GTA Condo Life - November 16, 2024

A CLEAR AND WELCOMED SIGNAL

WAYNE KARL EDITOR-IN-CHIEF

Condo Life Magazine

EMAIL: wayne.karl@nexthome.ca

TWITTER: @WayneKarl

The Bank of Canada’s fourth consecutive interest rate reduction on Oct. 23 was just the news that many prospective new-home buyers – not to mention some builders and marketers – have been waiting for. BoC lowered the target for its influential overnight rate a full half-point to 3.75 per cent –the first time it has been below four per cent in two years.

Not only was it welcomed news, it’s also “a clear signal,” says Jesse Abrams, co-founder and CEO of mortgage comparison service. “It indicates that inflation is cooling faster than expected, and the Bank of Canada is moving to lower rates more quickly than anticipated. This is great news for prospective buyers and those renewing mortgages, as rates – while still higher than two years ago – are becoming more manageable.”

Indeed, declining interest rates and inflation, job growth and other important indexes are among the reasons prospective buyers can feel more buoyant about their purchase plans, as we head into the last couple months of 2024 and look forward to the new year.

As our 2024 Builders’ Annual (polybagged with this issue of Condo Life discusses, with more favourable interest rates, recent significant mortgage reforms and increasing focus on housing policy from all levels of government, things are definitely looking up. And as our Expert Panel and Industry All-Stars and other content in the Annual illustrates, there are plenty of new-home buying opportunities to take advantage of sooner than later.

The last few years haven’t exactly been the easiest for the housing industry, with uncertainty relating to supply, interest rates, inflation and pricing. Who could blame prospective homebuyers for feeling a little unsure?

But with these recent developments, and the help of expert sources, columnists and important industry voices in our 2024 GTA Builders’ Annual and our monthly sister publication HOMES, we are here to change that. To help you make informed and educated homebuying decisions when the time comes.

It’s looking more and more like that time just might be now.

PERSONAL FINANCE | JESSE ABRAMS

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

WESTERN VIEW | MIKE COLLINS-WILLIAMS

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

HOME REALTY | DEBBIE COSIC

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

INSIDE EDGE | RIZ DHANJI

Riz Dhanji is Pre-construction Sales and Marketing Specialist at RAD Marketing. radmarketing.ca.

DECOR | LINDA MAZUR

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

TRREB REPORT | JENNIFER PEARCE

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

BIG STYLE | LISA ROGERS

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes. Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and The Shopping Channel. Lisa is also a regular guest expert on CityTV’s Cityline. dunparhomes.com.

LEGALLY SPEAKING | JAYSON SCHWARZ

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

BILD REPORT | DAVE WILKES

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

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Hope McLarnon

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EDITORIAL DIRECTOR Amanda Pereira

EDITOR-IN-CHIEF – GREATER TORONTO AREA

Wayne Karl wayne.karl@nexthome.ca

CONTRIBUTORS

Jesse Abrams, Mike Collins-Williams, Debbie Cosic, Riz Dhanji, Barbara Lawlor, Linda Mazur, Jason Mercer, Ben Myers, Jennifer Pearce, Lisa Rogers, Jayson Schwarz, Dave Wilkes

EXECUTIVE MEDIA CONSULTANTS

Jacky Hill, Michael Rosset

VICE-PRESIDENT, MARKETING – GTA Leanne Speers

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Marilyn Watling

SALES & MARKETING CO-ORDINATOR

Gary Chilvers

BUSINESS DEVELOPMENT MANAGER

Josh Rosset

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DIRECTOR OF PRINT MEDIA Lauren Reid–Sachs

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PRODUCTION MANAGER – GTA Yvonne Poon

GRAPHIC DESIGNER & PRE-PRESS COORDINATOR Hannah Yarkony

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STRUCTURAL CHANGES NEEDED TO BOOST NEW HOME MARKET REBOUND: BILD

Greater Toronto Area (GTA) new home sales remained low in September, with slight price reductions and high, stable levels of available inventory, according to the Building Industry and Land Development Association (BILD).

There were 591 new home sales in September, which was down 69 per cent from September 2023 and 76 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

“GTA new home sales had another slow month in September 2024, despite three successive Bank of Canada rate cuts,” says Edward Jegg, research manager with Altus Group. “We now have a market that is highly primed with elevated inventories, falling prices and a further 50 basis point rate cut. All that is needed is for buyers to jump off the sidelines.”

Condominiums, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, accounted for 247 units sold in September, down 81 per cent from September 2023 and 85 per cent below the 10-year average.

There were 344 single-family home sales in September, down 41 per cent from September 2023 and 58 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached

houses and townhouses (excluding stacked townhouses).

Total new home remaining inventory increased slightly compared to the previous month, to 21,871 units. This includes 17,427 condominium apartment units and 4,444 single-family dwellings. This represents a combined inventory level of 13.8 months, based on average sales for the last 12 months. This remains a high months of inventory level (based on sales), however, the actual number of units maintains the trend seen since autumn 2023 of actual inventory levels near or just above the 20,000-unit mark.

“There is a ‘cost to build’ crisis in the GTA,” says Justin Sherwood, senior vice-president of communications and stakeholder relations at BILD. “With land, labour and material prices being what they are, it is very difficult to build a new home at a cost that the market will

readily absorb – and this issue is manifesting itself in the form of low sales and therefore lower housing starts in the GTA.

“Government fees and taxes comprise 25 per cent of the cost of an average home in the GTA. This is why BILD has been calling on governments to do something about lowering added fees and costs to help address affordability and to ensure that there is adequate supply of new housing available as buyers begin to return to the market as interest rates continue to decline.”

Benchmark prices decreased slightly in September for both singlefamily homes and for condominium units compared to the previous year. The benchmark price for new condos was $1.02 million, which was down one per cent over the last 12 months, while new single-family homes it was $1.56 million, down 0.1 per cent.

SALES AND AVERAGE SELLING PRICE INCREASE IN OCTOBER: TRREB:

Greater Toronto Area home sales increased strongly year-over-year in October 2024, and the average selling price was up slightly on an annual basis, the Toronto Regional Real Estate Board (TRREB) reports. Over the same period, new listings were up, but by a lesser annual rate.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” says TRREB President Jennifer Pearce. “The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity.”

GTA realtors reported 6,658 home sales through TRREB’s MLS system in October 2024 – up by 44.4 per cent compared to 4,611 sales reported in October 2023. New listings entered into the MLS system amounted to 15,328 – up by 4.3 per cent year-overyear. On a seasonally adjusted basis, October sales increased month-overmonth compared to September.

The MLS Home Price Index Composite benchmark was down by 3.3 per cent year-over year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to $1.13 million. On a seasonally adjusted basis, the average selling price edged up compared to September.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” says TRREB Chief Market Analyst Jason Mercer. “This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

“Policymakers can further improve affordability by reducing taxes on

home buyers,” adds TRREB CEO John DiMichele. “TRREB supports the Conservative Party of Canada pledge to remove the GST from the purchase of new homes sold for under $1 million, as this is an encouraging step towards giving new-home buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built.

“Given that the average price of a home in less affordable markets such as the GTA and Vancouver is over $1 million, phasing out the rebate between $1 million and $1.5 million, rather than a hard cutoff

at $1 million, would address this shortcoming,” says DiMichele. “Provincial consideration should also be given to matching this proposal.”

BILD URGES COMPREHENSIVE SOLUTIONS TO ADDRESS COST TO BUILD CRISIS IN TORONTO

In a recent deputation before the City of Toronto’s Executive Committee, the Building Industry and Land Development Association (BILD) called for a more robust approach to address pressing housing needs in the City of Toronto. The City’s current proposal, Expanding Incentives for Purpose-Built Rental Housing, is too limited and will not jump start the tens of thousands of stalled new rental and condominium units currently sidelined. The lack of a comprehensive solution is threatening the city’s pipeline of future housing supply and setting up conditions to make the housing crisis worse in the years ahead.

“While the current proposal acknowledges the challenges posed by rising cost to build, it represents a limited solution to a much larger problem,” says Dave Wilkes, president and CEO of BILD. “If the city’s own housing projects, built on city land, with federal subsidies cannot proceed without development charge and tax relief, it is no wonder that market units are struggling with costs to build, which is in turn acting as a barrier to adding the housing Toronto requires.”

