GTA Condo Life - October 8, 2022

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PREPARATION IS KEY

Preparing to buy a new home or condo, whether it’s your first, a moveup property, an investment or otherwise, suffice to say it’s a significant decision. And these days, with rising interest rates, inflation, high prices and other challenges on everyone’s mind, that is doubly true.

Research and preparation are essential.

This is why, in this issue of Condo Life, we’ve prepared our Special Report: The Power Seat, which assesses the current new home and financial landscapes, and discusses some of the key determining factors.

It’s also why we tapped into our network of expert columnists and new home and condo builders, developers and marketers to offer their insights into current market conditions, and how prepared and well-qualified newhome buyers can take advantage.

Indeed, even in times of some uncertainty, there are opportunities.

Another matter you might want to also pay close attention to is the upcoming municipal elections, on Oct 24. “Addressing the housing supply and affordability challenge in the Greater Toronto Area and Ontario is a complex task with no easy solutions,” writes Dave Wilkes, president and CEO of the Building Industry and Land Development Association, in his column on page 66.

WAYNE KARL EDITOR-IN-CHIEF Condo Life Magazine

Housing supply – and in this context, specifically the development approval processes of Ontario’s 400-plus municipalities – is under the microscope. Our news story on page 16 outlines just what is at stake –thousands, literally tens of thousands of dollars, that approval delays cost you, prospective homebuyers.

It matters.

“All of us – voters, the industry, municipal governments, the provincial government and other regulatory authorities – must take collaborative action to boldly address housing supply and affordability,” says Wilkes. “It’s the only way to fix the housing challenges in our region and our province, secure our economic competitiveness and address generational inequity brought about by our housing crisis. In the lead-up to the Oct. 24 municipal election, ask your candidates what they will do to improve housing approval timeframes.”

Voter apathy was prevalent in our most recent provincial and federal elections. Judging from the advice of industry experts, it’s not something we should repeat on Oct. 24. Knowing how local governments impact new home and condo development – and how it affects you – is all part of your preparation as a homebuyer.

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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

REALTY INSIDER | MICHAEL KLASSEN

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

REAL ESTATE PRO | BARBARA LAWLOR

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

DECOR | LINDA MAZUR

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

STAT CHAT | BEN MYERS

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

BIG STYLE | LISA ROGERS

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes. 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 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

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

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

MANAGING EDITOR Rise Levy rise.levy@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Sara Duck, Michael Klassen, Barbara Lawlor, Linda Mazur, Ben Myers, Tim Ng, Lisa Rogers, 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 CONSULTANTS 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

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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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NEW CONDOMINIUMS

Home sales at Lakeview Village begin with launch of Harbourwalk by Tridel If you’ve been following the development of Lakeview Village in Mississauga, you know how exciting this is: Tridel begins first home sales with the launch of Harbourwalk.

MUNICIPAL ELECTIONS

John Tory releases preelection plan to build more houses faster Toronto Mayor John Tory announced his 2022 re-election campaign policy to help get more homes built in the city and address affordability issues.

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INSIGHT

What a difference a decade makes in new home real estate New home real estate is a cyclical industry, and the past decade is a perfect example. A look at the past 10-plus years is an interesting reflection of the evolving set of trends we’re experiencing.

ANALYSIS

What is the big picture for Hamilton?

Hamilton is growing, and with a new mayor set to be elected this fall, it is an important opportunity for residents to ask candidates, “What’s the big picture – and what’s next.”

COMMUNITY DEVELOPMENT

The second tower has arrived at the Design District – one of Canada’s most successful developments of 2022 Homebuyers couldn’t get their hands on The Design District condominium community fast enough when Emblem Developments launched the first of three towers in Hamilton in July. The overwhelming response has afforded tower two to be launched earlier than expected.

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GTA NEW HOME MARKET QUIET IN AUGUST

The GTA new home market was quiet in August, with overall sales and inventory levels below the 10year average, the Building Industry and Land Development Association (BILD) reports.

Sales of new condominium apartments, including units in low-, medium and highrise buildings, stacked townhouses and loft units, with 533 units sold, were down 83 per cent from August 2021, and 61 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

Single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 89 units sold, down 86 per cent from last August and 87 per cent below the 10-year average.

“New-home buyers and builders have taken a step back in the face of rising interest rates and inflation,” says Dave Wilkes, BILD president and CEO. “A useful parallel is the year 2017, when the introduction of the mortgage stress test resulted in artificially elevated interest rates. As sales of new homes slowed, so did construction, ultimately exacerbating our region’s housing challenge. The lesson is clear: Now is not the time to take our foot off the gas as we strive to

address the factors that contribute to our region’s housing supply and affordability challenges.”

“New home sales for August slowed in both the condominium apartment and single-family sectors as buyers and builders are in a waitand-see mode amid the swirling economic uncertainty,” adds Edward Jegg, research manager at Altus Group. “However, buyers have been able to find product to purchase as builders continue to replenish the inventory pipeline.”

Total new home remaining inventory decreased compared to

the previous month, to 10,412 units, comprised of 8,787 condominium apartment units and 1,625 singlefamily lots, representing 3.5 months and 2.7 months of inventory, respectively. A balanced market would have nine to 12 months of inventory.

The benchmark price for new condominium apartments in August was $1.18 million, which was up 11.2 per cent over the last 12 months. The benchmark price for new singlefamily homes was $1.86 million, which was up 22.3 per cent over the last 12 months.

RESCON OUTLINES 15 ACTIONS GOVERNMENTS MUST TAKE TO BOOST SUPPLY OF NEW HOUSING

The Residential Construction Council of Ontario (RESCON) is calling on all three levels of government to tackle the housing supply and affordability crisis by immediately adopting a series of recommendations aimed at speeding up dysfunctional planning approvals processes, allowing more infill development, lowering taxes, and embracing digitization.

The recommendations are part of a 15-point action plan released by RESCON that outlines changes each government – federal, provincial and municipal – can make to boost the supply of housing. The blueprint, Housing Ontario’s People Everywhere (HOPE), recommends five actions for each level of government.

“We are in a full-blown housing crisis on a scale not seen in generations and will only be able to build enough homes for our growing population if governments think outside the box and embrace bold initiatives,” says RESCON President Richard Lyall. “It will require an allhands-on-deck approach by all three levels of government if we are to provide the housing that’s needed. We are proposing effective and specific solutions that can be put in place quickly to address the problem.”

RESCON consulted a wide array of stakeholders who are concerned about the future of housing supply and affordability, from supportive housing builders and operators to developers of major projects. Consultations included planning lawyers, housing advocates and groups, youth, former elected officials, Housing Affordability Task Force members, trade and financial sector organizations.

Municipally, RESCON wants major changes so planning and

development divisions will have to expedite housing applications and approvals with mandated timelines. The plan also calls for previous increases in taxes, fees and levies, such as development charges, to be reversed or reduced, the development approvals process to be digitized, a prohibition on the use of heritage designations to stop development, and reasonable densification to be allowed, particularly in Toronto.

Provincially, RESCON notes a number of actions have been taken, such as the Strong Mayors, Building Homes Act, but maintains more must be done. The plan recommends that the province mandate major municipalities to have an independent planning and development ombudsman to ensure applications are not delayed. The blueprint also tackles the issue of how to speed-up cases at the Ontario Land Tribunal, recommends that municipalities be required to permit maximum reasonable residential development on sites, and that municipalities be required to put an end to exclusionary zoning policies that prohibit forms of reasonable light densification.

Federally, RESCON wants an exemption or rebate on HST collected on construction of residential buildings, more tax incentive programs, and an immigration system that permits more foreign-trained skilled workers to come to Ontario. Additionally, the plan suggests more efforts be made to encourage skilled workers to consider relocating to Canada, and that federally owned land be activated for housing.

“The province has pledged to build 1.5 million homes over the next 10 years, but we can only reach that goal if each level of government is

at the table and takes immediate action,” says Lyall. “Residential construction is already facing a perfect storm of obstacles by way of inflation, rising interest rates, labour and supply chain issues, and an unpredictable approvals process. Unprecedented development charge increases imposed on developers only add to the burden faced by the industry.”

Government charges in the GTA are the highest in North America and have increased between 800 and 1,000 per cent in slightly more than 10 years. The City of Toronto has authorized a whopping 46-per-cent increase in development charges over the next two years. This will result in a hike of just over $43,000 for a single or semi-detached house, in addition to the $94,000 already being collected.

“It’s not an over-statement to describe our current situation as a full-blown housing crisis,” adds Lyall. “Unprecedented situations like the one we now find ourselves in require extraordinary solutions. RESCON’s action plan has specific and effective solutions that can be implemented quickly.”

MUNICIPAL APPROVAL DELAYS COSTING NEW-HOME BUYERS THOUSANDS

Municipal approval timelines for new housing in the GTA are among the worst of major municipalities across Canada and add significant costs to new home purchasers, according to a municipal benchmarking study conducted for the Building Industry and Land Development Association (BILD) by Altus Group, a marketleading intelligence service provider to the global commercial real estate industry.

“With the average approval timeframe across the GTA now being 21 months, and with approvals in some municipalities stretching to 34 months, not only are municipal inefficiencies and delays slowing the addition of housing supply, but they are also adding directly and indirectly up to $3.30 per square foot to the cost of a new home,” says Dave Wilkes, president and CEO of BILD. “To put that in context, each month of delay in approvals adds $2,600 per month to the cost of a new 800-square-foot apartment and over double that for a new single-family home.”

In addition, the study found that municipal fees and charges added to new homes continue to escalate significantly, increasing on average by 30 to 36 per cent since the 2020 study. This is adding

tens of thousands of incremental dollars to the cost of a new home. Delays and costs have a significant impact on GTA communities and the economy, causing many young families to leave the region for surrounding areas.

“Governments at the federal and provincial levels have taken steps to address the factors that affect housing supply and affordability,” says Wilkes. “Municipalities need to do the same. Now is the time for action.”

KEY FINDINGS IN THE 2022 BENCHMARKING STUDY

In the GTA, Milton and Whitby performed best, with average approval timeframes of 10 and 13 months, respectively. Toronto and Caledon performed the worst, with average timeframes of 32 and 34 months respectively.

The size of the project is not a significant factor in how long it takes to gain municipal approval.

This results in long approval times and increased costs per unit for smaller projects, which acts as a disincentive for building these types of projects.

• Almost none of the approvals included within the benchmarking study would meet provincial statutory requirements.

• Nine of the 16 municipalities in the 2022 study now have combined municipal charges (development charges, parkland charges, community benefits charges, planning fees) for a ground-oriented development (mix of singles and townhouses) that exceed $100,000 per unit, and seven exceed $125,000 per unit.

• On a per-sq.-ft. basis, municipal charges are nearly two times higher for high-density housing than for ground-related housing. This relationship is evident in every municipality studied and acts as a drag to increasing density.

