GTA Homes Magazine - September 24, 2022

PERSONAL FINANCE | JESSE ABRAMS

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

CHIEF REVENUE OFFICER Jacky Hill jacky.hill@nexthome.ca

EXECUTIVE MEDIA CONSULTANT Michael Rosset

EDITOR-IN-CHIEF – NATIONAL REAL ESTATE Susan Legge susan.legge@nexthome.ca

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

EDITOR-IN-CHIEF – GREATER TORONTO AREA Wayne Karl wayne.karl@nexthome.ca

MANAGING EDITOR Rise Levy

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

MARKETING EDGE | JEREMY GLADSTONE

Jeremy Gladstone is the co-founder and Creative Director of Gladstone Media, a full-service creative agency in Toronto. gladstonemedia.ca.

REALTY INSIDER | MICHAEL KLAUSSEN

Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential pre-construction listing brokerage. 1111realty.ca

CONTRIBUTORS Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Jeremy Gladstone, Michael Klassen, Barbara Lawlor, Jayson Schwarz, Dave Wilkes

SENIOR VICE-PRESIDENT, SALES, NEXTHOME Hope McLarnon 416.708.7987, hope.mclarnon@nexthome.ca

DIRECTOR OF SALES, ONTARIO, NEXTHOME Natalie Chin 416.881.4288, natalie.chin@nexthome.ca

SENIOR MEDIA CONSULTANT Amanda Bell 416.830.2911, amanda.bell@nexthome.ca

VICE-PRESIDENT, MARKETING – GTA Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE Marilyn Watling

SALES & MARKETING CO-ORDINATORS Gary Chilvers, Vi Nguyen

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA Josh Rosset

DISTRIBUTION distributionteam@nexthome.ca

ACCOUNTING INQUIRIES accountingteam@nexthome.ca

DIRECTOR OF PRINT MEDIA Lauren Reid–Sachs

REAL ESTATE PRO | BARBARA LAWLOR

Barbara Lawlor is President and CEO of Baker Real Estate Inc., and an in-demand 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

LEGALLY SPEAKING | JAYSON SCHWARZ

Jayson Schwarz LLM is a Toronto real estate lawyer and partner in the law firm Schwarz Law Partners 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

VICE-PRESIDENT, PRODUCTION – GTA Lisa Kelly

PRODUCTION MANAGER – GTA Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR Hannah Yarkony

GRAPHIC DESIGNERS Johannah Lorenzo, Jean Fay Rodriguez, Mike Terentiev

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SINCE 1992, WE’VE LISTENED TO YOUR DREAMS, AND BROUGHT THEM TO LIFE IN OUR HOMES.

This year, we are proud to celebrate 30 years of reimagining what is possible. In focus groups, surveys, and workshops, we’ve listened to your needs and made your ideas fly with Bright Ideas like family centres, smart technology, and designs that inspire health and wellness. Every National home is built with you in mind. Because, You Are the Blueprint.

ELECTION ISSUE

We’re already into mid-September, the kids are back in school and cooler weather is on its way. And something else you’re going to be hearing more and more about – the upcoming municipal elections.

On Oct. 24, voters in Ontario will go to the polls to elect mayors, councillors and other officials in the province’s municipalities. And this, on the heels of the June 2 provincial election, and around the one-year anniversary of the Sept. 20, 2021 federal election.

One common theme throughout all of these democratic processes – housing as an election issue. Indeed, as several pieces of content in this issue discuss, and just like it was at the national and provincial levels, housing supply and affordability will be a top platform item.

Indeed, Toronto Mayor John Tory has announced his 2022 re-election plan to get more homes built in the city, and address the affordability issue.

“We’ve made strong progress over the past eight years to get housing built in Toronto, but to tackle increased affordability challenges brought on by a national housing shortage we need to build more homes, faster,” says Tory. “I’m proud to announce a five-point plan that builds on this progress by looking critically at where we can streamline and modernize processes at City Hall, and how we incentivize our homebuilding partners to increase our housing supply and drive affordability.”

Says Jason Mercer, chief market analyst at the Toronto Regional Real Estate Board, “The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province, coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options, are examples of this.”

While Tory may be seeking re-election in Canada’s largest city – and the country’s largest and most high-profile real estate market – he is not the only prospective municipal leader who will have to tackle this issue. Several other municipalities in the Greater Toronto and Hamilton Area and elsewhere in the province are dealing with this matter, at levels just as serious as Toronto’s. Some of these potential city leaders – and even incumbents – are perceived almost as anti-development. Indeed, it will be interesting to watch some of these mayoral races unfold, knowing the pressures the municipalities face, and hearing how these officials plan to deal with them.

Whether you’re in Toronto, Hamilton, Vaughan, Brampton, Barrie, Oshawa or any of Ontario’s more than 400 municipalities, make it a point to learn about your candidates’ plan for housing. It’s a subject that will affect you, and a topic that will surely be a perennial election issue.

Q&A

In Conversation With... Mirella Sarrapochiello, Vice-President, and Marketing,

From building much needed “missing middle” housing, to developing a full mixed-use neighbourhood around a shopping mall rejuvenation, Dunpar is evolving with the times.

HOMEBUILDING INDUSTRY

Building the west end brings jobs and economic development

The homebuilding industry is one of the largest financial forces in Burlington and Hamilton, generating immense economic activity, thousands of high-paying jobs, and millions of dollars in tax revenue.

HOUSING POLICY

Homebuilding industry releases five-point plan to address housing crisis in Ontario

As the Ontario legislature recently returned, the homebuilding industry offered some suggestions for the province to address housing crisis.

NEW

JOHN TORY RELEASES PRE-ELECTION PLAN TO BUILD MORE HOUSES FASTER

Toronto Mayor John Tory has announced his 2022 re-election campaign policy to help get more homes built in the city and address affordability issues.

“We’ve made strong progress over the past eight years to get housing built in Toronto, but to tackle increased affordability challenges brought on by a national housing shortage we need to build more homes, faster,” says Tory. “I’m proud to announce a five-point plan that builds on this progress by looking critically at where we can streamline and modernize processes at City Hall, and how we incentivize our homebuilding partners to increase our housing supply and drive affordability.”

FIVE PILLARS OF TORY’S PLAN:

1. Expanding housing options by permitting “missing middle” housing, and allowing greater midrange density on major roads and in areas served by transit.

2. Cutting red tape and speeding up approval times by creating a Development and Growth Division to streamline the process to get more housing built faster.

3. Making sure projects move forward and that land that could be used for housing does not sit idle by asking the province to allow the City to enact a “use it or lose it” policy for

developers sitting on approved, but undeveloped, land.

4. Enabling more co-op, supportive and affordable housing by allocating a portion of Cityowned land to be developed by non-profits.

5. Incentivizing the construction of purpose-built rental housing by reducing fees and charges, as well as prioritizing those applications.

“Under my leadership over the past eight years, Toronto has made strong progress on getting more homes built, especially affordable and supportive housing,” says Tory.

INDUSTRY APPROVAL

For its part, the homebuilding industry so far favours Tory’s proposal.

“The Building Industry and Land Development Association (BILD) supports initiatives to make approvals more timely and efficient, as well as steps to make it easier to build housing of all types,” says Dave Wilkes, president and CEO of BILD. “This will help ensure we are able to build more homes for our city’s growing population, faster. Increasing housing supply and creating a more affordable city requires big thinking and bold action and we look forward to working with Mayor Tory to address this generational challenge.”

“The escalating housing crisis has been detrimental to the public interest on many levels,” says Richard Lyall, president of the Residential Construction Council of Ontario (RESCON). “There is a need for bold action and initiatives to get much-needed housing built faster in the city of Toronto.”

RESCON says it is particularly supportive of the mayor’s plan to expand housing options by permitting “missing middle” housing and allowing greater mid-range density on major roads in areas served by transit, as well as his proposal to cut red tape and speed up approval times by creating a development and growth division at city hall that will tackle the slow approvals process and simplify the system to get housing built faster. The new city department is vital if the city is to see the streamlining of all building approvals that is so desperately needed.

RESCON says it is still concerned, however, that government taxes, fees and levies on residential construction in Toronto remain the highest in North America. A report from Canada Mortgage and Housing Corp. found that if government charges alone were removed, the cost of a dwelling in Toronto would be 10 to 24 per cent lower.

TRREB CALLS FOR CHANGES TO MORTGAGE REGULATIONS AS BORROWING COSTS IMPACT GTA RESALE MARKET

to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.”

The GTA resale market showed signs of returning to healthier conditions in August, though the Toronto Regional Real Estate Board (TRREB) warns that higher borrowing costs could further impact performance.

TRREB reported 5,627 home sales in August 2022, representing a year-over-year dip of 34.2 per cent – a lower annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead, TRREB says. On a year-over-year

basis, the MLS Home Price Index (HPI) was up by 8.9 per cent, and the average selling price for all home types combined was up by 0.9 per cent to $1.07 million. The average selling price was also up slightly month-over-month, while the HPI Composite was lower compared to July. Monthly growth in the average price versus a dip in the HPI Composite suggests a greater share of more expensive home types sold in August.

“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” says TRREB President Kevin Crigger. “There is room for the federal government

“The Office of the Superintendent of Financial Institutions (OSFI) should weigh in on whether the current stress test remains applicable,” adds TRREB CEO John DiMichele. “Is it reasonable to test homebuyers at two percentage points above the current elevated rates, or should a more flexible test be applied that follows the interest rate cycle? In addition, OSFI should consider removing the stress test for existing mortgage holders who want to shop for the best possible rate at renewal rather than forcing them to stay with their existing lender to avoid the stress test. This is especially the case when no additional funds are being requested.”