The specifications of the proposed solution are narrowly defined and would be applicable only to the City’s own Housing Now projects

or projects that have received a federal subsidy through its Apartment Construction Loan Program. The vast majority of rental and condominium projects, including the 29,000 to 37,000 units that are currently stalled in the development pipeline, will not qualify. Such a niche solution means that as the crop of new buildings currently under construction are completed, very little new residential construction activity will be able to commence, greatly diminishing new housing supply in the region over the next three to five years.

“Today’s costs to build are out of sync with the ability of the market to absorb. As a result, new rental projects can’t pencil and preconstruction sales for condominiums have plummeted to less than 25 per cent of the 10-year average

levels,” adds Wilkes. “Housing starts are declining, and without a comprehensive solution this slide will continue – putting Toronto on the cusp of a very large housing shortfall by 2027 to 2030.”

BILD is actively encouraging the City to urgently seek the involvement and assistance of higher levels of government to expand its solution and develop a comprehensive housing strategy that addresses the financial viability of the sidelined housing projects.

“There is a window to take action today and avert a housing crisis of tomorrow,” says Wilkes. “We stand ready to work with the City of Toronto to encourage all levels of government to come to the table and create the comprehensive housing package the City needs.”

INTEREST RATE REDUCTIONS EXPECTED TO BOOST MARKET

The Bank of Canada instituted its fourth consecutive interest rate reduction on Oct. 23, lowering its target for the overnight rate a full half-point to 3.75 per cent – the first time it has been below four per cent in two years.

“Activity in Canada’s housing market has been sluggish in many regions due to higher borrowing costs, but (this) more aggressive cut to lending rates could cause the tide to turn quickly,” says Phil Soper, president and CEO of Royal LePage. “For those with variable rate mortgages – who will benefit from the rate drop immediately – or those with fast-approaching loan renewals, today’s announcement is welcome news indeed.

“With every cut to the overnight lending rate, more homebuyers are expected to come off the sidelines. In turn, rising demand will cause home prices to increase more rapidly, eliminating the advantages of lower borrowing costs. We expect that an early spring market is on the cards –a pull-ahead trend we’ve seen in previous market turnarounds.”

A key factor, inflation, has declined from 2.7 per cent in June to 1.6 per cent in September, prompting BoC’s decision to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to middle of the one- to three-percent range. If the economy evolves in line with latest forecast, BoC says it expects to further reduce the policy rate.

The Canadian economy grew two per cent in the first half of 2024 and is expected to grow 1.75 per cent in the second half, while GDP growth is forecast to strengthen gradually supported by lower interest rates. BoC forecasts GDP growth of 1.2 per cent this year, 2.1 per cent in 2025 and 2.3 per cent in 2026.

“The rate drop (on Oct. 23) was a clear signal,” Jesse Abrams, co-

founder and CEO of mortgage comparison service Homewise, told HOMES . “It indicates that inflation is cooling faster than expected, and the Bank of Canada is moving to lower rates more quickly than anticipated. This is great news for prospective buyers and those renewing mortgages, as rates –while still higher than two years ago –are becoming more manageable. This shift is particularly important for the over $350 billion in mortgages set to renew in 2025.”

In addition, Abrams says, many potential buyers who’ve been waiting for a significant rate reduction might now be more inclined to re-enter the market. “However, it’s important to remember that rate cuts often coincide with economic uncertainty. While this is a positive development, there is still market volatility to consider. For example, five-year bond yields have ticked up this week,

and the upcoming election could influence future rate decisions.

“Although more rate reductions are likely this year and next, it’s essential for borrowers and buyers to keep the broader economic picture in mind –rate changes aren’t guaranteed with every announcement, especially in a fluctuating environment.”

BoC’s next rate announcement is Dec. 11, 2024.

TRREB WELCOMES ONTARIO’S MEASURES FOR FAIR TAXATION AND HOUSING SUPPLY

The Toronto Regional Real Estate Board (TRREB) applauds the Ontario government for introducing several key measures to support a fair and affordable property tax system while promoting housing supply across the province in the 2024 Fall Economic Statement.

TRREB says the government’s ongoing review of the property assessment and taxation system, which focuses on fairness, affordability, business competitiveness and modernized administration tools, aligns with its long-standing commitment to advocating for greater tax fairness for Ontario

homeowners. TRREB is working on new research to contribute to the government’s consultations.

“We also encourage the province to remain focused on housing supply,” says TRREB President Jennifer Pearce. “This should include a mix of residential units, student housing, long-term care facilities and retirement homes, which are critical to meeting the diverse needs of Ontario’s growing population.

“TRREB is a champion of public policy solutions that will boost housing supply and enhance affordability for homebuyers, and we look forward to working with Minister

INDUSTRY

Calandra and Premier Ford as they strive towards the ambitious goal of 1.5 million new hones by 2031.”

TRREB also says it welcomes the government’s exploration of a beneficial ownership registry, requiring private corporations to disclose information about their beneficial owners. “Such a registry is an essential tool in combating financial crimes, such as money laundering and tax evasion within the real estate sector. It will empower law enforcement to better detect and prevent illegal activities, safeguarding Ontario’s real estate market and protecting consumers.”

SUPPORTS FEDERAL CONSERVATIVE PROPOSAL

Homebuilding groups are supporting a proposal from the federal Conservatives to end the federal sales tax on new homes sold for less than $1 million if they are elected.

“The GST thresholds haven’t changed since the introduction of the GST in 1991,” says Kevin Lee, CEO of the Canadian Home Builders’ Association (CHBA).

“Since then, house prices have more than doubled. Removing the GST on new homes will help improve affordability and enable more supply.”

“Removing the GST for new homes purchased for under $1 million may be the most significant housing policy commitment made in the past two decades,” adds Mike Collins-Williams, CEO of the West End Home Builders’ Association (WEHBA). “Removing the GST shows leadership to cut crippling levels of taxation on new housing, puts money directly back into the pockets of Canadians while combatting the housing crisis.”

WEHBA and CHBA have been advocating for years with all major parties for a change to GST thresholds and is encouraged that this policy addresses what has been a major contributor to affordability challenges when buying a home.

“We commend opposition leader Pierre Poilievre and his party for putting forward this plan to remove the GST and encourage the provinces to do the same, as it will save buyers tens of thousands of dollars on the purchase of a new home,” says Richard Lyall, president of the Residential Construction Council of Ontario.

“Builders have been urging the federal and provincial governments to remove the sales taxes to bring down the cost of new housing and spur construction of residential development.

“Taxes on new housing in the Greater Toronto Area, for example, are the highest in North America, and have combined with other factors to push the cost of new homes beyond affordability for many, especially first-time homebuyers. This move is a step in the right direction.”

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HOUSING POLICY

Study underlines need for government action as new housing lags behind population growth

A new report from the Building Industry and Land Development Association reveals that the number of new homes built in the GTA is seriously lagging significantly behind population growth.

CONDO MARKET

Navigating new condo purchases in a shifting market

As a prospective condo buyer in 2024, it’s crucial to understand that the market is currently in flux. However, this reality creates a silver lining: Opportunities for those who do their homework will naturally emerge during uncertain times in the market.

INSIGHT

The future of mixed-use developments in the GTA

The GTA is experiencing a transformation in urban planning, with mixed-use developments leading the charge. These projects bring together residential, commercial and recreational spaces, creating vibrant, self-contained communities that meet the diverse needs of today’s residents, and are essential to the way we build our cities.

Visit nexthome.ca

GROUNDBREAKING

Tridel breaks ground at Lakeview Village in Mississauga

Tridel has broken ground at Lakeview Village in Mississauga, beginning the construction of homes at Harbourwalk, the first building at the transformative 177-acre property that was once home to a coal-fired power plant.

MORTGAGES

Ottawa plans to raise the price cap and extend amortization on insured mortgages

If you’re considering buying your first home in Canada, there’s some notable news that could make your journey a little smoother. This December, Ottawa plans to expand the amortization period for insured mortgages to all first-time buyers and purchasers of new builds from 25 to 30 years, as well as raise the cap from $1 million to $1.5 million.