LUXURY MARKETS HOLD FIRM

IN THE FACE OF MARKET PRESSURES: REMAX

The national average residential sale price in Canada could decline 2.2 per cent in the final months of the year (September to December), but Ontario markets – notably luxury homes – are holding their own, according to ReMax Canada’s 2022 Fall Housing Market Outlook Report.

This market moderation comes on the heels of rising interest rates, high inflation and broader global and economic uncertainties that have impacted consumer confidence and market activity. Bucking the downward trend, six out of 30 markets analyzed are likely to experience modest price appreciation between 1.5 and seven per cent, ReMax says.

In a survey of ReMax brokers and agents, 22 out of 30 said rising interest rates have affected activity in their local residential market this year, with some indicating that this has been the biggest factor impacting homebuyer and seller confidence – a trend that is likely to continue for the remainder of 2022. These insights are supported by a new Leger survey commissioned by ReMax Canada, which reveals that 44 per cent of Canadians agree that rising interest rates are compelling them to hold on buying a property this fall, while 34 per cent say they won’t hold.

“While we are still facing significant housing supply shortages across the country, many markets are experiencing softer sales activity given recent interest rate hikes,” says Christopher Alexander, president at ReMax Canada. “This provides some reprieve from the unprecedented demand and unsustainable price increases we’ve seen across Canada through 2021 and in early 2022. However, the current lull in the market

is only temporary. Until housing supply increases, these ‘boom’ and ‘bust’ cycles will likely be a recurring event.”

“Despite the fact that nearly half of Canadians are waiting to buy or sell a home, we’re confident that as economic conditions improve by mid-2023, activity will resume,” says Elton Ash, executive vicepresident, ReMax Canada. “Timing the market for short-term investment is extremely difficult and rarely successful. But real estate as a long-term investment continues to yield solid returns. If someone needs to engage in the housing market, regardless of those cyclical peaks and valleys, being informed and working with an experienced real estate professional can help consumers clarify some of those unknowns and make the best decision possible.”

ONTARIO MARKET INSIGHTS

Much like other provinces across the country, Ontario has not been immune to the impacts of rising interest rates. Many markets, including Oakville, Windsor, Barrie, Durham, Kingston and Kitchener-Waterloo, anticipate – and in some cases already experiencing – a reduction in the number of units sold over the coming months. Apart from Oakville and Muskoka, average residential sale prices in Ontario are likely to remain steady or decrease between two to 10 per cent in the fall months.

The luxury market has remained resilient and in-demand among buyers in Oakville, despite rising interest rates and a looming recession –a contributing factor to the modest two-per-cent average residential sale price increase expected in

Oakville this fall. Muskoka continues to attract homebuyers to the area, while simultaneously, many sellers are eager to sell before year-end. Given a steady stream of demand, Muskoka is expected to experience a modest five-per-cent increase in average residential sale price this fall.

In Peterborough, interest rate hikes and the subsequent effects on the stress test have eroded affordability in the area, which is the main factor contributing to the seven-per-cent decrease in average residential sale price expected in the coming months. The return of conditional offers has been a prevalent trend across the province, including in Kingston, Kitchener-Waterloo, Muskoka and Peterborough. Echoing many regions across Canada, Durham, London, Sudbury, Ottawa, the Lakelands and GTA-Toronto are expected to regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices. As one of the more affordable markets in Ontario, Thunder Bay is unlikely to experience any significant fluctuations in average residential sale prices this fall.

#InsidetheGTA

by SUSAN LEGGE GTA

DANIELS BREAKS GROUND ON REGENT PARK CONDO RESIDENCE

The Daniels Corporation officially began construction on its latest condominium residence in Regent Park – Daniels on Parliament. Located where Regent Park meets Cabbagetown, Daniels on Parliament is the final condominium within the third phase of the Regent Park revitalization. The condominium will feature two towers, at 25 and 10 storeys, rising from a shared podium. During a recent ground-breaking event, Daniels provided details on its Partnership for Affordable Homeownership, a down payment assistance program created for current and past residents of Toronto Community Housing Corp. in Regent Park. Says Jake Cohen, chief operating officer, The Daniels Corporation. “We believe it is the duty of responsible builders and developers like us to create opportunities for positive social impact and change. With our $5-million investment into this new program, we are continuing to make affordable homeownership a reality in Regent Park.” danielshomes.ca

QuadReal partners with Mattamy for first phase of Cloverdale Mall redevelopment project

QuadReal Property Group has partnered with Mattamy Homes in a joint venture partnership for the first phase of its Cloverdale Mall redevelopment project in Etobicoke.

The signature condo project will sit as a standalone 2.3-acre triangle site, kickstarting the transformation of

the 32-acre shopping centre site into a vibrant, sustainable and innovative mixed-use urban community.

The proposed buildings include a 32-storey tower and an eight-storey midrise component, totalling more than 500 condos and 2,400 sq. ft. of retail.

Taking a long-term phased approach, QuadReal aims to redevelop the site keeping several goals top of mind, including a focus on sustainable design, robust transit integration, improved connectivity, and thoughtful assimilation into the surrounding neighbourhood.

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.

THE YIMBY MOVEMENT IS GAINING STEAM

MYERS

Supply and demand is a pretty simple concept to understand. If there are fewer items for sale, and a constant level of people who want to buy that item, prices go up. If there’s an increasing number of people who want to buy an item, and the supply of that item remains constant, prices rise.

As the population continues to increase, the GTA needs to keep building, even if those units are expensive, as more affluent people will buy and rent the new suites, freeing up less expensive units. This is called filtering, or a vacancy chain. The problem is that if you don’t build enough new units, the vacancy chain is broken, and it does not free up enough units for the least affluent people at the bottom of the market.

This is a hard concept for many people, but if you don’t build any expensive new cars, there will not be enough cheaper used cars for people to buy down the road.

This concept has birthed a new movement that believes building new housing will help with the housing affordability crisis. YIMBYs believe in the “Yes in My Back Yard” philosophy, a pro-development stance that holds the opinion that if we want more people to have homes, we need to build more homes.

This is in contrast to the NIMBY, or Not in My Back Yard, folks who oppose new development in their communities.

Housing advocate and Buildstack founder Chris Spoke appeared on the Toronto Under Construction podcast to discuss YIMBYs and key concepts and ideas around cities

and new development. Cities are labour markets. The main reason you would move to a city is for access to more job options, and being close to restaurants and nightlife is secondary to being close to where you work.

According to Spoke, your place of employment is the most significant factor in where you live. He says that once a commute takes around an hour, people start looking for jobs closer to their homes. Smaller markets tend to be less innovative and productive.

Spoke also points out that not building enough housing forces people out of productive and innovative cities such as Toronto, but actually increases construction costs within the city. We have processes that are shaped by NIMBY forces that make it take longer and cost more than it should. Interestingly, the democratic process is also one of the main factors that contributes to the increasing cost of construction. The lack of qualified individuals (politicians and the general public) with a say in certain projects is causing the delays and cost overruns.

YIMBYS believe that our housing issues are relatively easy to solve; we just need to upzone and liberalize land use rules.

With these changes, we’d see more missing middle housing, more midrise and larger units for families. Spoke believes people should be able to live and raise a family in Toronto on one income. This should be the main objective of any politician running for office in Ontario and Toronto.

Spoke and I both agree that more housing activism is needed, and we both love and admire the work done by the More Neighbours group, and we suggest checking them out and reading their work.

If you’re reading this, you probably have some interest in buying a new home or in the new home industry, and it is as important as ever to support politicians that support new housing and have a YIMBY mindset.

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.

WHAT YOU NEED TO KNOW

ABOUT THE MORTGAGE PRE-APPROVAL PROCESS IN CANADA

JESSE ABRAMS

From starting your home search to qualifying for a mortgage, buying your first home can feel daunting. To reduce some of the stress, mortgage pre-approval is a great way to kickstart the homebuying process.

WHAT IS MORTGAGE PRE-APPROVAL?

In simple terms, a mortgage preapproval is a commitment your lender makes to hold a rate and a mortgage product for up to 120 days. If you buy a home within that period, a preapproval can turn into a mortgage approval, pending certain conditions are met. Getting pre-approved means your lender has reviewed your credit history, employment income and other key factors to verify your financial stability and conditionally approve your eligibility for a mortgage. Essentially, lenders do this to get a better sense of your level of risk as a borrower to determine whether they should provide you a mortgage loan.

GET INSIGHT INTO YOUR HOME AFFORDABILITY

Getting pre-approved sets the record straight on what you can afford from the get-go. It saves time and helps to guide your home search so that you’re shopping in neighbourhoods you can actually afford to buy in. It also manages your expectations and doesn’t put you in a position where you’re going to overspend. Based on what your down payment is, it can

help you budget and account for any other household expenses, including closing costs and carrying costs.

A common mistake many buyers make is forgetting to factor these additional costs into their initial budget, often leaving them in a financial bind down the road. Preapproval encourages buyers to capture all the unforeseen costs and plan better from the start so there’s no surprises.

PROTECT YOURSELF FROM RISING INTEREST RATES

As previously mentioned, your lender will hold your initial interest rate for a 120-day period when you get pre-approved. This saves you from unpredictable rate increases and guarantees that you’ll receive the initial agreed upon rate at the time of your pre-approval. This also gives buyers the ability to make a purchase without rushing or delaying the transaction.

Currently in Canada, we’re seeing interest rates rise for the first time since 2020, with the expectation that further increases are possible. If you are planning to buy in 2022, getting pre-approved is a smart move to ensure you’re locking in a mortgage at a favourable rate.

MOVE ONE STEP CLOSER TO FINAL APPROVAL

It’s important to remember that preapprovals are conditional and never 100 per cent promised. If you fail to maintain the requirements set by your lender, you can be denied final mortgage approval. To ensure that you meet all of your lender’s criteria, it’s recommended to avoid:

• Making large purchases on credit

• Applying for new credit

• Leaving or switching your job

• Failing to respond to lender requests

• Agreeing to co-sign a loan

Avoiding these mistakes will make the mortgage process easier and bring you one step closer to becoming a homeowner.

HOW DO YOU GET PRE-APPROVED FOR A MORTGAGE IN CANADA?

If you’re thinking about getting preapproved for a mortgage, the first step would be to head to a mortgage company that can help. They should be able to walk you through the process, explain all the steps involved and get you pre-approved in a matter of days. At Homewise, we’ve brought the entire mortgage process online – and made it simple, quick and free. After understanding your financial situation and long-term goals, our team of dedicated mortgage advisors work with more than 30 banks and lenders to find you the best options available in the market so you can lock in a mortgage that aligns with your needs.

As a first-time homebuyer, the mortgage process can appear to be complex – but it doesn’t have to be. The key is to educate yourself on what’s involved so that you can be fully prepared and confident in the journey ahead.

