Ontario 2024 Builders' Annual

2024 BUILDERS’

THE FIRST AND ONLY COMPLETE GUIDE TO PRE-CONSTRUCTION HOMES AND CONDOS

St a

on Burlington’s North Shore

Something new has come to National Homes’ lakeside condo community. The multi-award-winning NORTHSHORE Condos has brought sophisticated modern living to this highly-coveted Burlington neighbourhood. If a condo suite isn’t quite your taste, step up in style to a two-storey, or a bungalow-style townhome at NORTHSHORE.

FIND YOUR PERFECT BALANCE

Combining all the prestige and privacy of a low-rise home with the convenience and comfort of a condo community, NORTHSHORE Towns offer a unique new way to live in Burlington. Offering two distinctive collections of townhome designs, you can choose between a bungalow-style Garden Town with a private patio for single-storey living, or discover private two-storey Terrace Towns with your own easy access to the outside perfect for families with kids or pets.

Whichever configuration you choose, there’s a townhome that’s right for you at NORTHSHORE, complete with its very own private outdoor living space. Garden Towns are a great way to downsize without giving up the independent feel of a low-rise residence, while the Terrace Towns are an amazing first step for a growing family.

Inside each of these collections however, the same chic modern style and upscale finishes create an elegant expression of life at NORTHSHORE. Including quartz countertops, 9’ smooth ceilings and 7” wide plank flooring. National also designs homes with built-in functionality like drop zones to conveniently organize your front entrance. Each feature has been thoughtfully designed with you in mind, created with feedback from real homeowners to pinpoint exactly what it is that modern families seek in a new home. Because at National, You Are the Blueprint.

OPPORTUNITIES AS ENDLESS AS THE HORIZON

Beyond your urban townhome at NORTHSHORE, an incredible lifestyle awaits you by the lake. Picture walking next door to use your own private gym, without needing a membership. Hosting a dinner party in the private Dining Room. Or even giving your pup a spa day at the pet wash. NORTHSHORE Condos is brimming with modern amenities that you’ll have access to, with a full spectrum of opportunities to live, work, or play. As a boutique mixed-use community, there will even be places to shop or dine right at home! It’s resort-style living that never ends.

It’s not just your community that makes life here so inspiring, either. Where LaSalle meets the Harbour, NORTHSHORE brings you to a walkable, welcoming neighbourhood filled with green. The amenities you need are just a short stroll away. Aldershot & Burlington Go Transit are just minutes from home. The lake is on the horizon, and the Burlington Gold + Country Club is right next door. There’s a reason it’s Burlington’s most desirable address, and now, it can be yours.

GEORGIAN COMMUNITIES

a true sense of community.

Georgian Communities has become a leader in shaping Ontario’s residential landscape, consistently delivering well-thought-out home designs that balance modern convenience with natural beauty. Their award-winning real estate projects have generated significant attention. Georgian Communities’ passion for nature and community has shaped their vision across unique neighbourhoods as they continually invest in the future of the Simcoe and Grey County regions. Connecting people to the land - and each other - is what Georgian does best, setting them apart as one of Ontario’s most trusted developers and new home builders.

Windfall at Blue

experience a balanced lifestyle.

Take Windfall at Blue, a standout among the company’s achievements, located near the base of the iconic Blue Mountain. Windfall offers a perfect blend of luxury and adventure, catering to those who crave an active lifestyle without compromising comfort. The homes, with their classic architectural appeal, are designed to embrace the area’s natural beauty, seamlessly blending indoor and outdoor spaces. Windfall places you at the heart of the Blue Mountains

lifestyle, surrounded by the most coveted neighbours. After a day of skiing, shopping, and excitement at the famed Blue Mountain Village and Resort, it’s comforting to know you can unwind at the renowned Scandinave Spa right next door. Exclusive to Windfall residents, “The Shed” is a barn-inspired, architecturally striking, yet unpretentious gathering place at the heart of the community. It features year-round warm and hot outdoor pools, a fitness area, and more, serving as a social hub for all ages.

The Shed at Windfall

Braestone Estates

The Shed at Windfall

Craighurst Crossing

On the historical front, Victoria Annex in Collingwood is a true testament to Georgian Communities’ dedication to preserving heritage. You will discover Victoria Annex tucked away close to Collingwood’s vibrant and charming downtown core, near all the shops, restaurants, and excitement. This development thoughfully restores a piece of Collingwood’s past by converting the century-old Victoria Annex schoolhouse into two iconic semi-detached homes, elegantly appointed with timeless features and finishes. Next door, a new coach house features three inspirational suites, nestled among additional new luxury single and semi-detached homes. Collingwood offers a strong sense of belonging, with a long history of spectacular year-round concerts, activities, events, and festivalsalways just a few minutes’ walk from Victoria Annex. This historical significance adds a sense of pride and connection to the community’s heritage for potential buyers.

Braestone Estates, nestled in the rolling hills of Oro-Medonte, offers vast open spaces, oversized lots, and modern farmhouse architecture. It invites residents to embrace a slower pace of life centred around outdoor activities and close-knit

neighbourhood connections. Located next to a working farm, the community’s amenities, known as “Remarkables,” offer residents a range of seasonal activities: a Christmas tree farm, pumpkin patch, toboggan hill, skating pond, kilometers of walking and biking trails, and even a maple syrup-producing sugar shack. Their final enclave, now selling, is uniquely charming and underscores Braestone’s dedication to a lifestyle connected to nature and wellness, making it a one-of-a-kind community.

Meanwhile, Craighurst Crossing, a finalist in multiple categories this year at both the Ontario Home Builders’ Association (OHBA) and Canadian Home Builders’ Association Awards, recently won the Production Built Home (One Storey) award for “the Copeland” at the OHBA Awards. Craighurst Crossing offers the tranquility of rural living with the convenience of nearby urban centers, Barrie and Orillia. Located in the Village of Craighurst in Oro-Medonte, this development offers a balanced lifestyle designed for those seeking a more relaxed pace. Craighurst Crossing brings together beautifully crafted homes, expansive green space, and a true

sense of community. With its first phase launched in October 2023, there are many opportunities to discover the appeal of this up-and-coming community.

Georgian Communities invites homebuyers to embrace a lifestyle where nature, community, and modern convenience meet. With the market stabilizing and interest rates improving, now is the ideal time to explore these exceptional opportunities. Intentionally crafted homes in beautiful, sustainable settings offer more than just a place to live, they provide a foundation for a fulfilling life. Don’t miss your chance to be part of something extraordinary.

To learn more about the remarkable lifestyles Georgian Communities offers, visit georgiancommunities.ca, and discover what’s in store for small-town Ontario.

Historic downtown Collingwood

Sugarbush at Braestone Estates

Victoria Annex (rendering)

36 Expert Panel

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

• Stephanie Lane, Vimal Patel, Geranium

• Mike Parker, Georgian Communities

• Frank Spaziani, Mariam Aboutaam, Kylemore

• Nicole Kennedy, Mountainview Homes

• Deena Pantalone, Jason Pantalone, Matthew Pantalone, National Homes

42 Industry All-Stars

Homebuying insights from marketing and sales icons

• Debbie Cosic, In2ition Realty

• Tami Kenwell, Madhouse Advertising

• Babara Lawlor, Baker Real Estate

• Christopher Markovic, PMA Brethour

2024 BUILDERS’

EDITOR-IN-CHIEF

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editor’s letter

WAYNE KARL

EDITOR-IN-CHIEF Builders’ Annual

EMAIL: wayne.karl@nexthome.ca | TWITTER: @WayneKarl

Turning the corner

Just when you thought it was safe to remain on the sidelines…

If you’ve been planning to buy a new home, whether you’re a first-timer or an experienced purchaser, you’ve likely been watching and waiting with anticipation. Watching, in terms of keeping an eye on new home developments and opportunities. And waiting, as in monitoring important factors such as mortgage rates.

On both fronts, then, you’re likely welcoming recent developments in all these areas and more.

The last few years haven’t exactly been the easiest for the real estate market, with uncertainty relating to housing supply, interest rates, inflation, pricing… No one could blame some prospective homebuyers if they were feeling a little nervous.

But with the help of expert sources, columnists and important industry voices, the 2024 GTA Builders’ Annual – and our monthly sister publications Condo Life and HOMES Magazine – are here to change that. Or at least to educate you to help you make informed homebuying decisions when the time comes.

For an increasing number of prospective buyers, the time just might be now, or closely around the corner as we head into 2025.

The need to build more homes more quickly is now a major national, provincial and municipal focus. To wit, all levels of government have prioritized housing as a top agenda item – to better plan, approve and build more homes.

