The Home Builders' Annual - GTA 2017 by NextHome

THE ONLY COMPLETE RESOURCE DIRECTORY OF GTA AND SWO HOME BUILDERS

EXPLORING THE

top builders & developers ACROSS THE GTA AND SOUTHWESTERN ONTARIO

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Editor’s Note

Finding your new home In a hot market there can be some tough decisions – understanding the market will help you decide with confidence

hether you’re a first-time buyer or a real estate pro, the housing market throughout the Greater Golden Horseshoe is going to put you to some tough decisions. The best way to navigate these decisions is to educate yourself on the current market climate and understand your needs. Buying a home is more than just finding a place to live – if only it were that easy. Buying a home is creating an investment, putting down roots and taking on responsibility. In today’s hot market, where supply isn’t keeping up with demand and home prices are rapidly rising, many buyers are faced with big decisions and lots of compromises. The most significant is location versus affordability. It’s a tough decision to make. The answers lay within balancing your budget and your needs. Are you trying to get into the market so you can move up the property ladder or do you have equity in your home that you want to free up? Are you comfortable trading off space for location? Are you looking for a location that hasn’t peaked, giving you more for your homebuying dollar? Explore your needs as you explore the market. The Greater Golden Horseshoe has plenty of opportunity, but you need to know which opportunity is the right one for you. In this issue of the Home Builders’ Annual, we hope we can help you find the answers you’re searching for on the road to your new home.

Elisa Krovblit Senior Editor, Yellow Pages NextHome elisa.krovblit@ypnexthome.ca Twitter: @ElisaKrovblit

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2017 table of contents

54 02 08

Editor’s Note

OHBA Report Greening new and existing homes by Joe Vaccaro

Legally Speaking Deciphering legal language by Jayson Schwarz

Financially Speaking Six homebuying tips for first-timers by Wayne Karl

Trending Real estate by the numbers by Sonia Bell

CMHC GTA home prices spilling over to surrounding centres

Tarion Report Your new home warranty is comprehensive and affordable by Howard Bogach

Mortgage Advice The five biggest mortgage mistakes to avoid by Alyssa Furtado

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Expert Panel Get expert advice on buying a home from these industry professionals

Advertiser Directory Our advertisers, with a link to our comprehensive directory of newhome builders in the GTA & SWO

Social Media Directory A list of social media accounts from GTA & SWO builders and developers to help you stay connected

Inspiration Vintage modern by Elisa Krovblit

Trending Buying in today’s market by Elisa Krovblit

THE ONLY COMPLETE RESOURCE DIRECTORY OF GTA AND SWO HOME BUILDERS

VICE PRESIDENT & CHIEF PUBLISHING OFFICER

Caroline Andrews PUBLISHER & GENERAL MANAGER

Shawn Woodford DIRECTOR OF SALES

Moe Lalani ASSOCIATE PUBLISHER

Anne-Marie Breen SENIOR MANAGER, CONTENT

Jennifer Reynolds

SENIOR EDITOR

Elisa Krovblit ART DIRECTOR

Megan Pike SENIOR ACCOUNT EXECUTIVES

Nina Downs Dionne Fraser SALES & MARKETING CO-ORDINATOR

Sarah Khan PRODUCTION MANAGER

Helen Pearce PRODUCTION CO-ORDINATOR

Hannah Yarkony

2017 GTA & SWO Home Builders’ Annual #500-401 The West Mall Etobicoke, On M9C 5J5 T 416.626.4200 F 416.784.5867 ypnexthome.ca

ADVERTISING: Call 416.784.5060 for advertising rates and information. CIRCULATION : Polybagged with the March 18 issue of New Home Guide. The Home Builders’ Annual is available at GTA home shows, through direct distribution in the GTA and SWO market and by consumer request.

10 GTA & SWO HOME BUILDERS’ INDEX

COPYRIGHT 2017 All rights reserved by Yellow Pages Homes Limited, Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law.

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Tillsonburg Development

IFC-1

Empire Communities

37-39

Starward Homes

3-5

Branthaven Homes

IBC

Lindvest

11-13

Great Gulf

Back Cover

Mattamy Homes

16-18

Menkes Developments

20-22

The Daniels Corporation

23-25

Losani Homes

27-29

Averton Homes

31-33

Treasure Hill Homes

BUILDERS HELPING TO HEAL

48-49

TERMS Advertisers, Editorial Content and 2017 GTA & SWO Home Builders’ Annual are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E.

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THE HOME BUILDERS’ ANNUAL 2017 7

OHBA Report

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Greening new and existing homes The latest initiatives in energy efficiency by JOE VACCARO, CEO ONTARIO HOME BUILDERS’ ASSOCIATION

YOU MIGHT BE SURPRISED TO KNOW how much housing

in Ontario and Canada has evolved over the past 70 years. For example, did you know that in the early 1940s, 44 per cent of homes had no inside flush toilet and 93 per cent were heated by coal, coke or wood fuel? While the provincial government moves forward with its Climate Change Action Plan (CCAP) announced in 2016, the Ontario Home Builders’ Association (OHBA) and its members have been initiating and supporting programs designed to build and renovate more energy efficient homes for almost 20 years. In 1998, OHBA and the Canadian Energy Efficiency Alliance partnered to form EnerQuality, whose mission is to accelerate housing innovation and improve building performance in Ontario. EnerQuality offers certification through these programs: • ENERGY STAR for New Homes. Homes that receive this label are about 20 percent more energy efficient than those built to the minimum Ontario Building Code standards, and reduce greenhouse gas emissions by two to three tonnes a year per house. In 2014, 32 per cent of all homes built in Ontario were ENERGY STAR qualified. • GreenHouse Certification certifies homes that meet high-performance standards in water efficiency, indoor air quality and resource management. • R-2000 certified homes offer both energy efficiency and Green building features that exceed energy efficiency building code requirements by 50 per cent. Only licensed R-2000 builders who have been trained and certified can build R-2000 homes. • Net Zero / Net Zero Ready Homes. A Net Zero energy home is designed, modelled and constructed to produce as much energy as it consumes on an annual basis. In addition, you may see the term LEED, (Leadership in Energy and Environmental Design). This voluntary rating system evaluates environmental performance from