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

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CENTRAL PARK

Central Park is a vibrant, masterplanned, mixed-use condominium community that is receiving rave reviews. Located in the east end of the prestigious Bayview Village neighbourhood on Sheppard Avenue, Central Park is a nexus between the urban and natural worlds. Residents enjoy proximity to a range of urban conveniences and have direct access to the East Don Parkland’s sprawling, forested ravine that embraces the property in lush nature.

The first residential building in this 12-acre, environmentally sustainable community is already 85 per cent sold. Buyers are responding with enthusiasm for a variety of reasons, including Central Park’s excellent location, forward-thinking green features, and an array of indoor and outdoor amenities offering lifestyle opportunities for all ages.

Central Park is just down the street from Bayview Village Shopping Centre, offering everything from

upscale restaurants and retail to lifestyle and wellness venues. Loblaws, Pusateri’s Fine Foods, and Oliver & Bonacini Cafe Grill are just a few of its popular destinations. And getting around the city, the GTA and beyond will be incredibly convenient – the Leslie subway station and relocated Oriole GO station are situated at Central Park, so residents have public transit available right at their front door. In addition, Yorkdale, Fairview Mall, golf courses, parks and

other destinations are within easy reach with Hwy. 401, the 404 and Don Valley Parkway close by.

At the heart of the community is the award-winning Central Park Common – a landscaped, threeacre urban park that will resemble a traditional village green. Destined to become a social hub to meet with friends and neighbours, this park will feature pedestrian-friendly streets lined with bike paths, casual dining venues, fountains, reflecting pools, and year-round programming that will include a farmers’ market and iceskating rink. Other highlights include retail space, restaurants and services, including on-site daycare facilities.

The East Don Parkland’s 500 acres of lush, urban forest embraces Central Park, making nature a neighbour and elevating an active lifestyle in this prime Toronto location. According to Jason Shiff, executive sales manager, “Central Park is a nature-inspired, upscale community unlike anything else in Toronto.

“Central Park will be a quiet oasis in vibrant urban surroundings, where outdoor lovers are going to be able to immerse themselves in nature all year long. The ravine is part of the Don River Valley parklands where there’s a network of walking and cycling trails to explore that lead all the way downtown. And the trails are beautiful during all four seasons, so residents can enjoy outdoor pastimes to the fullest, like hiking, biking, birding and cross-country skiing. The opportunities for a high quality of life in this upscale community are exceptional.”

Environmental sustainability is high on the priority list, and the entire community will be constructed to Amexon’s Green Development Standard, incorporating industryleading green features. Setting a new standard in the sustainability arena, Central Park is the first largescale project of its kind in Canada to include EV charging stations in all parking areas, as well as having on-site auto-share and bike-share

options available. The towers’ design features reflective solar panels that supplement the building’s energy needs, and Green roofs that reduce energy consumption. Thermal building envelopes minimize energy usage and next-generation mechanical systems incorporate advanced airflow and filtration.

The visionary design of Central Park is another attraction for prospective residents. Amexon enlisted an award-winning team to craft what is sure to become a local landmark. CORE Architects has created a striking exterior for the condominium towers that focuses on an intimate connection with nature. The facades feature an organic leaflike design in a continual interplay of sun and shade, and six-ft.-deep balconies offer inspiring views of the Toronto skyline and meandering East Don Parkland ravine through floor-to-ceiling windows. Central Park’s design features an elegant, hotel-inspired, port-cochere entry, with an artisan-designed fountain, original art installation and lush landscaping by renowned Cosburn Nauboris Landscape Architects. These architectural highlights express a harmonious coexistence between sparkling glass and nature, setting this condominium residence apart as something truly visionary.

Suite and amenity interiors by II by IV Design are both warm and sophisticated, with modern features and finishes grounded in natural materials and earthy colours. The focus was on capturing the allure and comfort of nature, uniting a love of the outdoors and creative living. The effect is new and fresh, evoking a conception of classic modernism.

All Central Park residents will have the use of 55,000 sq. ft. of fitness, wellness, leisure and social amenity space. A highlight is The Park Club, where fitness enthusiasts can access indoor and outdoor saltwater pools, a state-of-the-art fitness club and halfcourt basketball. Families are sure to make great use of the screening room/ theatre, ice-skating rink, piano lounge, bowling alley, private event space, hobby studio and kids’ club. Guest

suites will be available to accommodate friends and family members.

Among the other leisure-inspired amenities will be rooftop zen gardens, barbecue areas, golf simulator, a yoga studio, recording/media studio and pet daycare/grooming facilities. The Park Club will include a spacious 5,000-sq.-ft. co-working space that will foster networking and productivity for either a hybrid work model or growing your own business, with smart technology, meeting rooms, hot desks, and a business centre – giving new meaning to “working from home.”

The community will eventually encompass more than 1,500 suites in one- to three-bedroom plus den layouts, in sizes from 439 to 1,200 sq. ft. Features and finishes include nine-ft.-high ceilings and Europeaninspired kitchen cabinetry by II by IV Design. Best of all, these living spaces incorporate flow-through layouts that make the most of spectacular views from the floor-to-ceiling windows

and generous outdoor balconies. Prices begin from the $700,000s. Amexon Development Corp. is one of Toronto’s most prominent and innovative real estate developers, building their reputation as a multiaward-winning firm by delivering superior-quality properties. The firm owns and manages an impressive portfolio of office, retail, industrial, hotel and residential properties.

The Residences at Central Park is a world-class destination that offers a five-star experience and sets new standards in the condominium industry. Amexon’s must-see 10,000-sq.-ft., all-glass Central Park Presentation Centre is located at 1200 Sheppard Ave. E., Toronto. Indulge in gallery-like surroundings that include kitchen, bathroom and walk-in closet vignettes displaying many of the high-end appointments that come standard here.

Call 416.252.3000 or visit centralparktoronto.com.

3 WAYS TECHNOLOGY

HAS CHANGED THE REAL ESTATE INDUSTRY

TIM NG

In my last column, I wrote about trends in PropTech, a contraction of “property” and “technology,” in Canada. This time, I’m going to dig a little deeper into three ways PropTech is changing the real estate industry –for the better.

DATA COLLECTION

In our “Internet of things” (IoT) world, where virtually all appliances and devices are connected to the web, data has become one of the world’s most valuable commodities.

This data can be used to do everything from assessing a property’s future risks and opportunities, forecasting future rental rates, and identifying potentially profitable areas for development. The data can also be used for AI-driven (artificial intelligence) marketing campaigns.

AUTOMATION AND DIGITAL ENGAGEMENT

The COVID-19 pandemic affected virtually every aspect of our lives. Social distancing measures meant that many of the things we took for granted, such as meeting in person to sign sales contracts, were no longer possible.

Luckily, secure digital platforms such as DocuSign already existed and were quickly rolled out industry-wide. Going forward, the convenience of using these tools means that transactions can be completed from anywhere in the world.

Property insurance is also increasingly becoming digitized and

available 24/7. Homeowners can shop around for the best rates, apply and finalize their insurance paperwork remotely and at a time that’s convenient for them.

For real estate brokers, the automation of paperwork streamlines back-office processes, saving them time and money that can then be used for more important tasks like market research, client relations and closing deals.

Virtual reality tours make it possible for potential buyers or tenants to view a property from anywhere on the planet and secure their new residence from abroad.

TENANT AND LANDLORD INTERACTIONS

One of the biggest challenges of managing a rental property owner is trying to stay on top of maintenance. But today’s smart technology means that all the essential components –from HVAC systems to appliances to lighting – can be monitored and even controlled remotely. Some equipment can even self-perform diagnostics and let the landlord know when it’s due for servicing or time to replace a furnace filter.

Affordable streaming video systems also make it possible to remotely moniter the exterior and common areas of a property for theft or vandalism.

Communications tools such as Zoom and Teams, that we all adopted for work and school, also have applications for property owners. For example, a landlord, tenant and a service technician could meet remotely from three different locations to clarify a specific issue, and then those communications can be archived for future reference.

Sharing diagnostics reports from the equipment and photos or videos with the technician makes it possible to diagnose problems ahead of time so they can bring the necessary parts and tools with them and complete the repair in one visit.

Whether you’re a real estate agent, investor, landlord, tenant or wouldbe homebuyer, PropTech already has and will continue to find ways to make every aspect of the real estate industry more streamlined, efficient and transparent.

HOW PROPTECH IS CHANGING THE REAL ESTATE INDUSTRY

• Easy data collection for targeted and AI-driven marketing

• Automation of paperwork

• Secure digital transactions

• Contactless and remote communications

• 24/7 remote monitoring of rental and commercial properties

• Virtual reality home inspections and house tours from anywhere in the world

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

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A NEW LOOK AT

MICHAEL KLASSEN

Location, location, location may be a cliche, but the phrase still carries weight when it comes to new home shopping. People focused on real estate in the Greater Toronto Area tend to think about location in terms of what area of the city or which 905 suburb a community is in. Shoppers started looking farther afield years ago, and with the advent of COVID and the working-from-home trend, those borders have widened even more – especially with the way prices are today.

The first area that comes to mind is the Niagara Region, where we’re representing Saffron Estates in Fonthill. The new release of townhomes there begins from the mid-$700,000s – an attractive price, to say the least. Then consider all that the Niagara Region has going for it, starting with dozens of wineries. It’s a beautiful drive through grape country as you head into the region.

Situated between Lake Ontario and Lake Erie, Niagara has 12 cities, towns and townships. It also boasts some of Canada’s most popular attractions, from the majesty of Niagara Falls to the Butterfly Conservatory, Botanical Gardens, award-winning golf courses, artisan restaurants, heritage sites, casinos, theme parks, spas, shopping… phew. Add to that, excellent schools, medical facilities and services for people of all ages, and this area is a great place to live, work and play.

And now for something completely different: How about Lambton

County, where Valour Group is offering Bluepoint Lookout on Lake Huron? Situated between Sarnia and Grand Bend, this adult lifestyle community is selling especially well to investors. Cape Cod-style homes on 50- and 60-ft. lots sell for $700,000 to $800,000, and they allow shortterm rentals. Plus, Lambton County is attracting newcomers looking for a more laid-back lifestyle with access to nature.

The County features shorelines along Lake Huron and the St. Clair River, offering numerous beaches for family fun. Outdoor lovers enjoy living close to municipal and provincial parks, as well as conservation areas. Lambton is rich in culture and heritage, and even boasts the Chris Hadfield Airport in Sarnia. Festivals, events, trails, farm markets… this is a gorgeous and appealing place to live.

Of course, Toronto continues to attract newcomers, and always will. The city is continually receiving international accolades for its quality of life, educational institutions, business opportunities and more. A current hotspot is the YorkdaleGlen Park neighbourhood, where Marla on the Park is a boutique

condominium that has nearly sold out. Situated on Marlee Avenue, close to Glencairn Avenue, Kultura’s Marla on the Park is steps to the subway, which is always a huge selling point if you’re looking at location. So is access to local amenities. In this case, excellent schools, community centres, recreational facilities, medical facilities, entertainment venues, world-class dining and shopping are a brief walk away. Topping it off, the community overlooks Wenderly Park, a natural backdrop that cradles the urban building in a natural oasis – an increasingly desirable scenario.