Several pieces of content in this issue explore these issues in detail, and our Need to Know feature on page 15 discusses that there are, indeed, reasons to be optimistic, and that homebuying opportunities abound.

As we turn the corner from more challenging market conditions, you may still be able to take advantage of favourable pricing and builder incentives designed to entice buyers.

Big picture, longer term, the Greater Toronto and Hamilton Area is home to some of the most desirable housing markets in the country. And some of the best new home developments and communities anywhere. Now just might be the perfect time to take advantage.

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CRAFTSMANSHIP

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OPPORTUNITY KNOCKS

Why 2025 is shaping up to be a good year to buy a new home

by WAYNE KARL

As readers of Condo Life and Homes might have been seeing for months, the tide feels more and more like it is turning, after a challenging few years for the Greater Toronto and Hamilton Area (GTHA) housing market.

Prospective homebuyers who may have delayed their purchase plans as they wait for market and economic conditions to improve – and used this time to research their target area, home type and builder, and shore up their finances – could be among those who benefit most.

There’s been no shortage of reasons for pause for some would-be homebuyers: Uncertainty over housing supply, interest rates, inflation, politics and the economy in general. But the pendulum looks to be swinging back the other way.

“First-time buyers, in particular, have faced challenging affordability conditions in recent years,” Ted Tsiakopoulos, an economist specializing in housing, told Builders’ Annual. “However, there are signs that some relief is forthcoming.”

Indeed, there are reasons to feel upbeat about homebuying in 2025. Let’s explore some of them.

HOUSING POLICY

It’s hard to ignore this one these days, as it’s a hot topic not just in the GTHA and elsewhere in Ontario, but in all of Canada. Homebuyers, builders, lenders and, of course, industry associations are all interested in, and offering their opinions on, this important subject.

Ultimately, though, it’s up to government – municipal, provincial and federal – to truly understand the issues and address them with meaningful and effective measures.

“We need a national housing program to help address the imbalance of demand and lack of available homes,” says Deena Pantalone, managing partner and chief innovation officer at National Homes. “The status quo hasn’t changed the paradigm. Yes, moves have been made but it’s an urgent issue that is impacting an entire generation of Canadians.

First-time buyers need direct support,” she adds. “In the U.K., mortgage payments receive a flat 20-percent tax credit. In the U.S., you can claim interest on the first $750,000 of your mortgage. Here in Canada, it applies only to investment properties. That’s not helping young homebuyers.”

Housing policy, particularly at the municipal and provincial levels, is a key focus of the Building Industry and Land Development Association (BILD). BILD recently released its third Municipal Benchmarking Study, which revealed just how much project approval times, development charges and fees and other issues are hampering builders’ efforts to deliver new homes.

“The GTA is at a crossroads,” says Dave Wilkes, BILD president and CEO. “It is facing the prospect of a deepening housing crisis that threatens the

stability and growth of our communities. (Our study) demonstrates that without bold steps by government and industry, housing availability will get worse in the years ahead, with housing starts failing to keep pace with population growth.”

“We need to double the annual pace of new home construction to restore affordability in Canada,” adds Tsiakopoulos. “This requires massive amounts of new investment by the private and public sectors. There is no one silver bullet, but the math needs to work not only for homebuyers but new-home builders as well.

“Some recent work we completed with the University of Waterloo and Urbansim found that by eliminating structural barriers such as restrictive zoning, long planning approval times and excessive government charges, this would help more projects pencil out. By removing structural barriers, this will lessen uncertainty for homebuilders and should support greater capacity, innovation and affordability in the housing sector over the longer term.”

Suffice to say, governments are on it and there has been progress, though slower than we all hope.

MORTGAGE REFORM

In mid-September, the federal government announced what it says are the boldest mortgage reforms in decades, intended to address housing affordability and make homeownership more affordable for more Canadians.

The changes include:

• Increasing the $1-million price cap for insured mortgages to $1.5 million, effective Dec. 15, 2024, to reflect current housing market realities and help

more Canadians qualify for a mortgage with a down payment below 20 per cent.

• Expanding eligibility for 30-year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective Dec. 15, 2024.

By helping Canadians buy new builds, including condos, the government is announcing another measure to incentivize more new home construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on Aug. 1, 2024, permitting 30-year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.

For context, with the change to a higher price cap, a $1.5-million home would require a $300,000 down payment. With this new update, buyers could get in with a down payment as low as $125,000.

“Many first-time homebuyers have screamed from the rooftops that the main thing that separates them from buying a home is their down payment – so this update will serve them well,” says Jesse Abrams, co-founder at Homewise, a mortgage advisory and brokerage firm.

“The biggest risk of price escalation comes from lack of supply,” says Kevin Lee, CEO of the Canadian Home Builders’ Association. “So, mortgage rule changes that will enable the construction of thousands of more new homes is a very positive move for affordability. And its impact on prices will be much less than the doubledigit price inflation that has been coming from the lack of housing supply. In fact, more supply reduces price inflation.”

The one caveat to this welcome change, Tsiakopoulos points out, is that if supply is unable to respond in the short to medium term, affordability challenges could resurface.

ECONOMIC METTLE

The economy – for the purposes of this discussion, including interest rates, inflation, job growth and other important indexes – is also trending in the right direction.

As of mid-October, we’ve seen three consecutive drops of the Bank of Canada’s (BoC) influential overnight rate target. BOC first reduced the rate 0.25 per cent on June 4 (the first reduction in four years), then again by the same amount on July 24 and Sept. 4, to where the rate sits now, at 4.25 per cent.

The next rate announcement was Oct. 23 (after press time), and by most accounts, BoC would implement another reduction – this time by more than just a quarter-point.

Why? Because – more good news – inflation dropped to 1.6 per cent in September from 2.0 per cent in August. All eyes then shifted to BoC to see if it would reward Canadians with a larger rate reduction in October, possibly a half-point, with additional cuts expected in 2025.

Successfully wrestling inflation – the whole point of raising rates over the last few years – will ensure

that BoC will continue to pivot away from inflation concerns to supporting growth in the economy, says Tsiakopoulos.

“We will need to see further rate cuts before affordability improves enough to pull more first-time buyers into the market,” he says. “A sluggish labour market could also hold the strength of the recovery back in late 2024 and in early 2025. Look for an improving economy and lower mortgage rates to boost housing demand by the second half of 2025.”

On the job front, employment in Canada rose by 0.2 per cent in September to net 47,000 in September, following four consecutive months of little change. The good news here is that this was prompted largely by employment in Ontario increasing 0.5 per cent, or 43,000 jobs.

TIMING

Given that there are enough encouraging signs to suggest the market is turning the corner, now could well be a very good time for well-prepared prospective buyers to make their move.

“As we approach 2025, the housing market presents a unique opportunity for prospective homebuyers,” says Debbie Cosic, founder and CEO of In2ition Realty. Several factors – including declining interest rates and significant incentives to a shrinking supply of new homes – have converged to create the perfect conditions and time for purchasing property.

And, as we and our sources and expert columnists in Condo Life and Homes often underline, purchasing a home should be viewed over the long term. Economic and market conditions over the last few years have been anything but typical, and as they improve –remembering, of course, the more systemic challenges of housing policy and supply will take some time to sort out – well-prepared buyers could benefit.

Discover thriving communities in the heart of the Niagara region where the convenience and luxury of big-city amenities and excitement are perfectly combined with charm, green space, and quaintness only found in smaller towns.

Enjoy modern home designs, luxury finishes, exceptional building standards, and the ease of customizing your home to perfection at our award-winning Design Centre. Welcome to Mountainview Country. FIND OUT MORE ABOUT OUR

MOUNTAINVIEW BUILDING GROUP NAMED

BUILDER OF THE YEAR

AT THE ONTARIO HOME BUILDERS’ ASSOCIATION 2024 AWARDS OF DISTINCTION GALA

Mountainview receives two awards at this year’s Awards of Distinction — 2024 Builder of the Year and Best Décor Centre

Excitement was in the air at this year’s OHBA Awards of Distinction (AOD) Gala, held on September 24 in Niagara Falls, where Mountainview Building Group was the recipient of two awards: prestigious Builder of the Year (Large Volume), and Best Décor Centre.

Builder of the Year demonstrates outstanding community service, innovation, sales and marketing excellence, and support in the industry. “Our success is about more than building homes – it’s about building community,” said Mark Basciano, President of Mountainview Building Group. “That is why this award is particularly special to us, as it recognizes not only exceptional building and design, but also the homebuying experience and the community impact we make through our philanthropy projects – things that we have always been passionate about and make a priority each and every day.”

