a condo, pot lights may be restricted. Consider the addition of track lighting in this case; there are many great track light systems on the market now that have a very high-end look to them and are far more user-friendly for a condo environment.

5| Use dimmer switches where possible. Not only can this reduce your electrical usage, but it also adds to the ambience of a room.

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

KEY for your interiors UPDATING LOOKS 9

by LISA ROGERS

As with the new season fashion trends, we also see emerging home decor trends that tempt us to update our homes. While trends do come and go, there are subtle ways you can switch up your existing space so it feels fresh and new for this next season.

Here are some of my favourite suggestions:

GO MONOCHROME

Monochromatic shouldn’t be restricted to just pale shades (such as taupe, grey or white). Colours such as Aubergine, Cobalt Blue, even Kelly Greens can also go monochrome in a way that’s full of energy and personality, while remaining very elegant.

MIX AND MATCH

What goes around comes around, especially when it comes to home decor, and while this may be a

new trend for 2024, it’s a design philosophy I’ve believed in ever since I started in this business. I love layering old and new and mixing and matching vintage with my more modern pieces. I’ve never been a big believer in the one-stop-shop for everything in my home. I pick up great finds all over the place. And vintage is really in.

EARTH TONES

Cool tones have been in circulation for so many years now, so I love this new push towards earth tones. It’s refreshing, and also really warm for the home. I’m mainly into chocolate brown, burgundy, olive green and yellow ochre and imagine using them in a couch, a wall or draperies.

QUIRKY BATHROOM DESIGNS

I’ve always said that if you’re going to play and have some fun with your

home decor, then your bathroom (or powder room) is the best place to start. In this space, I would keep it clean and white – that seems to be popular these days.

REAL PLANTS

When you embellish interior spaces with houseplants, you’re not just adding greenery. These living organisms interact with your body, mind and home in ways that enhance the quality of life. Going green with some of your favourite indoor plants helps to give your home personality while adding another layer to your space.

INVEST IN BETTER BEDDING

Given we spend half our lives in bed, and also how critical our sleep is to our overall health, it’s time to splurge in your bedding. Invest in a quality mattress and a beautiful set of

sheets and throws this year. Investing in these items also means you’re investing in yourself.

FAUX MARBLE

People may not want to deal with the upkeep of real stone, so this year we are going to see a shift to faux marbles (man-made materials and porcelains) on their kitchen countertops. With so many different designs and looks, you can easily find a faux marble that works in your existing space, and you wouldn’t even guess it’s not real stone.

BACK TO THE 1980S

The 1980s are having a moment right now, especially in fashion, but we also see this trend trickle down into

home design, too. While most of the trends coming out of that decade I’d prefer to leave there, what I do love is the more tubular forms happening in furniture design, particularly in couches, chairs, and tables. I think there is a way you can inject the 1980s into your home in a modern and tasteful way.

ACCENT WITH PATINA

One of the more prominent emerging design trends is actually in the appreciation of age and patina. In addition to adding more vintage pieces into your home, you can also see this trend played out in colours: Clay, terracotta, as well as decorative dishware such as earthenware and ceramics – my favourite.

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

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.

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.

