GTA Condo Life - August 12, 2023

IN YOUR DREAMS

That’s where we find inspiration for National’s designs. We start with listening to your hopes and aspirations through focus groups, surveys and face-to-face at our Blueprint Workshops. Then we make those dreams a reality, in a place you will want to call home, with experiences and amenities that will make your life more complete. It’s a different, and better way of building. Because at National, you are the blueprint.

NORTHSHORE CONDOS

NOW OPEN IN BURLINGTON

Modern urban sophistication has come to 490 Plains Rd. E. overlooking the rolling fairways of Burlington Golf and Country Club.

1, 2 & 3 BEDROOM CONDOS FROM THE $500s

DUO CONDOS

NEW RELEASE IN BRAMPTON

26 storey condominium development now under construction Steeles Ave. W. near Hurontario St.

CONDOS AND TOWNS FROM THE $500s

WHITEHORN WOODS

NEW RELEASE IN MISSISSAUGA

Refined towns on Britannia Rd. W. minutes from the Heartland Shopping District.

NEWLY DESIGNED TOWNS FROM $1.1M

SEPT 29 - OCT 1 ENERCARE CENTRE | EXHIBITION PLACE

The Fall Home Show is back!

It doesn’t matter where in Toronto or the GTA you live. It doesn’t matter how big or how small your home is. It doesn’t matter if your style is modern chic or rustic wonder. The Fall Home Show is for you! Shop over 300 home and lifestyle vendors, plan your next renovation, get free interior design advice, and more!

Don’t Miss!

Learn From the Experts!

Don’t miss your favourite celebrities, including HGTV Canada’s Scott McGillivray and more at the Fall Home Show this year!

Get Hands On!

Tired of the clutter in your home and workshop? Stop by the DIY Centre to find some storage and organizational projects you can easily tackle.

For more information vist: FALLHOMESHOW.COM

Free Design Advice

Meet with Reno+Decor

Magazine designers and decorators for a complimentary 15-minute interior design consult!

WAYNE KARL EDITOR-IN-CHIEF Condo

MOVE UP?

START BY GETTING IN

It’s hard enough for homebuyers these days, with questions about housing supply, a new mayor in Toronto, other government issues, inflation and rising interest rates.

The Bank of Canada didn’t do this scenario any favours on July 12, either, by raising its target for the overnight rate by 25 basis points to 5.0 per cent. It was the second consecutive increase by BoC, after holding the rate at 4.5 per cent for three consecutive announcements.

Not to dismiss the concerns for inflation and the larger economy that prompts BoC to take such action, higher rates cost everyone – buyers, yes, but also developers and suppliers. They also cause some to pause their homebuying plans.

Meanwhile, we’re all still concerned about the overall impact limited housing supply and steady demand has on affordability, at a time when governments at every level are vowing to do what they can to build more homes.

Who can blame prospective homebuyers from feeling a little unsure of what, when and where to buy?

All of this underlines the importance of buyers being prepared – doing their research and getting everything in order, so when the opportunity strikes, they can take advantage.

Case in point? ReMax Canada’s new Move-Up Market Report, which shows that buyers capitalized on the temporary pause in rate hikes in the second quarter of the year, sparking a flurry of activity in the mid- to upperprice ranges.

“By May, the market was moving full speed ahead until the BoC announced its decision to raise the overnight rate in June and again in July, taking the wind out of the proverbial sails of most markets,” says Christopher Alexander, president of ReMax Canada.

ReMax anticipates major markets may remain hesitant through the summer, but once rates start to unwind, demand for housing will likely ramp up yet again.

Translation: Pent-up demand is building over this period, so whether you’re moving up or just getting in, be ready.

PERSONAL FINANCE | JESSE ABRAMS

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

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

HOME REALTY | DEBBIE COSIC

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

REAL ESTATE PRO | BARBARA LAWLOR

Barbara Lawlor is President and CEO of Baker Real Estate Inc., and an indemand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condo developments in Canada and overseas. baker-re.com

DECOR | LINDA MAZUR

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

TRREB REPORT | JASON MERCER

Jason Mercer is Chief Market Analyst the Toronto Regional Real Estate Board. His sought-after market analysis helps realtors and their clients understand housing trends and underlying economic drivers in the GTA. trreb.ca.

STAT CHAT | BEN MYERS

Ben Myers is President of Bullpen Consulting. Ben provides pricing recommendation, product mix, and valuation studies on new residential housing developments for builders, lenders and property owners. bullpenconsulting.ca

BIG STYLE | LISA ROGERS

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

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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EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl, wayne.karl@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Sara Duck, Barbara Lawlor, Linda Mazur, Ben Myers, Lisa Rogers, Jayson Schwarz, Dave Wilkes

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GTA NEW HOME MARKET SLOWS IN JUNE

The GTA new home market was relatively quiet in June, with sales significantly below the 10-year average, the Building Industry and Land Development Association (BILD) reports.

There were 2,526 new home sales in June, which was up 32 per cent from June 2022 but 30 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

Condominiums, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, accounted for 1,957 units sold in June, up 11 per cent from June 2022 and 21 per cent below the 10-year average.

There were 569 single-family home sales in June, up 256 per cent from June 2022 but 49 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).

“There is no doubt that the recent escalation in interest rates is pushing some prospective new-home buyers to the sidelines,” says Dave Wilkes, BILD president and CEO. “Rising interest rates also delay the addition of much-needed supply to the market, because pre-construction sales are a crucial element in financing new housing. Thus, when the Bank of Canada continually

raises interest rates, it is exacerbating Canada’s housing supply and affordability crisis.”

“New home sales took a step back in June,” adds Edward Jegg, research manager at Altus Group. “Increased supply eased pressure on prices but buyer hesitancy has returned.”

June’s total new home remaining inventory increased compared to the previous month, to 16,379 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

Increased inventory had a softening impact on prices. The benchmark price for new condominium apartments was $1.09 million, which was down 8.4 per cent over the last 12 months. The benchmark price for new singlefamily homes was $1.71 million, which was down 6.9 per cent over the last 12 months.

GTA RESALE MARKET MORE BALANCED IN JULY: TRREB

Greater Toronto Area GTA home sales, new listings and home prices were up in July 2023 in comparison to July 2022, according to the Toronto Regional Real Estate Board (TRREB). On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.

“Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs,” says TRREB President Paul Baron. “With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years.”

GTA realtors reported 5,250 sales through TRREB’s MLS system in July 2023, representing a 7.8-per-cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS Home Price Index Composite benchmark was up by 1.3 per cent year-over-year. The average selling price was also up by 4.2 per cent to $1.11 million over the same timeframe.

On a seasonally adjusted monthly basis, the number of sales trended

lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS HPI Composite benchmark edged higher.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months,” says TRREB Chief Market Analyst Jason Mercer. “Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer.”

“We continue to suffer from a misalignment in public policy as it relates to housing,” adds TRREB CEO John DiMichele. “The federal government is targeting record levels of immigration for the foreseeable future, but we have seen very little tangible progress in creating more ownership and rental housing to accommodate this growth. Population growth is imperative for economic development; however, this growth will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem.”

The One Stop Shop for Builder Storytelling

EXISTING HOMEOWNERS DRIVE HOUSING MARKET GAINS AHEAD OF INTEREST RATE HIKES

What began as a trickle of movement into housing markets late in the first quarter turned into a swell, as moveup buyers drove strong demand for residential properties across the country throughout the second quarter of the year, according to a report from ReMax Canada.

The ReMax Canada Move-up Market Report examines nine of Canada’s biggest housing markets and found that buyers took advantage of the Bank of Canada’s (BoC) temporary pause in overnight rate hikes in the second quarter of the year, sparking a flurry of activity in the mid- to upper-price ranges. Tight inventory levels placed upward pressure on values, prompting double-digit price increases in some markets, including the GTA and Hamilton.

“January pretty much marked the trough for residential activity in markets across the country, as sales and prices reached new lows,” says Christopher Alexander, president of ReMax Canada.

“When the BoC signalled its intent to hold on further interest rate hikes, the floodgates opened, sending buyers into the market from coast to coast. Inventory challenges re-emerged in most major centres

as demand once again outpaced supply. Quality listings were quickly snapped up, many moving in multiple-offer situations, which served to draw more sellers into the market in April. By May, the market was moving full speed ahead until the BoC announced its decision to raise the overnight rate in June and again in July, taking the wind out of the proverbial sails of most markets.”

Fear of further rate hikes continues to impact the market psyche, with many move-up buyers hoping to get into the market before rates climb again.

Equity gains also factored into Canadians’ decision to move up to larger homes or more preferable neighbourhoods, despite the pandemic-induced rise and fall of real estate value, ReMax says.

“While the threat of further interest rate hikes has given some pause to the market, particularly at entry-level price points, robust equity gains over the past fiveyear period provided the means and confidence to fuel solid buyer intentions in move-up markets across the country,” says Alexander.