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COVER STORY

DOWNSVIEW WEST

TRANSIT-ORIENTED DEVELOPMENT SET TO TRANSFORM COMMUNITY

by WAYNE KARL

Transit-centric development, masterplanned communities, mixed-use developments, transformative projects… these are the types of housing you’re going to be hearing a lot more about in 2025 and the years ahead.

“These projects bring together residential, commercial and recreational spaces, creating vibrant, self-contained communities that meet the diverse needs of today’s residents,” says Debbie Cosic, CEO and founder of In2ition Realty. “As urban density increases, developments that integrate living, working, and leisure spaces are no longer a luxury – they’re essential to the way we build our cities.

Case in point, the massive, transformational project featured on the cover of this issue – Downsview West, by Canada Lands – one of the

largest transit-oriented communities in Toronto’s history.

Canada Lands recently submitted its Downsview West District Plan application, proposing a transformational development with about 8,800 homes for approximately 17,000 residents, including 20 per cent affordable housing, new parks and commercial spaces. Grounded in its involvement of over a decade in the community, Downsview West is Canada Lands’ third neighbourhood in the Downsview area. Building on the recently approved Downsview Secondary Plan, the community will transform the area adjacent to the Downsview Park TTC/GO station and Downsview Park.

“A complete community built for families, climate resilience, transportation, jobs and amenities,

the Downsview West District Plan is the result of robust engagement and our deep ambition to deliver more housing with affordability and diversity in mind,” says Stephan Dery, president and CEO of Canada Lands. “We look forward to continued collaboration with residents, builders, Indigenous communities and the City of Toronto to deliver on a neighbourhood that will transform the area for generations to come.”

Approximately 40 per cent of homes are designed to be two and three-bedrooms units, catering to diverse households, including families. Most residents will live within a five-minute walk from higher-order public transit, supporting the goal of having 75 per cent of trips taken by walking, cycling and transit. The community also features more than one

kilometre of off-street pedestrian and cycling paths, encompasses approximately 3.8 hectares (9.3 acres) of parks and open spaces, exceeding the municipal Planning Act requirements and providing spaces for gathering, recreation, tree canopy and rainwater retention.

Though details of the project have been announced, it will take some time to determine the precise breakdown of the home types, as well as the builders involved.

“Following our development applications submission, we expect approximately 18 months for City of Toronto approvals prior to detailed design and commencement of infrastructure work,” James Cox, vice-president of real estate, central region, for Canada Lands, told Condo Life. “Subsequently, we will look to initiate a competitive marketing and sales process to identify building partners, currently anticipated late 2026-27. Our priority in working with the City of Toronto and our partners is to accelerate and enable this muchneeded housing.”

The mix of homes responds to adjacencies and public realm objectives, Cox adds. Midrise heights will dominate the district, with tall buildings located near the Downsview Park TTC and GO interchange stations.

Downsview West will be a complete community with a wide range of new public amenities, including new parks and open spaces, at least one new school, at least three new daycares, a new community centre, retail space and public art.

There are also additional public amenities located near Downsview West, including Canada Lands’ Downsview Park, a 118-hectare (291 acre) urban park, Cox says. Downsview Park features naturalized areas that include a lake, pond, meadow and urban forest for enjoyment of the outdoors. It is also a venue that hosts music festivals and concerts, fireworks displays, food festivals and outdoor movie nights.

clc-sic.ca

Downsview West is certainly not the only Greater Toronto and Hamilton Area transit-oriented or transformative master-planned community, live-workplay developments that offer a variety of housing options and amenities.

SEVERAL ARE ALREADY UNDERWAY, IN VARIOUS STAGES:

ARCADIA DISTRICT

Arcadia District is a multi-tower condo development from EllisDon Developments at Bloor and Kipling in Etobicoke, standing at the forefront of a transformation in the heart of the Etobicoke City Centre. One of Arcadia District’s standout features is its connectivity, with a designated TTC stop and direct access to Kipling GO Station. arcadiadistrict.com

BRIGHTWATER

Brightwater, a transformative 72-acre master-planned community along the Port Credit waterfront in Mississauga, with numerous developers and types of homes. Builders include FRAM + Slokker, Dream, DiamondCorp and Kilmer Group. experiencebrightwater.ca

KINGSLEY SQUARE

Kingsley Square from Briarwood Development Group in Newmarket comprises two towers of 15-storeys, linked with a three-storey podium with commercial spaces at grade fronting onto the street. This new zone is calling for height and density along the newly completed York Region rapid transit system, and just down the street from the Southlake Regional Healthcare Centre. With sleek architecture, community-focused amenities and eco-friendly features, Kingsley Square is designed to offer residents a lifestyle centred around convenience, well-being and a sense of belonging: kingsleysquarecondos.com

LAKEVIEW VILLAGE

Lakeview Village, a transformative 177-acre mixed-use waterfront community also along the waterfront in Port Credit, involving different housing types and several builders, such as Tridel and Branthaven. Tridel, in fact, recently broke ground for Harbourwalk, the first building at the property that was once home to a coal-fired power plant. mylakeviewvillage.com

THE DESIGN DISTRICT

Design District by Emblem Developments is central to the rejuvenation of downtown Hamilton. The Design District is a three-tower master-planned condominium community at 41 Wilson St. With construction underway, the luxury community will begin to take shape and further attract buyers looking to capitalize on the vibrant growth of the city. emblemdevcorp.com

THE RESIDENCES AT CENTRAL PARK

Central Park is a master-planned, mixed-use condominium community located in the east end of the prestigious Bayview Village neighbourhood on Sheppard Avenue in Toronto, from Amexon Development Corp. This 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, and phase two is launching soon. centralparktoronto.com

THE MARKET FOR NEW CONDOS

HAS SHIFTED... SHOULD YOU?

BEN MYERS

As 2024 concludes, GTA condo buyers find themselves in a rapidly changing market. Following the price surge of 2021-22, driven by low interest rates, high investor demand, as well as surging construction costs

and government fees and taxes, the market has been trending downward slowly since the summer of 2022. Developers are cautious, balancing inventory with a slower pace of new launches, while economic factors, including recent interest rate cuts, signal potential relief for buyers and investors alike.

Average condo prices remain in the Greater Toronto and Hamilton Area as tracked by Zonda Urban in Q3-2024,

show a rate of $1,142 per-sq.-ft. (psf), translating to an average unit price of $784,000 at 689 sq. ft. – this is still a high price for the average first-time buyer. There were only 465 new condo sales recorded in the third quarter, and more than 2,300 units have been cancelled in 2024 due to the muted sales activity. Developers are adapting to limited demand by holding back new openings. In Q32024, only two projects, comprising

748 units, launched with just 15 per cent sold, underscoring the slow absorption across active projects.

Developers have introduced various incentives to attract buyers, such as capped development charges, extended deposit structures and rental guarantees. These concessions aim to offset high upfront costs and broaden appeal to investors looking to rent the units out. Buyers should evaluate these options carefully, and consider asking for more in-suite upgrades, as developers are much more willing to negotiate with serious prospective purchasers.

While investor activity has slowed due flat pricing and stabilized rental rates, the longer-term outlook suggests potential gains in both, as slower sales from Q3-2022 to Q32024 will result in fewer starts and limited supply delivered to the market in 2027 and 2028.

“

” The Bank of Canada’s recent 50 basis-point rate cut signals the successful effort to stabilize inflation…

Many condo developers are shifting the tenure of their buildings away from ownership, as purpose-built rentals are leasing between $4.75 and $5.50 psf, and leasing up quickly. However, due to higher upfront costs of a rental building, these projects are smaller as rentals in comparison to what they would be as condo units.

What this means is that developers are bullish on rental moving forward, and despite an increase in rental apartment starts, the lack of new condo sales will result in a crushing undersupply in three to four years, so this might be the exact time to start investing in a pre-construction condo unit scheduled for completion in 2027 and 2028.

Earlier this year, population growth in Ontario topped 500,000, and there is significant latent demand sitting on the sidelines, saving up for their next move. Despite recent announcements to scale back immigration, demographics support future housing demand.

