GTA Condo Life - August 24, 2024

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RATE CUTS

KICK-START SALES

WAYNE KARL EDITOR-IN-CHIEF Condo Life

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

It’s early days yet, and we don’t want to get too excited, but there’s evidence the recent interest rate cuts by the Bank of Canada are already beginning to make a difference.

First, a quick recap. The Bank of Canada on July 24 did what we all hoped when it announced its second consecutive interest rate cut, reducing the policy rate by 25 basis points to 4.25 per cent.

The hope now is that the move kicks off a notable pick-up in homebuying and building activity, and that more rate cuts are around the corner.

At least in the resale market, results for July are encouraging, as the Toronto Regional Real Estate Board (TRREB) reports that sales were up over June. Prices, too, seem to have responded, as average selling prices are up slightly on a month-over-month basis.

“We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July,” says TRREB President Jennifer Pearce. And with the cost of borrowing expected to decline further in the coming months, sales and prices should respond in kind.

On the new homes side, though GTA new home sales remained slow in June, they are showing early signs of recovery, according to the Building Industry and Land Development Association (BILD). “We are continuing to see some sales return in select regions of the GTA, predominantly singlefamily homes and outside of the city of Toronto,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD.

As the market continues to adjust to the lower rates – hopefully with more to come – and we round the corner out of the slower summer months and into fall, it’s reasonable to expect that resale and new home results continue to improve.

Use this time, then, to prepare and plan your purchase. The kick-start may have begun.

PERSONAL FINANCE | JESSE ABRAMS

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

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

HOME REALTY | DEBBIE COSIC

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

DECOR | LINDA MAZUR

Linda Mazur is an award-winning designer and Principal of Linda Mazur Design Group. With almost two decades of experience this in demand multi-disciplinary design firm is known for creating relaxed, stylish spaces and full-scale design builds throughout the GTA and Canada. lindamazurdesign.com @LindaMazurGroup

TRREB REPORT | JENNIFER PEARCE

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

BIG STYLE | LISA ROGERS

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes. Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and The Shopping Channel. Lisa is also a regular guest expert on CityTV’s Cityline. dunparhomes.com.

LEGALLY SPEAKING | JAYSON SCHWARZ

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. He can be reached by visiting schwarzlaw.ca or by email at info@schwarzlaw.ca or phone at 416.486.2040.

BILD REPORT | DAVE WILKES

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

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NEW LOWRISE HOME SALES RETURN IN SOME AREAS AS JUNE REMAINS SLOW

Greater Toronto Area new home sales remained slow in June, hampered by high costs to build and other factors, but are showing early signs of recovery, according to the Building Industry and Land Development Association (BILD).

“GTA new homes sales remained weak in June,” says Edward Jegg, research manager at Altus Group, BILD’s official source for new home market intelligence. “Where we are seeing activity, new-home buyers are finding homes that meet their needs and that they can afford.”

Condominium units, including in low-, medium and highrise buildings, stacked townhouses and loft units, accounted for 732 units sold in June, down 61 per cent from June 2023 and 68 per cent below the 10-year average.

There were 607 single-family home sales in June, up five per cent from June 2023 and 38 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).

Total new home remaining inventory increased compared to the previous month, to 21,158 units. This includes 17,391 condominium units and 3,767 single-family dwellings. This represents a combined inventory level of 14.5

months, based on average sales for the last 12 months. This remains a high inventory level, maintaining the trend seen since autumn 2023 of remaining inventory levels hovering near the 20,000 mark.

“Significant ongoing structural issues, notably the cost to build and lengthy approval timeframes, are hampering the ability for new projects to come to market – and limiting affordability,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. “We are continuing to see some sales return in select regions of the GTA, predominantly single-family homes and outside of the city of Toronto. However, the high costs of material, labour and land, combined with municipal

fees (such as development charges) and slow municipal approvals, are adding unnecessary costs and delays to new projects. This in turn is causing price stickiness and acting like a brake to new projects. While interest rates will moderate over time, inaction on these structural barriers will have long term consequences to deliver new homes in the in the region.”

Benchmark prices decreased in June for both single-family homes and for condominium apartments compared to the previous year. The benchmark price for new condominiums was $1.02 million, down six per cent over the last 12 months. The benchmark price for new single-family homes was $1.61 million, also down six per cent.

RATE CUTS SPUR BUYER ACTIVITY IN JULY: TRREB

Greater Toronto Area home sales in July 2024 were up compared to July 2023, while buyers continue to benefit from more choice in the marketplace, according to the Toronto Regional Real Estate Board (TRREB).

“It was encouraging to see an uptick in July sales relative to last year,” says TRREB President Jennifer Pearce. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.”

GTA realtors reported 5,391 home sales through TRREB’s MLS system in July 2024 – a 3.3-per-cent increase compared to 5,220 sales reported in July 2023.

The MLS Home Price Index Composite benchmark was down by approximately five per cent on a

year-over-year basis in July 2024. The average selling price of $1.10 million was down by 0.9 per cent over the July 2023 result of $1.11 million. On a seasonally adjusted monthly basis, both the MLS HPI Composite and the average selling price were up slightly compared to June 2024.

“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” says TRREB Chief Market Analyst Jason Mercer. “This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a largescale increase in home completions, ultimately leading to a resumption of price growth.”

“Innovation in new home construction must continue,” adds TRREB CEO John DiMichele. “TRREB applauds Toronto City Council’s decision to consult with the province on adopting single egress stair

requirements in the building code for multi-residential buildings up to four storeys. This would make it easier to create a variety of multi-family units large enough for families. Another important part of the housing formula is connection to public transit. We are very encouraged to hear that we are closer to an opening date for the Crosstown LRT and are looking forward to a firm announcement.”

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SOME ONTARIO MARKETS BUCK THE TREND AS MOMENTUM PAUSES SLIGHTLY ACROSS CANADA

While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market paused slightly in July. Some areas in Ontario, however, bucked the trend and showed signs of growth, according to the Canadian Real Estate Association.

Home sales activity recorded over Canadian MLS Systems edged back by 0.7 per cent on a month-over-month basis in July 2024, giving back a small portion of June’s post-first rate cut gain.

“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” says Shaun Cathcart, CREA’s senior economist. “Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk.”

Monthly changes in sales activity were generally small amongst the larger centres in July. Declines in Calgary and the Greater Toronto Area were mostly offset by gains in Edmonton and Hamilton-Burlington.

“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set

for the return of a more active housing market,” says James Mabey, chair of CREA. “At this point, many markets have a healthier amount of choice for buyers than has been the case in recent years, but the days of the slower and more relaxed house hunting experience may be somewhat numbered.”

The National Composite MLS Home Price Index (HPI) edged up 0.2 per cent from June to July. While a small increase, it was slightly larger than the June increase, making it just the second, and the largest, gain in the last year.

While prices were up slightly at the national level, they were held back by reduced activity in the largest and most expensive British Columbia and

Ontario markets. Regionally, prices are rising in a growing number of markets – a majority at this point.

The non-seasonally adjusted National Composite MLS HPI stood 3.9 per cent below July 2023. This mostly reflects how prices took off last April, May, June and July –something that was not repeated over that same period in 2024. It’s mostly likely that year-over-year comparisons will improve from this point on, CREA says.

The actual (not seasonally adjusted) national average home price was $667,317 in July 2024, almost unchanged (-0.2 per cent) from July 2023.

The next Bank of Canada interest rate announcement is Sept. 4

PENT-UP DEMAND BEGINS TO PUSH ACTIVITY IN DETACHED MARKETS: REMAX

Move-up or down buyer segments, as well as investors, have been fuelling detached homebuying activity in the first six months of 2024 in the GTA and elsewhere in Canada, according to a report from ReMax Canada.

