Ontario 2023 Builders' Annual by NextHome

ONTARIO EDITION

2023 BUILDERS’ The first and only complete guide to pre-construction homes and condos

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

NORTHSHORE CONDOS NOW OPEN IN BURLINGTON Modern urban sophistication has come to 490 Plains Rd. E. overlooking the rolling fairways of Burlington Golf and Country Club.

1, 2 & 3 BEDROOM CONDOS FROM THE $500s DUO CONDOS NEW RELEASE IN BRAMPTON 26 storey condominium development now under construction at Steeles Ave. W. near Hurontario St., minutes to Sheridan College, GO and the new LRT.

CONDOS AND TOWNS FROM THE $500s WHITEHORN WOODS NEW RELEASE IN MISSISSAUGA Freehold Traditional Towns with full backyards on Britannia Rd W minutes from the Heartland Shopping District.

NEWLY DESIGNED FREEHOLD TOWNS FROM $1.1M

TYANDAGA HEIGHTS COMING SOON TO BURLINGTON Freehold Traditional Towns on the ravine with full backyards and extra deep lots.

TRADITIONAL FREEHOLD TOWNS FROM $999,990

Register Now nationalhomes.com C E LE B RATING 3 0 Y E A R S Prices, specifications and information is subject to change without notice. Whitehorn Woods and Tyandaga Heights Townhomes are Freehold with a common element road E. & O. E.

National Wins Best in Ontario and Best in North America dazzling expanse of Lake Ontario. With shady pergolas, lush landscaping, fire tables, two separate outdoor kitchens and multiple lounge areas, it’s a fantastic place to relax, entertain, dine, work or celebrate. Flexible 1, 2 & 3-bedroom suite designs offer something for every budget, and every lifestyle starting from the $500’s. Bright Ideas for Living, a patented program created by National Homes to bring innovative solutions for storage and space, make even the smallest suite more functional. Committed to becoming LEED (Leadership in Energy and Environmental Design) Certification completion, Northshore has an unwavering dedication to sustainable building practices and energy efficient systems. To learn more about this new award-winning new community, visit the Northshore Presentation Centre at 484 Plains Rd. E., Burlington. Or visit mynorthshore.ca

NEW RELEASE OF NEWLY DESIGNED TOWNS AT WHITEHORN WOODS IN MISSISSAUGA

Northshore Condos, Burlington

NORTHSHORE CONDOS, OHBA WINNER OF THE PROJECT OF THE YEAR, HIGH OR MIDRISE The results are in, and National Homes’ newest community, Northshore, was chosen the Best New Mid/Highrise Condo in Ontario by the OHBA.

And Whitehorn Woods was honoured for the Best Brochure in North America at The Nationals in Las Vegas, the industry’s premier award ceremony. Together, these two significant awards speak directly to National’s philosophy of “You Are the Blueprint.” By focusing on the needs of the buyer first, the end result is a different level of experience.

The innovative Digital Brochure for Whitehorn Woods was chosen Best in North America, but with a story like this to tell, it had quite a head start. With newly designed townhomes in this sought-after enclave steps from woodland trails and the Credit River Valley in Mississauga, this is a perfect balance of location and lifestyle. These rare 3-4 bedroom townhomes are next to nature, trails, parks, golf & Credit River Valley, where Britannia meets the river. Braeben Golf Course is almost in your backyard. Whitehorn Public School is just minutes away. You have nearby banks and pharmacies. Plus, you’re close to the shopping mecca that is Heartland Town Centre. As for restaurants and coffee shops, your options are endless. And the stunning designs themselves come with private garages and Bright Ideas for living like: home offices, drop zones, family centres, time-saving tech and more. These Freehold Traditional Towns come with backyards and an exceptional price for central Mississauga, starting at just $1.1M The learn more about Whitehorn Woods, visit NationalHomes.com

Northshore is new mixed-use condo close to Burlington’s desirable waterfront, overlooking the Burlington Golf and Country Club with great access to transit and two GO Stations, close to education, recreation, retail, dining and more. Northshore is designed to accommodate the lifestyles of all future residents, offering something for everyone, from the fitness and yoga studios to the beautiful galleria and lobby, showcasing modern interior design and a living “Green” feature wall. There is even a pet wash and dog lawn for furry friends, and a playground and park for kids. Additionally, the residents of Northshore are invited to make use of the boardroom and co-work lounge to create the perfect hybrid workplace all within the comfort of their home. However, it’s the Skyview Lounge and rooftop terrace that truly crowns Northshore’s incredible amenity Spaces with amazing views of Burlington Golf & Country Club, and a

Whitehorn Woods, Mississauga

GEORGIAN COMMUNITIES

it’s simply natural.

It all starts with a remarkable vision. Georgian Communities takes inspiration from Ontario’s landscapes, and builds homes designed to enrich the lives of every family who lives there. Their inspiring legacy includes the groundbreaking communities of Windfall, Braestone, and Mountain House, bringing modern living to the

Collingwood, Blue Mountain, and Oro-Medonte regions in the most natural combination of comfort and style. High-quality craftsmanship and artful architecture elevate every home to the highest standard of modern living in Ontario’s most remarkable natural settings.

designed to enrich your lifestyle.

The incredible quality and unparalleled lifestyle provided in each home has earned them awards both locally and provincially, but most notably, Georgian Communities reached the national stage with the Canadian Home Builders’ Awards. The success of their first three communities has earned them recognition as finalists for five different awards by the CHBA, marking them among the best in Canada.

A big part of what makes each of these communities so special is the unique amenities, designed to enrich every lifestyle and elevate your connection to the land. Braestone in particular reimagines the traditional master-planned community, offering residents the most holistic lifestyle with inspired amenities based around an active, natural life. A toboggan hill. An apiary. A sugar shack. A farm. Residents

can purchase honey made from the bees buzzing through the fields, jam made from the berries growing ripe in the berry patch, and pure maple syrup from the trees towering above you. Learn the cycles of the land, become a part of your environment, and live a happier, healthier life. That’s what Georgian is all about. Construction was completed on The Shed, Windfall’s unique gathering place for friends, families, and neighbours. Residents have already had the opportunity to gather here and enjoy the gym, saunas, patio, and pools. The winter will make the indoor lounge the best place to meet and spend time together with your loved ones, with a cozy fireplace to cuddle up and share stories, laughter, and memories. Expanding on their portfolio, Georgian Communities has undertaken a transformative new project in Collingwood, bringing new life to one of the most sought-

after neighbourhoods. Inspired by the historic 19th century schoolhouse at its centre, Victoria Annex combines contemporary design and luxury interiors with bold historic architecture to capture the spirit of Collingwood’s iconic heritage style. Between the renovated schoolhouse, an inspired new coach house, and a limited collection of single and semidetached homes, Victoria Annex is creating a distinctive new address in the heart of Collingwood. Stepping back into the beauty of Oro-Medonte, the future of Georgian begins with a brand new community in Craighurst. Plans are complete for an incredible new project consisting of modern farmhouse bungalows and two storey homes on magnificent 50’ lots surrounded by nature. It’s the best of rural life, with all the beauty and quality of a modern home. The charming Village of Craighurst is brimming with small-town charm, neighbourly kindness, and historic character.

Connecting to the rich history of the province in a place of fertile soil and deep forests, Craighurst is surrounded by rolling green pastures and lush woodlands. In close proximity to Barrie and Orillia, urban amenities are never far, but the allure of Copeland Forest, Horseshoe Valley, Mount Saint Louis, Braestone Club, and The Ktchn are even closer to home, and to the heart. This new community has launched and features two beautiful designer model homes. To stay informed, register at the Georgian Communities website or at craighurstcrossing.ca. As Georgian Communities diligently works towards their incredible future projects, new opportunities grow from Ontario’s iconic landscapes. Holistic living has never been as stylish, or as beautiful, as a Georgian community. These are places to reconnect, to get in touch with the land, and cultivate a better state of being. Places to grow, love, and discover. To learn more about the remarkable lifestyles Georgian Communities offers, visit their website at georgiancommunities.ca, and discover what’s in store for small-town Ontario.

editor’s letter WAYNE KARL EDITOR-IN-CHIEF Builders’ Annual EMAIL: wayne.karl@nexthome.ca | TWITTER: @WayneKarl

Big picture, long term

t the best of times, buying at home can be an intimidating and nerve-wracking experience. Add in some uncertainty caused by limited housing supply, interest rates, inflation, price pressures… and other influences such as immigration and housing policy, it’s no wonder some prospective homebuyers may be a little nervous. That’s where resources such as the 2023 GTA Builders’ Annual – and our monthly sister publications Condo Life and HOMES Magazine – come in. Our aim is to help put it all in perspective so you can make informed, educated homebuying decisions. To be sure, housing – specifically, our need to build more homes, quickly – is a major national, provincial and municipal matter. From immigration targets to mortgage regulations to how to properly plan, approve and build more homes… it’s all increasingly interconnected and evermore pressing. That’s one of the reasons that for this year’s edition of the Annual, we’ve added a national perspective, in the way of a CHBA Report, to our expert columns of insight and expertise.

+ get social 8

Builders’ Annual 2023

Not that you need to concern yourself with markets outside of your target area (real estate is local, not national or even provincial or municipal), but there’s no escaping that larger policy issues are affecting markets everywhere. Several pieces of content in this issue explore these issues in more detail, and in our Need to Know story on page 17, you will learn that, current challenges aside, there are still very good reasons to be optimistic, and homebuying opportunities remain. In the short-term, you may be able to take advantage of favourable pricing and builder incentives designed to entice buyers. Looking at the big picture, longer term, take confidence in knowing that the GTA and Ontario at large are home to some of the most desirable and best performing housing markets in the country. And in the context of building and buying homes – in a challenging environment for increasingly discerning buyers – there is no room for anything but the best. Ontario, the GTA and Toronto all have that.