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

FIND YOUR NEXT HOME

BRAMPTON

1. Bristol place 199 Main St, North, Brampton

2. Duo condos Malta ave & Steeles Ave

CALEDON

3. Mayfield Collection 2256 Mayfield Road. Mayfieldcollection.ca

ETOBICOKE

4. Curio Condos 801 The Queensway marlinspring.com

5. Humberwood Heights 50 Humberwood Blvd. tributecommunities.com

6. Arcadia District Bloor & Kipling arcadiadistrict.com

7. Kül Condos 875 The Queensway kulcondos.com

MARKHAM/ UNIONVILLE

8. Panda Markham 8200 Warden Ave. lifetimedevelopments.com

9. Gallery Towers at Downtown Markahm 162 Enterprise Blvd. downtownmarkham.ca

10. Highmount 4077 Hwy. 7 highmountbykingdom.com

MISSISSAUGA

11. Birch at Lakeview Village Lakeshore & Dixie Rd. branthaven.com

12. Artform Condos 86 Dundas St. E. emblemdevcorp.com

13. Exhale Condominiums Lakeshore Rd. East & Dixie Rd. exhalelakeshore.ca

NORTH YORK

14. Central Park Sheppard Ave. East & Leslie St. amexon.com

15. Yonge City Square 4050 Yonge St. yongecitysquare.com

PICKERING

16. Vupoint Kingston Rd. & Liverpool Rd. tributecommunities.com

OSHAWA

17. U.C. Tower 2425 Simcoe St N,Oshawa tributecommunities.com

TORONTO

18. 111 River St. Condos 111 River St. lifetimedevelopments.com

19. Lawrence Hill Urban Towns Don Mills & Lawrence lawrencehillurbantowns. com

20. 489 Wellington St. W. 489 Wellington St. W. lifetimedevelopments.com

21. 500 Dupont St. 500 Dupont St. lifetimedevelopments.com

22. Artistry Condos 292 Dundas St. W. tributeartistrycondos.ca

23. Panda Condos Yonge & Dundas. lifetimedevelopments.com

24. 36 Eglinton Ave. W. 36 Eglinton Ave. W. lifetimedevelopments.com

25. Linx Condominiums Danforth & Main tributecommunicties.com

26. Y&S Condos 2161 Yonge St. tributecommunities.com

27. 50 at Wellesley Station

50 Wellesley St. East pureplaza.com

28. No. 1 Yorkville 1 Yorkville Ave. pureplaza.com

29. Theatre District Residences Adelaide & Widmer pureplaza.com

30. Bijou on Bloor 2450 Bloor St. West pureplaza.com

31. The Briar on Avenue 368 Briar Hill Ave. pureplaza.com

32. One Seventy Spadina & Queen St. West pureplaza.com

33. King West & Charlotte King St. West & Charlotte pureplaza.com

34. Forest Hill Private Residences

2 Forest Hill Rd. foresthillresidences.com

35. Oscar Residences 500 Dupont St. W. at Bathurst oscarresidences.com

36. Kingside Residences Kingston Rd. & Danforth altreedevelopments.com

37. Allure Condominiums 250 King St. East emblemdevcorp.com

38. XO Condos King & Dufferin lifetimedevelopments.com

39. 225 Jarvis Street Condos Dundas St. East & Jarvis amexon.com

40. 101 Spadina Spadina & Adelaide 101spadina.com

41. The Residences of Central Park Sheppard Ave. East & Leslie centralparktoronto.com

42. The Dawes at Main Street Danforth & Main St. thedawes.com

43. Birchaus Birchcliffe Village on Kingston Road birchausresidences.com

44. Knotting Hill 4000 Eglington Ave. W knottinghillcondominiums. com

45. Park Avenue Place 1 & 2

Jane St. & Rutherford Rd. solmar.ca

VAUGHAN

FIND YOUR NEXT HOME

The latest properties in the Southwestern Ontario Area to keep your eye on

BURLINGTON

1. Affinity Condos Plains Rd. E. & Filmandale Rd. rosehavenhomes.com

2. Millcroft Towns Appleby Line & Taywood Dr. branthavenmillcroft.com

3. North Shore North Shore Blvd. & Plains Rd. nationalhomes.com

FORT ERIE

4. Discoverie Condos Signature Communities discoveriecondos.ca

HAMILTON

5. 1 Jarvis 1 Jarvis 1jarvis.com

6. The Design District 41 Wilson Street emblemdevcorp.com

7. Corktown 225 John Street South corktown.condos

NIAGARA REGION

8. Lusso Urban Towns Martindale Rd. & Grapeview Dr. lucchettahomes.com

OAKVILLE

9. The Greenwich Condos at Oakvillage Trafalgar Rd. & Dundas branthaven.com

10. Synergy McCraney St. E. & Sixth Line branthaven.com

11. Upper West Side at Oakvillage 351 Dundas St. E. upperwestsidecondos2.ca

12. Greenwich Condos at Oakvilage Trafalgar Rd. & Dundas St. branthaven.com

13. Villages of Oakpark Dundas & Trafalgar ballantryhomes.com

STONEY CREEK

14. Casa Di Torre 980 Queenston Rd. branthaven.com

15. On The Ridge Lormont Blvd. & Chaumont Drive liveontheridge.ca

Brantford

Niagara Falls

Welland

FIND YOUR NEXT HOME

CONDO PROFILES

Duo Brampton

developer: NATIONAL DEVELOPMENTS AND BRIXEN DEVELOPMENTS INC.

style: Highrise size: 26 storeys

features: • 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 Out. Final Release Now Selling.