The ReMax Hot Pocket Communities Report surveyed 83 markets in the GTA, the Greater Vancouver Area and the Fraser Valley, and found that close to 40 per cent of markets reported an increase in detached housing values in the first half of the year, while 30 per cent reported an upswing in the number of sales. The GTA’s 416 area code led the other regions in rebounding sales momentum, with slightly more than 34 per cent of neighbourhoods stable or experiencing growth in detached homebuying activity – ahead of the 905, Greater Vancouver and Fraser Valley.

“While affordability remains the top obstacle for first-time homebuyers, more experienced buyers and investors are taking advantage of softer housing values, making their moves ahead of the Bank of Canada’s (BoC) end to quantitative tightening,” says ReMax President Christopher Alexander. “Pent-up demand continues to build, with an estimated 20,000 to 25,000 buyers currently lying in wait in the GTA, and another 5,000 buyers in the Greater Vancouver area ready to pull the trigger. The first interest rate cut in June did little to incentivize buyers, but early indications show the second may have struck a nerve.

“While buying intentions slowed, new household formation, lifecycle events, immigration and population growth have continued,” adds Alexander. “The right conditions will undoubtably unleash demand. Meantime, certain neighbourhoods have proven stronger than others.”

In the Greater Toronto area, pockets that posted notable percentage gains in homebuying

activity include Dufferin Grove, Little Portugal, Trinity-Bellwoods, Palmerston-Little Italy, Niagara, University, Kensington-Chinatown, Bay St. Corridor, Waterfront Communities; Oakwood Village, Humewood-Cedarvale, YongeEglinton, Forest Hill South; RosedaleMoore Park; Leaside, Thorncliffe Park, Flemingdon Park; Rockcliffe-Smythe, Keelesdale-Eglinton West, CaledoniaFairbank, Corso Italia-Davenport, Weston-Pelham Park.

“Vibrant downtown/midtown communities remain a perennial favourite with purchasers in Toronto, with buyers vying for detached properties in coveted blue-chip neighbourhoods such as RosedaleMoore Park, Forest Hill South, the Kingsway, Leaside and The Beaches, as well as gentrified areas including Trinity-Bellwoods, Palmerston-Little Italy, and Corso Italia-Davenport,” says Alexander. “The ongoing evolution of these neighbourhoods continues to prop up demand as buyers at all price points are drawn to their attractive walkability scores, entertainment and amenities, including parks, restaurants, trendy shops and cafes.”

In the GTA, 40 per cent of communities in the 905 reported an upswing in average price, with the highest gains reported in Scugog in Durham Region and Stouffville in York Region. Upward trending, albeit more moderate, was also reported in detached house values in York Region – Aurora, Newmarket, Richmond Hill; Durham Region; and Halton Region.

In the city of Toronto, almost 29 per cent of markets registered upward momentum in detached housing values. The highest increase was noted in the Kingsway South, Princess-Rosethorn, Edenbridge Humber Valley, Islington-City Centre West, Etobicoke-West Mall, Markland Wood and Eringate-CentennialWest Deane, followed by High Park North, Junction Area, RunnymedeBloor West Village, Lambton-Baby Point, Dovercourt-Wallace, and Emerson Junction.

Many purchasers in today’s market are first-time trade-up buyers, moving from semi-detached homes, townhomes or link dwellings to detached housing,” says Alexander. “This cohort has been fortunate in the sense that the entry-level price range has been relatively sheltered from downward pressure and has made the step up to a single-detached ownership less onerous than in past years. While affordability remains top of mind, first-time trade-up buyers were active in various pockets and price points.”

HOMEBUYING

Navigating the GTA housing market

The Bank of Canada did what we all hoped on July 24 – instituting its second consecutive interest rate cut, reducing the policy rate by 25 basis points to 4.25 per cent. The hope is that the move kicks off a notable pick-up in homebuying – and building – and that the reduction is the first of many. Catch up between

HOUSING POLICY

Public opinion survey reveals depths of residents’ concerns about housing crisis

A recent public opinion survey shows 90 per cent of people in the GTA agree there is a housing affordability issue, and 72 per cent of agree that there is not enough being done to address it.

PERSONAL FINANCE

How first-time homebuyers can enter the market amid higher rates and inflation

Entering the housing market can be daunting, especially with higher interest rates and inflation is in flux. However, there are promising signs and innovative solutions that can make homeownership more attainable in this environment.

HOMEBUYING

Renters remain undaunted as they plan their homebuying move

The homeownership market has its challenges, but that’s not deterring prospective buyers from carefully planning their move – and Ontarians are among the most hopeful, according to Royal LePage.

9 key looks for updating your interiors

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

A T RE E FO R EVE RY HER O.

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25 YEARS IN THE MAKING

EXCLUSIVE STORY FROM

EMBLEM’S FOUNDER AND CEO

Growing up in Ottawa, Kash Pashootan showed entrepreneurial spirit early on. In his youth, he was running multiple paper routes, hiring his younger sister and friends to assemble and distribute the papers, and doing deals with the local cinnamon bun bakery to get their day-old buns and sell them to his neighbours the next day at a discount. Sounds basic? Yes, but Pashootan was doing these things at just 12 years old. His neighbour, a successful banker, suggested he get into banking and investing as it allowed for neverending analysis of businesses and what makes them succeed and fail. This aligned with Pashootan’s personality. By age 17, he was working at the bank as a teller, while strategizing about how to get into

the wealth management division. He was far too young, not yet educated and had no contacts. So, he coldcalled the managing partner of the wealth management division but with no results.

“I must have left 20-plus voicemails for them,” he recalls. One day, the managing director walked into the branch and Pashootan was not going to lose his opportunity. He says, “I needed to make them an offer so outsized for their benefit that they couldn’t say no.” That was offering to work for them for the entire summer without pay. The idea worked, and got him in. By the end of the summer, he had secured part-time work with the wealth management division as he headed off to university. He had created a role that had never existed

before at the bank. This was about 25 years ago, when Pashootan embarked on professional investing.

TURNING VISION INTO REALITY

Nearly a decade flew by, and after gaining deep experience Pashootan was ready for the next chapter. He founded First Avenue Advisory as a division of Raymond James, where he served as senior vice-president and portfolio manager. In 2017, he spun off the company with the vision of creating “a boutique investment-management firm with an entrepreneurial spirit,” he says. Today, First Avenue Investment Counsel is a leading Canadian investment management firm that oversees more than $4 billion in assets (including the development value of the real

Kash Pashootan, Founder and CEO of Emblem Developments

estate holdings) for affluent Canadian families and delivers deep financial backing to Emblem Developments.

Explaining his vision, Pashootan says, “I never wanted us to simply be advisors. We thought like investors, and I wanted us to be partners with our clients. To me that means, first we have demonstrated financial success in our own life, and second, we put that capital at risk and invest alongside those who have invested with us.”

First Avenue employs a pensionstyle approach to investing, through diversified strategies that extend beyond the conventional stock-andbond portfolio. This includes equities, fixed income, private equity and real estate. Emblem was established from this vision and is the real estate exposure for First Avenue. As with everything he does, Pashootan went “all in” on this real estate venture, building it with precision from scratch. He reflects, “The times I’ve had success in my life, it’s been doing things at an obsessive level. That’s what it takes to be the best.”

Pashootan curated a hand-picked executive team for Emblem that

“ ” Pashootan curated a hand-picked executive team for Emblem that comprises experts in various fields, including construction, development, finance, marketing and customer care.

comprises experts in various fields, including construction, development, finance, marketing and customer care. Collectively, they have completed more than 135 projects worldwide, with a combined value of approximately $20.2 billion.