Necessity was the primary factor driving demand throughout the first half of 2023. Whether it was a growing family, the need for more space to accommodate new workfrom-home arrangements and schedules, or a better school district, quality-of-life considerations were central to purchasing decisions. This proved true regardless of the move being made – whether downsizing or simplifying in more walkable neighbourhoods closer to the core, trading up or making lateral moves, urban or suburban.

With July’s 0.25 basis point rate hike, the BoC’s key rate now sits at five per cent, and homebuyer activity is expected to slow through the summer months in most major Canadian housing markets. However, once it’s clear that the Bank of Canada is nearing the end of quantitative tightening and rates start to unwind, demand for housing will likely ramp up yet again. With uncertainty around financing out of the equation, the focus should remain squarely on supply again. In the move-up market and across the board, that will translate to renewed upward pressure on pricing.

MONEY AND MORALS COME TOGETHER IN CLIMATE CHANGE: SUSTAINABLE PROPTECH CANADA REPORT 2023

It’s becoming more important every day, and this year’s deep dive into Canada’s sustainable property technology industry outlines where value meets values in the 2023 Sustainable Protech Canada Report This year’s report contains a comprehensive list of Canadian sustainable proptech startups, a market map of Canada’s sustainable proptech ecosystem, survey insights, analysis of current proptech trends and interviews with Jon Love from Kingsett Capital, Jon Ramscar from CBRE and Sanders Lazier from Carbonhound and other leading industry experts. There’s also an overview of the growing array of products from the Canadian banks which lend to companies that take sustainable mandates seriously and integrate them into their building projects.

The push to decarbonize buildings continues. Governments around the world are enacting regulations to both incentivize buildings to become more efficient and penalize those that don’t comply. This means there are significant opportunities for innovators who can create new technology, products and services for the industry.

Sustainable Proptech is a Canadian company created as a central hub to help the industry navigate through the fast and ever-changing technology

landscape and make an important contribution to environment, social and governance (ESG) and real estate in Canada.

“It’s in the air everywhere these days,” says Deena Pantalone, founder and managing partner of Venturon, and co-founder of Sustainable Proptech. “And I don’t just mean smoke from wildfires. People are talking about climate, health and sustainability. We know that time isn’t on our side. That’s why our clear mission is to accelerate the achievement of sustainability goals through bridging the worlds of technology and real estate with sustainability experts, tech entrepreneurs, investors and fresh thinkers.”

Venturon Principal/Director of Operations and Sustainable Proptech Co-Founder Joanna Creed adds,

“New innovations come when innovators and thought leaders interact and share ideas.”

The report brings together a wealth of information, with usable data and important connections designed to help push the boundaries of sustainable proptech here in Canada.

“Global real estate leaders are pivoting rapidly towards adoption of innovation as we move towards our 2030 net zero goals. Change is essential. It can also be very profitable for those who lead the way.”

For more information on Venturon, venturon.com.

To receive the Sustainable PropTech Canada Report 2023, visit sustainableproptech.com.

ONTARIO MARKETS HOLDING THEIR OWN IN IMPACT FROM INTEREST RATE HIKES

Canadian home prices may have fallen in response to rising interest rates, but when looking back over two years, they remain on a longterm upward trend, according to the seventh annual Price Per Square Foot survey from Century 21 Canada, comparing the price per square foot of properties sold between Jan. 1 and June 30 this year to the same period of previous years.

Hot housing markets of the largest city centres are seeing lower condo prices but smaller markets are seeing price per square foot growth, especially in single-family homes. Ontario markets are holding their own, while Alberta bucked the trend and experienced price increases in many markets this year, and BC saw the most significant price declines.

ONTARIO HOLDING ITS OWN

Canada’s most populous province saw a wide range of change throughout, from declines to rises all over the map. Toronto condos remain at $1,013 per sq. ft., though this is a 16-per-cent drop from 2022 to a level roughly in line with 2021 and 2020 prices. However, cities such as Niagara Falls and Cambridge saw their family home types gain in the doubledigits, and they lead an overall trend of cities farther away from the GTA seeing growth in the price of singlefamily homes.

“The trend of families looking for space away from the downtown core continues,” says Eryn Richardson, owner of Century 21 Heritage Group. “The changing interest rates definitely had an impact on the prices, as buyers are more hesitant, but no single market has fallen dramatically and we’re still seeing a lot of growth.”

Most markets in Canada that did experience price declines from last year remained roughly equivalent to their 2021 benchmarks and well above earlier years. This year’s survey offers data going back to 2018 for numerous communities coast-to-coast.

“We knew that the market had to come down from the highs of the last few years, and we’re now fully seeing the effects of the interest rate growth that started last year,” says Todd Shyiak, executive vice-president of Century 21 Canada. “But we have to look at these numbers within the larger context. The fact that we haven’t dipped to prepandemic levels shows that homes are still in demand, and we continue to see growth in smaller markets as more families seek a lower cost of living.”

Prices had reached low points in January but steadily climbed over

the spring, though many markets didn’t manage to regain their 2022 levels. Condos in Vancouver, Toronto and Montreal all saw declines, while detached homes across small Ontario cities rose, as did those in Atlantic Canada, indicating families seeking space. New Brunswick is emerging as a leader in Atlantic Canadian growth. Results from the 2021 census showed that Moncton, Fredericton and Saint John are seen as popular locations for immigrants, and the results from this year’s PPSF survey indicate that trend has continued.

Shyiak says inventory will play a major factor in prices going forward, as sellers may hold off on putting their homes on the market in response to a hesitant buyer base. “Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever evolving trends. That’s why this survey becomes more valuable year-overyear, because it allows us to see the big picture of Canadian housing.”

CONDO LAUNCH

Soaring sophistication rises over Brampton at Bristol Place

A new landmark is changing the Brampton skyline. Towering over a fast-growing neighbourhood, Bristol Place seeks to create a connected, transit-friendly community in the heart of the city.

URBAN PLANNING

15-minute neighbourhoods deliver more accessible and affordable housing – report

As Canada continues to grapple with a housing crisis rooted in a persistent inventory shortage, ReMax Canada explores possible solutions in its latest report, 15-Minute Neighbourhood: Lessons for Small Communities.

INSIGHT

Markham and Scarborough hot real estate areas

Markham and Scarborough are some of the hottest areas for real estate development in Toronto, particularly for condos.

LEGAL ADVICE

What is a power of attorney and what should it include?

Whether you’re young or older, preparing Powers of Attorney and Wills is a must for everyone.

LAKESIDE LIVING

Birch Condos and Towns at Lakeview Village offers luxury lakeside living where the land meets the lake

Branthaven has launched Birch Condos & Towns in Lakeview Village, a rare 15-storey boutique condominium and exciting townhome collection in Mississauga’s visionary new masterplanned waterfront community.

TORONTO

Toronto mayor-elect Chow needs to take immediate action on housing – BILD

The Building Industry and Land Development Association congratulates Olivia Chow on the by-election victory, and offers to work with the mayor to find ways to achieve more housing supply and improved affordability.

AWARD-WINNING EMBLEM’S THE DESIGN DISTRICT IN HAMILTON

THE RIGHT CONDOMINIUM INVESTMENT WITH THE RIGHT DEVELOPMENT PARTNER

Making an impact in Hamilton that will be felt for decades to come, The Design District by Emblem Developments offers the chance to own real estate in the heart of Hamilton’s emerging new downtown.

The Design District is a stunning, three-tower master-planned condominium community at 41 Wilson St. With the ground-breaking taking place this month (August 2023), the luxury community will

begin to take shape and further attract the attention of investors looking to capitalize on the vibrant growth of Hamilton.

“With Ontario’s largest in history infrastructure investment of $4 billion,

buyers have a unique opportunity right now to invest alongside the government,” says Kash Pashootan, founder and CEO, Emblem.

The Design District epitomizes Emblem’s philosophy of creating spectacular communities, while once again demonstrating their reputation of being investorminded in their locations and buildings of distinction. Everything

has been designed to attract end users. Featuring grand-scale modern luxury while still remaining charming, balanced and intimate, The Design District features three soaring, 31-storey towers connected by a midrise podium with retail at ground level. The striking new residence takes its design inspiration from landmark locations in London, New York and Miami.

Pashootan and the team at Emblem describe The Design District as, “An ode to art and design,” intended to contribute significantly to the changing face of Hamilton.

With 931 suites, the community offers five-star amenity spaces where residents can relax, reset and recharge at home. The hotel-like amenities range from an outdoor swimming pool and terrace lounge, to an impressive lobby lounge, fully outfitted gym, serene yoga studio, high-tech coworking space and elegant party room. Everything is drenched in modern design and high-end features and finishes. These warm, inviting spaces are meant to make visitors and residents feel comfortable and refreshed.

Emblem operates under the slogan, “The Mark of Exceptional Design.”

Featuring furniture in all three lobbies from Louis Vuitton, this is another testament to Emblem’s commitment to design and buildings that standout from the rest. Everyone on the EMBLEM team obsesses over every detail of each new community, which results in highquality, communities and high demand, as at The Design District.