Similar cases can be made for numerous locations across southern Ontario. To find amazing real estate deals, especially if you can work from home, it’s wise to broaden your horizons.

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

NOW IS A GREAT TIME

FOR CONDO INVESTORS

I have written recently about how unfairly negative some of the real estate media is these days. The pandemic and interest rate rises have had their effects, but once again, I want to make the point that at Baker, our pace hasn’t slowed at all. In fact, our sales are up year over year. Our developers are going full steam ahead as well. This fall, we’ve already launched four new major communities: 8 Elm Street in downtown Toronto, Motto on Bloor West, The Gates in Thornhill and Above in Mississauga.

You might be wondering about mortgage interest rate increases. Most of the naysayer media reports refer to resale real estate, which is vastly more affected by rate rises than the new construction market. In the pre-construction condominium industry, our buyers have several years between purchasing and closing. And let’s face it – we all knew those incredibly low rates would not last forever.

Our developer clients tell us that final closings, even for those who purchased up to eight years ago, are happening at the same rate as they were pre-pandemic. Only a handful of buyers are not showing up to close, which is normal, regardless of the economy. The developers we hear from are not experiencing what some media refer to as “fallout.”

Of course, at Baker, we deal largely with condominium investors, and in

many ways, it’s a great time for these businesspeople. According to zumper. com, which is used by millions to find rental accommodations, the average rent for a one-bedroom apartment in Toronto is now $2,072, which is 15 per cent higher than last year. It’s $2,288 in the Entertainment District. In addition, the province of Ontario (ontario.ca) has increased the maximum allowable rent increase from 1.2 to 2.5 per cent for 2023. Remember, too, that although investors need mortgage preapproval, they have the financial strength to get it, and they don’t need the actual mortgage for years.

Prices are still rising because of our serious supply issues. The costs of materials and labour, along with supply chain problems, mean we have only three months of supply, when we need an eight- to 10-month supply to accommodate population growth through immigration. Add to that the effect of the war in Ukraine. According to Canada Border Services Agency, more than 82,700 Ukrainian citizens and returning Canadian permanent residents of Ukraine came to Canada by land or air as of Sept. 4 of this year. In addition, the government of Canada created the Canada-Ukraine authorization for emergency travel to help them come here as quickly as possible, and provide them with the ability to work and study while in this country. International students are also pushing up both demand and rental rates.

Having worked in this industry for more than 30 years, I have sold and marketed through the myriad of economic fluctuations, from boom times to recessions, and everything in

8 Elm

between. Regardless of the economy, there is a hardcore following in the new construction condominium investor asset class. The media do not always present a balanced picture. Take doom-and-gloom media reports with a grain of salt. There is light at the end of the tunnel.

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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SPEC TAX AND HST

WHAT YOU NEED TO KNOW ABOUT THE NON-RESIDENT SPECULATION TAX

JAYSON SCHWARZ, LLM AND HAMZA AHMAD, JD

In order to help cool the real estate market and make homes more affordable to residents, the government of Ontario instituted a speculation tax for foreign buyers. It was restricted to certain hot market areas. At least that was the hope. It seems only rising interest rates do that. Ontario believed it needed to do more, so on March 30, 2022, it expanded the Non-Resident Speculation Tax (Spec Tax) rate and area of coverage.

Prior to that date, under the original tax structure, a non-resident buyer would have to pay Spec Tax of 15 per cent of the purchase price. For any agreements signed on or after March 30, 2022, the Spec Tax increased to 20 per cent of the purchase price.

Prior to March 30, 2022, the Spec Tax was applicable only to properties located in the Greater Golden Horseshoe Region in southern Ontario (generally from Peterborough to Niagara). Spec Tax now applies to property purchases in all of Ontario.

WHO OR WHAT IS EXEMPT?

Spec Tax applies only to properties that contain one to six family residences – anywhere from a detached home to a sixplex. Other properties such as commercial properties are exempt.

Second, certain entities are exempt from Spec Tax. The most common exemption we see is for a foreign national who is married to a Canadian

citizen or permanent resident, as long as the property will be their principal residence.

HST ON NEW HOME ASSIGNMENTS

Prior to May 7, 2022, some assignments of residential preconstruction properties were subject to HST. If you signed an agreement with a builder with the intent to flip the house or rent it and then went on to assign the purchase agreement prior to the closing date, there would 13-per-cent HST payable on your profit.

On the other hand, if you signed the agreement and your intention was to live in the home as your primary residence, there would be no HST payable on your assignment profits. If at some point before closing, your situation legitimately changed and you needed to assign your agreement, you would still be fine. And then things started to change – Canada Revenue Agency (CRA) decided that for any assignment agreements signed on or after May 7, 2022, HST would apply to all assignments, with no exceptions. In Ontario, this means that 13-per-cent HST will be charged on all assignment sale profits.

Assignors and assignees should know that it is up for negotiation as to which party pays the HST; will the assignee pay the assignment fee plus HST or will HST be included in the assignment fee?

Assignees should also be aware as a rule the builder will not give any HST rebates on assignments again, even if the assignee is eligible for it. This means up to $24,000 will be payable by the assignee to the builder on final closing. While an assignee can

always apply for the rebate directly themselves, an additional $24,000 on closing may be a deal breaker to some.

There you have it: The government has limited non-residents even more, and made it even harder to flip properties. Interest rates are steadily increasing, and our market is slowing and returning to a solid value foundation. If you are looking to buy, keep your head up, don’t rush, watch the values until they stabilize and interest rates level out, find a good lawyer you can trust, qualify for a mortgage and then buy what you can afford.

Jayson Schwarz LLM is the founding senior partner of Schwarz Law Partners LLP and Hamza Ahmad is the lead partner residential real estate. schwarzlaw.ca.

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EXPRESS 2:

ON THE PARK, STEPS TO THE SUBWAY

CONNECTED LOCATION WITH INSPIRED

Express 2 Condominiums really has it all when it comes to lifestyle and location. This latest chapter in Malibu’s Wilson-Tippett success story builds on the already successful condominiums of Gramercy Park, Southside and Express Condos. Created by RAW Design Inc., Express 2 will be a two-tower building of 13 and 16 storeys, joined by a sixstory podium overlooking a private landscaped courtyard. Located just steps to the Wilson Subway Station and set next to a new community park, Express 2 is your chance to be part of a dynamic and multilayered community.

For many people, location is key, and at Express 2 that means a twominute walk to the south entrance of the Wilson Subway Station on the University line, plus, with easy access to Hwys. 401, 400, 404 and 407, Express 2’s connectivity can’t be matched. Whether it’s work, school, shopping, recreation… everything is an easy subway ride or quick drive from Express 2. Yorkdale is a five-minute subway ride, Centennial Downsview Campus is seven minutes, York University is 11 minutes. The convenience of travel to employment and educational opportunities makes it a big draw for professionals and students alike.

The launch of Express 2 offers homebuyers and investors a chance to be part of a growing neighbourhood, which translates to price appreciation and strong rental returns in the future. The WilsonTippett neighbourhood is just south of a growing part of the city. The Downsview Lands and Allen District

will be transformed with residential projects, more parks, offices and shopping. Express 2 is also close to the shopping mecca of Yorkdale Mall, SmartCentres, first-class dining and recreational facilities. All of which add to its desirability and livability.

When it comes to green space and amenities, Express 2 is set to impress. It is no secret how important greenspace is to a community and Express 2 offers the perfect balance of activity and nature. The new park located just west of Express 2 will feature open lawn space, seating, a workout area, a children’s playground and water park. Plus, the nearby Downsview Park and Earl Bales Park ensures residents enjoy the best of all worlds.

thoughtfully designed suites, all with balconies and carefully composed amenities are made for modern-day life. From the welcoming Lobby with its 24-hour concierge, co-working spaces to a Sky Lounge, party room, kids’ indoor playroom, a fully equipped fitness centre, bike repair room, pet spa… the amenities at Express 2 will enhance how residents live, work and play.

“It’s important to create interesting amenity areas, and we want to give people livable spaces,” says Terry Lustig, Malibu Investments’ development manager. “We put much thought into what makes a building a community, what residents are looking for and we hope to provide the opportunity to interact and enjoy the lifestyle that our buildings can offer.”

landscaping brings a project to life and that’s an important part of what we’re creating,” says Rony Hirsch, Malibu Investments’ president.

With work from home becoming more prevalent, Express 2 has two WiFi lounges on the seventh floor of both towers overlooking the Sky Lounge. The party room is the perfect place to celebrate with friends and family, plus there is much fun to be had in the adjoining karaoke/sports lounge. A private dining room with kitchen allows residents to host the perfect dinner party. With a dedicated kids’ indoor playroom, Express 2 considers the needs of its young residents.

The world inside Express 2 is all about comfort and easy living. Its

The Sky Lounge is one of Express 2’s feature amenities. This beautiful tranquil outdoor space is on the seventh floor and features a spectacular water wall and butterfly meadow. With sun loungers and seating surrounded by lush landscaping, it’s an escape from life’s daily busyness. “We understand how

Steps to Wilson Subway Station, surrounded by a growing community full of opportunities, close to everyday conveniences, higher learning institutions, recreational facilities and parks, Express 2 has it all.

Register today at express2condos.ca, or visit the presentation centre at 6 Tippett Rd., North York. Open from noon to 6 p.m. Monday to Thursday, and from noon to 5 p.m. weekends. Call 416.703.2202.

GALLERY TOWERS

LAUNCH WITH VIP BROKER EVENT

The Remington Group recently unveiled its highly anticipated new highrise project, Gallery Towers, to an excited crowd of realtors at the Downtown Markham Presentation Centre. Anticipation was high for the long-awaited first set of towers. The newest district for Markham’s dynamic urban core will set the standard for sophisticated city living.

The broker presentation exemplified how these luxury residences will mirror the culturally rich surroundings in downtown Markham. Linked at ground level by an exceptional seven-storey podium, these towers have been crafted by world-renowned architect BDP Quadrangle with no detail spared. Suite offerings include open-concept one-, two- and three- bedroom

residences with den options and spacious terraces, in addition to design-forward two-storey residences, graced with high-quality finishes and features.

Among some of the toptier finishes are nine-ft. ceiling heights (10 ft. in the penthouses), roomy balconies and terraces, contemporary flooring throughout, finely crafted kitchen cabinetry with full height uppers and a multifunction kitchen island, dining space and extra storage with integrated appliances. These sumptuous spaces will be infused with natural light from floor-to-ceiling windows, and include generously sized primary bedroom suites and oversized living areas, to complement a vibrant urban lifestyle.

