GTA Homes Magazine - October 22, 2022

COMMUNITIES

BRAESTONE’S FINAL ENCLAVE

PROFILES

PERSONAL FINANCE | JESSE ABRAMS

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

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

EXECUTIVE MEDIA CONSULTANT Michael Rosset

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

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

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

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Michael Klassen, Ben Myers, Jayson Schwarz, Dave Wilkes

REALTY INSIDER | MICHAEL KLASSEN

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

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

STAT CHAT | BEN MYERS

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

LEGALLY SPEAKING | JAYSON SCHWARZ

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

BILD REPORT | DAVE WILKES

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

SENIOR MEDIA CONSULTANT Amanda Bell 416.830.2911, amanda.bell@nexthome.ca VICE-PRESIDENT, MARKETING – GTA Leanne Speers

SENIOR CLIENT RELATIONS SPECIALIST – GTA Sonia Presotto MANAGER CUSTOMER SALES/SERVICE Marilyn Watling

SALES & MARKETING CO-ORDINATORS Gary Chilvers, Vi Nguyen

HOME SHOW MANAGER & NEWSPAPER CIRCULATION – GTA Josh Rosset DISTRIBUTION distributionteam@nexthome.ca

ACCOUNTING INQUIRIES accountingteam@nexthome.ca

DIRECTOR OF PRINT MEDIA Lauren Reid–Sachs

VICE-PRESIDENT, PRODUCTION – GTA Lisa Kelly

PRODUCTION MANAGER – GTA Yvonne Poon

GRAPHIC DESIGNER & ASSISTANT MANAGER Alicesa Pullan

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR Hannah Yarkony

GRAPHIC DESIGNERS

Johannah Lorenzo, Jean Fay Rodriguez, Mike Terentiev

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PREPARATION IS KEY

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

Research and preparation are essential.

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

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

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

Another matter you might want to also pay close attention to is the municipal elections, on Oct 24. “Addressing the housing supply and affordability challenge in the Greater Toronto Area and Ontario is a complex task with no easy solutions,” writes Dave Wilkes, president and CEO of the Building Industry and Land Development Association, in his column on page 50.

KARL EDITOR-IN-CHIEF HOMES

Housing supply – and in this context, specifically the development approval processes of Ontario’s 400-plus municipalities – is under the microscope. Our news story on page 19 outlines just what is at stake –thousands, literally tens of thousands of dollars, that approval delays cost you, prospective homebuyers.

It matters.

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

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

Interact with us on social media: nexthome

High Style, Boutique Condo Living.

Lakeview Village Condos & Towns.

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NEW COMMUNITY

Queen’s Court in Brampton – StateView Homes’ regal addition to convenient neighbourhood now open Talk about the right product in the right place at the right time. StateView Homes has launched sales at its new and much-anticipated Queen’s Court community in Brampton.

MUNICIPAL ELECTIONS

John Tory releases pre-election plan to build more houses faster

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

NEW COMMUNITIES

Live with distinction in Fieldgate Homes’ signature communities across the GTA Fieldgate Homes is now open for purchasing by virtual sales appointments across the GTA. You can connect by phone, video chat or email for a secure and convenient homebuying experience.

ANALYSIS

What is the big picture for Hamilton?

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

Visit nexthome.ca

ANALYSIS

What a difference a decade makes in new home real estate

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

GTA NEW HOME MARKET QUIET IN AUGUST

construction, ultimately exacerbating our region’s housing challenge. The lesson is clear: Now is not the time to take our foot off the gas as we strive to address the factors that contribute to our region’s housing supply and affordability challenges.”

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

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

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

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

“New-home buyers and builders have taken a step back in the face of rising interest rates and inflation,” says Dave Wilkes, BILD president and CEO. “A useful parallel is the year 2017, when the introduction of the mortgage stress test resulted in artificially elevated interest rates. As sales of new homes slowed, so did

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

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

AUGUST NEW HOME SALES BY MUNICIPALITY

HIGHRISE

LOWRISE

braestone’s final enclave.