“There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe,” says TRREB Chief Market Analyst Jason Mercer. “The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province, coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options, are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections.”

braestone’s final enclave.

2022 FALL HOME SHOW BRINGS HIBERNATION, HAVEN & HYGGE TO YOUR SPACE

Autumn is just around the corner, and the Fall Home Show returns after a two-year hiatus to help homeowners realize the potential of their space and get them excited about spending more time indoors as the weather outside turns colder.

The three-day event, taking place Sept. 30 to Oct. 2 at Toronto’s Enercare Centre at Exhibition Place, showcases the best of home organization and storage, small space optimization, family sanctuaries, entertainment and more. This year’s theme of Hibernation, Haven and Hygge offers the perfect solution for those looking to hunker down this winter and get their space winterready, regardless of size.

“Whether you’re revamping a semidetached, bungalow or condo, the 2022 show is set to inspire you with creative solutions to maximize your space and get your home working for you,” says Denise Hayward, show manager. “It’s important to remember that our homes should work for us and our lifestyles, so having a place to connect with family and friends, work and stay organized, or simply spend quality time relaxing, will help you get the most out of your space.”

The Fall Home Show is a onestop-shop for anyone interested in elevating their space, with oneon-one consultations available to help transform spaces. From getting free advice on reno or decor projects, to learning new cooking and entertainment tips, and building confidence by getting hands-on before tackling any upcoming DIY projects, “the show is designed around helpful and practical solutions so people can live better in their space – all year long,” says Hayward.

new features thIs year: Speakers Lounge – an intimate space where experts such as HGTV Canada’s Scott McGillivray will share their insight into real estate, renovations, organization and more.

Maker Studio Spaces – a new feature area designed to promote local Makers and Crafters, showcasing knitting, cake decorating, macrame, candle making, paper crafts and more.

Posh Pumpkins – unique and beautifully stylized posh pumpkins painted by design celebrities, available for purchase.

returnIng features:

Ask A RenoMark Renovator –connect one-on-one with RenoMark renovators in a free 15-minute consultation.

Design Intervention – free 15-minute advice sessions with a Reno+Decor celebrity guest designer.

DIY Centre – hands-on guidance from DIY experts Mark Rason, Jordan Spear and Desta Ostapyk.

torontohomeshows.com

Scott McGillivray

HOMEBUILDING INDUSTRY TO BENEFIT FROM FURTHER USE OF PROPTECH: REPORT

New-home building in Canada could get a boost from the increasing adoption of real estate technology, according to a report from Sustainable PropTech, a collaborative thinktank of industry leaders in real estate and technology.

Founded by Deena Pantalone and Joanna Creed, principal, and director of operations and general counsel, respectively, for Venturon, a Canadian investment group focusing on real estate technology start-up companies, Sustainable PropTech is a community designed to help the industry navigate through the fast and ever-changing technology landscape. A secondary goal is to help the industry make an important contribution to environmental, social and corporate governance (ESG) in real estate in Canada.

While the real estate industry has traditionally been slow to incorporate new innovations, this is rapidly changing with the introduction of new technology, products and services that are not only making the industry more efficient, but also creating opportunities to be more sustainable. The report shows $326 million was invested into companies in the Canadian sustainable construction segment, which could help address affordability for new

home purchasers, as well as a myriad of environmental concerns.

The only report of this kind, it includes a comprehensive list of Canadian sustainable proptech companies, a market map of Canada’s sustainable proptech ecosystem, and an analysis of current sustainable proptech trends.

“We connect the built world of real estate with sustainability experts, tech entrepreneurs, investors and fresh thinkers,” says Pantalone. “When it comes to protecting the planet, time isn’t on our side. That’s why our clear mission is to accelerate the achievement of sustainability goals.”

Adds Creed. “This Report brings together a wealth of information, with usable data and important insights designed to help industry players share ideas. Collaboration is how the digitization of real estate can be accelerated, and our goal is to create real change.”

“We’re starting to see a shift in the way property technology is adapting to improve building sustainability and meet building operator needs,” says Mansoor Kazerouni, global director, buildings, IBI Group. “The application of design principles such as digital twins and passive house will set the stage for the future of sustainable urban development.”

Says Fred Cassano, national real estate tax leader at PwC, “We’ve seen a growing focus by the real estate community on proptech solutions as an enabler to assist in solving business issues. With real estate companies increasingly recognizing the urgency to accelerate their decarbonization efforts and the measurement of related efforts, sustainable proptech will play a key role in addressing an emerging challenge today.”

Deena Pantalone

#InsidetheGTA

by SUSAN LEGGE GTA

Brightwater brings #PortalsPC immersive art installation to Port Credit

In celebration of the power of the arts to connect and build community, the Port Credit West Village Partners (PCWVP) – the consortium, including Kilmer Group, Dream Unlimited, DiamondCorp and FRAM+Slokker, which is behind the 72-acre master-planned Brightwater community – recently unveiled the immersive Port Credit Portals art installation at JC Saddington Park.

The installation comprises five 10-ft.-tall colourful Portals, creating a glowing, immersive art experience along Port Credit’s waterfront.

The Brightwater team has also participated in other initiatives, adding art to the local community, including the LCBO Port Credit Mural Project earlier this summer. Prioritizing and offering a vibrant public realm and experiences for residents and community members is an integral pillar of the Brightwater community, with an updated Main Street, including a Village Square, new park spaces, and multiple promenades, pedestrian and cycling trails, and different art features. experiencebrightwater.ca

Habitat for Humanity GTA receives surprise donation cheque by mail

Ene Underwood, CEO of Habitat for Humanity GTA, posted an unusual item on LinkedIn recently – Habitat for Humanity GTA received a cheque for $500,000 in the mail.

Underwood’s post, which can also be seen on Medium, reads that last year an “unsuspecting envelope arrived at our Toronto office. Amidst the pile of packages and letters we

receive daily, no one thought much of it. The envelope came from an address that belonged to a woman named ‘Muriel Dobbie.’ Inside the envelope was a cheque made out to Habitat for Humanity GTA for half a million dollars,” said Underwood.

Muriel Dobbie was not known to Habitat GTA, but the organization received additional cheques

throughout the year from this generous person, totalling $1 million.

According to the Habitat for Humanity website, Muriel Dobbie chose to leave a gift to several charities in her will, and this organization, which helps working families build strength, stability and self-reliance through affordable homeownership, was one of them. habitatgta.ca

Photo: Arthur Mola

The world’s most advanced breathing machine

Introducing Trees. This once-in-a-million-year innovation doesn’t just clean the air we breathe, it has powerful Earth-cooling abilities and can improve our mental health. But in so many places, nature’s inventory is quickly running out.

You can help turn things around. Donate now and join us in increasing the tree canopy in communities across Canada at TreesForLife.ca

Thank you to our sponsors and supporters.

Talk about the right product in the right place at the right time. StateView Homes has launched sales at its new and much-anticipated Queen’s Court community in Brampton. Choose from a tantalizing collection of 19-ft. three-storey double-front towns, 20-ft. two-storey traditional towns and 21-ft. back-to-back towns in one of the GTA’s most convenient locations, on the southeast corner of Mississauga Road and Queen Street West – in a family-oriented neighbourhood in the historic district of Brampton’s downtown.

Convenient and connected? Yes. Getting around the GTA and beyond has never been easier, with Zum Transit stops outside your door on Queen Street West; Mount Pleasant GO Station only 15 minutes away; Hwys. 407 and 401 just down the road and Pearson International Airport just 20 minutes away.

In addition, whether you’re into sports, the arts, shopping, nature or any other lifestyle desire, you’ll find it in this vibrant and diverse community. Queen’s Court is situated minutes to the great shops of Bramalea City

Centre, Cassie Campbell Community Centre with its numerous programs, The Rose Theatre, Lionhead Golf Club, Eldorado Park and fine dining choices such as Antica Osteria, to name just a few.

Townhomes range in size from 1,958 to 2,618 sq. ft. and are priced from $999,990. Own from just $485 per sq. ft., compared to other projects in the area that are between $600 and $700 per sq. ft. Act now and take advantage of limited time bonuses including a $5,000 Inspiration Gallery credit, stainless steel appliances,

EV car charger conduit installation and stone kitchen countertops. Call 1.866.441.1272 for your private appointment.

ALSO COMING THIS FALL FROM STATEVIEW HOMES

After the successful launch of Phase 1 this past spring, the final release of traditional and urban elite townhomes at the Elia Collection is coming this fall. Located just 50 km north of Toronto at the intersection of Muriel and Gorham Streets, Elia Collection is ideally situated just four minutes to the Newmarket GO Station, and seven minutes to Hwy. 404, enabling residents to get to downtown Toronto in as little as 45 minutes. The community is surrounded by parks and greenspace, including Riverwalk Commons and Fairy Lake Park, and is close to schools, shopping and great golf courses.

These contemporary townhomes are beautifully detailed with the latest

in modern finishes and are ideal for families and empty nesters. With clean, modern lines, the collection will create a stunning streetscape in this convenient location. Choose from 20-ft. traditional townhomes and 22ft. back-to-back townhomes, ranging from 1,672 to 2,749 sq. ft., starting from the high $900,000s. Book your VIP appointment at The Elia Collection by calling 1.866.305.ELIA.

After the success of its Main & Co. site, StateView is excited to return to Stouffville with Elm & Co. Located at Bethesda and York Durham Line, this new collection of 206 townhomes is just a few minutes’ walk from the Old Elm GO Station, and only five minutes from the shops and restaurants of Main Street Stouffville. Surrounded by protected conservation lands and parks, Elm & Co. provides an idyllic lifestyle among nature, yet minutes to all the best modern amenities. Featuring a variety of modern urban townhouse designs. Register now

for the launch this October or call 1.888.293.2ELM.

