At Reid’s Heritage Homes, we don’t just build communities, we are one. When you purchase a home from Reid’s Heritage Homes you can feel assured that we will deliver the very highest level of design, construction and customer service. This has been demonstrated throughout our 45-year history and underlines what the word “heritage” means to us – treating customers with kindness, respect and compassion throughout the entire home purchase and building process.
700 Jamieson Parkway, Unit 103
Cambridge, ON N3C 4N6
519.658.6656 | reidsheritagehomes.com
KITCHENER
STRATFORD
COBBLE BEACH
THIS
THIS
Reverie Luxury Townhomes exude timeless elegance with a classic design that will captivate you. Nestled in a luxurious location that many dream to call home, Reverie offers both a relaxing and adventurous lifestyle for those ready to make their dreams come true.
Reverie Luxury Townhomes exude timeless elegance with a classic design that will captivate you. Nestled in a luxurious location that many dream to call home, Reverie offers both a relaxing and adventurous lifestyle for those ready to make their dreams come true.
Endearing
Endearing and timeless, whimsical and modern, historical and evolved – this is Stratford. A captivating community that draws visitors and tourists who instantly fall in love. Discover Poet & Perth, where you can choose from an outstanding collection of bungalow and three-storey townhomes.
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EASY LIVING IN
EASY LIVING IN Guelph
AT ARGYLE VILLAGE YOU CAN FEEL THE BUZZ IN THE AIR
AT ARGYLE VILLAGE YOU CAN FEEL THE BUZZ IN THE AIR
Be part of a masterfully designed community surrounded by all that Guelph has to offer. Spacious, bright and modern stacked and rearlane townhome designs in the heart of it all with easy access to everything most loved about Guelph.
Be part of a masterfully designed community surrounded by all that Guelph has to offer. Spacious, bright and modern stacked and rearlane townhome designs in the heart of it all with easy access to everything most loved about Guelph.
STARTING FROM THE $600s FOR INFORMATION: argylevillage.ca
STARTING FROM THE $600s FOR INFORMATION: argylevillage.ca
TIMELESS. COVETED. LUXE
TIMELESS. COVETED. LUXE
The Townhomes at Lackner Ridge are designed with luxurious modern finishes offering walk-up and walk-out plans that maximize indoor and outdoor living space. The sophisticated community is set in one of Kitchener’s most desirable neighbourhoods with natural landscapes, picturesque trails, ample amenities, countless parks, breathtaking views and more.
The Townhomes at Lackner Ridge are designed with luxurious modern finishes offering walk-up and walk-out plans that maximize indoor and outdoor living space. The sophisticated community is set in one of Kitchener’s most desirable neighbourhoods with natural landscapes, picturesque trails, ample amenities, countless parks, breathtaking views and more.
STARTING FROM THE $800s
STARTING FROM THE $800s FOR
WHERE ARE YOU GOING TO BUY?
WAYNE KARL EDITOR-IN-CHIEF
Condo Life Magazine
EMAIL: wayne.karl@nexthome.ca
TWITTER: @WayneKarl
Location, location, location. When you’re in the market for a new home or condo, this golden rule of real estate is among your key determining factors.
Sure, what to buy, based on your budget, finances and needs. But where to buy, based on proximity to work, family, transportation and transit infrastructure, desired amenities and other considerations. And, of course, affordability here, too.
Increasingly, though, that last point is being influenced by development charges and other fees – known as growth charges – which provide important funding for municipalities, for new roads, transit and libraries and other community needs. Other than property taxes or user fees, they are the main source of funding municipalities use to pay for growth-related infrastructure.
“The DC system in Ontario performs a vital function, both legally and in provision of housing supportive infrastructure,” says Dave Wilkes, president and CEO of the Building Industry and Land Development Association (BILD). Somewhere along the way over the last few decades, though, DCs have gotten wildly out of control.
“Given the relative scale of DCs in dollar terms, the current housing crisis, the need to reduce complexity and the opportunity to learn from best practices from other jurisdictions, an update of the DC Act is significantly overdue and must be completed with a sense of urgency.”
For example, as Wilkes writes in his column on page 34, one GTA municipality has “famously increased its DCs by more than 6,000 per cent over the last 30 years.” (Step forward, City of Toronto).
Imagine paying $65 for a cup coffee, or $1.2 million for a car. That’s what such increases would mean if we applied the same rate to other purchases. “In other words, the stakes and the cost implications are much more profound today, and the need for cost controls have never been higher.”
Municipalities, therefore, have to pay attention. They must act.
Thankfully, some of them are.
In November 2024, the City of Vaughan adopted a plan to bring these costs down, and Mississauga more recently did the same (see page 10).
As our story on page 14 examines, development charges are a complicated subject, and likely not one you as a prospective homebuyer have thought much about. Until now, because they’re impossible to avoid as an influence on the cost of your home.
So, what can you do, as a prospective new-home buyer?
Well, first, pay closer attention to the subject as you go about your new home search. Second, it’s well within your right to contact your city councillor and question them on the issue. Tell them you want the city to keep municipal costs lower than comparable municipalities. And if they can’t… Third, you may take your homebuying decision elsewhere.
CONTRIBUTORS
PERSONAL FINANCE | JESSE ABRAMS
Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm based in Toronto. thinkhomewise.com
TRREB REPORT | ELECHIA BARRY-SPROULE
Elechia Barry-Sproule is President of the Toronto Regional Real Estate Board (TRREB) and Broker/Owner of Red Apple Real Estate Inc. She is committed to mentoring and supporting real estate professionals across the industry. trreb.ca.
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
REAL ESTATE PRO | BARBARA LAWLOR
Barbara Lawlor is President and CEO of Baker Real Estate Inc., and an indemand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condo developments in Canada and overseas. baker-re.com
DECOR | LINDA MAZUR
Linda Mazur is an award-winning designer and Principal of Linda Mazur Design Group. With almost two decades of experience this 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
STAT CHAT | BEN MYERS
Ben Myers is the President of Bullpen Consulting, a boutique residential real estate advisory firm specializing in condominium and rental apartment market studies, forecasts and valuations for developers, lenders and land owners. Contact him at bullpenconsulting.ca and @benmyers29 on Twitter.
LEGALLY SPEAKING | JAYSON SCHWARZ
Jayson Schwarz 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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MISSISSAUGA TAKING BOLD ACTION TO MAKE HOMES MORE AFFORDABLE
Mississauga City Council recently approved a motion from Mayor Caroyln Parrish to make Mississauga housing more affordable, including with incentives to kick-start development and get more homes built quickly.