We’re excited to announce the release of our final 16 lots at Braestone. The community has come together beautifully, a labour of love and exercise in innovation, craftsmanship and design. Not surprisingly, the response has been extraordinary as residents of Braestone are happy to enjoy the remarkable trails and ponds, the horse paddocks, the pumpkin patch, the nature preserve, streams and forests and a life, as promised, that is richer and more rewarding. We invite you to join in our vision and become part of Oro-Medonte’s finest community.

FOR OUR

FROM $1.5 MILLION.

Distinctive and timeless bungalow, loft and two-storey homesteads on a selection of 1/2 acre to over 1 acre secluded lots.

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

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

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

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

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

Municipally, RESCON wants major changes so planning and

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

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

Federally, RESCON wants an exemption or rebate on HST collected on construction of residential buildings, more tax incentive programs, and an immigration system that permits more foreign-trained skilled workers to come to Ontario.

Additionally, the plan suggests more efforts be made to encourage skilled workers to consider relocating to Canada, and that federally owned land be activated for housing.

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

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

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

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

MUNICIPAL APPROVAL DELAYS COSTING NEW-HOME BUYERS ThOu SANDS

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

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

In addition, the study found that municipal fees and charges added to new homes continue to escalate significantly, increasing on average by 30 to 36 per cent since the 2020 study. This is adding tens of thousands of incremental dollars to the cost of a new home. Delays and costs have a significant impact on GTA communities and the economy, causing many young families to leave the region for surrounding areas.

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

Key fIndIngs In the 2022 benchmarKIng study

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

• The size of the project is not a significant factor in how long it takes to gain municipal approval. This results in long approval times and increased costs per unit for smaller projects, which acts as a disincentive for building these types of projects.

• Almost none of the approvals included within the benchmarking

study would meet provincial statutory requirements.

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

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

GTA REALTORS CALL ON MUNICIPALITIES TO MAKE HOUSING AFFORDABILITY A PRIORITY

Leading up to the Ontario municipal elections on Oct. 24, the Toronto Regional Real Estate Board (TRREB) launched a campaign to ensure that candidates for municipal office understand the importance of making housing affordability a priority. In support of this campaign, TRREB has released the results of new public opinion polling conducted by Ipsos Public Affairs for TRREB, on various housing affordability issues and launched givemeoptions.ca, to help the public easily understand and voice their concerns on these issues directly to current and future municipal councils.

“Municipal council decisions directly impact housing affordability, especially by restricting the supply of homes available to buy or rent, and by directly driving up housing prices with government imposed fees and charges which currently add up to 24 per cent of the purchase price of a home,” says Kevin Crigger, TRREB president.

TRREB’s givemeoptions.ca campaign is calling on municipal election candidates to address lengthy development approval processes, and exclusionary zoning, which delay or prevent new supply of homes; high development fees that drive up the price of homes; significant upfront costs such as the Municipal Land Transfer Tax that strain homebuyer budgets and discourage existing homeowners from offering their homes for sale; and potential new policies such as mandatory home energy audits, which could interfere with and delay the home selling and buying process and should be voluntary.

Ipsos poll findings include:

• 66 per cent of Torontonians are concerned that potential increases to the Municipal Land Transfer Tax on properties priced at more than $2 million could mean fewer homes for sale across all price-points if it discourages “move-up” buyers

• 73 per cent of Torontonians and 78 per cent of 905 residents believe home energy audit and ratings should remain voluntary

• 83 per cent of Torontonians and 87 per cent of 905 residents believe governments should remain focused on providing financial incentives

• 71 per cent of Toronto and 905 residents combined believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent, rather than trying to reduce demand

• 54 per cent of Toronto and 905 residents combined oppose increases to development charges.

“We encourage all residents of the GTA to visit givemeoptions.ca, where they can learn more and easily send a message to their local election candidates to encourage them to continue to make these issues a priority,” adds Crigger.

STATEVIEW HOMES GOLF TOURNAMENT RAISES MORE THAN $170,000 FOR MS

More than $170,000 was raised to support research and treatment of Multiple Sclerosis (MS) at StateView Homes’ First Annual Golf Tournament recently at Eagles Nest Golf Club in Maple, Ont.