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The Brilliance of Ballantry Every day is a little brighter with Ballantry. Just ask any of the 10,000 families who live in a Ballantry community. Since 1989 when the company was founded, there’s been a higher level of craftsmanship, architecture and features in every home or condominium Ballantry builds. Brilliant details. Brilliant locations. Brilliant experiences. Discover the brilliance of Ballantry.

BRAMPTON Spring Valley Village All Luxury Detached Homes by the woods and ponds. OAKVILLE The Villages of Oak Park 1, 2 & 2+ Den Condos at Dundas and Trafalgar.

Visit BallantryHomes.com Brilliant locations. Brilliant details. Brilliant experiences.

The Brilliance of Ballantry Brilliance comes with experience. Backed by over ﬁfty years of industry insight, Ballantry’s founders combined their vision of building exceptional communities with deep understanding of real estate, land development, and architectural design to build homes where you can be where you want to be, and live precisely how you want to live. But brilliance doesn’t stop at ideas. Ballantry personally manages the construction of every home from conception to completion. Every step of the way, Ballantry Construction ensures a higher level of craftsmanship, architecture, and quality in every home. Think Brilliant. Think Ballantry.

BALLANTRY IN BRAMPTON An exclusive collection of all-detached luxury homes between the woods, the stream, and the pond, Spring Valley Village combines modern living with natural connections in this walkable Brampton neighbourhood.

BALLANTRY IN OAKVILLE A new landmark rising over Uptown Oakville, The Villages of Oak Park is bringing upscale condo living to Dundas & Trafalgar. Its transitional design blends the history of the region with modern sensibility, with stylish suites to match.

Visit BallantryHomes.com Brilliant locations. Brilliant details. Brilliant experiences.

Renderings are artist’s concept

table of contents

34 8 Editor’s Note 17 Need to Know 22 CHBA Report 30 OHBA Report 34 BILD Report 40 WEHBA Report 46 Legally Speaking 48 Personal Finance 50 TRREB Report

53 Expert Panel

High level advice from some of the industry’s top builders • Jordan DeBrincat, Altree Developments • David Hill, Ballantry Homes • Mike Parker, Georgian Communities • Cheryl Shindruk, Geranium • Frank Spaziani, Kylemore • Deena Pantalone, National Homes

60 Industry All-Stars

Homebuying insights from marketing and sales icons • Mark Cohen, TCS Marketing Systems • Debbie Cosic, In2ition Realty • Riz Dhanji, RAD Marketing • Barbara Lawlor, Baker Real Estate • Hersh Litvack, Hersh Realty Group • Christopher Markovic, PMA Brethour

66 Builder Roster The list

12 Builders’ Annual 2023

2023 builders’

annual

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 Nina Downs 1-888-532-2579, nina.downs@nexthome.ca EDITORIAL DIRECTOR

Amanda Pereira

EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl, wayne.karl@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Paul Baron, Mike Collins-Williams, Dave Depencier, Kevin Lee, Jayson Schwarz, Dave Wilkes EXECUTIVE MEDIA CONSULTANTS

Jacky Hill, Michael Rosset VICE-PRESIDENT, MARKETING – GTA

Leanne Speers

MANAGER, CLIENT RELATIONS

Sonia Presotto

MANAGER CUSTOMER SALES/SERVICE

Marilyn Watling

SALES & MARKETING CO-ORDINATOR

Gary Chilvers

BUSINESS DEVELOPMENT MANAGER

Josh Rosset

DISTRIBUTION

distributionteam@nexthome.ca

ACCOUNTING INQUIRIES

accountingteam@nexthome.ca

DIRECTOR OF PRINT MEDIA

Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA

Lisa Kelly

PRODUCTION MANAGER – GTA

Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER

Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

builder index Inside Front Cover–2

National Homes

Georgian Communities

Ballantry

Altree Developments

Hersh Realty

Lifetime Developments

Kylemore

Amexon Development Corp.

Losani Homes

Mason Homes

Remington

Inside Back Cover-67

Amexon Development Corp.

Outside Back Cover-68

Lennox

Hannah Yarkony

GRAPHIC DESIGNER

Mike Terentiev

Published by

nexthome.ca Advertising Call 1.866.532.2588 ext. 1 for rates and information. Fax: 1.888.861.5038 Circulation Highly targeted, free distribution network aimed at real estate buyers using street level boxes, racking and Toronto Star in-home delivery. Canadian subscriptions 1 year = 13 issues – $70 (inc. HST). Canada Post – Canadian Publications Mail Sales Product Agreement 40065416. Copyright 2023 All rights reserved. All copyright and other intellectual property rights in the contents hereof are the property of NextHome, and not that of the individual client. The customer has purchased the right of reproduction in NextHome and does not have the right to reproduce the ad or photo in any other place or publication without the previous written consent of NextHome. Editorial Submissions from interested parties will be considered. Please submit to the editor at editorial@nexthome.ca. Terms and Indemnification Advertisers and contributors: NextHome is not responsible for typographical errors, mistakes, or misprints. By approving your content and/ or submitting content for circulation, advertisers and contributors agree to indemnify and hold harmless NextHome and its parent company from any claims, liabilities, losses, and expenses (including legal fees) arising out of or in connection with the content provided, including but not limited to any claims of copyright infringement, unauthorized reproduction, or inaccuracies in the content. Advertisers acknowledge that they have the necessary rights, permissions, and licenses to provide the content for circulation, and they bear full responsibility for the content’s accuracy, legality, and compliance with applicable laws upon approval. Contributors acknowledge NextHome reserves the right to omit and modify their submissions at the publisher’s discretion.

nexthome.ca 13

BUILT WITH INTEGRITY Our goal has always been to create growth opportunities for people while respecting the fabrics of the communities they reside in. Altree is committed to developing projects that challenge the status quo and branch out from the ordinary. We pride ourselves on enhancing the existing fabrics of the communities we build in, while also providing growth opportunities for the people that reside in them. With iconic projects such as Thirty Six Zorra, Forest Hill Private Residences, Highland Commons, and most recently, Kingside Residences, Altree is creating a new legacy in the real estate development industry.

Kingside Residences is a 10-storey boutique condominium located in Cliffside Village, a community in Toronto’s east end. With unique terracing, a direct path to the Scarborough Bluffs, carefully curated lifestyle amenities, and easy access to the downtown core, Kingside Residences harmoniously blends nature with urban conveniences.

For more information about Altree Developments and our projects, please visit: www.altreedevelopments.com

The rooftop terrace overlooking Lake Ontario at Kingside Residences.

Illustrations, Renderings, and Photography are artist’s concept. E.& O.E. Altree Developments Inc October 2023

BREAKING NEW GROUND CREATING A NEW LEGACY

thirtysixzorra.com

foresthillresidences.com

36 Zorra St. Etobicoke

2 Forest Hill Rd. Toronto

thehighlandcommons.com

kingsideresidences.com

1625 & 1635 Military Trail, Toronto

2151 Kingston Rd. Scarborough

vielven.com Indigo Bay, Sint Maarten

1072-1075 West Side Ave. Jersey City

2828 Bathurst Street, Suite 300, Toronto, ON M6B 3A7 647.715.5711 | info@altreedev.com | altreedevelopments.com Illustrations, Renderings, and Photography are artist’s concept. E.& O.E. Altree Developments Inc October 2023

NEED TO KNOW

5 reasons to be optimistic about the

GTA HOUSING MARKET

by WAYNE KARL

t’s been a rather interesting year – the last few years, in fact – for housing in Ontario. Climbing out of the pandemic, wrestling inflation, managing interest rates, making sense of the political climate and navigating the economy… there’s been no shortage of challenges. There still are, in fact. But… there are reasons to be optimistic. IMMIGRATION Canada’s immigration goals have been well documented, and the number of newcomers to Ontario – increasingly so each year – well publicized. While on the surface this exacerbates the housing supply crunch, longer-term, it’s actually a positive sign. “Mostly thanks to immigration, Canada is the fastest-growing country in the G7 and among the 20 fastest-growing countries in the world,” says Dave Wilkes, president and CEO of the Building Industry and Land Development Association. “These are reasons to celebrate, given our aging population and declining birth rates. New Canadians help make our economy more competitive and our society more dynamic. But there is no denying that welcoming 1.5 million newcomers by 2025 will present a housing challenge. Canada has the lowest number of housing units per 1,000 residents of any G7 country. Major markets, such as the GTA, have been undersupplied for decades.”