At the event, the presentation highlighted Gallery Tower’s opulent design and the incorporation of refined elegance, starting right at ground level. An extraordinary welcome awaits upon entry into the artful lobby, a true showpiece of design and luxury, from the sculptured light fixture to the modern seating vignettes and a fullservice concierge to facilitate your every day-to-day need.

All were abuzz with the reveal of the beautifully landscaped seventhfloor terrace, which features decadent indoor and outdoor amenities, including a state-of-theart outdoor fitness studio. Residents can jack up their heart rates with a high intensity workout or channel their inner Zen in the yoga studio.

With an outdoor dog walk and an accompanying dog wash station, what more can you or your fourlegged friend require? The canopied outdoor terrace presents a serene setting to socialize while shielded from the sun, with al fresco barbecue areas, complete with dining tables and comfy lounge seating.

The games lounge is a perfect place to watch your favourite sporting event, enjoy a drink, play a board game or game of billiards, all in luxurious style. The elegant dining lounge is designed with your comfort and convenience in mind. Guests will be impressed with the unique art and modern furnishings, a perfect setting for any occasion.

Gallery Towers is truly special inside and out, its appeal only enhanced by its location. Invited guests at the broker launch event had an opportunity to learn all

about downtown Markham, an art-infused, 243-acre masterplanned urban centre and growing community. Seamlessly connected to public transit and major roadways, downtown Markham is also adjacent to the protected greenspace of the Rouge River, providing a rich assembly of natural, cultural and pastoral landscapes. The river system provides a connection to Rouge River Park, North American’s largest urban national park, with a regional network of more than 200 km of walking and cycling trails.

Combine that with more than 500,000 existing sq. ft. of retail and commercial space, including the award-winning 200-plus room Marriott Hotel, along with 100,000 sq. ft. of fitness facilities and you’ll see why it is a community like no other. Within walking distance to Cineplex Cinemas Markham and VIP

Theatres, the trendiest restaurants, technology hubs and multicultural, family-friendly programming, making it a city within a city.

Woven throughout downtown Markham is a $30-million public art initiative, cleverly integrated into the public spaces throughout, making the entire community a gallery without walls. Residents and visitors of this thriving neighbourhood can expect to encounter traditional and untraditional forms of art based on themes of sustainability and surrealism. Why look any further?

Gallery Towers will be just steps away from York University’s new Markham Centre Campus, the first public university in York Region. When it opens in 2024, MCC will feature a vertical campus designed by Diamond Schmitt Architects that will become integrated with the area’s network of commerce, athletics, arts and entrepreneurial communities. The $275.5-million built form will accommodate 4,200 students in its first phase with the flexibility to respond to future growth demands.

The new campus promises to become a community of change-makers, fulfilling future labour market demands and civic leadership by giving future students the skills required for economic competitiveness and community development in Markham, York Region and across Ontario. It will also provide 400 new jobs, enhancing the opportunity to live, play and work in downtown Markham.

Inside the VIP broker launch, lunch was served alongside a presentation that was followed with a Q&A about all things downtown Markham. The upbeat event succeeded in generating enthusiasm for Gallery Towers, while educating guests on what’s to come for downtown Markham and the vision brought on by industry leaders The Remington Group.

For further information, visit downtownmarkham.ca.

THE PRESTIGE HOME RESIDENTS WILL SOON BE ABLE TO CALL

The inaugural tower at the prestigious Pinnacle One Yonge community is nearing completion, with occupancies beginning this fall. This master-planned community will transform a legendary address into one of the world’s most vibrant goto places to live, work, play, shop and pursue your passions.

Pinnacle One Yonge is the beginning of a fabulous downtown lifestyle, with sports, concerts and theatre productions only a short walk away. Not to mention popular destinations such as the St. Lawrence Market, Distillery District and Toronto’s Waterfront, all a part of your neighbourhood. The excitement never stops.

Located at the foot of Yonge Street, next to GO transit, the Gardiner Expressway and TTC, it is easily accessible to your favourite go-to places. It is the perfect stressfree commute for those who want to walk, bike, drive or take transit to work. For your efficient weekend getaways, the Via Rail, UP Express, Billy Bishop Airport and the Toronto ferry to Centre Island are only minutes away.

With more than 2,200 condominium suites between the three residential towers, the buildings will anchor the master-planned

4.4-million-sq.-ft. development of Pinnacle One Yonge. This complete community will also include 1.5 million sq. ft. of office space, 160,000 sq. ft. of retail, a 250room hotel, and a 50,000-sq.-ft. community centre that will include a six-lane, 25-metre swimming pool and double gymnasium, making this truly a complete community.

The amenities are further extended at the Prestige. With its own array of recreational spaces, you’ll never run out of exciting things to do.

Residents of all ages can enjoy everything from an outdoor walking track with fitness circuits to spin studio and gyms. There’s even a dog run, complete with washing stations for your pet pooch. And since Pinnacle One Yonge is family-

friendly, there are two children’s play areas planned – one indoor, and the other outdoor.

When it comes to entertaining, the outdoor lounge offers barbecues and dining areas, while the indoor party room with a caterer’s kitchen, and private dining room provides plenty of space to indulge your inner host.

Inside the suites, exceptional finishes, such as such nine-ft. smooth ceilings, laminate flooring throughout, gourmet kitchens and spa-inspired bathrooms all contributes to the luxury living experience.

The elegance is further accentuated on the upper floors in the Palatial Collection. These suites offer stunning views from sunrise to sunset. Views of the evening city

lights will absolutely take your breath away. And with only five spacious units per floor, complete with luxurious finishes, such as built-in wall oven, gas cooktop, free standing tubs, double vanities and breakfast bars, all add up to the exclusivity that the Palatial Collection offers.

Occupancy at The Prestige starts this fall. The next phase of the impressive development, SkyTower, is well under construction, as well. Soaring at a record-breaking 95 storeys, it will not only be Canada’s tallest residential condominium, but it will also be the second tallest building in all of Toronto, behind the CN Tower. Designed by Hariri Pontarini Architects, it includes 842 condominium suites in a variety of layouts, with sizes up to more than 1,700 sq. ft.

Pinnacle International is one of Canada’s leading builders of luxury condominium residences, hotels and commercial developments. Based in Vancouver, Pinnacle has been involved in development, design, construction and management for more than four decades. Pinnacle’s portfolio includes landmark locations in Vancouver, Toronto, Mississauga and San Diego. A Pinnacle property is always place-perfect, with an elan of its own.

For more details on the opportunities for ownership in this prestigious address, contact the Pinnacle One Yonge Presentation Centre for your private appointment, at pinnacleoneyonge.ca.

PREPARING TO BUY

BUILDERS, DEVELOPERS AND LENDERS PULL OUT THE STOPS TO ENTICE BUYERS

by WAYNE KARL

It might not be wise to perceive real estate markets in the GTA and elsewhere in Ontario as humming along as usual, without any challenges. Clearly, there are some short-term issues – namely, sales and price pressures, juxtaposed against rising interest rates, inflation and other economic questions. Plus, longer-term matters, chiefly housing supply, or lack thereof, and its impact on market dynamics.

But neither is the sky falling.

Thus, as we (and our expert columnists in Condo Life) often write, it is important to understand all these factors, and how they might affect your homebuying plans. Knowledge, as they say, is power.

If there’s one rule of thumb in real estate that you’re likely familiar with, it’s location, location, location. But especially during these times, it’s important to look at your housing purchase over the long term – say, five to seven years.

And in this context, the GTA is well positioned.

Take, for example, what two of our contributors write in this issue:

“Media reports indicate real estate slowdowns across the GTA because of higher interest rates, but right now at In2ition Realty, we’re selling condominium suites and homes steadily at all the sites we have launched this year,” says Debbie Cosic, CEO and founder of sales and

marketing firm In2ition Realty, and author of our Home Realty column. “In fact, most of our clients’ sales have reached construction thresholds already. We also have numerous projects gearing up to launch soon. As far as we’re concerned, we are simply back to a normalized market, during which we sell strongly and steadily, versus overnight blowouts.”

And from Real Estate Pro columnist Barbara Lawlor, “The pandemic and interest rate rises have had their effects, but once again, I want to make the point that at Baker, our pace hasn’t slowed at all. In fact, our sales are up year-over-year. Our developers are going full steam ahead as well.”

So, like so many other things in life, when there are reasons to be cautious, for those well prepared, there are also opportunities.

Some builders and developers, for example, are offering attractive incentives and upgrades, to sway any prospective buyers who may be sitting on the fence. One townhome project in the GTA, for example, is advertising a “zero-per-cent mortgage program,” a flexible deposit structure and other enticing features.

For further insights, we tapped a select group of new home and condo developers and marketers. Here’s what they had to say:

JORDAN DEBRINCAT Vice-President, Altree Developments

There is no question as to whether the current economic situation of rising interest rates has affected the real estate market on all fronts. With the hike in interest rates in such a short period of time, there has been a “cooling” in the market, making purchasers have second thoughts on the timing of real estate purchases. We can see that some purchasers are potentially “holding off” for a while to see where interest rates are going before they proceed with a purchase of this nature.

However, the Toronto market is very strong, and although there is a current cooling-off in the market, things will bounce back sooner rather than later.

Even with the current interest rate hikes, not all purchasers should lose confidence in the real estate market, as there will always be a demand to live in a city like Toronto. One piece of advice I truly believe in is that, people should not be looking at real estate as an investment for the short term, but for the long term.

If you are purchasing a pre-construction real estate asset now, even with the interest rates as high as they are, by the time the asset is ready and you are about to close on it, interest rates will likely have decreased to a more stabilized rate.

INCENTIVES

The incentives we’re offering purchasers vary from project to project, depending on the status/timelines of each one.

If a project is well under construction, normally we have a little more wiggle room on deposit amounts and the timing of those deposits, and that is normally an incentive that we would offer on a project at this stage. If a project has not officially begun construction, or is in the beginning stages, the timing of purchaser deposits is extremely crucial,

so we would lean towards offering incentives of closing adjustments –either capped/included development charges and/or closing costs.

UPGRADES

At Altree, we pride ourselves on offering quality features and finishes for each individual project. We are very proud of our projects and what we have to offer, and would never compromise on quality. With each of our projects, every tile sample, flooring colour and kitchen design is carefully designed with the prospective purchaser in mind. Therefore, we normally don’t offer any specific upgrade to entice purchasers, as our standards are at such a quality that draws purchasers to our projects. The Altree slogan is “Built with Integrity,” and we aim to live up to that standard with everything that we do.

LAUNCHES AND OPENINGS

We have several launches scheduled for 2023, and we are going to be monitoring the market to see when the best time is to launch.

MIKE PARKER Vice-President, Georgian Communities

People who currently own a home, who do not need to sell for any specific reason, are generally sitting on the sidelines. When considering a newbuild that is 12 to 18 months out to completion, prospective buyers must consider: What their current home might sell for in the future; the price of the pre-construction home offered today; and where interest rates will be when it comes time to close, and how those rates will impact affordability and mortgage approval.