“It’s our team’s incredible commitment to providing the best new home building experience that is the foundation of our success.”

– Nicole Kennedy

With over 45 years of experience, Mountainview has solidified itself as an industry leader in design, innovation, and service. The group comprises both residential and commercial divisions and is behind some of the most soughtafter developments in the Niagara region while putting great emphasis on philanthropy. Over the years, Mountainview has supported numerous charitable organizations, including FACS Family and Children Services Niagara, Ronald McDonald House South Central, Niagara Children’s Centre, Pathstone Mental Health, and Hotel Dieu Shaver Health and Rehabilitation Centre. They are also celebrated as a founding donor for their $3M donation to the new Niagara Health hospital, South Niagara Site.

“Our success is about more than building homes – it’s about building community.”

– Mark Basciano

“This award is a testament to the devotion our team of hardworking, talented individuals puts fourth each and every day to ensure their work is making a positive impact on our homebuyers, the community we are so proud to call home and an industry we love,” said Basciano. “We are truly honoured.”

In addition to Builder of the Year, Mountainview was also the recipient of Best Décor Centre, for its brand new Design House where homeowners choose their interior and exterior finishes, and customize their home. Designed to represent the beautiful options homeowners can choose from, the Design House is also a great source of inspiration and a stunning

representation of today’s style. However, the customer experience is always paramount, so the space is not only beautiful, but extremely functional offering an easy, stress-free and fun experience for homeowners. “We are thrilled to be the recipient of this award, being in such good company,” said Nicole Kennedy, Director of Sales and Marketing. “It’s our team’s incredible commitment to providing the best new home building experience every step of the way through the homebuying journey, that is the foundation of our success.”

The OHBA AOD gala celebrated building excellence across the province of Ontario, recognizing the creativity, innovation and talent of builders, renovators, developers, and agencies within this dynamic industry.

For more information about Mountainview Building Group, visit mountainview.com. To learn more about the OHBA Awards of Distinction visit www.ohbaaod.ca.

Pictured: Mark Basciano, President; Mike Memme, Operations Manager; and members of the Mountainview Building Group team.

What MORTGAGE REFORMS mean for buyers

by KEVIN LEE

It’s now well documented that one of the major pressures on housing affordability is a lack of housing supply – something that the Canadian Home Builders’ Association (CHBA), has been warning about for many years. When there aren’t enough homes to meet demand, home prices go up – it’s economics 101. We need more homes in

the places people want to live, and more of the types of homes that they need.

A home’s affordability is determined by three factors: Price, mortgage rules and the buyer’s income. Housing affordability is a balancing act. If incomes don’t keep up with the pace of inflation, if house prices rise too quickly, or if mortgage rules don’t allow for well-

qualified buyers to purchase a home, then the balance is broken and affordability suffers. And that’s what Canadians have been experiencing over the past 15 years, resulting in falling homeownership rates.

Our chronic lack of housing supply is one of the biggest factors driving house price increases. Two years ago, the federal government stated that we need to more than double annual housing starts over the next decade and build 5.8 million homes to house people and address affordability. However, we haven’t seen a notable increase in housing starts since then, although the need is clearly there. So why aren’t we building more homes?

For builders and developers to begin construction, they need to have buyers. But right now, home prices and mortgage conditions have been keeping buyers out of the market. Although interest rates are starting to come down, they have not yet come down enough to result in more new-home buying and building activity – and if we are to double housing starts, lower interest rates alone will be insufficient. Meanwhile, the overtightening of mortgage rules (there have been more than 60 changes to mortgage rules over the past 15 years) has resulted in well-qualified buyers, especially first-time buyers, being locked out of the market. The only way to close the supply gap to avoid rapidly escalating house prices in the future is to be able to build more homes now, and access to mortgages to enable that is key.

On Sept. 16, 2024, the federal government announced that moving forward 30-year amortization periods will be available to all first-time buyers on any home (new or resale). This option of a 30-year mortgage is already available for uninsured mortgages, that is buyers who already have a 20-per-cent down payment. So, if you have help from the “bank of mom and dad” and you can get 20 per cent down, you can get a 30- or even 35year mortgage. Furthermore, if you’re a move-up buyer with 20-per-cent equity, you can also already get a 30-year (or more) mortgage. But if you’re on your own, trying to buy your first home, and can’t get 20 per cent down, you’ve been previously restricted to a 25-year mortgage, which makes no sense. This has been unfair to the next generation of Canadians, especially those without homeowning parents to help out. The result has been falling homeownership rates. This change will help with that, while driving more construction.

The government is also extending 30-year amortizations to all buyers of new construction homes (not just first-time buyers). This will also stimulate more new home construction, since move-up buyers who don’t yet have 20 per cent down for their next home (for example, someone selling their condo and moving into a townhome as their family grows) will also now be able to qualify for their next mortgage. The increase of

the insured mortgage cap from $1 million to $1.5 million will also be very helpful, especially in expensive markets such as Toronto and Vancouver.

While some have voiced concern that these changes will result in increased home prices, it is helpful to note that Canada Mortgage and Housing Corp. previously assessed the impact on house prices if there were 30-year amortizations for all insured mortgages, and estimated that it would result in a home price escalation impact of only 1.0 to 2.4 per cent. So, the impacts of these more targeted changes will be less than that, while creating much more housing supply to keep rapid price escalation at bay.

We need to remember: The biggest risk of price escalation comes from lack of supply. So, mortgage rule changes that will enable the construction of thousands of more new homes is a very positive move for affordability. And its impact on prices will be much less than the double-digit price inflation that has been coming from the lack of housing supply. In fact, more supply reduces price inflation – again, economics 101.

This is not to say that Canada doesn’t also need to do a lot when it comes to the actual costs of homes, including taxation on them. Cost increases have come in the form of land and building material costs, skyrocketing development charges and taxes, and municipal processes and delays that also drive up construction costs. We need to come at the housing affordability crisis from every angle – and mortgage rules is part of that solution mix.

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

BUILDING THE FUTURE: Addressing Ontario’s housing affordability crisis

by SCOTT ANDISON

The Ontario Home Builders’ Association (OHBA) is at the forefront of bridging the gap between industry, government and the public, working to tackle the pressing issues in Ontario’s housing market. Alongside our 28 local chapters, we are committed to collaborating with government decision-makers and key stakeholders to ensure

that housing remains affordable while keeping pace with growing demand.

For more than a decade, Ontario, the most populous province in Canada, has witnessed a steady rise in housing costs, driven by a demand that far exceeds supply. In recent years, it has become increasingly evident that expanding housing supply is critical to

resolving Ontario’s housing affordability crisis. Since 2022, when the Housing Affordability Task Force set a goal of building 1.5 million new homes by 2031, the provincial government has remained resolute in its mission to create more housing opportunities for Ontarians. OHBA is proud to support this initiative, working closely with home builders across the province to help government officials understand the industry challenges that hinder the construction of diverse housing types.

THE MUNICIPAL CHALLENGE: A BOTTLENECK IN THE SYSTEM

While the province and industry share common goals, municipalities are the gatekeepers of the approval process needed to start construction. Unfortunately, since 2020, municipal planning and permit approval times have risen by an average of 41 per cent. These delays lead to increased costs for homebuyers and prolonged construction timelines, often resulting in years of delay before builders can even begin a project. If Ontario is to meet its ambitious target of 1.5 million new homes by 2031, reducing these regulatory hurdles is essential.

OHBA has long advocated for reforms to the Planning Act that would establish a more streamlined, unified regulatory framework. With 444 municipalities in Ontario, the current system – where each has its own approval process – is inefficient and unsustainable. A single framework would allow builders to navigate approvals more easily, leading to faster construction and increased housing supply.

SECURING LAND AND INFRASTRUCTURE FOR FUTURE GROWTH

Beyond regulatory reform, OHBA has called on the province to secure adequate land supply to meet the needs of Ontario’s population growth through to 2051. At present, land within urban boundaries, particularly in the Greater Golden Horseshoe region, is insufficient to accommodate mid and long-term population growth. Ensuring enough land is available, alongside investments in necessary infrastructure, is critical to supporting housing development.

Initiatives such as the Housing-Enabling Water System Fund have proven to be instrumental in

expanding infrastructure capacity, unlocking tens of millions of dollars in funding to support infrastructure projects essential to new home construction. This level of commitment to infrastructure development must continue to meet housing needs effectively.