The Bank of Canada’s recent 50 basis-point rate cut signals the successful effort to stabilize inflation, which has reached its lowest level since 2021. This reduction, combined with anticipated further cuts, should lower borrowing costs, making condo purchases more accessible. By 2025, analysts project that easing rates will foster a more balanced market, potentially boosting both new sales and resales.

Looking ahead, buyers should keep several considerations in mind.

Interest rates are likely to continue falling, reducing financing costs and improving affordability for both firsttime buyers and seasoned investors. Incentives remain crucial in today’s market, and evaluating their impact on your bottom line is essential. Moreover, the long-term demand driven by continued immigration suggests strong fundamentals for GTA real estate.

Although current sales and rental conditions are muted, the GTA condo market remains underpinned by steady demand growth, suggesting gradual recovery as economic conditions improve. Prospective buyers and investors may find this period a strategic entry point, as incentives, lower borrowing costs and long-term demand could signal a window of opportunity.

As always, do a lot of research, talk to experienced brokers, and hire a trustworthy mortgage broker. Good luck.

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

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*Prices and specifications are subject to change without notice. Illustrations are artist’s concept. See sales representative for details. E.&O.E.

THAT IS RIGHT FOR YOU HOW TO CHOOSE A COMMUNITY

When shopping for a new residence, there are many things to consider to find the perfect choice for you. One of them is community. You may buy a house or condominium suite, but your lifestyle extends far beyond the bricks and mortar to

your surroundings. As you shop, find out what opportunities are available for socializing, exercising, entertaining, shopping and running other errands – the things that mean so much as you go about your day-to-day routine.

BARBARA LAWLOR

Northshore Towns by National Developments

If you select a lowrise home, look at how far it is to drive or walk to local amenities. Perhaps the community features a multi-purpose centre or a convenient shopping centre. Is public transit access nearby? If so, taking a bus or subway could make going to work or running errands handy. Is there a park in the neighbourhood? That’s especially important if you have children who love to play outdoors or a dog to walk. Some communities have communal gardening plots, greenhouses and the like. You may elect to go freehold, or perhaps you

like the niceties that come along with a lowrise community where a condominium component covers the neighbourhood roads for snow removal and some year-round exterior upkeep.

Of course, the concept of community also factors in significantly in condominiums, which are in essence vertical communities. Condo residents love being able to work out, host large parties, barbecue, swim, watch movies and sports events on the big screen, lounge with neighbours, and even do

a bit of shopping on the ground floor without ever leaving the building. For them, the maintenance fees are well worth the convenience.

The fact that condominiums are placed close to transportation nodes and local amenities also plays a major role in people’s decisions to go condo. For intensification purposes, condominium developers are required to place buildings where residents can make use of existing and future infrastructure. This holds true for Toronto and for the GTA.

Today, families are also choosing to live in condominiums because of convenience. Some buildings contain a daycare facility, which is ideal for parents of babies and small children. Teens are able to hop onto a bus or subway to travel to games, concerts and other events – eliminating their parents having to warm up the car and drive them. Again, ease of living is key.

If you do decide to live in a condominium and believe there are amenities you may not use, such as a pool, keep in mind that when you go to sell someday, having swimming available in the building may sway a potential buyer’s mind. In addition, once you move in, you may find you love communal areas more than you thought.

Every buyer is different, and sales representatives recognize that. It is important to find the best home or condo suite to fit your needs and wants. What all new home purchasers have in common is the enjoyment of warranty coverage and being the dwelling’s first owners. Go vertical living.

Barbara Lawlor is CEO of Baker Real Estate Inc. A member of the Baker team since 1993, she oversees the marketing and sales of new home and condominium developments in the GTA, Vancouver, Calgary and Montreal, and internationally in Shanghai. baker-re.com

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.

“ ”

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

MAKE MORTGAGE RENEWALS

EASIER FOR CANADIANS NEW RULES

JESSE ABRAMS

The Office of the Superintendent of Financial Institutions (OSFI) recently announced a new rule for uninsured mortgages in Canada. Uninsured

mortgages no longer require stresstesting at renewal, which could save Canadian homeowners thousands of dollars.

HERE’S WHAT YOU NEED TO KNOW ABOUT THE NEW RULE

For years, many Canadians felt bound to their current mortgage lender at renewal time. A key reason

for this was the stress test, which is essentially an assessment designed to ensure borrowers can handle their mortgage payments in a rising interest rate environment. This stress test often prevented homeowners from switching lenders at renewal or refinance, leading many to accept renewal offers that weren’t necessarily in their best financial interest.

With the recent policy change, the stress test requirement for uninsured mortgages was removed, which means homeowners can now switch lenders more freely without facing this additional hurdle. This change comes at a crucial time, with approximately $350 billion in mortgages set to renew next year –up from around $250 billion this year – making it essential for homeowners to take advantage of this opportunity.

IT’S IMPORTANT TO SHOP DIFFERENT LENDERS

At Homewise, we’ve already noticed a significant uptick in homeowners

seeking better options at renewal, especially through our partner embeddable rate aggregators. As this trend continues, we expect even more Canadians to start shopping around for competitive alternatives and take the time to see what else is out there.

It’s crucial to keep in mind that lenders have teams focused on maximizing profits, which often leads them to offering you higher rates when it is time for renewal. That’s one of the reasons our team at Homewise emphasizes to never settle for your lender’s offer at renewal. By simply exploring other options, you could save a considerable amount of money. For example, our team has been able to consistently secure our clients new rates up to 0.4 per cent less than their existing lender at renewal.

To get the best deal, it’s essential to start shopping around at least four months before your renewal date. Begin by reviewing your current lender’s offer, then reach out to a mortgage broker to see what alternatives are available. A broker can provide access to a broader range of lenders, rates and features – making it easier to find a competitive deal compared to your home bank.

NAVIGATING THE HIGHER RATE ENVIRONMENT

Given the current economic climate and rising interest rates, the importance of this change cannot be overstated. Many homeowners are understandably anxious about renewing their mortgages, especially if their current rates are significantly higher than those available on the market. This new rule sets out to encourage more competition, which could eventually lead to lower rates for borrowers.

It’s also worth noting that this announcement is coming off the tail of two other policy changes. Last month, the government revealed plans to expand the amortization period for insured mortgages to all first-time buyers and purchasers of new builds from 25 to up to 30 years, as well as raise the cap from $1 million to $1.5 million. Together, these

announcements are likely to heat up the housing market, emphasizing the need for homeowners to carefully explore their lending options.

THE BENEFITS OF SWITCHING LENDERS

Switching lenders at renewal can offer several advantages beyond just securing a lower interest rate. Here are a few benefits to consider:

1. Getting a better rate: Of course, this is the obvious based on what is noted above, but shopping lenders to get a better rate can save borrowers thousands of dollars.

2. Improved features: Beyond rates, new lenders may offer more favorable features, such as reduced fees or more flexible repayment options.

3. Enhanced customer service: Working with a broker, such as ours at Homewise or someone similar, provides advice that you may not get when just accepting your renewal. This can be insights into what the right term may be, money-saving ideas and more.

4. Potential for cashback: Some lenders offer cash-back incentives for switching, which can help cover moving costs or other expenses.

These recent changes to mortgage renewal rules in Canada provide a valuable opportunity for homeowners to reassess their mortgage options. With the elimination of stress testing for many types of mortgages, switching lenders has never been easier. By taking the time to shop around with a company such as ours at Homewise, you can position yourself to secure a better rate, improve your mortgage terms and ultimately save a significant amount of money.

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

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2025 AND BEYOND:

WHAT’S DRIVING THE FUTURE

OF TORONTO PRE-CONSTRUCTION CONDOS?

RIZ DHANJI

With just a little more than a month left in 2024, the pre-construction condo market in the Greater Toronto Area is poised for notable shifts as we look into 2025 and beyond. Changing interest rates, evolving buyer

demographics and a constrained future pipeline are shaping a market full of both opportunities and challenges. Developers, investors and end-users are closely monitoring these trends to navigate what’s to come.