There are just too many unknowns right now for most people to make

unnecessary moves. First-time homebuyers might be thinking that the apparent cooling of the market will open the door to a home purchase, but they might also feel vulnerable entering the market with no equity from an existing home. Although some home prices have come down, higher interest rates are offsetting purchasing power for some buyers. It’s going to take some time for the overall real estate climate to normalize and provide a reasonable amount of predictability for various buyer profiles.

INCENTIVES

We took a more conservative approach to our home pricing, and did not react to what we considered to be overinflated pricing in the market during the unprecedented growth leading up to February 2022. Consideration was given to future phase releases at our communities, with a longer-term outlook on how we priced our homes. As a result,

we are confident that our buyers who purchased in peak times are still recognizing value on closing and that our current buyers will also recognize value when it comes time to close. We don’t feel the pressure to provide a “better deal” to new buyers at the expense of our previous buyers.

UPGRADES

We have historically offered decor credits at all our communities, and we continue to do so. We have not adjusted any of our incentives, however, as we continue to offer standard features and finishes that we feel are at the top of the industry standard.

LAUNCHES AND OPENINGS

We are continuing to advance all planning to launch two new communities, Victoria Annex in Collingwood and Craighurst Crossing in the village of Craighurst, minutes to north Barrie.

HUNTER MILBORNE President and CEO, Milborne Group

The market right now is taking longer to make decisions, and buyers typically required more detailed information than the impulse purchase we witnessed in the first quarter of this year and in 2021.

The market may be slower in the next few months, but I believe that early next year, once the Bank of Canada stops raising interest rates, you will see more activity. Then rates will probably fall by summer, to about the mid-point from previous valley to peak.

INCENTIVES

We have a few promotions going on, such as lower and extended deposits and some adjusted cashbacks at Radio Arts project in Hamilton in a prime location on the new LRT route near Hess Village, King and James, and at the

high-end at 7 Dale Ave., the new luxury building on the Rosedale ravine near Castle Frank station in Toronto.

UPGRADES

There are no free upgrade on any projects we’re marketing, for now. Many buyers are unaware of how slim development profit margins are. It is increasingly difficult for developers to reduce prices. More often they will postpone a project, which reduces supply and ultimately causes prices to go up when strong demand resumes.

MORTGAGE INCENTIVES AND OTHER PROGRAMS FROM SELECT LENDERS

VINCE ANTON

Vice-President, Mortgages, Homewise

PRODUCTS

6- & 12-month pre-approvals:

• Most lenders/banks will offer a 120-day (four-month) pre-approvals

• This puts a strain on some potential buyers as, as rates go up, they want to make sure there are longer rate-guaranteed options

• Some lenders will offer rate guarantees for prospective buyers from six to 12 months

• This provides peace of mind to consumers, especially during a rising interest rate environment

for five-year fixed term are between

and 5.19 per cent

unions qualifying only on contract rates:

With the Stress Test qualification

lenders/banks are now qualifying consumers based on their

rate plus two per cent (minimum for some of these qualification rates are 6.39 to 6.59 per cent)

This puts a strain on consumers, since, as rates continue to climb, their affordability decreases

With provincially regulated credit unions, if you as a consumer are putting 20 per cent down payment on a purchase, or have more than 20 per cent equity in your property (for refinancing purposes), you have the flexibility to qualify based on the contract rate that is set by the credit union

• Increase the amount of affordability by between $35,000 and $50,000, based on the rate

• Rates for five-year fixed term between 5.99 and 6.69 per cent

LENDER BEST BETS

BEST 5-YEAR FIXED:

• High ratio: 4.64 per cent

Conventional insurable: 4.74 per cent

Uninsurable: 5.14 cent

BEST 5-YEAR VARIABLE:

High ratio: 4.3 per cent

Conventional Insurable: 4.55 per cent

Uninsurable: 4.9 per cent

MARK COHEN

Managing Partner, TCS Marketing Systems

The market has been strong over the last couple years. During COVID, real estate demonstrated incredible resilience, and showed unexpected price escalations in and out of the GTA. So many businesses were challenged and consumers were feeling the pinch, yet the resale market was characterized by bidding wars, homes sold well over asking, and most within days of hitting the market. This helped widen the gap between lowrise and highrise prices, making condos even more affordable, despite pressure on builders to sell at higher prices to combat escalating

construction costs. Meanwhile, the lowrise market performed well because of the ongoing supply shortage and scarcity of serviceable land. It all was bound to stop.

More recently, with interest rate hikes, a war overseas and general economic sluggishness, the economy and housing markets slowed. People typically don’t buy during such times, hence the current lack in consumer confidence. Interestingly, despite some project launch delays, the builders and vendors that want to sell, are, in fact, selling.

The economic fundamentals for Toronto remain largely bulletproof, given the population growth and the need for housing. My outlook is for a strong market. We’ll bounce back – likely much sooner than many people think.

INCENTIVES

Incentives are key to sales, as some buyers need to be motivated to purchase during times of uncertainty.

They also provide builders with some assurance that sales remain healthy. Buyers may be able to negotiate beneficial terms, such as favourable deposit payment plans, introductory pricing, capped closing costs, the right to tenant their suites when ready, and the right to assign their suites once buildings are substantially sold. In some cases, we’ve seen reduced deposits, reduced parking and locker pricing and mortgage buydowns from builders looking to sell quickly.

Some of the freehold home builders are doing some discounting to move product, largely with much quicker closings, so they can close sales sooner than later.

UPGRADES

Not much has changed with upgrades, as builders typically need to offer high level standards to entice buyers, especially in times like these. Some will incorporate upgrade bonuses to motivate buyers and generate quick sales.

MAKING THE SMART CHOICE

CONSUMER AWARENESS IS KEY IN THE ONTARIO HOUSING MARKET

KEVIN CRIGGER

Buying a home is likely the biggest financial decision you’ll ever make. At TRREB, we believe that consumers should be protected however they choose to buy or sell a home. Working with a TRREB member guarantees that you’ll have a trained, supportive and knowledgeable real estate professional in your corner so that you can buy or sell a home with confidence.

When consumers partner with a licensed TRREB member, they can

count on legal protection for their deposit, a guarantee that they will be informed of any relationship between the owner of the home and the person selling it, the assurance that their realtor passed a background check and the exams needed to obtain a real estate license, and is fully insured.

Furthermore, consumers who work with a TRREB member have access to a government regulator with the power to take strong action, including revoking a realtor’s license, against those who act inappropriately.

As an organization that represents more than 68,000 members who work directly with the public, we believe it is our responsibility to

ensure that home buyers and sellers are well-informed when making the biggest investment of their lives. Ultimately, consumers have a right to choose how they want to buy and sell real estate. But no matter what they decide, they deserve to be protected.

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.

PLANNED GROWTH

TO CLIMATE-FRIENDLY CITIES

MIKE COLLINS-WILLIAMS

Meaningful climate action requires proper handling of our housing crisis. We cannot build a sustainable future without a focus on development and planned growth. For too long, governments have buried their heads in the sand about the significant population growth our region is facing. This has led to ongoing political debates and delays that derive from new housing projects having to justify their existence. This political pattern jeopardizes our social and economic growth, as well as the sustainability of the workforce we need to build a green economy. Currently, the housing crisis is affecting our cities’ ability to attract and retain talent. To continue to grow our workforce and consequently our economy, we need to have housing available for workers across all industries.

Builders in Ontario are already building some of the most energyefficient homes in North America. Many are adopting new building practices to achieve Energy Star rating, LEED certifications, Passivhaus designations, or even Canadian Home Builders Association qualified Net Zero status. With each successive building code update, the energy efficiency of the homes our members deliver increases, with a working target of all new homes being Net Zero homes by 2030.

As we work to achieve this end, one thing local governments can do is acknowledge the need for growth and redevelopment within our cities. Quite often, when a builder proposes a new building at higher density and with more advanced, energy-efficient materials, it is met with great opposition or NIMBYism. This significantly delays the time it takes to get shovels in the ground and adds major costs to the development, ultimately impacting the affordability

of a project and worsening our housing crisis.

One thing we can do to help make a meaningful difference when it comes to building climate friendly cities, is acknowledging that having enough housing for everyone is the key ingredient. We need to acknowledge and embrace the growth coming our way. If there’s one thing that the last few years have shown, it is the importance of a place to call home. Members of the West End Home Builders Association have known this for years, as we continue to deliver on our mission of homes for current and future residents of Hamilton and Burlington.

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

A POSITIVE LOOK

AT I NTEREST RATE RISES AND THEIR EFFECT ON SALES

Media reports indicate real estate slowdowns across the GTA because of higher interest rates, but right now at In2ition Realty, we’re selling condominium suites and homes steadily at all the sites we have launched this year. In fact, most of our clients’ sales have reached construction thresholds already. We also have numerous projects gearing up to launch soon. As far as we’re concerned, we are simply back to a normalized market, during which we sell strongly and steadily, versus overnight blowouts.

High prices have sent some potential purchasers to the sidelines to wait for prices to drop, but condo prices have increased yearover-year. Prices aren’t taking the tumble the media predicted, because of the pressure to keep them elevated: Higher costs for construction materials and labour; supply chain issues creating costly delays; and bank profit thresholds for construction financing. Many buyers are still choosing condominiums to enter or upgrade in the market more quickly, because of more attainable price points. In addition, people realize how precious time is and how much of that elusive commodity can be theirs with a low-maintenance lifestyle.

Practicality comes into the equation as well. Pre-construction is perfect to purchase, as closings are typically in two to five years, giving ample time for interest rates to come down – which is very likely

once inflation decreases further. The slight sales slowdown in sales, however, has not slowed pricing. Keep in mind that renting in Toronto and the GTA is expensive. According to the Toronto Regional Real Estate Board, during the second quarter of this year, the average rent for a one-bedroom condo in the Toronto region was $2,269, up 20 per cent from the previous year. Buyers realize that putting that monthly amount toward a mortgage instead is wise in the long run.

Once we see interest rates decline, it is expected that buyers, especially investors, will rush to the market. Even now, investors benefit from comparatively low interest rates and high rental rates. Remember, too, that we are in a situation where demand seriously exceeds supply. Waiting may mean you can’t find the home or condo you really want.

Buying now means you may have to give up on some of the luxuries you’ve grown used to, even if it’s temporarily. People have been doing that for decades to afford a home. Yes, rates are higher than they were during the pandemic, and those who purchased then will have to pay more

when they renew after five years –but remember that their homes and condos will be worth a lot more, as well. Plus, they will have been paying on their mortgage for those years. Buyers of pre-construction homes and condos often earn equity before they even take possession.

Real estate remains one of the most lucrative investments you can make, even if you are an end-user, so any time is a great time to buy. Prices and interest rates fluctuate. Riding out cycles can work in your favour. Look at the situation realistically and ask your financial lender for advice. And if you have to give up a few dinners out or concerts every month, your new home or income property will be well worth it in the long run.