“We are grateful to all who joined us to help support an extremely worthy cause,” says Julian Uccello, StateView’s sales and marketing specialist. Uccello, a former professional soccer player with European credentials, was diagnosed with MS in 2011. “When the symptoms and diagnosis ended my soccer career, I felt lost. Through the support of family and friends, and the ongoing outpouring of support from the building/construction industry, I am

moving forward with confidence. I hold great hope that a cure will one day be found.”

Award-winning StateView Homes is known for crafting distinctive niche new home communities and for helping the greater community. With that in mind, the company joined Uccello in his mission to create awareness about and fund research for MS. Over the three years before the tournament, StateView had raised more than $100,000 in support of Mission Stadiums for Multiple Sclerosis, a non-profit organization dedicated to raising awareness of the disease and funding research.

“This tournament begins a tradition that means a lot to me and our

company,” Uccello adds. “Planning for next year’s event at Eagles Nest is underway. We look to make our 2023 event even bigger and better.”

stateviewhomes.com

StateView Homes President and CEO Carlo Taurasi, right, and Sales and Marketing Specialist Julian Uccello.

ADVICE

THE YIMBY MOVEMENT IS GAINING STEAM

BEN MYERS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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ADVICE

A NEW LOOK AT LOCATION, LOCATION, LOCATION

MICHAEL KLASSEN

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

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

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

And now for something completely different: How about Lambton

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

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

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

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

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

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

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SPEC TAX AND HST

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

JAYSON SCHWARZ, LLM AND HAMZA AHMAD, JD

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

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

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

WHO OR WHAT IS EXEMPT?

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

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

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

HST ON NEW HOME ASSIGNMENTS

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

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

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

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

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

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

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

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STORY

BRAESTONE ESTATES

FINAL CHAPTER OF GEORGIAN COMMUNITY HAS HEART AND SOUL IN EVERY HOME

Enter a world unlike any other at Braestone Estates. This unique community tells a tale of connection – with the land, with history and with each other. These are the hallmarks of Georgian Communities, which puts heart and soul into every new home.

Builders of quality homes across southern Ontario, it’s not simply the attention to detail or superior craftsmanship that sets Georgian Communities apart. Driven by the desire to provide incredible neighbourhoods that embody the timeless values of community, the

company strives to build homes in unique locations carefully selected for their proximity to nature and connection to an enriched lifestyle.

Over the past two years, countless families have left the GTA in search of a community in touch with nature, and have found homes with Georgian Communities. Because these are places where families and friendships will grow, and where every resident can live remarkably.

Inspired by the rolling hills and lush countryside of the OroMedonte region of Horseshoe Valley, Braestone was designed

as a reimagining of the classic Country Estate. The keystone of this community is Braestone Farm, a fully-functional working farm that sets the tone for the entire neighbourhood. Horses graze in green fields, crops grow year after year, and the beautiful landscape transports you to a simpler time.

Every element of this neighbourhood touches on the inspiration of the farm, from architecture and interiors to amenities – even the street names reflect these values, each chosen for the horses that were so integral to the history of the land.

More than 560 acres of tranquil countryside offers incredible estate lots averaging one acre for every family. Panoramic views of nature combined with the unique character of the modern farmhouse architecture and unparalleled amenities Life at Braestone sounds too good to be true, yet from planning to production and beyond, it continues to live up to every promise. Its nature has been praised by countless happy homeowners, but also recognized for various awards on a national level, including Best New Home Community from the prestigious CHBA Awards.

The truest sense of community and connection is built here, where families live together around the pumpkin patches, orchards and nature preserves. Residents of Braestone have access to the neighbouring Braestone Farm and its bounty, with fresh produce and honey available for purchase to make eating locally grown food easier than ever. Starfall Park brings you closer to the stars, a series of ponds can be enjoyed throughout the seasons, and an extensive trail system invites exploration. These are just a taste of Braestone’s Remarkables, born of the natural landscape to offer residents an enriching lifestyle leagues beyond the experiences that can be found in a big city. From a toboggan hill and a Christmas tree farm and beyond, the

Remarkables are even bigger than your imagination.