LUXURY REDEFINED FOR THE MODERN BUYER

Luxury condos have long been a staple of Toronto’s high-end real estate market, but the definition of luxury is evolving. In 2025, high-end living will increasingly emphasize lifestyle features that go beyond traditional luxury finishes. Buyers now seek units that support daily comfort and community, not just prestige. High-quality materials and functional layouts are in demand, along with convenient amenities that make condo living feel like a wellrounded experience.

For developers, this shift means that thoughtful design and a focus on quality craftsmanship are more essential than ever. With fewer projects expected to launch for a while, there’s an opportunity to redefine luxury in ways that prioritize livability and exclusivity. This approach could cater not only to those looking to the future for high-end investments but also to a growing base of end-users seeking primary residences.

THE SHIFT TO END-USERS

The market is seeing a noticeable shift from investor-driven purchases to end-user demand. More people are looking to make pre-construction condos their long-term residences rather than short-term investments. This shift is reshaping the types of features and amenities developers are offering. Unlike investors, end-users prioritize elements that add value to their lifestyle, such as home office spaces, shared wellness areas and community-building amenities.

As end-users become the focus, there is greater demand for layouts that allow flexibility, spaces that support work-from-home needs and enhanced privacy features. Amenities such as co-working lounges, rooftop gardens and fitness centres are no longer just add-ons but are essential for buyers seeking a lifestyle that integrates wellness and convenience. Developers who cater to these needs are likely to attract a new wave of buyers committed to their condos as permanent homes rather than investment assets.

2025 AND BEYOND: MARKET CONSTRAINTS AND PRICE PRESSURES

Looking ahead, a slowdown in new project launches suggests that the condo market may face a supply gap beginning in 2026. With many developments either on hold or set to complete in the coming year, fewer new units are expected to complete until 2029. This limited pipeline could

drive up prices as demand begins to outpace available inventory. As a result, prospective buyers in the GTA may face increased competition and potentially higher costs for new condos.

This constrained supply also emphasizes the importance of timing for both buyers and developers. While the current rate cuts are gradually encouraging market activity, it remains uncertain how quickly the inventory can be absorbed. For now, lower interest rates provide an opening for end-users to enter the market and lock in units before prices rise. However, as the market stabilizes, scarcity could lead to price pressures that affect both end-users and investors.

PREPARING FOR A NEW PHASE

In 2025, developers, buyers and policymakers are set to play key roles in shaping the future of Toronto’s condo market. The focus on end-user priorities and the drive to redefine luxury have opened doors for a more inclusive approach to high-end living. At the same time, a limited pipeline points to potential affordability challenges in the years ahead.

As this market transition unfolds, developers who anticipate end-user needs, emphasize quality, and address lifestyle preferences are likely to succeed. In a year defined by both challenges and opportunities, these shifts signal a new phase for the GTA’s pre-construction market – one where high-quality, end-user-focused developments will lead the way forward at least for a little while.

Riz Dhanji is Pre-construction Sales and Marketing Specialist at RAD Marketing. radmarketing.ca.

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MAXIMIZING GAINS IN A TOUGH MARKET:

THE CASE FOR GTA PRE-CONSTRUCTION HOMES

DEBBIE COSIC

As we close out 2024 and reflect on some of the most challenging real estate conditions in decades, there’s reason to remain cautiously optimistic about the GTA market. Despite the challenges and uncertainties, current market conditions provide a unique opportunity for prospective buyers and investors. Several factors are making this an opportune time to

consider real estate investment, from interest rates and attractive incentives to the limited supply of new housing options.

Today’s pre-construction condo developments offer extended closing periods, typically four to five years. This timeline allows buyers ample time to save for their deposits while securing properties at today’s prices. Additionally, many developments feature flexible deposit structures, with requirements often as low as 10 per cent total deposits, in some instances spread out as low as three per cent per year. This staggered

“

” For those considering buying pre-construction, this period offers a unique combination of lowering interest rates, favourable purchase terms, and limited inventory.

approach can significantly ease the initial financial burden, making homeownership or investment more achievable.

Another advantage is the availability of substantial discounts offered by developers. With recent market slowdowns, many projects are incentivizing buyers with reduced prices, creating a rare opportunity to buy at a discount. Additionally, with fewer new developments breaking ground, future inventory will be limited, which could lead to a classic supply-demand imbalance and rising prices when the market regains momentum.

While historic gains in real estate may not replicate at the same speed in the near term, the potential for long-term appreciation remains

strong. Real estate has consistently been a solid investment over the years, offering stability and tangible value. This trend, coupled with the current market conditions, means that those who enter the market now may benefit significantly as demand eventually outpaces supply.

For those considering buying pre-construction, this period offers a unique combination of lowering interest rates, favourable purchase terms, and limited inventory. In2ition Realty offers a diverse portfolio of projects across the GTA, each designed to match these ideal conditions. Whether you’re looking for a first home, a strategic investment, or a luxury property, our range of options caters to various needs and budgets.

Explore these opportunities with us at in2ition.ca or follow us on social media @in2itionrealty for the latest updates. Don’t miss this window to secure a property before the market shifts once again, setting yourself up to benefit from the upward demand and limited future supply

Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca

WOMEN IN INDUSTRY: EQUALITY AND DIVERSITY IN CONSTRUCTION

MIKE COLLINS-WILLIAMS

The West End Home Builders’ Association (WEHBA) is proud to highlight its ongoing commitment to promoting gender equality and inclusion in the construction industry through various initiatives, including two significant events held in October. The WE BUILD Showcase, hosted on Oct. 9, 2024, and the Seventh Annual WIN Luncheon, on Oct. 24, 2024, are vital milestones

in WEHBA’s mission to empower women in construction, skilled trades and STEM fields, reflecting the growing recognition of women’s contributions across all sectors of the industry.

WE BUILD SHOWCASE INSPIRES YOUNG WOMEN IN SKILLED TRADES

For the third consecutive year, WEHBA partnered with Mohawk College and the Ontario Youth Apprenticeship Program (OYAP) to organize the WE BUILD Showcase at Mohawk College’s Stoney Creek Campus for Skilled Trades. This event provided 100 young women

in Grades 7 and 8 with hands-on introductions to various career paths in residential construction, skilled trades and STEM fields.

The full-day event featured interactive workshops, guided tours of Mohawk’s Marshall School of Skilled Trades and Apprenticeship Campus, and engaging sessions aimed at inspiring the next generation of leaders. Students explored a range of trades and specialties through friendly competitions and activities led by WEHBA members and community partners.

The WE BUILD Showcase also featured booths from various

valued members in the industry, including Cachet Homes, Dynamic Heating and Cooling, Guest Plumbing & HVAC, Heartwood Renovations, Milwaukee, Ontario Youth Apprenticeship Program (OYAP), Turkstra Lumber, WalterFedy, and YWCA Hamilton. Through direct engagement with industry professionals, students explored the possibilities of working in these fields and learned about the academic pathways to get started.

WIN LUNCHEON CELEBRATES SUCCESS AND CONNECTION

Following the WE BUILD Showcase, the WEHBA held its Seventh Annual WIN Luncheon, which brought together incredible women in the industry for a day filled with motivation, connection and inspiring success stories. This event recognized outstanding contributions within the industry and honoured individuals who are making a significant impact.

The WEHBA proudly recognized Andrea Peckart with the Women in Industry Award and Kirstin Jensen with the Women in Industry

Young Contributor Award for their outstanding contributions. Their achievements highlight the increasing impact of women in the field and serve as an inspiration to future generations.

The luncheon featured a panel discussion with industry leaders, including Karen Linseman, vicepresident of operations of the Innovation Factory; Khadija Hamidu, vice-president of economic development at YWCA; and Samara Young, associate dean of building systems and sustainability at Mohawk College, moderated by Terri Johns, WEHBA past president and founder of Landwise. The discussion emphasized the importance of authenticity, self-worth and mentorship in advancing women’s roles within the industry.

BUILDING A STRONGER FUTURE TOGETHER

The WEHBA Women in Industry (WIN) Committee, founded in 2018, is the first women’s group within a Home Builders’ Association in Canada. Comprised of passionate women, the committee is dedicated

to supporting, educating and empowering women in construction, development, trades and STEM fields. Through networking events, educational sessions and monthly meetings, the WIN Committee fosters connections that advance gender diversity within these industries.

