At Reid’s Heritage Homes, we don’t just build communities, we are one. When you purchase a home from Reid’s Heritage Homes you can feel assured that we will deliver the very highest level of design, construction and customer service. This has been demonstrated throughout our 45-year history and underlines what the word “heritage” means to us – treating customers with kindness, respect and compassion throughout the entire home purchase and building process.
700 Jamieson Parkway, Unit 103
Cambridge, ON N3C 4N6
519.658.6656 | reidsheritagehomes.com
KITCHENER
STRATFORD
COBBLE BEACH
COMING THIS FALL TO CREDITVIEW, BRAMPTON
BRAMPTON’S MOST DESIRABLE NEIGHBOURHOOD
LUXURY DETACHED HOMES FROM $1.6M
Discover Classic Drive, a brand new collection of 38’, 42’, and 50’ luxury detached homes in Bampton’s coveted Creditview community. Located next to Lionhead Golf and Country Club and nearby Credit Valley Conservation lands, Classic Drive is an address of distinction offering an unmatched and rare opportunity to live in Brampton’s most desirable established neighbourhood.
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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WHAT WILL IT TAKE?
WAYNE KARL EDITOR-IN-CHIEF HOMES Magazine
EMAIL: wayne.karl@nexthome.ca
TWITTER: @WayneKarl
You have to wonder, sometimes, just how well governments understand housing. Housing policy, supply, fees and development charges…
Sure, there have increasingly been actions taken at the federal, provincial and even municipal levels to address the challenges the market faces, such as the bold mortgage reforms announced by Ottawa on Sept. 16.
Clearly, all levels of government recognize they need to do more to address the supply and affordability issues facing the market – and, importantly, homebuyers.
But we’re not sure they fully appreciate the urgency of such action. A chief case in point is the fees and charges that municipalities add to the cost of a new home, which are significant and continue to rise substantially.
So, yet again, the group representing the homebuilding industry in the GTA, Building Industry and Land Development Association (BILD), is sounding the alarm bell. As our story on page 12 discusses, BILD’s third Municipal Benchmarking Study since 2020 underlines that, on average, municipal approvals for new housing in the GTA take 20 months.
As a prospective new-home buyer, especially a first-timer, maybe politics and approval machinations aren’t your primary concern. But perhaps they should be – because these delays cost you dearly. For each month a project approval is delayed, $2,673 to $5,576 is added to the cost per unit. Based on average approval timeframes, this adds between $43,000 and $90,000 to the cost of a new home.
This report is not just BILD lobbying for lobbying’s sake. The Residential Construction Council of Ontario (RESCON), for example, recently met with Ontario Municipal Affairs and Housing Minister Paul Calandra to stress the severity of the challenges facing the homebuilding sector.
“We have a devastating housing affordability and supply crisis, yet are still in the dark ages across many municipalities when it comes to residential development approvals,” says RESCON President Richard Lyall. “We can and must do better.”
Instead, meanwhile, we have a provincial government whose most pressing issue has become dreaming of a tunnel under Hwy. 401, despite experts saying the idea is fiscally and practically prohibitive. Or railing against bike lanes, restricting how municipalities plan their cycling infrastructure.
We need these homebuilders to deliver on the housing needs in Ontario, and we need BILD, RESCON and other important industry voices to hold the province’s feet to the fire.
What will it take? More prospective homebuyers learning about how housing policy affects supply, pricing and, ultimately, their homebuying dreams.
STUDY UNDERLINES NEED FOR GOVERNMENT ACTION AS NEW HOUSING LAGS BEHIND POPULATION GROWTH
A new report from the Building Industry and Land Development Association (BILD) reveals that the number of new homes built in the Greater Toronto Area (GTA) is lagging significantly behind population growth. The Municipal Benchmarking Study, developed by Altus Group Economic Consulting for BILD, also identifies that the region is seeing a decline in development applications that foreshadows a further deterioration of housing supply.
“The study shows that the gap between housing stock and population growth in the GTA is the widest it has been in over 50 years,” says David Wilkes, president and CEO of BILD. “This a bright red warning light on dashboard for all levels of governments. Without bold steps, the housing crisis in the GTA is going to get far worse in the years ahead.”
This is the third Municipal Benchmarking Study since 2020, and the 2024 study identifies that, on average, municipal approvals for new housing in the GTA take 20 months. Findings also show that each month of delay adds $2,673 to $5,576 in added cost per unit per month. Based on average approval timeframes, this adds between $43,000 and $90,000 to the cost of a new home.
The study also quantifies the fees and charges that municipalities add to the cost of a new home. In the GTA, fees, taxes and charges from all levels of government account for almost 25 per cent of the cost of a new home for the new homebuyer. Municipal fees and charges are a significant portion of that. According to the study, municipal fees rose by an average of $42,000 per unit on lowrise developments and
$32,000 on highrise units since 2022. On average, municipal fees now add $122,387 to the cost of a condominium and $164,920 to the cost of a single-family home in the GTA.
“The GTA housing market faces structural challenges that have driven up construction costs, including unattainably high government fees and taxes – which are among the highest in Canada,” says Wilkes. “To improve housing affordability, governments must act to accelerate approvals and reduce the overall tax burden they are placing on new-home buyers. Without bold and immediate action, the region’s housing crisis will be exacerbated, leading to fewer housing starts, reduced jobs and compounded affordability issues in the years ahead.”
OTTAWA ANNOUNCES BOLD MORTGAGE REFORMS TO UNLOCK HOMEOWNERSHIP OPPORTUNITIES
The federal government has announced what it says are the boldest mortgage reforms in decades, designed to address housing affordability and make homeownership more affordable for more Canadians.
Deputy Prime Minister and Minister of Finance Chrystia Freeland announced on Sept. 16 a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
• Increasing the $1-million price cap for insured mortgages to $1.5 million, effective Dec. 15, 2024, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap – which has not been adjusted since 2012 – to $1.5 million will help more Canadians buy a home.
• Expanding eligibility for 30-year mortgage amortizations to all firsttime homebuyers and to all buyers of new builds, effective Dec. 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing another measure to incentivize more new home construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on Aug. 1, 2024, permitting 30-year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
These new measures build on the strengthened Canadian Mortgage Charter, announced in Budget 2024, which allows all insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. Not having
to requalify when renewing with a different lender increases mortgage competition and enables more Canadians, with insured mortgages, to switch to the best, cheapest deal.
These measures are the most significant mortgage reforms in decades and part of the federal government’s plan to build nearly four million new homes – the most ambitious housing plan in Canadian history – to help more Canadians become homeowners.
The government will bring forward regulatory amendments to implement these proposals, with further details to be announced in the coming weeks.
As the federal government works to make mortgages more affordable so more Canadians can become homeowners, it is also taking bold action to protect the rights of homebuyers and renters. As announced in Budget 2024, the government released the blueprints for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights.
These new blueprints will protect renters from unfair practices, make leases simpler, and increase price transparency; and help make the process of buying a home, fairer, more open and more transparent. The government is working with provinces
and territories to implement these blueprints by leveraging the $5 billion in funding available to provinces and territories through the new Canada Housing Infrastructure Fund.
As part of these negotiations, the federal government is calling on provinces and territories to implement measures such as protecting Canadians from renovictions and blind bidding, standardizing lease agreements, making sales price history available on title searches, and much more – to make the housing market fairer across the country.
