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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RATE CUTS KICK-START SALES
WAYNE KARL EDITOR-IN-CHIEF HOMES Magazine
EMAIL: wayne.karl@nexthome.ca
TWITTER: @WayneKarl
It’s early days yet, and we don’t want to get too excited, but there’s evidence the recent interest rate cuts by the Bank of Canada are already beginning to make a difference.
First, a quick recap. As our report, Navigating the GTA Housing Market, on page 28 discusses, the Bank of Canada on July 24 did what we all hoped when it announced its second consecutive interest rate cut, reducing the policy rate by 25 basis points to 4.25 per cent.
The hope now is that the move kicks off a notable pick-up in homebuying and building activity, and that more rate cuts are around the corner.
At least in the resale market, results for July are encouraging, as the Toronto Regional Real Estate Board (TRREB) reports that sales were up over June. Prices, too, seem to have responded, as average selling prices are up slightly on a month-over-month basis.
“We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July,” says TRREB President Jennifer Pearce. And with the cost of borrowing expected to decline further in the coming months, sales and prices should respond in kind.
On the new homes side, though GTA new home sales remained slow in June, they are showing early signs of recovery, according to the Building Industry and Land Development Association (BILD). “We are continuing to see some sales return in select regions of the GTA, predominantly singlefamily homes and outside of the city of Toronto,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. As the market continues to adjust to the lower rates – hopefully with more to come – and we round the corner out of the slower summer months and into fall, it’s reasonable to expect that resale and new home results continue to improve.
Use this time, then, to prepare and plan your purchase. The kick-start may have begun.
NEW LOWRISE HOME SALES RETURN IN SOME AREAS AS JUNE REMAINS SLOW
Greater Toronto Area new home sales remained slow in June, hampered by high costs to build and other factors, but are showing early signs of recovery, according to the Building Industry and Land Development Association (BILD).
“GTA new homes sales remained weak in June,” says Edward Jegg, research manager at Altus Group, BILD’s official source for new home market intelligence. “Where we are seeing activity, new-home buyers are finding homes that meet their needs and that they can afford.”
Condominium units, including in low-, medium and highrise buildings, stacked townhouses and loft units, accounted for 732 units sold in June, down 61 per cent from June 2023 and 68 per cent below the 10-year average.
There were 607 single-family home sales in June, up five per cent from June 2023 and 38 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 21,158 units. This includes 17,391 condominium units and 3,767 single-family dwellings. This represents a combined inventory level of 14.5 months, based on average sales for the last 12 months. This remains a high inventory level, maintaining the trend seen since autumn 2023 of remaining inventory levels hovering near the 20,000 mark.
“Significant ongoing structural issues, notably the cost to build and lengthy approval timeframes, are hampering the ability for new projects to come to market – and limiting affordability,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. “We are continuing
to see some sales return in select regions of the GTA, predominantly single-family homes and outside of the city of Toronto. However, the high costs of material, labour and land, combined with municipal fees (such as development charges) and slow municipal approvals, are adding unnecessary costs and delays to new projects. This in turn is causing price stickiness and acting like a brake to new projects. While interest rates will moderate over time, inaction on these structural barriers will have long term consequences to deliver new homes in the in the region.”
Benchmark prices decreased in June for both single-family homes and for condominium apartments compared to the previous year. The benchmark price for new condominiums was $1.02 million, down six per cent over the last 12 months. The benchmark price for new single-family homes was $1.61 million, also down six per cent.
RATE CUTS SPUR BUYER ACTIVITY IN JULY: TRREB
Greater Toronto Area home sales in July 2024 were up compared to July 2023, while buyers continue to benefit from more choice in the marketplace, according to the Toronto Regional Real Estate Board (TRREB).
“It was encouraging to see an uptick in July sales relative to last year,” says TRREB President Jennifer Pearce. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.”
GTA realtors reported 5,391 home sales through TRREB’s MLS system in July 2024 – a 3.3-per-cent increase
compared to 5,220 sales reported in July 2023.
The MLS Home Price Index Composite benchmark was down by approximately five per cent on a year-over-year basis in July 2024. The average selling price of $1.10 million was down by 0.9 per cent over the July 2023 result of $1.11 million. On a seasonally adjusted monthly basis, both the MLS HPI Composite and the average selling price were up slightly compared to June 2024.