FINANCIAL BARRIERS: THE HIDDEN COST OF NEW HOMES

In addition to addressing regulatory and land supply issues, government action is also needed to reform financial regulations that exacerbate housing affordability challenges. Although OHBA contributed to the recent provincial consultation on surety bonds as an alternative to Letters of Credit (LOCs), the financial burdens on builders remain substantial. Fees, taxes and other charges make up between 25 and 30 per cent of the cost of a new home – adding as much as $250,000 to the final price tag for homebuyers. These costs not only burden builders but ultimately drive-up home prices, placing them out of reach for many Ontarians.

By carefully evaluating the necessity of these charges and eliminating those that are redundant, the province can play a significant role in reducing home costs and speeding up the rate of construction.

THE ROAD AHEAD: A COLLABORATIVE EFFORT

Ontario is in urgent need of more homes, and they must be homes that people can afford. To achieve this, we need to build faster, more efficiently and with a cohesive strategy that brings together all stakeholders in the process. OHBA believes that every Ontarian deserves the opportunity to own a home that fits their financial means and allows them to thrive in a community.

OHBA acknowledges the Ontario government’s efforts in urging the federal government to take stronger action in addressing high interest rates. Although there are early signs that borrowing costs may decline, it is crucial to see more substantial reductions. Lower interest rates would significantly ease financing costs for new home construction and reduce mortgage expenses for prospective homebuyers, making homeownership more attainable for Ontarians.

By aligning efforts between government, municipalities and the building industry, and taking bold steps to address land supply, infrastructure and financial barriers, we can create a more affordable and sustainable housing market for all. Together, we will build Ontario’s future.

Scott Andison is Chief Executive Officer of the Ontario Home Builders’ Association (OHBA). ohba.ca

Looking ahead: BILD’S FOCUS FOR 2025

by DAVE WILKES

The year 2024 has presented significant challenges for the homebuilding industry. Although macroeconomic conditions are showing signs of improvement, with easing interest rates, many prospective homebuyers remain hesitant to leave the sidelines, and both consumer and business sentiment continue to be cautious.

Against this backdrop, the cost to build in the GTA, at a rate the market can absorb, will be a defining issue in 2025. Addressing this challenge will be crucial for the sector’s recovery.

BILD’s agenda for 2025 is centred on tackling these pressing issues – with a primary focus on advocating for reduced building costs through immediate relief from government-imposed fees and taxes. This includes addressing development charges (DC) and urging the federal government to fulfill its long overdue promise to update the threshold price for new

homes that qualify for a full federal HST rebate. This is a two-pronged approach which aims to help new projects pencil out and to try to stimulate demand by increasing rebate amounts for consumers currently on the sidelines.

In addition to these immediate measures, BILD will work towards identifying sustainable financing mechanisms for growth and improving planning and approvals processes. These conversations are occurring in isolation across the GTA and BILD research and public communications are central to this effort. In 2024, BILD published four unique research papers, and this will be followed by four more in 2025. Next year’s research will explore alternative mechanisms to development charges, purpose-built rental, land use and land use policy considerations in the GTHA – and, in collaboration with a prominent think tank, a new effort to produce a series of micro papers throughout the year addressing common issues and solutions.

BILD’s advocacy efforts span municipal, provincial and federal levels, forming the core of its services to members and the industry. At the municipal level, numerous active files across GTA municipalities fall into three main categories: 1. taxes, fees and charges, 2. municipal approvals and efficiencies, and 3. policy reforms that support development. In 2024, BILD successfully concluded several appeals, and anticipates resolving the remaining 14 appeals in 2025. Provincially, key priorities for 2025 include the potential for an early election, electrification of new homes, consumer protection requirements, funding for new communities and the anticipated Greenbelt review. Federally, advancing purpose-built rental initiatives and HST rebate indexing will be critical.

To further support advocacy and frame public discussions, BILD will continue phases two and three of its Do Something public education campaign in 2025. The goal of the campaign is to keep housing issues

front and centre in the public’s mind, and to make sure sustainable solutions are tabled and adopted by all political parties and candidates during the upcoming election cycles.

As 2024 concludes, BILD remains committed to working urgently to ensure that 2025 brings significant improvements for the industry. For more information about BILD and its initiatives, visit bildgta.ca.

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.

CENTRAL PARK

Nature-inspired community winner of prestigious IPAX Americas Property Award for “Best Sustainable Residential Development” in Canada

Amexon’s The Residences at Central Park is a vibrant, master-planned, mixed-use 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 2024 IPAX AMERICAS AWARD

Central Park has been awarded the prestigious IPAX Americas Property Award for ‘Best Sustainable Residential Development’ in Canada. The IPAX awards stand as a globally recognized symbol of excellence, honoring outstanding achievements across the real estate sector. The award adds to a growing list of accolades for Central Park and further solidifies Amexon’s leadership in environmentally focused design and innovation.

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 set to launch. 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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The award adds to a growing list of accolades for Central Park and further solidifies Amexon’s leadership in environmentally focused design and innovation.

BRICK BY BRICK: Building homes for a growing population

by MIKE COLLINS-WILLIAMS

The residential construction industry continues to be a vital force in driving Canada’s economic growth by generating critical tax revenue, supporting well-paying jobs in the skilled trades and boosting associated manufacturing, financial and supply chain sectors. Yet, as the demand for housing reaches unprecedented levels, the industry faces mounting obstacles that are slowing the construction of new housing supply when it is needed most.

Without new housing, cities face:

• Financial stagnation , with minimal property tax assessment growth

• Aging populations with the number of children and young people gradually decreasing

• A shrinking workforce that leads to economic downturns

Soaring housing costs make homeownership increasingly unattainable and drive young families out of cities across southern Ontario. At the heart of this

As the Greater Golden Horseshoe continues to grow and evolve, the outlook for our cities remains bright.

crisis is a severe housing shortage, compounded by rising construction costs and heavy taxation on new homes. Taxes – accounting for 25 to 30 per cent of a new home’s price – exacerbate generational inequity, forcing young people and families to search for attainable housing outside urban centres.

In just over the last three years, Canada’s population has increased more than it did between 1991 and 2000. Yet, we have built 900,000 fewer homes than we did in the 1990s, failing to keep pace with growing demand. Across Ontario, new housing construction starts have significantly slowed down in 2024, with highrise and midrise condo sales in the GTA and Hamilton reaching a 27-year low. As population growth accelerates, housing supply continues to shrink, largely due to the lack of long-range planning and crippling taxation.

Cities across southern Ontario exemplify this growing challenge. For example, Hamilton’s population is projected to surge from 590,000 today to over 860,000 by 2046. Supporting this growth requires the construction of significantly more housing – well beyond the provincial government’s goal of 47,000 new homes in Hamilton. However, the current pace of residential construction across southern Ontario lags far behind. Labour shortages, high interest rates, tax burdens and outdated zoning regulations are further compounding the problem. The construction sector is also facing a retirement wave, with more than 80,000 skilled workers expected to leave the workforce in the coming decade, creating even more urgency to improve productivity and address all the issues.

To help overcome these challenges, the West End Home Builders’ Association (WEHBA) is leading the efforts in advocating for innovative solutions to alleviate the housing crisis in Hamilton, Grimsby and Burlington. Some of the key initiatives include:

1 Reducing development charges in Burlington : Municipal development charges are a major factor contributing to the high costs of housing. These fees, levied by local governments on new housing developments to cover infrastructure costs, have surged in recent years. The City of Burlington demonstrated great leadership on this issue, and after working with industry partners to carefully review their future investment needs, it successfully reduced development charges to help address the housing crisis.

2. Limiting increases for development charges in Hamilton: Some municipalities unfortunately use development charges to cover costs not directly related to new development, such as public

parking garages and airport facilities, which substantially raises the prices of new homes. Young families, already struggling with the costs of homeownership, are further burdened by these charges, deepening the generational divide and threatening the long-term health of communities across Canada. The West End Home Builders’ Association challenged the initial massive increase in development charges by the City of Hamilton, and while the outcome is still a tax increase, our efforts reduced that increase by more than $5,000.

3. Addressing the housing supply crisis: Through a comprehensive report by economist Dr. Mike Moffatt, WEHBA continues to emphasize the need for housing supply to keep pace with the growing workforce and the need for family-friendly housing options in Hamilton and Burlington.

4. Championing brownfield remediation: Thanks to WEHBA’s advocacy, Hamilton’s Brownfield remediation efforts will be bolstered, ensuring that contaminated sites are cleaned up and redeveloped into valuable residential spaces.

5. Reforming parking policies: The recent push for reduced – and in some areas the elimination of –parking minimums in Hamilton and Burlington will not only drive down construction costs but will also promote intensification and affordability for young families and first-time buyers.