The motion details important financial changes to boost the supply of housing – including new rental housing – for Mississauga families. Among other items, the motion will:
• Temporarily lower municipal residential development charges (DCs) by 50 per cent in the City of Mississauga for all residential construction prior to Nov. 13, 2026. On a new single-family home this equates to a reduction of $28,108 and represents the single-largest reduction of development charges by any municipality in Ontario.
• Temporarily defer the payment of development charges until first occupancy resulting in saving on financing costs.
• Temporarily eliminating development charges on threebedroom purpose-built rental residential apartment projects, thereby incenting this type of crucial development.
Development charges and other fees – also known as growth charges – provide important funding for municipalities to pay for infrastructure
for new homes such new roads, transit and libraries. Other than property taxes or user fees, they are the main source of funding Mississauga currently uses to pay for growth-related infrastructure.
The motion requests that the Region of Peel consider matching the DC incentives adopted by the City. In addition, to spur the creation of Mississauga rental housing, the motion calls on the Region to implement a new multi-residential tax subclass. This new tax subclass would reduce property taxes by up to 35 per cent for new purpose-built rental housing.
• The price of an average home in Mississauga is approximately $1.4 million for a detached home or $600,000 for a condo.
• While development charges in Mississauga make up about 10 per cent of the cost of a new condo – fees, taxes and charges from all levels of government total about 25 per cent of the cost of a new GTA home.
• The City’s current development charge rate for a residential condo is $38,316 per unit. With a 50-percent reduction, the charge would be $19,158 per unit.
• Development charges from the Region of Peel, GO Transit and school boards total an additional $59,884 for an apartment (condo) unit.
By cutting these charges, the City says it is aiming to address the housing crisis head-on by getting homebuilding back on track in Mississauga.
As a longer-term solution, the City is calling on the provincial and federal governments to adequately fund growth-related infrastructure for municipalities and provide much needed funding for affordable housing.
“Council took a bold step to help build more homes and make them
more affordable for Mississauga residents,” says Parrish. “In a crisis of this magnitude, we must act now. Reducing development charges –and eliminating them for family units in rental developments – will help get shovels in the ground immediately.
“However, to tackle this housing crisis, collective action is crucial. I’m calling other levels of government to come to the table. More development will make our City stronger. We need to ensure more access to housing for every income level – this is critical to a healthy economy, safe communities and a dynamic Mississauga for our residents.”
The Building Industry and Land Development Assocation (BILD) applauds the move.
“The City of Mississauga is walking the walk when it comes to new housing,” says President and CEO Dave Wilkes. “BILD and its members echo (Mississauga’s) call to the Region of Peel to consider matching the actions of the City. We would also like to acknowledge and thank the federal government for its direct financial support of Mississauga’s efforts. We encourage all regions, cities and towns in the GTA to follow the vision and lead of Mississauga.”
MORE RATE CUTS WELCOMED NEWS, ESPECIALLY
The Bank of Canada again reduced its influential policy rate in its latest announcement on Jan. 29, this time by 25 basis points, for the sixth consecutive reduction. The rate now sits at 3.00 per cent, down from 5.00 per cent in April 2024.
This move sets the stage – or at least the hope – for possible further reductions in the coming months to spur the market.
“A rate cut is always welcome news, while a greater reduction would have been even better,” says Debbie Cosic, founder and CEO of In2ition Realty. “The Bank of Canada’s decision is a move that sets a positive tone for the year ahead and signals a potential shift in market conditions.”
“The Bank of Canada (decision) will further increase borrowing capacity for homebuyers and benefit mortgage holders whose loans are coming up for renewal,” adds Phil Soper, president and CEO of Royal LePage. “This latest decrease arrives just before the spring housing market – when demand typically picks up –which should spur buying and selling activity in the weeks ahead.”
“Over the past year, declining interest rates have given Canadians a renewed confidence to enter the housing market,” says Samantha Villiard, vice-president, ReMax Canada. “Despite the ongoing affordability crisis rooted in a lack of housing supply – many Canadians still see the long-term value in homeownership, and so the anticipated decline could prompt greater market activity for
FOR FIRST-TIME
BUYERS
the remainder of Q1 and heading into Q2.”
At press time, potential U.S. tariffs were put on hold, leaving Canadians a little weary about the upcoming months.
“The looming promise of hefty tariffs by the United States government is a source of uncertainty for the central bank and consumers alike,” says Soper.
“We believe the Bank of Canada’s focus will be a decided shift from an inflation battle to avoiding an economic downturn. A recession resulting from a tariff tit-for-tat could prompt additional cuts in the short-term to stimulate the economy. Though Canada’s housing market would be insulated for the most part from trade turmoil, economic challenges could eventually cause activity to slow.”
to come, let’s take this momentum and run with it. Rates are lower, incentives are still strong, and there are some incredible deals to be had.
“If you’ve been waiting for the right time to get into the market –whether you’re a first-time buyer, a move-up buyer or an investor – this is the moment to act. The landscape is shifting, and those who take advantage early will be in the best position moving forward.”
Sept. 17
Oct. 29
Dec. 10
“Of course, we’ll be keeping an eye on economic factors like the potential tariff situation and how it unfolds,” adds Cosic. “But regardless of what’s
HOUSING MARKET POISED TO CONTINUE RETURN TO GROWTH FROM 2024
Elevated interest rates and economic and political uncertainty weren’t enough to seriously hamper the housing market in Canada in the fourth quarter of 2024, as the aggregate price of a home increased 3.8 per cent year-over-year to $819,600, according to the Royal LePage House Price Survey.
On a quarter-over-quarter basis, the national aggregate home price remained essentially flat, rising a modest 0.5 per cent. While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer, home price appreciation remained in check last quarter.
“There are several converging factors revitalizing Canada’s real estate market and making homeownership more attainable,” says Phil Soper, president and CEO, Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.
“While geopolitical uncertainty and concerns over the Trump administration’s proposed trade
policies may weigh on consumer confidence, residential real estate remains largely insulated from such external pressures in the short term,” he adds. “Canada’s housing market is fundamentally driven by domestic factors. With strong full-time job growth, improving housing supply in key markets, and more accessible financing, we expect healthy activity levels to persist, even as broader economic challenges unfold.”
Broken out by housing type, the national median price of a singlefamily detached home increased 4.9 per cent year-over-year to $855,900, while the median price of a condominium increased 1.5 per cent to $592,700. On a quarter-overquarter basis, home prices remained virtually flat, with the median price of a single-family detached home increasing a modest 0.6 per cent, and the median price of a condominium rising just 0.4 per cent.