WHY STATEVIEW HOMES?

In keeping with today’s enlightened and savvy homebuyers, StateView provides the Comfort Plus Package designed to improve the life of homeowners by helping with maintenance, security and home efficiency. These features include a central Smart Home Automation Hub with touchscreen at the entrance to the home, a smart door lock on the inside garage door leading to the home, a smart lighting control, one smart water leak sensor, one preconstruction homeowner design consultation, one customer service training session and a personal appointment with a qualified technical contractor to explain and coordinate any additional technology requested.

In addition, StateView’s Harmony Package includes features and finishes that save energy, conserve

water, help lower monthly bills and ensure their homes are built from sustainable, ethically sourced materials that promote an eco-friendly lifestyle. Homeowners will enjoy enhanced comfort and peace of mind from a reduced environmental footprint.

However, StateView Homes has always been invested in not only providing a better home to live in, but a better neighbourhood as well, contributing to the communities in which it builds. Whether that includes supporting vital community organizations, kid’s athletic programs or community events, the company strives to help those living in its communities to truly “live inspired.”

To that end, StateView has created its new “Live Inspired. Play Inspired” initiative to help support an array of great causes

So far this year, “Live Inspired. Play Inspired” has seen StateView sponsor nearly 140 house league kids’

soccer teams across Vaughan, Newmarket, Oak Ridges, Markham and Richmond Hill, numerous local charities and organizations such as Fun on the Run Preschool, Markham Stouffville Hospital, the Shining Through Centre for kids with autism and both the Stouffville Summer Series and Winter Series of events.

These endeavours are all in addition to the company’s ongoing support of the SickKids Foundation, where it has pledged more than $1.5 million over the next five years, and most recently the Toronto Humane Society during its annual Paws in the Park event, along with its Transport Program, which helps relieve overcrowding at pet centres across Ontario.

For more information on these and other StateView Homes communities and to reserve a home, visit stateviewhomes.com.

WHERE IS THE NEXT HOT SPOT FOR HOUSING IN THE GTA?

most comfortable ways to travel within the GTA.

BEN MYERS

A question I get asked regularly is:

Where is the next hot spot for real estate in the Greater Toronto Area?

Many predicted that COVID-19 would decimate downtown real estate, but that has clearly not been the case. According to data from rentals.ca and Bullpen Consulting’s latest National Rent Report, the average rent in Toronto is by nearly 25 per cent annually, with pockets of downtown Toronto seeing growth of more than 40 per cent from July 2021 to July 2022. If you’re looking to buy and rent, those are some attractive numbers.

If you are an investor looking at the condo market in the GTA, the downtown market and its $1,500 per-sq.-ft. (psf) to $1,700 psf pricing might be out of reach, but buyers have been taking notice of several areas that I predicted would be very popular in the future. St. Clair West and The Stockyards have seen a number of buildings pop up recently, with thousands of units in the works.

The area will be unrecognizable in 15 years, with highrise towers lining the UP Express and GO train lines. Scarborough has also been a popular destination, with Kingston Road seeing tons of demand given the pricing is the lowest in Toronto. However, all of the GO train stations in Scarborough are expected to see huge developments surrounding them, with new communities being established – these will be opportunities worth checking out. The GO train is one of the best and

As for the next hot markets, look at the Weston area, with the UP Express and the new Eglinton Crosstown LRT in a community with quick access to the 401. It has a very Junction-North feel to it. The next area to watch out for is Yorkdale, as Dufferin Street is densifying quickly, and the lands around the mall will be developed. Expect rapid price growth, as retail, office and residential mix in more creative ways. The third area to pay attention to is Downsview, as this massive property gets redeveloped with midrise condominiums, townhouses and reimagined community spaces.

The demand for new groundoriented housing – single-detached, semi-detached and townhomes – in the outer-suburban markets has cooled again, after a red hot 2021.

After a couple of years of price flatness and tepid sales absorption from mid-2017 to mid-2020, the single-family market took off in the second half of 2020 into March of this year, as prospective buyers in need of more space due to the work-from-home phenomenon were scooping up the homes. These purchasers are less concerned about commuting times, and were fueled by low interest rates. However, some of those markets lack the type of amenities and proximity to activities that many young families crave, and while some of these sleepy and quaint communities may have looked appealing during COVID when things were closed, demand has dropped now that everything is open again, and interest rates are rising.

Areas that I really like right now are in the “soft middle” on the outskirts of Toronto, or in the more

walkable areas of the inner-suburban municipalities. The markets in south Mississauga are primed to take off, with greater appreciation in places such a Port Credit and Mineola. Take a look at the Brightwater Community and now-launching Lakeview Village development – huge masterplanned waterfront communities. Secondly, the lands around the Mimico and Cooksville GO stations are going to be transformed, and there is clearly an opportunity to get in on the first phases at an attractive valuation – developers need to start these big projects with an immediate sales success and price the initial phases accordingly.

Here is some food for thought: Chestnut Hill Homes launched a new highrise condo in 2007 near the Pickering GO Station at less than $250 psf. The company’s latest project, launched for more than $900 psf last year, and pricing is now closer to $1,050 psf in that node.

If you’re in the market for a new home, surround yourself with an experienced team, including a realtor familiar with the new home market, and a mortgage broker who can find you the best deal. Buy what you can afford, buy for the long-term, and do your research. Good luck.

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

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WHAT A DIFFERENCE A DECADE MAKES

IN NEW HOME REAL ESTATE

DEbbIE CoSIC

New home real estate is a cyclical industry, and the past decade is a perfect example. Data analytics firm Altus Group provide monthly real estate statistics for the GTA to help us understand our ever-changing market. A look at the past 10-plus years is an interesting reflection of the evolving set of trends we’re experiencing.

The year 2011 was called the “year of the condo” for setting a new highrise sales record. Index lowrise prices came in at $545,372, while highrise was $434,322. The $111,000 difference sent purchasers turning to condos in droves. During 2012, total new home sales declined, yet sales of highrise condos were the fourth highest since 2000. The index price for lowrise hit $632,868, bringing the previous price gap up to $196,844.

The year 2013 saw dips in the sales of both high- and lowrise. By December, the price index for lowrise hit a high of $654,147; highrise remained the same. Then during 2014, the average price of a lowrise home exceeded the $700,000 mark; the highrise average price went up to $449,371. And yet, overall sales in 2014 were 41 per cent higher than 2013.

Flash forward to 2015, when overall sales reached the third highest in the previous decade. Lowrise sales were up eight per cent from 2014; highrise sales were down two per cent. The average price of new condos was $453,083, down from 2014 – largely due to developers making suite sizes

smaller. The average price of new lowrise homes reached $829,766 –an all-time high.

In 2016, new records were set for overall sales, low inventory, high prices and highrise condo sales. More condos were sold than in any previous year on record, and that year saw the highest number of new homes ever sold in the GTA. Then on to 2017, when condo sales hit a new record for most sold and lowrise for the least number sold in any year. Overall, that year was the fourth strongest in the GTA since Altus Group began tracking in 2000.

A new cycle kicked in, as 2018 saw the lowest total sales in nearly 20 years. Stricter mortgage stress testing, rising interest rates and lack of supply combined with the record condo sales of the previous year all played a roll in lower numbers. Sales picked up in 2019, with highrise up 157 per cent from the previous year and lowrise up 27 per cent. In December, the benchmark price for new condos was $916,585 and for lowrise $1.08 million.

In 2020, the pandemic changed everything, so industry professionals adapted by using technology to sell online. Even with the uncertainty across the globe, we had a very busy year; the

GTA new home market outperformed total sales of the previous year. In 2021, overall new home sales were the second highest on record after 2002. Sales of highrise condos were especially strong, nearly reaching 2017’s record. Benchmark pricing hit new records: $1.82 million for lowrise, and $1.16 million for highrise. Halfway through 2022, we’re still experiencing supply levels that are sadly lacking. Sales started off with a bang; then mortgage interest rates rose, and people panicked. Although June sales fell compared to June 2021. Now that interest rates have levelled off, fall sales promise to be robust once again. Whatever cycle new construction sales are in, it’s always wise to buy new.

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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Queens Lane by Branthaven

KEvIN CrIGGEr

IN THE GTA’S RENTAL MARKET THREE THINGS HAPPENING

not mean demand is decreasing.

There was a strong dip in the number of rental listings available, dropping by almost 30 per cent year-over-year. With less choice, it was much more difficult for renters to secure a lease.

Compared to last year, the GTA rental supply is tighter, competition is stronger and average rents are higher.

If you are looking to rent a condo in the GTA, the market is getting tighter, as the population continues to grow, the labour market remains strong and some would-be homebuyers have chosen to rent instead, due to higher mortgage rates. This trend will continue for the foreseeable future, with individual condo owners providing a lot of the available units, especially in the mid- to high-end part of the market.

There were more than 13,000 condo apartment rental transactions reported by GTA realtors from April to June 2022. Although this was down when compared to last year, this does

It will also cost you more to rent. Average rents for one- and twobedroom apartments are now both at record levels, surpassing the previous peak back in the latter half of 2019. For the second quarter of 2022, the average one-bedroom condo rent increased more than 20 per cent to $2,269 compared to Q2 2021. If you are looking for a bigger space, the average two-bedroom rent was also up over the same period to $2,979.

A low rental supply is a major problem in the GTA and will become even more pronounced in the short term. This issue is something about which TRREB and its members continue to raise awareness. Policymakers need to explore more ways to create rental supply. Whether

we’re talking about purpose-built rental developments or investor-held condominium apartments, renters need a diverse supply of units.