“We have taken bold action to help more Canadians afford a down payment, including with the Tax-Free First Home Savings Account, through which more than 750,000 Canadians have already started saving,” says Freeland. “Building on our action to help you afford a down payment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians. We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”
TWO NEW COMMUNITIES
BUNGALOWS & BUNGALOW-LOFTS | 65' & 75' LOTS | NEAR PORT PERRY STARTING FROM THE MID $1.6M s
COMMUNITIES COMING THIS FALL
BUNGALOWS & TWO-STOREY HOMES | 100' LOTS | FERGUS/ELORA
AREA
STARTING FROM THE MID $2M s
CANADIAN HOUSING ACTIVITY REMAINS IN HOLDING PATTERN
National home sales increased in June following the Bank of Canada’s first interest rate cut since 2020, and activity posted another small gain in August on the heels of the second rate cut in late July, but the bigger picture appears to be a market mostly stuck in a holding pattern, according to the Canadian Real Estate Association.
Home sales recorded over Canadian MLS Systems edged up by 1.3 per cent on a month-over-month basis in August 2024, reaching their highest level since January and their second highest in over a year.
“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all year,” says Shaun Cathcart, CREA’s senior economist. “That said, with ever more friendly interest rates now all but guaranteed later this year and into 2025, it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
There were about 177,450 properties listed for sale on all Canadian MLS Systems at the end of August 2024, up 18.8 per cent from a year earlier but still more than 10 per cent below historical averages of about 200,000 listings for this time of the year.
New listings posted a 1.1-percent month-over-month increase in August. For the second month in a row, the national increase was led by a much-needed boost in new supply in Calgary. New listings were also up in Edmonton, offsetting a decline in the Greater Toronto Area.
With sales rising by only slightly more than new listings in August, the national sales-to-new listings ratio moved up to 53 per cent, almost unchanged from 52.9 per cent in July. In fact, the measure has barely moved
from its current level since April. The long-term average for the national sales-to-new listings ratio is 55 per cent, with a sales-to-new listings ratio between 45 and 65 per cent generally consistent with balanced housing market conditions.
“With more interest rate cuts now expected between now and next summer, the stage is set for a faster return of demand, but we’re clearly not there just yet,” says James Mabey, Chair of CREA. “There are typically four times in any given year that see a burst of new supply that can excite the market and draw buyers off the sidelines, and those are the first weeks of April, May, June and September. So, the first week of September saw not only a third rate cut, but also a lot of new properties for buyers to consider.”
There were 4.1 months of inventory on a national basis at the end of
August 2024, down from 4.2 months at the end of July. Continuing the theme of the market being in a holding pattern, this measure of market balance has been rangebound between 3.8 months and 4.2 months since last October. The longterm average is about five months of inventory.
The non-seasonally adjusted National Composite MLS HPI stood 3.9 per cent below August 2023. This mostly reflects price gains last spring and summer that were followed by declines in the second half of last year. As such, 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 $649,100 in August 2024, almost unchanged (0.1 per cent) from August 2023.
RESCON SUMMIT TO TACKLE ISSUES CAUSING HOUSING SUPPLY CRUNCH
Citing runaway bureaucracy, endless red tape, exorbitant taxes and a slow and dysfunctional approvals system, the Residential Construction Council of Ontario (RESCON) says immediate action is necessary to build more homes, and is taking its own steps to do it.
“In many ways, we are still in the dark ages when it comes to housing approvals,” says Richard Lyall, president of RESCON. “The residential construction industry is handcuffed by the extensive labyrinth of restrictive rules, cumbersome processes and exorbitant fees. It’s like a self-inflicted wound. Plans that have been developed lack focus and vision and it will take a serious epiphany to turn the situation around.”
To spark discussion and tackle the crisis, RESCON is hosting its fourth annual online housing summit on Wednesday, Oct. 9, from 12:30 to 4:30 p.m. The public is invited to tune in to the free online event and can register at eventbrite.ca. The summit will feature an exciting lineup of elected officials, senior public service decisionmakers, housing sector thought leaders and influencers, public opinion analysts and others who will discuss challenges, opportunities and policy changes that are required to get the housing sector back on track.
Discussions and presentations will cover a number of topics, including taxes, fees and levies, public policy initiatives, public opinion surveys, market analysis and potential solutions. Confirmed speakers include Toronto Mayor Olivia Chow, Guelph Mayor Cam Guthrie, Oshawa Mayor Dan Carter, Barrie Mayor Alex Nuttall, London Mayor Josh Morgan, Tony Irwin of the Federation of Rental-housing Providers of Ontario (FRPO), Jason Mercer of the Toronto Regional Real Estate Board (TRREB), Marlon Bray of Clark Construction
Management, David Coletto of Abacus Research, David Amborski of TMU, Corey Pacht of Fitzrovia, architect Naama Blonder, and Jag Sharma2, deputy city manager, development and growth services at the City of Toronto. Sponsors are FRPO, TRREB and Enbridge.
RESCON says it is hoping that the event will spark ideas, discussions and action to boost housing supply.
“We are in the midst of Canada’s worst-ever housing affordability and supply crisis,” says Lyall. “Housing starts are down, the condo market is deteriorating to levels not seen since the recession in the 1990s, and we are falling far short of the number of homes that need to be built to make housing affordable and attainable.
Approval timelines are growing longer and taxes on a new home are jawdropping, as they now account for 31 per cent of the price tag, which is only adding insult to injury.”
In the last six months, for example, the population in Ontario grew by 200,000, but the province had only 37,425 housing starts. That’s 6,577 fewer units from the same period in 2023.
“Approval timelines, meanwhile, have grown longer not shorter, which only adds to the cost of buying a new home,” adds Lyall. “The system is completely off the rails. It’s like we are on the wrong track and witnessing a slow-moving train wreck. Immediate and urgent action is needed.”
OHBA NAMES WINNERS OF 2024 AWARDS OF DISTINCTION
The Ontario Home Builders’ Association (OHBA) has announced the winners of the 2024 OHBA Awards of Distinction (AoD), recognizing the creativity, innovation and excellence of builders, renovators, developers and service professionals within Ontario’s residential construction industry. Categories span seven groupings, including architectural design, renovation, room design, image and advertising, on-site sales presentation and the coveted Prestige Awards.
THE 2024 PRESTIGE AWARDS
Project of the Year – Lowrise: FRAM + Slokker for Sunshine Harbour, Orillia Project of the Year – High- or Midrise: Devron Developments for 101 Spadina Road, Toronto
OHBA People’s Choice: Devron Developments for 101 Spadina Road, Toronto
2024 OHBA AWARDS OF DISTINCTION – TOP HONOURS
Builder of the Year – Large Volume: Mountainview Building Group
As Niagara’s largest “home-grown” builder, Mountainview Building
Group prides itself in ensuring that every interaction is tailored to meet the unique needs of its clients. The company provides innovative services such as personalized architectural consultations and its MyHome Tracker system. Co-owners Mark Basciano and Mike Memme have taken many industry leadership positions in the HBA network, Tarion, HRCA and government consultations. They also believe strongly in growing communities, with a long history of service and donations, such as $3 million to the new South Niagara Hospital, $1 million to Hospice Niagara and the annual Mountainview LemonAID Day event supporting Family and Children’s Services Niagara.
Builder of the Year – Small Volume:
Depencier Builders
Under the leadership of owner Dave Depencier, Depencier Builders has provided its hometown of Dresden with innovation in home construction and design for more than 25 years. In addition to staying at the forefront of innovation in home construction and design concepts, Dave Depencier
has positively portrayed the industry through participation in multiple television episodes and a strong social media presence. The company supports the local community with more than $100,000 raised for local hospital diagnostic equipment in Chatham-Kent.