As WEHBA continues to champion equality and inclusion in construction, these events represent a pivotal step in inspiring and empowering the next generation of women leaders in the trades. With the support of community partners and industry members, WEHBA is dedicated to creating a more inclusive environment where women can thrive and excel in their chosen careers.

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

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BUILDING A MORE CONNECTED CITY: TORONTO’S

AVENUES REVIEW

Toronto’s iconic avenues are at the heart of our communities –vibrant corridors that connect neighbourhoods and support local businesses. But as the city grows, there’s an urgent need to rethink how these avenues can meet the future needs of residents and businesses alike. The City of Toronto’s Avenues Review aims to do just that and set the stage for new housing and urban growth, with the potential to add 160,000 new homes along these key streets.

WHY IT MATTERS

As Toronto is increasingly expensive and dense, finding innovative ways to create more housing is crucial. The Avenues Review seeks to streamline development along major streets, making it easier to build new homes where they’re needed most. This means more midrise buildings close to transit, offering affordable and accessible living options, while also fostering the growth of new businesses and services to support these growing communities. For both prospective homebuyers and renters, it’s about increasing options and creating well-connected neighbourhoods.

WHAT’S AT STAKE?

While TRREB supports the vision of the Avenues Review, there are some key challenges we’re working to address. The introduction of lengthy discretionary Local Area Reviews, proposed new land-use policies, and

the absence of a financial feasibility study for midrise buildings all present potential roadblocks. If left unaddressed, these issues could slow much-needed developments, making it harder to reach that goal of 160,000 new homes.

OUR VISION FOR THE FUTURE

At TRREB, we believe the Avenues Review has the potential to transform Toronto’s streets into thriving hubs of activity and opportunity. But this can only happen if policies are clear, flexible and financially viable. By encouraging mixeduse development and making the planning process more predictable, we can help build a Toronto where people of all ages and income levels can find a place to call home.

In the end, revitalizing our city’s main streets isn’t just about adding

buildings – it’s about creating communities. And that’s something that affects all of us. To learn more, you can read TRREB’s full Avenues Review submission at trreb.ca.

Visit trreb.ca for an indepth look into the current market conditions and to connect with a TRREB member realtor.

Jennifer Pearce, TRREB President, is a Broker and Owner with ReMax Rouge River Realty Ltd., a family owned and operated brokerage. She is a secondgeneration realtor and has been licensed since 2000. trreb.ca

JENNIFER PEARCE

IS IT FINALLY TIME

TO BUY YOUR NEW HOME?

JAYSON SCHWARZ, LLM

Interest rates are finally beginning to come down. The market appears to be settled and prices, although not dropping in freehold, are not rising significantly either. Condominiums aren’t moving, so that housing type might be worth considering. For the first time in a long time, it’s a buyers’ market.

SO, WHAT DO YOU DO?

Don’t be afraid, take your time, do the research to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions. What do I mean? No old dumps, train tracks, commercial malls to be built next door, or unknown condo amenities. Visit the local municipal offices and check with the planning and zoning department to ensure you know exactly what is planned for your neighbourhood.

Ensure that you and your significant other (if applicable) have solid, provable income streams and savings, and then speak to the mortgage specialists at the bank you deal with, and at the same time speak to a reputable mortgage broker. Companies such as the Mortgage Centre in Mississauga and Mortgage Providers in Toronto have the experience and integrity to get you the best deal. Find out how much money you are able to borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get

a pre-approval in writing so you have something to rely on, because today especially, it is critically important that you don’t get caught up in the rush of buying beyond your budget. Nothing is worse than living for the house, not living in and enjoying your home. Once you identify how much you can spend, determine if you want a condo or freehold home. Condo living provides a carefree lifestyle – someone else takes care of tasks such as cutting the grass and shovelling snow – and you pay common expenses. In addition, you may be limited in terms of how you can use the common amenities, and possibly even your own unit. And remember, due to the current softer market conditions, you may be able negotiate on price when buying a condo. A freehold home, on the other hand, provides the freedom to do what you want with the property, but maintenance and upkeep fall on your shoulders. The choices are boundless.

Next find a reputable lawyer who understands real estate, and a real estate broker you can trust. As an

example, I refer people to my son, Jonathan Schwarz, at Johnston & Daniel Division, Royal LePage Real Estate Services Ltd., Brokerage.

Once you’ve found the right area, type of home and realtor and lawyer, it’s time to find your home. Tour desired neighbourhoods, look for signs, read publications such as Condo Life, HOMES and newspapers, and visit schwarzlaw.ca and view the articles section, for more information on how to proceed.

Find your future home and make an offer. The timing is on the buyer’s side, for a change. Happy home hunting.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law Partners LLP. Visit online at schwarzlaw.ca or email info@schwarzlaw.ca with your questions, concerns, critiques and quandaries.

NATURAL BEAUTY WITH A TOUCH OF WOOD

by LINDA MAZUR

There is something about decorating with wood that is just so pleasing. Wood is warm and inviting, lending itself well to virtually any decor style. With its organic vibes and an abundance of personality and character, decorating with wood can move beyond just the basic flooring and furnishings.

From simple accessories, to lighting, beautiful contemporary bathroom faucets, wall and ceiling cladding, furniture, kitchen accents

and much more, incorporating wood in your home, outside of flooring, is only limited by your creativity. As a designer, I love the versatile nature of wood, and how its nearly endless array of colours and grain options can complement, and sometimes even dictate, the style within a space. Whether you feel more comfortable with a light, airy and modern vibe or love the rich, dark more formal woods, I’m sure you can agree that the addition of wood accents to your

home can create a depth in your design. However, working with wood is not just about simply incorporating it in your decor or using it creatively, it’s also about mixing wood types and tones to create a more stylish and elevate space.

When looking to mix and match your woods, the approach is no different than when you blend anything else, such as colour, textures or styles, it’s all about creating continuity or a story of sorts. You need to pay attention to key details such as grain, undertones and finish, to successfully blend your woods, as well as the overall style of the space and how the placement, usage, and proportion of your wood accents balance and complement the room. Another way of mixing multiple wood tones can be by introducing contrasting colours. For example, a room with several shades of warm-toned woods can be pulled together and punctuated with a highcontrasting wood stained in a dark, almost black finish. This can complete the space by adding more depth to the design, while adding visual interest.

Once you put together the palette that works for you, then all you really need to do is ensure you repeat the shades, at least two times, throughout to maintain continuity and structure within your space; this will make your room look well “pulled-together” without a lot of effort.

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

Here are a few tips to keep in mind:

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

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

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

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

• Decorating with wood and mixing different types or tones of wood can be impactful, but ultimately, it’s only a part of the overall design of the space – colour, texture, pattern all still play an important part.

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

@LindaMazurGroup

Keeping your houseplantswinteralive this

With the cooler weather upon us and no outdoor plants to attend to on our balconies, our thoughts turn to having caring for our greenery indoors throughout the winter.

The “plant parent” movement bloomed during the pandemic, with so many of us filling our homes with new plants and greenery to spruce up our space and make staying at home feel more fulfilling. But come wintertime, all those plants we lovingly nurtured during the summer growing season can take a bit of a turn – think browning and shedding leaves – with reduced sunlight and dry air from indoor heating. Winter isn’t a time when your plants will thrive, but they can survive and last through this dormant period with the proper care and attention.

Plant pros have plenty of simple steps you can action to keep your greenery healthy in the winter, and here are some of my fail-proof favourites, plus a shopping list on the best winter houseplants:

Think about a new placement

Look for spots in your home that still get the most sunlight, but avoid putting plants too close to drafty windows or radiators. Grouping plants together is also a great way to regulate moisture because plants release vapour into the air, so gathering them together can create a cluster of humidity between them.

Don’t repot or fertilize

Your plants won’t have the energy at this point to process fertilizer, and you’re going to have a buildup of salt and that material in the root system that could potentially damage the plant. Instead of following your spring/summer watering schedule, look for signs of thirst, such as curling or drooping leaves, since your plants won’t be consuming the same rate of water. And be careful not to over water your plants as this can cause the roots to rot.