With so much available right at home, residents of Braestone have everything they need, and more. But not far from the farm are even more opportunities for an incredible lifestyle. Horseshoe Valley and Copeland Forest are just around the corner, with Braestone Club – where an extraordinary new clubhouse and The Ktchn restaurant offer yet another remarkable amenity – only minutes from home. Opportunities to ski, golf, explore and dine are as endless as the horizons, and between Barrie and Orillia, city conveniences are never far.

Many exciting things are happening at Braestone in 2022. Just last Feburary, for example, the inaugural Braestone Winter Classic pond hockey tournament took place at Braestone Farm. This resident-based, volunteerrun fundraiser, supported by Georgian International (the parent company of Georgian Communities) and Braestone Farm itself, as well as The Kitchn Restaurant, raised an incredible $70,000 for the Simcoe Muskoka Regional Cancer Centre. Scheduled to return in February 2023, this annual fundraising event displays exactly how the values of community at Braestone have already grown strong in the first phases of the neighbourhood.

As the community continues to grow, Georgian Communities has released the very last phase of Braestone. Phase 8 is a uniquely private enclave of just 16 homesteads located on Friesian Court, where it will be separate but also inclusive to the rest of the neighbourhood. Residents will still have convenient access to all of Braestone’s Remarkables from a short path through the trail networks across the property, yet benefit from a quiet, secluded cul-de-sac.

This is the grand finale of this incredible community, but its story will live on in every family that calls Braestone home and every beloved memory made here.

To learn more about Braestone’s Remarkables, its beautiful modern farmhouse architecture, and the release of Phase 8 of Braestone Estates, visit braestone.ca.

PLANNED GROWTH LEADS TO CLIMATE-FRIENDLY CITIES

MIKE COLLINS-WILLIAMS

to have housing available for workers across all industries.

Meaningful climate action requires proper handling of our housing crisis. We cannot build a sustainable future without a focus on development and planned growth. For too long, governments have buried their heads in the sand about the significant population growth our region is facing. This has led to ongoing political debates and delays that derive from new housing projects having to justify their existence.

This political pattern jeopardizes our social and economic growth, as well as the sustainability of the workforce we need to build a green economy. Currently, the housing crisis is affecting our cities’ ability to attract and retain talent. To continue to grow our workforce and consequently our economy, we need

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

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

development, ultimately impacting the affordability of a project and worsening our housing crisis.

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

+MORE CONTENT ONLINE nexthome.ca

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

FIND YOUR DREAM HOME

IN FIELDGATE’S SIGNATURE GTA COMMUNITIES

Fieldgate Homes has been shaping the southern Ontario landscape for more than 65 years, with its award-winning master-planned communities and residences families have cherished for generations.

Superior construction, innovative designs, unmatched attention to detail, and attentive customer service are all hallmarks of their exceptional excellence. Every home is designed to reflect the contemporary needs and wants of the homebuyer through consistent community engagement –and the assurance that when you own a Fieldgate home, you are family.

Fieldgate Homes is now open for purchasing by virtual sales appointments across the GTA. You can connect with the company by phone,

video chat or email for a secure and convenient homebuying experience. Sales teams are waiting to help you find your perfect Fieldgate home. Explore these featured communities and contact Fieldgate today.

PICKERING: SEATON

Seaton is now open – freehold townhomes with one- and two-car garages now available

A serene natural landscape merges with the convenience of incredible big city amenities at Pickering’s awaited Seaton community, coming soon. Live at the crossroads of classic and contemporary with a remarkable collection of freehold two- and single-car garage townhomes with up to four bedrooms in a skillfully

designed community setting. This new community truly has something for everyone, with Pickering Town Centre, beautiful Lake Ontario, shopping, greenspaces, restaurants, Toronto’s eastern border and so much more just minutes away.

Be first to own during the Seaton Grand Opening by registering now at fieldgatehomes.com.