“Year-over-year activity levels were up sharply in Canada’s largest cities during the fourth quarter, with national home sales volumes exceeding the 10-year moving average for the first time since the post-pandemic market slowdown began three years ago,” says Soper. “As sidelined buyers regained confidence and took advantage of improved affordability, momentum built steadily through the final months of 2024.
“We expect stronger demand to persist through the winter, setting the stage for an early and active spring season,” says Soper.
The resignation of Prime Minister Justin Trudeau and the prorogation of government on Jan. 6 has raised the prospect of an early federal election.
“The critical need for housing in Canada transcends political cycles,” says Soper. “The next government must prioritize addressing the supply crisis, which affects millions of
Canadians seeking affordable shelter and stability for their families.”
In December, Royal LePage issued its 2025 Market Survey Forecast, projecting that the aggregate price of a home in Canada will increase 6.0 per cent in the fourth quarter of 2025, compared to the same quarter in 2024.
GREATER TORONTO AREA
The aggregate price of a home in the GTA increased 2.3 per cent year-over-year to $1.14 million in the fourth quarter of 2024. On a quarterly basis, the price decreased slightly by 0.6 per cent.
Broken out by housing type, the median price of a single-family detached home increased 3.9 per cent year-over-year to $1.42 million in the fourth quarter of 2024, while condominiums dipped 0.7 per cent to $714,600.
“Declining lending rates and changes to mortgage regulations will make it easier for buyers in Toronto and the surrounding regions to take their time and find the right deal for them,” says Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Your Community Realty.
Zigelstein notes that activity in the townhome segment is currently leading the market, due to the property type’s relative affordability. Meanwhile, condominium sales have continued to stagnate.
In the city of Toronto, the aggregate price of a home decreased 1.7 per cent year-over-year to $1.09 million in the fourth quarter of 2024, while the median price of a single-family detached home rose a modest 1.2 per cent to $1.62 million, and condos decreased 2.7 per cent to $681,200.
Royal LePage is forecasting that the aggregate price of a home in the GTA will increase 5.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.
OUTLOOK 2025
Why this could be the year of the turnaround
There are some good reasons homebuyers can feel positive about 2025, and for the market in general to embrace it as the year of the turnaround. Several factors are swinging back in the market’s favour.
PERSONAL FINANCE
Understanding the impact of new mortgage rules in Canada
Starting January, new government policies extended the amortization period for insured mortgages from 25 years to 30 years. Additionally, the cap on insured mortgages increased from $1 million to $1.5 million. These changes aim to make homeownership more accessible, particularly for new builds and first-time buyers.
INSIGHT
The fees municipalities add to new homes must be addressed
There have been significant recent discussions about development charges in municipalities across the GTA – but specifically in the City of Toronto. Government taxes, fees and charges have contributed to a “cost to build” crisis that has undermined the financial viability of new home construction, is stalling residential development and threatening future housing supply.
HOUSING MARKET
Housing market became more affordable in 2024 with lower rates and prices
The GTA housing market experienced a transitionary year in 2024, with annual sales up slightly compared to 2023, and new listings up significantly year-overyear. Buyers benefited from substantial negotiating power on price, especially in the condominium market.
NEW COMMUNITY
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MODERNIZATION OF DEVELOPMENT CHARGES ACT
NECESSARY TO TACKLE SKY-HIGH FEES
A new study, The State of Development Charges in Ontario, developed by Keleher Planning + Economic Consulting (KPEC) for the Building Industry and Land Development Association (BILD) and the Ontario Home Builders’
Association (OHBA) recommends that the province modernize the development charge (DC) system to help reduce housing costs and make the system more efficient. The study recognizes the important role DCs play in supporting housing in the
province and emphasizes areas where the legislation can be improved, rather than eliminated.
“Ontario’s DC system has been with us for over 35 years,” says David Wilkes, president and CEO of BILD. “The system has resulted in massive
cost escalation of municipal fees on new homes, especially in the last 10 years, is creating a cost to build challenge and undermining housing affordability. An extra $100,000 to $150,000 per single-family home added by DCs across the GTA is simply not sustainable. When combined with the complexity of the system and the changing needs of Ontarians there is an urgent need to modernize the DC legislation.”
“
” The system has resulted in massive cost escalation of municipal fees on new homes, especially in the last 10 years...
DCs are intended to offset the cost of providing infrastructure and municipal services to support new housing growth. They are calculated and imposed in a formalized manner prescribed by the Development Charges Act. Municipalities charge DCs to residential builders and developers on a per unit basis, and these costs are rolled into the final price of the home paid by the new home purchaser. DCs perform a vital function, because new housing is dependent on infrastructure. The DC Act and subsequent processes provide an important legal framework to manage and allocate responsibility for funding growth-related capital infrastructure in Ontario.
Key findings of The State of Development Charges in Ontario study include:
• Extensive changes are required to the DC model to significantly reorient the incidence of capital costs, and lower DCs without eliminating the rigorous and transparent system of the current DC model.
• These include moving water and sewer DCs to a utility-funded
model, adjusting how land values are incorporated into DC rate setting calculations, and only allowing actual incurred land costs to be funded by DCs rather than funding long-term projections of future land acquisition costs, which are prone to significant overestimation.
• Updating the DC Act to enhance clarity and both mitigate and simplify legal conflicts, including:
• Mandate preparation of local service policies and standardize certain specific elements to ensure they are clear and easily interpretable.
• Reduce subjectivity and variability in the estimation of “Benefit to Existing” allocations by promoting standardized calculations and formulating guidelines for how it is to be estimated.
• Standardize inputs to historic level of service calculations; values used to set DC rate caps should be consistent with parallel financial documents regularly prepared by municipalities (such as financial information returns, asset management plans).
• Increase provincial oversight through various changes.
“
” ...an update of the DC Act is significantly overdue and must be completed with a sense of urgency.
“Despite the beneficial features of Ontario’s Development Charge system, there are elements that desperately need to be updated and best practices from other jurisdictions that could be incorporated to simplify the system, right-size costs on new homes and modernize the legislative framework,” says Scott Andison CEO of OHBA. “The system as is drives up
the cost of housing due to the current DC calculation methodology.”
Since the 1997 version of the Development Charges Act (the framework legislation), there have been countless legislative and regulatory changes made. These changes have made both the calculation and application of DC rates more complex and difficult for all stakeholders involved. A clearer, simpler system is needed to reduce confusion, varied interpretations, conflicts and legal disputes.