Service Professional of the Year: WalterFedy
As a leading Canadian multidisciplinary design firm, WalterFedy has transitioned to sector specialization, providing clients with insights and knowledge to save money and time. The Energy and Carbon Solutions service team and other innovations allow for constantly evolving industry solutions. WalterFedy gives to a wide range of charitable causes and supports its employees’ community engagement. The company supports the industry through partnerships with multiple HBAs and participation at the local and national levels in progressive industry associations.
For a full list of winners, visit ohbaaod.ca.
Granite Homes Guelph Inc., South River, winner of Model Home/Suite, 2,501 Sq. Ft. and Over
BUILDER PROFILE
Why CountryWide Homes should be your premium builder of choice
For 20 years, CountryWide Homes has consistently delivered quality, innovation and personalized service across the GTA. Known for developing sought-after communities such as Glen Abbey Encore in Oakville and Kleinburg Hills in Vaughan, CountryWide is the benchmark for premium homebuilding.
HOUSING POLICY
NEW COMMUNITY
Kylemore in Unionville – the perfect homes for multigenerational families
Inter-generational living, a timeless concept, is becoming an increasingly desirable, necessary and convenient choice today. Kylemore’s WellGen homes in Angus Glen South Village, with a mix of shared and private spaces designed to promote a healthy and balanced lifestyle, are perfect for this kind of living.
New-home buyers need federal HST rebate program that actually delivers
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.
MORTGAGE RATES
What do falling interest rates mean for buyers in the short and long term?
In recent months, we’ve seen a downward trend in interest rates 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.
HOUSING MARKET
Industry calls for urgent government action to aid new home sales
GTA new home sales recorded an all-time low for the month of July, prompting the Building Industry and Land Development Association to call for urgent government action.
Visit nexthome.ca
SPECIAL REPORT
Guelph – future ready, here and now Known as the “Royal City” for its historic connection to the British royal family, Guelph has been transitioning for years, from a small university town into one of the province’s fastest growing and well-balanced economies. And that means growth, employment and opportunity.
DEVELOPERS AND LENDERS EXPLORE
CHALLENGES AND OPPORTUNITIES
The GTA housing market is grappling with a range of challenges, from affordability concerns to market slowdowns and difficulties for developers and lenders. With fluctuating land costs, confusing government policies and shifting buyer preferences, the question arises: How can the industry strike a balance between housing affordability and profitability in today’s economic landscape?
These topics were the focus of a recent industry event hosted by Norm Li, where key experts discussed the state of the housing market. These
themes were explored further in Episode 70 of the Toronto Under Construction podcast, featuring guests Bryceson Dodge from Empirical Capital, Adit Kumar from Anbros Financial, and Richard Munroe from Atrium Mortgage Investment Corp.
The discussion started with the ubiquitous topic of affordability. People’s ability to afford housing has been a concern in the GTA for years. Several factors have contributed to rising prices, including government policies, taxes and development fees, which often make up a significant portion of construction costs. In fact, nearly a third of new construction costs are attributed to taxes and fees, which inevitably get passed on to the end user. These financial burdens, alongside negative public sentiment about new housing, have added pressure to the market.
Despite these challenges, there are solutions. Expanding into suburban areas, where land costs are lower, has allowed builders to deliver more affordable housing. Areas such as Kitchener-Waterloo and Hamilton, once considered peripheral to the GTA, have seen significant growth as more people adopt hybrid work models, spending less time in the office.
Developers often find themselves blamed for the high cost of housing. However, many are making positive contributions by offering innovative suite designs, such as secondary suites and flexible deposit structures that ease the burden on buyers. But the flipside is that poor acquisition strategies, overpaying for land and focusing on high-profile, high-profit developments have also contributed to the housing crisis.
BEN MYERS
“ ” The GTA housing market faces several complex challenges, but there are opportunities for growth and improvement.
The question arises: Should developers prioritise affordability or focus on delivering high-quality products for profit? The reality is that developers need to strike a balance. Buyers’ ability to afford new units is not only crucial for the developers’ profitability but also for the health of the market as a whole. High land prices and ambitious construction projects have fuelled the perception that developers are prioritising profit over affordable housing, which has tarnished the industry’s reputation.
Changing public perception about condo living and the development industry is becoming increasingly important. There is a growing recognition that a coordinated effort is needed to educate the public on the benefits of condos and higherdensity housing in urban areas. Developers also need to combat the stigma around poor construction quality by ensuring their projects meet or exceed buyer expectations.
Improving public sentiment is not just about quality control –it’s also about transparency and communication. By addressing these concerns head-on, developers can rebuild trust and showcase the value of well-planned, high-density housing.
In the short term, the GTA housing market is likely to see fewer investor buyers and slower sales. However, the long-term outlook remains more optimistic. Lifestyle shifts – such as the growing trend toward working
from home – are expected to drive future demand, especially in suburban areas. Government policies and an improved mix of housing products are also expected to contribute to this positive shift.
One of the key short-term challenges for developers is that many land purchases made in the past five years have stalled. Weak market conditions have prompted delays in construction, with lenders extending land loans rather than forcing repayment. This highlights how lenders are working alongside developers to maintain market stability and avoid defaults.
Valuing land and determining market value has become another challenge due to a lack of transactions in the development space. Appraisers are finding it difficult to assess values accurately, which in turn affects lending decisions. To mitigate risk, lenders are adjusting loan amounts based on loan-to-value (LTV) ratios when appraisals fall short.
In response to these market conditions, developer priorities have shifted. In the short term, many are focused on survival, operational efficiency and improving public sentiment. In the long term, the focus will shift to delivering the right product mix, improving market absorption data and adopting innovative construction methods to maintain competitiveness and affordability.
Smaller developers, in particular, are being advised to stick to their core strengths. Rather than attempting to downzone or pivot to new types of developments, they should focus on what they do best. This advice underscores the importance of maintaining discipline and avoiding unnecessary risks in an already volatile market.
For developers dealing with unsold inventory, there are several strategies to consider. Some are renting out unsold units, selling them at a discount compared to 2022 prices, or even listing them on platforms such as Airbnb as a temporary solution to
maintain cash flow while waiting for the market to stabilize.
This need to get creative extends to the sales process as well. Broker commissions have become a key factor in moving unsold inventory. Many developers are offering higher commissions and incentives such as exotic trips for agents to push sales. However, this practice has raised concerns about short-sighted decisions, with agents pushing projects that may not be viable longterm. A more balanced approach to commissions, with a focus on the project’s viability, is needed to maintain trust between buyers, agents and developers.
The GTA housing market faces several complex challenges, but there are opportunities for growth and improvement. By focusing on affordability, improving developer practices and fostering better cooperation between lenders and brokers, the industry can navigate the current downturn and prepare for a stronger, more sustainable future. The balance between profitability and affordability will remain a key issue, but with thoughtful strategies and coordinated efforts, the market can emerge from its current challenges with renewed strength.
If you’re looking to buy a new single-family house or condominium this year, do a lot of research, talk to a mortgage broker and get a fulsome understanding of what you can afford and the appropriate value in the neighbourhood you’re exploring. 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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GERANIUM UNCOVERED:
A LEGACY AND VISION FOR THE FUTURE
Since 1977, Geranium has been crafting homes that prioritize exceptional quality, lasting livability and a strong sense of community connection. As one of Ontario’s few vertically integrated land development and building companies, Geranium oversees every stage of the building process, ensuring a seamless and high-quality experience for homeowners. With landmark developments such as Friday Harbour Resort in Innisfil, Clarehaven Estates in Claremont, and Allegro in Aurora, Geranium has earned a reputation for innovation and excellence. The company’s mission is simple: To create homes that stand the test of time and enhance the lives of those who live in them.