Translation: To find homes for these new Canadians and otherwise address the supply and affordability challenges, housing is not just an election issue at the national, provincial and municipal levels, it is a permanent agenda item. Governments are on it. MISSING MIDDLE AND INFILL HOUSING This brings us to the next point – modifying housing policy to facilitate as much homebuilding as possible. “Do we further intensify in our cities with infill, midrise and highrise housing,” says Wilkes, “or do we expand municipal borders to add more land so we can build more single-family homes? How do we encourage more rental housing to be built? Is there enough land? Do we need to redevelop every unused strip mall, parking lot and car dealership in the city?” The short answer to all of these questions, experts agree, is absolutely yes. “Leaders of all political parties and at all levels of government have acknowledged housing supply and affordability is a problem and are taking action to move the needle,” Richard Lyall, president of the Residential Construction Council of Ontario (RESON), told Builders’ Annual. To spur more housing production, there must be more densification allowed in our cities, especially around transit hubs. We also need as-of-right zoning along avenues and major streets served by mass transit and connecting hubs, he says.

nexthome.ca 17

To its credit, the City of Toronto recently adopted a new policy allowing as-of-right permissions for singlefamily homes to be converted into duplexes, triplexes and fourplexes in all lowrise residential areas. MASTER-PLANNED COMMUNITIES Be they in the five Urban Growth Centres in the GTA – Downtown/Waterfront, Scarborough Centre, North York Centre, Etobicoke Centre and Yonge-Eglinton Centre – in the other 20 in the province or elsewhere in Ontario, master-planned developments are becoming more important. Master-planned communities (see our next point on 15-minute neighbourhoods), essentially are live-workplay developments that offer a variety of housing options and amenities, to promote quality of life. Several are already under construction in the GTA: • Lakeview Village, a transformative 177-acre mixed-use waterfront community along the waterfront in the Port Credit area of Mississauga, involving different housing types and several builders, such as Tridel and Branthaven. • Brightwater, a similarly transformative 72-acre masterplanned community a little further west along the Port Credit waterfront, also with numerous developers and types of homes. • Arcadia District, a multi-tower condo development from EllisDon Developments at Bloor and Kipling in Etobicoke. • Central Park, a master-planned, mixed-use condominium community located in the prestigious Bayview Village neighbourhood, from Amexon Development Corp. And these are just a few, to say nothing of other noteworthy developments, such as National Homes’ mixed-use condo near Burlington’s waterfront, Northshore; or Ballantry Homes’ The Villages of Oak Park in Oakville; and countless others. “Large scale developments are important in creating complete communities, and very helpful in having the scale a developer needs to add key amenities, such as a grocery store, daycare, small scale at-grade retail, parks and open spaces, as well as other uses such as office, hotel and multiple tenures,” says Ben Myers, president of Bullpen Research & Consulting, Toronto. “These projects may not significantly improve affordability, but they do improve the quality of life by creating everything a resident might need within walking distance, saving money on transit, travel and shopping.

Builders’ Annual 2023

15-MINUTE CITIES Forget the conspiracy theories: 15-minute cities or neighbourhoods are not any government’s way to control citizens and financially penalize them for venturing outside of such boundaries. It’s an urban planning concept that puts daily necessities within a 15-minute walk, bicycle or transit ride from home. Indeed, a recent report from ReMax Canada highlights the concept as an answer to supply of housing for the greatest number of Canadians, in a way that delivers maximum livability and affordability – particularly in smaller municipalities that are experiencing rapid growth. The report, 15-Minute Neighbourhoods: Lessons for Small Communities, offers suggestions such as: Diversity within densification: Considering how we can create a variety of types of homes and sizes within each neighbourhood (high-, midrise, semi-detached and the missing middle). Transform empty spaces into productive, residential communities: Empty commercial and retail spaces and parking lots can be transformed into residential dwellings, in collaboration with area experts. Balance in transportation: Design cities to encourage the use of various modes of transportation, by accounting for bike lanes on all major streets; implementing fast and accessible public transportation; and building walking paths/sidewalks throughout neighbourhoods. Offering a mix of housing: For cities to avoid falling into the trap of gentrification and ensure equitable housing, neighbourhoods should comprise a balance between market housing, subsidized housing, mixedincome housing and co-ops. TAKE A LONG-TERM VIEW There is plenty of evidence in this issue of the Builders’ Annual, in sister publications Condo Life and HOMES, and elsewhere in the media that the GTA housing market is, let’s say, underperforming. “The GTA real estate market continues to experience the effects of higher borrowing costs, increasing inflation and economic uncertainty,” says Paul Baron, president of the Toronto Regional Real Estate Board (TRREB). “All of these factors have contributed to slower economic growth and impacted home sales.” But when you buy a home, experts advise that you should be looking five to seven years – especially during challenging times – before you begin to assess how well your investment might be doing. And by that measure, the view is very different. “Inflation is going to get under control in the next couple of years and interest rates are going to decline,” adds Myers. “Demand for housing will continue to outpace supply, and pricing will trend up over the long-term. Therefore, if a buyer has confidence in their economic prospects moving forward and intends to hold the property they are buying for five or more years, there will continue to be attractive buying opportunities over the next 18 months.”

SIMPLY THE BEST! Meet The Hersh Realty Group, Toronto’s Best High Rise Sales Team of 2023, awarded by BiLD. In the competitive realm of pre-construction real estate, Hersh Realty Group stands out as a beacon of innovation and efficiency. Their commitment to excellence is not merely a promise but a proven track record, ensuring developers achieve essential sales milestones with confidence. The seamless integration of a highly skilled sales team with in-house multimedia production services sets them apart in the industry. What truly distinguishes Hersh Realty is their holistic approach to real estate solutions. By collaborating with talented architects, they craft impeccably designed and functional suites that appeal to diverse buyers. Furthermore, their comprehensive in-house mortgage services streamline the buying process, making it both convenient and cost-effective for clients. The crowning glory of Hersh Realty Group lies in their state-of-the-art facilities. With cutting-edge sound and video pre and post-production studios, they offer developers exceptional resources. Imagine having the power to create high-quality marketing materials and immersive presentations in-house at the click of a button. Hersh Realty's two fully equipped in-house broadcast studios and the grand pre-construction immersive presentation theatre redefine how agents and buyers experience property developments, elevating it to an entirely new level of engagement and sophistication. In essence, Hersh Realty Group doesn't just market properties; they curate experiences and produce opportunities. Their unique blend of creativity, technology, and expertise reshapes the real estate landscape, setting a new standard for the industry. Collaborating with Hersh Realty isn't just a business partnership; it's an investment in unmatched proficiency and unparalleled success. HIRE HERSH, HIGHER RESULTS

FOR MORE INFORMATION GIVE US A CALL

416-781-3232 1260 CALEDONIA RD. TORONTO, ON M6A 2 X5 INFO@HERSH.CA I @HERSHREALTYGROUP

HERSH REALTY GROUP JODY LITVACK, JASON GARLAND KELLY LITVACK, SUSAN KURTA, HERSH LITVACK

EXQUISITE DESIGN The 9HUNDRED is set to become the next iconic Toronto landmark. The buildings will offer exquisite design, a modern and elegant aesthetic and a feeling of comfort and luxury surrounded by a community that truly brings this development to life.

The900.ca | 416.781.3232

Thompson Towers is an urban community coming to the heart of Milton. Located off Thompson Road South and Drew Centre, the first tower in this new community will be connected to a world-class transit network, complete with a full range of unique modern amenities at the third-floor Thompson Club. With striking architectural features and well-designed grounds, Spring at Thompson Towers is Milton’s newest landmark. The whole city is on your doorstep.

thompsontowers.ca 416.781.3232

CHBA REPORT

Building our way out of the

HOUSING DEFICIT by KEVIN LEE

he Canadian Home Builders’ Association (CHBA), which has been the voice of Canada’s residential construction industry since 1942, seeks a strong and positive role for the housing industry in Canada’s economy and in the life and development of our communities. The association has three levels – local, provincial and national. Together, all three levels work to ensure Canadians have access to homes that meet their needs at a price they can afford to pay, and that the interests of homebuyers and homeowners are understood by governments. We provide information to Canadians to help them become more informed and confident when they buy a new home, or hire a renovator to improve their existing one. Canada’s lack of sufficient housing supply is now well documented, and is a major contributor to the current housing affordability crisis. The federal government recognized that we need to more than

Builders’ Annual 2023

double annual housing starts over the next decade and build 5.8 million homes to house people and address affordability. Canada’s largest cities are no exception. With much-needed immigration levels anticipated to reach record numbers in the coming years (up to 500,000 in 2025), building more homes – of all types – is crucial. The current interest rate environment is increasing housing costs and contributing to inflation on the costs of owning or renting housing. It’s also contributing to the slowing of housing supply at a time when the opposite is needed, and the slowdown will have lasting effects on housing prices moving forward. Higher interest rates mean it is less affordable to finance housing, either to own or rent, which in turn means there are – and will be – less housing units of all types built. This is affecting affordability and availability for homebuyers and renters alike. And as the supply and demand imbalance continues to

worsen, prices will be driven upward, further eroding affordability. Municipalities hold a key role in increasing housing supply. Examples of areas they can help are by reevaluating and streamlining their processes and/or hiring more people so that they’re more efficient and can keep up with building and development permits, and by prioritizing transit-oriented development. In turn, the federal government must do what it can to encourage municipalities to get more homes built. The Housing Accelerator Fund is meant to do just that by providing incentive funding to local governments, encouraging initiatives aimed at increasing housing supply. The federal government must also use its own policy levers to help where it can. The recent removal of GST on purpose-built rental is one such measure for which CHBA has long advocated. High interest rates further eroded the viability of purpose-built rental projects this year, shelving much needed new housing supply. The elimination of GST should help get those projects back on track. There should also be more investment for housing-enabling infrastructure to accelerate

more development and help alleviate the astronomical development charges being levied against new home development – which raises the price of homes. And finally, a return to 30-year amortizations on insured mortgages would help first-time buyers enter the market, freeing up much-needed rental supply. We need more homes of all types in Canada, and it will take a concerted effort to create the conditions where we can build our way out of our housing deficit and improve affordability for all.

Kevin Lee is CEO of the Canadian Home Builders’ Association. chba.ca.