“Our team’s focus, work ethic, and commitment are vital to our pursuit of excellence and success,” Pashootan says. For him, the strength

of his team’s diversity, open-minded approach, and ability to challenge the status quo set Emblem apart. “Having a strong team with different thinking ensures we all remain receptive to new ideas and perspectives, leading to better outcomes. We spend little time on what we are doing well. Instead, we focus on what we can do better. The hunger for progress is innate.”

Emblem Developments sales office

Emblem Developments head office

LOOKING AHEAD

The company has received ample market recognition for its developments, winning numerous awards over the years. Most recently, Emblem was awarded the Best Residential Highrise Development in Ontario in 2024 for The Design District from the highly respected International Property Awards. Downtown Toronto’s premier development, Allure, was named a finalist for Best Residential Highrise in Canada in 2024 by CHBA.

Emblem continues to reach new construction milestones. Earlier this year, the company registered its 1 Jarvis residences in Hamilton just four weeks after occupancy, and followed that by registering ArtForm in Mississauga in just two weeks, a feat that is almost unheard of in the industry. The Design District was the largest project to break ground in Hamilton in 2023, and the final third tower is soon to be introduced to the market. Another Mississauga project, Arte, has completed the building structure and is set to deliver in 2025. Overall, Emblem has delivered six new and completed buildings within the last 18 months. Sound results for any developer, especially one that was born within the last decade.

The firm’s current development portfolio consists of more than 4,600 residences, representing more than $3.6 billion in development value and spanning more than 4.2 million sq. ft. across Toronto, Mississauga, Hamilton and Ottawa. “We analyze markets daily, adapt quickly, support each other, and stay true to our core vision,” Pashootan explains. “Our focus will always be on creating value for our residents and partners.”

Looking ahead, Emblem is set to bring more exceptional developments to the GTA’s most prominent locations.

Allure, Toronto, penthouse

The Design District, Hamilton, lobby

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NAVIGATING THE NEW CONDO MARKET IN THE GTA:

CAUTIOUS OUTLOOK

FOR 2024 AND 2025

BEN MYERS

The Greater Toronto Area (GTA) real estate market is currently undergoing a period of turbulence. The oncethriving new housing market has hit a rough patch, with sluggish condo sales and high borrowing costs creating a challenging environment for buyers and investors.

Developers, brokers and lenders must come to terms with the fact that the price levels achieved from Q2 2021 to Q1 2022 are unlikely to return soon, and recovering to those heights may take years, not months.

The current downturn mirrors the market conditions of late 2012 and 2013, which led to flat pricing through autumn of 2015, with a full recovery occurring in 2016. The price growth preceding that slowdown was modest compared to the bubble-like surge from August 2021 to March 2022 in the GTA and southwestern Ontario, suggesting that the current period of flat revenues may extend beyond three years.

Several factors fueled the rapid price escalation during the 2021-22 peak, including ultra-low borrowing costs, high product inflation, increasing government fees, higher construction cost contingencies and irrational investor behaviour. Developers are also concerned

about project closings, which have slowed price adjustments. There is reluctance to reduce prices or launch projects with conservative revenue expectations, as doing so might negatively affect the financial outcomes of previous developments. This hesitation is driven by fears that past purchasers may demand lower prices for new units, potentially sparking negative media coverage and further market disruption.

Developers involved in acquisitions or planning launches must adopt conservative sales price and sales assumptions. It is crucial to anticipate that resale pricing and rents could remain flat through 2024 and into 2025, driven by a significant surge in supply, as many new condo projects

sold in 2020 and 2021 are set for completion in 2025.

A notable shift in the current market is the decline in pre-construction condo investors. Historically, these investors have driven strong initial sales, helping developers to meet pre-sale absorption requirements. However, with fewer investors, fewer buyers are willing to pay the premium prices. The expectation of seven- to 10-per-cent annual price growth post-purchase has shifted to more cautious projections, leading to a demand for pricing that aligns more closely with 2021 or even prepandemic levels.

High-volume investors, often referred to as “whales,” are now hesitant to make new purchases. Many of these investors are focused on addressing equity shortfalls from previous acquisitions, as the current market value of their units is at or below original purchase prices. Increased carrying costs on existing investments have also reduced their capital for new purchases, further dampening market activity.

Another factor is the reduced equity in existing portfolios. Resale prices have dropped 10 to 15 per cent from their 2022 peak in most areas, reducing the available capital for investors to leverage for new purchases. Slow sales and potential project cancellations have deterred investors, leading to diminished urgency, reducing demand from endusers who no longer feel pressure to buy.

Despite these challenges, there is no forecast for a significant crash in resale values or a major pullback in rent levels. Instead, they predict flatness in shelter values over the next 12 to 18 months. This stagnation poses a deterrent to investors. For the market to regain momentum, new condo prices must align with resale prices in recently completed buildings.

Despite the negative short-term outlook, many developers are still buying land, indicating that capitalrich and opportunistic property investors remain optimistic about the

GTA market’s long-term prospects. High immigration rates and an anticipated undersupply in two to four years contribute to this optimism, though many remain hesitant, waiting for clearer signs of a bottoming-out before making moves.

In high-density projects, land accounts for only five to 10 per cent of the total budget, and profit is only 10 to 15 per cent of the budget.

A group of developers, known as CANT (Coalition Against New-Home Taxes), is advocating for reductions in government fees, which currently make up nearly 30 per cent of the cost of a new condominium in Toronto. They argue that lowering these fees could spur more construction and reduce the prices of new units. These types of sweeping changes are needed to spur activity in the market.

Despite current challenges, the GTA’s housing market holds potential. Increased awareness of issues by all political parties, active young professionals pushing for more supply (YIMBYs), and efforts to lower

government fees and streamline approvals could result in a much quicker market recovery. Toronto’s real estate historical resilience and innovation will attract investment and development, keeping the city vibrant and dynamic.

As a potential new-home buyer, there are deals to be had and tremendous investment opportunities, despite the negative sentiment above. Find a good realtor and mortgage broker, do a tremendous amount of research on market value, and I’m convinced you’ll find some interesting potential buys. 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.

+MORE CONTENT ONLINE nexthome.ca

WHAT DO FALLING INTEREST RATES

MEAN FOR BUYERS IN THE SHORT AND LONG TERM?

JESSE ABRAMS

Whether you’re just starting to think about homeownership or hunting for the perfect place, navigating the housing market can feel overwhelming, especially with the current landscape of interest rates. In recent months, we’ve seen a downward trend and one that’s expected to continue. Understanding how these rate drops impact the market, both in the short and

long term, can help homebuyers, especially first-timers, strategically plan a way to finally make their entrance.

SHORT TERM: THE CURRENT BUZZ

Let’s first talk about the here and now. Yes, interest rates are dropping, which is great news. However, it’s important to keep in mind that while rates are lower than they’ve been in recent times, they’re not quite as low as they were pre-COVID.

More inventory, more choices

One of the good things about the current market is the sheer amount of

inventory available. There are plenty of homes on the market right now, which means buyers have a lot more choices.

Buyers are feeling ready

With every consecutive drop in rates, more potential buyers are getting ready to dive into the market. Picture this: All those people who were sitting on the fence, waiting for the perfect moment, might just decide now is the right time.

Every rate drop counts

Every single rate drop means more people might decide to jump into the

market. So, if you’re ready to make a move, it might be wise to act sooner rather than later. More buyers can mean more competition, and while that’s great for the market, it means you’ll need to be sharp and ready to act fast on the home you want, and that home prices could rise again.