SHELBURNE: EMERALD CROSSING

Final release of Shelburne – 36- and 40-ft. singles

Witih the final release at Emerald Crossing now open, discover a beautiful country landscape surrounded by every modern convenience imaginable in

Shelburne’s most anticipated new home community. Enjoy a collection of 36- and 40-ft. singles available now, just minutes from big brand outlets, remarkable restaurants, breathtaking greenspaces, ski hills, golf courses and so much more. Shelburne has been Canada’s second-fastest growing municipality, so there’s no better time to get in on its best new home opportunity.

Register now at fieldgatehomes.com.

AJAX: ATOWNS

Now open in Ajax –urban townhomes

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

Register now at fieldgatehomes.com.

MILTON: VALLEYLANDS OF SIXTEEN MILE CREEK

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

Introducing executive riverside living in a natural enclave setting with Valleylands of Sixteen Mile Creek, coming soon to Milton. Take advantage of your rare opportunity to own 30-, 36- and 43-ft. detached riverside residences with lots backing onto Sixteen Mile Creek.

Moments to southern Ontario’s most acclaimed golf courses and protected greenspaces, retail and restaurants, schools, services, and access to the most convenient transit options, embrace a lifestyle unlike any other in Milton.

Register now at fieldgatehomes. com for exclusive updates and priority purchase opportunities on Valleylands of Sixteen Mile Creek.

NORTH YORK: KENNETH & HOLMES Move-in ready townhomes available now

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

Register now at fieldgatehomes. com for your chance to own in this limited release before it’s too late.

WEST WHITBY: WHITBY MEADOWS

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

A new release is coming soon with the Grand Opening of Whitby Meadows Phase 3. Take advantage of spectacular residences in one of the GTA’s most popular communities with all-new townhomes, semis and 36and 42-ft. detached designs. Find a master-planned community offering west Whitby’s best lifestyle near shopping, restaurants, Iroquois Park Sports Centre, Whitby GO Station, Heber Down Conservation Area, excellent schools and more.

Register now at fieldgatehomes.com.

STOUFFVILLE: CITYSIDE

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

Make your dream home come true in an incredible community setting just moments from Stouffville’s best

amenities. Featuring a new release of 36- and 40-ft. singles, embrace city sophistication and country charm from an ideal neighbourhood located close to Markham, Hwys. 404 and 407, and the Stouffville GO Station.

Register now at fieldgatehomes.com.

IMPRESSIONS: NEW KLEINBURG

Coming soon – Grand Opening of freehold townhomes

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

Register now at fieldgatehomes.com.

NORTH OSHAWA: DREAMSCAPE

Register for the Grand Opening of townhomes, 30-, 36- and 42-ft. detached singles

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

Register now at fieldgatehomes.com.

PREPARING TO BUY

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

by WAYNE KARL

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

But neither is the sky falling.

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

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

And in this context, the GTA is well positioned.

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

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

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

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

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

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

JORDAN DEBRINCAT Vice-President, Altree Developments

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

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

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

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

INCENTIVES

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

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

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

UPGRADES

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

LAUNCHES AND OPENINGS

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

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

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

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

INCENTIVES

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

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

UPGRADES

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

LAUNCHES AND OPENINGS

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

MIKE PARKER

Vice-President, Georgian Communities

HUNTER MILBORNE

President and CEO, Milborne Group

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

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

INCENTIVES

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

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

UPGRADES

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

MORTGAGE INCENTIVES AND OTHER PROGRAMS FROM SELECT LENDERS

VINCE ANTON

Vice-President, Mortgages, Homewise

PRODUCTS

6- & 12-month pre-approvals:

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

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

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

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

• Rates for five-year fixed term are between 4.89 and 5.19 per cent

Credit unions qualifying only on contract rates:

• With the Stress Test qualification guidelines, lenders/banks are now qualifying consumers based on their

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

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

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

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

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

LENDER BEST BETS

BEST 5-YEAR FIXED:

• High ratio: 4.64 per cent

• Conventional insurable: 4.74 per cent

• Uninsurable: 5.14 cent

BEST 5-YEAR VARIABLE:

• High ratio: 4.3 per cent

• Conventional Insurable: 4.55 per cent

• Uninsurable: 4.9 per cent

MARK COHEN Managing Partner, TCS Marketing Systems

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

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

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

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

INCENTIVES

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

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

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

UPGRADES

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

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

DEDICATED TO

EXCELLENT

CUSTOMER SERVICE

Queen’s

Allegro

on

CONTACT

Bayly St. E. & Salem Rd. S. fieldgatehomes.com

Bayly St. E. & Salem Rd. S. paradisedevelopments.com

Yonge St. & Bloomington Rd. northstarhomes.com

36 Klees Crescent geranium.com

14222 Yonge St. brookfieldresidential.com

Yonge St. & St. John’s Siderd. regalcresthomes.com

Townhomes George St. & Wellington St. andrinhomes.com

Paradise

Mavrinac Blvd. & Wellington St. paradisedevelopments.com

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

Spring

1364 Queen St. springvalleyestates.ca

Bramalea Rd. & Mayfield Rd. royalpinehomes.com

The Sandalwood 120 Sandalwood Parkway East royalcliffhomes.com

Three

Goreway Dr. & Humberwest Pkwy nationalhomes.com

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

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

Westfield Mississauga Rd. & Steeles Ave. greatgulf.com

The Estates of West

Mount Pleasant North

Valley McVean Dr. & Countryside Dr. royalpinehomes.com

Remembrance Rd. & Edenbrook Hill Dr. mattamyhomes.com

High Point Mississauga Rd. & Mayfield Rd. paradisedevelopments.com

Queen’s

Mississauga Rd. & Queen St. West stateviewhomes.com

Shellard Lane losanihomes.com

Pleasant Rd. &

Church Rd. &

Rd. flatogroup.com

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Lake Shore Blvd. W. mattamyhomes.com

Daisy Ave. dunparhomes.com

Islington Ave.

menkes.com

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St.

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Chrislea Rd. stateviewhomes.com

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Conlin Rd. & Harmony Rd. fieldgatehomes.com

Conlin & Townline Rds. tributecommunities.com

Altona Rd. & Twyn Rivers Dr. geranium.com

Brock Rd. & Whitevale Rd. madisongroup.ca

Altona Rd. & Finch Ave. geranium.com

1075 Taunton Rd. fieldgatehomes.com

Liverpool Rd. & Bayly St. madisonfb.com

Yonge & King stateviewhomes.com

Oak Ridges stateviewhomes.com

Leslie St. & 19th Ave. marlinspring.com

Leslie St. & Elgin Mills Rd. fieldgatehomes.com

Elgin Mills & Leslie St. northstarhomesinc.com

Elgin Mills & Leslie St. northstarhomesinc.com

Bayview Ave. & 16th Ave. myobservatoryhill.ca

10961 Leslie St. opushomes.com

8854 Yonge Street fieldgatehomes.com

King Rd. & Toscanini Rd. pureplaza.com

Progress Ave. & Grangeway Ave. fieldgatehomes.com

3012 Kennedy Rd. valleyviewgardens.ca

Bethesda Side Rd. & Tenth Line stateviewhomes.com

12466 Ninth Line fieldgatehomes.com

2650 St. Clair West dunparhomes.com

Dufferin St. & Rutherford Rd. fieldgatehomes.com

Hwy.

Teston Rd.

Taunton

Taunton Rd.

Cochrane St.

hotelvie.com

goldparkhomes.com

mattamyhomes.com

countrylanewhitby.com

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fieldgatehomes.com

fieldgatehomes.com

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marlinspring.com

stateviewhomes.com

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Byps

The latest properties in the Southwestern Ontario Area to keep your eye on FIND

Burlington/Waterdown

Burlington/Waterdown

Towns at Valera 4858 Thomas Alton Blvd.