If you’re interested in digging deeper into the rental market, you can stay up to date with our quarterly reports. We break down average prices, transactions 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.

Kevin Crigger, TRREB President and realtor, is a long-standing and active member at the Toronto Regional Real Estate Board. He has served all levels of the real estate industry, as well as local charities and educational institutions.

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WHAT IS THE BIG PICTURE

FOR HAMILTON?

JOBS

MIKE COLLINS-WILLIAMS

Hamilton is growing. We need leaders with a vision for the successful future of our city. With Hamilton set to elect a new mayor this fall, it is an important opportunity for residents to ask candidates, “What’s the big picture – and what’s next.”

Hamilton is at a key moment where we can collectively chart a course for the prosperous future of our city. It’s why we need a mayor and council that are committed to building a plan that will secure Hamilton as a thriving city and an attractive destination for talent and investment. We can aspire to be the best place in Ontario to live, work and raise a family.

The West End Home Builders’ Association (WEHBA) has come together with other liked-minded groups to form HamiltoNEXT, a non-partisan alliance of local business organizations committed to championing long-term prosperity, creating jobs and growing our economy, and building a better quality of life for everyone in Hamilton. We’re encouraging residents of every age and walk of life to look ahead at the city they want Hamilton to be, and to recognize the importance of having a plan to get there. Between now and the municipal election in October, voters can take part in this conversation and help #FrameOurFuture as we ask candidates where they stand on big picture issues.

Hamilton is home to two of Canada’s leading research and education institutions with McMaster and Mohawk. We lead the way in Canada for sectors as diverse as healthcare, technology, logistics, manufacturing and creative industries. Thousands of graduates every year are looking to put down roots in Hamilton, and Hamilton’s economy is ready to evolve to meet the needs of the future. How can we continue to support this growth and innovation for the industries, businesses and jobs of the future?

HOUSING

The provincial government has set a target of building 1.5 million homes over the next decade to keep up with Ontario’s growing population. A recent report by the Smart Prosperity Institute finds that Hamilton will need to build 52,000 new homes to help Ontario achieve that target and ensure our workers and families have housing that meets their needs. How will we build the homes we need to encourage young people to stay in Hamilton and raise their families?

INFRASTRUCTURE

Hamilton is one of the fastest growing cities in Ontario. Sustained investment in the infrastructure we need for water, wastewater and transportation Hamilton is needed to keep up with this vital growth. What is our plan to build the infrastructure we need to maintain quality of life and vital services in our growing city? We all have different priorities about what Hamilton needs for a prosperous future. What HamiltoNEXT hopes that we can all agree on, is

the need for a mayor and council that is committed to laying out a vision, making a plan and sticking to it. We’re hoping for a team that is willing to make the big decisions and most importantly, see them through, HamiltoNEXT is welcoming voters of all ages to #FrameOurFuture and join us by sharing their vision for the future of our city.

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

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FIELDGATE HOMES

YOur DrEAM HOME awaits at SIGnATurE GTA cOMMunITIES

Celebrated for its craftsmanship and innovative designs, Fieldgate Homes is an award-winning homebuilder that has shaped the southern Ontario landscape for more than 65 years. The company’s proud history of excellence can be followed through its heirloom master-planned communities and residences. With a keen focus on the needs of today’s homebuyers, superior attention to detail and constant community engagement, Fieldgate Homes continues to create heritage residences that families will cherish for generations.

Fieldgate Homes is now open for purchasing by virtual sales appointments across the GTA. You can connect by phone, video chat or email for a secure and convenient homebuying experience. Sales teams are waiting to help you find your perfect Fieldgate home. Explore these featured communities and contact them today.

NOW OPeN – SeATON PiCKeriNG – FreeHOld TOWNHOMeS ONe- ANd TWO-CAr GArAGeS

Seaton is now open — freehold townhomes with oneand two-car garages now available

A serene natural landscape merges with the convenience of incredible big city amenities at Pickering’s awaited Seaton community, coming soon. Live at the crossroads of

classic and contemporary with a remarkable collection of freehold two-car and single-car garage townhomes with up to four bedrooms in a skillfully designed community setting. This new community truly has something for everyone with Pickering Town Centre, beautiful Lake Ontario, shopping, greenspaces, restaurants, Toronto’s eastern border and so much more just minutes away. Be first to own during the Seaton Grand Opening by registering now at fieldgatehomes.com.

MilTON: VAlleYlANdS OF SiXTeeN Mile CreeK

Coming soon to Milton – executive 30-, 36- and 43-ft. detached singles

Introducing executive riverside living in a natural enclave setting with Valleylands of Sixteen Mile Creek, coming soon to Milton. Take advantage of your rare opportunity to own 30-, 36- and 43-ft. detached riverside residences with lots backing onto Sixteen Mile Creek. Moments to southern Ontario’s most acclaimed golf courses and protected greenspaces, retail and restaurants, schools, services and access to the most convenient transit options, embrace a lifestyle unlike any other in Milton. Register now at fieldgatehomes.com for exclusive updates and priority purchase opportunities on Valleylands of Sixteen Mile Creek.

NOrTH YOrK: KeNNeTH & HOlMeS

Move-in ready townhomes available now

Make the most of your opportunity to own in the heart of North York with move-in ready townhomes, each with two parking spaces and two lockers included, now available at Kenneth & Holmes. With this limited release of contemporary urban towns, live steps from Yonge and Finch in an intimate residential enclave connected to everything that matters. Register now at fieldgatehomes.com for your chance to own in this limited release before it’s too late.

SHelBurNe: eMerAld CrOSSiNG

Now open by virtual appointment only – 36- and 40-ft. singles

The final release at Emerald Crossing is now open, meaning now’s the time to discover a beautiful country landscape surrounded by every modern convenience imaginable in Shelburne’s most anticipated new home community. Enjoy a collection of 36- and 40-ft. singles available now just minutes from big brand outlets, remarkable restaurants, breathtaking greenspaces, ski hills, golf courses and so much more. Shelburne has been Canada’s second-fastest growing municipality, so there’s no better time to get in on its best new home opportunity. Register now at fieldgatehomes.com.

AJAX: ATOWNS

The Park Collection now open – urban townhomes

The final release of stunning urban townhomes at the aTowns Park Collection in Ajax is now available. At Bayly Street and Salem Road, discover new family-sized residences backing onto open greenspace, a series of parkettes, sports court, and more all connected by winding walking trails weaved throughout. Better still, live surrounded by modern amenities and mere moments to Lake Ontario. Get the most out of Ajax’s bustling downtown area and enjoy great shopping, tasteful dining, convenient GO Transit, easy access to Hwy. 401 and so much more all nearby. Register now at fieldgatehomes.com.

WeST WHiTBY: WHiTBY MeAdOWS

Grand Opening coming soon – new release of freehold townhomes, semis and singles

A new release is coming soon with the Grand Opening of

Whitby Meadows Phase 3. Take advantage of spectacular residences in one of the GTA’s most popular communities with all-new townhomes, semis and 36- and 42-ft. detached designs. Find a master-planned community offering west Whitby’s best lifestyle near shopping, restaurants, Iroquois Park Sports Centre, Whitby GO Station, Heber Down conservation area, excellent schools and more. Register now at fieldgatehomes.com.

STOuFFVille: CiTYSide

Coming soon – Grand Opening of 36- and 40-ft. singles

Make your dream home come true in an incredible community setting just moments from Stouffville’s best amenities! Featuring a new release of 36- and 40-ft. singles, embrace city sophistication and country charm from an ideal neighbourhood located close to Markham, Hwys. 404 and 407, and the Stouffville GO Station. Register now at fieldgatehomes.com.

iMPreSSiONS: NeW KleiNBurG

Coming soon – Grand Opening of freehold townhomes

New Kleinburg is a community of inspired family residences in a beautiful setting just moments from the heart of historic Kleinburg. With the future Hwy. 427 extension just minutes away, a new community school and excellent urban amenities close at hand, life in Kleinburg has never been more convenient. Coming soon, discover a remarkable collection of expansive townhome designs in this beautiful master-planned community. Register now at fieldgatehomes.com.

NOrTH OSHAWA: dreAMSCAPe Register for the Grand Opening of townhomes, 30-, 36- and 42-ft. detached singles Enjoy affordable living in north Oshawa with the incredible residences of Dreamscape now open. This highly anticipated new home community offers a superb mix of expertly designed and crafted townhomes, 30-, 36- and 42-ft. singles moments to the best modern amenities Durham has to offer. Big box stores, bespoke boutiques, delicious dining, great schools, trails and conservation areas await those who call Dreamscape home. Register now at fieldgatehomes.com.

3 CRITICAL FACTORS TO COMMERCIAL REAL ESTATE LENDING

BY JACQUELINE MONETA, JD, AND JAYSON SCHWARZ, LLM

In this fluctuating real estate market, many investors, who may be shying away from residential properties, are turning to commercial deals. Maybe your business already owns the building you operate from, or maybe you’re looking to expand by buying a new store front. Regardless of the reason, you can borrow funds against your commercial property, or refinance your commercial property to operate your business, seize new opportunities or improve your bottom line.

There are many lending opportunities for commercial clients. You can speak to your bank, credit unions or private lenders. What’s important is that you look at where your business is now, and where it’s going.

Depending on your goals, you may want to look at the following facilities:

1. OPERATING LOANS

An operating loan is typically a shortterm loan ideal for helping with day-to-day cash flow. It allows your business to access funds for daily operation, to cover expenses until you get paid. For small businesses, an operating loan can give you breathing room.

2. CONSTRUCTION LOANS

Construction loans are specifically designed to finance commercial construction. This can include building multi-family units, commercial building, warehouses or retail centres, for example.