a whole building perspective over a building’s life cycle. As of 2015, LEED buildings have eliminated 1,261,016 CO2e tonnes of GHG emissions annually, diverted over 1.5 million tonnes of waste from landfill, and saved 12.8 billion litres of water per year. And when you’re ready to resell your home, there are also ways to fast-track home energy retrofits, which commands a higher resale price. OHBA supports Ontario Ministry of Energy’s Home Energy Rating and Disclosure (HER&D) program, which would require Ontario homeowners to get an energy performance rating for their existing homes, and disclose that rating to prospective buyers. This would ensure homebuyers are fully informed about the energy use in prospective homes. The province has also recently committed $100 million to help finance energy retrofits, including upgrading furnaces, water heaters and insulation, so assisting homeowners in completing green upgrades. In addition, OHBA has recommended the provincial government implement a targeted Energy Efficiency Home Renovation Tax Credit in its upcoming budget that would encourage consumers to use legitimate contractors when making energy efficient upgrades to their homes. The quest for energy efficient housing continues, and Ontario builders and renovators are up for the challenge. Much of the innovation and efficiency in houses has been pioneered by new home builders and we will continue to look for ways to reduce our dependency and consumption of energy in new homes.

Joe Vaccaro is CEO of the Ontario Home Builders’ Association, the voice of the residential construction industry in Ontario representing 4,000 member companies organized into 31 local associations across the province. The industry contributes more than $42 billion to Ontario’s economy, employing more than 325,000 people across the province.

THE HOME BUILDERS’ ANNUAL 2017 9

CMHC

GTA home prices spilling over to surrounding centres

INCREASING HOME PRICES IN THE GREATER TORONTO AREA (GTA) are having a spillover effect in surrounding centres, particularly those within commuting distance. This analysis is part of Canada Mortgage and Housing Corp.â&#x20AC;&#x2122;s (CMHC) Housing Market Insight (HMI) report on the relationship between GTA home prices and those of neighbouring markets. While most Ontario markets have seen substantial home price increases over the past 20 years due to favourable economic conditions, more recently, CMHC detected moderate or elevated evidence of overvaluation in Hamilton and the GTA, suggesting that price appreciation in those centres is partly driven by other factors. Report highlights include GTA house prices have increased disproportionately compared to other Ontario CMAs. Single-family home prices in the GTA are motivating 10â&#x20AC;&#x192;YPNEXTHOME.CA

buyers to purchase more affordable homes in nearby CMAs, driving up prices in those centres. Historically, house price spillovers from the GTA were prevalent in Hamilton, Barrie and Guelph. More recently, house price spillovers have been occurring a bit farther out, especially in St. CatharinesNiagara, driven by the price of lowrise homes in the GTA To further illustrate the spillover effect, the report also considers the potential impact that a positive and negative shock to GTA home prices may have on surrounding areas. While these scenarios are in no way predictions, they demonstrate that should GTA house prices rise unexpectedly by 10 per cent in a given quarter, Hamilton house prices could rise by 14 per cent within a year. Conversely, an unexpected 10 per cent contraction in GTA prices could lead Hamilton prices to decline by 14 per cent within a year. In both cases, the impact would moderate over time and be less pronounced in other nearby communities.

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Tarion Report

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Your new home warranty is comprehensive and affordable by HOWARD BOGACH VALUE FOR MONEY is top of mind with consumers these days, and when I read a recent New York Times article about extended warranties, it got me thinking about warranties in the context of new homes. The article talked about the practice of encouraging consumers to purchase an extended warranty, above and beyond the manufacturer’s warranty, when they buy a product. In Ontario, new home builders are required to provide a set of warranties that last up to seven years on every new home they build. This is the law. Before construction begins, the builder must enrol the home in the warranty program. While builders pay the enrolment fee, this cost is often passed on to the purchaser, like virtually every other cost a builder incurs, including overhead or administration fees. Yet, for a one-time investment, ranging from $385 to a maximum of $1,500, depending on the value of the home, new-home buyers are covered for defects in workmanship and materials and violations of the Ontario Building Code for up to seven years to a maximum of $300,000. These are the core components of the Ontario new home warranty. However, there are a number of additional protections, not available in other jurisdictions, that provide value to Ontario’s new-home owners. Even before you move into your new home, the warranty program protects your deposit up to $40,000 for freehold homes and $20,000 for condominium units. There is also compensation for delayed closing or occupancy. If your builder agreed to deliver your home by a certain date (whether the original date or a date that was properly extended) and fails to deliver on time, your builder may be required to compensate you for that delay. The maximum compensation is $7,500. Coverage for radon gas is another feature of the warranty that sets it apart from others in Canada. If excessive levels of radon gas are found in your home anytime during the sevenyear period of your warranty, you may be covered for remediation of the gas.

The warranty also protects you against unauthorized substitutions. If your choice of hardwood flooring in the dinning room was contained in your Agreement of Purchase and Sale and accepted by the builder, then your builder must provide that flooring. If it’s not available, your builder must ask you in writing to make another selection. Tarion also addresses risks associated with illegal building. Illegal builders typically avoid enrolling a new home in the warranty program, which means the homeowner is likely unaware of their rights and responsibilities under the warranty. The good news is that if the builder fails to enrol a home, there may still be a warranty for the home. All of these protections add up to provide Ontario’s new home buyers with comprehensive warranty coverage that is also affordable.

Howard Bogach is president and CEO of Tarion Warranty Corp. For more information about how Tarion helps new home and condo buyers, visit Tarion.com, find them on Facebook at Facebook.com/TarionWarrantyCorp. or follow them on Twitter: @tarionwarranty. THE HOME BUILDERS’ ANNUAL 2017 15

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Mortgage Advice

The 5 biggest mortgage mistakes to avoid by ALYSSA FURTADO

hire a mortgage broker who can do all the legwork at no cost to you.