“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” says TRREB Chief Market Analyst Jason Mercer. “This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will
tighten in the absence of a largescale increase in home completions, ultimately leading to a resumption of price growth.”
“Innovation in new home construction must continue,” adds TRREB CEO John DiMichele. “TRREB applauds Toronto City Council’s decision to consult with the province on adopting single egress stair requirements in the building code for multi-residential buildings up to four storeys. This would make it easier to create a variety of multi-family units large enough for families. Another important part of the housing formula is connection to public transit. We are very encouraged to hear that we are closer to an opening date for the Crosstown LRT and are looking forward to a firm announcement.”
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 quarterover-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-overyear 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.
GERANIUM AND GOLFNORTH ANNOUNCE NEW ESTATE-HOME COMMUNITY AT FERGUS GOLF CLUB
GolfNorth Properties and Geranium have announced the next chapter in Fergus and Belwood’s history of golf and real estate, with the rebranding of Fergus Golf Club as Belwood Golf Club, just steps from Geranium’s newest estate home community, Belwood Estates.
This decision in collaboration with Geranium, an award-winning Ontario homebuilder since 1977, signals an exciting combination of premier golfing and residential offerings in the Fergus-Elora area. Belwood Estates will feature bungalow and two-storey estate homes on half-acre lots just steps from the popular golf course. This will be a prime opportunity for residents to partake in the area’s established golfing culture and embrace its roots, while living in a luxury estate home community with the scenic golf course next door.
The partnership between GolfNorth and Geranium is a testament to the efforts both organizations are putting forth to enhance the area’s identity. While contributing to the overall expansion and development of the region, amplifying the heritage of the area remains a priority for both parties.
“Living in the Fergus-Elora area means being a part of a community rich in history, golf culture and lush surroundings,” says Boaz Feiner,
principal of Geranium. “Our estate homes are designed to enhance the lives of future and current residents, while also complimenting Belwood and its surrounding areas. With the creation of Belwood Estates, residents can embrace everything the region already has to offer, while in a beautiful two-storey or bungalow estate home.”
Belwood Golf Club has a vision to redefine the meaning of public golf, combining its local history as Belwood Lake Golf Club with a bold new direction under the expertise of renowned golf course architect, Doug Carrick. Carrick brings his unparalleled creativity and vision from his works at TPC Toronto, Calerin Golf Club, and Angus Glen, to transform
Belwood Golf Club into an attractive option for golfers of all levels.
The reimagined Belwood Golf Club promises a “challenging, interesting and fun layout in under four hours,” says Carrick. Featuring Carrick’s signature touch, the course presents an executive-style par-66 layout stretching over 5,200 yards, including eight par threes, eight par fours and two par fives.
As part of the revitalization, an all-new clubhouse will be built, designed to elevate the golfing experience at Belwood Golf Club. It will meet the high standards set by the new course layout and offer opportunities for tournaments, meetings and events while serving as a hub for social gatherings, meals and celebrations for golfers and the broader community.
Redevelopment of the golf course will begin this year, as will the sales of Belwood Estates. Belwood Estates represents Geranium’s commitment to providing an exceptional lifestyle for its residents offering thoughtfully designed floorplans, and maintaining an exceptional level of craftsmanship in every home it builds.
geranium.com
Artist’s concept.
Artist’s concept.
COMING SOON TO CREDITVIEW, BRAMPTON
BRANTHAVEN’S CLASSIC DRIVE, AN ADDRESS OF DISTINCTION
Coming this fall, Branthaven is offering an exciting new home opportunity – a bespoke collection of 38-, 42- and 50-ft. estate homes in a rare and exceptional setting.
Classic Drive, Creditview Home Collection, is an enclave of 58 homes next door to the breathtaking natural scenery of Brampton’s Lionhead Golf and Country Club and located moments from nearby Credit Valley Conservation Lands and Eldorado Park.
“We are excited to take inspiration from our foundation as custom homebuilders with Classic Drive,” says Steve Stipsits, president of Branthaven. “We leaned into our 50-plus year legacy as customestate home builders to ensure
that Classic Drive’s elevations are authentic architecture styles with everlasting appeal. With Classic Drive, we curated a collection of home designs that draw their inspiration from timeless architectural home types, updated for today’s modern sensibility and destined to be futurefamily heirlooms.”