Construction loans can be an effective tool, as they typically have interest-only payments during the construction phase, and can convert to a fixed-rate mortgage once construction is complete.

Construction loans can, however, be more complicated from a legal standpoint, and it’s important to have a lawyer who understands the process so the funds are not delayed.

3. TERM LOANS

A term loan gets repaid in regular payments over a set period. Term loans can be an effective tool for businesses which are looking to keep growing. They allow you to purchase new assets, expand to new markets and consolidate your debt.

PREREQUISITES TO LENDING

Purchasing commercial is not for the faint of heart. You also must be prepared to absorb some costs to ensure you will meet lender requirements. Every project should be purchased conditionally on financing and due diligence. Commercial lenders will require an appraisal performed by an appraiser that is satisfactory to the lender. In addition,

you will probably be required to have a Phase 1 environmental report and survey prepared. If you are buying to develop, you may want soil tests and planning research as well.

Whether you are looking to buy commercial property, or simply leverage the property you already have, commercial loans can be a flexible and convenient solution to give you the business edge you need.

But it is critical you have the right team to help you out. Your banker should provide options to best suit the needs of your business, and your goals. Your lawyer should be familiar with the pitfalls in commercial properties, and be prepared to work with your team to close the deal quickly and efficiently.

Jayson Schwarz, LLM, and Jacqueline Moneta, JD, are Toronto real estate lawyers and partners in the law firm Schwarz Law Partners LLP. Visit online at schwarzlaw.ca or email info@schwarzlaw. ca with your questions, concerns, critiques and quandaries.

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AN OPEN DISCUSSION

ON CLOSING COSTS

michAel KlAsseN

Buying a new home or condominium is likely one of the largest financial investments you will make in your lifetime, especially considering today’s prices. On the day you take possession, you should be excited.

Unanticipated closing costs can put a damper on that enthusiasm, so go into your purchase understanding exactly what you will owe, and when. Any salesperson or builderdeveloper will encourage you to take your Agreement of Purchase and Sale and any other documents you receive to a real estate lawyer so that a professional can advise you of what is expected of you. If you are buying new, be sure you take your documents to a lawyer who specializes in preconstruction real estate. The onus is on the builder to be clear, but in the end, it is your responsibility to do your homework and find out what the closing costs are – especially if you are buying a condominium suite.

Your Agreement’s adjustment section will outline your portion of maintenance fees and other important information such as whether HST is included in the purchase price. Pay particular attention to your Tarion Warranty Corp. documents, which include schedules that list all known closing costs and other costs you might be charged for.

You have a 10-day recission period to get your lawyer to place caps on those items. There are some charges the builder may hold firm on; others will work. Therefore, pre-construction

knowledge is a must for the lawyer you select. Ask your salesperson to recommend two or three they deal with. It is well worth a couple hundred dollars to ensure that you understand exactly where you stand. Closing costs are heavily regulated, and builders do not make money on those. However, when a statement of adjustments is presented, the builder must justify costs by producing the required documents.

Closing costs include a variety of items, such as the balance owing on your deposit. Your enrolment fee for Tarion is another cost, and that is out of the developer’s control. So are charges such as the Land Transfer Tax and utilities hook-ups. If in doubt, ask.

When you buy a condominium, another thing to consider is the fact that when you take possession of your suite, you don’t legally own it until the condominium is registered. Until that happens, you pay a monthly “occupancy fee” to the developer. This fee includes several items, such

as your monthly maintenance fee (and remember that convenience is a big reason for buying a condo), your share of property taxes, as well as the interest on your outstanding balance to the builder. Another thing you may be expected to pay up front is an amount toward the condominium corporation’s reserve fund. Again, this ensures your building will be kept in good shape in years to come. Once the building is registered (approved by a Land Registry office), you pay your mortgage provider directly.

An educated buyer is a happy one. Do your due diligence and move into your new home or condo with confidence.

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Michael Klassen is the Broker of Record, Eleven Eleven Real Estate Services. Based in Toronto, this firm is a residential preconstruction listing brokerage. 1111realty.ca

Located in the heart of St. Catharines, Lusso Urban Towns boasts a contemporary collection of urban townhomes with access to the best that Niagara has to offer – including abundant local shopping and dining, sports facilities, schools close by, scenic parks for hiking adventures, challenging golf courses, as well as easy highway access to both Toronto and Buffalo International Airports. Choose from a variety of two-storey, one-of-a-kind townhome designs, ranging from 1,817 to more than 2,200 sq. ft.

Designed with an urban flair, these trendy and spacious two-storey towns reflect a modern, city-feel exterior, yet are built with an optimal layout. Form meets function with these homes from award-winning Lucchetta Homes. Featuring two levels of spacious living, nine-ft. ceilings, extra large single- and twocar garages, beautifully designed kitchens, extra large windows, stunning exteriors, eight-ft. sliding glass doors leading to a tranquil covered outdoor deck, and so much more.

The unique floorplans have three bedrooms located in the upper level, luxurious quartz countertops in the baths and kitchen, oversized tile flooring, a gas fireplace and spa-like glass, and tile walk-in showers in the

primary ensuite bath are included in every home at Lusso. Homes in this community are low maintenance, as snow removal and lawn mowing services are provided by the homeowner’s association for a small monthly fee.

A BETTER-BUILT HOME

There’s standard building code, and then there’s Lucchetta. From the very beginning, it’s been their goal to build a better home with the features and benefits that give you confidence and lasting value. From foundation to rooftop, from wall to wall, Lucchetta is constantly striving to give homeowners the very best in solid, sound, energy efficient living. For more almost 60 years, homeowners have counted on Lucchetta Homes for quality, integrity, trust and care. You can, too.

LUCCHETTA DESIGN AND VISION MATTERS

Design is the cornerstone of the Lucchetta Difference. Their motto is: “We don’t design for us. We design for you.” That’s why you’ll see the latest trends in home design in these models and floorplans. Every square foot serves a purpose. Every design feature adds to the function and livability of your home.

The Lucchetta Design Centre specialists have years of experience, making them another great resource, as you choose the finishes and options for your new home. They help you keep both your dreams and your budget in check as you make your design selections. Buying a new home is an exciting step, and it’s just the first of many more before moving day.

A COMMITMENT TO ENERGY EFFICIENT LIVING Lucchetta’s methods result in a weather-tight, energy-efficient Energy Star rated home. You can save as much as 20 per cent on your energy bills compared to a home

built to standard code. And that’s just the beginning. Lucchetta standards encompass everything in and around your home. And they do it all while being environmentally responsible.

HOMES CREATED FOR THE WAY YOU LIVE

Quality homes were always a given. The principles of the company, Robert and Edward Lucchetta, want you to “live your best life” and care about quality, design, community and their customers. Lucchetta homes are designed for real life, and how well they work for customers is the real test of their success.

A home is more than brick and mortar – more than lumber, drywall and cabinets. A home is a very special place where your life unfolds and memories are made. Why settle for less? You deserve a home you love. You deserve a home that’s been built to last with unmistakable quality and thoughtful design and built by a

builder that truly cares. At Lucchetta Homes, they care.

A PASSION FOR WHAT THEY DO “Home is where the heart is – yours and ours.” Since 1960 the Lucchetta family tradition, passion and purpose, has been in building beautiful places people love to call home. And while the company has grown and matured over the years, it is still a family-run business and proud to be one of the top homebuilders in the Niagara Region.

Lucchetta stays true to the principles that have guided them from the beginning: Unparalleled customer care, innovative designs, quality construction in desirable communities in prime locations.

For more information on Lusso Urban Towns and Lucchetta Homes, visit lucchettahomes.com, or the sales centre at 24 Grapeview Dr. in St Catharines. 416.605.3885 lucchettahomes.com

TAKE MEDIA REPORTS ON REAL ESTATE wITh

GRAIN OF SALT

BARBARA lAwlOR

At Baker Real Estate Inc., we are having an extremely busy summer. Recently, we launched three of the Greater Toronto Area’s most anticipated and significant condominium communities, and our pipeline for the remainder of the year and into 2023 is robust, with no hint of cancellations.

We are surprised to read ongoing media reports that some projects in Toronto and the GTA are cancelling or may cancel. Baker has been one of Canada’s leading pre-construction sales and marketing partners for more than 25 years, and no one has asked us to be included in their statistics. They should.

Contrary to the negative headlines, our pre-construction highrise sales in July exceeded July of last year, as well as year-to-date. And keep in mind that 2021 was a banner year for us. In addition, the price of new construction condominiums year to date has risen substantially.

When you read articles, be sure they are not lumping preconstruction condominiums with resale and all homes. The scenario for new condos is a topic on its own. One of the major projects we launched in July is Forma – a three-way partnership among Great Gulf, Dream and Westdale, with architecture by the great Frank Ghery. Sales are robust. And that was in the summer, when sales usually lag, and while interest rates and inflation were rising, with reports of a possible recession. These results are nothing

short of awesome. Are there ever delays? Sure, but that is something developers face all the time due to approvals and zoning taking longer than anticipated.

Remember, too, that the investor market is a driving force for our condo sales and look at how much rents have gone up in Toronto and the GTA. Yes, there were some dips during the pandemic, but according to the Financial Post and BNN Bloomberg, average rents for oneand two-bedroom apartments in Toronto have more than recovered; they are now at record levels. Anyone wanting to rent a one-bedroom apartment in the GTA will pay at least 20 per cent more than a year ago.

In addition, the demand for rentals is huge, especially with foreign students coming in droves to attend universities here.

The point is, the nature of headlines is that they draw blood and catch the eye. Avoid taking headlines at

face value. I believe firmly in the self-fulfilling prophecy: Tell people something is bad, and they’ll make it bad. When media outlets print something that does not reflect a balanced truth, the results can be damaging.