NOW THAT YOU’VE DECIDED TO BUY A HOME, there are numerous steps in

the process you’ll have to follow. When it comes to getting a mortgage, it could cost you in the long run if you make a mistake or two. To help you save money and avoid potential problems down the road, here are some mistakes you should avoid: 1. Not knowing your credit score/rating Lenders love borrowers with a good credit rating. They’re often the ones who pay their bills on time, don’t use a large percentage of their available credit, and have different types of credit, such as a credit card, car loan, and line of credit. If you have good credit, you should be able to qualify for the best mortgage rates. But if you have bad credit, expect to get a mortgage with a higher interest rate. Not sure of what your rating is? You can get your credit score from Equifax or TransUnion. 2. Not being pre-approved for a mortgage If you’ve been looking at properties for a while, you might suddenly find the perfect home. But it’s possible you won’t be able to afford the place. That’s why it’s best to get pre-approved for a mortgage so you’ll know how much you can afford. Many lenders will guarantee your pre-approved rate for a period of between 60 and 120 days. That’ll give you time to find a property in your price range. 3. Not shopping around a mortgage If you think you’ll get rewarded with the lowest rate from your financial institution because you’ve been a loyal customer for a number of years, think again. Your institution may not have the best rate while a rival across the street might have a lower rate. You should do some comparison shopping on a site like RateHub.ca before getting a mortgage. You can also

4. Not making more payments No one really likes to carry a large mortgage. Typically, mortgage payments are made on a monthly basis but there are ways to pay it off faster by using accelerated biweekly payments. For example, if you have a $400,000 mortgage with a 25-year amortization and make monthly payments, your mortgage won’t be paid off until 2041. We used RateHub’s mortgage payment calculator and found if you make accelerated payments, you’d pay off your mortgage nearly three years earlier and save about $15,000 in interest. Also, most lenders allow you to make lump-sum payments, which will let you pay your mortgage down faster and save you thousands of dollars in interest. 5. Not preparing for extra costs Buying a home can end up costing a lot more than you’d expect. First, there are closing costs, which include legal fees, title insurance and the land transfer tax. You might also need to reimburse the seller for the property taxes and utility bills they’ve already paid. These costs will add up to from anywhere between 1.5 and four per cent of the property’s purchase price.

Alyssa Furtado is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions. THE HOME BUILDERS’ ANNUAL 2017 19

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The Carlisle at Madison MADISON AT CENTRAL PARK OPENING SPRING 2017 Hamilton will soon be home to one of the largest and most innovative master-planned communities in the country—Central Park. This transformational community of residences will be located in the heart of booming East Hamilton, one of the strongest real estate markets in the province, with pricing that is well below those in the Greater Toronto Area. After the tremendous success of Park Avenue, the first neighbourhood at Central Park, Losani Homes is excited to release Madison, the second neighbourhood, this spring. The townhomes at Madison boast modern elevations with a dramatic colour palette, glass doors and smooth brick. A variety of layouts and square footages will be offered, making Madison a perfect destination for any new homebuyer.

Area and the Bruce Trail. The 1,100 foot long paved Promenade offers access to 1,300 feet of pathways for pedestrian use and enjoyment. The trail will be modified to accommodate wheelchairs as well as baby strollers and cyclists. Nature is truly accessible for every resident at Central Park. “At Central Park, we are committed to working one-on-one with each home purchaser with special mobility needs to ensure that the home meets all their accessibility requirements while also providing the ability for families to remain in their homes throughout their lifetime. In fact, we have completed twenty customized accessible homes for customers with special needs,” said Fred Losani, CEO of Losani Homes. Future neighbourhoods of Central Park will also offer accessibility options for barrier-free living, as well as many future Losani Homes communities.

BARRIER-FREE LIVING AT CENTRAL PARK People with unique accessibility needs can be accommodated at Central Park. Losani Homes is proud to offer barrier-free living including a full outfitting for elevators or a roughed in shaft for future installation. Central Park will feature a five-acre EcoTrail Promenade connecting residents to the ten kilometre East Mountain Trail Loop, including the Eramosa Karst Conservation

LOSANI FAMILY FOUNDATION PARTNERS WITH FREE THE CHILDREN Since its founding in 1976, Losani Homes has always been committed to charitable giving both locally and abroad. The Losani Family Foundation found the perfect partner in Free The Children, who shares its commitment to positively impact local and global communities through meaningful actions that facilitate tangible change in areas that need it most.

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Over the last several years, Losani Homes with Free the Children, has impacted thousands of people’s lives globally. In 2014, through the Adopt a Village Campaign, Losani Homes directly contributed to a massive development project in western Kenya helping to build a new school, a medical clinic, supplying clean water and helping to create a community of self-sustainability for over 2,350 people. In 2015, Losani Homes took it even further as several Losani family members flew to Ecuador and contributed directly in the construction of a brand-new classroom within a village of two-hundred called Los Rios and a brand new state of the art medical facility in the neighbouring village of Modena; a $1.2 million initiative. With Losani family, senior staff, and the Ecuadorian Government in attendance, an emotional ribbon cutting ceremony took place opening the doors of the medical facility in Los Rios in June 2016. The medical facility, named after the founders of Losani Homes, Giovanni and Maria Losani, will help service 12,000 people from surrounding villages deep within the Upper Amazon Basin. The Losani Family Foundation will continue its efforts in Los Rios by sponsoring a Water Project in 2017. This past January, Losani Homes, together with WE, celebrated the opening of Ngulot, the first ever All Boys Secondary

School in Narok County, Kenya. Losani donated $30,000 in sponsorship funds to help build a high school in order to provide young boys with the opportunity to pursue their dreams of secondary education. The Losani Family Foundation looks forward to continued charitable efforts both locally and abroad. PRONTO HOMES ON DEMAND Losani’s innovation in one-on-one customer service is best represented by its recently introduced and revolutionary Pronto Homes On Demand, Ontario’s largest ready built program. Pronto Homes On Demand is individual in its approach to marketing and allows purchasers guaranteed closing dates and prices; the two biggest concerns when purchasing a new home. New homes in the program are about thirty percent constructed, or in some cases one-hundred percent complete, allowing purchasers to walk through, touch, feel and experience the actual home they may purchase as it is being constructed, and, often, they can move into those homes in thirty, sixty or ninety days. Losani looks forward to offering new Pronto Homes this year including modern towns at Fallingwaters and Prairie Modern in Stoney Creek and single family homes backing onto conservation land at Woodlands in Ancaster. To learn more about Losani Homes and to register for upcoming communities, visit www.losanihomes.com.