LONG TERM: THE BIGGER PICTURE

Now, let’s take a step back and look at the bigger picture. What does the future hold if we remain on this trend of declining rates?

The renewal wave

A lot of people who locked in low rates a few years back have renewals coming up in 2025, 2026 and 2027. For those with variable rates and fixed payments, this could call for some serious changes. If rates don’t drop quickly enough, they might face significantly higher mortgage payments. Some might even be forced to sell because of it.

A soft landing

If rates drop fast (which, to be honest, isn’t likely), we might see a soft landing where prices could stabilize gently. But with the current slow and steady drop, it’s more likely we’ll see a gradual softening of prices. This could be good news for first-time buyers, as it means a more stable market and potentially more affordable options down the line.

Hope for stability

The gradual decline in rates could lead to a more stabilized market. This is what we’re all hoping for because a stable market is a healthy market. It could mean that new buyers, like you, have a better shot at finding a home that fits your budget without the crazy price spikes we’ve seen in the past.

What should you do next?

1. Stay informed: Keep an eye on interest rates and educate yourself on market trends so that you feel prepared and ready to move forward.

2. Get pre-approved: This is your golden ticket in a competitive market. It shows sellers you’re serious and ready to go. You can apply for a pre-approval in just five minutes with Homewise, and one of our dedicated mortgage advisors will walk you through the process.

3. Work with a professional: A good mortgage specialist and realtor can help you navigate these waters –helping you find the best rate and mortgage that suits your needs.

4. Be ready to act: With more buyers potentially entering the market, be prepared to move quickly when you find the home you want.

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

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NEW-HOME BUYING 101

HERE’S WHAT YOU NEED TO KNOW

BARBARA LAWLOR

Shopping for a new home or condominium? Buying preconstruction brings with it many advantages, as well as differences, from purchasing resale. Here are just a few things to consider if you are looking at buying new.

Enjoying Tarion warranty coverage is a major reason to choose new over resale. The seven-year warranty takes effect when the owner takes possession and covers major structural defects. There are four main types of warranty coverage during this period including deposit protection, delayed closing/ occupancy coverage, condominium cancellations and financial loss coverage for contract homes. Visit tarion.com to find out more.

Purchasing a new condominium is different from buying a new lowrise home. This is especially important to know for people selling their single-detached or semi-detached homes and rightsizing to a condo. Even if you are a seasoned homebuyer, the decision to buy your first condo involves just as much homework and consideration as when you started out. Condominiums are a breed of their own, with protection provided in Ontario through the Ontario

“ ” Whether you choose a new lowrise home or condo, keep in mind that buying early in the selling cycle means you can select the features and finishes that will make your surroundings feel like home to you.

Condominium Act. To help ensure you are happy with your purchase, go into it with your eyes wide open, understanding exactly what you are buying and what to expect. For example, as a condo owner, you will own your unit and the exclusive use of your balcony or terrace, if you have one. You also own a percentage interest in the building’s common elements and amenities.

Whether buying lowrise or condo, you will be asked to sign an Agreement of Purchase and Sale and potentially other documents. These differ, however, depending on the type of home you purchase. For a condominium, you will agree to guidelines set out by the condominium corporation such as maintenance fees and a code of conduct. These rules and by-laws are in place to protect everyone’s safety, privacy and general quality of life. One of the documents will be a condominium declaration, which defines your suite’s boundaries and who is responsible for specific damages. Hire a lawyer who is familiar with condominium real estate to look over the paperwork and advise you.

Another area where lowrise and condominium ownership differs is insurance. Suite owners should have insurance specific to the condo, which should include more than coverage for personal

possessions such as clothing and furnishings. Condo owners should also insure “attached” items in their suite such as counters, cupboards, vanities and the like (including any upgrades they purchased). If these become damaged, suite owners are responsible for repairing or replacing them, which can be a major expense. Whether you choose a new lowrise home or condo, keep in mind that buying early in the selling cycle means you can select the features and finishes that will make your surroundings feel like home to you. Purchase late in the selling cycle, and you may enjoy a discounted price or other perks.

Canada Mortgage and Housing Corp. offers two free buyers’ guides packed with information (visit cmhc-schl.gc.ca).

If in doubt about anything, ask –your real estate agent or lawyer.

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

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Cliffside Condos by LCH Developments

NEW-HOME BUILDING LEADS THE WAY

IN ENERGY-EFFICIENT,

MIKE COLLINS-WILLIAMS

New-home builders in Hamilton are producing a new era of housing that is not only more energy-efficient but also resilient to climate change. This transformation is driven by advances in the Ontario Building Code, as well as by industry leadership through voluntary programs such as Energy Star, Passivhaus, and CHBA Qualified Net Zero Homes. Furthermore, in Hamilton with a focus on our industrial heritage and with the support of the City’s Environmental Remediation Grant Program, new housing often contributes to the cleaning up of contaminated land.

Indeed, the private sector in Hamilton is playing a crucial role in advancing energy-efficient housing. Voluntary programs such as Energy Star, Passivhaus, and Net Zero Housing are setting the bar for new construction. Homes built to Energy Star standards are at least 20-percent more energy-efficient than those built to standard building codes.

New-home builders also often incorporate a menu of their own Green features encompassing everything from energy efficiency to water conservation and indoor air quality. Other times they seek third-party verification through these types of programs as a competitive advantage to attract potential buyers. One significant advancement in energy-efficient housing for

HOUSING

new construction comes from the Canadian Home Builders’ Association (CHBA) Qualified Net Zero Homes program. This initiative certifies homes that produce as much energy as they consume, thanks to advanced construction techniques, highperformance materials and renewable energy systems such as solar panels. Net Zero Homes are designed to be highly efficient, comfortable and resilient, and set a high standard for sustainable living. Builders across the province are increasingly adopting this certification, driving innovation and raising the bar for the entire housing industry.

The impact of these initiatives is stark when comparing new homes to older housing inventory. Modern homes in Ontario consume

significantly less energy as a result of better insulation, high-efficiency heating and cooling systems, and advanced building materials. For example, a new home built to current Ontario Building Code standards uses less than half the energy of a home built in the 1970s. This difference highlights the potential for significant energy savings and greenhouse gas reductions through new construction and buying a newly built home.

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

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COTTAGE OWNER? HERE’S SOME DIRTY BUSINESS YOU NEED TO KNOW ABOUT

JAYSON SCHWARZ, LLM

So, there you are, sitting and rocking in the hot sun, and the breeze brings you the smells of summer. How wonderful. Wait… what is that smell? Oh, leakage… you have to pump the tank.

Cottage residences are typically not hooked up to municipal sewage systems. In these instances, a septic tank is required to capture and store wastewater. Let’s explore some of the considerations inherent in the ownership and maintenance of septic systems.

When you first purchase your cottage property, your lawyer will typically have arranged for an inspection to ensure the septic system was properly functioning as at the date of closing. Like any other mechanical system, however, it can degrade over time if not properly maintained.

It is important that cottage owners have good knowledge about their septic systems; particularly those who own – or are looking to purchase – waterfront residences. If your system leaks in any way, it could allow dangerous pollutants to enter into the lake. As such, faulty septic systems can be very dangerous, as improperly treated wastewater can compromise not only your health but the environment as well.

Proper and diligent maintenance of your septic system is not only prudent from a health and environmental perspective, it is also legally mandated; Part 8 of the Ontario Building Code provides the

regulatory framework for septic systems in this province. The draw of cottage country is the pristine natural beauty it offers. Weighing in largely on this front are the lakes cottagers swim in, boat on and fish in. Remember, we often bathe in, wash in and brush our teeth with the water from the lake. Waterfront cottage owners must appreciate the legal consequences inherent in any negligent contamination of the water body they live beside.