Emblem’s current development portfolio consists of more than 4,600 residences of 4.2 million sq. ft., representing more than $3.6 billion of development value in Toronto, Mississauga, Hamilton and Ottawa. For its efforts, Emblem has been recognized with prestigious awards, including the BILD Best Suite Design,

for 1 Jarvis in Hamilton; and six multicategory awards at The Nationals, North America-wide.

The company is thrilled to be part of the transformation of Hamilton, where millions of dollars worth of investment is helping re-energize this historic and friendly city as the population continues growing after its six-per-cent increase between 2016 and 2021.

Hamilton’s makeover has been kindled by a $500-million investment into the downtown sector: A new entertainment hub and the revitalization of existing venues: FirstOntario Concert Hall, FirstOntario Centre, Hamilton Convention Centre and Art Gallery of Hamilton. Also, a Bell investment of $400 million will be the biggest digital infrastructure investment in Hamilton’s history. On the waterfront, a $140-million redevelopment project will remake the harbour into a Green, pedestrianoriented community with a commercial village and public plaza. The combined investment exceeding $1 billion is unprecedented in a community the size of Hamilton.

With the transformation and growth of Hamilton, CBRE ranks Hamilton in the top five in Canada for the quality of tech labour and real estate cost, and in the top two for mid-sized city tech talent labour pool growth. In five years, Hamilton’s tech talent labour pool has increased by 35.7 per cent.

Hamilton also has a strong student base, with more than 62,000 students

attending McMaster University and Mohawk College.

To help workers and students get around, the city already has excellent connectivity. The Design District is just a 10-minute walk to the GO station, and a five-minute walk to the future LRT. About $3.4 billion is being invested in an upcoming new 14-km LRT line, with 17 stops to accommodate Hamilton’s growing workforce.

Emblem – one of the most active real estate development companies in the GTA – has a strong belief in the bright future of Hamilton as it transforms from an industrial powerhouse to a vibrant, creative destination. Hamilton builds a robust sense of community and is renowned for its diverse economic base, innovative institutions, lively downtown, attractive waterfront and thriving arts scene. With the company’s previous project nearing completion and another development site, The Design District is part of an overall portfolio Emblem is building in Hamilton.

“We are not doing a one and done. Our commitment and belief in the opportunity in Hamilton is significant and demonstrated by our multiproject commitment to the city.” says Pashootan.

This year’s annual RBC Home Ownership Poll revealed 84 per cent of respondents see real estate as a sound investment, and 52 per cent say now is a good time to get into the market. The tipping point for making a decision to invest in real estate is knowing you have the right development partner. The Design District by Emblem is has been viewed as received a great deal of attention from its 1,000-plus agent turnout for the unveiling to strong sales velocity since. Design District offers you the ideal opportunity to claim a stake in the vast transformation of downtown Hamilton into a major urban destination.

For more information, please visit emblemdevcorp.com.

THE EVOLUTION OF THE TORONTO NEW CONDO MARKET

BEN MYERS

The new condominium apartment market in the GTA has undergone a remarkable evolution over the past 25 years. There was a slow recovery from the early 1990s recession to record sales in 2007, and the market has proven to be very resilient amidst various challenges like the global financial crisis and COVID-19. Let’s delve into the key stages of its transformation and the current landscape it faces.

In the early 2010s, the new condo market in the GTA was a media darling, grabbing newspaper headlines daily. Sales were booming at that time, evident by the long lines at condo project openings. The term “Manhattanization” became a part of the Toronto vernacular, reflecting the growing enthusiasm for highrise living. Investors were the key group buying pre-construction condos. Yet some of them were cautious due to the aftermath of the late 1980s housing crash, which had left many burned from their attempts to flip contracts shortly after purchase, only to find values had plummeted. These investors (often speculators) were on the hook to close a suite worth less than they paid for it.

However, lessons from the 1980s debacle led lenders to adopt a more conservative approach. Developers were now required to sell a substantial portion, at least 70 per cent, of the units before qualifying for construction financing.

As demand surged over the next three years into 2013, the new condo

market responded with larger towers, extended construction timelines and higher price points. However, end-user buyers faced challenges such as the widening period between pre-construction and occupancy, steeper down payment requirements, and a new wrinkle – negative media coverage. No longer a media darling, articles in the major newspapers reminded readers of the previous housing issues in Ontario and expressed concerns about potential oversupply (they were very wrong).

The market continued to evolve over a relatively stagnant period in 2014 and 2015, and sales came back strong in the next few years. However, rising government fees, increased construction costs and the development of much larger buildings contributed to higher expenses for developers. Despite numerous cranes on the GTA skyline, demand continued to outpace supply.

When the pandemic hit, the landscape shifted once more. Lower interest rates needed to stimulate the economy, fueled housing demand and pushed pricing even further, resulting in “shrinkflation” as units got even smaller – in order to keep end-selling prices down and down payments reasonable. Other than the higher prices, another potential issue for hold-and-rent investors was the new competition from purpose-built rental apartment towers. Institutions, such as pensions, insurance companies and institutional capital, partnered with developers to cater to the growing demand for rental housing, especially from young professionals facing decreasing affordability.

Over the last 15 months, 10 interest rate hikes have taken a major bite out of housing demand and increased

carrying costs for developers. Looking ahead, the pace of new condo construction is likely to decline in the coming years. This projected decline in new home completions could lead to fewer units becoming available in the next four to five years. As a result, resale prices and rents are expected to rise in 2027 and 2028, creating favourable conditions for investors to re-enter the new pre-construction condo market.

However, forecasting the market in the current landscape is challenging, as there are both headwinds and tailwinds, including fairly good employment numbers, record-high immigration, restrictive zoning and ever-changing political policies that add layers of complexity.

The bottom line is that the Toronto new condo market has experienced significant growth, faced diverse challenges and displayed resilience throughout its evolution. From its early beginnings to the postpandemic era, this market has continually adapted to changing circumstances. While uncertainties persist, a well-informed and strategic approach remains vital for investors and buyers seeking to thrive in this dynamic and evolving environment. 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.

FEDERAL GOVERNMENT

NEEDS TO ADJUST MORTGAGE QUALIFICATION CRITERIA

Through our national association, the West End Home Builders’ Association (WEHBA) has been urging the federal government to enact measures to increase housing supply and affordability and ultimately ease the current hurdles facing homebuyers. Canada grew by an astounding one million people last year, but the supply of new housing construction isn’t keeping up. On the contrary, residential construction is currently slowing. This explosive growth, in combination with high interest rates, will result in an even more difficult situation going forward. High borrowing rates are incompatible with meeting federal government’s new housing construction objectives, that aim to bring housing affordability to Canadians. Federal action on housing is needed.

The Canadian Home Builders’ Association (CHBA) has recommended several public policy ideas that could quickly be implemented by the federal government. These include a reintroduction of insured 30-year amortizations for first-time buyers, increasing the threshold for the GST New Housing Rebate, greater tax incentives for purpose-built rental developments, and greater federal support for new public infrastructure related with new housing. The combined effect of such measures would significantly increase new housing supply, while helping get first time homebuyers into the market.

CHBA CEO Kevin Lee recently stated that, “When it comes to

individual homebuying, the stress test has been a barrier and continues to be, and we recommend that it gets adjusted and ratcheted down –especially for longer-term mortgages. We think that steps should be taken to encourage more seven- and 10-year mortgages, rather than the industrystandard five-year term that’s so popular with Canadians because of its security.”

CHBA continues to raise concerns about the stress test and advocates against extra tightening of underwriting that will further suppress the market. The stress test, for both insured and uninsured mortgages, should be ratcheted down to favour longer-term mortgages to better stabilize the market, while supporting first-time buyers.

Another potential change that would greatly assist homebuyers in a higher-cost and higher-interest rate environment would be for both the insured and uninsured mortgage stress tests to be reduced on a declining basis for seven- and 10-year mortgage terms. This would support affordability and improve market stability.

However, the most significant long-term solution to the housing crisis is to increase housing supply. Here in Ontario, we need to almost double the amount of housing construction and build 1.5 million new homes over the next decade. A balanced housing market where supply meets demand, leads to more stable and predictable housing prices. New home construction of different types and tenures provides a wider variety of housing options, that better meet the diverse needs, budgets and preferences of potential homebuyers and renters. It also benefits the greater economy and livability of our region as it involves new infrastructure and development activities that stimulate economic growth, create jobs and boost related industries.

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

MIKE COLLINS-WILLIAMS

THE RELATIVITY OF NEW HOME REAL ESTATE

Having worked in the new home real estate industry for decades, I am fascinated to look back and see how things have changed. Looking at the big picture, as different as things are, they are also relative. Think about designs. Thirty years ago, layouts of both homes and condominiums were configurations of individual rooms, whereas nowadays, open-concept is the rule. Today’s airy designs invite the flow of natural light from generous windows and accommodate spaces for families to spend time together. And beautiful kitchens are part of the open living area. Finishes such as matching and contrasting cabinet colours and styles make these rooms as lovely as they are functional.