Geranium is more than a developer and a builder – it calls itself community partners. Beyond constructing homes, it actively contributes to the neighbourhoods it develops, sponsoring local events and collaborating with residents and stakeholders. Families who choose Geranium are not only investing in a home, they’re choosing a lifestyle rooted in connection, long-term value and a sense of belonging.
HOMES DESIGNED FOR THE FUTURE
Geranium homes are thoughtfullydesigned with the future in mind, seamlessly blending functionality, durability and timeless aesthetics. The company’s focus on long-term livability ensures that these homes
evolve with the families who live in them. From premium materials to carefully crafted layouts, every home reflects a commitment to quality and comfort. Homeowners can trust that their investment provides immediate satisfaction along with lasting value, featuring energy efficiency and lowmaintenance benefits. This forwardthinking approach ensures every Geranium home is crafted to serve generations to come.
A STRONG COMMITMENT TO COMMUNITY
Geranium believes that a home’s true value lies in its connection to the community. This is why the company strives to go beyond the role of a traditional developer and builder by
actively engaging with and enriching the local areas where it builds. From supporting local organizations to hosting events, its communities are designed to complement the needs and values of the neighbourhoods it serves. Master-planned communities include parks, greenspaces and amenities that encourage interaction and foster a sense of belonging. Choosing a Geranium home means becoming part of a well-curated community where relationships thrive.
COMING SOON: COURTS OF KING’S BAY AND BELWOOD ESTATES
This fall, Geranium is excited to introduce two new communities:
Courts of King’s Bay near the shores of Lake Scugog, minutes from Port Perry, and Belwood Estates in the picturesque Fergus/Elora area. These developments will offer unique living experiences for those seeking more than just a home.
Nestled within the tranquil setting of King’s Bay on the shores
of Lake Scugog, this exclusive enclave features stunning executive bungalows and bungalow-lofts, each set on large 65- and 75-ft. lots. Designed to blend seamlessly into the existing King’s Bay Estates community, Courts of King’s Bay will offer an idyllic blend of luxury and serenity with the amenities of Port Perry just 10 minutes away.
Belwood Estates will offer expansive estate homes in the charming Fergus/Elora area. With lots more than 100 ft. wide, residents will enjoy a sense of privacy and tranquility, a rare find in today’s market. These homes combine modern design with the historical charm of the area, featuring openconcept layouts, stunning exteriors and high-end finishes. Homeowners will also enjoy easy access to recreational activities including golf, with a tunnel connection to revitalized Belwood Golf Club, and Belwood Lake just minutes away.
YEAR-ROUND INDOOR TO OUTDOOR LIVING
Belwood Estates and Courts of King’s Bay are designed to maximize outdoor living while ensuring indoor comfort. At Belwood Estates, large lot sizes will offer ample space for outdoor activities, while covered loggias, a Geranium design feature, will provide a seamless transition from inside to outside – perfect for dining and relaxing. At Courts of King’s Bay, large lots will be paired with wonderful three-season rooms that extend outdoor living and a place to enjoy the beauty of the setting. Together with a host of additional built-in features, these elements make both communities ideal for families seeking a lifestyle connected to nature, while still enjoying modern conveniences.
Belwood Estates, Fergus
Friday Harbour Resort, Innisfil
Allegro, Aurora
UNIQUE VALUE IN TODAY’S MARKET
Both communities will offer exceptional value for today’s home purchaser. Courts of King’s Bay will provide an exclusive, tranquil lifestyle, surrounded by nature yet close to essential amenities. The limited number of homes in this community ensures a peaceful retreat while still being connected to modern conveniences.
Belwood Estates will cater to those looking for space, privacy and room to grow. The large lots and luxurious homes are perfect for multi-generational families or those seeking more outdoor living space. With outdoor living becoming a priority for many homebuyers, Belwood Estates stands out for its blend of nature, privacy and longterm value.
WHY GERANIUM? WHY NOW?
Today’s new purchasers understand that investing in the right home and community is more critical than ever for securing their future.
Geranium has been an industry leader for more than four decades, known for delivering homes that exemplify superior quality, longterm livability and a strong sense of community. Its commitment to innovation, efficiency and excellence has earned the trust of homebuyers across generations.
Courts of King’s Bay and Belwood Estates present two distinct yet equally compelling options for today’s discerning buyer. Both communities will offer the space, privacy and natural beauty that so many seek, while ensuring easy access to essential amenities. Whether you’re drawn to the serene lifestyle of Courts of King’s Bay or the expansive estate homes nestled in the scenic landscapes of Belwood Estates, Geranium provides a home and community designed for a comfortable future.
For more information, visit geranium.com.
Courts of King’s Bay, Seagrave
Belwood Estates, Fergus
Courts of King’s Bay, Seagrave
WHAT THE RECENT RATE CUTS
COULD MEAN FOR THE FALL MARKET
JESSE ABRAMS
If you’re considering purchasing a home for the first time in Canada, now is a particularly interesting time in the real estate market. This month, Canada cut rates to 4.25 per cent, and the U.S. was slated to lower rates on
Sept. 18. This marks the first time in years that both countries are aligned on rate drops, which is likely to prompt a bigger discussion about the changing outlook for the market.
WHY THE FALL MIGHT BE A GREAT TIME TO BUY
Historically, the real estate market tends to slow down during the summer, but the fall often brings a
shift. With more rate cuts expected this year and a “comeback” in market activity, it is likely that we may see an uptick in both buyer interest and inventory levels.
The potential for lower interest rates means borrowing could become more affordable. For first-time buyers, this is a key advantage. With both fixed and variable rates expected to drop, borrowing costs could
decrease, making homeownership a lot more accessible compared to the last little while. With the market also currently experiencing a period of lower competition and thus more inventory, this scenario gives firsttime buyers the opportunity to take
“ ”
Whether you’re considering a fixed or variable-rate mortgage, it’s essential to shop around for the right option. Lower rates could mean you might save a significant amount over the life of your mortgage.
advantage of more choices and potentially lower prices. In fact, prices have been dropping for some homes that have lingered on the market, encouraging buyers to act more opportunistically.
WHAT SHOULD BUYERS DO NEXT? Get pre-approved
With rate cuts on the horizon, getting pre-approved for a mortgage can now position you well for the coming changes. Getting into the market is ideal, especially if prices drop further. However, if things get competitive, this could also drive prices up. Whether you’re buying for the first time or renewing your mortgage, talk to an unbiased mortgage advisor who can help you shop around.
Explore your options
Whether you’re considering a fixed or variable-rate mortgage, it’s essential to shop around for the right option. Lower rates could mean you might save a significant amount over the life of your mortgage.
Keep a close eye on the market
As media attention increases around the impending rate cuts and more buyers enter the market, competition may heat up. Acting now can help you avoid the potential rush and benefit from current lower prices and increased inventory.
Consider different property types
If you’re looking at condos, there is a substantial amount of inventory available. This could be a favourable time to explore condo options, which might offer better value and more choices compared to single-family homes. As prices have been dropping and could drop further.
The coming months could offer a unique window of opportunity for first-time buyers in Canada. With expected interest rate reductions and a potentially more dynamic market, now is a great time to assess your options and get pre-approved. Being proactive could help you secure a good deal and navigate a more competitive market landscape with confidence. Overall, doing the diligence to be prepared to buy is the best way to be opportunistic in a time when prices and interest rates are dropping.