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

+MORE CONTENT ONLINE nexthome.ca

Rise Developments

INTERIORS

Photo: Phillip Jeffries

WOOD Inspired decorating

There’s just something about wood that makes it so appealing. The warm and inviting nature of wood tends to lend itself well to virtually any decor style. Wood by nature, has an abundance of personality and character; and decorating with a variety of wood finishes has a way of adding a certain richness to a space. The organic movement of some grains can often have an art-like influence in a room, reaching well beyond its traditional usages.

From simple accessories, to lighting, beautiful contemporary bathroom faucets, wall and ceiling cladding, furniture, kitchen accents and much more, incorporating wood in your home, outside of flooring, is limited only by your creativity. As a designer, I love the versatile nature of wood, and how its nearly endless array of colours and grain options can complement, and sometimes even dictate the style within a space. Whether you feel more comfortable with a light, airy and modern vibe or love the rich, dark more formal woods, I’m sure you can agree that the addition of wood accents to your home can create a depth in your design. However, working with wood is not just about simply incorporating it in your decor or using it creatively, it’s also about mixing wood tones to create a more stylish and elevate space.

When looking to mix and match your woods the approach is no different than when you blend anything else, such as colour, textures or styles. It’s all about creating continuity, or a story, of sorts. You need to pay attention to key details such as grain, undertones and finish to successfully blend your woods, as well as the overall style of the space and how the placement, usage, and proportion of your wood accents balance within the room.

Another great way of mixing multiple wood tones can be by introducing contrasting colours. For example, a room with several shades of warm-toned woods can be pulled together and punctuated with a high-contrasting wood stained in a dark, almost black finish. This can complete the space by adding more depth to the design, while adding visual interest. Once you put together the palette that works for you, then all you really need to do is ensure you repeat the shades, at least two times, throughout to maintain continuity and structure within

your space; this will make your room look well “pulledtogether” without a lot of effort.

Mixing wood tones and decorating with wood in general is not as difficult as you may think; and it can create results that are truly stunning, edgy and stylish. Whether you decide to keep it simple by incorporating a few wood accessories or maybe barstools; or are a little more adventurous and looking to create more drama in your space with a beautiful walnut grain wall panelling or a wood inlay wallpaper the addition of wood elements will undoubtedly create a totally chic space in your home.

HERE ARE A FEW TIPS TO KEEP IN MIND

• If you can, keep your tones consistent when mixing woods, work in all warm, cool or neutral tones

• Select one principal wood tone and one or two secondary wood tones when blending. The principal wood tone is usually the one that will occupy the most space, for example, flooring, wall feature, dining table

• If there is a drastic difference between your floor colour and other furniture tones the introduction of a patterned rug can help blend them together better

• Don’t place similar tones of wood close together, it’s all about balance, consistency and harmony. Placement and moderation are key

• Remember, ultimately decorating with wood and mixing different types or tones of wood is great and encouraged, but ultimately, it’s only a part of the overall design of the space; colour, texture, pattern all still play an important part

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

Photos

and right):

Phillip Jeffries

big style

CONDO DESIGN ON A BUDGET

7

IDEAS FOR DECORATING YOUR SPACE AFFORDABLY

by LISA ROGERS

There’s this misguided idea that we need to spend a small fortune to add high style and personality to our homes. While that is true in some instances, with investment pieces such as a quality living room couch or a bed, you don’t have to go over budget to elevate your home design. Some foolproof design ideas will instantly add a wow factor.

CREATE YOUR VISION BOARD

The essential step in decorating is starting with your vision or master plan before you buy anything. It takes restraint, but you don’t want to go shopping for pieces you’re not confident will fit in your home – it can be a costly mistake. Pull together paint colour and fabric swatches, images you find inspiring online (Pinterest is great for this), and magazine clippings from your favourite publications. From there, you will gravitate towards an overall look and feel that you like best and want to achieve in your home.

DON’T DO EVERYTHING ALL AT ONCE

Thinking about every room in your home and what you want to do can be overwhelming, so take it slow, stay patient and start with one room at a time. It will eliminate that anxiety about trying to tackle a massive project all at once. If you’re looking to purchase big items (a new couch, bed or dining room table), try to stay as neutral as possible with the colour, style and fabric choices.

You don’t want to tire of these big-ticket items quickly and eventually replace them – they should last years. By staying neutral (and not falling victim to a trend), you won’t get tired of your pieces, and you can always change up your look with soft furnishings (pillows, throws and accents), which are much less expensive.

KEEP SCALE IN MIND

When designing a new space or revamping an existing one, it’s very easy to get caught in the moment and want to splurge and buy all the (new) things. That’s why the scale is essential – not only does it curb our impulses, but it gives us a literal translation of what can fit into our space and what we actually need. Take measurements of your space or new pieces you’re looking to purchase and assess whether they’ll work or contribute to “overstuffing” our space (which happens more times than you realize). Think about the purpose, too: How will you use these pieces? And do they matter to the overall quality of living in your home?

STICK WITH THE ESSENTIALS FIRST

Remind yourself that designing or redesigning your home is a process. Stick with the essentials first – the must-haves and can’t-live-without – then gradually incorporate the remainder items, accessories and artwork over time. Enjoy the time spent. It can be a lot of fun sourcing antique markets, road-tripping to vintage shops,

or perusing a gallery for that piece of art on your next vacation. You will appreciate what you’ve found and the journey you’ve taken to get there by taking your time.

FRESH PAINT

Paint is one of the easiest and least expensive ways to transform your rooms. A fresh coat can immediately refresh your space and give it new life. If you’re not thrilled about painting an entire room, think about an accent wall or even painting the trim; it can still create an exciting new visual appeal.

MAKE THE MOST OF WHAT YOU HAVE

Take stock of your existing pieces and move things around or to another room. It’s surprising how pieces can feel born anew once you move them into a different space. It’s also a great exercise in seeing what you don’t need and already have.

CHANGE ACCENTS AND FIXTURES

Another budget-friendly hack is swapping out your existing fixtures in your kitchen and bathrooms with new knobs or handles or your lighting fixtures with unique lamp shades. New throw pillows can update a space and consider bringing in fresh linens for our change in seasons, too.

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

design file

Bathroom tile trends that will inspire a renovation!

Terrific TILES

by SARA DUCK

Is a bathroom reno on the horizon? This type of renovation is not only a great return on your investment (ROI), it can really elevate your bathroom experience (hello at-home spa!). Picking the right tile for your space plays a crucial role in the look and feel of your finished bathroom, so choose wisely. It’s a costly mistake if you don’t.

Modern

Consider the colour and shape when picking a modern tile for your bathroom. Geometric-shaped tiles will add depth to the room; rectangular (subway) tiles are a modern fave and help to achieve a streamlined look. And, of course, keeping the colour choice monochromatic will help your space look sleek and cool.

Try

MOSAIC TILE in grey marble by Troy Tile & Stone. $65. rona.ca

TILE in ancient sky by Bestview. $13 sq. ft. lowes.ca

CERAMIC WALL TILE in light smoke by American Olean. $6 sq. ft. lowes.ca

Terrazzo

Did you know that terrazzo tile is a composite material of marble chippings set into cement? Experts believe terrazzo originated in 15-century Italy (invited by the Venetians) to reuse stone offcuts. Could terrazzo be the OG of sustainable flooring? Either way, the beautiful tile will add a creative dose of pattern and colour to any bathroom space.

Try

HALIFAX terrazzo tile. $28 sq. ft. geontile.com

TERRACE terrazzo tile. $28 sq. ft. geontile.com

WATERTON terrazzo tile. $28 sq. ft. geontile.com

PORCELAIN MOSAIC WALL

Cultural

Transport yourself to the south of Spain with encaustic tiles that will bring a hit of warmth and joy to any bathroom space. Look for tiles that have a lively pattern and that closely ressembles vintage – this will give your bathroom an authentic look.

Marble

You can’t get more classic and luxe than using marble in the bathroom. This durable stone comes in various colours contrasted with beautiful natural veining. Use marble in the bathroom to create a high-impact look, but remember, to keep up the high-end esthetic, it needs to be properly maintained and sealed.

Try

ART DECO FRAMED

HEXAGON polished white and gold marble floor and wall tile. $33 sq. ft. homedepot.ca

ITALIAN BIANCO CARRARA polished marble floor and wall mosaic tile by Modamo. $16 sq. ft. homedepot.ca

FAENZA ceramic floor and wall tile by EliteTile. $17 sq. ft. wayfair.ca

Try Try

MANISES ceramic patterned wall and floor tile by EliteTile. $12. sq. ft. wayfair.ca

PALOMA encaustic look tile for wall and floor by MSI. $11 sq. ft. wayfair.ca

ANGELA HARRIS HARBOUR

SONATA ceramic field tile by Ivy Hill Tile. $20 sq. ft. wayfair.ca

CASCAIS porcelain tile in beige. $2 each. lowes.ca

Whimsical

DODGE cement tile in warm white/navy/blush. $20 sq. ft. geon.com

Not for the faint of heart, these bold tiles are sure to make a statement! When working with this style of tile, keep your accessories and wall colour neutral. This allows the tiles to pop, but also doesn’t overwhelm the space.

ART DECO triangle

polished black and white marble floor and wall tile by Modamo. $24 sq. ft. homedepot.ca

With more than 15 years’ experience as a magazine editor, writer and content creator, Sara brings her passion for design and decor to our pages each issue. IG @bysaraduck

HOME etc.

by SARA DUCK

Usher in the new fall season with the latest decor finds and helpful home accessories

hot tip:

The colour brown is trending this season!

Spazio brown marble SIDE TABLE. $399. Cb2.ca

HAIR TODAY, GONE TOMORROW

Annoyed by all the hair our beloved pets and humans shed in our spaces? Dyson’s latest range of vacuum cleaners includes de-tangling brush bar technology designed to tackle all hair (pet and human!). To get more technical...

The polycarbonate teeth, combined with a set of spiralling nylon bristles, anti-static carbon fibre filaments and strong suction power, capture and tackle troublesome tangles, as well as larger debris and microscopic debris dust. Sounds impressive, right? To truly understand the dynamics of hair, Dyson engineers and microbiologists studied various animals, from cats and dogs to alpacas, donkeys, horses and rabbits. This led Dyson to understand the size, texture and structure of hair across animal species and the invisible allergens and bacteria they can introduce to the home.

“The impact pets have in the home goes beyond what we can see,” says Monika Stuczen, research scientist in microbiology at Dyson. “These microscopic particles can carry allergy-causing proteins around the home. Lightweight and minuscule, they can remain airborne for hours or transfer between objects.” For more information, visit dyson.ca

Mop up!