Branthaven Mississauga

developer: BRANTHAVEN

project name: High Line Condos

style: Six Storey Mid-Rise

features: 205 Condos

prices from: Low $600s

features: • The First Development in the Mississauga’s Ninth Line Corridor expansion

• Next Door to the protected forest of Churchill Meadows

• 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 Bedroom, 1 Bedroom + Den, 2 Bedroom & 2 Bedrooms + Den Suites Available contact: Branthaven.com

location: Ninth Line, Mississauga

875 The Queensway Toronto

developer: EQUITON DEVELOPMENTS

style: Boutique, 11- Story, Midrise size: 328 to 1,024 sq. ft.

prices from: From $400,000s

features: Conveniently located on The Queensway, minutes to everything. Steps away from shops, restaurants, schools, parks, Go Train and TTC. Easy 15-minute commute to downtown Toronto. Curated, Scandinavian-inspired amenities include: Rooftop Party Room, Private Dinning, Outdoor Yoga & Meditation Zone, Quiet Lounge Zone, Alfresco Dining & BBQ Area Outdoor Lounge Area with Fireplace, Fitness Centre, Nordik Wellness Room with Infrared Sauna & Cold-Water Immersion & Resting Area, Entertainment & Games Room, Connectivity Lounge, Kids Zone, Pet Spa, Pet Relief Area, Parcel Room and Luxurious Lobby

contact: equitondevelopments.com

location: 875 The Queensway, Toronto

Central Park North York

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

PUBLIC OPINION SURVEY REVEALS DEPTHS

OF RESIDENTS’ CONCERNS ABOUT HOUSING CRISIS

According to a public opinion survey conducted by Ipsos (on behalf of BILD), 90 per cent of people in the GTA agree there is a housing affordability issue, and 72 per cent of agree that there is not enough being done to address it. In addition, approximately half of renters and young people in the GTA say they plan to move out of the province or to the suburbs to buy a home. Such shifts and the loss of these younger demographics would have a significant and dire impact on the GTA’s social and economic landscape.

The survey, conducted in April with 1,000 GTA residents, also revealed that 75 per cent are dissatisfied with housing availability and affordability. Factors contributing to the housing shortage are well-identified by residents, with 43 per cent attributing the shortage to high interest rates keeping buyers on the sidelines, resulting in fewer new builds. This is followed by the agreement that it has gotten too expensive to build new homes (39 per cent) and that there is insufficient new housing being built (38 per cent).

Regarding new house developments and NIMBYism, attitudes have shifted when compared to a similar poll from two years ago. Thirty-three per cent of respondents said they are not opposed at all to new housing developments being

built close to their current homes (versus 23 per cent opposed in 2022). But still almost half (48 per cent) of people say they oppose a highrise condo being built within half a kilometre of their current residence –and even more concerning is that one third of respondents say they oppose a single-family detached home being built within that same distance. Nevertheless, 72 per cent support expanding municipal boundaries to boost housing supply on the outskirts of the GTA.

After residents were informed that government fees, taxes and charges account for about a quarter of the cost of an average new home, 74 per cent of respondents felt it is not fair to add such a burden on a new-home buyer. The survey also showed that GTA residents hold governments accountable for the housing shortage, with the federal and provincial governments receiving most of the blame.

It is clear from the results of the survey that too many people in the GTA believe that owning an affordable home that meets their needs is increasingly impossible – and 83 per cent of respondents agree that no one group can solve the housing shortage issue on their own. We agree, too. Everyone, including all levels of government, must step up and work together to change the dream of buying a home in the GTA from impossible to possible.

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