Additionally, jurisdictions across Canada and North America all have different ways to fund growth and housing related infrastructure. Given that the GTA and Ontario have some of the highest levels of municipal costs on new homes on the continent, updating the legislation would allow the province the opportunity to seek out and implement better practices from other jurisdictions. In particular, the opportunity to examine different and more efficient mechanisms that could be incorporated into the existing system to right-size DCs, lower costs and ultimately help address affordability.
“The DC system in Ontario performs a vital function, both legally and in provision of housing supportive infrastructure,” says Wilkes. “Given the relative scale of DCs in dollar terms, the current housing crisis, the need to reduce complexity and the opportunity to learn from best practices from other jurisdictions, an update of the DC Act is significantly overdue and must be completed with a sense of urgency.”
BILD CEO Dave Wilkes
AND OPPORTUNITIES
FOR NEW-HOME BUYERS THE REALITIES
BEN MYERS
This is poised to be a pivotal year in Toronto’s new condominium market, presenting a complex mix of challenges and opportunities for prospective buyers. After a period of sustained growth, the market is now navigating declining prices, a shift in investor behaviours, and the rise of purpose-built rentals. For first-time buyers, these dynamics could create a unique window to purchase a quality property at a discounted price.
Since 2008, Toronto’s condo market has become increasingly dominated by investors. The share of investorowned units has more than doubled, from 19 per cent in 2008 to 41 per cent by late 2024. In 2024 alone, Bullpen Consulting used CMHC data to estimate that nearly 70 per cent of new condo completions were added to the rental market. This trend benefits tenants with access to newer, amenity-rich rental units, however, many uniformed commentators continue to claim the trend hurts affordability. In the absence of preconstruction investors, as is the case today, developers are not securing enough sales upfront to qualify for construction financing, leading to fewer buildings getting built and a lack of supply in the market in the future, which hurts affordability.
Higher interest rates, increased competition, a weak economy and general market uncertainty, has reduced both investor and end-user demand, and Toronto’s condo market has experienced a sharp slowdown in sales activity, reaching historically low levels in 2024. Annual sales volumes fell to levels not experienced since
the mid-1990s. Prices, too, have been on the decline. By Q4 2024, the average asking price for unsold new condos dropped to $1,524 per-sq.-ft. (psf) in Toronto per data from Bullpen, a 10-per-cent decrease from the 2022 peak of $1,690 psf. Looking ahead, further declines of 7.3 per cent in Toronto and 6.1 per cent in suburban markets are forecast for 2025.
While these conditions reflect challenges for developers and investors, they may provide a rare opportunity for first-time buyers to enter the market at more affordable prices. Buyers who act strategically in 2025 could benefit from softer pricing and increased inventory, particularly in high-density areas where developers are motivated to offload completed units.
Another near-record number of condo completions is expected in the GTA in 2025, further boosting supply in an already slowing market. This surge in inventory may place additional downward pressure on both rents and sale prices, creating potential deals for buyers willing to act decisively. However, the longer-term outlook suggests that this abundance of supply may be short-lived.
The low volume of land sales and project launches in 2023 and 2024 is likely to create a supply crunch starting in 2026. As fewer new projects started construction over the last couple of years, the availability of condos for purchase could shrink significantly in 18 to 24 months, leading to upward pressure on prices. For buyers considering entering the market in 2025, this looming supply constraint underscores the importance of timing. It has been said repeatedly that time in the market is more important than timing the
market, but acting during the current period of abundant inventory may offer opportunities that become increasingly scarce in the years ahead.
The current market environment has placed significant pressure on condo developers and investors. Declining prices and high financing costs have made it increasingly difficult to achieve profitability for both groups.
Despite these headwinds, there is cautious optimism for the future. As interest rates begin to decline, confidence in the market is expected to return. Developers are likely to resume project launches, albeit at a much more measured pace, while investors may re-enter the market with renewed enthusiasm in select locations at the right price. For enduser buyers, this transitional period offers a critical opportunity to secure a foothold in the market before conditions tighten once again.
For those ready to take the plunge, 2025 represents a chance to secure a home and build equity in one of Canada’s most dynamic real estate markets. By staying informed and acting decisively, buyers can turn the challenges of today into the opportunities of tomorrow. Surround yourself with a good team, do a lot of research and make an informed decision. 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.
TIMING A CRITICAL FACTOR
IN PURCHASING A NEW HOME OR CONDO
Timing really is everything in life, especially when it comes to buying real estate. In this cyclical industry, sales fluctuate, as do prices and availability. A great way to look at any new home or condo purchase is with a long-term outcome in mind. Historically, real estate has proven to be an excellent investment. In a hot market, your return-on-investment may begin to happen before you even move in; in a softer market, it may take longer. Now is an incredible time to buy. In fact, it has never been better. We are just starting to recover from the year of increasing interest rates and high inflation, and there are deals to be had with low deposits and incentives.
Timing affects home and condo buyers according to their personal circumstances and decision-making styles. Some plan for months and research to the hilt; others walk into a sales centre and make up their minds right away. There are other ways to look at timing as well, such as where in the selling cycle a community is. For example, purchasing from plans means you will enjoy the most choice of lots and designs, or in the case of condominiums, of suites, floors and views.
Getting in early also means you have time (up to three to six years with a condominium) to plan for your move and save money toward your purchase. If you have purchased
a smaller home or a condo for the first time, you can pare down your possessions, check out multipurpose furniture and think about decor so you can make the most of your colour selection appointment. Being able to choose features and finishes is a wonderful perk of buying early. Plus, builders often include Grand Opening specials that can save you thousands. Buying early also means you may earn equity before your occupancy date.
You may, however, opt to wait until a condo or lowrise community has been for sale for a while, to see how well it is being accepted by the buying public. At Baker Real Estate Inc., we usually see a jump in sales when construction starts on a building. For many, this peace-ofmind is priceless, because it means the builder has secured enough sales to obtain financing and start building.
There are also buyers out there who prefer to purchase late in a community’s or condominium’s sales process, when there are built homes and suites available for quick move-ins. Features and finishes are already installed – and remember that even the standards today result
in beautiful, functional surroundings. On a financial note, builders sometimes offer special incentives on the final few homes and suites, plus buying late in the selling cycle means you get to enjoy your new surroundings immediately.
Outstanding architecture, amazing amenities, fantastic features and finishes – all of this can be yours in convenient locations close to public transportation, shopping, entertainment venues and more. You can find something wonderful to accommodate every lifestyle, design preference and pocketbook, and enjoy warranty coverage in the process. Why not build equity while building your future in a new home or condo? And the sooner, the better.