MADIS S N CE N T R A L PA R K

E N C O R E

™

Medical facility ribbon cutting ceremony in Los Rios in June 2016 THE HOME BUILDERS’ ANNUAL 2017 25

Legally Speaking

Deciphering legal language Deeds, transfers, mortgages, charges, discharges and undertakings by JAYSON SCHWARZ

FOR THE AVERAGE HOMEBUYER, there are some legal terms that require translation. The Government of Ontario keeps records of every piece of property in the province. These records are called the “title documents.” The document on file that says who owns the property is called the “transfer,” or “deed.” All of these documents are filed with the government — a process that is called “registering” the document. When a bank lends money and gets a record of this loan on title, the document is called the “mortgage” or the “charge.” When the charge is paid off, a new document is filed with the government office and it is called a “discharge.” If only part of the charge is paid off, a document called a “partial discharge” can be filed. There are many other documents, but these are a good starting point. Usually when a developer/builder starts a new project, he/she will go to a bank or other financial institution and just like you, arrange for a mortgage or charge. The difference, however, is that this can be a huge charge. As an example, the builder/developer may have a $50- or $60-million “blanket” charge applied to enable him/her to create and build the project. The next thing that happens is that the house or condo is built and sold, and it is time for closing. In the Agreement of Purchase and Sale will be a clause that will relate to the discharge of that part of the blanket charge which affects the property you are buying. The builders’ lawyers (the good ones, in any case) add the clause that the purchaser will accept the promise (undertaking) of the builder’s lawyer to register the partial discharge in a reasonable period of time, but will give on closing two important things: a) a letter (“discharge statement”) from the bank or other financial institution (“mortgagee” or “chargee”) setting out how much money has to be paid to the chargee to obtain the partial discharge; and b) a direction from the builder to the purchaser, telling the purchaser to pay the amount of money needed to obtain the partial discharge directly to the chargee. The clauses I will not accept stop with the purchaser being forced to accept the builder’s or the builder’s lawyer’s undertaking to register a partial discharge, without the other information. 26 YPNEXTHOME.CA

Now, I do not believe the builder or the builder’s lawyers who do not include this information would give the promise without meaning it, but what about things out of their control? For example, if: » the builder goes bankrupt » the builder has a dispute with the bank » some other party seizes the money from the builder » the builder has an internal shareholders dispute and assets are frozen » the lawyer goes to Argentina with the money » the builder goes to Tahiti with the money If we had followed a) and b), none of that would matter. My complaint is that it does not cost the builder anything to give this peace of mind and security to the purchaser. It is just usually the fault of a lawyer trying to prove how good he or she can be. Watch for these tricky clauses and consult a lawyer, because only a lawyer can provide legal advice and care enough to catch these kinds of things.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and senior partner in the law firm Schwarz Law LLP. If you have a topic in mind, mail, deliver or fax letters to the magazine or to the firm, email (info@schwarzlaw.ca) and give us your questions, concerns, critiques and quandaries.

THE HOME BUILDERS’ ANNUAL 2017 27

PUSHING THE BOUNDARIES OF TRADITIONAL HOME DESIGN. In every home we build, Averton showcases architectural style and interior refinements. Our homes stand out from the ordinary, always delivering outstanding value in truly beautiful settings that inspire the most rewarding lifestyles. With needs and wants constantly evolving in the housing industry, we strive to surpass conventional trends through inspired architecture, innovative building techniques and creative use of space. Averton is redefining home design with the goal of creating modern, affordable luxury residences that push the boundaries of home design. At Averton â&#x20AC;&#x201C; design is everything

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Beacon Hill

BOWMANVILLE

Come discover our 3 & 4 bedroom Townhome designs with up to 1,938 sq. ft. at Beacon Hill where Averton has just released the final townhomes in this amazing new Bowmanville community!

TOWNHOMES from the high $4OO’S 905.674.6166

Averton Common

KLEINBURG

Enjoy living in one of three luxurious condominium villas in the historic Village of Kleinburg, offering luxurious suites ranging from 890 to 1,560 spacious sq. ft.

CONDOMINIUM VILLAS from the high $6OO’S TO OVER $1 MILLION 416.646.9898

Village Green

MOUNT ALBERT

A unique collection of up to 3 bedroom townhome designs that can be found amidst the rolling hills and countryside of beautiful Mount Albert, North of Toronto.

TOWNHOMES from the high $5OO’S 416.924.0110

Averton Square

NIAGARA ON THE LAKE

Here you will be living the dream right in the heart of Niagara-on-theLake, steps from the charming shops, restaurants and theatres.

TOWNHOMES from the mid $5OO’S BUNGALOWS from the $7OO’S 905.378.2500

The Estates At Riverbend

PETERBOROUGH

This new community with all detached homes of exquisite bungalow and two-storey homes on breathtaking lots up to 70’. Homes featuring captivating river views, optional lofts and garages up to 4 cars.

Main Street Seaton

PICKERING

Choose from an incredible new selection of up to 3 bedroom Townhomes including two car parking. All in a central location close to parks, shopping, schools and GO Transit.

TOWNHOMES from the $4OO’S 289.545.0022

THE HOME BUILDERS’ ANNUAL 2017 29

Fundamentally Speaking

6 homebuying tips for first-timers by WAYNE KARL PLANNING TO BUY YOUR FIRST HOME and

not sure where to begin? Here are six homebuying tips to help you prepare. 1. Get with the programs There are various government programs available to help you buy a home. Home Buyers’ Plan (HBP): The HBP allows first-time buyers to withdraw up to $25,000 from their RRSP to put toward a down payment on a home. You have up to 15 years to repay the funds. First-Time Home Buyers’ Tax Credit (HBTC): Eligible first-time buyers can apply for the FTHB to help offset the costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes. The credit can provide up to $750 in federal tax relief. More information on these programs is available at cra.gc.ca 2. Explore your options First-time buyers can buy a home with as little as five per cent of the purchase price as a down payment – as long as the property is less than $500,000. Anything higher than that, and the minimum down payment for the portion of the price higher than $500,000 is 10 per cent. So, assuming your price range is at that threshold, you’ll need to come up with at least $25,000. At that purchase price, depending on the market you’re in, this could mean you’d then be looking at a townhome, semi-detached or even a condo, instead of a detached home. 3. Check with the bank of mom and dad If your parents are baby boomers who have had the good fortune of building equity over the years as they paid down their mortgage while the value of their property multiplied, well… they may be in a position to help.