The Libman Tornado Spin Mop System is a handy all-in-one mopping system. It consists of a large microfibre, machine washable mop head that absorbs and removes more water, so your floors dry ASAP. The mop also removes some nasty germs, including more than 99 per cent of staphylococcus aureus and E. coli on ceramic tile and wood floors when used with water. Bonus? It’s safe for use on all surfaces, including hardwood.

For more information

PAINT JOB

Paint and wallpaper veteran Farrow & Ball has introduced 11 new paint shades to its collection this autumn.

“We all feel ready to be rejuvenated, enhance our homes, and show off our own personal style,” says Joa Studholme, colour curator for Farrow & Ball, who co-created the shades with Charlotte Cosby, head of creative. “The colours range from easy-to-use lights to dramatic and atmospheric darks.”

We are partial to Wine Dark No. 308 (pictured). Inspired by midnight skies, this colour is named after the term Homer used to describe the sea – a perfect shade to create an inspiring space.

For more inspiring colour information visit farrow-ball.com

Back

Table

Smart

has introduced the Joule Oven Air Fryer Pro and Joule Oven App – the company’s first smart oven connected to a digital library of video-guided recipes and content from culinary experts. It boasts 13 pre-set functions including: toast, bagel, air fry, broil, roast, pizza, cookies, proof, reheat, slow cook, keep warm and dehydrate. This may be your new favourite kitchen appliance! $800.

Bristol Place

Brampton

Gallery Towers Markham

developer: THE REMINGTON GROUP

developer: SOLMAR DEVELOPMENT CORP. style: Highrise size: Starting from 432 sq. ft. features:

Two 48 storey towers on a podium

landscaped courtyard

1 bed, 1 bed + den, 2 bed, 3 bed

Steps to Go, VIA Rail, and ZUM rapid transit

Surrounded by shopping, dining,

Party room, gym, yoga, lounge,

dining area, work stations

contact: solmar.ca location:

Main St N,

style: Highrise size: 515 to 1,688 sq. ft. prices from: From the $600’s features:

9 Ft and 10 Ft ceilings

• The towers offer exceptional 1, 2 and 3 bedroom residences with den options and spacious terraces with 2 storey towns

• Outdoor fitness studio, outdoor dog walk, dog wash station, games room and wet bar, canopied dining with bbq areas and lounge seating

• Indoor amenities games lounge, dining and party room, state of the are fitness and more contact: downtownmarkham.ca location: Warden + Enterprise

Bianca Toronto

developer: TRIDEL

developer: Malibu

developer: NatioNal DevelopmeNts aND BrixeN DevelopmeNts iNc.

Highrise

storeys

with BBQ’s,

at:

Dining

Ave. W and Malta Ave. just west of Hurontario

release is sold

Toronto

register

New

Pinnacle Toronto Cypress Toronto

developer: pinnacle

Etobicoke Mirabella

Etobicoke Westerly

Etobicoke Curio Condos

Etobicoke Humberwood Heights

Etobicoke Cypress at Pinnacle

Etobicoke Verge

Etobicoke 36 Zorra Condominiums

Markham/Unionville Panda Markham

Markham/Unionville Varley Condo Residences

Markham Canvas on the Rouge

Markham Gallery Towers at Downtown Markahm

Mississauga Harbourwalk at Lakeview

Mississauga Perla Towers and Amber at Pinnacle

Mississauga Oro, at Edge Towers

Mississauga Artform Condos

Mississauga Gemma at Pinnacle Uptown

North York Express 2

North York Central Park

North York The Diamond

Oshawa U.C. Condos Tower 3

Pickering Vupoint

Scarborough Pinnnacle Toronto East

Scarborough FourMe

Toronto 111 River St. Condos

Toronto Lawrence Hill Urban Towns

Toronto 489 Wellington St. W.

Toronto 500 Dupont St.

Toronto Aqualuna at Bayside

Toronto Artistry Condos

Toronto Panda Condos

Lake Shore Blvd. W. mirabellacondos.ca

Islington & Dundas tridel.com

The Queensway marlinspring.com

Humberwood Blvd. tributecommunities.com

Dundas St. W. pinnacleinternational.ca

Islington & The Queensway vergecondos.com

Zorra altreedevelopments.com

8200 Warden Ave. lifetimedevelopments.com

20 Fred Varley tributecommunities.com

Donald Cousens Pkwy & Ninth Line flatogroup.com

162 Enterprise Blvd. downtownmarkham.ca

1260 Lakeshore Rd. East tridel.com

Hurontario St. pinnacleinternational.ca

24 Elm Dr.W. solmar.ca

86 Dundas St. E. artformbyemblemdevelopments.com

5044 Hurontario St. pinnacleuptown.com

Tippett Rd./Wilson subway express2condos.ca

Sheppard Ave. East & Leslie St. amexon.com

5336 Yonge St. diamond.diamantedevelopment.com

Simcoe St. N. & Winchester Rd. W. tributecommunities.com

Kingston Rd. & Liverpool Rd. tributecommunities.com

3260 Sheppard Ave. E. pinnacleinternational.ca

Markham Rd. & Ellesmere fourmecondos.com

111 River St. lifetimedevelopments.com

Don Mills & Lawrence lawrencehillurbantowns.com

489 Wellington St. W. lifetimedevelopments.com

500 Dupont St. lifetimedevelopments.com

200 Queens Quay East tridel.com

292 Dundas St. W. tributeartistrycondos.ca

Yonge & Dundas. lifetimedevelopments.com

Toronto Skytower at Pinnacle One Yonge HR 1 Yonge St. pinnacleinternational.ca

Toronto The Prestige at Pinnacle One Yonge HR 1 Yonge St. pinnacleinternational.ca

Toronto Tridel at the Well MR/HR Spadina Ave. & Wellington St. thewelltoronto.com

Toronto Via Bloor HR Bloor & Parliament. tridel.com

Toronto The PJ Condos HR 283 Adelaide St. W. pinnacleinternational.ca

Toronto 36 Eglinton Ave. W. HR 36 Eglinton Ave. W. lifetimedevelopments.com

Toronto Linx Condominiums HR Danforth & Main tributecommunicties.com

Toronto Y&S Condos HR 2161 Yonge St. tributecommunities.com

Toronto Burke Condos HR Bloor & Sherbourne burkebyconcert.com

Toronto MRKT Alexandra Park

Toronto 181 East

Toronto Avenue & Park

Toronto 50 at Wellesley Station

Toronto No. 1 Yorkville

Toronto Theatre District Residences

Toronto Bijou on Bloor

Briar on Avenue

One Seventy

King West & Charlotte

Forest Hill Private Residences

Oscar Residences

Toronto Whitehaus

Dundas & Spadina tridel.com

181 Sheppard Ave. East stafford.ca

Avenue Rd. & Bedford stafford.ca

50 Wellesley St. East pureplaza.com

1 Yorkville Ave. pureplaza.com

Adelaide & Widmer pureplaza.com

2450 Bloor St. West pureplaza.com

Briar Hill Ave. pureplaza.com

& Queen St. West pureplaza.com

St. West & Charlotte pureplaza.com

Forest Hill Rd. foresthillresidences.com

Dupont St. W. at Bathurst oscarresidences.com

Yonge & Eglinton lifetimedevelopments.com

Peterborough

Ancaster Meadowlands

Brampton DUO Condos

Brampton Bristol Place

Brantford Station Sixty Lofts

Burlington Affinity Condos

Burlington Millcroft Towns

Burlington Gallery Condos & Lofts

Fonthill One Twenty Condos

Fonthill One Fonthill Condominium

Grimsby Century Condos

Hamilton 1 Jarvis

Hamilton The Design District

Hamilton KiWi Condos

Hamilton Steeltown City Co.

London White Oaks Urban Towns

Niagara Region Lusso Urban Towns

Oakville The Greenwich Condos at Oakvillage

Oakville Synergy

Oakville The Randall Residences

Oakville Upper West Side at Oakvillage

559 Garner Rd E elitemdgroup.com

Malta Ave. & Steeles Ave. duocondos.ca

199 Main St. North solmar.ca

60 Market St. S. elitemdgroup.com

Plains Rd. E. & Filmandale Rd. rosehavenhomes.com

Appleby Line & Taywood Dr. branthavenmillcroft.com

Brant St. & James St. gallerycondominiums.ca

Rice Rd. & Highway 20 mountainview.com

Rice Rd onefonthillcondos.com

Main St. East & Baker St. South. desantishomes.com

1 Jarvis 1jarvis.com

41 Wilson Street emblemdevcorp.com

212 King William St. kiwicondos.com

Fennell Ave. E. & Upper Ottawa St. elitemdgroup.com

London elitemdgroup.com

Martindale Rd. & Grapeview Dr. lucchettahomes.com

Trafalgar Rd. & Dundas branthaven.com

McCraney St. E. & Sixth Line branthaven.com

Randall St. & Lakeshore Rd. E. randallresidences.com

351 Dundas St. E. upperwestsidecondos.ca

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

St. Catharines St. Kitt Urban Towns CTH Oakdale Avenue & Merritt Street st.kittsurbantowns.com

Stoney Creek Casa Di Torre MR 980 Queenston Rd. branthaven.com

PROJECT APPROVAL TIME FRAMES

SHOULD BE AN ELECTION ISSUE

Addressing the housing supply and affordability challenge in the Greater Toronto Area and Ontario is a complex task with no easy solutions. Leading up to the municipal elections on Oct. 24, one important issue residents can discuss with candidates is housing approvals. What municipal candidates have to say about the topic matters, because speeding up approval time frames could help our region and province build more homes, faster.

The building of a new home or housing project cannot begin without the required approvals and permits from the municipality. If it takes longer than expected to get the necessary approvals, the project is delayed and incurs extra costs. Multiply these effects by the hundreds, if not thousands of projects across the region, and you can see that municipal approvals can be a direct lever on housing supply and affordability.

Ontario’s Planning Act and related regulations outline the time frames in which municipalities must process various types of approval applications and render decisions to the applicants. In 2020, BILD asked Altus Group to conduct a study that measured approval times in 18 GTA municipalities. The study found that few, if any, municipalities were meeting the required time frames,

and in some cases the delays could be measured in years, not months. A companion study, conducted by the Canadian Home Builders’ Association, found that GTA municipalities lagged far behind municipalities in other provinces. As a result of these delays, much-needed supply was slow to come to market, and homebuyers incurred tens of thousands of dollars in additional costs.

In August, 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, to 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. The first point was to “Make homes more affordable by speeding up approval times and eliminating red tape. Every year that a municipality delays an approval decision costs homebuyers an additional $36,000 for a typical lowrise home and an additional

$26,000 for a typical highrise apartment.”

All of us – voters, the industry, municipal governments, the provincial government and other regulatory authorities – must take collaborative action to boldly address housing supply and affordability. It’s the only way to fix the housing challenges in our region and our province, secure our economic competitiveness and address generational inequity brought about by our housing crisis. In the lead-up to the Oct. 24 municipal election, ask your candidates what they will do to improve housing approval timeframes.

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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WHAT IF?

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.