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OHBA REPORT

Building the future by bridging the workforce gap with the

JOB READY PROGRAM by DAVE DEPENCIER

he Ontario government is steadily pushing toward the target of 1.5 million new homes by 2031, but this is not just a goal, it’s a necessity. This vision, laid out by the Housing Affordability Task Force in 2022, aims to restore housing attainability for the people of Ontario by increasing the supply and variety of housing coming to market. However, as we forge ahead to meet these ambitious targets, it is crucial to remember that success hinges not only on bricks and mortar, but also on the dedicated workforce needed to facilitate this growth. Ontario’s residential construction industry is standing at a crossroads, facing a monumental workforce sustainability challenge. In the next 10 years, an astonishing 92,000 skilled workers will exit the industry, creating a void that must be filled to meet the growing demands and future growth projections. To address this impending labour shortage, a staggering 116,000 new workers must be recruited and trained. These numbers are not just statistics; they represent the very backbone of our industry. At OHBA, we recognize that tomorrow’s leaders are educated, trained and mentored today. As a

30 Builders’ Annual 2023

sector, it is our collective responsibility to ensure a robust workforce – one that can handle the supply demands and deliver the homes that Ontarians desperately need. Enter the OHBA Job Ready Program, a workforce development initiative, with funding from the Ontario Government, Ministry of Labour, Immigration, Training and Skills Development. This program is dedicated to introducing individuals from diverse and underrepresented backgrounds into the residential construction industry. Its primary goal is to recruit, train and retain entry-level workers looking to start a lifelong career in the residential construction industry. From general labour to administrative support staff, the OHBA Job Ready offers a diverse pool of entrylevel candidates ready to meet the industry’s everevolving needs. Now in its third year, the program has continued growing, incorporating additional training opportunities to ensure job seekers are well-equipped for a rewarding career. The journey begins with an initial screening process, after which participants embark on a twoweek virtual learning experience encompassing mandatory Ministry of Labor training, House

Construction 101, and crucial soft skills sessions such as conflict resolution, all designed to enhance retention rates. But the program doesn’t stop there. Two distinct tracks await program participants after completing the initial phase. “Fast Track” participants kickstart their employment journey after an intensive one-day hands-on tools training session. Meanwhile, those enrolled in the “Level Up” track continue their training with a comprehensive fourweek skills intensive in partnership with the Skilled Trades College of Canada and Herzing College. This immersive program delves deep into the intricacies of home renovation, covering everything from framing and drywall installation to electrical and plumbing rough-ins, culminating in the finishing touches. Through both training streams, participants gain a solid foundation in industry essentials, empowering them to assume entry-level positions with the confidence that they are “Job Ready.” For employers, the program aims to streamline the recruitment process by seamlessly connecting them with enthusiastic job seekers who are ready to contribute to the residential construction industry. With the OHBA Job Ready Program, employers can efficiently identify the right talent, benefit from financial incentives and receive comprehensive support, all while playing an essential role in securing the long-term sustainability of the sector’s workforce. The responsibility for shaping and nurturing this future labour force lies squarely with our industry. Ontario’s residential construction industry faces formidable labour market challenges that demand immediate attention and collective action. Fortunately, the OHBA Job Ready Program represents a beacon of hope, providing a robust solution to the industry’s pressing workforce needs. By participating in the program, employers not only gain access to a pool of well-prepared candidates, but they also contribute to the resilience and longevity of the residential construction sector. The clock is ticking, and the need is urgent. It’s time to take action and be a part of the solution. Recruitment for employers is underway as we strive to match OHBA Job Ready employees with

opportunities in key construction hubs across the province. Learn more about the OHBA Job Ready Program at ohbajobready.ca. Together, we can build the future of Ontario’s residential construction industry. A special thank you to program partners: Delivery Agent, EnerQuality Corporation; Employee Partner, The Career Foundations; Employer Partner, buildABILITY Corporation.

Dave Depencier is President, Ontario Home Builders’ Association. ohba.ca.

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Sponsored Content / Community Profile

CENTRAL PARK Nature-inspired community in the

Bayview Village neighbourhood winner of OHBA People’s Choice Award – Prestige Awards COMMUNITY 1200 Sheppard Ave. E., Toronto DEVELOPER Amexon CONTACT 416 252 3000 or centralparktoronto.com

Builders’ Annual 2023

Central Park is a vibrant, master-planned, mixeduse condominium community that is receiving rave reviews. Located in 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 also have direct access to the East Don Parkland’s sprawling, forested ravine that embraces the property in lush nature.

WINNER 2023 OHBA PEOPLE’S CHOICE AWARD – PRESTIGE AWARDS The Ontario Home Builders’ Association (OHBA) has awarded Central Park with the coveted People’s Choice Award – Prestige Awards. This highly soughtafter award recognizes project excellence and is given to a company that exemplifies outstanding professionalism and integrity with their business, their community and the industry at large.

The development is one of the largest residential projects currently under construction in Toronto. The first residential building in this 12-acre, environmentally sustainable community is sold out, with sales for the east tower launching in November. 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. Central Park is just down the street from Bayview Village Shopping Centre, and getting around the city, the GTA and beyond will be incredibly convenient with the Leslie subway station and relocated Oriole GO Station fronting the development. EV TECHNOLOGY IS A PRIORITY Setting a new standard in the sustainability arena, Central Park is the first large-scale project of its kind in Canada to include EV charging stations in all parking areas for residents, visitors and retail venues. The entire community will incorporate a range of eco-friendly technologies including on-site EV auto sharing, LED lights and Green roofs.

At the heart of the community is the awardwinning Central Park Common – a landscaped, three-acre urban park that will feature year-round programming including a farmers’ market, an iceskating rink, retail space and restaurants. 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-ofthe-art fitness club and a spacious 5,000-sq.-ft. coworking space. 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. Suites 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’s award-winning, 10,000-sq.-ft., all-glass Central Park Presentation Centre is located at 1200 Sheppard Ave. E., Toronto. Call 416 252 3000 or visit centralparktoronto.com.

“

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nexthome.ca 33

BILD REPORT

Discussion on housing must be followed by

ACTION by DAVE WILKES

his summer, Statistics Canada announced that Canada’s population had passed 40 million. As of July 1, Canada was estimated to have grown by 2.9 per cent in the last year, the highest population growth rate recorded for a 12-month period since the late 1950s. Chances are, many GTA residents missed this news amidst the many discussions in the media about how and where to accommodate additional housing in the region. The fact is, we need to have those discussions and quickly, because the need for homes of all kinds is only going to get more acute. Mostly thanks to immigration, Canada is the fastest-growing country in the G7 and among the 20 fastest-growing countries in the world. These are

Builders’ Annual 2023

reasons to celebrate, given our aging population and declining birth rates. New Canadians help make our economy more competitive and our society more dynamic. But there is no denying that welcoming 1.5 million newcomers by 2025 will present a housing challenge. Canada has the lowest number of housing units per 1,000 residents of any G7 country. Major markets, such as the GTA, have been undersupplied for decades. Given the GTA’s housing crisis, it is vital that we have open-minded discussions to find answers to the questions that came up in the public discourse this summer: Do we further intensify in our cities with infill, midrise and highrise housing, or do we expand municipal borders to add more land so we can build

more single-family homes? How do we encourage more rental housing to be built? Is there enough land? Do we need to redevelop every unused strip mall, parking lot and car dealership in the city? We must not get mired in debate. We need to say yes to housing of all kinds – to rent or own, high or lowrise, infill, in new suburbs at the edges of newly expanded municipal boundaries, and even on reclaimed parking lots – and then we need to move on to action. It takes 10 to 11 years to complete a housing project in the GTA, which means that the housing we are talking about today will be added in the mid-2030s at the earliest, even as the need increases every year. We are fortunate to live in a growing region, a place where new Canadians and young Canadians want to

live and contribute their talents. We owe it to them and to ourselves to seize every opportunity to add more housing so we can all find the homes we need.

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

nexthome.ca 35

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A TREE FOR EVERY HERO.

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.

WEHBA REPORT

What today’s all-time high

HOUSING DEMAND means for us all by MIKE COLLINS-WILLIAMS

he residential construction industry has a significant economic impact across Canada. It is the engine that drives our economy and generates substantial tax revenue, provides employment opportunities and contributes to the growth of multiple related industries. However, recent industry challenges, such as labour shortages, higher interest rates, high taxation on housing and outdated planning regulations, have slowed residential construction down at a time when our population growth is absolutely surging. The growth of communities across southern Ontario such as Hamilton and Burlington has accelerated in recent years. Hamilton alone is projected to grow from 584,000 residents today to more than 823,000 residents by 2051. To accommodate this rapid pace of growth, the Smart Prosperity Institute has stated that over the next decade, we need to build 52,400 new homes in Hamilton alone, while the provincial government has assigned the city a target of 47,000 new homes. That is more than double the current pace of housing construction. The city of Burlington is on a similar trajectory in which housing production in the emerging downtown and adjacent to the city’s

40 Builders’ Annual 2023

three GO stations will have to increase significantly to reach a target of 29,000 new homes over the next decade. This pace of growth brings major investment opportunities, new business prospects and abundant job creation. For homebuyers – this means a wide variety of options for new communities to put down roots. However, the pace of homebuilding in the GTHA is nowhere near fast enough to meet current and projected levels of population growth. On top of that, the industry’s challenges in delivering the required amount of new housing supply are not likely to diminish. There are currently thousands of unfilled construction jobs across the province when more than 80,000 construction workers are expected to retire in the next decade. In order to reach Ontario government’s target of 1.5 million new homes by 2031, we need a sustained and multifaceted approach involving government policies and private sector initiatives. WEHBA and its members have been working hard to foster collaboration between all levels of government, developers, community organizations and housing advocates to create comprehensive solutions. Over the past couple of years, WEHBA has advocated for a

number of major initiatives for addressing the housing crisis in Hamilton and Burlington: 1) Through advocacy on behalf of the industry, Hamilton’s Official Plan was approved with an urban boundary expansion and the elimination of height limits. 2) We worked with our partners at the provincial government to support a plan to improve housing attainability and affordability. The new More Homes, Built Faster Act (Bill 23) makes it easier to build new homes quicker by reducing housing costs on affordable housing, cutting red tape and helping to enable the construction of the needed 1.5 million new homes in the next decade. 3) Shifting the conversation in Hamilton and Burlington to housing supply shortages by releasing a report by the Smart Prosperity Institute, led by economist Dr. Mike Moffatt on our growing population and the need for enough housing to attract and retain workers. 4) Through our advocacy, Hamilton City Council voted in support of maintaining and enhancing a Brownfield remediation program that cleans up contaminated soils. 5) Through WEHBA efforts, the City of Hamilton will be reforming parking policies; a significant win

for young people and families as reduced parking minimums can help achieve intensification and improve affordability through lowers construction costs. The GTHA is transforming right before our eyes. As our cities continue to grow and bring in talented young students, families and workers, the future is looking even brighter. We all need to work together to make homeownership a reality for thousands of young families and aspiring homeowners. By building a wide diversity of complete, vibrant communities and a variety of housing options we can make our cities affordable and inclusive of all ages and budgets.