CLASSIC ARCHITECTURE, TIMELESS APPEAL
With 38-, 42- and 50-ft. lots, 11 home designs, and three heritageinspired elevation choices each, Classic Drive will present a truly bespoke streetscape sharing a harmonious balance of size, scale and styles befitting its executive enclave.
The Modern Heritage elevation style features a handsome collection of old-world English-manor home motifs – heritage accent brick patterns, tumbled stone skirting, Tudor-style peaks and mullioned windows – re-interpreted for timeless appeal.
The New Traditional elevation evokes French Country flare remixed with smooth textured stucco and silvery cut stone, soft sage and beige colours for a muted colour palette and today’s take on traditional facades.
The Classic Contemporary elevation has the hallmarks of the current modern home design. Dark brick, linear stone, flat panel doors and crisp black windows are destined to be an enduring style preference and contemporary classic choice.
Whatever your preferred look, Classic Drive’s home styles and thoughtful siting will embrace the beauty of the natural surroundings. With some lots on the adjacent Lionhead Golf Course and others joining the neighbouring estate homes, Classic Drive will present a pleasing streetscape and complete this coveted cul-de-sac enclave.
CLASSIC INTERIORS, MODERN LIFESTYLE
Renowned for award-winning interior layouts, Branthaven has a brand-new collection of spacious and stylish homes with every feature one would consider in a dream home. “With the Creditview Home Collection, Branthaven is bringing new life to classic home design,” says Dan Marois, Branthaven’s director of sales. “Plans are elegantly designed, with up to 6,100 sq. ft. of functional and flexible living spaces. We are even offering innovative secondary suites
and loft options too. Classic Drive’s plans are truly next generation layouts – everything has been considered for today’s busy families and multigenerational living.”
The formal double-height foyer, with through vistas and easy circulation to the elegant cofferedceiling living and dining rooms, Great Room and kitchen beyond are sure to make a lasting first impression with family and friends.
The work-from-home office is well-conceived with a private study ideally situated off the front foyer.
“Our kitchen concepts are spectacular new designs with up to two kitchens on the main floor,” adds Marois. “We have designed a full showpiece kitchen integrated into the family/Great Room/eat-in dining area, but we also have the double duty, hard-working, behind the scenes pantry and prep kitchen. Separate but attached to the main kitchen, this practical space is ideal for food prep, additional appliances, extra storage, easy clean up and functionality.”
Classic Drive’s layouts are ideal for everyday relaxing, elegant entertaining and celebrating all of life’s moments with family and friends in the soaring Great Rooms and outdoor access to the rear yard for casual indoor-outdoor flow and functionality.
Upstairs, homeowners will enjoy well-designed, family-focused layouts with plenty of bedrooms/bathrooms
and loft options. “The soaring loft offers a flex space for playroom to homework stations, teen hangout, media room and more – it is an adaptable space that grows alongside your family needs,” says Marois. “Bedroom counts are important to the modern family and all of Classic Drives layouts offer flexible four-, five- and six-bedroom layouts and spacious bathrooms to accommodate family dynamics.”
Busy parents will surely appreciate the hotel-style serenity of the primary bedroom. Grand in proportion and layout, the bedroom features foyers, sitting areas, walk-in closets, spa inspired ensuites with standalone tub, walk in showers and double vanities.
Marois emphasizes that, “Our biggest, boldest design innovation at Classic Drive is the optional Secondary Dwelling Unit – or SDU. It is a game changer for Classic Drive’s future buyers. These complete, independent suite designs allow our homebuyers to shape their lowerlevel space to tailor to their lifestyle needs and make extra room for family or even the financial freedom of a rental unit. The SDU’s offer full suite configurations with kitchen, living/dining, one or two bedrooms, one or two baths, laundry and separate interior and/or exterior side entrance. The SDU is the perfect in-law or caregiver suite, it is ideal for adult children apartment or mortgage helper rental suite.
As with every Branthaven, Classic Drive owners will enjoy Branthaven’s signature Fresh Thinking features and finishes, BH Smart Home Tech and Originals, all built-in, premium standards and design-forward innovations that improve the way you live inside and out.