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Many buyers are hitting up the bank of mom and dad. In the last two years, 28 per cent of first-time buyers called on the bank of mom and dad to help finance their purchase; from 2010 to 2014, only 17 per cent did. 4. Become tech savvy Mortgage consumers are becoming very tech savvy. In Canada Mortgage and Housing Corp.’s 2015 Mortgage Consumer Survey, 78 per cent of respondents researched online, with 70 per cent using an mortgage calculator to help determine their payments. And social media is playing a more important role – 20 per cent used sites such as Facebook to learn more, 17 per cent used a mobile device, and of those, 22 per cent used a mortgage related app. And all of these figures are growing. 5. Befriend a broker or banker Like many things in life, it’s all about relationships. And whether you use broker or a banker to secure a mortgage, you’ll likely come to value the relationship. In the same CMHC survey, consumer loyalty strengthened the longer people stayed with their lender. But since we’re talking about money, people are willing to switch lenders to get a better rate and save – a fact which is much more prevalent for bankers than brokers. And because brokers are able to offer products from multiple lenders, as opposed to bankers who offer only the products of their own institution, the market share held by brokers is growing notably, particularly among repeat buyers. 6. Research, research, research These days, with prices rising as they are and uncertainty in some markets, thorough research is an absolute must. Everything from your target area, desired housing type, builder or realtor, finances, how much you can afford, who you borrow from and the structure of your mortgage – take your time. Take months. Don’t rush anything. Anything.

Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics you need to examine when buying property. He can be reached at wayne.karl@ypnexthome.ca or follow him on Twitter @WayneKarl.

AWARD WINNING HOME BUILDER Treasure Hill is the recipient of multiple BILD awards including twice winning Low-rise Project of the Year. Dedication to quality craftsmanship, attention to detail, and listening to purchasers’ wants and needs have helped to elevate our reputation as one of the GTA’s most dependable and sought-after builders.

DISCOVER LIVING THE HOME BUILDERS’ ANNUAL 2017 31

URBAN LIVING WITH TREASURE HILL

B l e n din g u rb a n d e sig n with f u n c tio n a lit y,

patio or roof top terrace, perfect for both

Treasure Hill has released a beautiful collection,

hosting or relaxing. Time Village will change

Time Village in the hear t of Aurora at Yonge

the s tre et sc a p e s of Au ro ra with in n ovative

a n d We llin gto n Stre et . O f fe rin g af fo rd a b le

aesthetic and quality craf tsmanship. Each

living options for the new home buyer, you

unit combines ef ficiency and modern design

will enjoy unprecedented features including

principles to create a perfect home. Don’t miss

smooth ceilings, granite kitchen counter tops

your chance to live an urban lifestyle in one

and a private outdoor space – either a garden

of the GTA’s most desirable places to move.

REACHING

NEW HEIGHTS

In 2017, Treasure Hill is expanding their horizons

singles in a great place to live. With the new

and offering homebuyers exactly what they are

Highway 407 extension, commuting is going to

looking for. Treasure Hill is developing upcoming

be a breeze, offering affordable living without

communities across the GTA. North of Toronto,

having to sacrifice convenience.

you will find Treasure Hill homes in the stunning community of Keswick at Georgina Heights, offering

Treasure Hill will also be offering homes in areas that have proven to be successful with their buyers in the

large singles in a beautiful area surrounded by

past. In the desirable location of Vaughan, Treasure

lakes, parks and conservation areas.

Hill will be offering a collection of luxurious singles East of Toronto, Treasure Hill will also be expanding

in an already-established setting. Coming soon to

into many desirable areas including Oshawa,

the picturesque Town of Aurora, you will have the

Courtice, Bowmanville and Newcastle. The highly

chance to own a luxury single at Adena Views,

anticipated Bowmanville community, Orchard

backing onto the Magna Golf Club. There is so

West, will offer excited homebuyers brand new

much to look forward to in 2017 with Treasure Hill.

TO REGISTER FOR OUR UPCOMING COMMUNITIES OR FOR MORE INFORMATION ABOUT NEW HOMES BY TREASURE HILL, VISIT OUR BRAND NEW WEBSITE TREASUREHILL.COM

COMING 2017

NOW OPEN

COMING 2017

GEORGINA

VILLAGE IN AURORA

HEIGHTS

AURORA

BOWMANVILLE

AURORA

VAUGHAN

KESWICK

40’, 45’ & 60’ SINGLES

SINGLES

URBAN TOWN LIVING

50’ ESTATE SINGLES

SINGLES

Information correct at press time. E. & O. E.

TREASUREHILL.COM

BALDWIN PLACE where retirement dreams are realized

A TOUR OF BALDWIN PLACE, IN TILLSONBURG, WILL REVEAL A REAL SENSE OF COMMUNITY, QUALITY HOMES AND FRIENDLY NEIGHBOURS

ike and Janice Kirk are happy with their choice of Baldwin Place. “Moving here has definitely been one of the best decisions we have made. With the activities and people we've met here, the quality of life in our retirement has increased significantly.” People move to Baldwin Place for many reasons: a big house no longer needed, heavy maintenance costs, and the need to downsize comfortably with money left over for travel and other personal needs are just some of the reasons. They soon realize their new Baldwin home is exactly right for this time in their life. Quality built freehold homes with all brick exteriors on large lots at Baldwin Place start from $277,000 (incl. HST) and there are nine models to choose from, one of which is The Surrey.The newest of our models, The Surrey, 34 YPNEXTHOME.CA

allows you many options within a basic model: choice of lot, single or double garage, an open floor concept that allows easy movement of interior walls, the placement of windows and that feeling of a custom built home of your dreams. You’ll escape big city traffic and headaches and be welcomed by new neighbours who will invite you to participate in the rich social life encouraged at the Baldwin Place Recreation Centre. Participate in fitness classes or join one of the many clubs – there are sure to be several that meet your needs. Meanwhile, the other amenities you require, such as shopping and health care, are available in nearby London or right at your doorstep in Tillsonburg, where you’ll find over 220 shops, restaurants and other services and the excellent care provided at Tillsonburg District Memorial Hospital. Baldwin Place is waiting for you, so come and see for yourself and meet your new neighbours. It’s a decision you’ll never regret. Give Baldwin Place a call now and set up a tour of our model homes.