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

nexthome.ca 41

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LEGALLY SPEAKING

How to carefully prepare

TO BUY A HOME by JAYSON SCHWARZ, LLM

ere you are getting ready to make what may be the largest single purchase that you will ever make in your life, when you are confronted by daily doses of anxiety caused by uncertainty and indecision. “What do I do?” you ask yourself. Don’t be afraid, take your time, do the necessary research to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions. Research prospective neighbourhoods for future development, possible restrictions and their potential impact on property values. Next, have an honest look at your employment situation, speak with your supervisor and make sure

46 Builders’ Annual 2023

things are as secure as you can. If applicable, speak to your significant other and prepare a detailed budget for all your expenses as prospective homeowners. Consider what happens if interest rates rise, and be prepared for exigencies. Open a separate homebuying deposit account, and make weekly contributions to ensure you can maximixe a down payment. Then there is the elephant in the room… interest rates. Interest rates are high, could go higher (ask older people about 18- to 20-per-cent mortgages), and there may need to be more long-term planning than you’ve been accustomed. In other words, these days, you may have to lower your expectations and move slowly. Buy a small condominium and then look to move every three to five years, as home values may not appreciate as quickly

as they have in the past. Look to live outside the city, and look for job opportunities in smaller communities with more affordable housing. The decision to buy should be motivated directly according to what you can afford. It may be difficult, but be very selective about nights out and your discretional spending. Prioritize what you want – being able to buy a home. The next thing to note is that the cost of construction is starting to come down, and builders will be much more amenable to negotiation than they have in many years. Find a builder that is selling to your price range and then worry about what necessities you need in your negotiations to ensure the home will work for you. When it comes to the professionals you will need to help you with your purchase, consider this checklist: 1. Mortgage specialist: Whether at your bank or a mortgage broker, find a reputable financial expert you trust and are comfortable with. Find out how much money you can borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing

so you have something to rely on, because today especially, it is critically important that you do not get caught up in the rush of buying a house beyond your budget. Nothing is worse than living for the house, not living in your home. 2. Real estate lawyers: Look around for a lawyer who focuses on residential real estate in their firm. Check Google reviews and rankings, and look in real estate magazines such as Condo Life and HOMES. Ensure the lawyer does more than just close your deal. You want someone who will explain the different kinds of ownership, why you should have a will before closing and other matters. Make sure they actually review your offer and all associated costs. 3. Realtor: Look for an experience realtor who knows the area you’re looking in, as well as the type of home you’re purchasing. Don’t just use a family friend or distant relative. Research potential realtors online, and get referrals from other homebuyers they’ve worked with. Once you’ve found that perfect home, let your lawyer know so they are prepared to review the offer when received. By fully and properly preparing for buying a home, you will change any potential anxiety and fear into excitement and a sense of accomplishment. Good luck.

Jayson Schwarz LLM is the senior managing partner of Schwarz Law Partners LLP. schwarzlaw.ca. nexthome.ca 47

PERSONAL FINANCE

Preparing for a mortgage renewal in a high interest rate

ENVIRONMENT by JESSE ABRAMS

Builders’ Annual 2023

When it comes time for renewal, most homeowners want to keep their home and refrain from selling due to economic conditions.

y next year, an estimated 1.2 million mortgages will be up for renewal in Canada. Understandably, many homeowners are concerned, given the current state of the economy. The rising interest rate environment of the last three years, combined with the increase in cost of living, has made many Canadians cautious for valid reasons. For those approaching the end of their mortgage term, or applying for their first mortgage, here are some key tips to consider in this situation. 1. DON’T SIMPLY ACCEPT YOUR BANK’S RENEWAL LETTER Approximately four to six months before your renewal, you will receive a letter from your bank. Though renewing with your bank might seem like a convenient option, it’s important to remember that banks are not incentivized to offer you their best rate. Accepting this proposal might mean missing out on a better option in the marketplace. 2. THERE’S POWER IN SHOPPING AROUND DIFFERENT LENDERS In a high interest rate environment, rates and features can vary quite substantially from one lender to the next. Shopping around, as in with any large financial decision, gives you a clear picture of what’s available in the market from other banks and lenders. It also provides you the time to understand and weigh the different options before you make a final decision. 3. FIND AN UNBIASED MORTGAGE ADVISOR This doesn’t necessarily mean going from one bank to the next. Finding an unbiased mortgage advisor, such as our team at Homewise, can shop around for you with multiple banks and lenders, while providing tailored advice, including whether a fixed- or variable-rate is suitable for you based on your goals. Not to mention, a company such as ours also has an integrated real estate team can take things a step further, giving you meaningful insights into your home’s worth and other concerns you may have – all at the same time. This is a major financial decision, and it is so important to make sure you are getting the best advice. 4. EXPLORE ALTERNATIVE MORTGAGE OPTIONS When it comes time for renewal, most homeowners want to keep their home and refrain from selling due to economic conditions. Consulting an unbiased mortgage professional expands your horizons, helping you find

your best rate for highly qualified borrowers, but also offers a diverse range of options for individuals with lower credit ratings and/or higher levels of debt that may not be accessible with prime A lenders. If mainstream options seem out of reach, remember that alternative and customized options are always available and, while they come with a slightly higher rate, may be the right option for many Canadians renewing in 2024 and 2025. If your looming renewal feels daunting, don’t worry. Shopping around different lenders and finding an unbiased mortgage professional will empower you to navigate this journey with confidence and make the best decision that is aligned with your goals. Doing your due diligence and consulting with experts is always worth the extra effort when it comes to your financial future as it can save you thousands of dollars and a lot of headache.

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

nexthome.ca 49

TRREB REPORT

What’s trending in the GTA housing market, and

HOW WILL IT AFFECT YOU?

by PAUL BARON

he Greater Toronto Area (GTA) real estate market continues to experience the effects of higher borrowing costs, increasing inflation and economic uncertainty. All of these factors have contributed to slower economic growth and impacted home sales. In spite of a surge in listings, the average selling price has increased. “GTA home selling prices remain above the trough experienced in the beginning of 2023,” says TRREB’s Chief Market Analyst Jason Mercer. “However, we did experience more balance in the market place in the summer and early fall, with listings increasing relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs.”

50 Builders’ Annual 2023

SEPTEMBER SNAPSHOT: • Total home sales: 4,642 (down by seven per cent yearover-year) • New listings: 16,258 (up by 44 per cent over the same period) • Average condo selling price: $707,065 (up by 3.3 per cent compared to same period) • Average selling price: $1.11 million (up by three per cent over same period) • Sales to new listings ratio: 29 per cent (down by 15 per cent compared to same period) TRREB’s CEO, John DiMichele, says “TRREB’s annual consumer polling has shown that half of intending homebuyers in Toronto will be first-time buyers in any given year. The average price of a condo apartment

in Toronto is more than $700,000. Yet, the first-time buyer exemption threshold for the City’s upfront land transfer tax has remained at $400,000 for a decadeand-a-half. With this in mind, TRREB applauds Toronto City Council for asking City staff to provide a report on a more appropriate exemption level moving forward.” He further stresses that “many housing and taxation policies are currently set in opposition and we need all levels of government to align policies and work together to solve this housing crisis.” The short- and medium-term outlooks for the GTA housing market are remarkably different. In the short- term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers.

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

Paul Baron is President of TRREB, and a career real estate executive with more than 30 years of experience. He is the Broker of Record for Century 21 Leading Edge Realty Inc., which he founded in 1993. trreb.ca

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CONTRIBUTORS 2023 EXPERT PANEL

High level advice from some of the industry’s top builders

JORDAN DEBRINCAT Vice-President Altree Developments

DAVID HILL President Ballantry Homes

MIKE PARKER Vice-President, Sales and Marketing Georgian Communities

CHERYL SHINDRUK Executive Vice-President Geranium

FRANK SPAZIANI President Kylemore

DEENA PANTALONE Managing Partner, Chief Innovation Officer Venturon, National Homes

INDUSTRY ALL-STARS

Homebuying insights from marketing and sales icons

MARK COHEN Managing Partner TCS Marketing

DEBBIE COSIC CEO & Founder In2ition Realty

RIZ DHANJI President RAD Marketing

BARBARA LAWLOR CEO Baker Real Estate

HERSH LITVACK Broker of Record Hersh Realty Group

CHRISTOPHER MARKOVIC CEO PMA Brethour nexthome.ca 53

EXPERT PANEL Housing supply, rising interest rates, affordability, inflation, the economy… homebuyers have a lot to think about these days, when it comes to things that may impact their purchasing decisions. To help you understand all the factors to make a better, more informed homebuying decision, we went to some of the industry’s top builders and developers for expert advice.

by WAYNE KARL

Jordan DeBrincat

VICE-PRESIDENT, ALTREE DEVELOPMENTS There’s a lot for prospective homebuyers to consider these days, from housing supply to interest rates to long-term demand… What is your outlook for 2024?

in 2024, with lead times and cost increases getting back to normal levels.