Mist

Outdoor plants experience fog, rain, and mist during their spring/summer growing season. Indoors, the air is dry from your heating system. Remember to give them a little spritz from a mister every few days to keep houseplants happy.

Dust them

Yes, this is true. It’s essential to keep your plants clean, because when they get dusty, they can’t breathe. It plugs their leaves, which have tiny pores called stomata. If you cover a leaf surface with dirt, it won’t get the full effect of photosynthesis sunlight.

Rotate them often

Your houseplants like light all over, so don’t forget to rotate them. An easy tip: Turn your pots a quarter of a degree every time you water them, so you don’t forget.

HERE A FEW PLANTS THAT YOU, MIGHT WANT TO CONSIDER THIS WINTER:

Snake-Plant Laurentii

Ask any plant expert, and they often say the snake plant is “indestructible,” and it’s usually one of the most recommended low-maintenance winter plants out there.

They’re ideal for beginners, and they can even survive in windowless rooms. Because it naturally grows in dry climates, it’s remarkably drought-tolerant, so it won’t be bothered by too much dry heat.

Pothos

I love the look of this one because of how it trails down the pot, and it, too doesn’t require a lot of direct sunlight. It’s a very sturdy plant, and it can handle a variety of different light levels.

Aloe Vera

This large succulent is a common houseplant and remedy for soothing burns or itching. If given ample light throughout the year, aloes flower profusely in winter. They need well-drained, coarse soil and bright light.

Haworthia

Succulents and cacti are very well known to be some of the most low-maintenance plants, so these are particularly great for winter. They’re found in the desert, where it doesn’t rain a lot, and there isn’t a lot of humidity either, so they’re not going to mind the cold weather. However, if you can, place them near a window (even if it’s drafty) because they tend to require a good amount of sunlight.

Moth Orchid

These are probably the most recognizable orchids out there, with no shortage of these sold year-round. Give them filtered light and average soil moisture, and they will bloom for months with little more maintenance.

Lisa Rogers is Executive Vice-President of Design for Dunpar Homes (dunparhomes.com). Lisa has shared her style and design expertise on popular television programs such as Canadian Living TV, House & Home TV and as a regular guest expert for fashion and image, health and wellness and design on CityTV’s Cityline. Follow Lisa’s blog at craftedbylisa.ca

INSPIRATION | home finds

LIVING etc.

by SARA DUCK

The latest design and decor trends for your home

CALM ELEGANCE

"For this design, we wanted to create the ultimate spa-like experience with a feminine touch that was subtle and elegant. We brought in arches and rounded edges to add a delicate softness to the space. The colour palette leans light and airy, giving a sense of calm, and we added just a hint of blush pink in the details. Everything was carefully chosen—light, natural materials— to bring tranquillity and relaxation to the room." – Katy Mitchell, senior registered interior designer, Sansa Interiors.

LIGHT AND airy

Looking to update your bathroom vanity? Light wood brings a fresh, open feel to a bathroom, effortlessly blending natural warmth with modern minimalism.

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1. ANGSJON/ORRSJON sink cab with drawer in oak effect. $629. ikea.ca

2. MARIEN vanity with cultured marble top by Craft+Main. $850. homehardware.ca

3. CALISTOGA single-wide sink vanity. $2,999. potterybarn.ca

4. ISLEY double bathroom vanity. From $4,199. westelm.ca

The Mond Collection, inspired by the moon’s ethereal beauty, brings sophisticated simplicity to your space. With a variety of finishes — chrome, matte black and brushed gold — plus three faucet designs and interchangeable handles, Mond offers endless customization options. The collection’s graceful symmetry allows you to craft your ideal kitchen or bathroom fixtures with ease and style. vogtindustries.com

BEDROOM BLISS

The Nara collection is a series of stunning Japandi-inspired solid wood pieces that effortlessly complement Silk and Snow’s iconic wooden bed frames, creating a cohesive set that elevates any bedroom. Designed with future generations in mind, these pieces are built from durable hardwood, making them stylish, easy to clean and built to last. Available in four versatile pieces in rich Cortado or sleek Rubberwood finishes to create a timeless look in your home. silkandsnow.com

Cali cool

Gaby Dalkin, of What’s Gabby Cooking fame, has brought her California-cool vibe straight to your kitchen via an exclusive collection for Crate & Barrel. Inspired by her West Coast lifestyle, the line features neutral tones and recycled materials across kitchenware, serving ware, dinnerware, and more. Dalkin’s easygoing yet stylish approach offers everything from versatile appetizer boards to oak cutting boards, perfect for adding a laid-back, eco-friendly touch to your kitchen and dining areas. crateandbarrel.ca

In-store experience Quick refresh

SICO just dropped their Perma-Flex spray paint line, ideal for quick and easy outdoor refreshes. To update patio furniture or to give your outdoor projects a new look, there are three formulas to get the job done: An exterior fabric spray with UV protection; an all-surface option for various materials; and a clear topcoat for added durability. With a drying time of five minutes, you can get back to enjoying your space in no time. rona.ca

Miele Canada has opened its second in-mall Miele Experience Centre at CF Sherway Gardens, a 1,300-sq.-ft. space with more than 35 appliances on display. Shoppers can explore Miele’s craftsmanship through interactive product demonstrations and expert insights. Also available are cooking lessons, same-day cash-and-carry service for select items, and the flexibility of walk-ins, scheduled appointments, or virtual tours. miele.ca

MODERN COMPOST

Food Cycle Science introduces the Eco 3, the latest addition to its FoodCycler product line, designed to simplify food waste management at home. This sleek, compact electric recycler uses patented Vortech grinding technology to crush tough food scraps such as bones and fibrous vegetables into a dry, odour-free by-product, reducing landfill waste and methane emissions. The Eco 3 design integrates nicely into modern kitchens, with a powerful performance and quiet operation. foodcycler.com

by

SARA DUCK

1. Dolce & Gabbana stovetop moka ESPRESSO MAKER in carretto by Bialetti. From $165. williams-sonoma.ca

2. Yellow TOASTER by Kate Spade. $99. amazon.ca

3. Two-piece CUTTING BOARD set by GreenLife. $27. amazon.ca

4. CUTLERY set, 24-pieces by Play! $701. villeroy-boch.ca

5. The smart KETTLE luxe in olive tapenade. $300. breville.com

6. Porcelain PLATE. $15. hm.com

7. 50’s style REFRIGERATOR with LED lighting and bottom freezer by Smeg. $2,999. bestbuy.ca