Jesse
Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com
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WHY NOW IS A GOOD TIME TO BUY PRE-CONSTRUCTION
RIZ DHANJI
The real estate market, especially in the Greater Toronto Area, has always been a hot topic of conversation,
and for good reason. In the past three to five years, market shifts have been driven by population growth, with most new immigrants settling in Ontario, creating strong housing demand. For buyers considering getting into the market, especially firsttime homebuyers or local investors, pre-construction condos have always offered a unique opportunity to enter
the market. If you’re on the fence, here’s why now is the perfect time to invest in pre-construction.
MARKET CONDITIONS FAVOUR BUYERS (AT THE MOMENT)
The real estate market can be cyclical, and we are currently in a period where conditions favour buyers more than they have in recent
years. In recent months, we’ve seen a stabilization in home prices, particularly in the condo sector. After several years of rapid price increases, the market has cooled somewhat, making pre-construction condos more accessible to a wider range of buyers.
Developers are also offering never-before seen incentives to entice buyers. With some projects taking longer to sell out, builders are providing flexible deposit structures, capped development charges, lowered closing costs and even upgrades or credit on closing incentives to make their developments more appealing.
Economists
“ ”
are already forecasting that borrowing costs will start to come down faster than expected. In fact, we could see the Bank of Canada reduce its policy rate from the current 4.25 per cent to about three per cent by next July.
These types of incentives were hard to come by just a few years ago during the height of the real estate market but today, buyers have the advantage in getting more value for their investment.
INTEREST RATES: A WINDOW OF OPPORTUNITY
While interest rates have been a concern for many buyers, it’s important to consider the bigger picture, and that we’re likely looking at a window of opportunity. Yes, rates are higher now than they were at their historic lows, but they are still relatively low compared to long-term averages. Economists are already forecasting that borrowing costs will start to come down faster than expected. In fact, we could see the Bank of Canada reduce its policy rate from the current 4.25 per cent to about three per cent by next July. By 2026, the overnight rate is predicted to average 2.75 per cent, and there’s a good chance we could see five-year mortgage rates dip below three per cent by the end of that year. What this means for buyers is simple: While rates might be higher today, locking in a pre-construction condo now gives you time to ride out the current interest rate environment. By the time your unit is ready for occupancy in a few years, you could be locking in a much more favourable mortgage rate.
This is especially advantageous for first-time buyers and investors, as the extended timeline of preconstruction allows you to plan for your financial future with more confidence. If you’ve been holding off because of current rates, it might be time to reconsider.
LONG-TERM INVESTMENT BENEFITS
Pre-construction condos are a proven way to build wealth, offering significant financial advantages. Buying at today’s prices allows you to lock in your investment in a market poised for growth. By the time your unit is completed, there’s a good chance that the market value of your unit will have increased, potentially providing you with substantial equity returns.
Additionally, new condos attract quality tenants and command higher rental rates due to their modern design and prime locations, boosting your potential return on investment if used as a rental property.
As inflation drives up living costs, real estate remains one of the smartest investments. Preconstruction condos, especially in the GTA, offer stability and longterm growth, safeguarding your buying potential.
Now is the time to seize the opportunity. With favourable market conditions, manageable interest rates and strong potential for appreciation, investing in pre-construction makes sense. Whether you’re a firsttime buyer or an investor, a sales and marketing firm such as RAD Marketing can help you navigate the process and make the most of these opportunities.
Riz Dhanji is Pre-construction Sales and Marketing Specialist at RAD Marketing. radmarketing.ca.
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COST EFFECTIVE
ENERGY EFFICIENCY
MIKE COLLINS-WILLIAMS
As you explore ways to improve your home’s energy efficiency, recent advancements in homebuilding technology provide numerous opportunities to enhance comfort and reduce utility expenses. Whether you’re making incremental changes or investing in advanced systems, these innovations help create a more sustainable and cost-effective living environment.
HEAT PUMPS:
A major innovation in home heating and cooling is the modern heat pump. Heat pumps transfer thermal energy between your home and the outside environment, providing both heating and cooling in one system. Recent advancements, such as variablespeed compressors, allow for precise control of energy usage, adjusting output to meet current needs, which leads to improved efficiency and reduced costs. New refrigerants and improved designs allow heat pumps to function efficiently across wider temperature ranges, making them viable in diverse climates. Many models are also equipped with smart controls, enabling users to optimize performance remotely, further enhancing energy savings.
ENERGY EXCHANGE SYSTEMS:
Energy recovery ventilation (ERV) and heat recovery ventilation (HRV) systems improve indoor air quality while conserving energy by transferring heat and moisture between outgoing and incoming
air. This reduces the energy needed to heat or cool incoming air by pre-conditioning it. ERV systems are particularly effective in climates requiring both heating and cooling, maintaining a balanced indoor environment. HRV systems, optimized for colder climates, recover heat from exhaust air. Both systems enhance comfort and reduce energy consumption by ensuring fresh air circulation without excessive energy loss.
ADVANCED INSULATION:
Insulation is a cornerstone of energy efficiency, and innovations such as aerogel and vacuum-insulated panels now offer exceptional thermal resistance with minimal thickness. Aerogel is one of the lightest and most effective insulating materials, offering superior thermal performance. Vacuum-insulated panels deliver similar benefits while maintaining a sleek profile. Enhanced versions of traditional materials such as spray foam and cellulose now offer better air sealing and reduced thermal bridging, minimizing heat loss and decreasing the demand on heating and cooling systems, ultimately lowering energy bills.
PASSIVE COOLING:
Passive cooling methods focus on reducing indoor temperatures without relying heavily on mechanical air conditioning. Techniques include reflective roofing materials, lightcolored paints to minimize heat absorption, and strategic shading from overhangs or awnings to block direct sunlight. Placement of windows and the use of operable vents can promote natural ventilation, facilitating cross-breezes. Advances in window technology, such as low-emissivity
(Low-E) coatings and thermochromic glass, further enhance passive cooling by regulating heat transfer. These strategies reduce the need for air conditioning and create a more comfortable indoor environment.
SMART HOME TECHNOLOGY:
Smart home technology further enhances energy efficiency. Smart thermostats can learn your schedule, optimize temperature settings and be controlled remotely, reducing heating and cooling costs. Energy management systems monitor real-time energy use and provide recommendations for improving efficiency. Additionally, smart lighting and appliances can be programmed to operate only when needed, reducing overall energy consumption. The ability to manage these systems via apps or voice commands adds convenience, making energyefficient living more accessible and user-friendly.
By incorporating modern heat pumps, advanced insulation, energy exchange systems, passive cooling techniques, and smart home technologies, you can significantly improve your home’s energy efficiency and comfort. Whether you choose to make small upgrades or pursue a comprehensive energyefficient design, these advancements align with your goals for a more ecofriendly, cost-effective home.
Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.
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THREE THINGS EVERY HOMEBUYER AND SELLER
NEEDS TO KNOW
JENNIFER PEARCE
The Toronto Regional Real Estate Board website (trreb.ca) is your gateway to a wide range of Greater Toronto Area (GTA) housing market resources designed to cater to realtors and their clients, including buyers, sellers, landlords, tenants and business owners, plus anyone looking to stay informed on the latest real estate market trends.
1. ACCESSING THE LATEST MARKET INSIGHTS
Explore our up-to-date information on the GTA real estate market. With our monthly Market Watch report published on trreb.ca, you gain detailed insights about sales activity, average prices and new listings. Our market reports help you to keep pace with in-depth real estate trends across the region. Plus, drill down further with our condo, commercial, and rental reports.