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
Barbara Lawlor
BARBARA LAWLOR
Northshore Towns by National Homes
KELLY ANDERSON
SALES AND MARKETING MANAGER
SILVERGATE HOMES
by WAYNE KARL
Prospective homebuyers in search of larger homes, more space and possibly outside the Greater Toronto Area, might want to make their way to Niagara Region, where Silvergate Homes has built a reputation for exceptional quality and a commitment to customer service.
We spoke with Sales and Marketing Manager Kelly Anderson for insights on how this local family business, building homes in the area for 40 year, caters to the demands of increasingly discerning homebuyers, in a challenging market.
What is your outlook for 2025?
I think 2025 is heading in the right direction. With interest rates on a steady decline, this should give buyers more confidence.
There is a lot of demand out there for housing – new buyers,
downsizers, right-sizers – they all want to purchase and are just waiting for the right time. The right time for a lot of these people might be spring – so builders should gear up and get ready for a busy market. There are a lot of builders out there with fabulous projects, so buyers should see some excellent options. That, mixed with lower rates, should spice things up for 2025.
What do you see as the greatest opportunities and challenges for homebuilders in 2025?
The last few years certainly haven’t been a walk in the park for builders. Higher interest rates slowed the market and created some uncertainty, causing some buyers to hesitate. Additionally, all the red tape in our municipalities makes the development process quite
lengthy and challenging to bring product to market on a timely basis. The longer is takes builders to get projects to market, the greater the affects on the price of homes and condos. However, given that the market has been slow; there will be an abundance of homes and condos available going into 2025.
And for homebuyers?
Although the interest rates have declined, some homeowners are still considering all options and are slightly nervous to purchase. But a great opportunity for homebuyers is the amount of product that is on the market. There are some great builders with such a variety of low-, mid- and highrise housing available. If you’re in the market, you will have lots of opportunity to purchase any style of home you’re looking for.
Silvergate has a number of communities under development at the moment – Merritton Mills, Luna and Harbourtown Village. How are things coming along at each?
We have a lot on the go at the moment. Merritton Mills is a fivestorey condo in a fabulous area in St. Catharines, surrounded by great amenities such as The Keg, Sobeys, Starbucks and Johnny Rocco’s. We are slightly more than 30 per cent sold and we will begin road reconstruction in the spring. Occupancy will begin late 2026 or early 2027.
Luna is our boutique bungalow townhome community in Thorold. We have sold our model home and will be moving into a new home. We have a few units left to sell, with closing dates as early as May and June, as our talented team has already completed the colour selections.
Harbourtown Village in Fort Erie is our beach town community, and we have a ways to go, as this is one of our larger sites at the moment. With more than 35 homes closed, we are working our way through Phase 2 and
anticipating launch of Phase 3 late summer. This community is a great place to retire, or for secondary home, if you like long walks on the beach.
And you have Prudhomme’s Landing coming soon to Lincoln… What does that community entail? Prudhomme’s Landing is a masterplanned waterfront community. There are more than 4,000 homes going in –single-family, townhomes, bungalow townhomes, rear lanes, back to backs, three-storey, mid- and highrise. All these homes will have access to our waterfront park containing a splash pad, skating rink, bandshell, butterfly park, farmers’ market, trails and a possibly a pier, where people will be able to travel by boat over to Toronto Harbourfront. (The pier is pending approvals). There will also be quite a bit of commercial ventures coming –groceries, restaurants, coffee shops and amenities right at your fingertips. We will be opening our sales office this spring, with our first phase offering being detached homes.
How does it differ from what else might be available in the area?
on a personal note
How do you spend your time away from the office?
Everyone will have a water view. Whether it’s a single-family, townhome or condo, this community allows everyone to leave their front door and walk minutes down to the park to enjoy the spectacular waterfront views. We purposely planned this community so that it goes from lowrise homes to highrise – everyone will have that luxurious waterfront view.
What else about Silvergate Homes that you really would like prospective homebuyers to know? When you buy with Silvergate Homes, you become part of our family. Although we have grown exponentially over the last few years, we maintain that family-oriented culture within our company values. We recognize that this is a biggest purchase someone will ever make, and we want them to feel confident in their choice to buy with us. A lot of our building is referralbased – we built a home for a buyer’s parents, sibling or friend and that’s why they have come through our door today and are asking Silvergate to build their dream home.
silvergatehomes.com
When I’m not working, you can find me at the gym, practising my Italian on Duolingo, playing Catan with the kids – an awesome board game about negotiations. Or walking our two German Shepherds through the neighbourhood.
We also do a lot of teambuilding at Silvergate. Even when we may not be working, we’ll get together and go to a game, dinner, attend events or hang out at one of our company barbecues.
Who or what is your greatest inspiration for what you do, personally and professionally?
I love what I do. Some days can get pretty crazy busy and there’s barely time to get a coffee in – but I wouldn’t change it for anything. There are always new communities, product type and clientele that we are dealing with. Every day is different, and that’s what I think keeps it exciting.
My inspiration would be our builder, John Passero. Growing his small family business to where it is today – from 12 houses a year to upwards of 70, while still maintaining a good company culture where we all love coming to work every day. It makes you want to do a good job every day. We also give back to our community, an admirable thing. Big Bothers Big Sisters, Project Share, Humane Society and most recently doating $200,000 to Ronald McDonald House, and building the new family room at our local St. Catharines hospital.
What’s on your reading, binge-watch or podcast list these days?
One of my personal favourites and an easy read is one I read every year – Move Your Bus – a great book to apply to your life and business relationships. Current binge-watch is Landman with Billy Bob Thornton – an excellent show.
TIPS AND TRICKS FOR MORTGAGE RENEWALS IN 2025
As we move into 2025, Canadian homeowners renewing their mortgages may face a new reality: Higher interest rates compared to their initial mortgage terms. While this might seem daunting, it’s also an opportunity to reassess your financial situation and make
decisions that align with your current goals. A mortgage renewal is more than just signing on the dotted line – it’s a chance to shop around, negotiate and take control of your financial future.
There are some essential tips and strategies to help you navigate mortgage renewals in today’s high interest rate environment. Whether you’re a first-time renewer or an experienced homeowner, these insights can save you money and reduce financial stress.
WHY MORTGAGE RENEWALS MATTER IN 2025
Mortgage renewals happen when your current mortgage term ends, and you need to secure a new term for the remaining balance. In 2025, many Canadian homeowners will be renewing at rates significantly higher than they locked in five years ago. For context, mortgage rates in 2020 hit historic lows, with some fixed rates dipping below two per cent. Fast-forward to today, and fixed rates are hovering around four
“
” A mortgage renewal is more than just signing on the dotted line – it’s a chance to shop around, negotiate and take control of your financial future.
per cent or more, putting upward pressure on monthly payments. If your term is ending soon, it’s crucial to approach your renewal with a strategy to minimize financial impact.