Read entire articles carefully and question the sources for the information. My advice is to take what you read and hear in the media with a grain of salt – especially headlines, which far too often mine for the negative unfairly.

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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MARKETING TO THE DIGITAL WORLD

PEOPLE ARE CHANGING

JEREMY GLADSTONE

I recently rode the subway in Toronto, and an advertisement along the ceiling of the car caught my eye. It was good marketing: Catchy tagline, smart graphic design, a flattering 3D render of the still-unbuilt tower...

And no one was looking at it. They were looking at their phones.

This is why we shifted, I thought.

Humans have migrated their lives to the digital space. It’s critical that our marketing shifts there, too. A complete marketing strategy has to embrace every possible medium, and connect every asset digitally to a single, unified narrative.

“We need to be talking to our potential purchasers where they are, and in today’s world they are all living a digitally integrated life.”

– Christopher Castellano, VicePresident, Sales and Marketing, Camrost Felcorp Inc.

THE MARKET IS CHANGING

Today’s market is volatile. Gone are the days when entire developments sell out in a single weekend. With so many options, the marketing efforts for even a spectacular project can get lost in the clutter. A diverse, multifaceted campaign that focuses on a single overarching story cuts through the noise.

THE INTERNET IS CHANGING

Observe the evolution from Facebook to Instagram to TikTok and don’t miss the lesson: Compelling content is mandatory.

Increasingly, our lives are navigated primarily through our phone screens. If it’s feed-worthy, we see it; if it’s not, we don’t.

Facing these changes, marketing to new-home buyers requires a multipronged strategy where traditional assets drive the viewer into the digital space... itself an interconnected web of strategic content.

THE WEB WEAVERS

Good marketing in the digital era is a single story told in innovative ways, across a web of interconnected assets.

DIGITAL SAVANTS

Today’s digital strategists must understand the arcane art of getting compelling content to the top of people’s watchlists, as well as capably analyze metrics on that content for what is producing engagement.

“For Marlin Spring, digital content enables us to be creative with our sales tactics, and continually measure and refine what assets are being absorbed by the consumer.”

– Erin Millar, VicePresident, Sales and Marketing, Marlin Spring

PROFESSIONAL PRODUCERS

When it comes to film/video in particular, a digital strategy cannot solely consist of releasing a single two-minute promotional film.

At Gladstone, leading up to a launch date, we release a series of strategically designed teasers using a plethora of media techniques.

After launch, a program of further auxiliary assets kicks in to support the momentum.

Those assets make use of many mediums and techniques; timelapse footage of the neighbourhood, motion graphics messaging, influencer testimonials, episodic docu-series, lifestyle footage, animated renderings, cinemagraphs, or simply 30-second trailers that support the sales strategy.

“Through Gladstone’s motion graphics, videos and eyecatching visuals effectively denoting the juxtaposition of elegance and historical charm at the heart of our brand story, the digital component of our campaign helped to drive engagement and leads, resulting in weekly sales to steadily meet our targets.”

– Samson Fung, Vice-President, Sales and Marketing, Tridel

A mistake some make in marketing is to sink every effort into a single medium – a splashy announcement video, for example. Even in the digital era, the story we tell has to be built for telling across platforms. That’s why there’s still room for subway ads and billboards. But we need to treat those static assets as portals that make it simple for consumers to connect to the whole, wider digital tale we want them to hear.

Jeremy Gladstone is the co-founder and Creative Director of Gladstone Media, a full-service creative agency in Toronto. gladstonemedia.ca.

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LOSANI HOMES YEARS OF HOMEBUILDING EXCELLENCE, WHERE YOU CAN LIVE LIFE BETTER WITH UPCOMING COMMUNITIES IN SOUTHERN ONTARIO

Losani Homes is a family-built homebuilding company, founded in 1976 with an immediately recognizable style. A Losani home exudes character and curb appeal with wide boulevards, pleasing streetscapes, custom-curated home designs situated in natural green settings near parks, trails, and wooded areas. With 47 years of experience, Losani Homes constructs affordable luxury homes with superior architectural designs, quality craftsmanship and exceptional features and finishes, in desirable locations.

“Our talented and passionate in-house team is very diligent right now, focusing on the creation and execution of five, sought-after new communities this upcoming year, in southern Ontario,” says Kim Kopyl, director of sales and marketing for Losani.

This fall, Losani Homes will be launching Grand Finale at BrantWest. This will be the final opportunity to purchase at the award-winning BrantWest community in Brantford.

Brantwest will feature 18 contemporary, single-detached homes on 33-, 36- and 40-ft. lots, priced from the $800,000s, ranging from 1,511 to 2,785 sq. ft. homes, surrounded by lush greenery. Brantford is an incredible city to invest in because of its affordability, amenities, proximity to major urban centres, schools, universities and job creation.

The city of Brantford beckons nature adventure seekers with 70 km of riverfront trails. For the epicureans at heart, there are farmers-markets, restaurants and cafes, awaiting you and your family.

BrantWest Grand Finale will be included in the Losani Homes Pronto, Homes on Demand Portfolio.

“Losani Homes operates Ontario’s most expansive, innovative, readybuilt construction program, with guaranteed closing dates from 30 to 180 days, alleviating any concerns of your home being completed,” says Kopyl. “The Pronto program grants two advantages for buyers. They’re

able to walk through their new home before buying it, rather than trying to conceptualize blueprints or renderings. And it still allows buyers some level of customization, no matter the stage at which they purchase.”

“Losani Homes has streamlined the homebuying process by building first and selling later,” adds Fred Losani, CEO of Losani Homes. “Like with buying a resale home, the program lets buyers move in sooner than they’d be able to with a preconstruction unit, but with the added flexibility of being able to choose and

customize their finishes depending on the construction stage.”

“This is a completely different way of approaching homebuying, focusing on what the purchaser wants and needs, not what the builder prefers, or the seller has to offer,” says Losani. “With the Pronto program, there are fewer uncertain variables – the price, for example, as well as the closing and occupancy dates.”

Although Losani has been building spec homes for years, the company didn’t conceive it as a branded program until recently, upon realizing purchasers’ undeniable needs. Homeowners want to see and touch what their largest investment in life looks like. Losani Homes has delivered on that need.

Coming this fall, Losani Homes will launch BrantWest-Grand Finale, and Windwood II. Windwood II has been designed by renowned interior design firm II BY IV, featuring 99 smart, affordable-luxury rental units in Binbrook, and will commence leasing this fall 2022. This contemporary rental condo will feature naturally pleasing exterior elements, welcoming in the surrounding natural beauty, and will have spacious onebedroom, one-bedroom plus den, and two-bedroom layouts, ranging from 519 to 934 sq. ft. Amenities include two lobbies, a social lounge, party room, meeting room, parcel room, co-work lounge, Losani Smart App, fitness studio with Nordictrack iFIT equipment, yoga, dog spa and dog park with direct access to endless trails.

Windwood is conveniently located within proximity to local amenities, beautiful parks and trails, universities and transportation options.

In spring 2023, Losani Homes will release Expressions, featuring 101 townhomes, ranging from 1,276 to 1,970 sq. ft., in the picturesque town of Paris.

It will also launch Woodview at Vista Ridge in Beamsville. Woodview will feature 11 custom-curated, single-detached homes in Losani Homes’ Premium Collection near the waterfront, surrounded by vineyards and wooded ravines.

Losani Homes will also be releasing SOHO in Hamilton, featuring four new urban, midrise developments at the renowned Central Park community.

In summer 2023, the company will release Riverbank Estates in

Paris, right alongside the Nith River, surrounded by conservation, parklands and the quaint downtown area. This stunning farmhouse-chic development will have single-detached riverside and ravines homes, along with luxurious townhomes, and will also be featured in Losani Homes’ Premium Collection.

The company says it looks forward to launching all of its newest developments, building a foundation for life to flourish in, and strengthen communities.

Stay tuned for the unveiling of Losani Homes’ newest masterplanned, waterfront community and the release of its ground-breaking homebuying experience this fall. Never before seen in Canada, this leading-edge, innovation will completely revolutionize the homebuying process as we know it.

Register for any of these upcoming award-winning communities in southern Ontario at losanihomes.com.

JESSE ABRAMS

WHAT ARE THE VARIABLE RATE HOW WILL THEY IMPACT THE HOUSING MARKET?

TRIGGER POINTS

In 2021, roughly 65 per cent of Canadians took a variable rate mortgage. This is compared to the normal average of 25 per cent – a stark difference. Today, home prices are dropping, variable interest rates are rising and the cost of ownership is increasing. This may lead some homeowners to consider selling their homes or potentially even risk going into default on their current mortgage simply because they can’t keep up.

A lot of the current sentiment in the market has been driven by the recent rate hikes from the Bank of Canada (BoC). However, the truth is, most buyers do not have a strong understanding of what interest rates are and how they can impact their affordability until they’re in the thick of the buying process.

With things changing so rapidly, many homeowners may find themselves in situations they did not expect just 12 months ago – which only adds to the current volatility in the housing market.

WHAT IS A VARIABLE RATE ‘TRIGGER POINT’?

On July 13, 2022, the BoC raised rates yet again, but this time by 100 basis points, marking the fourth hike since March 2022. By the end of this year, it’s likely that we’ll see another one-percent increase in rates, as many experts suggest that the BoC is inching toward a 3.5-per-cent policy rate.

Over the last 15 to 20 years, 25 to 30 per cent of buyers generally chose a variable rate mortgage. As mentioned,

this statistic moved closer to 65 per cent in 2021. Notably, 90 per cent of these variable rate mortgages have fixed monthly payments, and many of these homeowners believe that even as rates increase, their payments will not change.