Efficiency in design is paramount, as rising price points have dictated more compact square footages, especially in condos. And speaking of condos, building amenities are attractive, light-filled common areas rather than simply a pool situated on the lower level. Today’s amenities appeal to a much-broadened condo market as opposed to decades ago, when purchasers were mostly seniors and empty-nesters. Nowadays, we have young professionals and growing families seeking the price points and lifestyle conveniences of condominiums.

Of course, price points for both condos and lowrise homes have risen over the past few years. I remember when I started out in the business, GTA buyers could pick up a beautiful new home or condominium for less than $100,000. Remember my point

about everything being relative? That was also a time when mortgage interest rates shot up past 20 per cent, yet people still found ways to afford homes. Although prices were lower, people made a lot less in wages and salaries. And looking at the big picture again, those homes have increased in value tremendously over the years. If you are an existing new home or condo owner, you will also get a lot more for your residence will bring in far more than you paid for it. Keep in mind that during the pandemic years, they increased by up to 40 per cent, which was unheard of. Even if they go down 20 per cent, that still leaves a huge amount of money on the table.

Regardless of higher prices, today’s new homes and condominiums in the GTA offer the benefit of the latest in building techniques and materials as dictated by the ever-changing Ontario Building Code (OBC). Updated every few years, the OBC criteria for elements such as energysaving features are more stringent than ever before. Just last year, new

code requirements related to stair dimensions, guards and handrails came into effect.

It may be a cliche, but everything really is relative in the new home industry. Regardless of economic and market conditions, a new home or condo is a major purchase and deserves to be researched so you choose what is right for you. Take your time, do your homework, take advantage of any government programs designed to help buyers, and enjoy the psychological, lifestyle and financial benefits of owning real estate.

Barbara Lawlor is CEO of Baker Real Estate Inc. A member of the Baker team since 1993, she oversees the marketing and sales of new home and condominium developments in the GTA, Vancouver, Calgary and Montreal, and internationally in Shanghai. baker-re.com

BARBARA LAWLOR

Park Road by Capital Developments

A T RE E FO R EVE RY HER O.

Join us in planting 2 million trees along the 401 Highway of Heroes, a tribute to the men and women who fought for Canada in our wars, and a living memorial to the 117,000 who died for freedom.

Get involved today:

As part of Trees for Life’s Tree Coalition, we are proud to work collaboratively with GrandTrees Climate Solutions.

IS NOW THE TIME

TO ENTER THE GTA CONDO MARKET?

Looking to purchase, rent or sell a condo? Navigating the market can be a daunting undertaking and an overwhelming process – especially for first-time buyers. It can be difficult to know when the best time is to make your move. Empower your decision with the latest in-depth property intelligence and market trends.

The Toronto Regional Real Estate Board’s second quarter findings show that market conditions in the condo segment have significantly tightened. Condo sales dramatically soared on a year-over-year basis; whereas the number of new listings considerably decreased. This has created more competition between buyers and could cause the average selling price for condos to rise above last year’s levels in the second half of this year.

Strong population growth and an extremely competitive rental market have resulted in an increase in condo sales over the past year. The average condo selling price remains below last year’s levels, which has helped from an affordability perspective. However, as sales increase relative to the number of listings available, expect condo prices to trend upward in the months ahead.

In conjunction with your real estate professional, consider these helpful statistics from TRREB’s latest market report to make informed choices.

SPRING UPDATES:

• GTA total condo sales: 6,844 (up by over 20 per cent year-over-year)

• GTA new condo listings: down by over 13 per cent over the same period

• GTA active listings: down by eight per cent (compared to same period)

• GTA average condo selling price: $737,868 (down by 4.2 per cent compared to same period)

• Toronto average selling price: $769,616 (down by 3.3 per cent over same period)

Examining the state of the condo rental market, the average rent has jumped well above the rate of inflation over the past two years –often by double-digit annual rates. Ipsos consumer polling indicates that these rent hikes are pushing households back into the ownership market despite higher borrowing costs. This is evident in the spike in

condo sales we’ve experienced over the past year.

To stay up-to-date on all things real estate in the GTA, tune into TRREB’s Ready to Real Estate podcast. We break down prices, sales, and new listings each month with an easy to glance report. Visit trreb.ca to explore the latest look into the housing market. Plus, connect with a TRREB Member realtor and search listings in real-time on any device.

Jason Mercer is TRREB’s Chief Market Analyst. Jason’s sought-after market analysis helps realtors and their clients understand housing trends and underlying economic drivers in the GTA and beyond.

VISIONARY TECHNOLOGY

APPLE VISION PRO IS KNOCKING ON THE DOOR OF PROPTECH

Over the years, there have been many supposedly game-changing technologies that have fizzled out or become novelty items – we’re looking at you Segway. But in a rapidly evolving digital landscape, virtual reality (VR) and augmented reality (AR) have started to influence and impact the real estate industry in exciting ways. These transformative technologies are revolutionizing the traditional process of buying real estate, making it more immersive, efficient and convenient. Enter the Apple Vision Pro, the first AR consumer technology backed by a tech giant, primed to transform the sales process.

Apple Vision Pro can blend digital content seamlessly with a physical environment, creating a visually stunning and incredibly interactive experience. Imagine putting on the headset and stepping into a virtual property. Experiencing the space as if you were physically there – observing the layout, walking around the rooms and even trying out the different finishes available. Picture overlaying property prices, architectural details and even walking the neighbourhood during this tour. There are endless applications where the technology can be used to enhance the homebuying process.

PRE-CONSTRUCTION SALES

New developments could be set up as a virtual environment, where buyers can explore the project and surrounding area, walk around

different floorplans, and assess the finishes to help them make an informed decision before purchasing. Armed with this understanding of the layout, design and style would help buyers envision their future homes and reduce the uncertainty that often comes with purchasing a preconstruction home.

VIRTUAL PROPERTY TOURS

Builders and realtors can create immersive experiences that allow buyers to explore multiple properties remotely. By donning a headset paired with an app, buyers can walk through 3D representations of homes, experiencing layouts, furniture placements and other details within the home.

CUSTOMIZATION AND COLLABORATION

Apple Vision Pro will have the ability to collaborate in a virtual environment where buyers can play around with modifying aspects of the home, such as colours, flooring, finishes and fixtures. They can see these changes in real time, allowing them to personalize their new home to their taste. They could work with the designer to visualize changes and furniture placement in the physical space.

It’s conceivable that one day homeowners could interact with their builder, architect and designer simultaneously in a virtual environment.

The Vision Pro is still in its early stages, and we have yet to see the applications that will be developed. What we do know is that with a company like Apple rolling it out, and the expected extensive app ecosystem, this device has the potential to revolutionize the way we buy, sell and interact with real estate. As the market continues to embrace new technologies and they become more accessible, innovative products such as Apple Vision Pro will undoubtedly become a competitive advantage in the homebuilding industry.

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

GAIRLOCH DEVELOPMENTS

CONNECTING WELL-DESIGNED, THOUGHTFUL BUILDINGS TO THEIR LOCAL NEIGHBOURHOODS

Homebuyers these days are increasingly discerning... limited supply, rising prices, economic uncertainty… who can blame them for wanting to make careful, wellinformed decisions, and for demanding the absolute best?

Of course, they care about buying the right property, but more and more they care about the right location, with a building that offers top of classin amenities, and not only suits but embraces its surroundings.

Gairloch Developments is one company fully in tune with these buyer demands, with a mission to create signature projects where design and architecture are central features, with amenities that speak to local energies and characteristics of their locations, and ultimately where residents will be proud to live.

After recently offering milestone projects such as Leaside Common and 1414 Bayview on Toronto’s prestigious Bayview Avenue, both of which are currently under construction and in the west end’s hot Junction neighbourhood, Gairloch is near completion on Junction Point and demolition has started on Craft Residences. With select units available in all projects, Gairloch is now focusing on its next milestones.

“At Gairloch, design and designforward thinking are fundamental in the creation of our projects,” says Bill Gairdner, president of Gairloch Developments. At 1414 Bayview, an eight-storey midrise condo, this approached helped the building blend seamlessly into

the neighbourhood, while creating a distinguished silhouette along one of Toronto’s prime streets. At Junction Point, also an eight-storey midrise building which won Project of the Year at the 2021 BILD Awards, Gairloch wanted to connect with, and pay homage to, the industrious and design-minded people who historically live in the area. “We created Junction Point to provide a home for people who want to live in a design-forward building that reflects the identity of its neighbourhood,” says Gairdner. Gairloch now plans to build on these successes by focusing on exciting new plans for the Junction, as well as another popular Toronto area, Leaside.

383 Sorauren

JUNCTION

The company currently has applications with the City on three additional offerings in the Junction: 3233 Dundas St. W., with 88 suites; 1650 Dupont St., with 106, both midrise buildings; and a 45-storey highrise with 596 units at 11 Hollis St. Located accross the street from Craft Residneces, the proposed condo at 3233 Dundas will carry on the success of Craft, an 86-suite boutique condo with architecture that purposefully applies modern masonry design into a bespoke tapestry. Reinforcing the undulating curves of the facade, each brick inlay is made of 60-per-cent recycled material. A mosaic mix of porcelain, concrete and other construction debris cohesively creates a soft pistachio green building face.