Baldwin Place Sales Centre and Model Homes, 3 Esseltine Drive, Tillsonburg. Open from 10 a.m. to 5 p.m. Monday through Thursday, Saturday, 10:00 am to 5:00 pm, Sunday 1:00 pm to 5:00 pm. Closed Friday and holidays. Tel: 1-800-265-5709

E.& O.E. Prices & Specifications are subject to change without notice.

THE HOME BUILDERS’ ANNUAL 2017 35

BALDWIN PLACE TILLSONBURG

HOME SWEET HOME But Hurry!

We’re proud to announce the FINAL PHASE of Baldwin Place, where everything comes together and everyone feels at home. Make your choice soon. It’s a decision you will never regret. All-brick, detached, freehold homes starting at $277,000 (incl.hst)

3 ESSELTINE DRIVE, TILLSONBURG MODEL HOME HOURS: OPEN MONDAY - THURSDAY & SATURDAY 10:AM TO 5:PM. SUNDAY 1:00PM - 5:00PM, CLOSED FRIDAYS & HOLIDAYS E.& O.E. Prices & Specifications are subject to change without notice. 36

Call us now at 1-800-265-5709

baldwinplace.ca

Starward Homes Love where you live

THE HOME BUILDERS’ ANNUAL 2017 37

38 YPNEXTHOME.CA

THE HOME BUILDERS’ ANNUAL 2017 39

Canadian

PROPERTY INVESTOR

Vancouver | Toronto | Ottawa | Calgary | Edmonton

ON STANDS NOW!

Find your next investment with exclusive real estate opportunities, insider insights and expert tips designed for the savvy investor PICK UP A COPY TODAY OR READ ONLINE AT

canadianpropertyinvestor.com

Read the digital issue on

Available at these locations: • YP NextHome street boxes

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Trending

Real estate by the numbers by SONIA BELL

5 13,670

As in five per cent - the minimum down payment requirement for properties under $500,000. With home prices skyrocketing, prospective buyers have a lifeline to get into the homeownership market. However, a down payment of less than 20 per cent comes at cost; homebuyers paying the minimum requirement must pay mortgage default insurance. The number of new homes available to purchase in December 2016, which is less than half of the 30,400 that were available in December 2006, according to BILD. While the GTA has been hit with low housing supply, especially for lowrise properties, demand is still strong, which has been a factor resulting in soaring house prices.

200,000

The number of people on Canada’s immigration site when it crashed on the night of the US election. This is compared to the 17,000 users at the same time the previous week, according to CBC. Spiked interest in coming to Canada was widely reported after the election. Business Insider reported that the Google search term “How can I move to Canada” increased 1,150 per cent.

825,000 $3,500,000

The average price of a Toronto home in 2017, as forecasted by the Toronto Real Estate Board (TREB).The board has predicted another year of double-digit price growth with the average selling price climbing between 10 and 16 per cent.

The amount of money private donors pledged to The Don River Valley Park, Toronto’s new 480-acre “super park.” The City is collecting private donations to revitalize this greenspace stretching from Evergreen Brick Works in the north to Lake Ontario. The Don River Valley Park will be the second largest in the city, following High Park at 5,000 acres.

19,500,000

The cost of the most expensive home for sale in Ontario. Located in Oro-Medonte and overlooking Kempenfelt Bay, the estate features two 12,500-sq.ft. homes. When it comes to amenities, the multimillion-dollar estate does not disappoint. It boasts a tennis course, children’s playground, swimming pool and gazebo, glass enclosed boat house with a deck – and don’t forget the beach waterfront.

35,151,728 9,100,000,000

Canada’s population in 2016, up five per cent since 2011, according to Statistics Canada. The latest census data showcased that both big cities and small towns continue to experience growth. Ontario is the most densely populated, with more than 13 million people living in the province.

The value of the Eglinton Crosstown LRT, the largest transit project in Canada. The line will run along Toronto Eglinton Avenue between Weston Road and Kennedy Station, connecting to 54 bus routes, three subway stations and GO transit lines. Construction is scheduled for completion by 2021

$514,000,000,000

The total value of mortgages backed by the CMHC as of September 30, 2016, down $9 billion from 2015 and well-below its legislated $600-billion insurance-in-force limit. During the third quarter of 2016, CMHC provided mortgage loan insurance to 127,991 units across Canada, an increase of 26.8 per cent compared to the same period in 2015.

THE HOME BUILDERS’ ANNUAL 2017 41

Expert Panel

GETTING SOME

expert advice WHILE LOCATION, LIFESTYLE AND AFFORDABILITY ARE GENERALLY THE MAIN DRIVERS IN A HOMEBUYER’S DECISION-MAKING PROCESS, WHAT’S THE ONE PIECE OF ADVICE YOU’D OFFER TO HELP THEM BECOME MORE KNOWLEDGEABLE ABOUT THE MARKET?

Lack of housing supply drives up prices BRYAN TUCKEY PRESIDENT AND CEO BUILDING INDUSTRY AND LAND DEVELOPMENT ASSOCIATION

“IN THE LAST DECADE, THE GTA’S POPULATION HAS GROWN CONSIDERABLY BUT HOUSING SUPPLY HAS DROPPED. ” 42

THE GTA HAS A SEVERE HOUSING SUPPLY SHORTAGE making it harder for more residents to get into the market. There are not enough new homes coming to the market to meet the demands of our growing population, and that is causing prices to rise each month. In the last decade, the GTA’s population has grown considerably, but housing supply has dropped. There are less than half the number of new homes available for purchase today than there were 10 years ago. Last month [January, 2017] there were 13,670 new homes available in builder inventories. In December 2006 there were 30,400. The biggest decline was in lowrise homes, with the number of detached, semi-detached homes and townhomes falling from 17,529 in 2006 to just 1,878 at the end of 2016. The industry is building and selling far fewer lowrise homes than a decade ago in compliance with provincial intensification policy, but demand for such homes has remained strong and prices have soared. Prices for new lowrise homes in the GTA have more than doubled in 10 years with the average hitting $1,028,395 in January 2016. Many buyers have been priced out of the lowrise market and have turned to condo apartments in mid and highrise buildings as their way into the housing market. The GTA’s new condo market had a record year in 2016 with 29,186 units – the most ever – sold. At the same time, the supply of new condos available to buyers fell to its lowest level in 10 years. So why doesn’t the home building and land development industry just build more homes to meet demand? Unfortunately we are hindered by a number of barriers including a lack of serviced developable land, excessive red tape and NIMBYism. Much of the land designated for development in the GTA does not have critical infrastructure in place, so the land can’t currently be built on. Meanwhile excessive red tape and increasing delays in planning approvals are adding to project timelines and impacting supply. If you are considering buying a new home, don’t delay because prices won’t decrease anytime soon.