Real estate is a long-term game, and requires patience. My outlook for the housing market in 2024 is unchanged – you need to think long-term and hold on until things stabilize. Although interest rates may not improve significantly in 2024, I believe that the Toronto real estate market will emerge stronger than ever before. It is the ideal time to educate buyers on the benefits of investing in pre-construction projects. I anticipate an end to the construction materials supply crisis

Education can be a game-changer when it comes to making an informed purchase decision. It is crucial to have a deep understanding of the product you’re buying, especially when it involves a considerable investment. By doing a thorough analysis of your finances, you can identify your budget and avoid overstretching yourself financially, especially if there are fluctuations in the environment, such as rate increases.

What advice would you offer to buyers?

Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

One of the biggest challenges that developers are currently facing is the bureaucratic process of rezoning and site plan applications, as well as building permit applications. This process involves a lot of back-andforth with city staff, and the outcome often depends on the staff assigned to builders’ files, such as urban design or engineering. In order to finalize a zoning/site plan application, builders may have to submit four or five rezoning applications and four or five site plan applications, resulting in a time 54

Builders’ Annual 2023

frame of 24 to 36 months to complete the process. It would be beneficial if the application and approval process were streamlined and condensed to make this part of the development process more efficient, so that sales and construction could begin sooner. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

We would like prospective buyers to know that our top priority is to demonstrate the value of our products. Whether you are a firsttime homebuyer, first-time investor, seasoned investor or downsizer, you always want to see some kind of increase in the value of your purchase year after year. During the sales process, we make sure to outline the key highlights of the project along with the main features of our development, so that we can clearly demonstrate why our project is a great investment, regardless of the purchaser’s buying profile. We are committed to ensuring that our buyers are educated on their purchase. We believe that buying a home is one of the biggest decisions a person can make, and we want them to know that Altree can be used as a resource to aid in making that decision. altreedevelopments.com

David Hill

Expert Panel

PRESIDENT, BALLANTRY HOMES

Given the various characteristics of today’s housing market, what is your outlook for 2024?

It is my opinion that now would be a good time to buy, since prices are coming down. Based on supply and demand, and demand will always outstrip supply, prices will eventually go up, in the future.

The housing market is hard to predict now because there are a lot of uncertainties, and one of the biggest ones is interest rates. Interest rates will largely impact the affordability for all homebuyers and investors. However, the housing shortage will still exist, people still need new homes to live, the supply shortage issue will always remain. With the continuous growth on development charges, levies, cost of supplies, shortage of well-trained trades, developers cannot afford to build cheaper houses. The provincial government says we need approximately 150,000 new units per year, yet with the existing trades, builders can build only less than half of this amount, so the shortage will just get worse. Government will need to take more responsibilities and give more solutions on making houses more affordable in 2024. What advice would you offer to buyers?

Buyers need to evaluate their financial situation and make a reasonable purchase or investment in the current market. First, buyers should know what they can afford under the current rate, and plan with the current rate, not a lower rate. Second, purchasers should look for projects that can keep the values or have better growth potential, such as location, product and finishes. Third, purchasers should study the builders and developers on the projects and make sure they have a good reputation in terms of fulfilling the contracts with purchasers (such as project completions and cancellations). It is my opinion that now would be

a good time to buy, since prices are coming down. Based on supply and demand, and demand will always outstrip supply, prices will eventually go up, in the future. Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

Governments of all levels might have started pulling out all the stops, but we haven’t seen anything that is in place yet. As development charges have been reviewed and increased more often than ever, application processes and processing of permits are not taking any shorter. The provincial government (both the current Conservatives and the previous Liberals) has tried their best to make things getting better, but the municipalities go out of their way to push back on anything the Province comes up with. Municipalities are the problem, and there needs to be a review on how things are done there. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

Ballantry Homes tries to facilitate homebuyers’ needs and requirements as much as we can along the homebuying process. We now adopt flexible payment structures to help release the financial stress, deal with home purchasers individually to facilitate their needs. For the projects we launched recently, the condo project in heart of Uptown Oakville, The Villages of Oak Park, and luxury single-detached homes in heart of Brampton, Spring Valley, they both have very good potential in terms of value, location, design and finishes. Homebuyers can visit our website to learn more about our projects. ballantryhomes.com nexthome.ca 55

Expert Panel Given the various characteristics of today’s housing market, what is your outlook for 2024?

Looking ahead to 2024, I’m feeling cautiously optimistic about the housing market. I believe that we’ll see an increase in home sales, which will bring us closer to a more balanced market. With fewer homes for sale, prices may go up, which could help the market recover. However, it’s important that

Mike Parker

VICE-PRESIDENT, SALES AND MARKETING, GEORGIAN COMMUNITIES mortgage rates stabilize before we see more buyers enter the market. Once rates are steady, we should see more people gaining confidence and reengaging with the market. What advice would you offer to buyers?

When exploring the housing market, it’s important to thoroughly research the region you’re considering. While

Looking ahead to 2024, I’m feeling cautiously optimistic about the housing market. I believe that we’ ll see an increase in home sales, which will bring us closer to a more balanced market.

news headlines can give a general idea, they may not accurately reflect the actual state of the area. In addition to consulting with a mortgage expert for qualification, it’s essential to consider your financial comfort for other important expenses. Your dream home should not only fit your borrowing ability but also align with your overall lifestyle and financial objectives. Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

Make it easier to obtain developmentready land, building permits and rezoning approvals. Additionally, investing in infrastructure can make residential areas more attractive. Governments can also offer incentives to encourage developers to prioritize affordable housing. Collaborating with private entities through public-private partnerships can also aid in constructing affordable units. It’s important to review existing regulations to identify and address any obstacles to housing development. Finally, engaging with the community early on in project phases can help address concerns and ensure smoother development processes. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

Georgian Communities takes pride in building not only homes, but communities. We prioritize our responsibility towards the land we develop and the families who will reside there. When you choose a home with Georgian Communities, you’re not just buying a house, but you’re becoming part of a vibrant, welcoming community. georgiancommunities.ca

56 Builders’ Annual 2023

Cheryl Shindruk

Expert Panel

EXECUTIVE VICE-PRESIDENT, GERANIUM Given the various characteristics of today’s housing market what is your outlook for 2024?

Predicting the housing market is challenging, as multiple factors impact our industry such as interest rates, the economy, government policy, availability of labour and building materials. For the last 20 years, the housing supply in Ontario has not kept pace with demand. Affordability is a primary factor for many, and with the recent and rapid increase in interest rates, some potential purchasers will be priced out of the market. The rental market also impacts the new home market. For example, competition for rentals alongside rising rents make it difficult for people to save for a down payment. Furthermore, because of the lack of ownership housing, renters interested in purchasing have fewer options, and remain as tenants for a longer period. However, new homes are selling throughout the region, and we anticipate strong demand for homeownership will continue through 2024. What advice would you offer to buyers?

Be patient and confident in your quest for homeownership by ensuring you are pre-approved for today’s mortgage environment. With this knowledge, you can focus your search on homes in your price range. In a market where demand outpaces supply, you may have to decide quickly to be successful. Be prepared for your search to take time but don’t give up, your persistence will be rewarded. Be flexible and willing to compromise on location and some features, to achieve your ownership dream. Lastly, the construction industry is still facing delays due to factors such as labour and material shortages. These are beyond the control of the builder yet may impact the delivery of your completed home. Be aware of this when setting your expectations.

Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

Maintain a focus and sense of urgency on increasing supply of all types of housing, especially ground-related forms where shortages are most acute. Continue efforts to streamline approvals. Aid the timely delivery of community infrastructure that is needed to build housing, such as water and wastewater servicing, schools and hospitals. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

Geranium builds master-planned communities with architecturally controlled streetscapes and attractive homes suitable for today’s modern

lifestyles. We aim to include abundant parks and greenspace, preserve existing trees and plant new ones, and enhance walkability and connectivity through introducing new trails. Many Geranium neighbourhoods are close to transportation routes, schools, shops and services. Geranium’s homes are designed with the future owners in mind. Some layouts will include flexible space for a home office, or future main floor bedroom. Other features, such as mudrooms, optional elevator, kitchens with a large multi-use island and dog spas are offered in some of our communities. Geranium also builds-in value through a rigorous “behind-the-walls” selection of materials and methods to ensure a solidly built, energy-efficient and comfortable home. geranium.com

New homes are selling throughout the region, and we anticipate strong demand for homeownership will continue through 2024.

nexthome.ca 57

Expert Panel

Frank Spaziani

PRESIDENT, KYLEMORE Governments of all levels are pulling out all the stops to facilitate more new housing. What more could any of them do to help the cause?

Government support has been tremendous in initiating the desired reduction in red tape. However, municipalities and regions must quickly adjust their processes to reduce approval times. Government needs to assist the homebuilding industry by supporting training and attracting labour from elsewhere; provide financial support for Ontario-based building material manufacturers; and invest in new technology aimed at creating more efficient building processes and reducing labour requirements. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

Ensure you are making accurate comparisons when looking at your location, home style, size and included finishes.

Given the various characteristics of today’s housing market, what is your outlook for 2024?