As the Greater Golden Horseshoe continues to grow and evolve, the outlook for our cities remains bright. Through partnerships between governments, stakeholders, community leaders and advocates, we are poised to build diverse, thriving neighbourhoods. By increasing housing supply and offering a variety of housing options, we can make homeownership a reality for countless young families and aspiring homeowners, ensuring that our cities stay welcoming, accessible and well-positioned for future growth. It’s crucial for both policymakers and the public to continue supporting these initiatives. Together, we can ensure that our cities remain affordable, focusing on practical solutions to meet growing housing demand.

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

New MORTGAGE REFORMS bring homeownership closer to reality

by JENNIFER PEARCE

Owning a home in the Greater Toronto Area (GTA) and Greater Golden Horseshore can feel out of reach for some, but new federal mortgage reforms are offering some muchneeded relief. The extension of 30-year insured mortgages to now include all firsttime buyers of all home types and buyers

of new builds, combined with an increased insured mortgage cap to $1.5 million, will provide flexibility and open up more opportunities for Ontarians to enter the housing market. These reforms, supported by TRREB, represent a crucial step forward in addressing affordability, and we’ll continue advocating for additional measures to improve the housing supply.

WHAT ARE THE NEW MORTGAGE REFORMS?

The federal government’s mortgage reforms include two major changes: Extending insured mortgage amortization to 30 years for all first-time buyers and raising the insured mortgage price cap from $1 million to $1.5 million. This better reflects high housing costs in markets such as the GTA, making homeownership more accessible.

The housing market especially presents increasing challenges for first-time homebuyers. The extension of the new 30-year insured mortgage to now include all first-time buyers will help alleviate the financial strain through lower monthly payments, making homeownership more feasible for many. The raised price cap for insued mortgages also acknowledges the GTA’s real estate reality, ensuring buyers have access to more financing options in this competitive market. TRREB has long advocated for reforms that tackle affordability, and while these changes are significant, they are only part of the solution.

In a recent statement TRREB CEO John DiMichele said, “These changes represent positive steps toward improving housing affordability and accessibility, particularly for first-time buyers in the GTA.”

We need to continue focusing on increasing housing supply, which remains an ongoing issue in our region. TRREB will work alongside government and industry stakeholders to ensure policies continue to address both demand and supply challenges. We remain committed to pushing for further measures that promote long-term affordability and ensure sustainable growth in the housing market.

Visit trreb.ca for the latest look into the housing market, plus read our stance on policies impacting our marketplace and to connect with a TRREB member realtor.

Jennifer Pearce is President of the Toronto Regional Real Estate Board (TRREB), and Broker and Owner with RE/MAX Rouge River Realty Ltd., a family-owned and operated brokerage established in 1987.

CONTRIBUTORS

2024 EXPERT PANEL

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

VIMAL PATEL Vice-President, Land Development, Geranium

MARIAM ABOUTAAM Director Sales, Marketing, Interior Design, Kylemore

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

STEPHANIE LANE Vice-President, Sales and Marketing, Geranium

FRANK SPAZIANI President, Kylemore

JASON PANTALONE Managing Partner, President and CEO, National Homes

INDUSTRY ALL-STARS

MIKE PARKER Vice-President, Sales and Marketing Georgian Communities

NICOLE KENNEDY Director, Sales and Marketing, Mountainview Homes

MATTHEW PANTALONE Managing Partner, Director of Acquisitions and Chief Sustainability Officer, Panergy, National Homes

Homebuying insights from marketing and sales icons

BARBARA LAWLOR

DEBBIE COSIC CEO & Founder

TAMI KENWELL

CHRISTOPHER MARKOVIC CEO

Expert Panel Stephanie Lane Vimal Patel

VICE-PRESIDENT, SALES AND MARKETING, GERANIUM

VICE-PRESIDENT, LAND DEVELOPMENT, GERANIUM

WHAT’S YOUR OUTLOOK FOR THE GTA HOUSING MARKET FOR 2025?

Stephanie Lane

This year has been challenging for housing markets, and this trend may persist into 2025. While mortgage interest rates are easing, resale market activity remains tepid, affecting those who rely on selling their current home to buy a new one. However, certain neighbourhoods are attracting buyers with unique lifestyle and in-home features that are not commonly offered, prompting purchase decisions. A prime example is Clarehaven Estates in Claremont, North Pickering, where Geranium sold 97 per cent of the homes within 10 months of launching in October 2023. Clarehaven offers rare 100-ft.-wide estate lots, stunning architecture, modern multigenerational layouts and luxury finishes – elements that resonate with today’s families.

AND FOR GERANIUM? ANY SIGNATURE OR MILESTONE MOMENTS COMING?

Vimal Patel

The housing industry faces significant infrastructure challenges, traditionally managed by municipalities, but now increasingly shifted to developers. While Ontario’s government has introduced infrastructure funding, alternative solutions are needed. At Geranium, we’re rethinking infrastructure delivery to create

cost-effective solutions for residential developments.

A major milestone is our Midhurst Valley master-planned community just 10-minutes from Barrie, which originally required more than $150 million in treatment facilities. By applying creative thinking and collaborating with the municipality, we implemented scalable facilities at a much lower cost, while still adhering to all the required regulations. This enabled the immediate delivery of 1,000 homes, with 350 already completed. We’re now applying this innovative approach to other developments in areas facing similar challenges.

INFLATION IS DOWN AND WE’VE SEEN CONSECUTIVE INTEREST RATE REDUCTIONS. AS ACTIVITY PICKS UP, WHAT ARE SOME OF THE REASONS BUYERS SHOULD CONSIDER GERANIUM?

Lane

Established in 1977, Geranium is one of Ontario’s most reputable builders. As a vertically integrated company, we manage all aspects of land development and home building, creating vibrant, niche and masterplanned communities for diverse markets. Our innovative approach focuses on lasting value, meeting current needs while allowing for future flexibility.

It’s important for prospective buyers to research the builder

they’re considering purchasing from. At Geranium, we understand that purchasing a home is a significant investment, and the process can feel daunting. Our experienced teams are here to guide you through every step, from selecting and personalizing your new home with preferred features and finishes, to providing ongoing support after you move in.

WHAT ELSE ABOUT YOUR COMPANY OR COMMUNITIES WOULD YOU LIKE PROSPECTIVE BUYERS TO KNOW?

Patel

We are proud to collaborate with stakeholders to design and build master-planned communities that exceed expectations. Our focus is on creating complete communities that offer not only homes but essential amenities. For instance, Midhurst Valley in Springwater includes parks, playgrounds, master-planned trails and schools. At Allegro in Aurora, we worked with the community to deliver a significant park, additional trails and public greenspace, making up nearly half the property. We also host annual events to help homeowners connect and foster lasting relationships.

Geranium is dedicated to giving back, demonstrated by our three-year partnership with Habitat for Humanity GTA and our staff’s volunteer efforts building homes for families in need. geranium.com

We are optimistic about being on the right side of the recovery, with pent-up demand from buyers and anticipated interest rate cuts expected to drive market activity.

WHAT

Mike Parker

VICE-PRESIDENT,

SALES

AND MARKETING,

GEORGIAN COMMUNITIES

IS YOUR OUTLOOK FOR THE HOUSING MARKET FOR 2025?

Our market has been challenging since the fourth quarter of 2022, with rising interest rates and inflation slowing overall activity. However, we saw a strong exception with the launch of our Craighurst Crossing community in October 2023, which performed beyond our expectations despite the challenging conditions. As we look to 2025, we anticipate a gradual recovery led by a few key factors.

While inflation is showing signs of stabilizing, it’s still a cautious outlook, rather than a complete resolution. Coupled with the interest rate cuts we’ve seen and more anticipated through 2025, we expect market activity to gain momentum as buyer confidence returns.

The recent decision by the federal government to raise the Canada Mortgage and Housing Corp.-insured mortgage cap to $1.5 million could also support this recovery by giving buyers more flexibility. However, whether this change will significantly impact overall market demand remains to be seen.

We are optimistic about being on the right side of the recovery, with pent-up demand from buyers and anticipated interest rate cuts expected to drive market activity.

AND FOR GEORGIAN? ANY SIGNATURE OR MILESTONE MOMENTS COMING?

Despite the challenges in the market, we have stayed focused and pushed forward with confidence, ensuring that we are well-prepared for the recovery. Our commitment to staying ahead has been unwavering, with significant advancements in site servicing and construction across all our developments. We are positioning ourselves to meet the anticipated demand with high-quality homes.