2. BUYING AND SELLING INTELLIGENCE
Always ask a TRREB member realtor for expert advice tailored to your
specific homebuying, selling or commercial property needs. Our dedicated page on trreb.ca simplifies your journey and provides the clarity you need on available government programs, city services, buyer representation agreement and more.
3. STRIVING FOR HOUSING AFFORDABILITY
Learn how we’re fostering a healthy business environment for realtors and their clients. In one click you can discover our work with all levels of government to improve housing affordability and supply. Read our latest positions and gain a leg up in navigating the world of housing.
EXPLORE MORE AT TRREB.CA
With more than a century of expertise backing TRREB, the information we provide is trusted, accurate and upto-date. Whether you’re browsing through market reports, catching up on the latest housing statements or exploring our comprehensive buying and selling resources, there’s something for everyone.
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
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FALLING RATES, RISING OPPORTUNITIES:
THE CASE FOR BUYING REAL ESTATE NOW
Interest rates have always been a topic of conversation in the real estate world, and rightly so. After a period of significant hikes, we are now witnessing a downward trend. The phrase “What goes up must come down” has never been more relevant as we experience the third rate drop in Canada this year. This shift in the interest rate landscape is creating a unique window of opportunity for prospective homebuyers and investors to enter the market.
“
DEBBIE COSIC
Over the past few years, we saw a rapid increase in interest rates as the Bank of Canada aimed to curb inflation and stabilize the economy. These rate hikes had a cooling effect on the
” The Bank of Canada has now implemented its third rate cut this year, signaling a more balanced approach to economic growth and monetary policy.
housing market, making borrowing more expensive and pushing some buyers to the sidelines. However, in recent months, there has been a notable shift. The Bank of Canada has now implemented its third rate cut this year, signaling a more balanced approach to economic growth and monetary policy.
So, why is this happening? The primary reason is that inflation has begun to stabilize, and the Canadian economy is showing signs of resilience. The central bank recognizes that maintaining highinterest rates could stifle growth and strain consumers. Lowering rates aims to encourage borrowing and spending, both of which are critical for sustained economic growth. For potential homebuyers, this is welcome news. Lower interest
“
” Lower interest rates mean reduced mortgage costs, making homeownership more accessible.
rates mean reduced mortgage costs, making homeownership more accessible. With the recent rate cuts, monthly mortgage payments have become more affordable, allowing more Canadians to enter the market or upgrade to a home that better suits their needs. Moreover, with the possibility of rates dropping further, locking in a mortgage now could
mean significant savings over the life of a loan.
Now is a particularly good time to buy property for several reasons. Firstly, market conditions are more favourable for buyers. With rates coming down, there is less competition than during peak periods of low interest rates. This translates into a more balanced market where buyers have more negotiating power. Sellers, including builders are also more motivated, which can result in better deals and incentives that weren’t availble just a few months ago.
Additionally, real estate remains one of the most reliable long-term investments. With the uncertainty surrounding other investment vehicles, such as stocks and bonds, real estate offers a tangible asset that has historically appreciated over time. As interest rates decrease, the potential for property value growth increases, making it an ideal time to buy.
In2ition Realty has a plethora of pre-construction projects across the GTA, offering incredible deals to match these favorable conditions. Whether you’re looking for a starter home, an investment property or an upgrade, we have options that cater to every need and budget.
To explore these opportunities, visit in2ition.ca or follow us on social media at @in2itionrealty for the latest updates and insights. Don’t miss out –now is the time to make your move in this dynamic market.
Make your move now and position yourself for success in a market that is ripe with opportunity.
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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THERE REALLY IS NO PLACE LIKE HOME
So far, this has been an interesting year in real estate. In the face of changing parameters, owning a home is still the Canadian dream for most people. Financially, a house or condominium is a tangible asset, rather than figures on paper. You can touch it, see it and take care of your
investment over time. Homeowners also earn equity, which gives them financial options. Despite the ups and downs of real estate cycles, just look at the return-on-investment it has brought over the decades.
In January, Valour Group, District REIT and Pro Fund Mortgages
BARBARA LAWLOR
The Markdale 2 by JD Development Group
reported the results of a survey that showed Canadians are strongly engaged in real estate investing. In fact, 87 per cent of survey participants reported that they feel more comfortable investing in real estate than in publicly traded stocks.
In April of this year, the results of the 30th annual RBC Home Ownership Poll showed that 60 per cent of Canadians under the age of 65 look at homeownership as a good investment. This statistic is up from 53 per cent in 2023. The poll mentions that inflation was compromising the ability of half the survey respondents
to save for a down payment, but with inflation down now, that is changing.
It was more good news in August, as the Conference Board of Canada shared the results of its index of national consumer confidence. Opinions on making major purchases such as a home remained at restrained levels, but that had improved over the previous few months. The percentage of people expressing optimism or uncertainty was much higher, and the percentage of those believing it was a bad time to purchase a home was lower.
Financial considerations aside, there are many psychological benefits to homeownership. There is pride of ownership, for example, that cannot be replicated by renting. Whether a purchaser chooses to live in a lowrise community or a condominium, that person enjoys a sense of belonging. Owning brings with it a sense of permanency that many call “putting down roots.” Recent surveys also show that most homeowners consider comfort and safety in their homes and communities extremely important. In other words, a family’s surroundings are considered as much a part of “home” as their house or condo. That is why so many residential developers spend time and effort ensuring their homes and condos are situated in areas where people want to live.
Empty-nesters who have accumulated “stuff” for decades often decide to sell their longtime family home and buy a condo suite or more compact home. When they buy early from designs, they can make the most of their waiting time to make the transition psychologically, as well as physically.
As challenging as real estate prices have become, we are hearing a shift in the conversations of first-time buyers today. They are realizing the same thing we all knew when we purchased homes decades ago –that to own a home or condo, they will have to forego some of the luxuries they may take for granted. For financial and psychological reasons, they want to pursue the Canadian dream.
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
It is reassuring during these current challenging market conditions that there are still successes to celebrate. Significant ones.
Take Geranium, for example. Fresh off launching one of the fastestselling lowrise communities in the GTA with homes priced at more than $2 million, it also has a number of other projects on the go. Most of them positioned in the luxury lowrise category, which just happens to be doing very well at the moment, thank you very much.
We spoke with Principal Boaz Feiner to get the inside look at this vertically integrated land development, home design and construction company, how it excels in today’s environment and what might be next.
Let’s start with a general topic: How do you view the GTA housing market today?
While we’ve experienced stronger years and uncertainty remains in the housing market, many prospective buyers are hesitant. Some are waiting for clarity on interest rates or potential price drops, especially if there’s no immediate need to purchase.
However, Geranium’s strategy focuses on offering home styles suiting niche markets; recently
BOAZ FEINER
PRINCIPAL, GERANIUM
by WAYNE KARL
such as bungalows and true estate communities. By creating unique community plans and home designs, we’ve been successful in fulfilling an ongoing demand for these types of homes, and as they’re not commonly offered, many buyers have moved forward with a purchase.
And what’s your outlook for 2025?
In a challenging market, Geranium has performed well, which I credit to our ability to offer something unique with clear value to prospective buyers – something they might not find elsewhere. A great example is our upcoming Courts of King’s Bay community in Seagrave, just a 10-minute drive from Port Perry. Here, we’ve designed bungalow and bungalow-loft homes on lot sizes that blend with the existing surroundings, while featuring modern interiors, finishes and features that stand out from the typical offerings. Instead of creating a broad range of homes to appeal to everyone, our success lies in identifying market gaps and designing homes that meet the specific demands of the area. By tailoring our developments to the unique needs of the area, we continue to offer innovative, highquality homes that resonate with future homeowners.