CLASSIC LOCATION AND LIFESTYLE AWAITS
Mother Nature provides a spectacular backdrop and naturally better playground for residents of Classic Drive to enjoy. Experience Lionhead Golf and Country Club’s greens right next door. Take in the natural surroundings of the Credit River Conservation Lands, with its parks, trail systems and rugged ravine walks. The Family-friendly Eldorado Park offers sports fields, water activities and play areas. Bonnie Braes heritage park, pavilion and scenic ponds will delight. Everything is nearby and naturally ready to be enjoyed each season.
Classic Drive’s location tucked off Creditview Road’s majestic meandering driving route and just south of Queen Street, is an easy come, easy go location with access to first-class amenities and services.
Local public and private schools are within reach. Local shopping and everyday essential services are minutes away on Chinguacousy and Queen Street’s retail centres. Speciality stores, multicultural restaurants and religious centres abound.
Classic Drive is an address of distinction and community unlike any other. Discover your new home destination today.
Register today for VIP updates, and opening this fall, at branthaven.com.
NEW COMMUNITY
Triple Crown Estates by Remington Homes – 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.
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.
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.
Visit nexthome.ca
CHARITY
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 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 it builds in is a top priority.
HOMEBUYING
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..
GUELPH
FUTURE READY, HERE AND NOW
Known as the “Royal City” for its historic connection to the British royal family, Guelph has been transitioning for years, from a small university town into one of the province’s fastest growing and well-balanced economies.
And that means growth, employment and opportunity.
Boasting a healthy local economy, with growing agriculture, education, healthcare and manufacturing sectors, Guelph continues to attract newcomers – yes, students attending the well-known University of Guelph – but also a skilled labour force and homebuyers looking for lifestyle and better affordability than in the Greater Toronto Area.
“Guelph is the perfect location for homebuyers seeking to make the
by WAYNE KARL
most of life’s experiences,” Shelley Barclay, new home sales specialist at Terra View Homes, one of the area’s homebuilders, told HOMES Magazine. “From our expansive trails and waterways to internationally recognized arts and cultural events, to diverse restaurants and craft breweries, the Royal City has something for everyone.
“It’s one of Canada’s fastest growing communities, and boasts one of the lowest unemployment rates in the country,” she says.
Adds another local homebuilder, Mike Taylor, managing partner of Granite Homes, “Guelph has a lot to offer to homebuyers, from its strong job market, particularly with institutions such as the University of Guelph, to a variety of recreational options in its numerous parks and trails. Guelph’s sense of community and relatively affordable housing compared to larger Ontario cities make it an attractive place to settle down. Additionally, Guelph is wellconnected by major highways and public transit, enhancing its accessibility.”
Shelley Barclay, Terra View Homes
FROM PAST TO PRESENT
Innovation has always been part of Guelph’s history: The wire coat hanger was invented here in the 1920s; it’s where five-pin bowling was invented; a University of Guelph research team created the Yukon Gold potato; and the city was home to North America’s first cable TV system. Perhaps the most memorable, Colonel John McCrae, author of the poem “In Flanders Fields,” was born and raised in Guelph.
Respectfully, though, while celebrating the past is important, today, Guelph is all about progress.
Indeed, local city-building and community development is guided by the Guelph. Future Ready Strategic Plan. Approved in 2019, the plan guided city council’s priorities and staff’s work towards making Guelph an inclusive, connected, prosperous city “where we look after each other and our environment.” In June 2024, the city released data that showed as of December 2023, 77 per cent of the strategic initiatives in the Future Ready plan were either completed or have been significantly advanced.
The city now looks ahead to the next stage with Future Guelph Strategic Plan for 2024-27, designed to build on the successes of the previous strategic plan.
Key to the city’s growth is an emphasis on advanced manufacturing, among the largest employers, as well as educational services, agri-food and biotechnology.
The renown University of Guelph, in fact, is one of Canada’s top comprehensive universities. The veterinary medicine program ranks first in Canada, third in North America and in the top 10 worldwide. U of G is ranked No. 5 in Canada in Maclean’s University Rankings in 2024 in the Comprehensive category, and tops in research dollars. The Ontario Agricultural College is ranked No. 1 in Canada for agricultural science and helps put the school 18th in the world for food science and technology.
Guelph benefits from a strong location, situated just north of Hwy.