For fall 2024, we’re excited to begin initial home construction at Craighurst Crossing in the Village of Craighurst and Victoria Annex in

Collingwood, with additional sales releases scheduled for the fourth quarter. These milestones represent significant progress in two of our most eagerly awaited communities. Additionally, Windfall at Blue Mountain and Braestone in Oro-Medonte offer final-phase purchasing opportunities, drawing strong interest.

Further reflecting our growth and ambition, we are advancing approvals for a new community in Nottawa. With multiple projects moving forward, we are proud of our progress and optimistic about the opportunities ahead.

INFLATION

IS DOWN, AND WE’VE SEEN MULTIPLE INTEREST RATE REDUCTIONS. AS ACTIVITY PICKS UP, WHAT ARE SOME OF THE REASONS BUYERS SHOULD CONSIDER GEORGIAN?

We have beautiful communities in even more stunning locations. Georgian Communities designs homes that capture the essence of Oro-Medonte’s rural charm, The Blue Mountains’ four-season appeal, and downtown Collingwood’s historic allure. We offer options ranging from modern farmhouses and chalet-inspired designs to elegant urban streetscapes, with thoughtfully planned communities that encourage an active, connected lifestyle tailored to each unique setting.

WHAT ELSE ABOUT YOUR COMPANY OR COMMUNITIES WOULD YOU LIKE PROSPECTIVE BUYERS TO KNOW?

At Georgian Communities, we don’t just build homes – we create places where people connect with nature and each other. This vision has shaped each of our communities. We believe in connecting people, and this sense of belonging has earned us a reputation as one of Ontario’s most trusted newhome builders and developers. Each community offers more than just a home; it provides an enriched lifestyle and an environment that promotes togetherness.

Frank Spaziani

Mariam Aboutaam

PRESIDENT, KYLEMORE DIRECTOR, SALES, MARKETING, INTERIOR DESIGN, KYLEMORE

WHAT’S YOUR OUTLOOK FOR THE GTA HOUSING MARKET FOR 2025?

Frank

Spaziani

The outlook for the GTA housing market in 2025 is promising. With inflation around the two-per-cent target and easing price pressures, the environment for buyers and builders is improving. We’ve experienced decent sales in the luxury market throughout 2024 and expect to continue gaining momentum. As the economy stabilizes, consumer confidence will rise, encouraging more homebuying. On the construction side, supply chain challenges have been resolved, trades are more available, and at Kylemore, we’ve adopted innovative methods to accelerate building timelines. Overall, we expect a positive year ahead for the housing market.

AND FOR KYLEMORE? ANY SIGNATURE OR MILESTONE MOMENTS COMING?

Spaziani

In mid-2024, we celebrated the start of home construction at Angus Glen South Village (AGSV) in Unionville, a key milestone for this master-planned community. We’re on track to deliver the first closings by the end of 2025.

To showcase the livability of our floorplans and exquisite features, we’re investing in new model homes. The first of these will open in fall and a second in 2025.

We’ve been designing townhomes for a new phase of AGSV, with plans to launch sales this fall. At the same time, we’re ensuring these homes meet the community’s established high standards. Looking ahead, we’re advancing plans for the AGSV neighbourhood retail and a significant community park.

INFLATION IS DOWN AND WE’VE SEEN CONSECUTIVE INTEREST RATE REDUCTIONS. AS ACTIVITY PICKS UP,

WHAT ARE SOME OF THE REASONS BUYERS SHOULD CONSIDER KYLEMORE?

Mariam Aboutaam

At Kylemore, we are committed to building homes that offer lasting value through beautiful architecture, flexible layouts and superior finishes designed for comfort and wellness. As a premier luxury builder, we create thoughtfully designed communities for all types of families, from multi-generational households to young professionals and empty nesters. What sets us apart is our attention to detail, with high-end upgrades such as custom cabinetry, granite countertops, and top-tier appliances. We also prioritize comfort and durability with features such as advanced insulation and energy-efficient systems, ensuring long-term value. Kylemore homes are more than properties – they are lasting investments in quality and community.

WHAT ELSE ABOUT YOUR COMPANY OR COMMUNITIES WOULD YOU LIKE PROSPECTIVE BUYERS TO KNOW?

Aboutaam

Kylemore has been building awardwinning communities in Markham since 1997, delivering thoughtfully designed homes for 27 years. Committed to the city’s growth and character, we aim to continue this legacy for decades. Our small, dedicated team embraces innovation and the latest building science while honoring our rich history. We are involved in every stage of the process, from personalized sales experiences to hands-on interior selections, ensuring purchasers feel confident and supported. Our construction and customer service programs meet the highest standards, reflecting our commitment to craftsmanship and care that guarantee lasting quality for every homeowner.

kylemoreliving.com

As the economy stabilizes, consumer confidence will rise, encouraging more homebuying.

Expert Panel

The housing market in 2025 looks promising, with inflation down and consecutive interest rate reductions creating favourable conditions for buyers.

Nicole Kennedy

DIRECTOR OF SALES AND MARKETING, MOUNTAINVIEW HOMES

WHAT IS YOUR OUTLOOK FOR THE HOUSING MARKET IN 2025?

The housing market in 2025 looks promising, with inflation down and consecutive interest rate reductions creating favourable conditions for buyers. This shift will likely boost attainability and encourage buyers to re-enter the market.

AND FOR MOUNTAINVIEW BUILDING GROUP? ANY SIGNATURE OR MILESTONE MOMENTS COMING?

Mountainview is gearing up for an exciting year in 2025. We are thrilled to introduce a new collection of homes in several new communities within Niagara, which will feature a range of home options, including midrise condos, lowrise single-family homes and innovative multi-family homes. This diverse lineup is designed to cater to the evolving needs of today’s buyers, offering something for everyone – from first-time homebuyers to those looking to upsize or downsize. Our goal is to continue setting the benchmark for quality, design and customer satisfaction.

INFLATION IS DOWN AND WE’VE SEEN CONSECUTIVE INTEREST RATE REDUCTIONS. AS ACTIVITY PICKS UP, WHAT ARE SOME OF THE REASONS BUYERS SHOULD CONSIDER MOUNTAINVIEW?

Mountainview stands out for its award-winning quality, undeniably beautiful communities and customerfocused approach. Our new community releases, combined with our recognition as the 2024 OHBA

Ontario Home Builder of the Year, position us for continued success. The award acknowledges our ongoing commitment to excellence in the industry and positive impact on the communities in which we build, solidifying Mountainview’s reputation as a homebuilding leader. Plus, receiving the Best Design Centre award in 2024 reflects our dedication to helping buyers make their dream homes a reality. At our Design House, every Mountainview purchaser has the opportunity to work with our expert team to personalize their home, from the floorplan changes to the finest details. This experience ensures that each home is a perfect reflection of the buyer’s vision. Buyers who choose Mountainview are not just investing in a house – they’re investing in a home built to the highest standards of quality.

WHAT ELSE ABOUT YOUR COMPANY OR COMMUNITIES WOULD YOU LIKE PROSPECTIVE BUYERS TO KNOW?

Mountainview is more than just a homebuilder; we create vibrant communities designed to foster connection and enhance where we work, live and play. With wellthought-out floorplans, convenient access to schools and shopping, and an emphasis on family-friendly amenities, our communities are places where families can grow and thrive. Rooted in the Niagara region, we are dedicated to building not just homes, but the foundation for strong, lasting communities.

WHAT IS YOUR OUTLOOK FOR THE HOUSING MARKET FOR 2025?

Deena Pantalone

The good news is that inflation is now down to around two per cent, where it should be. That means rates have started to come down as well. Homes are easier to carry now than they were a year or two ago. While we don’t expect the return of the ultra-low rates from before COVID, there should still be some room for a few more rate reductions as we start the new year.

End-user demand is strong and it’s been pent up and held back by higher rates. We hope to see the market strengthen in the fourth quarter with the next rate cut, and that the spring market could be surprisingly strong.

Government policy at all levels still needs work. So much of the tax base is reliant on surcharges on homeownership. If we want a strong healthy real estate market, where affordable homes are available, then the burden needs to come off homebuyers.

GOVERNMENTS OF ALL LEVELS ARE AWARE THEY NEED TO DO MORE TO FACILITATE MORE NEW HOUSING. HOW WOULD YOU ADVISE THEM, TO HELP THE CAUSE?

We need a national housing program to help address the imbalance of demand and lack of available homes. The status quo hasn’t changed the paradigm. Yes, moves have been made but it’s an urgent issue that is impacting an entire generation of Canadians.