TIPS FOR NAVIGATING YOUR MORTGAGE RENEWAL IN 2025
1. Start early: Don’t Wait Until the Last Minute Lenders generally send renewal letters two to four months before your renewal data, but waiting until then limits your options. Begin exploring renewal opportunities at least four to six months before your term expires. This gives you time to compare rates, shop around, and lock in the best deal.
Pro tip: Lenders allow you to secure a new mortgage up to 120 days before your renewal date that will be held until your renewal. If rates rise during this period, you’re protected. If rates drop, you can often negotiate own further.
2. Shop around for the best rate
While your current lender may offer convenience, don’t assume they’ll give you the best deal. Shopping around with other lenders or working with a mortgage broker can reveal competitive rates and terms. Mortgage brokers, such as our team at Homewise, in particular, have access to multiple lenders and can
help you find a product tailored to your needs.
Why this matters in 2025: Higher rates mean even small differences in your mortgage rate can have a significant impact on your monthly payments and overall interest costs.
3. Consider extending your amortization period
If higher rates are stretching your budget, extending your amortization period could help lower your monthly payments. For instance, if you have 20 years left on your mortgage, you could extend it to 25 years, reducing your payment burden in the short term.
Things to keep in mind:
• While extending your amortization reduces monthly payments, it increases the total interest you’ll pay over the life of your mortgage.
• You can always shorten your amortization later or make extra payments when rates stabilize or your financial situation improves.
4. Evaluate your financial goals
Mortgage renewals are a great time to reassess your financial goals. Are you planning to stay in your current home long-term, or are you considering selling in the near future? Your plans can influence whether you choose a fixed or variable rate, the length of your term, and other features such as prepayment flexibility.
Fixed vs. variable in 2025:
• Fixed rates offer stability in today’s uncertain environment.
• Variable rates might still be attractive for those expecting rate cuts later in the year but come with more risk if rates remain high.
5. Negotiate with your current lender Don’t accept your lender’s first renewal offer without negotiation. Many lenders are willing to match or beat competitive offers, but they won’t do so unless you ask. Use quotes from other lenders or brokers to leverage a better rate or more favorable terms.
6. TAKE ADVANTAGE OF PREPAYMENT OPTIONS
If you’re in a position to do so, making a lump sum payment or increasing your monthly payments before or during renewal can help reduce your principal and save on interest over time. Many lenders allow up to 15 to 20 per cent of your original principal to be paid off each year without penalties.
WHAT TO WATCH FOR IN 2025
• Rising household debt: Higher rates mean higher payments, so consider your overall debt load and budget carefully.
• Inflationary pressures: Inflation could influence rates further, so stay informed about market trends.
• Government policies: Keep an eye on government announcements or programs aimed at easing affordability challenges, such as first-time buyer incentives or stress test changes.
KEY TAKEAWAY: BE PROACTIVE
Mortgage renewals in 2025 come with unique challenges, but with the right strategies, you can minimize financial strain and secure a deal that works for you. Start early, shop around and don’t hesitate to seek professional advice from a mortgage broker or financial advisor. A proactive approach can make all the difference in navigating this higher rate environment.
Ready to renew your mortgage?
Contact an unbiased mortgage advisor such as one of ours at Homewise to explore your options, compare rates, and ensure you’re getting the best possible deal.
Jesse Abrams is Co-Founder at Homewise, a mortgage advisory and brokerage firm. thinkhomewise.com
+MORE CONTENT ONLINE nexthome.ca
MYTH VS. REALITY FOREIGN INVESTMENT IN THE PRE-CONSTRUCTION MARKET:
DEBBIE COSIC
Foreign investment in Ontario’s preconstruction market has long been a hot topic, often sparking debates about its role in driving up housing prices. While it’s easy to attribute skyrocketing costs to foreign buyers, the reality is far more nuanced. Understanding the true drivers of demand in Ontario’s pre-construction market requires dispelling myths and focusing on the data.
THE MYTH OF OVERWHELMING FOREIGN OWNERSHIP
One of the most persistent misconceptions is that foreign buyers dominate Ontario’s pre-construction market, buying up condos en masse and driving prices beyond reach for local residents. While foreign buyers have contributed to demand, their share of the market is significantly smaller than perceived. According to government data, foreign ownership represents only a small percentage of transactions in the housing market. Policies such as the Non- Resident Speculation Tax (NRST), which imposes a 25-per-cent levy on nonresident buyers, have further reduced foreign activity in the sector.
Contrary to popular belief, most pre-construction buyers are domestic investors and end-users. Many of these buyers are Ontarians leveraging local resources and financing to secure properties. They see pre-construction condos as an opportunity to build equity, secure future housing or generate rental income in a high-demand market.
WHAT’S REALLY DRIVING DEMAND?
The real drivers of demand in Ontario’s pre-construction market stem from local factors. A booming population, fueled by immigration and urbanization, has created an insatiable need for housing. The GTA alone absorbs thousands of newcomers each year, many of whom require immediate rental accommodations or are seeking to purchase homes.
Additionally, Ontario’s housing supply remains constrained by factors such as zoning regulations, limited land availability and lengthy approval processes for new developments. These supply-side challenges, combined with strong population growth, have placed upward pressure on prices and fueled demand for preconstruction properties.
THE ROLE OF LOCAL INVESTORS
Local investors are the backbone of Ontario’s pre-construction market.
They often purchase units with the intention of renting them out, addressing the region’s chronic rental shortages. These investors play a vital role in maintaining the rental stock, especially in urban centres where vacancy rates are low.
BOTTOM LINE
Although foreign buyers don’t dominate Ontario’s pre-construction market, they do play a role in funding new developments, adding to the rental supply and supporting economic activity. Restricting their participation slows project launches, reduce rental availability and could deter global investment. However, the primary drivers of demand remain local buyers, immigration-driven population growth and a limited housing supply. Instead of imposing broad restrictions, policymakers should focus on increasing housing availability, streamlining approval processes and improving financing options to create a more balanced market that works for both locals and newcomers. Rather than shutting out foreign buyers, Ontario should adopt policies that encourage responsible investment while prioritizing affordability and supply growth. It’s time to move past myths and address the real challenges shaping Ontario’s housing landscape.