401, affording easy access to Toronto in the east and London to the west. It also connects to Hwy. 7 for travel to Kitchener-Waterloo and Acton, and Hwy. 6 for access to Hamilton to the south.
HAPPY GUELPHITES
All of this has local residents feeling pretty good about life in Guelph. Nine in 10 Guelphites, in fact, feel they have a good quality of life, and are happy with City services, according to a June 2024 survey.
The survey, conducted between March 22 and April 8, asked residents to share information about satisfaction with the current level of City programs and services, views toward property taxes, overall decisionmaking and priority-setting, equity in service delivery, customer service, communication, and their perception of quality of life in Guelph.
“The survey results show that the pressures of inflation, increased cost of living, and housing affordability are impacting Guelph residents, as is the case in communities all across Canada,” says Jodie Sales, general manager, Strategy Initiatives and Intergovernmental Services. “Despite these pressures, the satisfaction survey indicates that Guelph residents overall feel they have a good quality of life and are satisfied with the services provided by the City. We recognize there is more work to be done to continue improving services to the community in areas of affordable housing, equity and accessibility.”
Among the most important issues facing the city, according to the survey, are housing availability and affordability.
HOUSING MARKET
Like most housing markets in Ontario and elsewhere in Canada, Guelph has experienced some spotty results recently – but things are looking up.
Results from the Guelph and District Association of Realtors for June 2024 show that sales and prices were down from June 2023, but are showing signs of recovery, with plenty of choice for buyers.
“Sales activity may have declined from last June, but actually pulled together a surprisingly strong surge compared to the last several months,” says association President Dillon Fraser. “Whether this was simply a number of buyers finally taking advantage of the many great deals available on the market, or sidelined homebuyers taking the Bank of Canada’s rate cut as a signal that rates are no longer climbing, remains to be seen over the coming summer months. Regardless of the reason, our inventories remain at above-average levels and prospective buyers should take note that the level of choice in the current market hasn’t been this plentiful in several years.”
The MLS Home Price Index was $816,100 in June 2024, a decline of 3.9 per cent compared to June 2023. The benchmark price for singlefamily homes was $915,300, down by 3.5 per cent on a year-over-year basis in June. By comparison, the benchmark price for townhouse/ row units was $676,000, a decrease of 3.5 per cent, while condos were $533,600, a reduction of 3.6 per cent from year-ago levels. The average price of homes sold in June 2024 was $917,879, a small reduction of 2.7 per cent from June 2023.
MEDIAN HOME PRICES, Q2 2024
NEW HOME DEVELOPMENT
When it comes to city-building – in the literal sense – it appears here, too, Guelph is on the ball. In 2023, the city met 98 per cent of its housing target by starting 1,287 housing units out of its 1,320-unit target. This resulted in a $4.68-million grant from Ontario’s Building Faster Fund.
And, true to its official direction of caring for the environment, the city strives to make homes more energy efficient. The Guelph Greener Homes program, for example, is underway with more than 74 residential energy retrofit projects completed to date, another 73 under construction and more than 350 program registrants.
“For more than 30 years, Terra View Homes has proudly been building award-winning communities in Guelph and surrounding communities – where we ourselves live, work and play,” says Barclay. “We believe that it is our responsibility to lead by example and practice environmentally conscious building. We were one of the first area homebuilders to build Energy Star homes, exclusively, and are now leading the way with Net Zero and other Green technologies. Today, all of our communities are built entirely to a Net Zero Ready standard. These homes are 80-percent more energy efficient than those constructed at the current regulated building code, helping homeowners greatly reduce their carbon footprint, utility bills and live a healthier lifestyle.”
True to the appeal of greater affordability in Guelph, Terra View and Granite both report a wide range of buyers, from those in search of larger homes for their growing families, and even younger first-time buyers.
“Our Northside community appeals to a wide range of homebuyers,” says Granite’s Taylor, referring to the company’s offering of twobedroom, two-bathroom stacked townhomes in North Guelph. “Young professionals are drawn to the modern, well-designed living spaces, while downsizers appreciate the convenience and low maintenance. First-time homebuyers are attracted by the relatively affordable pricing and the opportunity to enter the real estate market.”