Dwindling supply makes for restricted housing choices everywhere

GARY MCILRAVEY MANAGER, MARKET RESEARCH, EMPIRE

“CHANCES ARE, IF YOU FIND SOMETHING YOU LIKE THIS MONTH, THE SAME LOT WON’T BE AVAILABLE NEXT MONTH.”

THE ONE PIECE OF ADVICE I HAVE is that supply of all types of housing, new and resale, is dwindling everywhere, across the GTA and most of the Greater Golden Horseshoe. This is limiting your housing choices, almost regardless of where you prefer to live. In the GTA we all know about the shortage of single family detached housing and the related price increases. However, most people are not that aware that the supply of condo apartments is also declining in the GTA while demand is increasing. As a result, prices in the new and resale condo market are also now starting to show double digit price gains, year over year. So, if you have been considering buying a condo in the GTA but have been holding off, don’t wait too long. Your choices will be fewer and prices will be higher, a year from now. If you are someone who is considering the “drive until you qualify” approach to moving out of the GTA and into other parts of the Greater Golden Horseshoe to purchase a more affordable detached house, be aware that new and resale housing supply is already very short in many of these potential areas. Typical destinations for people moving from the GTA, such as Guelph, KitchenerWaterloo-Cambridge, Hamilton, Brantford and Niagara Falls in the west, all are experiencing shortages of single family detached homes, with inventories at all-time lows and prices rising. As a result, affordable ground-oriented opportunities can be limited, even in these markets. Chances are, if you find something you like this month, the same lot won’t be available next month. If you have the funds and see the right opportunity for you, make your move now. The declining supply of single family housing land in many of these outside markets is creating stronger demand for condo apartments and stacked townhouses in these areas, particularly in KitchenerWaterloo, Guelph and more recently, Hamilton and parts of Niagara Region (Grimsby). Increasing numbers of GTA buyers are starting to look at these communities to purchase more affordable condo apartments, not unlike the drive to qualify for detached housing. This phenomenon will increase in the future, as people will look to these markets as the supply of condo apartments becomes tighter and prices rise further in the GTA.

It’s important to consider the value and quality TODAY’S HOUSING MARKET IS far more sophisticated, with discerning buyers who are research driven and more demanding in knowing that a major investment is based on a well-informed decision. With prices skyrocketing in the last 10 years, purchasing a new home or resale has become a major investment. While affordability can impact location and lifestyle, there are several other factors to be aware of when buying a home. It’s important to consider the value and quality a homebuyer is getting for their investment. This includes the reputation of the builder - is it a well-built home? Does the builder deliver unparalleled quality, design excellence and the highest level of standard finishes and features? Better design leads to a happier, healthier lifestyle, are the spaces liveable? How does the builder stack up on exceptional commitment to customer service? The other important factors to consider are what conveniences, lifestyle amenities and services are available in the neighbourhood and surrounding area. Is it a master planned community with landscaped streets? Is it a walkable community? Are there daycares, elementary schools, secondary schools, shopping, restaurants, community centres, sports complexes, park and trails, hospitals and health care services available within a reasonable distance? Knowing about future development where you are buying will provide you with insight on how the neighbourhood will evolve and eliminate any surprises down the road. The key to mobility in any area is transportation. When comparing housing options and locations, easy access to transit and road networks including highways are important. While a house may be somewhat less expensive in a particular area, the cost of transit may be high and offset the benefit over a period of time. With scarcity of land and high demand, the rising cost of land is a major factor driving new home prices up, which also impacts the resale market. Knowledge and information are critical in making the right buying decision. Some resources to help make informed decisions within reach on the Internet include Tarion, Go Transit and Municipal websites. 44 YPNEXTHOME.CA

CHRISTOPHER J. WEIN PRESIDENT, GREAT GULF

“TODAY’S HOUSING MARKET IS FAR MORE SOPHISTICATED, WITH DISCERNING BUYERS WHO ARE RESEARCH DRIVEN AND MORE DEMANDING IN KNOWING THAT A MAJOR INVESTMENT IS BASED ON A WELL-INFORMED DECISION.”

“HAVING A SOLID UNDERSTANDING ABOUT WHAT YOU CAN AFFORD AND QUALIFY FOR CAN SAVE A LOT TIME AND HEARTACHE. ”

JOSEPH ALBERGA DIRECTOR, SALES & MARKETING, LINDVEST

Do your homework DO YOUR HOMEWORK! The Internet is a great place to research a particular neighbourhood, developer or even specific builder’s project. Talk to friends, family and colleagues. Buying a new home is an exciting process and people are more than happy to provide information or feedback. In established and even upcoming areas, do not hesitate to reach out to a local realtor. They often have the greatest insight into what a specific market is all about. More often than not the particulars that affect pricing and availability are best known to

those who live and breathe it day in, day out. Another great resource for information, and an important step before beginning any search is to talk to a mortgage professional. Having a solid understanding about what you can afford and qualify for can save a lot time and heartache. Ultimately the better prepared and focused one can be as they conduct their search for a new home, the more enjoyable and fruitful the entire experience should unfold, hopefully resulting in the wonderful result of ending up as happy new homeowner!