Grain at 1650 Dupont is an especially interesting project, as Gairloch is considering using cross-laminated timber made from spruce, fir and pine grown in certified renewable forests in Ontario.

LEASIDE

In Leaside, Gairloch has two proposed projects – Glazebrook, at 434 suites, and 1802 Bayview, with 419 – both in line with the company’s commitment to bring sustainable, accessible housing in a transit-rich area.

Located at Bayview and Roehampton avenues and being developed in partnership with Harlo Capital, 1802 Bayview is Gairloch’s fourth development in the Leaside area. This latest development epitomizes the company’s commitment to bringing new, thoughtful and more affordable housing options to the area.

“We are immensely proud to be developing a number of multi residential buildings in the neighbourhood, and this one is particularly exciting due to its immediate proximity to the new Leaside LRT station,” says Gairdner. “We are happy to be contributing over 400 homes in the midst of our current housing crisis.”

Situated just 200 ft. from the Leaside Station of the Eglinton Crosstown LRT, 1802 Bayview

provides residents with convenient access to public transit. At 46-storeys, the building will offer units ranging from studios to three-bedroom residences, together with indoor and outdoor amenity areas ensuring a well-rounded living experience.

Glazebrook, at 34 storeys and located at 2-20 Glazebrook Ave., is a proposed 34-storey mixed-use condominium on the northwest corner of Glazebrook and Bayview avenues in Toronto’s Sherwood Park neighbourhood.

The common thread through these and all of Gairloch’s developments is creating a deep and meaningful connection with the distinctness of each neighbourhood.

“At Gairloch, design and design thinking are fundamental in the creation of our product,” says Gairdner. “And those who appreciate this feel it when they encounter our spaces. Whether you’re in the lobby or in your suite, you’ll feel the connection.”

For more information, visit gairloch.ca.

THE PROS AND CONS OF REFINANCING

YOUR MORTGAGE EARLY

WHAT DOES IT MEAN TO REFINANCE YOUR MORTGAGE?

The real estate and mortgage world is in an interesting place right now, with a lot of volatility. Although rates are increasing, there are many Canadians still considering a mortgage refinance, whether it’s to consolidate debt or leverage their home equity. After last year, a lot of Canadians have high rates on their mortgages. This has left many thinking about the potential for rates to decrease in the next two to three years so they can eventually refinance and lock in a lower rate.

Refinancing a mortgage happens when a mortgage owner breaks their mortgage before the end of their term (such as year three of their five-year term) or, if they change their mortgage terms (amortization length or amount borrowed) at the end of their term without breaking early. In these situations, the mortgage owner would refinance their current mortgage to a new one – either with their current lender or, more often, with a new lender.

Pro-Tip: When refinancing, you can make big changes, such as borrowing more money (up to 80 per cent of your home’s value). You cannot do this when you switch.

PROS OF REFINANCING YOUR MORTGAGE EARLY:

• Take advantage of lower interest rates: If the current interest rates are lower, this could decrease your monthly payments and save you money over time.

• Better mortgage terms: Refinancing allows you to explore your options and shop around for mortgage terms that are more aligned with your current financial situation.

• Debt consolidation: Refinancing allows you to consolidate all your debt into a single mortgage loan at a lower interest rate, allowing you to pay it off faster.

• Opportunity to tap into your home equity: You can tap into the equity you’ve built in your home and use this to fund major expenses such as home improvements, education, or debt repayment.

CONS OF REFINANCING YOUR MORTGAGE EARLY:

• Fees and penalties: Make sure to check your existing mortgage

agreement for penalties as these may end up being higher than the interest savings.

• Potential rate increases: Consider the impact of potential rate increases, especially if you have a variable-rate mortgage. In the current rate environment, someone could potentially see a multiple percentage-point increase.

• Closing costs: Legal fees, appraisal fees and mortgage discharge fees can decrease your total savings. Oftentimes, some of these fees are covered by the lender.

• Potential increase in overall interest: A longer-term loan could lead to an overall increase in the interest you have to pay over the course of your mortgage.

• Qualification criteria: You’ll have to qualify for refinancing and will be subject to lender approval and income verification checks.

Over the last year at Homewise, we have helped several clients navigate the marketplace in light of recent rate increases, always finding a solution that fits their current budget and future goals. If you are pondering whether to refinance your mortgage early in your term, simply take the time to understand the current economic conditions, alongside your personal finances. If you need a second set of eyes, never hesitate to reach out to a mortgage professional for help. You can never be too careful when it comes to your financial future.

28 condolife magazine | Aug. 12–Sept. 9, 2023

When refinancing, you can make big changes, such as borrowing more money (up to 80 per cent of your home’s value). You cannot do this when you switch.

+MORE

JESSE ABRAMS

PREPARING TO BUY IN UNCERTAIN TIMES

JAYSON SCHWARZ, LLM

Home prices are falling in some cases and interest rates have risen. What does this mean for you, as you consider buying a new home?

Real estate is the most important investment that most people will make in their life. The single biggest rule in any real estate purchase is this: Do not go into a real estate deal thinking you can pull off a quick flip. If you can hold for the long term, you will rarely go wrong.

In these most interesting times, the biggest risk is to the investor group. Today’s prices require significant cash invested to make that scenario work, especially if mortgage rates go up. My advice, be very careful.

If you are buying a home as your principal residence, it’s always the right decision if you can carry it, even if rates rise. The performance of the GTA market over the last several years indicates that if you wait, it’s likely going to cost you more; a lot more.

Homeownership as a principal residence satisfies many needs. The best way to protect yourself in a rising interest rate environment is to put down a large down payment, as this hedges against rate increases. If you are not able to do that, but have good cash flow, you may still be fine, and in both cases your goal should be to hold for the long term. This will likely yield price growth, despite the ups and downs, and in the end it will prove to be the best investment you ever made. After all, where else can you “enjoy” your money every day?

When you walk through the front door, you know this is your home – a place for you, your family and your pets. In addition your financial gain is, so far, tax free.

The law of supply and demand dictates price. As immigration continues to increase and housing inventory remains low, prices will ordinarily continue to rise, or at the very least remain stable.

Can a price adjustment happen? The one scenario to be aware of is a significant increase in interest rates. Yes, rates may climb – some economists predict as many as six small increases over the next two years – and inflation has risen.

COVID and supply shortages have had an impact around the world, and the cost of living has risen everywhere. If the untangling of the supply chain doesn’t fix the problem, and the thousands of people affected by the pandemic don’t return to work, the cost of living will continue to rise. However, many experts believe that once the supply chain returns to normal, inflation will settle at the acceptable level of two to three per cent per year.

Governments, though, don’t always act rationally when people cannot afford to buy groceries, and they believe prices must be brought under control. This inflation is different, because it’s brought on by shortages, not wage increases. If the Canadian and U.S. governments overreact to inflation and raise interest rates too much or too quickly, the economy will suffer and the housing market may be detrimentally affected. Let’s hope rational thinking prevails, and rate increases are slow, measured and effective.

These issues can be complicated, but for you as a prospective homebuyer, your focus is more narrow: Save as large a down payment as possible, consider taking the longest mortgage you can with the shortest amortization you can afford, lock in your payments, and plan for contingencies. Remember, every blended payment reduces your outstanding principal, and this will help you with payments even if there has been a rate increase, when it’s time to renew.

Once you buy, don’t even think about your home’s value; just enjoy it and pay off as much of your mortgage as you can. The value will always be there. Face the future with confidence, knowing you made a wise homebuying – and investment – decision.

Once you buy, don’t even think about your home’s value; just enjoy it and pay off as much of your mortgage as you can.

CAPITALIZING ON THE HIGHS OF THE REAL ESTATE MARKET

DEBBIE COSIC

In August 1981, the variable mortgage rate reached a record high of 22.75 per cent. And, in the early 1980s, the average price of a house in Canada was $75,000, with prices doubling by 1989.

The lowest fixed mortgage rate for a five-year term of 2.44 per cent was available 40 years later in 2021. Emergency actions by the Federal Reserve helped to keep mortgage rates below three per cent during the pandemic, but since 2022 a sizzling inflation has caused interest rates to reach their highest level in 20 years.

THE BEST LAID PLANS

So often we seem to be on one trajectory, and then that very thin dime takes a proverbial turn, and we find that our projected budget just flew out the window, along with a desired acquisition that had been on our wish list for quite some time. Time to rethink and come up with a new strategy.

Following the most recent interest rate increase on July 12, even Bank of Canada governor Tiff Macklem seemed uncertain. “These decisions are difficult. And we did discuss the possibility of holding rates unchanged and gathering more information to confirm the need to raise the policy rate.” He went on to say, “On balance, our assessment was that the cost of delaying action was larger than the benefit of waiting.”