First-time buyers need direct support. In the U.K., mortgage payments receive a flat 20-per-cent tax credit. In the U.S., you can claim interest on the first $750,000 of your mortgage. Here in Canada, it applies only to investment properties. That’s not helping young homebuyers.

WHAT ADVICE WOULD YOU OFFER TO BUYERS?

Jason Pantalone Canadian housing policy has become a central issue due to affordability concerns. By 2025, governments may further tighten regulations on foreign buyers or implement more aggressive measures to curb speculative buying, such as the continued expansion of rent control or vacancy taxes. New housing affordability programs, potentially aimed at first-time buyers, could also be on

the horizon, but these may have limited immediate impact on home prices. Zoning restrictions, particularly on low-density areas in the GTA, are currently a bottleneck for supply. Changes that allow more mid- and highrise developments in established neighborhoods could help ease some pressure on supply, though these reforms can take years to show tangible results.

Lengthy approval times for new developments often delay housing projects. Implementing a more streamlined and transparent zoning approval process will speed up housing development.

Governments own significant parcels of land in urban and suburban areas. Identifying and releasing these lands for housing projects can make more space available for development.

Environmental considerations are becoming more important for buyers. By 2025, energy efficiency and sustainability in housing may be seen as more valuable, and governments could incentivize Green building practices.

WHAT IS IT ABOUT YOUR COMPANY THAT YOU WOULD LIKE PROSPECTIVE BUYERS TO KNOW AS THEY GO THROUGH THE HOMEBUYING PROCESS?

Matthew Pantalone

One of things I’m most proud of here at National is our program of innovation that’s led by the research we do with our buyers. We deliver what our buyers tell us they want.

Expert Panel

We started Panergy Wall Systems because we knew that energy costs were an issue. Panergy prefabricated walls save up to 15 per cent on energy usage, with three times less CO2 emissions, 80 per cent faster installation time and 90 per cent lighter weight. Also, there is far less waste, so we have cleaner sites and less environmental impact. We also have traditional brick and siding options, but Panergy is the kind of forward thinking we need for the future.

Panergy has won BILD’s prestigious Fearless Innovator Award, as well as The OHBA’s Awards of Distinction Innovation Award. Panergy Wall Systems are available at National’s Whitehorn Woods Community.

INDUSTRY ALL-STARS

We are witnessing incentives in the marketplace that haven’t been seen in decades. Developers are keen to attract buyers with sharp discounts and exceptional offers.

Debbie Cosic

CEO & Founder In2ition Realty

As we approach 2025, the housing market presents a unique opportunity for prospective homebuyers. Several factors have converged to create the perfect conditions for purchasing property, making now an ideal time to consider buying. From favorable interest rates and significant incentives to a shrinking supply of new homes, here’s why the current market dynamics favor buyers.

We are witnessing incentives in the marketplace that haven’t been seen in decades. Developers are keen to attract buyers with sharp discounts and exceptional offers. For example, The Grand at Universal City in Pickering is offering a vendor take-back mortgage at an incredible 1.99 per cent for three years. What makes this deal even more attractive is its flexibility – the mortgage is transferable if you need to sell, providing peace of mind and greater financial security.

Moreover, most condo developments today have a four- to five-year closing period. This extended timeline offers buyers a long runway to save for their deposits while locking in properties at today’s lower prices. Many developments are also offering stretched deposit structures, often requiring only five per cent per year over two to four years. This arrangement can ease the financial burden on buyers and provide more flexibility when planning their purchases.

In addition to favorable terms, developers are currently offering substantial discounts on many projects. With sales having slowed recently, there is less new inventory being built, which means fewer options will be available in the coming years. This situation is likely to lead to a classic supply and demand imbalance, driving up prices as the market heats up again.

Considering all these factors, there truly has never been a better time to buy pre-construction. The combination of falling interest rates, long closing periods, flexible deposit structures and attractive discounts provides a rare window of opportunity for buyers. As inventory tightens and prices begin to climb, those who enter the market now stand to benefit significantly from the rising demand and limited supply.

If you’re contemplating buying a home, particularly a preconstruction property, there is no better time than now. In2ition Realty has a plethora of projects across the GTA, offering incredible deals to match these favorable conditions. Whether you’re looking for a starter home, an investment property, or a luxury upgrade, we have options that cater to every need and budget.

To explore these opportunities, visit in2ition.ca or follow us on social media at @in2itionrealty for the latest updates and insights. Take advantage of the unique conditions and make your move before the market shifts once again.

in2ition.ca

Tami Kenwell President

Madhouse Advertising

Current market conditions are opening the door for more potential homeowners. To buy or not to buy? Trying to time the market is one of the biggest questions potential homeowners face. Right now, a unique combination of factors is creating a prime opportunity for buyers to enter the housing market through early 2025.

The mortgage cap rate has increased to $1.5 million. Buyers can now purchase more expensive homes with a lower down payment. This is particularly beneficial for those people looking to buy in more expensive areas, such as Toronto.

Average pricing for all product types has decreased year over year. Homes are more affordable thanks to increased housing supply, economic conditions and government policies aimed at improving housing accessibility. The downside is that these lower prices can attract more buyers, increase competition and drive prices up again, long term.

Further drops in mortgage interest rates are anticipated. Buyers interested in preconstruction sales can lock in the best price now. Then, they can continue monitoring interest rates and secure a lower rate before closing, making that new home even more affordable.

Explore new builds. The increasing supply of newly built homes can lead to better deals and incentives, over a resale. For instance, developers may allow you to extend your deposits across one or two years as an incentive to buy. This can give you more time to save or to keep your money working for you longer.

Stay updated on mortgages. The right mortgage can boost your buying power, making a home more affordable. Could an accelerated payment plan lower your interest costs while respecting your monthly budget? Or would you benefit from a longer-term mortgage with lower payments each month? Your lender can advise you on what makes sense for you.

Know your regional variations: Housing market conditions can vary greatly by region. Research local market trends to make informed decisions. Is there an up-and-coming neighbourhood that’s less expensive to buy in? Could your first home be a stepping stone to your second in your dream neighbourhood?

Negotiate your terms. Builders with unsold homes may be more willing to negotiate better terms to close the sale. Follow these tips, so you’ll be well-prepared when the right home catches your eye. Happy house hunting.

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INDUSTRY ALL-STARS

Right

now, a unique combination of factors is creating a prime opportunity for buyers to enter the housing market through early 2025.

INDUSTRY ALL-STARS

For numerous reasons, purchasing a home or condo sooner rather than later is always good advice. Waiting until 2025 to buy is fine, but some fence-sitters may want to consider purchasing a home or condo suite this fall and winter while the getting’s good.

Barbara Lawlor

CEO Baker Real Estate Inc.

People may or may not realize it right now, but we are in a rare buyers’ market – both for end users and investors. Those who are unaware of this situation might be choosing to wait to purchase a house or condominium. The recent interest rate cuts were meant to fuel the market, and developers are offering low deposits on inventory as well as assignment sales. This is an unusual combination of scenarios that are creating infectious synergy. As the Bank of Canada lowers the rate again, which is predicted, this opportunity will pass, and prices will start to rise.

In other words, this buyers’ market may not last.

Indeed, it has been an interesting year for real estate, and a lot of the news has been good. In April, the Canadian government announced in the federal budget that first-time homebuyers of new construction dwellings can obtain 30-year amortization periods (up from 25 years) for insured mortgages, making it easier to qualify. This change officially took effect on Aug. 1. In addition, building on the Tax-Free Home Savings Account, as of April 16, first-time buyers can withdraw up to $60,000 (up from $35,000) from their RRSPs without tax penalties to buy or build a home. The amortization extension, which enables more affordable monthly mortgage payment options, is part of the federal government’s plan to unlock nearly four million more homes. And of course, we have seen long-anticipated interest rate cuts from the Bank of Canada.

As we head into 2025, we seem to be in a more predictable financial environment with annual inflation cooling, declining mortgage rates and strong population growth. The market is stabilizing, and consumer confidence is growing. It’s amazing what interest rate cuts – and more coming in the near future – can do for trusting the market.

And consumer confidence is a major factor in a healthy economy. Homeownership remains a Canadian dream for most people, which is a good thing, as Canada relies heavily on our real estate sector for economic growth. Real estate is a driving force, as it constitutes a great percentage of wealth in households and across market sectors. In 2023, the real estate sales and brokerage industry in Canada alone was worth $26.1 billion.