8. Stanley Tucci ceramic non-stick essential STANLEY PAN in carrara white by GreenPan. $289. williams-sonoma.ca

9. BRAISER in chambray by Le Creuset. From $349. lecreuset.ca

10. Six-quart touchscreen AIR FRYER by Drew Barrymore in sage green. $150. walmart.ca

FIND YOUR NEXT HOME

BRAMPTON

1. Bristol place 199 Main St, North, Brampton

2. Duo condos Malta ave & Steeles Ave

CALEDON

3. Mayfield Collection 2256 Mayfield Road. Mayfieldcollection.ca

ETOBICOKE

4. Curio Condos 801 The Queensway marlinspring.com

5. Humberwood Heights 50 Humberwood Blvd. tributecommunities.com

6. Arcadia District Bloor & Kipling arcadiadistrict.com

7. Kül Condos 875 The Queensway kulcondos.com

MARKHAM/ UNIONVILLE

8. Panda Markham 8200 Warden Ave. lifetimedevelopments.com

9. Gallery Towers at Downtown Markahm 162 Enterprise Blvd. downtownmarkham.ca

10. Highmount 4077 Hwy. 7 highmountbykingdom.com

MISSISSAUGA

11. Birch at Lakeview Village Lakeshore & Dixie Rd. branthaven.com

12. Artform Condos 86 Dundas St. E. emblemdevcorp.com

13. Exhale Condominiums Lakeshore Rd. East & Dixie Rd. exhalelakeshore.ca

14. Residences at Harbourwalk 1260 Lakeshore Rd. East tridel.com

NORTH YORK

15. Central Park Sheppard Ave. East & Leslie St. amexon.com

16. Yonge City Square 4050 Yonge St. yongecitysquare.com

PICKERING

17. Vupoint Kingston Rd. & Liverpool Rd. tributecommunities.com

OSHAWA

18. U.C. Tower 2425 Simcoe St N,Oshawa tributecommunities.com

TORONTO

19. Lawrence Hill Urban Towns Don Mills & Lawrence lawrencehillurbantowns. com

20. 489 Wellington St. W. 489 Wellington St. W. lifetimedevelopments.com

21. 500 Dupont St. 500 Dupont St. lifetimedevelopments.com

22. Artistry Condos 292 Dundas St. W. tributeartistrycondos.ca

23. Panda Condos Yonge & Dundas. lifetimedevelopments.com

24. 36 Eglinton Ave. W. 36 Eglinton Ave. W. lifetimedevelopments.com

25. Linx Condominiums Danforth & Main tributecommunicties.com

26. Y&S Condos 2161 Yonge St. tributecommunities.com

27. 50 at Wellesley Station

50 Wellesley St. East pureplaza.com

28. No. 1 Yorkville 1 Yorkville Ave. pureplaza.com

29. Theatre District Residences Adelaide & Widmer pureplaza.com

30. Bijou on Bloor 2450 Bloor St. West pureplaza.com

31. The Briar on Avenue 368 Briar Hill Ave. pureplaza.com

32. One Seventy Spadina & Queen St. West pureplaza.com

33. King West & Charlotte King St. West & Charlotte pureplaza.com

34. Forest Hill Private Residences

2 Forest Hill Rd. foresthillresidences.com

35. Oscar Residences 500 Dupont St. W. at Bathurst oscarresidences.com

36. Kingside Residences Kingston Rd. & Danforth altreedevelopments.com

37. Allure Condominiums 250 King St. East emblemdevcorp.com

38. XO Condos King & Dufferin lifetimedevelopments.com

39. 225 Jarvis Street Condos Dundas St. East & Jarvis amexon.com

40. 101 Spadina Spadina & Adelaide 101spadina.com

41. The Residences of Central Park Sheppard Ave. East & Leslie centralparktoronto.com

42. The Dawes at Main Street Danforth & Main St. thedawes.com

43. Birchaus Birchcliffe Village on Kingston Road birchausresidences.com

44. Knotting Hill 4000 Eglington Ave. W knottinghillcondominiums. com

45. Park Avenue Place 1 & 2

Jane St. & Rutherford Rd. solmar.ca

VAUGHAN

FIND YOUR NEXT HOME

The latest properties in the Southwestern Ontario Area to keep your

BURLINGTON

1. Affinity Condos Plains Rd. E. & Filmandale Rd. rosehavenhomes.com

2. Millcroft Towns Appleby Line & Taywood Dr. branthavenmillcroft.com

3. North Shore North Shore Blvd. & Plains Rd. nationalhomes.com

FORT ERIE

4. Discoverie Condos Signature Communities discoveriecondos.ca

HAMILTON

5. 1 Jarvis 1 Jarvis 1jarvis.com

6. The Design District 41 Wilson Street emblemdevcorp.com

7. Corktown 225 John Street South corktown.condos

NIAGARA

REGION

8. Lusso Urban Towns Martindale Rd. & Grapeview Dr. lucchettahomes.com

OAKVILLE

9. The Greenwich Condos at Oakvillage Trafalgar Rd. & Dundas branthaven.com

10. Synergy McCraney St. E. & Sixth Line branthaven.com

11. Upper West Side at Oakvillage 351 Dundas St. E. upperwestsidecondos2.ca

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

13. Villages of Oakpark Dundas & Trafalgar ballantryhomes.com

STONEY CREEK

14. Casa Di Torre 980 Queenston Rd. branthaven.com

15. On The Ridge Lormont Blvd. & Chaumont Drive liveontheridge.ca

FIND YOUR NEXT HOME

CONDO PROFILES

Duo Brampton

developer: NATIONAL HOMES AND BRIXEN DEVELOPMENTS INC.

style: Highrise size: 26 storeys

features: • 1 bed, 1 bed + den, 2 bed, 2 bed + den

• Lobby, Gym, Co-Working Space

• Kids Playroom, Party Room, Private Dining Room With Catering Kitchen

• Rooftop with BBQ’s, Flex Lawn, Dining and Lounge Areas register at: duocondos.ca

location: Steeles Ave. W and Malta Ave. just west of Hurontario First Release is Sold Out. Final Release Now Selling.

Central Park North York

developer: AMEXON DEVELOPMENT CORPORATION

style: Highrise – 12-acre, master-planned community size: 436 - 1,200 sq. ft.

prices from: from the $700,000s

features:

• 1 Bed, 1 Bed+Den, 2 Bed, 2 Bed+Den, 3 Bed+Den

• Spacious layouts, terraces/balconies

• Located in the Bayview Village neighbourhood

• Leslie subway station and GO Transit at your door

• Direct access to the East Don Parkland ravine

• Central Park Common – a three-acre urban park offering year-round, outdoor event programming

• 55,000 sq. ft. of resort-style amenities including coworking space, skating rink, indoor and outdoor saltwater pools, privately operated childrens’ daycare, EV charging stations in all parking areas

contact: centralparktoronto.com • (416) 252-3000

location: 1200 Sheppard Avenue East

Branthaven Mississauga

developer: BRANTHAVEN

project name: High Line Condos style: Six Storey Mid-Rise

features: 205 Condos prices from: Low $600s

features:

• The First Development in the Mississauga’s Ninth Line Corridor expansion

• Next Door to the protected forest of Churchill Meadows

• Fully furnished indoor and outdoor amenities designed by II BY IV DESIGN

• Rooftop terrace, fitness facility, dining/social lounge, media/games lounge and pet spa

• BH Home TechnologyTM , a Smart Home solution providing integrated building/home access and control system

• 1 Bedroom, 1 Bedroom + Den, 2 Bedroom & 2 Bedrooms + Den Suites Available contact: Branthaven.com

location: Ninth Line, Mississauga

ADAPTIV HOME RENOVATION SPECIALISTS

CAN HELP INCORPORATE ACCESSIBILITY MEASURES

Seniors are the fastest growing demographic in Canada – almost 20 per cent of the Canadian population is more than 65-years old, according to Statistics Canada. Increasingly, older adults are choosing to remain in their own homes as they age, however, they may not know where to begin to adapt their living spaces in anticipation of future needs.

Hiring a renovator who is certified in Adaptiv Home Renovation is key. Adaptiv Home Renovation is an approach to home modification for those who wish to stay in their home for as long as they can, regardless of age or condition. A qualified Adaptiv Home Renovation Specialist has the ability to assess your home for safety and accessibility and can offer responsive design solutions, some of which include: Ramps and slopes, zero-step thresholds, curbless showers, accessibility equipment and home automation solutions.

The bathroom is typically the first room to be modified because it is the one with the biggest issues in terms of safety and mobility. Nonslip surfaces, grab bars, walk-in baths and showers and hand-held shower heads are some examples of adaptive measures that can be added.

Access into your home can also be an obstacle to accessibility as the majority of single-family houses have

stairs. Ramps, lifts or elevators could be the alternative. In the kitchen, roll under sinks with shallow basins can be installed, as can lower cooktops and counters. As homeowners prepare to renovate adaptively, it is important that they consider incorporating safety features in anticipation of how long they plan on staying in their home. This is one of the initial questions an expert Adaptiv Home renovator will ask.

As the need for accessible design increases, renovation firms are seeking out designers who specialize in the field to join their team. Their clients want homes that are functional yet attractive; not institutional looking. Adaptiv Home Renovation services are not just pertinent to the older population, but also to those living with a progressive illness, or for those with sudden or enduring injuries. One in five Canadians identifies as having one or more disabilities – more than half of whom disclosed having physical disabilities, a Statistics Canada survey (2017) revealed.

Certified Adaptiv Home Renovation experts have training in client communication, empathy and privacy considerations. They are equipped with condition and disease information, so they are cognizant of clients’ needs. To find a certified Adaptive Home Renovation expert and for further information, please visit bildgta.ca.

No matter what your living arrangements are – whether living on your own, with aging parents or caring for your child with a disability, your home should be one that will adapt to your changing needs.

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.

DAVE WILKES