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
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GROWTH PAYING FOR GROWTH
– AND EQUITABLE COMMUNITIES
MIKE COLLINS-WILLIAMS
Municipalities are navigating a complex web of financial pressures in 2025. With inflation remaining a significant challenge, the strain on municipal tax levies (or tax rates) has intensified, leaving many residents concerned about the rising cost of living. To address these fiscal pressures without overburdening taxpayers, one effective strategy is to broaden the tax base by increasing housing development. Expanding the housing supply offers a dual advantage: It alleviates the housing shortage while bolstering municipal revenues.
Expanding housing supply does more than provide shelter. It creates opportunities for greater affordability and choice, enabling residents to settle in communities that align with their preferences and needs. Additionally, this expansion distributes municipal costs across a larger pool of taxpayers, reducing the strain on existing residents. For instance, over the past year, approximately 880,000 jobs across Canada were supported by the new housing and renovation industry, highlighting how housing development contributes not only to municipal revenue but also to the broader economy.
Across Ontario, city and town councils are weighing difficult decisions regarding property tax increases to fund rising operational and capital costs for essential services.
Many municipalities are adopting an innovative solution: Driving growth in the city’s tax assessment through new developments. By welcoming more taxpayers, municipalities can generate the necessary revenue to sustain services while minimizing the financial impact on current residents. Residential construction – a significant driver of job creation – has been instrumental in regions such as the Hamilton Census Metropolitan Area (CMA), where nearly 17,000 wellpaying jobs are supported by the sector, contributing close to $4 billion to the local economy.
Strategic development, particularly high-density housing, significantly enhances land’s tax productivity. This long-term revenue stream is becoming a cornerstone for municipalities aiming to balance budgets. Take, for example, a vacant downtown lot. The tax revenue generated from such a property is negligible compared to that of a multiunit residential building developed on the same site. Encouraging such transformations addresses both fiscal challenges and the critical need for housing. It also illustrates how the housing and renovation industry supports employment across Canada, where it remains a leading source of job creation. Smart municipalities are even looking at using new tools such as Community Improvement Plans to incentivize new development through financial breaks on things such as development charges.
Housing affordability hinges on an interconnected market. Increasing supply across all price points creates a ripple effect, making housing more
accessible at every level. Through a process called filtering, new housing options allow higher-income residents to move up the market, freeing up more affordable units for others. This demonstrates the importance of fostering market-driven solutions alongside affordable housing initiatives to improve overall accessibility.
Progressive municipalities recognize the urgency of reducing barriers to housing development. By prioritizing these efforts, they can tackle the twin challenges of affordability and financial sustainability, setting the stage for a thriving future. In 2025, the need for action is clear: Building more housing is not just about growth – it’s about ensuring a resilient and equitable community for all.
Mike Collins-Williams, RPP, MCIP, is CEO West End Home Builders’ Association. westendhba.ca.
HOUSING, AFFORDABILITY
AND TRAFFIC IN THE GTA TACKLING
What does it take to make the Greater Toronto Area a place where everyone can thrive? Affordability, housing supply and traffic are shaping how –and where – people live, work and invest. TRREB’s 2025 Market Outlook & Year in Review report explores these pressing issues and outlines actionable solutions to keep the region vibrant and sustainable.
HOUSING AFFORDABILITY AND SUPPLY
Affordability remains a key challenge across the Greater Golden Horseshoe (GGH). High development charges, excessive taxes and complex administrative hurdles not only delay housing projects but also drive up costs, making it more difficult to meet the increasing demand for housing.
“Traffic congestion and housing affordability, whether buying or renting, are interconnected challenges that require dedicated attention and solutions,” says TRREB CEO John DiMichele. “The current system of excessive development charges, increasing taxes and persistent delays due to administrative hurdles, only exacerbates these issues. This stalls any progress on increasing the housing supply needed to support our growing communities.”
2025 MARKET OUTLOOK
Lower borrowing costs are anticipated to boost market activity, with 76,000 home sales expected in 2025. The average home price is forecast to
see a modest increase, reaching $1.14 million, signaling a return to more balanced market conditions. However, external factors, including the possibility of U.S. tariffs, could influence consumer confidence and impact overall market performance.
TRAFFIC AND LIVABILITY
Congestion affects much more than daily commutes, undermining productivity and making some areas less appealing for residents and businesses. Addressing these challenges requires investment in transit-oriented developments and smarter infrastructure planning to improve mobility and ease traffic pressures.
A COLLABORATIVE PATH FORWARD
These challenges cannot be tackled alone. TRREB emphasizes that governments, industry stakeholders and communities must work together to address housing supply,
affordability and infrastructure needs. Coordinated efforts will ensure the GTA remains a thriving, inclusive region.
The report also emphasizes the importance of “missing-middle” housing – townhomes, duplexes and lowrise multi-unit buildings – and purpose-built rentals to address the region’s housing needs.
For deeper insights, interactive infographics, and videos, explore the 2025 Market Outlook & Year in Review report at trreb.ca.
Elechia Barry-Sproule is President of the Toronto Regional Real Estate Board (TRREB) and Broker/Owner of Red Apple Real Estate Inc. She is committed to mentoring and supporting real estate professionals across the industry. trreb.ca.
WHAT IS A POWER OF ATTORNEY AND
WHAT SHOULD IT INCLUDE?
JAYSON SCHWARZ, LLM
Whether you are a young or an older person, preparing Powers of Attorney and Wills is a necessary evil that everyone not only should do but must do. I stress this because I have seen so many times the mess that is left behind when an individual doesn’t take care of their affairs and a family is left trying to pull the pieces together. This article is not about your Will, it is about preparing Powers of Attorney and not just using printed forms. This became glaringly obvious to me recently when a man suffered a brain aneurism, and his wife was put in the horrible position of having to decide whether to end all life support, effectively leading to the death of her husband.
The husband should have made that decision himself earlier, and spared his wife the horror and guilt. How do we do that?
There are two kinds of Powers of Attorney (POA) that each of us should sign. The first is for financial matters. This POA allows the designated attorney to conduct all financial affairs, as if he or she were that person. This would help, for example, in a case where a person had two broken arms and couldn’t sign cheques. Even with this POA, if you want restrictions and specifics, you need to have the lawyer you retain include these details in the legal document.
The POA for personal care gets even more tricky. This is where you need to think about all of the potential problems that could occur,
and how you want to make decisions on what happens in advance. As an example, here is one kind of clause: I do not wish to be kept alive for any significant period of time if I am in a vegetative state or I am being kept alive by artificial means, unless there is a reasonable chance of my recovery such that I will no longer be in a vegetative state or kept alive by artificial means. Where there is no reasonable chance of recovery, I direct that I be allowed to die and not be kept alive by medications, artificial means or “heroic measures,” and I direct that any such medications, means or measures that would keep me alive in those circumstances be withheld or withdrawn. I do, however, ask that medication, means and measures be mercifully administered to me or medical or surgical procedures be taken to
alleviate suffering even though this may shorten my remaining life. Or, as an example, here is a list to consider: Health care, nutrition, shelter, clothing and hygiene. At our firm, we typically arrange for either a GP or surgeon to be available to review these issues, and be able to discuss them with our clients as part of the process in order that we might incorporate their desires into their POA.