SPORTS AND ENTERTAINMENT
When it comes to fun and entertainment in Guelph, in addition to plentiful trails and access to nature, Guelph also excels in the festivals department. The renown annual Hillside Summer Festival and Hillside Inside are three-day, multi-stage events hosting musicians, spoken word artists and other workshops, on Guelph Lake Island. This year’s event, held July 19 to 21, featured accomplished Canadian musicians Blackie and the Rodeo Kings, and Ashley MacIsaac.
In the heart of the historic downtown area, Sleeman Centre serves as Guelph’s premiere venue for sports and entertainment. The 5,000seat facility hosts sporting and family events, trade shows, conferences, large-scale concerts and public ceremonial events, and notably is home to the Guelph Storm of the Ontario Hockey League.
The city also has Guelph Little Theatre, Guelph Concert Theatre and River Run Centre.
+ LOCATION, LOCATION, LOCATION
Located in Southwestern Ontario; population 143,740; 95 km from Toronto; 22 km east of Kitchener-Waterloo
KEY LANDMARKS
• Basilica of Our Lady Immaculate
• Gow’s Bridge
• Riverside Park
• The Sleeman Centre
• University of Guelph
• University of Guelph Arboretum
• Wellington Brewery
SELECT HOUSING DEVELOPMENTS
ARGYLE VILLAGE | GUELPH By Reid’s Heritage Homes
Stacked and rear lane townhomes reidsheritagehomes.com
BELWOOD ESTATES | FERGUS By Geranium
Bungalow and two-story estate homes in golf community geranium.com
HART VILLAGE | SOUTH GUELPH By Terra View Homes
Net Zero Ready semis, move-in ready and pre-construction 30-ft. singles, 40and 45-ft. conservation lots terra-view.com
NIMA TRAILS | NORTHEAST GUELPH By Terra View Homes
Move-in ready and pre-construction 36.7- and 40-ft. Net Zero Ready singles terra-view.com
Premium Net Zero Ready singles on 36-ft. walkout conservation lots and 38ft. walkout and lookout lots on private cul-de-sac terra-view.com
SOUTH RIVER | ELORA By Granite Homes
Townhomes and single-detached homes granitehomes.ca
THE BIRCHES | EAST GALT By Granite Homes
Farmhouse style townhomes granitehomes.ca
Mike Taylor, Granite Homes
At Reid’s Heritage Homes, we don’t just build communities, we are one. When you purchase a home from Reid’s Heritage Homes you can feel assured that we will deliver the very highest level of design, construction and customer service. This has been demonstrated throughout our 45-year history and underlines what the word “heritage” means to us – treating customers with kindness, respect and compassion throughout the entire home purchase and building process.
700 Jamieson Parkway, Unit 103
Cambridge, ON N3C 4N6
519.658.6656 | reidsheritagehomes.com
KITCHENER
STRATFORD
COBBLE BEACH
YOUR FOREVER HOME IN GUELPH
WITH TERRA VIEW HOMES
Building for the future, today. For more than 30 years, Terra View Custom Homes has been building award-winning homes in Guelph and surrounding areas, while garnering industry recognition for their dedication to Green homebuilding practices and energy efficiency. This commitment to sustainability, combined with the company’s dedication to architecture, quality craftsmanship and homeowner satisfaction has solidified Terra View as a highly regarded builder of new, custom and Net Zero homes – bringing some of Guelph’s most sustainable communities to life. Each Terra View development is constructed with people in mind, and the belief that buyers not only deserve a finely crafted, quality home – but also a sense of community and belonging in which to live.
HART VILLAGE IN SOUTH GUELPH
Now selling final remaining lots in Phase 2 — semis, move-in ready and pre-construction 30-ft. singles, 40and 45-ft. conservation lots
Build your forever home in a unique mixed residential community located in the vibrant south end of Guelph, sitting on what was one the old Hart Farm Homestead. This Net Zero Ready
community is the first of its kind in Guelph. Situated just minutes from Guelph’s best amenities and an easy drive to the 400-series highways, Hart Village has all the conveniences of city living while also backing onto conservation land and greenspace. With few remaining lots left to be sold in Phase 2, this is a rare opportunity to build your dream home surrounded by nature on premium 40- and 45-ft. conservation lots. For more information, visit terra-view.com.