However, that is not the case. As variable rates rise, these borrowers will end up being introduced to something called a “terminal rate,” also referred to as the variable rate “trigger point.” This is when their monthly payments cannot cover their interest and principal payments, causing their monthly payments to increase. As the cost of ownership increases, this can lead homeowners to be in financially dire situations as many already borrowed to their maximum. It might also lead them to potentially have no choice but to sell their properties. This is especially true for investors –who represented a large portion of buyers over the last two years – as their carrying costs are increasing and home prices are on the decline, which makes it a pretty bad investment.

If the BoC increases its prime rate by 50 basis points in September, tens of thousands of trigger points will hit. If they raise 75 basis points, it’s possible that 250,000 trigger points can be expected. As a result, some of these monthly payment increases could jump as high as 35 per cent. If you’re in this situation, now would be a good time to cut down on spending and create a feasible budget that you can stick to.

IMPACT FOR FIRSTTIME HOMEBUYERS

With more people potentially selling their homes due to the recent conditions, we find ourselves moving closer to a buyers’ market.

So, if you’re a first-time homebuyer, this may give you an opportunity to enter a much less competitive market compared to what we’ve seen over the last two years. In fact, it’s foreseeable that prices could decline 10 to 20 per cent in major cities, and even more in the suburbs.

A lot of buyers have been so fixated on the recent spike in rates that they haven’t been able to see the benefit in home prices dropping. The key here is that a 10 to 20-per-cent drop in home prices saves buyers a lot more money over time than a two- to fourper-cent rate increase would. This means that it could actually be a good idea for first-time buyers to get into the market by the end of the fourth quarter and into the first quarter of 2023, as a lot of these financial factors may take a greater effect.

At Homewise, we’ve seen many first-time buyers overwhelmed and concerned about recent rate announcements. While it’s important to understand how these rate fluctuations impact your home affordability, it’s also essential to be aware of the current market conditions and the hidden opportunities that may be available to you. If you’re considering a home purchase in the coming months and you have the affordability to move forward, continue working toward this goal without giving into the short-term noise of the market.

Jesse

Luxury Resides in the West End.

Discover an exclusive enclave of 96 backto-back, spacious, open-concept luxury townhomes that merge and mingle with the vibrant downtown Lambton neighbourhood. Connected, considered, and conveniently located close to a plethora of amenities and urban adventure. dunparhomes.com

* Please ask sales representative for details. Prices, terms & specifications are subject to change without notice. E.&.O.E.

HOMES Magazine salutes the following companies for their dedication to customer service. After-Sales Service is an essential component of a healthy new home industry. These builders are proud of their commitment to the principles of excellent customer service.

DEDICATED TO

EXCELLENT

CUSTOMER

1. Ajax A Towns Bayly St. E. & Salem Rd. S. fieldgatehomes.com

2. Ajax A Towns Bayly St. E. & Salem Rd. S. paradisedevelopments.com

3. Aurora Queen’s Grove Collection Yonge St. & Bloomington Rd. northstarhomes.com

4. Aurora Allegro Downtown Aurora 36 Klees Crescent geranium.com

5. Aurora Woodhaven 14222 Yonge St. brookfieldresidential.com

6. Aurora Shining Hill Yonge St. & St. John’s Siderd. regalcresthomes.com

7. Aurora Aurora Townhomes George St. & Wellington St. andrinhomes.com

8. Aurora Paradise Aurora Mavrinac Blvd. & Wellington St. paradisedevelopments.com

9. Brampton DUO Condos 245 Steeles Ave. W.. duocondos.ca

10. Brampton Spring Valley Estates 1364 Queen St. springvalleyestates.ca

11. Brampton Mayfield Village Bramalea Rd. & Mayfield Rd. royalpinehomes.com

12. Brampton The Sandalwood 120 Sandalwood Parkway East royalcliffhomes.com

13. Brampton Three Rivers Claireville Goreway Dr. & Humberwest Pkwy nationalhomes.com

14. Brampton Queens Lane Townhomes Mississauga Rd. & Queen St. branthavenbrampton.com

15. Brampton Cleave View Estate By The Credit Queen St. & Mississauga Rd. regalcresthomes.com

16. Brampton Westfield Mississauga Rd. & Steeles Ave. greatgulf.com

17. Brampton The Estates of West River Valley McVean Dr. & Countryside Dr. royalpinehomes.com

18. Brampton Mount Pleasant North & UNION Mount Pleasant Remembrance Rd. & Edenbrook Hill Dr. mattamyhomes.com 19. Brampton High Point Mississauga Rd. & Mayfield Rd. paradisedevelopments.com

20. Brampton Queen’s Court Mississauga Rd. & Queen St. West stateviewhomes.com Brantford Brant West 501 Shellard Lane losanihomes.com Caledon Palgrave Estates Mount Pleasant Rd. & Hunsden Rd. flatogroup.com Caledon Pathways Caledon East Old Church Rd. & Innis Lake Rd. flatogroup.com 24. Etobicoke Vita On The Lake 2 2167 Lake Shore Blvd. W. mattamyhomes.com Etobicoke Lake Shore Village 68 Daisy Ave. dunparhomes.com Etobicoke Lake & Town Islington Ave. & Lake Shore Blvd menkes.com Etobicoke Boutique Towns 80 Thirtieth St. dunparhomes.com Etobicoke 2650 St. Clair Ave W. 2650 St. Clair Ave W dunparhomes.com Kleinburg New Impressions Hwy. 27 & Major McKenzie Dr. W. fieldgatehomes.com Kleinburg The Enclave on Nashville 99 Nashville Rd. stateviewhomes.com Kleinburg The Tesoro Collection 410 Chrislea Rd. stateviewhomes.com Markham and Unionville Cornell Markham Bur Oak Ave. & Hwy 7 ballantryhomes.com Marham and Unionville Union Glen Kennedy Rd. & Major McKenzie fieldgatehomes.com and Unionville Riverwalk Meadows Ninth Line & 14th Ave. flatogroup.com Markham and Unionville Angus Glen South Village 9980 Kennedy Rd., #200. kylemorecommunities.com Markham and Unionville Kennedy Manors 4500 Major Mackenzie Dr East. kylemorecommunities.com Markham and Unionville Nao Phase 2 14th Ave. & McCowan Rd. stateviewhomes.com Markham and Unionville On The Mark Phase 2 16th Ave. & Woodbine Ave. stateviewhomes.com Markham and Unionville Minu Towns Donald Cousens Pkwy. & Ninth Line stateviewhomes.com

MAPS

MAP LOCATION SITE

ADDRESS Newmarket Elia

Leslie & Gorham St. stateviewhomes.com North York Kenneth & Holmes Kenneth & Holmes fieldgatehomes.ca Oshawa Dreamscape Conlin Rd. & Harmony Rd. fieldgatehomes.com Oshawa Park Ridge

Conlin & Townline Rds. tributecommunities.com Pickering Geranium in Pickering

Altona Rd. & Twyn Rivers Dr. geranium.com Pickering Nutowns Brock Rd. & Whitevale Rd. madisongroup.ca Pickering Edgewood Pickering Altona Rd. & Finch Ave. geranium.com Pickering Seaton 1075 Taunton Rd. fieldgatehomes.com Pickering Frenchman’s Bay Liverpool Rd. & Bayly St. madisonfb.com Richmond Hill The Bond Yonge & King stateviewhomes.com Richmond Hill King’s Landing Oak Ridges stateviewhomes.com Richmond Hill Ivylea Leslie St. & 19th Ave. marlinspring.com Richmond Hill Richlands Leslie St. & Elgin Mills Rd. fieldgatehomes.com Richmond Hill Millbrook Park Elgin Mills & Leslie St. northstarhomesinc.com Richmond Hill Park Lane Place Elgin Mills & Leslie St. northstarhomesinc.com Richmond Hill Observatory Hill Bayview Ave. & 16th Ave. myobservatoryhill.ca Richmond Hill Richlands 10961 Leslie St. opushomes.com Richmond Hill Emerald Crossing 8854 Yonge Street fieldgatehomes.com Richmond Hill King East Estates King Rd. & Toscanini Rd. pureplaza.com Scarborough 670 Progress Ave. Progress Ave. & Grangeway Ave. fieldgatehomes.com Scarborough Valleyview Garden 3012 Kennedy Rd. valleyviewgardens.ca Stouffville Elm & Co. Bethesda Side Rd. & Tenth Line stateviewhomes.com Stouffville Cityside 12466 Ninth Line fieldgatehomes.com Toronto Lambtown Towns 2650 St. Clair West dunparhomes.com Thornhill Citylux Towns at Thornhill Woods Dufferin St. & Rutherford Rd. fieldgatehomes.com Hotel 8440 Hwy. 27 hotelvie.com Manors Teston Rd. & Pine Valley Dr. goldparkhomes.com 1075 Taunton Rd.. mattamyhomes.com Taunton Rd. Country Lane countrylanewhitby.com Cochrane St. & Taunton Rd. opushomes.com Boatworks Whitby Brock St. S. & Victoria St. W. andrinhomes.com Vista/Whitby Cochrane St. & Taunton fieldgatehomes.com Landing Whitby Brock St. South & Victoria St. carttera.com Whitechurch/Stouffville 9th Line & Millard St. fieldgatehomes.com Cityside Stouffville Tenth line & 19th Ave. fieldgatehomes.com Pine Valley Pine Valley Dr. & Major Mackenzie Dr. marlinspring.com The Enclave 410 Chrislea Rd. stateviewhomes.com

1. Burlington/Waterdown ..... ..The Towns at Valera 4858 Thomas Alton Blvd. ........................ ............adidevelopments.com