Taking these steps and clarifying these matters now is the best gift you can give your loved ones. Don’t wait.
Jayson Schwarz LLM is the founding senior partner of Schwarz Law Partners LLP. schwarzlaw.ca.
art Expressing yourself with
by LINDA MAZUR
Art is quite often thought of as part of the finishing touches of your decor, a last-minute addition or a required space filler on your wall. However, art is more than that, when it is well curated it can transform, establish and elevate any room. It sets the tone of the space while adding to the overall design aesthetic. Art is an expression of personality. It adds visual interest, evokes emotion and can communicate our deepest thoughts.
Understanding the role art plays in your space is important. A vibrant abstract can create energy, a subtle landscape can be calm and peaceful. The colours, textures and forms found in your artwork can be complementary to the surroundings of the room, adding not only visual interest but also depth to the design. It can create a focal point in the space, or add a subtle nuance to a small little corner of a room. It can be the starting point when designing or it could be that extra layer needed when creating a well-curated room.
Many feel that great artwork should stand alone and really have nothing to do with the finished decor of your space. However, when working with clients, I often find that art always will have a greater impact and look better within the space when the decor supports the pieces in questions.
Whether you are working with original art, prints, photography of your family or from your travels or some great vintage pieces you found while thrifting, you need to decide the role these pieces will have within your space. Is the design of your space inspired by your art pieces? Will the art in question be displayed prominently in your space? Will you create a collage wall that blends old and new, abstract and vintage? Does your art collection consist of “objects” that will accompany your framed pieces? However you decide to incorporate these pieces, know that they will certainly add dimension, richness and interest to the area.
So, the question remains, how do you design a space to highlight your art? One of the more classic and easiest ways to coordinate your art selections within your living spaces is drawing on colour. This is not about having your art “match” everything in the space, but rather developing a palette of colour and texture throughout that will help enhance the pieces. This could be a simple repetition of some of the colours found within the piece through paint, fabric and accessories which will help to strengthen the visual impact of the art. A coordination and balance of colour, pattern and texture within your decor will draw you into the room and visually highlight the art.
For a more modern approach, the design of a room can be a bit more restrained, both in colour and composition, allowing the art to become more of an impactful focal point, and with the addition of proper lighting, you can truly make your art piece become the centre of attention. When working with bold or large scaled pieces of art, put some thought in to how you’d like to display these pieces and make the design or decor of your space complement
them instead of just making the art exist. If you are selecting fresh pieces of art for your room, select wisely, in both size and composition. Look to creating groupings or collages with some pieces to avoid simply hanging a single piece per wall. While art is subjective and personal, it does need to vibe with the space it will be in to truly shine.
Art can elevate and complete your interior space. But in the end, artwork should simply make you happy. You can make a bold statement or create a calm and relaxing environment, whichever suits your personality and style best. Be creative with your selections and don’t fear colourful or large-scale pieces. Your art collection is a reflection of you, your life, history, travels and family, so have fun with it and show your true self.
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
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
MODERNIZING THE
DEVELOPMENT CHARGES ACT THE ANSWER IN 2025
DAVE WILKES
Over the last few years, there have been considerable discussions on the impacts of municipal development charges (DCs) on both the affordability of new homes and on the implications of the overall cost to build new housing. When combined with the eye-watering rate of increase for DCs over the last decade, and the accumulation of significant reserves at the municipal level, some pundits have called for their elimination. Given the important function that DCs serve, elimination is not the answer –but it is high time for the government to reassess how new homes are taxed and an important step must be modernizing the Development Charges Act.
DCs are intended to offset the cost of providing infrastructure and municipal services to support new housing growth and unlike lot levies, are calculated and imposed in a prescribed and formalized manner. Municipalities charge them to residential builders and developers on a per unit basis, and these taxes, such as other housing taxes are rolled into the final price of the home paid by the new home purchaser. DCs perform a vital function, because fundamentally, you cannot build new housing if you do not have running water, roads or sewage systems.
However, given the housing affordability and supply challenge facing the GTA, it is no surprise that DCs have come under sharp focus in recent years. This is due to a variety of reasons.
First, at the outset of the development charges system in the province over 35 years ago, the dollar amounts per home were relatively modest. The rate of increase of these charges, particularly in the last five to 10 years, has been staggering both in dollar terms and in percentage increase. Today the amount is between $95,000 and $163,000 per single-family home, depending on the GTA municipality, and is increasing even though average home prices are decreasing. Famously, one GTA municipality has increased its DCs by more than 6,000 per cent over the last 30 years. Applying that same rate to other purchases, like a cup of coffee from a popular chain or average compact car would mean paying $65 for a coffee or $1.2 million for a car today. In other words, the stakes and the cost implications are much more profound today, and the need for cost controls have never been higher.
Second, the process of establishing DCs and the underlying legislation have become increasingly complicated and there are definitely elements of the Act and regulations that require an update and/or reexamination. Since the 1997 version of the Development Charges Act (the framework legislation), there have been countless legislative and regulatory changes made. These changes have made both the calculation and application of DC rates more complex and difficult for all stakeholders involved. A clearer, simpler system would reduce confusion, varied interpretations, conflicts and legal disputes.
Third, jurisdictions across Canada and North America all have different ways to fund growth and housingrelated infrastructure. Given that
the GTA has some of the highest levels of municipal costs on new homes on the continent, updating the legislation would provide the province the opportunity to seek out and implement best practices. In particular, the opportunity to examine different and more efficient mechanisms that could be incorporated into the existing system to right-size DCs, lower costs and ultimately help address affordability. The DC system in Ontario performs a vital function, not only from the perspective of the provision of housing supportive infrastructure, but also by providing the legal framework that reduces or eliminates informal negotiationbased approaches. For these reasons alone, eliminating DCs is not a wise course of action and would return Ontario to the days of negotiated lot levies. Given the relative scale of DCs in dollar terms, the current housing crisis, the need to reduce complexity and the opportunity to learn from best practices from other jurisdictions, an update of the DC act is clearly the best course – and significantly overdue.
Now is the time for bold action to address generational housing affordability issues in the GTA.
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.