.Nautique Lakefront Residences 375 Brant St. .289-337-0766

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kitchener/Waterloo Doon South & Ormston at Doon South 653 Thomas Slee Dr. activa.ca

RiverBend

On

2200 Jack Nash Dr. sifton.com

Commissioners Rd. E. & Hamilton Rd. sifton.com

Sheffield Blvd. & Commissioners Rd. E. sifton.com

Caverhill Clarke Rd. & Kilallay Rd. sifton.com

Park Colonel Talbot Rd. & Pack Rd. sifton.com

Wonderland Rd. S. & Hamlyn St. sifton.com

Wharncliffe Rd. & Exeter Rd. sifton.com

Mayfield Rd. & Chinguacousy fieldgatehomes.com

Tremaine Rd. & Britannia Rd. greatgulf.com

Louis St. Laurent Ave. & Bronte St. S. mattamyhomes.com

5150 Ninth Line mattamyhomes.com

St.

Britannia Rd. W. nationalhomes.com

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Martindale Rd. &

St.

St. S. dunparhomes.com

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Dr, St. Catharines. lucchettahomes.com

St mountainview.com

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Trafalgar

The Preserve

The Preserve

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21 Willow Bank Common St. silvergatehomes.com

Lametti Dr., Pelham. mountainview.com

Merritt Rd. & Grisdale Rd., Thorold mountainview.com

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Niagara Pkwy & Legends Way silvegatehomes.com

44 Elderberry Rd., Thorold. mountainview.com

Fort Erie silvergatehomes.com

Trafalgar Rd. & Dundas St. East branthaven.com

Sixth Line & Germorda Dr. dunparhomes.com

Bridge Rd & Warminster Dr. flatogroup.com

Trafalgar Rd. & Randall St. rosehavenhomes.com

351 Dundas St. East branthaven.com

River Oaks Blvd. & Namron Gate dunparhomes.com

Dundas St. W. & Proudfoot Trail mattamyhomes.com

Dundas St. W. & Proudfoot Trail mattamyhomes.com

Dundas St. W. & Proudfoot Trail mattamyhomes.com

Trafalgar Rd. & Dundas st. E. ballantryhomes.com

2714 Westoak Trails Blvd. branthavenoakville.com

9th Line & Dundas St. mattamyhomes.com

153 Reynolds St. rosehavenhomes.com

335 Hillsdale Rd.. rosehavenhomes.com

1535 McKenzie Rd. mountainview.com

Hyde Park Rd. & Ilderton Rd. sifton.com

Cleaver Rd.

Concession 2 &

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Rd.

Nissouri Rd.

sifton.com

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McKenzie Rd ballantryhomes.com

Main St., Wellington royalcliffhomes.com

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Kitchener

Brantford

Guelph

Milton

Hamilton

ADVERTISER INDEX

Andrin

Homes

Homes

International

Developments

DECOR

the Season of Style

PROJECT APPROVAL TIME FRAMES

SHOULD BE AN ELECTION ISSUE

DAVE WILKES

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

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

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

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

In August, the Building Industry and Land Development Association and the Ontario Home Builders’ Association released a five-point plan for consideration by the provincial and municipal governments, to speed up the delivery of new homes, reduce the costs incurred by individual new homeowners and ensure that new communities have the infrastructure they need to support growth. The first point was to “Make homes more affordable by speeding up approval times and eliminating red tape. Every year that a municipality delays an approval decision costs homebuyers an additional $36,000 for a typical lowrise home and an additional

$26,000 for a typical highrise apartment.”

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

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

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2022 Residential Savings by Design participating builders:

A1 Development

Bevco Homes Ltd.

Brightwater Campanale Group of Companies

Corvinelli Homes

Crystal Homes Corp. Evendale Developments Ltd.

Forest Hill Homes –Terrace Park Towns Georgian Communities

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Green City Communities

Huron Creek Developments

King East Developments Inc.

Laurel Crest Homes Inc.

Longwood Building Corporation

Marz Homes (Smithville West) Inc. Oxford Homes Inc.

Pine Valley Estates Ltd.

Portside Developments

Regency Vista Homes Inc.

Rosehaven Homes Sunny Communities Sunvale Homes

Townwood Homes Venetian Development Group Ltd.