For numerous reasons, purchasing a home or condo sooner rather than later is always good advice. Waiting until 2025 to buy is fine, but some fence-sitters may want to consider purchasing a home or condo suite this fall and winter while the getting’s good.

baker-re.com

Christopher Markovic

CEO

PMA Brethour INDUSTRY

Last year at this time, I wrote about opportunity during times of uncertainty, challenge and change. Over the past year, we have seen some serious shifts in the economy, the homebuilding industry and all of our pocketbooks. Although we are on the doorstep of a lower rate environment, these stresses haven’t subsided for many homebuyers in the market.

For those of you entering the new home market, congratulations. Next year at this time, we might just look back on the fall of 2024 and recognize that these times we are in today were the hardest – but also the best to find value in product and pricing.

I offer you three pieces of advice – first, look forward, next, be open and flexible with respect to your options and, finally, know that the market is destined to only go up from here.

Remember that so many of the events in the world over the past five years in the market were not the norm. Look forward with a realistic budget, not just based on your situation today, but into the future –the purchase price of your new home today, coupled with a schedule of declining mortgage rates may very well be different in one year from now.

Find a mortgage specialist, preferably one who specializes in new homes and condos, and begin the process early so you have assurance of having a partner along the way. More new-home builders and developers (and their financial institutions) are requiring that the homebuyer provide a firm mortgage approval, so it is as important that you have a clear and firm commitment so you can enjoy the next step in the journey. Know that the price you secure today, along with the final rate at the closing of your home, may just be the key to getting the home you want before any potential rush on availability.

Look at every option with clarity and through a lens of opportunity. I encourage you to always have your sights set, but be open to unique opportunities and be flexible. Now more than ever, be open to new housing concepts in communities and opportunities to stretch your homebuying dollar as far as possible.

Now is definitely the time to look for value in a sea of choices. While some consumers may be reluctant to enter the market, and prefer to sit on the sidelines and wait, those who choose to buy today may reap many benefits as the market responds and regains more normal levels of price growth.

Take advantage of this time. As a new-home buyer today, you will have access to the same leading innovations in homebuilding, energy efficiency and home design as always, but now you also have the market on your side. Now is the time to find some of the best value to extend your homebuying dollar.

pmabrethour.com

I offer you three pieces of advice: Look forward; be flexible with respect to your options; and know that the market is destined to only go up from here.

Navigating your FIRST HOME PURCHASE in today’s market

by JESSE ABRAMS

For many first-time homebuyers, entering the market can feel like a daunting task, particularly with rising interest rates and the increased cost of living. Despite these challenges, a growing number of Canadians are discovering creative approaches to make homeownership achievable – often without exceeding their budget. Here are some practical tips and emerging trends to guide you through this process and help you take that first step toward owning a home.

INNOVATIVE HOMEBUYING STRATEGIES

• Utilizing digital platforms: Many buyers are now exploring online platforms to streamline the home search and mortgage application process. A site such as ours at Homewise helps to make the process easy to find the best options from multiple banks and lenders. As shopping around is important.

• Opting for shorter mortgage terms: While fixed-rate mortgages remain a go-to choice, there’s increasing interest in shorter-term options to mitigate financial risks.

• Leveraging brokers: Nearly half of all homebuyers in provinces such as Ontario and British Columbia are relying on mortgage brokers for personalized support, alongside traditional lenders.

SHORT-TERM MARKET OUTLOOK

As of Sept. 20, the Bank of Canada adjusted the overnight rate down by another 25 basis points to 4.25 per cent, down from 5.00 per cent at the mid point of the year. Although this rate cut may encourage more people to explore the housing market, particularly in the fall, the overall demand in major urban areas is not expected to spike dramatically. Nevertheless, this could be the window of opportunity that cautious buyers have been waiting for.

UNCOVERING OPPORTUNITIES IN A CHANGING MARKET

Despite current high-interest rates, gradual decreases are making borrowing more accessible. Coupled with falling home prices, this could present a favorable scenario for first-time buyers. Homes that remain on the market longer are often sold at discounted prices, offering a valuable chance for those looking to get the best deal.

SAVING FOR A DOWN PAYMENT AMID RISING COSTS

Although inflation and increasing living expenses make saving difficult, many buyers are finding ways to make it work. A significant number of first-time buyers – nearly 40 per cent – are receiving financial assistance from family members, with an average gift of roughly $75,000 toward

their down payment. Additionally, only a third of buyers fully utilize tax-advantaged accounts such as RRSPs and FHSAs, which offer substantial savings potential. Even though the First-Time Home Buyer Incentive is no longer available, other programs such as the Land Transfer Tax Rebate, Home Buyers Plan, and First-Time Home Buyer Tax Credit still offer financial relief.

PRACTICAL STEPS FOR TODAY’S HOMEBUYER

• Plan your budget: Start by assessing your monthly spending and savings to establish a clear and manageable budget.

• Get pre-approved: Decide whether a fixed-rate or variable-rate mortgage aligns with your financial goals and risk tolerance.

• Consult with experts: Seek guidance from experienced mortgage professionals who can help you secure the best financing options based on your circumstances. Also, make sure you interview realtors. Everyone has different needs and just working with your friends, cousin’s mother-in-law may not be the best solution. Brokerages such as ours at Homewise Real Estate offer a variety of realtor to help buyers determine who is best for their needs.

• Search for listings: Something you are already doing, but always fun. Check out sites like our listing site to determine which homes and areas are right for you. Staying informed about market trends and taking advantage of the right tools can empower first-time buyers to make confident decisions in the face of economic challenges. With strategic planning and support from knowledgeable resources, homeownership remains an achievable goal – even in today’s evolving landscape.

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

Homebuying in 2025 HOW BEST TO PREPARE

by JAYSON SCHWARZ, LLM

What a year in real estate. Everything ground to a halt. Builders stopped opening new projects. Interest rates rose and then began to drop. Inflation went way up and has started to subside. There was no product on resale, then lots of resale. The condo market evaporated and is slowly recovering. What does this mean to you, and what should you do?

This is a remarkable time to take stock of your current situation. Have a hard look at your job; speak with your supervisor and make sure things are as secure as you

can. If applicable, speak to your significant other and budget the way things will be. Consider what happens if interest rates rise and be prepared for exigencies. We need to look back to how are parents did it; start a house deposit account and every week take money from your pay cheques and deposit in the account to ensure you can maximise the deposit to be put down. In fact, really look around. Do you have a Will? Are there Powers of Attorney in place in case, heaven forbid, there is a serious accident or head injury. Now, while the world is sort of on hold, get your life in order before moving forward.

Do not rely on the fact rates will continue to drop. We can expect house mortgages to level out between four and five per cent. Look at your lifestyle and where you want to live. For the first time in years, the condominium apartment market has taken a breath. If you are careful and look around, there are bargains to be had or at least units at fair pricing.

When you look at purchasing a condo, pay close attention to the common expenses and the condition of the reserve fund. This is especially true in the resale market. Has there been a Reserve Fund Study? If so, read it carefully, so you understand what could come down the pipe in terms of additional costs. In both new and older buildings, check for old dumps, train tracks, commercial malls to be built next door, amenities nearby and if a condominium are there restrictions, noise protection and whether Airbnb is allowed.

If you’re looking for a new detached house, there is a shortage of this type of housing everywhere, be it Minden, Haliburton, Lindsay, Peterborough or the GTA. Why is that? Well, the amount of levies, development charges and taxes put into every house represents anywhere from 25 to 40 per cent of the cost of the home. Government says it wants to facilitate more housing, and then cripples the incentive to build and makes new homes less affordable, and there are not enough homes being built. Resales continue to be expensive, and the market is tight. But there is light –the market is beginning to loosen up.

Maybe we need to temper our desires and look for smaller sixed houses on decent lots.

WE NEED ATTAINABLE HOUSING

We need the federal, provincial and municipal governments to donate or sell land at reduced prices and eliminate development and other charges for these kinds of homes. Expectations need to be tempered. The size of the home is relative. The number of 850- to 1,200-sq.ft., three-bedroom, one-bathroom homes built after the Second World War would astound you, and a generation grew up in them happy and healthy.

So, here we are with an unsettled year, an uncertain world, and to go back to where we started, an opportunity to get your house and life in order and move forward in a calm and solid fashion. Exercise your democratic right to push government on every level to find solutions. The late Hazel McCallion had a mantra and used to say to me, “Jayson there are no problems, only solutions.” We need more leaders like her – to adopt a go-forward, positive, solution driven agenda.

If we have learned anything since COVID, it is to be prepared and when it comes to the largest purchase in your life. I cannot think of anything more important. Find the right realtor to assist you and the right lawyer, one who does this for a living to guide you. Happy home hunting.

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