NAVIGATING A NEW PATH

With the latest hike, BoC is predicting that inflation will hold at approximately three per cent for the coming year, and should return to two per cent by the middle of 2025. In the meantime, higher rates may lead to more interest on savings accounts and guaranteed investment certificates. While many Canadians are remaining cautious and curbing their spending on travel, entertainment and leisure activities, many are still benefitting from increased savings and reduced spending habits as a result of the pandemic. Household savings rose approximately $350 billion above pre-pandemic levels by the end of the third quarter of 2022. In the

second quarter of 2020, the average saving rate of a Canadian household was 26.5 per cent, compared to an average of 6.2 per cent by the second quarter of 2022.

POSITIVE RETURNS

For those who are considering buying a home, especially a pre-construction home, there are advantages to purchasing now. The higher interest rates of today will likely be on the decline by the time you have to close in two to four years, but you are benefiting from the wide availability of units and the variety of incentives being offered today.

On the resale side, listed homes are remaining on the market for longer periods of time, offering buyers respite, as well as alleviating the recent supply crunch. Plus, some homeowners may choose to sell, to ease their financial burden, which will also bolster available options.

A one-per-cent increment in mortgage rates often correlates to a five-per-cent reduction in price, or a slower rate of increase in sale prices. Ultimately, buying a house when housing prices have dipped due to an interest rate hike, may yield larger profits down the road.

I’ve said it before and I’ll say it again – buy real estate and wait, don’t wait to buy real estate.

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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Thank you to our sponsors and supporters.

PINK! IT’S NOT JUST FOR BARBIE!

Every room tells a story… and for the moment the story is pink. With the resurgence of Barbie this summer, we are seeing all shades of this fantastic colour everywhere. Pink is not necessarily a hue that many would turn to in decorating, and it’s not always the easiest to mix and match, but it is a happy colour that can be both calming or a bold statement. Most shades of pink can complement, highlight or pair well

with just about any colour scheme or design aesthetic. A bold fuchsia or deep cerise pink works well with an ashy chocolate brown, as does a soft pale pink. In turn, a soft pale pink blended with a rich ochre hue can create a very warm and relaxed palette. Pretty dusty salmon or coral pinks look lovely with greyish blue tones. Deep greens and blues with varying shades of pink can denote a slightly more traditional vibe, while a

vibrant chartreuse blended with softer pinks can be more modern or edgy in its aesthetic. Pale pinks and warm grey tones work if you’re feeling a bit retro, while more muted pinks and deep eggplant purples can create a relaxing nostalgic vibe… the versality of pink is endless.

If you are feeling that pink is a trend you are itching to explore but just can’t bring yourself to go all the way, try easing into it with some light

accessories or toss cushions. Or if you’re a ready for just a tad more, then try creating a feature wall with a great wallpaper pattern or bold shade of pink. There are so many possibilities that would allow you to inject a bit of this fun trend into your home… so many beautiful fabric and wall covering patterns, so many wonderful shades to service every mood, style and room.

If you’re looking to incorporate multiple patterns and textures into your space, there are a few things to keep in mind to achieve that “designer look” in your own home. To blend fabric patterns together successfully, balance is key. Remember to vary the scale of the patterns from small to large and maintain the same depth or magnitude of colour to avoid an imbalance in the space. Starting with the blending together of a minimum of three fabric patterns should give you a solid base to expand on. Your first pattern should be the most impactful, so selecting a pattern that is larger-scaled may be wise. The second pattern should be completely different, about half the scale of the first one and should incorporate some similar hues and tones. The third pattern can be smaller scale and similar in pattern to either of the first two, with at least two to three of the colours found in the other patterns. So, for example, if you have selected a large-scale floral as your first pattern, the second could be a bold stripe or a geometric fretwork pattern, and then blend in another small-scale floral for the third or an alternative geometric. You can still add another pattern or two or three, if you wish; maybe a small check, dot or something in a solid small-scale texture. If you’re more adventurous, consider throwing an animal print into the mix for a bit of fun. There are a lot of fabulous pink animal prints available today that can spice up a room –and remember to maintain balance throughout your space.

Pink is in, so be bold and explorative in your decorating, enjoy this trend to create a chicer home. You may be surprised where it will take you.

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

7

EASY WAYS TO TRANSITION

by LISA ROGERS

Summer begins to fade in August, and while it’s always bittersweet to say goodbye to our short season of warm temperatures, something is comforting and luxurious about the fall and nesting in our homes once again. August is the perfect time to trade in your summer-appropriate decor, fabrics and colours for the cosy ambience of fall. Here are some late-summer decor ideas to help you transition into the coming cooler months.

SET UP A BACKYARD FIREPIT

Just because it’s cooler outside, doesn’t mean we can’t still enjoy the outdoors. A firepit will keep you warm enough to take advantage of your backyard well into the fall. With several options and varying price points, a stand-alone firepit is easy to set up and maintain. All you have to do is add a few chairs around the pit, and it can remain a cosy entertaining spot for hot cider or roasting marshmallows with the family.

TRANSITION YOUR FRONT PORCH

If you have a front porch or terrace, optimize the space for the fall season by swapping out your summer plants for fall-friendly (and hardy) Chrysanthemums, Helenium or Pansies. Since the season is so short, the easiest way to get the most mileage out of your fall plants is to plant them in pots that you can scatter on your porch (with the addition of gourds or pumpkins to drive the theme of fall home). The colour and texture will add a beautiful vibrancy to your area. Layer cosy blankets and pillows on chairs and couches for that extra comfortable touch.

LAYER TEXTURES AND ELEMENTS

Layering textures and fall-inspired elements is vital in bringing that sense of warmth into your home. Adding a plaid or wool blanket at the foot of your bed, throwing blankets on the couch, a stack of logs by the fireplace, or scattering small tealights in glass votives and Mason jars – all lend the right amount of warmth without being too excessive.

SWAP FABRICS

Switching out summer kinds of cotton and linens for knits, velvets and other softer materials on pillowcases, throw blankets, rugs and draperies is easy to transition your furniture for the fall season.

INCORPORATE FALL FOLIAGE

Source your backyard for branches and leaves to arrange a bouquet much like you would with flowers. Arrange branches, dried grasses, moss and anything you can find. The key to setting leaves is to group them by size and colour. Fiery red maple makes a beautiful focal point when countered

with something such as redwood or pine branches with pinecones. For more, scatter small pumpkins, gourds, faux apples and pears on your dining table. These natural touches harken to the cooler season, and they are also affordable.

LINE YOUR FRONT DOOR STEPS

Fall also means guests, family and get-togethers. Get your front steps ready for fall entertaining with planted mums. There’s a reason you see so many mums this season – they last. (Once buds open, you will have blooms whether you display them in sun or shade.) Pair with Mexican sage and boxwoods and mix in a few lanterns to add a welcoming glow.

BRING IN COPPER

Copper remains widespread, and this metal can be incorporated in myriad ways in your home, from a pretty copper pail used for a fall floral arrangement to your dishware and kitchen accessories, picture frames or serving trays. Occasionally polish the copper to maintain its shine or allow the metal to take on a rich patina over time.

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca

LIVING etc.

by SARA DUCK

The latest seasonal decor and design inspiration you are going to love

Soak up the final sundrenched summer days with Relay, the ultimate outdoor sofa by Burrow. Crafted with a sleek frame of powder-coated, galvanized steel that's totally rust-proof, this baby is built to last. And don't even worry about spills or dirt because the quick-dry cushions are wrapped in all-weather fabric that repels liquids, grime and even those pesky UV rays. $3,595. burrow.com

Dream big

In 2017, childhood pals Albert Chow and Kenneth Mo had a dream. They wanted to make beautiful home pieces that checked all the boxes — quality, transparency and eco-consciousness. And voilà, Silk & Snow was born. The collection includes everything from European flax linen sheets and responsibly sourced Acacia wood bed frames from Vietnam to comfy mattresses made right here in Canada. We are particularly fond of the flax linen bedding in marble white — sweet dreams indeed! silkandsnow.com

Breathe EASY

Thinking of buying an air purifier for your home? You’re not alone. A survey by Léger Marketing for Dyson in Canada found that 58 per cent of Canadians worry about the air quality in their home. Dyson’s latest game-changer, the Dyson HEPA Big+Quiet Formaldehyde, is its quietest and most powerful purifier yet. With its Cone Aerodynamics system, it delivers double the airflow — up to 90 litres per second. Covering 1,000 sq. ft., it’s acoustically engineered to operate quietly, even at the highest power setting. This air purifier traps allergens, gases, and smoke with its sealed HEPA H13 filtration, eliminating up to 99.97 per cent of ultra-fine particles and permanently destroying formaldehyde. It monitors CO2 levels in real time and alerts you when it’s time to ventilate. $1,199. dysoncanada.ca

1. Wooden BED FRAME. From $1,500.

2. Flax linen BEDDING. From $130.

3. Muslin cotton ROBE in mist rose. $125.

4. Silk sleep MASK in orchid pink. $35.

Shop, click, buy

Bonne Choice is a new online destination for architects, interior designers and design enthusiasts seeking curated, authenticated and one-of-a-kind decor pieces to elevate residential or commercial projects. From coveted vintage finds to contemporary European designer furniture and locally crafted homewares, Bonne Choice offers a diverse range of design-focused statement pieces, including furniture, lighting, art and decor accessories.