We believe in the continued demand for new homes in the GTA. Today, demand outpaces supply, and we expect that may continue for many years, putting pressure on prices. There is still a shortage of skilled labour in our industry, which affects the time it takes to complete a new home. And we’re dealing with building material shortages. There is no quick fix to this issue. Central bank rate hikes have created uncertainty for homeowners. We believe that with inflation stabilizing, interest rate relief and added predictability in the future, these elements will bring comfort to buyers and will encourage new home sales. 58

Builders’ Annual 2023

What advice would you offer to buyers?

Ensure you are making accurate comparisons when looking at your location, home style, size and included finishes. It is especially important to review the building practices and materials used in construction, as well as items you can see, such as flooring material, cabinetry and countertops. As a builder of luxury homes, we include so many items that are either not offered or are considered upgrade options in other communities. We do this because we are committed to providing value, convenience, and a quality-built home with custom features including high ceilings and expansive windows, all in an architecturally controlled community.

Kylemore designs complete masterplanned communities with primary lifestyle amenities, including parks, shops and services. And we build luxury homes with a view toward long-term value. A Kylemore community offers a broad range of home styles providing options for residents to move up, move down, or when the time is right to enjoy a condominium lifestyle, all without ever having to leave the community where they have established their roots. We design our homes with modern living in mind. Incorporating innovative and functional elements that enhance residents’ comfort, while also reducing maintenance costs. Kylemore builds between 200 and 250 homes annually. This boutique approach means that we can offer a range of customization options, allowing our purchasers to personalize many aspects of their new home, including layouts with elevators or double primary suites, as well as finishes and features. kylemoreliving.com

Jason Pantalone

MANAGING PARTNER, PRESIDENT AND CEO, NATIONAL HOMES Given the various characteristics of today’s housing market, what is your outlook for 2024? With inflation levelling off, and interest rates holding steady, the market will begin to accelerate again. There is a significant amount of pent-up demand that’s driven by need, not just opportunity, and those buyers have their own strong reasons to make the next step in ownership. It’s been

the uncertainty that’s been holding them back. We’re at a new normal, at least for the foreseeable future. In addition, Ontario has substantial immigration targets, and the current lack of supply will force the market to gain traction. We will see an increase in resale listings, and that means new projects will have to be better designed and better managed, with more attention paid to the buyer. And that’s just good for the entire industry.

Matthew Pantalone

Deena Pantalone

MANAGING PARTNER, CHIEF INNOVATION OFFICER, VENTURON, NATIONAL HOMES

What advice would you offer to buyers? This year, more than ever, choosing the right builder is important. There are more builders in the market now than ever before. Some are brand new, some are very experienced. And when it comes to resales, you never really know why it’s up for sale again. That’s where the reputation of the builder comes in. Part of the reason we won Project of the Year (OHBA) for Northshore in Burlington is for the comprehensive way we address the needs of our buyers. It’s right at the heart of our business philosophy. So, getting to know the builder, its history and reputation gives you confidence that your investment is solid. Do your homework first. What is it about your company that you would like prospective buyers to understand as they go through the homebuying process? Let’s start at the end of the story. We’ve seen that when it comes to resale, a National home often sells for a premium in neighbourhoods where there are homes from other builders

Expert panel

of similar size. That’s very gratifying. And we believe that it all starts with the way we design and build our homes. At National, “You are the Blueprint.” That’s been our philosophy since day one, and it shows in the level of satisfaction we find with our homeowners, and the number of repeat buyers who come back a second or third time. In practice, it means we put an enormous amount of effort into understanding and meeting the needs of the people who buy our homes. Through research, we get their input before we design, and we include unique, “Bright Ideas” that real people tell us they want and need. We think of it as designing a home from the inside out. When the experience of living there is the focus, the buyer and their needs become the blueprint. And that’s the difference at National. nationalhomes.com

MANAGING PARTNER, DIRECTOR OF ACQUISITIONS AND CHIEF SUSTAINABILITY OFFICER, NATIONAL HOMES, PANERGY WALL SOLUTIONS How is your company addressing concerns such as affordability, sustainability and the environment? We’re looking to address affordability on every front. That’s why we research and innovate with new products, such as our award-winning Panergy Wall Systems, with increased energy efficiency, lower carbon footprint, superior fire, acoustic and thermal performance, faster build times and reduced waste. Homebuyers love the look, functionality and savings on their energy impact. Innovation is key to everything we do at National, such as sourcing new “proptech” products that save homebuyers time, and save energy as well. Today, 50 per cent of our portfolio is developing mid- or highrise condominiums. This allows us to offer product that is more affordable to all purchasers And, of course, choosing the right land at the right price has always been key to making our homes more affordable. nexthome.ca 59

Mark Cohen INDUSTRY ALL-STARS

Heading into 2024, the opportunities will be endless for new home and new condominium buyers. In short, the show must go on.

Managing Partner TCS Marketing Systems

eading into 2024, the opportunities will be endless for new home and new condominium buyers. In short, the show must go on. To understand this almost unprecedented time in history, one needs a quick cursory look at where we have been in recent years. The onset of COVID drove prices up everywhere in and around the GTA. We almost believed we’d never leave our homes again; permanent retreat to cottages and places afar was where we were all heading. We believed it. Pour all your money into your home, nest egg and only tax-free asset you might ever own. Pay whatever the price is; the shortage of housing remains a steady principle and reality. Multiple six-figure immigration, negligible costs of borrowing, modest inflation, prohibitive pricing of single-family homes… buy a home if you can find and afford one, be it an urban townhome, a conventional town, semi or a condominium. And then reality kicks in. Builders’ costs increased, due to higher land prices and the costs to build and market new homes. Borrowing costs tripled. Inflation, economic and political unrest…. Among other things, this left homebuilders with the need to sell more product, while at the same time causing buyers to question prices or put their homebuying plans on hold. What followed was an uncomfortable situation. Builders couldn’t afford to sell homes at prices that would inspire consumers to buy. And that caused delay in new projects that were ready to come to market. However, in the homebuilding business, time is money. Builders’ typically finance land purchases, and all aspects of the development and building process, and realize their profits at the very end when everyone has moved in. The cost of waiting is enormous and often unbearable. So, as this past year has shown, many projects have opened, offering opportunities that buyers haven’t seen in many years. Favourable pricing, creative deposits, rental guarantees, discounted closing costs and other early purchaser incentives characterize much of what has sold. Remember, costs aren’t likely to come down and the future is uncertain. Builders need to presell their projects with that in mind, and with the realities that lie ahead. If you believe the pricing is volatile, and are worried about the future, it may be challenging to think about buying a property that is years away from being completed. Based on my experience, however, it is unlikely that pricing will drop much further. Builders can’t afford to sit forever, and I expect in this largely healed market, pricing could soon begin increasing. The opportunities at this juncture should be plentiful and appealing for buyers. Look for more of this in 2024. There are lots of opportunities around the corner. Because… the show must go on.

tcsms.ca 60 Builders’ Annual 2023

Debbie Cosic CEO & Founder In2ition Realty

’ve always been a big believer in homeownership. Sadly, wages have not kept up with the cost of living, and living in a larger metropolis might not be realistic for some. Not only are we experiencing a credit crunch, but we’re also seeing ingenious approaches as it relates to what that homeownership dream might look like. Our youth have had to change their way of thinking. Those who prefer a convenient lifestyle, so that they can afford to do the things that they want to do, are reconsidering their priorities. The size of a family is being discussed, as well as the need for a vehicle if they operate from a home-based work environment. A bequeathed, 4,000-sq.-ft. house is no longer a realistic acquisition for a high percentage of the younger generation. When looking at these large residences, a creative interpretation is being considered, along with ways to come up with an auxiliary income. Lane houses, additional dwellings or dividing a large footprint into multiple units are being measured and evaluated. Plus, alternative financing options are being considered, including lines of credit and co-purchasing a property with other investors, so that down the road each purchaser will benefit from the equity to invest in their own property. What is desperately needed as we move into 2024, is a loosening of the strings that control the rules and regulations for both down payments and mortgages. There are too many hoops for people to jump through. We need to lower the down payment threshold and come up with longer amortizations, so that people can get approved and capitalize on the next stage of life. We’re now seeing this starting to happen, but it is my hope that the pace quickens in the new year on many of these projected plans and policies. We need to get people into a home environment that sheds light on a positive future, rather than it feeling like an impossible asset, or a burden that is at the whim of interest rate fluctuations. By lowering deposits on new-home construction and coming up with mortgage-assisted programs, prospective homebuyers will be more willing to invest. There are lots of great deals out there, and there are areas that are more affordable. Find a good real estate agent and start looking.

INDUSTRY ALL-STARS

What is desperately needed as we move into 2024, is a loosening of the strings that control the rules and regulations for both down payments and mortgages. There are too many hoops for people to jump through.

in2ition.ca

nexthome.ca 61

Riz Dhanji INDUSTRY ALL-STARS

While cost is a significant factor, don’t make the mistake of solely focusing on the cheapest options.