THE HOME BUILDERS’ ANNUAL 2017 45

Get to know your builder WHEN LOOKING FOR A NEW HOME, coming up with a list of wants and needs is usually the starting point of your search. Location, size, amenities and price are often towards the top of the list sorted by importance to the buyer. Another important consideration is the company who will be building your home. Purchasing a home is one of life’s biggest financial decisions and you should feel confident that your new home will be built with care and expertise. There are many builders in the GTA, each with different backgrounds and specialties. Qualities such as experience, reputation, customer service and sustainability should all factor into your decision when choosing a builder. Doing a little prepurchase homework on your builder can give you peace of mind down the line. Check out the builder’s website to see what developments they are currently working on and their portfolio of past projects. You should also be able to find information on their experience, customer care, decor process, awards and Green building initiatives to get an overall idea of what the process of purchasing from this builder will be like. You can even find recent updates on the communities you’re considering through the builder’s social media pages. You can also search the builder on Tarion’s website. Tarion provides warranty protection to new Ontario homes. Using their directory search, you can see if the builder has a license in Ontario, the number of homes they’ve built and find out whether Tarion has had to resolve warranty claims on their behalf. Builders who have been recognized as finalists or winners of Tarion Awards of Excellence demonstrate superior customer service to homeowners and quality design. Once you have narrowed down your search, go visit the builder’s presentation centre. Often times they will have a model home that will give you an idea of what your new home will look and feel like. Drive around the neighborhood and check out the amenities and the quality of the homes. Interacting closely with the product and sales staff will help you make an informed purchase decision.

46 YPNEXTHOME.CA

ADAM MENKES DIRECTOR OF LOW-RISE RESIDENTIAL, MENKES DEVELOPMENTS

“PURCHASING A HOME IS ONE OF LIFE’S BIGGEST FINANCIAL DECISIONS AND YOU SHOULD FEEL CONFIDENT THAT YOUR NEW HOME WILL BE BUILT WITH CARE AND EXPERTISE. ”

Buy the home that is right for you, today and tomorrow. BOB FINNIGAN PRINCIPAL AND THE C.O.O. OF ACQUISITION & HOUSING, HERITY PRESIDENT OF THE CANADIAN HOMEBUILDERS ASSOCIATION

“BOTTOM LINE – WHAT FLEXIBILITY DOES THE HOUSE GIVE YOU DOWN THE ROAD. ”

WHENEVER SOMEONE IS ACTIVELY IN THE MARKET FOR A NEW HOME, they, of course, start with their location and lifestyle “wants” and then that gets tempered with affordability. I think that what often gets overlooked in the excitement and romance of doing this is the longer term realities of both the house and location you choose based on your circumstance today. Life is dynamic. Over time things change, and needing to move in a relatively short period of time to accommodate those changes is not only expensive but can be disruptive to you and your family. In terms of the specific house type or size you are looking for – If you are a young family and or are looking to have children, think about the home in five to 10 years. Will there be enough room for the new kids or the bigger kids as they grow? Is there the ability to enlarge your living space by finishing the basement or possibly adding an addition? Can you accommodate another car in the driveway if needed? Bottom line – what flexibility does the house give you down the road. It may lead you to think about things like buying a bigger house on a smaller lot to accommodate the affordability factor – but If you realize that up front – and include that in your purchasing decision - you are ahead of the game and should make the right choice. Also don’t be shortsighted with the features and options that you put into your new home. Of course choose the items you want and can afford, but consider first the items that cannot be added easily or inexpensively just a few short years from now. Specifically this would be items such as additional electrical or plumbing, pot lights, kitchen cabinetry and bathroom upgrades, staircase upgrades and other items that basically require a renovation to install. The bottom line is that buying the home that is right for you today and tomorrow is the best way to go if at all possible. You will enjoy it more and in the long run, it will cost you less.

THE HOME BUILDERS’ ANNUAL 2017 47

Sierra

O MEET OUR HER

“From interacting with the volunteers to the uppermost staff at SickKids, our experience has been positive. That has been a tremendous help as a parent.” – Nicola Put a camera in front of eight-year-old Sierra and she will turn on the charm. This charismatic little girl is as playful and active as any other child her age. You’d be surprised to know she’s a current patient at The Hospital for Sick Children (SickKids). Sierra’s illness was detected early at only two days old when she was brought to SickKids to investigate an irregular connection in the bowel. She was sent home, one month later her parents returned to SickKids Emergency with their infant jaundiced and not digesting food properly. Although she was being fed a lot, Sierra had lost weight since being born. It didn’t take long for doctors to determine the cause of Sierra’s deterioration and she was diagnosed with Cystic Fibrosis (CF). CF is a genetic disease that mainly affects the lungs and digestive system. Fortunately for Sierra, it has predominantly affected the digestive system, which is easier

48 YPNEXTHOME.CA

to manage than the lungs. Since her diagnosis, she has taken enzymes at mealtimes to help with digestion and undergoes daily physiotherapy to prevent her lungs from building up with mucus. Since Sierra is very active, her parents have become creative with her physio by incorporating it into her daily activities. For example, 10 minutes bouncing on the trampoline might be followed by five minutes of breathing exercises. This doesn’t hold Sierra back from being active. She does gymnastics, swimming, soccer, art classes and made it to ‘divisionals’ for cross country. Her mom says she can’t sit still. Sierra’s condition has also encouraged her parents and family members to become involved in fundraising activities to support CF research and SickKids. As she grows older, Sierra is becoming more actively involved in her own treatment. Her parents feel lucky to have SickKids in their lives to guide them through their ups and downs.

Why SickKids?

SickKids is on the frontlines in the battle against Cystic Fibrosis. Since our researchers discovered the gene responsible in 1989, life expectancy for CF patients has doubled. We may have dealt a serious blow, but we won’t stop fighting until CF lives on only in history books.

SickKids pioneers new possibilities for treatments and cures. 2,000 research staff make advances every day that bring new hope to children and their families.

SickKids is Canada’s leading centre dedicated to improving children’s health and home to Canada’s largest, hospital-based child health research institute.

Builders Helping to Heal

Yellow Pages NextHome, the publisher of New Home Guide, New Home & Condo Guide and New Condo Guide, is teaming up with builders and their suppliers to help raise money for SickKids. The following companies have contributed generously to help give children the world-class care they deserve. These pages honour these special people, and we thank them for their generous support. Builders Helping to Heal and Friends of the Industry are Yellow Pages NextHome initiatives stemming from SickKids

Leaders, a program at SickKids which draws on the support of more than 150 volunteers over 30 industry sectors. Again, we thank our generous sponsors and appreciate their ongoing commitment. These companies not only build housing, but they support the families in the communities in which they build. Readers looking to support SickKids can go to www.sickkidsleaders.com

PLATINUM SPONSORS

spallaccihomes.com

GOLD SPONSORS

bazis.ca

mattamyhomes.com

SILVER SPONSORS

starlanehomes.com

THE HOME BUILDERS’ ANNUAL 2017 49

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