Founded by Carlo Colacci, a Toronto entrepreneur and design consultant for Drake Hotels and co-founder of Toronto’s Drake General Store, Colacci brings a passion for vintage furniture and two decades of experience in the industry to his new enterprise. Bonne Choice will also open a 4,000-sq.-ft. designer showroom in Toronto’s west end, accessible by appointment only for previews, design consultations, designer collaboration pop-ups, and as a studio and event space.

bonne-choice.com

COLOUR TREND: Cobalt blue

This vibrant hue makes a bold statement in living spaces, whether it’s on an accent wall, a feature furniture piece, or eye-catching accessories. With its energetic and confident vibe, cobalt blue injects a dose of creativity into any room, instantly making it stand out.

Bedroom design: Amanda Shields Interiors

Photo: Larry Arnal

Photo: John Watts

Italian travertine TABLE (vintage) Bruno Rey CHAIRS (vintage)

Lucie Kaas milk glass DINNERWARE (new) Forged iron CANDLESTICK holders (vintage)

1. Apilco traditional DINNERWARE collection in blue-banded porcelain. $25-$679. williams-sonoma.ca

2. Colour wash RUG. From $449. westelm.ca

3. Mitzi kids’ NIGHTSTAND in cobalt blue. From $268. westelm.ca

Old is new again

Art Deco furniture is experiencing a major comeback, with its iconic geometric shapes, luxurious materials and glamourous details capturing the attention of design enthusiasts. From sleek velvet chairs with curved lines to elegant, mirrored tables, art deco pieces add a touch of sophistication and vintage allure to contemporary interiors.

Move on

Did you know June through August is the most popular time to move? If you’re planning a house move soon, take note of these top tips from Aaron Parker of Parker’s Moving.

TIP 1 | PLAN EARLY

It's essential to begin planning your move as soon as possible, especially if you have a lot of stuff to move or are relocating long-distance. Take some time to prepare a list of all the things that need to be done before your moving day, and make sure you stick to a schedule. This will help prevent last-minute stress and ensure everything is done on time.

TIP 2 | DECLUTTER BEFORE PACKING

Before packing, declutter your home and get rid of anything you no longer need or use. Not only will this make packing and unpacking easier, but it will also save you time and money when it comes to moving. Sell or donate items you no longer need or dispose of them if necessary.

TIP 3 | LABEL BOXES AND KEEP AN INVENTORY

To make the process as organized as possible, label all your boxes clearly and create an inventory list. This way, you can quickly locate specific items when unpacking, and you'll have a clear idea of what has already been packed. Keep this list with you and check off items as they are loaded onto the truck and also when everything is unloaded, to ensure nothing gets left behind.

TIP 4 | HIRE PROFESSIONAL MOVERS

It’s okay to save money packing and moving your items yourself, but hiring professional movers can be more efficient and less stressful, especially if you have a lot of heavy furniture. Not only do professional movers have the necessary experience and equipment, but they also offer additional services such as insurance, packing, unpacking and storage.

TIP 5 | STAY ORGANIZED AND KEEP CALM

Moving can be a busy and chaotic experience, but remaining organized and calm can make all the difference. Try to stay on top of your schedule and tasks, delegate responsibilities to family members or friends if necessary, and take breaks when needed. Remember, a successful move is all about careful planning and proper execution.

1. Starburst COFFEE TABLE. $749. westelm.ca | 2. Fayette BAR CABINET $2,599. crateandbarrel.ca | 3. Glass and gold CONSOLE table. $349. bouclair.com | 4. Fitz channelled LOVE SEAT in green velvet. $2,499. cb2.ca

Hello,yellow!

by SARA DUCK

We deep dive into why decorating with yellow can bring happy vibes to you and your home

Did you know yellow symbolizes happiness and optimism? It’s no wonder, then, that postpandemic, more designers and design enthusiasts are choosing to decorate with yellow. Could it be a subliminal nod to a hopeful future? After all, different colours have long been known to be powerful mood influencers.

Think of how you feel when you cut into a fresh Meyer lemon, see a towering row of sunflowers, or take in an epic sunset. It’s an instant blast of dopamine for your body.

Summer, sunshine and smiles

Confession time. I’m obsessed with the yellow colour spectrum. From the softest butter yellow to a deep rich ochre (which happens to be one of the oldest known natural pigments) and every shade in between, I appreciate its adaptability and ability to instantly brighten up a space to make it feel more inviting and cheerful. Yellow is associated with sunshine and summer and brings a sense of warmth and positivity into any room. Its versatility enables it to be paired with a wide range of other hues (for example, lavender, pink and a neutral light gray), making it a popular choice for adding hits of colour or creating vibrant colour schemes.

As designer Michelle Berwick of Michelle

Berwick Design aptly puts it: “Yellow is a very strong colour that can make a huge impact on your overall design. So, use it wisely and intentionally.”

According to Sharon Grech, a Benjamin Moore colour and design expert, yellow has potential in any room, yet its intensity should be carefully considered. She recommends reserving a vibrant shade for accents or areas that are infrequently used, such as a laundry room and hallway, or as a striking door colour. This way, you can infuse a pop of energy and personality without overwhelming the space or disrupting the serene atmosphere of your main living areas. And, when it comes to amping up yellow and giving it serious design cred, Grech recommends pairing it with bright white and black accents for graphic contrast.

The right hue for you

What about choosing the right shade for your home? Grech has some sage advice. “I highly recommend first testing out your yellow selections on the wall with paint samples. In a small paint chip, yellow can be very deceiving and most often is more vibrant than it appears. Once you brush out a big amount, you will have a much better sense of the intensity.”

Experience the transformative power of yellow. Let this magical hue visually enhance the atmosphere and turn your home into a sanctuary of happiness and positivity.

1. Breakfast NOOK in hawthorne yellow HC-4, a classic and top-selling Benjamin Moore paint colour that is a popular choice for interior and exterior paint projects. | 2. Designer Michelle Berwick painted her client’s bathroom DOOR yellow. Although it’s only one element in an otherwise neutral space, it has a massive impact. | 3. Linen blend DUVET COVER SET in light yellow. From $124. hm.com | 4. Square CEMENT TILE in bumblebee and warm white. $10 per sq. ft. geontile.com | 5. Nursery DRESSER in sundance by Benjamin Moore. benjaminmoore.ca | 6. Phoebe CHAIR with metal legs in dijon. From $974. westelm.ca | 7. LE CREUSET nectar collection. From $145. williams-sonoma.ca

Lofty intentions

An industrial loft is injected with serious style and colour

by SARA DUCK • photos VINH LE

Designer Luca Campacci of Level Studio Inc. longed for an opportunity to work on a project with soaring ceilings. When the chance arose to design a loft in a former office building, Campacci and his team eagerly seized the moment. With a spacious layout and 11-ft. ceilings at their disposal, they embarked on a creative journey. “We wanted to preserve the industrial loft ambience, so we decided to keep the existing concrete floors and refinish them with an epoxy coating,” explains Campacci. “The exposed conduit and HVAC system played in our favour, enhancing the desired look and feel.”

When it came to the kitchen, Campacci and his team did a complete renovation, reconfiguring the layout for better functionality. Their client expressed a desire for an all-black kitchen, which the team balanced with a large white island. “We carefully selected stones with complementary veining for the backsplash, island and dining table, ensuring a cohesive and visually striking design,” says Campacci.

Despite the client’s affinity for black, Campacci and his team infused the loft with splashes of colour. “In collaboration with our client, we curated two exceptional pieces by artist Christoph Niemann that introduced a kaleidoscope of colours. We subtly incorporated these hues in the large rug of the living area and the runner in the foyer,” says Campacci.

The living area was set ablaze with a vibrant yellow sectional sofa, chosen for its timeless pairing with black. “Yellow and black create a classic

colour combination, making it the perfect choice for this project.”

The library received a notable transformation as well. Originally a smaller den, the space was expanded to emphasize the loft’s height.

A custom window and door system was designed and then crafted by Campacci’s metalsmith team to maximize natural light while maintaining the industrial esthetic. Custom shelves were added to house an extensive book collection, and the team eagerly incorporated a ladder, fulfilling the client’s dream of a library with elevated functionality.

For the primary bedroom, a more subdued colour palette was selected. The bed’s large king headboard in soft gray wool fabric became the focal point, complemented by walnut accent tables, a captivating piece of artwork and bright cushions.

In this industrial loft project, Campacci and his team skillfully balanced the client’s bold vision for black with strategically placed pops of vibrant colour, resulting in a harmonious and visually captivating space.