An out-of-sight, out-of-mind approach to your septic system exposes you to hefty government fines if it is deemed to be emitting effluent into the environment. You also expose yourself to possible civil suits by any neighbouring cottagers whose use and enjoyment of their own properties is compromised by your faulty septic system.

For those of you wishing to construct, alter, enlarge or repair

your cottage’s septic system, note that the Building Code mandates the acquisition of a permit before any work is commenced.

Cottage properties are scenic and beautiful escapes from the hustleand-bustle of the concrete jungle. Their value is in the nature that surrounds them; we must all do our part to maintain the environment around them in as clean and pristine a manner as possible. Proper maintenance of septic systems is mandatory in this respect.

Schwarz LLM is the founding senior partner of Schwarz Law Partners LLP. schwarzlaw.ca.

Jayson

REVIVING CANADA’S REAL ESTATE MARKET:

BEYOND RATE CUTS

DEBBIE COSIC

As we navigate through 2024, Canada has already witnessed two interest rate cuts, with the possibility of

another two, perhaps even three, on the horizon. While these rate reductions signal a positive shift, they alone won’t restore full confidence in the GTA real estate market. The rate cuts are just the beginning; other fundamental changes are needed to cultivate a steady and thriving marketplace.

One significant area requiring attention is the mortgage stress test. Originally implemented to ensure borrowers could withstand potential rate increases, the stress test has now become a barrier for many would-be homeowners. In today’s environment, where rates are already trending downward, easing or even eliminating

the stress test could provide much-needed relief for buyers. This move would align the lending criteria with the current economic realities, making homeownership more accessible to a broader range of Canadians.

Another critical change that could support the market is the introduction of a 35-year amortization period. Extending the amortization period would lower monthly payments, making homeownership more affordable for first-time buyers. This extended timeline can be a gamechanger, particularly in Canada’s high-priced markets, where every

“

” The buying public is poised and ready, as evidenced by the flurry of activity that occurs whenever a tremendous deal is offered at one of our sites. This behavior underscores the fact that the public is wise, informed and patiently waiting for the right opportunity.

dollar counts. Combined with rate cuts, this could offer the breathing room that many buyers need to enter the market confidently.

Furthermore, the requirement for a substantial deposit has kept many potential buyers on the sidelines. Lowering the deposit requirement, especially for true first-time homebuyers, could unlock the doors to homeownership for many. This change would not only stimulate the market but also provide a pathway for younger Canadians who are currently priced out of the market. With more accessible financing options, the market could see a surge in activity, driven by a new wave of buyers eager to invest in their first homes.

The buying public is poised and ready, as evidenced by the flurry of activity that occurs whenever a tremendous deal is offered at one of our sites. This behavior underscores the fact that the public is wise, informed and patiently waiting for the right opportunity. The current market offers some of the best deals we’ve seen in more than a decade. Developers who are in tune with today’s buyer demands are presenting exceptional offerings that cater to the current economic climate.

Savvy buyers recognize the value in these opportunities and are taking advantage of them. We believe we are at the lowest point of the market,

where interest rates may continue to fall, but prices will not follow suit. Those who choose to purchase now are positioning themselves in a winning situation. As rates decline and other fundamental changes take hold, these buyers will benefit from the foresight of entering the market at this opportune time.

Ultimately, while interest rate cuts are an essential step toward revitalizing the Ontario real estate market, they must be accompanied by other critical measures. Removing the stress test, extending amortization periods and lowering deposit requirements will create a more inclusive and vibrant market. The conditions are ripe for those ready to seize the moment – there has never been a better time to buy.

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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WELLINGS OF WHITBY

AN ACTIVE COMMUNITY FOR ADULTS 55-PLUS INTRODUCING

In the ever-evolving realm of senior living, “Wellings of Whitby stands out as a beacon of active retirement living reimagined for a new generation,” says Natalie Tommy, vice-president of marketing for Wellings, by Nautical Lands Group. Spanning two phases, the community’s first phase is set to unveil this fall, offering 400 apartment suites and a myriad of amenities. Wellings beckons prospective members to embrace a lifestyle characterized by growth, connection,

convenience and a profound sense of community.

Wendy Jennings, community growth and leasing specialist for Wellings of Whitby, encapsulates the community’s spirit. “Think of Wellings as a fresh start within an active, interdependent community. The energy is palpable when members gather for social events, fostering a vibrancy unlike any other. We are eagerly anticipating the arrival of new members into the community.”

With an impeccable reputation for crafting exceptional residential solutions tailored for active adults aged 55 and above, Nautical Lands Group and Wellings Communities proudly present Wellings of Whitby as a flagship community. For more than two decades, Nautical Lands Group has dedicated itself to developing and managing senior communities across Ontario and Alberta. Kevin Pidgeon, partner and COO of Nautical Lands Group and

Wellings, expresses pride in their commitment to “create communities they would love to live in themselves, and with our member’s input, we are constantly innovating to enrich the living experience for members.”

Wellings communities include onestorey bungalow villas without food and beverage, midrise communities offering food and drink, and allinclusive models such as Whitby, Calgary and Ottawa offering extensive programming, food and beverage, and underground parking. Four more communities are set to open this year.

Conveniently located in Taunton Gardens, Wellings of Whitby promises a lifestyle centred around a holistic approach to aging. It offers fitness facilities and classes, multiple dining options, underground parking and ample communal spaces for

gatherings. The community provides convenience and vibrancy and is surrounded by additional services and retail outlets – all within walking distance of the front doors.

From meticulously designed apartment suites to member-led social programs, Wellings of Whitby is set to redefine the standard for active retirement living. Residents can enjoy a revolving monthly food and beverage credit, allowing them to dine as they please, entertain guests or indulge in onsite custom catering services.

General Manager Kevin Prendergast looks forward to curating dining experiences that blend elevated cuisine with comforting classics, ensuring a diverse culinary offering for members to savor. “Often, members submit recipes passed down through generations, and they

want to share their favorites with the community,” he says. “The memories bring smiles to so many; it’s a joy for us to share in the experience.”

Fitness and activity spaces, outdoor patios and concierge services enhance the living experience, promoting residents’ sense of belonging and well-being. Tommy says she is passionate about the world of Wellings. “Our residents’ goals drive every aspect of what we do and the services we offer. It’s a collective of what members love most about living with us; many express wanting to remain active and healthy for as long as possible. We offer many fitness classes, with programming exclusively designed for active adults at Wellings. These programs add to the vitality of the community and the health span of our members.”

A standout feature of Wellings is its concierge service, offering invaluable assistance with technology, transportation and package handling. Many members attest to the indispensable nature of this service, noting its integral role in enhancing their daily lives.

With a steadfast focus on holistic living and community engagement, Wellings of Whitby epitomizes a unique opportunity for seniors to thrive. Grounded in the aspirations of its members and championing independence and vibrancy, the community empowers residents to live life on their terms, whether exploring the bustling city or savoring moments of tranquility within their suites.

To explore carefree living at Wellings of Whitby, where you belong long before you ever need a retirement home, visit wellingsofwhitby. com, or contact Wendy Jennings at wendy@wellingsofwhitby.com, 905.243.1386 or at 372 Taunton Rd. E., Whitby.

THE GTA’S EVOLVING

RENTAL LANDSCAPE

JENNIFER PEARCE

Picture a rental market where tenants find themselves in a stronger negotiating position with abundant choices and stabilized rents. This scenario is unfolding now across the Greater Toronto Area’s (GTA) dynamic rental scene. As we explore TRREB’s Q2 2024 Rental Market Report, you’ll discover why this is a pivotal moment for renters, landlords and investors alike.