2. Burlington/Waterdown ...... .Nautique Lakefront Residences 375 Brant St. .289-337-0766

3. Burlington/Waterdown National Homes in Burlington, 484-490 Plains Rd. E. nationalhomes.com

4. Burlington/Waterdown Affinity Condominiums Plains Rd. E. & Filmandale Rd. rosehavenhomes.com

5. Burlington/Waterdown Millcroft Towns Appleby Line & Taywood Dr. branthavenmillcroft.com

6. Grimsby Century Condos Main St. East & Baker Rd. South desantishomes.com

7. Hamilton-Wentworth Losani Homes at Barton & Glover Barton St. & Glover Rd. losanihomes.com

8. Hamilton-Wentworth Central Park: Midtown & Soho Upper Red Hill Valley Pkwy & Rymal Rd. MyCentralPark.ca

9. Hamilton-Wentworth Tiffany Hill Phase 3 288 Raymond Rd. rosehaven.com

10. Hamilton-Wentworth Monterey Heights Shaver Rd. & Garner Rd. W. dicenzohomes.ca

11. Hamilton-Wentworth Stonegate Park Upper Wellington St. & Stone Church Rd. E. dicenzohomes.ca

12. Kitchener/Waterloo Wallaceton Huron Rd. & Fischer-Hallman heathwood.com

13. Kitchener/Waterloo River Ridge 90 Deer Creek St. activa.ca

14. Kitchener/Waterloo Vista Hills 259 Sweet Gale St. activa.ca

15. Kitchener/Waterloo Avenue M 40 Margaret Ave. avenuemkw.ca

16. Kitchener/Waterloo Young Condos at City Centre King West & Young St. andrinhomes.com

17. Kitchener/Waterloo Trailside at Grey Silo Gate 243 Grey Silo Rd. activa.ca

18. Kitchener/Waterloo Riverwood 90 Deer Creek St. activa.ca

19. Kitchener/Waterloo Doon South & Ormston at Doon South 653 Thomas Slee Dr. activa.ca London RiverBend Golf Community 2200 Jack Nash Dr. sifton.com London Victoria Flats Commissioners Rd. E. & Hamilton Rd. sifton.com London Victoria On The River Sheffield Blvd. & Commissioners Rd. E. sifton.com 23. London Caverhill Clarke Rd. & Kilallay Rd. sifton.com 24. London Hudson Park Colonel Talbot Rd. & Pack Rd. sifton.com London Liberty Crossing Wonderland Rd. S. & Hamlyn St. sifton.com London Middleton Wharncliffe Rd. & Exeter Rd. sifton.com Milton The Valleylands Mayfield Rd. & Chinguacousy fieldgatehomes.com Milton Milton Village Tremaine Rd. & Britannia Rd. greatgulf.com Milton Soleil Louis St. Laurent Ave. & Bronte St. S. mattamyhomes.com Mississauga 5150 Ninth Line 5150 Ninth Line mattamyhomes.com Mississauga Whitehorn Woods 1240 Britannia Rd. W. nationalhomes.com Mississauga Streetsville Centre Mill St. & Queen St. S. dunparhomes.com Niagara Region Millennium Portage Rd., Niagara Falls mountainview.com Niagara Region Lusso Urban Towns Martindale Rd. & Grapeview Dr, St. Catharines. lucchettahomes.com Niagara Region Lyon’s Creek 4382 Mann St mountainview.com Niagara Region Portview Estates Simcoe St. & Canal St. silvergatehomes.com Region Vista Ridge & Vibrant at Vista Ridge 4008 Mountain St. losanihomes.com Region Heights 1535 Haist St, Pelham. lucchettahomes.com Region Waterfront 398 N Service Rd. losanihomes.com Region Estates Port Robinson Rd. & Rice Rd., Fonthill mountainview.com Region Lincoln Estates Lincoln Ave. & King St. losanihomes.com Region Residences at Hunters Pointe 71 Kyntre Trail lucchettahomes.com Niagara Region Trails Daimler Pkwy & Magnolia Ln, Welland. ballantryhomes.com Niagara Region Twenty Condos Canboro Rd. & Rice Rd., Fonthill mountainview.com

MAPS

MAP LOCATION SITE

ADDRESS Niagara Region Village on the Twelve 21 Willow Bank Common St. silvergatehomes.com Niagara Region River Estates Lametti Dr., Pelham. mountainview.com Niagara Region Timberwood Estates Merritt Rd. & Grisdale Rd., Thorold mountainview.com Niagara Region Ryan’s Grove 13 Tanner Dr. lucchettahomes.com Niagara Region Legends On The Green Niagara Pkwy & Legends Way silvegatehomes.com Niagara Region West Community 44 Elderberry Rd., Thorold. mountainview.com Niagara Region Harbourtown Estates Fort Erie silvergatehomes.com Oakville The Greenwich at Oakvillage Trafalgar Rd. & Dundas St. East branthaven.com Oakville Oakville Ravine Townhomes Sixth Line & Germorda Dr. dunparhomes.com Oakville Bronte Meadows Bridge Rd & Warminster Dr. flatogroup.com Oakville Randall Residences Trafalgar Rd. & Randall St. rosehavenhomes.com Oakville Upper West Side Condos 2 351 Dundas St. East branthaven.com Oakville Trafalgar Ridge River Oaks Blvd. & Namron Gate dunparhomes.com Oakville The Preserve & East Preserve Dundas St. W. & Proudfoot Trail mattamyhomes.com Oakville The Preserve Woodland Estates Dundas St. W. & Proudfoot Trail mattamyhomes.com Oakville 5North The Preserve, Dundas St. W. & Proudfoot Trail mattamyhomes.com Oakville The Villages of Oak Park Trafalgar Rd. & Dundas st. E. ballantryhomes.com Oakville West & Post 2714 Westoak Trails Blvd. branthavenoakville.com Oakville Upper Joshua Creek 9th Line & Dundas St. mattamyhomes.com Oakville La Réserve 153 Reynolds St. rosehavenhomes.com Welland Sparrow Meadows 335 Hillsdale Rd.. rosehavenhomes.com West Region The McKenzie Towns 1535 McKenzie Rd. mountainview.com West Region Sifton Homes Hyde Park Rd. & Ilderton Rd. sifton.com Creek Cleaver Rd. & King Edward St. sifton.com George Concession 2 & Woodhill Rd. losanihomes.com Hollingshead Rd. sifton.com 562 Shellard Ln brantwest.com Modeland Rd. & Michigan Lane sifton.com Nissouri Rd. & Thorndale Rd. sifton.com St. Corunna sifton.com & Watercolours Simply Grand 1039 Rest Acres Rd. losanihomes.com Ave. & Mornington St. sifton.com the Hardy Rd. sifton.com Dingle St. sifton.com Park Oakwood Dr. & Byron Ave. sifton.com Caledonia 1437 McKenzie Rd ballantryhomes.com Region Landing Wellington 411 Main St., Wellington royalcliffhomes.com

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Madison Group 53

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Mattamy Homes 53

Menkes 52

National Homes 9, 52

North Star Homes 52

Paradise Developments 53

Ready. Set. Reno! 19

Regal Crest Homes 53

Rosehaven Homes 53

Royal Pine Homes 52

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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.

HOUSING INDUSTRY RELEASES

FIVE-POINT PLAN TO ADDRESS SUPPLY AND AFFORDABILITY

DAVE WILKES

Experts, the industry and governments all agree that Ontario’s current housing crisis, centred on the GTA, is firmly rooted in insufficient housing supply. To address the issue, Ontario will need to build many more new homes over the next 10 years –1.5 million more new homes, to be precise. Building that number of new homes in a decade is a monumental challenge. That’s why Ontario’s homebuilding industry recently released a five-point plan to advise governments on how to get there.

The target of 1.5 million new homes was set out in the report of Ontario’s Housing Affordability Task Force (HATF) in February, and was confirmed in a report by Smart Prosperity Institute (SPI) in August. For context, building 1.5 million new homes in a decade will require increasing the number of annual housing starts in Ontario by 50 per cent over the highest number we have been able to achieve since 1987 – approximately 100,000 in 2021 – and maintaining that level for 10 years. According to SPI, the need for homes will be greatest in the GTA, with Peel Region needing to build 277,000 new homes, Toronto 259,000, and York 180,100.

To help support these ambitious targets, last month, the Building Industry and Land Development Association and the Ontario Home

Builders’ Association released a five-point plan for consideration by the provincial and municipal governments. The priorities in the plan were based on the recommendations of HATF and forward-thinking initiatives intended to lower housing costs and increase housing supply and bring balance to the housing market. The five points were:

1. Making homes more affordable by speeding up approval times and eliminating red tape. Each month of delay in approvals adds thousands of dollars to the cost of a new home.

2. Adding certainty to the cost of building a new home by addressing out-of-control development fees. Fees and taxes from all levels of government account for up to 25 per cent of the cost of a new home.

3. Making new lands available to build new housing and support future growth, as home supply and costs are highly dependent on land availability.

4. Laying the infrastructure groundwork for future growth by ensuring servicing and transportation infrastructure is prioritized.

5. Taking the politics out of planning to ensure that local decisionmaking does not undermine the provision of new housing. These recommendations would help speed up the delivery of new homes, reduce the costs incurred by individual new homeowners and ensure that new communities have the infrastructure they need to support growth.

We know what we need to do to address the issue of housing supply and affordability in Ontario and in the GTA. Every year we delay making the necessary changes simply adds to the challenges we will face in the future. Now is the time for bold, concerted action on housing. In the lead-up to the municipal election on Oct. 24, all residents of Ontario, especially those in the GTA, need to ask their candidates how they will champion concrete steps to address the housing challenge.

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.

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