You recently broke ground at Clarehaven Estates in North Pickering. How is that community coming along?
Clarehaven Estates is the result of many years of thoughtful collaboration with area residents and city, regional and provincial governments. By actively listening and understanding community needs, we’ve designed a development that not only enhances an already thriving neighbourhood but also minimizes the impact of introducing 70 new homes on up to one acre lots. After a highly successful sales program that surpassed our expectations, we proved that even in tough market conditions, there are still niche opportunities to deliver value to homebuyers. Within just one year of commencing sales, in August, we celebrated the start of construction and I’m proud to report that the building is progressing smoothly and on schedule.
Clarehaven Estates was one of the fastest-selling lowrise communities in the GTA with homes priced more than $2 million… What do you attribute this success to?
The success of Clarehaven Estates, with homes priced at more than
$2 million, can be attributed to several key factors. First, we carefully developed 100-ft.-wide true estate lots, offering the space and exclusivity buyers sought. We then created a collection of homes, thoughtfully designed in size and style to meet the preferences of our luxury market audience, many of whom are multi-generational families. All while ensuring prices were competitive for this segment.
Location was also crucial.
Clarehaven Estates is ideally situated, providing residents with easy access to daily amenities, excellent commuting options and the tranquility of a country setting. This blend of intentional design, strategic pricing and a prime location made Clarehaven Estates an irresistible choice, leading to its swift success.
You had another major announcement recently, with Belwood Estates and an interesting collaboration with GolfNorth Properties…
The two companies previously partnered on a successful golf course redevelopment in Port
Perry, which is now complete. This earlier collaboration set the stage for another community, this time in Fergus.
GolfNorth Properties has a vision for the former Fergus Golf Club, reimagining this as Belwood Golf Club with a new Doug Carrick executive-style 18-hole design and a new clubhouse to elevate the golfing experience, while keeping public golf affordable and accessible. Geranium will build 118 half-acre lots with connectivity and exclusive membership opportunities with the new golf course once complete.
What does this community involve, in terms of home types, sizes, pricing and timeline?
The first phase of homes was released for sale in late September, offering an exciting collection of bungalow and two-storey homes on more than 100-ft.-wide estate lots just steps from the soon-to-be revitalized Belwood Golf Club. The location is in a natural setting, a few minutes drive from Fergus and Elora, shopping, dining and recreation. It is also a short drive from Guelph and Hwy. 401.
Bungalow plans range from 2,557 to 3,321 sq. ft., and two-storey homes from 3,067 to 5,161 sq. ft. Prices start from the mid $2 millions.
If government – municipal, provincial or even federal –consulted you for advice on housing policy, what would you say?
Continue to promote supply of all types of housing. Streamline the approval processes further and support the timely delivery of essential community infrastructure, including water and wastewater services, schools and hospitals.
What else would you like prospective homebuyers to know about Geranium?
Geranium is a vertically integrated company with in-house expertise in land development, home design and construction. This allows us to create master-planned communities that offer strong connectivity for future residents. A great example is the 10,000-home Midhurst Valley community in Springwater Township, near Barrie.
Clarehaven Estates, Claremont
Our team collaborated closely with the municipality and government agencies to plan the location of services, amenities, schools and transit routes. We also designed playgrounds, parkettes and large parks where families can gather, fostering connections and helping residents build new relationships within their community.
What’s next for Geranium?
We’re soon launching sales of a new community in the City of Kawartha Lakes called Courts of King’s Bay, just a 10-minute drive from Port Perry. This community will feature bungalows and bungalow-lofts on 65- and 75-ft.-wide lots near the shores of Lake Scugog. The designs include three-season rooms that enhance the connection to the
a personal note
How do you spend time away from the office?
outdoors, as well as smart parking solutions with tandem garages, providing space to store seasonal equipment such as snowmobiles, kayaks, ATVs and bicycles. Families looking for an active, natureconnected lifestyle combined with modern living will find it in abundance at Courts of King’s Bay.
geranium.com
My wife and I have four children and three dogs, which keeps us busy, but I love spending time with my family. I also enjoy unwinding with a game of basketball, hockey or any physical activity. My ideal summer getaway is Algonquin Park, where I can camp and enjoy an off-the-grid vacation. Cooking is another passion of mine and it brings me a lot of joy.
What do you view as your signature accomplishment – in business and in life? I still have a lot to do before I am prepared to look back on this – that story will be told in the future.
What’s on your reading, binge-watch or music playlists these days?
My kids have me listening to Zach Bryan, who I think is a real talent. His collaborations with Bruce Springsteen and John Mayer are amazing. He’s going to be a legend.
Boaz Feiner, left, with Geranium’s Luke Giampietri
HOW TO CAREFULLY PREPARE
TO BUY A HOME
JAYSON SCHWARZ, LLM
Here you are getting ready to make what may be the largest single purchase that you will ever make in your life, when you are confronted by daily doses of anxiety caused by uncertainty and indecision. “What do I do?” you ask yourself.
Don’t be afraid, take your time, do the necessary research to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions.
Research prospective neighbourhoods for future development, possible restrictions and their potential impact on property values.
Next, have an honest look at your employment situation, speak with your supervisor and make sure things are as secure as you can. If applicable, speak to your significant other and prepare a detailed budget for all your expenses as prospective homeowners. Consider what happens if interest rates rise, and be prepared for exigencies. Open a separate homebuying deposit account, and make weekly contributions to ensure you can maximixe a down payment.
Interest rates appear to be on their way down, but in times of uncertainty, you may have to lower your expectations and move slowly. Buy a small condominium and then look to move every three to five years, as home values may not appreciate as quickly as they have
in the past. Look to live outside the city, and look for job opportunities in smaller communities with more affordable housing.
The decision to buy should be motivated directly according to what you can afford. It may be difficult, but be very selective about nights out and your discretional spending. Prioritize what you want –being able to buy a home.
The next thing to note is that the cost of construction is starting to come down, and builders will be much more amenable to negotiation than they have in many years. Find a builder that is selling to your price range and then worry about what necessities you need in your negotiations to ensure the home will work for you.
When it comes to the professionals you will need to help you with your purchase, consider this checklist:
1. MORTGAGE SPECIALIST
Whether at your bank or a mortgage broker, find a reputable financial expert you trust and are comfortable with. Find out how much money you can borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because today especially, it is critically important that you do not get caught up in the rush of buying a house beyond your budget. Nothing is worse than living for the house, not living in your home.
2. REAL ESTATE LAWYERS
Look around for a lawyer who focuses on residential real estate in
their firm. Check Google reviews and rankings, and look in real estate magazines such as Condo Life and HOMES. Ensure the lawyer does more than just close your deal. You want someone who will explain the different kinds of ownership, why you should have a will before closing and other matters. Make sure they actually review your offer and all associated costs.
3. REALTOR
Look for an experience realtor who knows the area you’re looking in, as well as the type of home you’re purchasing. Don’t just use a family friend or distant relative. Research potential realtors online, and get referrals from other homebuyers they’ve worked with.
Once you’ve found that perfect home, let your lawyer know so they are prepared to review the offer when received.
By fully and properly preparing for buying a home, you will change any potential anxiety and fear into excitement and a sense of accomplishment. Good luck.
Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner 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.