NIMA TRAILS IN NORTHEAST GUELPH
Now selling into Phase 2 — 36.7- and 40-ft. singles (move-in ready and preconstruction)
Explore the great outdoors in your own backyard. NiMa Trails is a community of inspired family residences nestled in the beautiful setting of luscious forestry and conservation land on the edge of Guelph Lake Conservation Area. The homes of NiMa Trails are expertly crafted and built to a Net Zero Ready standard, offering modern and functional designs that preserve the beauty of their natural surroundings. With natural amenities such as an expensive network of community trails, a large community park and
more – NiMa’s convenient location is also just minutes away from Guelph’s downtown core and major city amenities. Discover NiMa Trails at terra-view.com.
MOFFAT CREEK IN EAST GALT
Now selling Phase 1 – premium singles on 36-ft. walkout conservation lots and 38-ft. walkout and lookout lots on private cul-de-sac
Premium lots. Prestigious homes. Perfect location. Be one of the first to purchase in this new community and build your dream home on the best lots in South Cambridge, just 30 minutes east of Guelph. Find your new home nestled in nature, surrounded by 90 acres of lush conservation lands while remaining in proximity to downtown Galt and all other major amenities including a future public and catholic elmentary school (coming 2025) and Cambridge Recreation Centre. Offering Net Zero Ready homes featuring brand new custom home designs, double car garages and premium features and finishes, take advantage of a limited-time promotion and secure your lot today. Visit terraview.com for more information.
For more information, visit terra-view.com.
BUILD GREEN, BUILD CUSTOM, BUILD BETTER.
Every Terra View Homes development is constructed with the belief that buyers not only deserve a finely crafted home but also a sense of community to belong to. From blueprints, to colour selections, to final walk-through and beyond, our team works with you every step of the way to help you build your dream.
NORTHSIDE BY GRANITE HOMES
STACKED TOWNS AND FLATS NOW SELLING IN NORTH GUELPH
Attention first-time buyers, downsizers and investors... embrace a new direction in modern living at Northside in Guelph, where design, lifestyle, community and convenience converge. Offering one-storey flats and two-storey stacked townhomes with two bedrooms and two bathrooms, this community, nestled in North Guelph, provides a perfect blend of style and functionality. Explore highly desirable units with greenspace views, enhancing their appeal and ensuring a serene living environment. This thoughtfully designed community seamlessly connects you to the vibrant pulse of the city. With a direct link to shopping, the University of Guelph and downtown amenities, Northside ensures that everything you need is within easy
reach. Conveniently located close to everyday essentials, including retail stores, restaurants, schools, parks and public transit, Northside provides the perfect balance of urban accessibility and tranquil living.
Northside is surrounded by local trails and parks, offering endless opportunities for year-round outdoor activities. The community features lush landscaping, integrated pathways and a pergola with harvest tables and outdoor grills, creating a green sanctuary where residents can relax, socialize and enjoy the natural beauty of their surroundings.
Experience the warmth of natural light and serene interior designs at Northside. Each residence boasts stylish interior packages featuring nine-ft. ceilings, quartz countertops,
custom cabinetry, wood-toned luxury vinyl plank flooring and elevated fixtures, ensuring a sophisticated and comfortable living environment. The custom cabinetry in each home offers a choice of two designer-selected included interior packages, allowing you to personalize your space to suit your taste. For those seeking an extra touch of luxury, there are two designer-selected upgraded interior packages available. Additionally, each home comes with a full-size stainless steel kitchen appliance package, including a fridge, dishwasher, stove and over-the-range-microwave and stacked washer and dryer.
Every detail is meticulously crafted to provide a harmonious and modern living experience. The two-storey units feature an oversized eight-ft. island
with seating for four, ideal for casual dining and entertaining, while onestorey units include a large peninsula with a breakfast bar, creating a cosy spot for dining.
In addition to the luxurious interiors, Northside offers a flexible deposit structure, making it easier for you to secure your dream home. Parking is also flexible, with options for up to two vehicles, accommodating the needs of families and professionals alike.
At Granite Homes, the company builds homes to a higher standard. From foundations to finishes, awardwinning homes are a testament to quality and excellence. The builder is so confident in the durability and craftsmanship of its homes that it extends your Tarion one- and two-
year warranty items an additional six months at no extra cost. This commitment to quality and customer satisfaction ensures peace of mind for all Northside residents.