SOURCES | KITCHEN

With more than 15 years’ experience as a magazine editor, writer and content creator, Sara’s passion for design and decor shines through in her pages. Instagram: @bysaraduck

: Kitchen cabinetry by Scavolini kitchens. Countertop by Caeserstone. Appliances by Miele. Pendant light by Matteo Lighting. DINING ROOM: Dining table by Casalife. Dining chair by West Elm. Dining pendant light by DVI Lighting. LIVING ROOM: Sectional by EQ3. Rug by Area Rug Shop. Side table by West Elm. Drink table by Crate & Barrel. Floor light by Kuzco Lighting. Accent chair by Elte Mkt. Pendant light by Elte Mkt. LIBRARY: Custom glass door and ladder by 1925Workbench. Custom shelves by Salerno Carpentry Ltd. Armchair by Elte Mkt. Floor lamp by Elte Mkt. Desk by Crate & Barrel. Chair by Ikea. Filing cabinet by Crate & Barrel. Ottoman by Urban Mode. Sconces by Kuzco Lighting. BEDROOM: King bed by EQ3. End tables by EQ3. Floor mirror by CB2.

Bristol Place Brampton

NorthShore Burlington

developer: SOLMAR DEVELOPMENT CORP.

style: Highrise

size: Starting from 432 sq. ft.

features: • Brampton’s tallest towers on a podium with landscaped courtyard and parking for all unit types

• 1 bed, 1 bed + den, 2 bed, 3 bed

• Steps to Go, VIA Rail, and ZUM rapid transit

• Close to Brampton’s Innovation District, Gage Park, Rose Theatre and much more

• 24x7 Concierge, Lobby Lounge, Co-working Space, Outdoor BBQ, Party Room with serving kitchen, Fitness and Yoga Studio, Pet Wash and much more contact: solmar.ca

location: 199 Main St N, Brampton, ON L6X 1N2

presentation centre: 9291 Jane Street, Vaughan | 905-804-1451

Central Park

North York

developer: NATIONAL DEVELOPMENTS

style: Mid-Rise

size: 8 Storeys, 387 Units

features:

• 1 Bedroom Condos starting at $499,990, 2 & 3 bedroom also available

• Lobby, Gym, Co-Working Space, Party Room, Private Dining Room with Catering Kitchen

• Rooftop with BBQs & Party Lounge Area

• Coming soon to Burlington

register at: MyNorthShore.ca

location: 490 Plains Rd E near Plains Rd. & King Rd., Burlington

The Villages of Oakpark Oakville

developer: AMEXON DEVELOPMENT CORPORATION

style: Highrise – 12-acre, master-planned community size: 436 - 1,200 sq. ft.

prices from: from the $700,000s

features:

• 1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den

• Spacious layouts, terraces/balconies

• Located in the Bayview Village neighbourhood

• Leslie subway station and GO Transit at your door

• Direct access to the East Don Parkland ravine

• Central Park Common – a three-acre urban park offering year-round, outdoor event programming

• 55,000 sq. ft. of resort-style amenities including coworking space, skating rink, indoor and outdoor saltwater pools, privately operated childrens’ daycare, EV charging stations in all parking areas contact: centralparktoronto.com

• (416) 252-3000

location: 1200 Sheppard Avenue East

developer: BALLANTRY HOMES

project name: The Villages of Oakpark

style: Highrise size: 500 to 1506 sq.ft. features:

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

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

• Rich amenities include gym, party room, rooftop terrace, lounge, co-work space, 24/7 concierge.

• Geothermal and Ballantry Connect Smart Package contact: ballantryhomes.com

location: 90 Oak Park Blvd, Oakville

developer: EMBLEM DEVELOPMENTS

style: Highrise size: 428 sq.ft - 1,005 sq.ft.

features: • 43-storey tower offering 509 residential units

• Heritage façade integrated with modern architecture

• 100 walk score, 100 transit score and 98 bike score

• Chauffeur service using ALLURE’s private Rolls-Royce

• Curated amenities: 24-hour concierge, luxurious social lounge, health spa with steam room, sauna, screening lounge, coworking spaces, fitness centre, spin studio, children’s playroom, and outdoor terraces

• Global architectural firm IBI Group and interior design by Burdifilek contact: EmblemDevCorp.com location: 250 King E, Toronto

FIND YOUR NEXT HOME

BRAMPTON

1. Bristol place 199 Main St, North, Brampton

2. Duo condos Malta ave & Steeles Ave

CALEDON

3. Mayfield Collection 2256 Mayfield Road. Mayfieldcollection.ca

ETOBICOKE

4. Curio Condos 801 The Queensway marlinspring.com

5. Humberwood Heights 50 Humberwood Blvd. tributecommunities.com

MARKHAM/ UNIONVILLE

6. Panda Markham 8200 Warden Ave. lifetimedevelopments.com

7. Varley Condo Residences 20 Fred Varley tributecommunities.com

8. Canvas on the Rouge Donald Cousens Pkwy & Ninth Line flatogroup.com

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

10. Highmount 4077 Hwy. 7 highmountbykingdom.com

MISSISSAUGA

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

12. Artform Condos 86 Dundas St. E. artformbyemblem developments.com

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

NORTH YORK

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

PICKERING

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

OSHAWA

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

TORONTO

17. 111 River St. Condos 111 River St. lifetimedevelopments.com

18. Lawrence Hill Urban Towns

Don Mills & Lawrence lawrencehillurbantowns. com

19. 489 Wellington St. W. 489 Wellington St. W. lifetimedevelopments.com

20. 500 Dupont St. 500 Dupont St. lifetimedevelopments.com

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

22. Panda Condos Yonge & Dundas. lifetimedevelopments.com

23. 36 Eglinton Ave. W. 36 Eglinton Ave. W. lifetimedevelopments.com

24. Linx Condominiums Danforth & Main tributecommunicties.com

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

26. 50 at Wellesley Station 50 Wellesley St. East pureplaza.com

27. No. 1 Yorkville 1 Yorkville Ave. pureplaza.com

28. Theatre District Residences

Adelaide & Widmer pureplaza.com

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

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

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

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

33. Forest Hill Private Residences 2 Forest Hill Rd.

foresthillresidences.com

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

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

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

37. XO Condos King & Dufferin lifetimedevelopments.com

VAUGHAN

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

38. 225 Jarvis Street Condos Dundas St. East & Jarvis amexon.com

39. 316 Junction Condos Campbell & Dupont 316condos.com

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

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

42. Park Avenue Place

1 & 2 Jane St. & Rutherford Rd. solmar.ca

FIND YOUR NEXT HOME

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

BURLINGTON

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

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

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

FORT ERIE

4. Discovery Condos SigNature Communities discoveriecondos.ca

HAMILTON

5. 1 Jarvis 1 Jarvis 1jarvis.com

6. The Design District 41 Wilson Street thedesigndistrictbyemblem.com

NIAGARA REGION

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

OAKVILLE

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

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

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

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

12. Villages of Oakpark Dundas & Trafalgar ballantryhomes.com

STONEY CREEK

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

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

Niagara Falls

Welland

FEDERAL GOVERNMENT HAS POLICY TOOLS

THAT CAN HELP BUILD MORE HOMES

The Bank of Canada hiked interest rates again in July, just days before Statistics Canada reported that the inflation rate fell to 2.8 per cent in June. Given the sensitivity of the housing sector to adjustments in interest rates, the Bank’s hawkish stance is not only going to increase housing costs – a significant inflationary pressure in itself – but will also hamper the addition of new housing supply. The federal government should use the tools at its disposal to help counteract these forces.

Most parts of Canada face critical housing supply and affordability challenges, and the GTA is among those most severely affected. While prices have cooled and supply increased somewhat since the peak of the market in 2022, federal policies are continuing to drive housing demand, even as the Bank of Canada’s monetary policies make it more difficult to meet that demand. Canada’s immigration policy seeks to expand the population by 1.5 million people in the next three years. Newcomers are important to the economic and social wellbeing of Canada, and the home building industry welcomes the task of building the communities where they can live, work and play.

However, rising interest rates hamper the pre-construction sales

that help finance the building of new homes, particularly in the highrise and multi-family sectors. Thus, raising interest rates moves buyers to the sidelines, delays the addition of much-needed supply to the market and exacerbates Canada’s housing supply and affordability crisis.

The federal government has several tools at its disposal to help spur the addition of housing supply and improve affordability. These include waiving or deferring HST on purpose-built rental housing, indexing the price thresholds for the GST/HST new housing rebate (an outstanding government pledge since 1991) and helping municipalities and provinces fund housing-supportive infrastructure.

While driving inflation down to the Bank of Canada’s target rate

benefits all Canadians, putting off the vital task of adding more housing supply benefits no one. The federal government should act now to ensure monetary policy does not prevent us from building the homes Canadians need.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the homebuilding, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter, @bildgta or visit bildgta.ca.

DAVE WILKES

SOPHISTIC ATED LIVING IN THE HEA RT OF OAKVILLE

1, 2 & 2-BEDROOM+DEN SUITES

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

Limited Time Incentives & Extended Payment Structure Available