INSPIRATION | decor
InspiringCHANGE
by LINDA MAZUR
Fall is upon us and it’s bringing with it the desire to change up our decor and cosy up for the cooler weather. Adding a touch of autumnal colours to your home can be easier than you think; we just have to look to the great outdoors with its abundance of inspiration, and it’s easy to become
motivated to create a new look for our home.
The wonderful shades of oranges, cranberries and golds we find in nature alone are enough to inspire our creativity. Blend these colours with the deep smokey blues, earthy reds, sultry purples and plums, or
the ashy browns that are trending this year to create a stunning look for your home. Pair these trending colours with a layering of textures, fabrics and patterns to create the perfect aesthetic. This season presents us with a multitude of design inspirations, but it also ushers
in a time when we desire “more” in our surroundings. With the cooler weather comes the natural inclination is to layer, whether it be our wardrobe or our decor.
As we survey our rooms, the airy light sheers on our windows suddenly begin to look a little out of place. The weight and warmth of layering a pair of heavy weight velvet side panels might just fill the void and add a great splash of colour at the same time. A beautiful textured wool throw and the addition of a couple of extra toss cushions in bold patterns will add a spark of life to your sofa. As daylight begins to minimize and our flowers have died off, the need to continue the beauty of the colours and textures we have enjoyed throughout the summer months outdoors begin to work their way in. Transfer these influences in to beautifully patterned fabrics, and inspirational accent pieces that will layer up and continue to put a smile on your face throughout the more indoor months. A bunch of dried flowers from the garden can spice up your shelf displays. Change up the look of your accessories and incorporate a metallic tray on your coffee table with a stack of books, floral detail and a great abstract “objet d’art” for that punctuated layered look. The same can be said for your kitchen. Bring your cutting board and oil bottles out of your cupboards to display on the counter with a plant or bowl of fruit. If you are comfortable with a more neutral minimalistic design palette, then stay with that, but you should definitely have some fun with textures and patterns. Perhaps a lush faux fur throw, a basket of wood by the fireplace or some rough-hewn wood detail will find their way into your decor and create for you a classic, warm and elegant aesthetic.
The fall season is a favourite of many, including me. This is a time when less does not always
equal more, so layer up and create some cosiness and warmth in your home for the seasons ahead. The next time you’re out for a walk
have a good look around at the changes happening in nature to find your inspiration… and bring the outdoors in.
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
the right
HOW TO CHOOSE HARDWOOD FLOORING for your home
by LISA ROGERS
Now that summer is over and we are approaching cooler climes, it’s a great time to think about changing or installing new hardwood floors. There are so many to choose from, and it’s not only the type of wood, but the layout that is also important. Hardwood is the foundation for your whole condo home: It’s what warms up your space and adds harmony to each room, tying everything together. I run hardwood everywhere, even my
bathrooms, which sometimes shocks people, but to me, it counterbalances cold surfaces and adds a real depth of feel and comfort to my home.
So many options
Herringbone is a timeless hardwood, and it’s also quite trendy right now. If I were to use this particular hardwood, I would save it for one special room in my house, whether
that be a foyer or a sitting room. Because it’s a bold pattern, you wouldn’t want to run it throughout too many areas as it can overwhelm your space. It’s also a little more expensive to lay herringbone, so you want to consider that as well.
From oak to black walnut (my personal favourite) and maple, you can choose several different hardwoods, but what you want to think about is the overall style and design of your home. Hardwood is a significant investment, and it’s something you will have to live with for the entire duration you stay in that home, so you want to make sure you take your time and select a hardwood that will stand the test of time, as well as your tastes. The hardwood is your base layer from which you layer everything else on top: Furniture, your soft furnishings, lighting, everything.
Types of finishes
There is a vast spectrum of finishing products, from penetrating oil to oil-like hybrids to polyurethanes, and most finishes fall into one of two categories: Oil or poly. The oil penetrates the wood and has a soft, matte and natural feel – which is always my preference – but know that because of this, it won’t be impervious to damage or stains like a polyurethane, which creates this hard topcoat on the surface of the wood, making it much more resilient. Even though oil finishes typically scratch more quickly, they’re straightforward to touch up compared to polyurethane. You would generally need to replace the whole board or buff and recoat the entire section of the floor, which is time-consuming and costly.
Decide the width
You can also select the width of your planks for your wood floor. Many homeowners are gravitating towards wider planks because it can give a sense of luxury. When you go beyond the standard size, it can make it feel somewhat special and unique. But, generally speaking, you need to take into consideration the size of your room – the bigger the room and the higher the ceilings, the wider the plank you should choose.
Just enjoy the beautiful change in your home.
Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca
FIND YOUR NEXT HOME
The latest properties in the Greater Toronto Area to keep your eye on
AJAX
1. Time Rossland Road marshallhomes.ca
AURORA
2. Queen’s Grove Collection Yonge St. & Bloomington Rd. northstarhomes.com
19. Port Hope Lakeside Village 415 Lakeshore Rd. masonhomes.ca
20. Kingswood Cobourg 425 King St. E. masonhomes.ca
21. Meadow Heights 82 Hillcrest Road, Port Colborne dunsire.com
SHELBURNE
22. Emerald Crossing Hwy. 89 & Hurontario St. fieldgatehomes.com
DEDICATED TO EXCELLENCE
THESE BUILDERS ARE PROUD OF THEIR COMMITMENT TO EXCELLENT CUSTOMER SERVICE AND CREATING GREAT COMMUNITIES.
WHY LOWER INTEREST RATES WILL NOT ‘FIX’
THE GTA’S HOUSING PROBLEMS
Every month, BILD publishes data on new home sales in the Greater Toronto Area and we recently released the data for July, which showed that new home sales continued to decrease in the summer months. It is becoming increasingly clear that any return to a healthy market is not just a matter of waiting for interest rates to drop. Our data paints a stark picture of a housing market that is struggling with deep structural issues, which have made the cost to build too high and, as a result, new homes that are too expensive for prospective new-home buyers.
Looking at the new home sales data from the first half of 2024, the winter months were characterized by a sluggish market and low sales. Buyers remained on the sidelines, anticipating a spring rebound driven by interest rate relief. However, the anticipated market return never materialized. Spring brought record-low sales and stubbornly high interest rates, along with high costs to build and high costs to finance, which made it increasingly difficult for builders to ramp up production. Summer offered a slight reprieve with a moderation in interest rates, but the market remains slow while the cost of building continues to be high and lengthy approval processes delay new projects.
New home prices have adjusted during this time too, with declines
ranging from four to 11 per cent since last year. But, despite this moderation, the market has essentially hit a cost floor, placing new homes out of reach for prospective buyers. For example, most recently in July, the benchmark price for new condominium apartments was $1.02 million (down six per cent since July 2023) and the benchmark price for new singlefamily homes was $1.58 million (down five per cent since July 2023).
Looking ahead, the consequences of this slow period are unmistakable. The record-low sales figures from the past six months will inevitably lead to lower housing starts and reduced housing supply in the next few years, or as we say “starts will lag behind sales.” And, while changes in interest rates will help the market in the short term, they cannot resolve the underlying structural problems that are driving the current crisis.
The data is clear and the need for action is urgent. Governments can affect the cost and supply of new homes in the GTA by taking action
on these three areas: Addressing excessively high government fees and taxes, fixing lengthy approval timelines and providing adequate land supply and density.
Without substantial changes in these areas, the GTA’s housing market will continue to face significant challenges, and the dream of homeownership will remain impossible for many. All levels of government must do something to fix the structural issues that have driven the price of housing beyond reach.
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.