President RAD Marketing

irst and foremost, it’s essential for homebuyers to begin their journey by assessing their financial situation. Knowing your budget is paramount, and consulting with a bank and obtaining pre-approval for a mortgage is a prudent step. For those considering pre-construction condominiums, doing your due diligence is crucial. Opt for reputable and reliable developers with a proven track record. Research their past projects, visit sales offices and delve into the neighbourhoods where you plan to invest or live. Familiarizing yourself with the developer’s history and the local community ensures a more informed decisionmaking process. This will help give you the confidence that construction will proceed, and that your investment is sound. While cost is a significant factor, don’t make the mistake of solely focusing on the cheapest options. Quality matters, and it’s essential to compare different projects to determine the quality relative to other projects out there. Consider the amenities, materials used and construction quality. I would also advise buyers to explore the various deposit structures and incentives offered by developers, as these can vary widely. Incentives may include discounts, extended deposit schedules or upgrades. Additionally, think about the closing dates in relation to your timelines. A condo with a delivery date far in the future may not be suitable if you need to move within the next few years. Ensure that the project’s completion aligns with your plans. At RAD Marketing, the cornerstone of our business lies in preconstruction sales and marketing. It’s important to note that prices for pre-construction properties are generally on the rise. This is due to increasing costs related to government charges, construction and land acquisition. Don’t assume that prices will drop significantly during the pre-construction phase; developers simply can’t build for lower costs. If you’re considering entering the market, now would be a good time, especially considering the incentives developers are offering to attract buyers. Prospective homebuyers should tailor their approach to their specific needs and long-term goals. By taking these factors into account – budget, developer reputation, project quality, incentives and personal timeline – homebuyers can make informed decisions that align with their financial goals and lifestyle.

radmarketing.ca

Builders’ Annual 2023

Barbara Lawlor CEO Baker Real Estate Inc.

he recent pause in interest rates announced by the Bank of Canada has given new confidence to prospective homebuyers. All major banks have forecasted that rates will hold steady and will begin to come down in Q2 of 2024. Toronto Dominion bank has even forecast that by 2025, we may see rates as low as 2.5 per cent. This is encouraging news for buyers in all areas of real estate, but certainly for investors in new construction condominiums. They understand the wisdom of investing today, when prices are lower than they will be in the future, and of not having to close for years. Let’s face it: Immigration is a number that continues to grow. Currently, Canada welcomes about 500,000 new immigrants a year, which is one of the highest rates per population of any country in the world. As of 2022, approximately 20 per cent of the total population of Canada were immigrants with permanent residence. As we welcome newcomers to the country, about 45 per cent of them will come to Toronto and the GTA. As I say so often, these people have to live somewhere. Then when you consider international students, it adds another complexity to the equation. In 2022, Canada welcomed a record 551,405 international students. That led to an end-of-year total of 807,750 international students holding valid study permits in Canada. Our country is well on track to welcome 900,000 international students this year. A great percentage will come to Toronto to study at our worldclass universities. This is great news for investors, especially now in this atmosphere when we are not allowed to sell to foreign buyers. Yes, there is an exemption on that restriction, but only up to 500,000. These students are guaranteed renters for investors. Rents have continued to rise, going as high as $7 per sq. ft. in the best downtown Toronto neighbourhoods, and as high as $5 per sq. ft. in the west end of Toronto. The recent news from the federal government that construction of new rental apartments no longer requires the payment of GST will help, but more steps are required. The industry is far from building new homes and condos at the rate we need. This is a great time to invest in real estate. My advice for prospective new-home buyers is no different now from what it has been for years: Buy new and buy now.

INDUSTRY ALL-STARS

Rents have continued to rise, going as high as $7 per sq. ft. in the best downtown Toronto neighbourhoods, and as high as $5 per sq. ft. in the west end of Toronto.

baker-re.com

nexthome.ca 63

Hersh Litvack INDUSTRY ALL-STARS

The general consensus among most observers appears to be an expectation of reduced interest rates by 2024, and rates should continue to decline through 2027. At the opposite end of the spectrum, the consensus is prices will continue to rise.

Broker of Record Hersh Realty Group Inc. Brokerage

he housing market is currently under the influence of a combination of elements, each with its particular ramifications and effects. One of the most pressing issues in the current housing landscape is the deficiency in supply, which has been severely exacerbated by the disparity between the immigration influx and housing completions. Canada welcomes hundreds of thousands of newcomers every year. However, the number of completed residences paled in comparison, with only 197,000 in 2022. This significant discrepancy indicates a considerable shortfall in the supply of housing, one that cannot go unnoticed. Today’s housing market has been further strained by the increases in interest rates. Consequently,homeownership is increasingly unattainable for many Canadians. The government has been sluggish in implementing comprehensive policies to handle this spiraling housing predicament. However, a plausible remedy could be offering subsidized mortgages as a pathway towards making housing more affordable. For those wondering if they should sit on the sidelines to see if prices decline in 2024 – don’t wait. The expectation is that housing prices will likely be on the rise again, as soon as the first interest rate decrease comes into effect. There is a pent-up demand, and many of you may be shocked with what is about to happen. For individuals contemplating life in Toronto, it’s imperative to keep in mind that we are the fourth largest city in North America. With an everincreasing immigration trend and an inability to meet housing demands, there’s nowhere for the prices to go but upward. Currently, buyers are capitalizing on unprecedented deals offered by developers, such as lower deposits spread out over the duration of the construction, cash back to the purchasers and reduced mortgage rates. The general consensus among most observers appears to be an expectation of reduced interest rates by 2024, and rates should continue to decline through 2025, 2026 and 2027. At the opposite end of the spectrum, the consensus is that over the same period of time, prices will continue to rise. Without a doubt, the housing market scenario is complex. However, the opportunity still exists for those willing to take advantage of the opportunities that in a few months’ time will probably disappear. Will you regret missing that opportunity? Or will you be the proud owner of a new piece of real estate? There will be no clear signals when the housing market hits bottom, but with my 33 years of experience in the real estate business, I think we are there.

hersh.ca 64 Builders’ Annual 2023

Christopher Markovic CEO PMA Brethour

epending on your outlook, today’s market could be described as full of opportunity, but at the same time not for the faint of heart. Over the past year especially, we have seen some serious shifts in the economy, the homebuilding industry and all of our pocketbooks. We are all now navigating through so much change – inflation, interest rates, conflict and how Canada sits on the world stage. For people on the doorstep to homeownership, advice can be very beneficial, but I encourage you to make this column just one piece of the puzzle as you prepare for this exciting homebuyer journey. Take advice from people in the industry who will help you and add value – not just from a shiny brochure or website. I offer you three ideas here – prepare, budget and look at opportunities through a different lens. First, do your homework. Prepare a realistic budget based not just on your situation today but look into the future. Will you have an addition to the family? Do you foresee any large life changes ahead? Get in touch with your mortgage specialist, preferably one who specializes in new homes and condos, and begin the process early so that you have assurance knowing that you have a partner along the way with you. More and more, we are seeing the requirement from new-home builders and developers (and their financial institutions) that the homebuyer provide a firm mortgage approval, so it is as important that you have a clear and firm commitment so you can relax and enjoy the next step in the journey. That firm and adjudicated mortgage approval is critical today, because it shows your strength as a committed and responsible buyer and will save you a lot of 11th hour anxiety as your closing date approaches. Next, develop a reasonable and realistic criteria of must-haves in location, home type (townhome or condo apartment, detached home or stacked townhome) and your other requirements, and then set out to learn about all your options. Now more than ever, be open to new formats, newer bourgeoning communities and opportunities to stretch your homebuying dollar as far as possible. Now is definitely the time to look for innovation and opportunity. The Ontario new home industry is filled with some of North America’s best and brightest talent, and they are creating community and home designs that are truly world-class. That means that you as a new-home buyer have access to leading innovations. All of this innovation will mean real value to you and longer-term value in home appreciation, energy cost savings and the satisfaction knowing you bought from the best.

INDUSTRY ALL-STARS

I offer you three ideas here – prepare, budget and look at opportunities through a different lens.

pmabrethour.com

nexthome.ca 65

ROSTER

{

A list of contact information from builders and developers to help you stay connected

}

Altree Developments

Geranium

Losani Homes

2828 Bathurst St., Ste. 300 Toronto, Ont. M6B 3A7 647.715.5711 altreedevelopments.com altreedev altreede

3190 Steeles Ave. East, Ste. 300 Markham, Ont. L3R 1G9 905.477.1177 geranium.com geraniumhomes geraniumhomes

430 McNeilly Rd., Ste. 203 Stoney Creek, Ont. L8E 5E3 905.561.1700 losanihomes.com losanihomes LosaniHomesLtd

Amexon

Hersh Realty

Mason Homes

1000 Finch Avenue West, Suite 901 Toronto, Ont. M3J 2V5 416.252.3000 centralparktoronto.com. amexon

1260 Caledonia Rd. Toronto, Ont. M6A 2X5 905.415.0332 hersh.ca HershRealtyGroup HershRealtyGroup

70 Innovator Ave. Stouffville, Ont. L4A 0Y2 905.640.6777 masonhomes.ca MasonHomesLtd masonhomes

20 Cachet Woods Ct, Markham, ON L6C 3G1 (905) 887-7100 ballantryhomes.com BallantryHomes ballantryhomes BallantryHomes

Kylemore Communities

National Homes

Georgian Communities

Lifetime Developments

Ballantry Homes

85 Bayfield St., Ste. 300 Barrie, Ont. L4M 3A7 705.730.5900 georgiancommunities.ca

THE LIST

Builders’ Annual 2023

9980 Kennedy Rd., Ste. 200 Markham, Ont. L6C 0M4 905.887.5799 kylemorecommunities.com KylemoreLiving kylemoreliving 49 Jackes Ave., Ste. 200 Toronto, Ont. M4T 1E2 lifetimedevelopments.com 416.987.3344 LifetimeDevelopments Lifetime_Dev

291 Edgeley Blvd. Concord, Ont. L4K 3Z4 905.669.9199 nationalhomes.com NationalHomesCanada nationalhomesca

Remington Group Inc. 7501 Keele St., Ste. 100 Vaughan, Ont. L4K 1Y2 905.761.8200 remingtongroupinc.com remingtonbuilds

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