In the second quarter of 2024, condo rentals were up by more than 25 per cent compared to the same period last year. This wasn’t just about more leases being signed; it was accompanied by a 51-per-cent increase in rental listings. This influx

provided renters with more options and a slight decrease in rental prices.

The average rent for a onebedroom condo dropped to $2,452, down 3.1 per cent from Q2 2023. Two-bedroom condos saw a similar trend, with rents decreasing by 1.9 per cent to an average of $3,178.

However, this current landscape is more than a transient phase. “Demand for rental housing will remain strong for the foreseeable future,” says Jason Mercer, TRREB’s chief market analyst. “While the increase in available inventory over the past year has resulted in slightly more affordable rents, it is important to understand that this relief could be short-lived if we don’t see a steady stream of new rental units coming online, both in terms of purpose-built rental and investor-owned condo rental units.”

The GTA’s population is growing at a record pace, creating ongoing

rental housing demand. Affordability challenges with mortgage rates continue to push potential homebuyers into the rental market, adding further pressure.

For more on the state of the GTA real estate market, check out our monthly Market Watch. We break down prices, sales, and new listings each month with an easy to glance report. Visit trreb.ca for the latest look into the housing market and to connect with a TRREB member realtor.

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

HOW TO

MIX PATTERNS AND COLOURS

LIKE A PRO FABRIC LOVE

by LINDA MAZUR

With each new season comes the traditional release of all new and wonderful fabrics bursting with vibrant colours, patterns and textures. As a designer, I look forward to the start of a new project. I enjoy pouring over fabric books gathering ideas and direction and have been known to design an entire space just from the inspiration of one fabric.

Fabric is tactile, and the feel of lush soft velvets, the beauty of some richly woven silks and the simplicity and texture of coarsely woven linen accompanied by rich, saturated colours is enough to inspire anyone to decorate. The question, however, is with all of these fabrics and patterns to select from how do you know what works together to achieve that “designer look” in your home.

PHOTOS BY JF FABRICS

Blending all different fabrics together is not as difficult as you may think, but there are a few key points to remember. To successfully mix fabric patterns like a pro a good place to start would be with something simple like blending a minimum of three fabric patterns. The first pattern selection should be your most impactful one therefore, choose carefully and select a pattern you love that is larger scale.

The second pattern should be completely different, probably about half the scale of the first one and have some of the same colours incorporated throughout.

For the third selection, it 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 perhaps be a bold stripe or a geometric fretwork pattern, and then blend in another small-scale alternate geometric.

Consider adding another pattern or two, or three, if you wish; maybe a small check, a dot pattern is always favourable, or perhaps repeat with another stripe or floral. If you’re more adventurous, consider throwing an animal print into the mix for a bit of fun.

Balancing textures and fabric weight is also important to achieve a well-blended mix of fabrics, as is maintaining the same depth or magnitude of colour. By that, I mean if you’re working with primary colours, then try not to incorporate fabrics that are pastels, as you will inevitably create an imbalance.

When combining and layering patterns, it is important to balance the patterns throughout your space, the last thing you’ll want to do is create a situation where the heavier weight of patterns and colours are all at one end of the room. They should be well proportioned

with solids and any other visible patterns in your room, such as area rugs, wall coverings, fireplace surrounds to provide equilibrium and an aesthetically pleasing look. In addition, it’s important when pairing up your choices to consider the “feel” of the fabrics you’re selecting – for example, whether they are formal or more casual – and then maintain consistency.

Pattern blending can be fun, and these fabrics can create a bold statement in your home. Mixing fabrics like a pro is all about balance, layering and blending. When it’s done well, contrasting but complementary patterns and textures can elevate your space beyond the typical to a fresh, innovative and welcoming home. Toiles, stripes, florals, ikats and check are just some of the many different patterns we see, blend them with rich velvets, textural boucle, linens or silks to give your home that designer touch.

Just remember to keep a common element, and work with your scales and colours to see your home come alive.

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

DESIGN TRENDS 5

by LISA ROGERS

As we step into fall each year, there is often a desire to modify our living spaces somewhat from a bright, summery feel to a more muted environment. Themes of comfort and colour are big this fall season, as are warm neutrals and calm spaces. Here are some of my favourite interior design trends for fall.

Warm neutrals

I love a good neutral, and it feels like the perfect tenor for the fall season ahead. Terracotta is a big colour favourite this year, and it informs an entire fall spectrum of warm, earthy tones that really bring home the concept of staying

OASIS

in and staying cosy. Consider adding burnt orange, grey and sand tones in fabrics, soft furnishings and accessories, along with ultra-soft fabrics and natural textures. It’s a more relaxed feel to the home, yet can still be chic. Look out for Sherpa wool, boucle or flannel in a throw, on pillows, or blankets.

Bring the outside in

This isn’t the first time I’ve suggested this, but it’s a trend that is truly timeless. Even though the fall and winter months keep us inside for longer, we can still create a beautiful indoor-outdoor connection in our

condos oftentimes with very little effort. Whether you opt to enhance your rooms with more indoor-friendly plants (you can even go faux with dried flowers, which are very popular) or switching to natural fibres in your furnishings (such as wicker, wood or rattan), what’s important to remember is that it’s more about bringing some of your favourite outdoor elements inside through whichever way you choose with textures, wallpapers, patterns or furnishings that are inspired by Mother Earth.

Create a cosy reading corner

Our weekdays are busy and it becomes important to take some calming time to decompress. Find a quiet spot in your condo and place a comfortable armchair, soft-light lamp and a side table to create your reading nook. I promise you, it will become your new favourite hideaway. Curl up with a great novel or interior design magazine, a cup of tea and spend an hour or two reading. That’s what makes this season wonderful –the opportunity to shut down and take a moment for ourselves.

Add vintage decor

Vintage, bespoke homewares is big for fall 2024, likely inspired by our desire to make our spaces more personal and a sense of calm. Antique furniture, special housewares we have that were handed down to us from family members, or old picture frames we have in storage – all of these items have a story behind them, and a memory. To me, that’s very comforting, and I gravitate towards accenting my space with such mementos because the connection feels real. In times of uncertainty, we want to find comfort in the things we know.

Your home should be a sanctuary

Our condo homes should be our sanctuary away from the madness of the world. This will be a big focus for fall design this year. Whether you transform your bathroom into a spa, with soft calming music, outfit a window seat with cosy pillows and a warm throw, or simply fill your home with candles, home fragrances and fall foliage, there are many ways you can make your home your own oasis.

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 design and decor inspiration for your home

Want to start a plant family but don’t know how? Plantd Life offers personalized plant design and installation services for homes and businesses. Owner Tara Soloway and her team take a holistic approach, and consider natural light, aesthetics and the overall vision for a space. They hand-select plants and planters from local growers to minimize environmental impact, provide potting and installations and offer a full plant-care guide. No time to take care of your plants? Plantd Life offers maintenance services, including watering, pruning, cleaning, fertilizing, pest management and seasonal packages. The company can also bring its green expertise to cottages, ensuring your retreat feels as lush inside as out. plantdlife.com

BEDROOM ESSENTIALS

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Choosing organic items for your bedroom is a game-changer. They’re free from harmful chemicals, meaning better air quality and fewer allergens. Plus, they’re made with eco-friendly practices, so it’s good for the planet.