Embrace the opportunity to live in a community where modern living meets convenience and natural beauty. Discover Northside in Guelph, where your new home awaits. Join us and be part of a community designed for living well.
For more information, visit the website or sales centre, or contact the sales team today. Visit the sales centre to explore a full-sized kitchen and experience some of the finishes firsthand. Come and see for yourself why Northside is the perfect place to call home. Your new beginning starts here.
The sales centre is located at 824 Woolwich St., Guelph, open Monday to Wednesday, 2 to 7 pm, Saturday and Sunday 12:30 to 5:30 pm, or by appointment.
Contact New Home Sales Representative Zoe Wood at northside@granitehomes.ca or 519.589.4859.
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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. westendhba.ca.
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.
GTA HOUSING MARKET
NAVIGATING
THE GTA HOUSING MARKET
The Bank of Canada did what we all hoped on July 24 – instituting its second consecutive interest rate cut, reducing the policy rate by 25 basis points to 4.25 per cent.
From all accounts – or at least those of many economists and financial experts – it was a merely a formality that BoC would again reduce the influential overnight rate.
The hope now is that the move kicks off a notable pick-up in homebuying –and building – activity. Moreover, the thinking now is that the reduction on July 24 might just be the beginning.
“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 one per cent from the beginning of the year, and potentially more.”
by WAYNE KARL
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 HOMES “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.”
“Our research shows that many buyer hopefuls have been waiting for a concrete signal from the Bank of Canada that the economy is moving in the right direction,” says Karen Yolevski, COO of Royal LePage Real Estate Services Ltd. “A second cut to the overnight lending rate indicates just that, and with mortgage
qualification thresholds continuing to come down, sidelined buyers may have the confidence they need to make their return to the housing market. We expect this will prompt a slight boost in activity in the shortterm, followed by more robust buyer demand in the fall. In the meantime, some much-needed inventory has been building in major markets over the last few months, giving buyers more options to choose from. In addition to lower rates, this may also encourage more buyers to re-enter the market in the near future.”
Following this latest rate reduction, 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.”
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-over-year to $824,300, according to the Royal LePage House Price Survey. On a quarter-overquarter 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.
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.
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.”
How can you better understand and navigate the GTA housing market? Let’s look at some of the other factors:
“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.”
“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.
2024 MARKET SURVEY FORECAST
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.
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.
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.
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
+MORE CONTENT ONLINE nexthome.ca
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
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.
Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca
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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
BEN MYERS
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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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 INSPIRATION |
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
FIND YOUR NEXT HOME
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
23. Park Ridge Conlin & Townline Rds. tributecommunities.com
PICKERING
24. Seaton 1075 Taunton Rd. fieldgatehomes.com
RICHMOND HILL
25. Richlands Leslie St. & Elgin Mills Rd. fieldgatehomes.com
26. Millbrook Park Elgin Mills & Leslie St. northstarhomesinc.com
27. Park Lane Place Elgin Mills & Leslie St. northstarhomesinc.com
28. Observatory Hill Bayview Ave. & 16th Ave. myobservatoryhill.ca
29. King East Estates King Rd. & Toscanini Rd. pureplaza.com
TORONTO
31. Lambtown Towns 2650 St. Clair West dunparhomes.com
32. 2650 St. Clair Ave W. 2650 St. Clair Ave W dunparhomes.com
THORNHILL
33. Citylux Towns at Thornhill Woods Dufferin St. & Rutherford Rd. fieldgatehomes.com WHITBY
34. Country Lane Taunton Rd. & Country Lane countrylanewhitby.com
35. Wellings of Whitby 372 Taunton Road E wellingsofwhitby.com
WHITECHURCH/ STOUFFVILLE
36. Blue Sky 9th Line & Millard St. fieldgatehomes.com
37. Cityside Stouffville 10th Line & Main St. Stouffville fieldgatehomes.com
BUILDERS IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO EDITORIAL@NEXTHOME.CA
BURLINGTON/ WATERDOWN
1. Northshore Condo 484-490 Plains Rd. E. nationalhomes.com
2. Tyandaga Heights Burlington nationalhomes.com
CAMBRIDGE
3. Modal at Main 840 Main St, Cambridge modalatmain.ca
4. Moffat Creek Dundas St. S & Main Street terra-view.com
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.
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.