1. Kakun organic latex PILLOW. From $139. resthousesleep.com

2. Pale Tiffany. Ecosource zero-VOC interior PAINT by Sico. $53. rona.ca

3. Organic cotton terry ROBE. $175. aulitfinelinens.com

4. Sustainably sourced rattan BED FRAME. From $2,000. silkandsnow.com

5. Organic cotton sateen SHEETS in sandbanks. From $115. endy.com

CLEAN SLEEP Organic

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Get ready to experience unparalleled comfort with the Grateful Eight organic latex mattress from Essentia. This isn’t just any mattress – it has three layers of organic latex, creating a luxurious, medium-support feel with the perfect bounce. Allergy sufferers, rejoice! This allergenfree mattress, tested at Johns Hopkins, is resistant to dust mites and free of allergy-triggering proteins. The Grateful Eight delivers exceptional pressure relief and support without any dust-mite-friendly layers. Essentia guarantees top-notch craftsmanship, and every mattress is handmade in the company’s certified organic factory. Grateful Eight organic mattress by Essentia. From $1,700. myessentia.ca

SLICE + DICE

Say hello to your new kitchen BFF, the Paradice 9 from Breville – the ultimate compact food processor for urban dwellers and foodies alike. Perfect for any kitchen, this sleek powerhouse features nine versatile functions, including slicing, shredding, kneading and chopping with precision. With its powerful induction motor, onboard storage caddy, and colour-coded accessories, the Paradice 9 makes meal prep a breeze. Backed by 40 years of innovation and a 30-year warranty, it’s built to last and look stylish on your countertop. $520. breville.com

Le Creuset Canada introduces Camomille, a new colour inspired by the tranquil chamomile wildflower. This buttery hue blends rustic charm with modern elegance, perfect for adding a serene touch to your kitchen. Whether enhancing a minimalist space or elevating a tablescape, Camomille’s muted elegance brings warmth and vibrancy to any setting. lecreuset.ca

BBQ boss

THE HOTTEST TOOLS TO KEEP YOU GRILLING INTO THE FALL

1. Ndwono Ne Ya dark acacia wood SALT MILL by Eric Adjepong. $55. crateandbarrel.ca

2. Ironwood XL wood-fired GRILL. $2,900. traeger.com

3. Grand grill daddy steam cleaning GRILL BRUSH. $145. williams-sonoma.ca

4. MEATER PLUS. $150. meater.com

5. Walnut GRILL TOOL SET. $87. williams-sonoma.ca

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Western vibes are having a major moment in the design scene, blending rugged charm with a sleek, modern twist. Think distressed wood, buttery leather sofas and cosy, statement-making textiles such as Pendleton wools or handcrafted Navajo prints. This style is a nod to the wild, untamed spirit of the American west but polished up for today’s chill, design-savvy spaces.

1. Plymouth ceramic table LAMP. From $374. potterybarn.ca

2. Southwestern-style kilim wool area RUG. $1,245. bedbathandbeyond.ca

3. Bold centre-mixed striped PILLOW COVER in dark olive. $74. westelm.ca

4. Yakima Camp striped wool-blend throw BLANKET by Pendleton. $190. jcrew.com

5. Wilder leather CHAIR in burnt sienna. $1,919. westelm.ca

ROOFING ‘BY DESIGN’ Wild west

Building Products of Canada Corp. (BP Canada) is taking the back-to-nature home decor trend to new heights with an innovative signature line of nature-inspired, multitoned shingles. The shingles feature timeless colours from BP Canada’s Chroma Colour Lab and allow for unique blends and patterns. With top performance and maximum protection, the shingles modernize traditional roofing. Available in shades inspired by food, travel and nature, as well as regional preferences such as mesquite and Soho in the east and rye and Jasper in the west. Available at rona.ca

Re-fresh!

Rust-Oleum, Canada’s HOME Transformations

DIY coating system, lets you upgrade cabinets, countertops and flooring without the hefty renovation costs. Perfect if you are a homeowner or a renter who is feeling the financial pinch, these kits provide everything you need to give your space a fresh, durable new look. The kit is available in 34 colours with matte and semi-gloss finishes, and is suitable for interior tile, vinyl and wood floors. $140. rona.ca

A guide to dreamy countertops

ROCK SOLID

by BILHA KANGETHE

When it comes to the design and functionality of two of the most-used rooms in your home – the kitchen and the bathroom – few elements play a more pivotal role than the countertop. Although primarily used as a functional surface, the right countertop is also a statement piece that sets the tone for your space. While selecting the right countertop may seem daunting – it doesn’t have to be. Follow along as we explore the various countertop options available, work through key considerations, and analyze price points, so you can make an informed and inspired decision.

Natural stone

A natural stone countertop is a favourite choice for its timeless charm and durability. This material, quarried from the earth, is cut into slabs and polished to perfection, offering a unique, one-of-a-kind appearance. Popular natural stone options are:

• MARBLE: Known for its classic beauty and sophisticated veining

• GRANITE: Praised for its durability and variety of colours

• QUARTZITE: Offers the elegance of marble with the toughness of granite

• SOAPSTONE: Loved for its smooth texture and heat resistance

• SLATE: A versatile and sturdy option, often found in darker hues Natural stone requires regular maintenance, such as sealing and careful cleaning, however, the

investment is well worth it for the beauty and value it adds to your home.

Manufactured stone

For the look of natural stone with added benefits and a lower price point, a manufactured countertop is an excellent alternative. This surface is engineered to be more uniform in appearance and offers increased durability. It also is available in a wide range of colours and patterns. Popular options include:

• QUARTZ: Engineered from natural quartz and resins, these countertops are non-porous and low maintenance

• PORCELAIN: Known for its durability and resistance to scratches and heat

• LIMESTONE: Offers a softer, more rustic look, but requires regular sealing

• SINTERED STONE: A newer material that’s extremely durable and heatresistant

• SOLID SURFACE: Made from acrylic and polyester, these are seamless and easy to repair.

Eco-friendly countertops

In an era where sustainability is becoming increasingly important, the eco-friendly countertop is gaining popularity. This material is often constructed from recycled or renewable resources. If you’re looking to make an environmentally responsible choice, consider these options:

• BAMBOO: A renewable resource that offers a unique and natural look

• RECYCLED GLASS: Made from repurposed glass, a countertop constructed from this material is stylish and eco-conscious

• RECLAIMED WOOD: Adds warmth and character with a rustic charm

• PAPER COMPOSITE: Made from recycled paper and resin, this surface is surprisingly durable and sustainable

Key considerations

Selecting the perfect countertop involves balancing several factors to ensure it fits your needs, style and budget. Here’s what to keep in mind:

• PURPOSE AND USAGE: Kitchens require a durable, heat-resistant surface such as granite or quartz. Bathrooms should prioritize moisture resistance and aesthetic appeal, making marble a good choice.

• DURABILITY AND MAINTENANCE: For high-traffic areas, choose a material that resists stains and scratches, such as quartz or a solid surface. Consider the maintenance required; natural stone needs regular sealing, while a manufactured option is generally low maintenance.

• AESTHETIC PREFERENCES: Think about the overall look and feel of your space. Natural stone offers unique patterns, while something manufactured provides consistent colours. Choose between different finishes – polished for a glossy look, honed for a matte look.

• BUDGET: The cost of a countertop varies widely. Laminate and solid surfaces are more affordable, while a natural stone and an eco-friendly option can be pricier. Don’t forget to factor in installation costs, which can be higher for heavier materials such as granite and quartz.

• ENVIRONMENTAL IMPACT: If sustainability is important to you,

look for a countertop made from recycled or renewable materials. Certifications can help ensure the product meets environmental standards.

• LONGEVITY AND WARRANTY: Choose a material known for its long lifespan, especially in high-use areas. A good warranty from the manufacturer or installer is a sign of quality and expected durability.

• CUSTOMIZATION AND AVAILABILITY: Some materials, such as concrete or a solid surface, offer greater customization in shape, colour, and edge profiles. Ensure the material is readily available in your area to avoid delays.

• LIFESTYLE AND PERSONAL PREFERENCES: For the kitchen, consider your cooking habits; surfaces that can withstand high temperatures and frequent cleaning are ideal for avid chefs. For families with young children, durable and easy-to-clean countertops are a practical choice for the kitchen and the bathroom.

Price points

Understanding the cost implications is crucial for budgeting. Here are

and economical. thelifestyleloft.com

some average price ranges for popular countertop materials:

• GRANITE: $40 to $100 sq. ft.

• QUARTZ: $50 to $150 sq. ft.

• MARBLE: $60 to $200 sq. ft.

• SOLID SURFACE: $35 to $100 sq. ft.

• QUARTZITE: $70 to $200 sq. ft.

• PORCELAIN: $60 to $100 sq. ft.

Satisfying results

Choosing the right countertop for your kitchen or bathroom is all about balancing functionality and aesthetics. By blending durability, maintenance, looks and budget with environmental impacts, you will end up with beautiful countertops that truly reflect your needs and lifestyle, while elevating the look of your home.

Photo: Alona Gross

Photo: Alona Gross

Photo: Elle-Amie Inc., Interior designer : Funmi Ade-Ojo

FIND YOUR NEXT HOME

BRAMPTON

1. Bristol place 199 Main St, North, Brampton

2. Duo condos Malta ave & Steeles Ave

CALEDON

3. Mayfield Collection 2256 Mayfield Road. Mayfieldcollection.ca

ETOBICOKE

4. Curio Condos 801 The Queensway marlinspring.com

5. Humberwood Heights 50 Humberwood Blvd. tributecommunities.com

6. Arcadia District Bloor & Kipling arcadiadistrict.com

7. Kül Condos 875 The Queensway kulcondos.com

MARKHAM/ UNIONVILLE

8. Panda Markham 8200 Warden Ave. lifetimedevelopments.com

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

10. Highmount 4077 Hwy. 7 highmountbykingdom.com

MISSISSAUGA

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

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

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

NORTH YORK

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

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

PICKERING

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

OSHAWA

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

TORONTO

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

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

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

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

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

23. Panda Condos Yonge & Dundas. lifetimedevelopments.com

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

25. Linx Condominiums Danforth & Main tributecommunicties.com

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

27. 50 at Wellesley Station

50 Wellesley St. East pureplaza.com

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

29. Theatre District Residences Adelaide & Widmer pureplaza.com

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

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

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

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

34. Forest Hill Private Residences

2 Forest Hill Rd. foresthillresidences.com

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

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

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

38. XO Condos King & Dufferin lifetimedevelopments.com

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

40. 101 Spadina Spadina & Adelaide 101spadina.com

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

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

43. Birchaus Birchcliffe Village on Kingston Road birchausresidences.com

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

45. Park Avenue Place 1 & 2

Jane St. & Rutherford Rd. solmar.ca

VAUGHAN

FIND YOUR NEXT HOME

The latest properties in the Southwestern Ontario Area to keep your

BURLINGTON

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

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

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

FORT ERIE

4. Discoverie Condos Signature Communities discoveriecondos.ca

HAMILTON

5. 1 Jarvis 1 Jarvis 1jarvis.com

6. The Design District 41 Wilson Street emblemdevcorp.com

7. Corktown 225 John Street South corktown.condos

NIAGARA

REGION

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

OAKVILLE

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

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

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

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

13. Villages of Oakpark Dundas & Trafalgar ballantryhomes.com

STONEY CREEK

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

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

FIND YOUR NEXT HOME

Duo Brampton

developer: NATIONAL DEVELOPMENTS AND BRIXEN DEVELOPMENTS INC.

style: Highrise size: 26 storeys

features:

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

• Lobby, Gym, Co-Working Space

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

• Rooftop with BBQ’s, Flex Lawn, Dining and Lounge Areas

register at: duocondos.ca

location: Steeles Ave. W and Malta Ave. just west of Hurontario First Release is Sold Out. Final Release Now Selling.

875 The Queensway Toronto

developer: EQUITON DEVELOPMENTS

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

prices from: From $400,000s

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

contact: equitondevelopments.com

location: 875 The Queensway, Toronto

Central Park North York

developer: AMEXON DEVELOPMENT CORPORATION

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

prices from: from the $700,000s

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

• Spacious layouts, terraces/balconies

• Located in the Bayview Village neighbourhood

• Leslie subway station and GO Transit at your door

• Direct access to the East Don Parkland ravine

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

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

contact: centralparktoronto.com • (416) 252-3000

location: 1200 Sheppard Avenue East

Allure

Toronto

developer: EMBLEM D evelopments

style: Highrise

size: 428 - 1,421 sq.ft.

prices from: $600s

features: • Prestigious King Street address in downtown Toronto

• Elegant, timeless design by Burdifilek

•Approximately 20,000 sq.ft. of world-class amenities, including a Rolls-Royce chauffeur service, fitness centre, yoga area, cycle studio, sauna and steam room.

contact: emblemdevcorp.com

location: King St. E. + Princess St.

NEW-HOME BUYERS

NEED FEDERAL HST REBATE PROGRAM THAT ACTUALLY DELIVERS

Housing affordability is a major concern for residents in the Greater Toronto Area (GTA), with more than 90 per cent of people agreeing there is a housing affordability issue in the GTA, according to a public opinion survey conducted by Ipsos (on behalf of BILD).

In the midst of these affordability issues, one of the established methods to provide some relief for new-home buyers is the federal GST/ HST New Housing Rebate – but it has become painfully clear that the program is out-of-date. If the federal government is serious about tackling the housing affordability crisis, then updating the rebate program is an easy way to have a material impact on affordability for new-home buyers.

Currently, the cumulative tax and fee burden on new homes from all levels of government accounts for

25 per cent of the cost of an average home in the GTA. Of this 25 per cent, a significant part is from HST – but, in theory, the federal part of this tax burden is meant to be partially offset by the federal HST rebate program. However, due to average home costs exceeding the thresholds for eligibility (which were set over three decades ago), the vast majority of homebuyers today see no rebate at all.

Under the program requirements set in 1991, only homes priced below $350,000 receive the full rebate. Homes between $350,000 and $450,000 get a reduced rebate and anything above $450,000 gets nothing. With average GTA home prices surpassing these prices in the early 2010s – and now averaging more than $1 million for singledetached homes – essentially no one has qualified for any part of the rebate for nearly a decade.

When the GST was introduced in 1991, the federal government committed to adjusting these pricing thresholds every two years to keep pace with market changes and to

ensure housing affordability was not negatively impacted. Fast forward to today and those promises of regular adjustments remain unfulfilled. Over the last three decades, not a single adjustment has been made despite housing prices increasing 270 per cent between 1990 and 2023. Meanwhile, the net federal HST payments on an average new home has increased from $8,832 to $51,152 in this same period – a 479-per-cent increase.

This outdated rebate program has generated billions in extra revenue for the federal coffers while doing practically nothing to help struggling homebuyers. In Ontario alone, it is estimated that unindexed rebate thresholds on single-detached units have handed Ottawa nearly $4 billion in additional HST revenues, with the majority of this amount ($2.75 billion) occurring over the past decade.

Updating the federal GST/HST New Housing Rebate is a quick and easy way to help new homebuyers from coast to coast. It is time that the federal government lives up to its commitment to review and adjust these thresholds, indexing prices to reflect the current housing market realities.

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