Toronto New Home + Condo Guide - December 7, 2019 by NextHome

Greater Toronto Area Dec. 7, 2019–Jan. 4, 2020

The first and only complete guide to pre-construction homes and condos

THERE’S NO PLACE LIKE

FONTHILL

THREE REMARKABLE MOUNTAINVIEW HOMES COMMUNITIES, ONE FABULOUS LOCATION.

INSIDE:

KEEP A COOL HEAD WHEN CONDO SHOPPING

WHY WE BOUGHT NEW OVER RESALE

Here’s to Toronto, to craftsmanship, to quality and pride of ownership. To new places and new faces. Here’s to the waterfront, to the market districts that distill and paths that take us to other places. Here’s to Canada’s most exciting mixed-use community. To sugary beaches and wharfs that never end.

Now Under Construction Find out more at menkes.com/sugarwharf

Photograph by Nicola Betts

COMING SOON

BEAMSVILLE

TOWNS from the mid $400’s SINGLES from the high $500’s Contact VistaRidge@LosaniHomes.com

EXCLUSIVE ENCLAVE OF 35 SINGLES from the mid $600’s

BRANTFORD

Contact LincolnEstates@LosaniHomes.com

TOWNS from the mid $400’s SINGLES from the mid $500’s

HAMILTON

Contact BrantWest@LosaniHomes.com

BACK-TO-BACKS & TOWNS from the low $400’s Contact Waterworx@LosaniHomes.com

TOWNS from the low $500’s SINGLES from the high $500’s

PARIS

CURRENT COMMUNITIES

It’s Time to Come Home

Contact SimplyGrand@LosaniHomes.com

TOWNS & BACK-TO-BACKS IN BEAMSVILLE Register Now LosaniHomes.com

TOWNS IN CALEDONIA Register Now LosaniHomes.com

TOWNS & BACK-TO-BACKS IN STONEY CREEK Register Now LosaniHomes.com

BEAMSVILLE | BRANTFORD | CALEDONIA | HAMILTON | PARIS

LosaniHomes.com Prices and specifications subject to change without notice. E.&O.E.

N PE O W O N

NOW OPEN Luxury Suites from the mid $600s Bijou is situated in the heart of charming Bloor West Village. Just steps away from the subway and right next door to a wonderful world of boutique shops and restaurants, Bijou blends sleek modern design with grand Parisian style. For a limited time, enjoy an array of excellent incentives. CLOSING COSTS WAIVED • NO DEVELOPMENT CHARGES •

NO TARION ENROLMENT FEES • NO ADMINISTRATIVE FEES

Presentation Centre 2450 Bloor Street West 416.862.0888 | bijou@plazacorp.com

CONTRIBUTORS

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

CHIEF REVENUE OFFICER

Jacky Hill jacky.hill@nexthome.ca EDITOR-IN-CHIEF

Susan Legge susan.legge@nexthome.ca ART DIRECTOR

STAT CHAT | BEN MYERS Ben Myers is President of Bullpen Research & Consulting. Ben provides pricing recommendation, product mix, and valuation studies on new residential housing developments for builders, lenders and property owners. www.bullpenconsutling.ca

Tammy Leung CONTRIBUTING EDITORS

Sara Duck Marlene Eisner Amanda Pereira SENIOR MEDIA CONSULTANTS

Jessica Wilson 416.873.1049 jessica.wilson@nexthome.ca

CONDO PRO | BARBARA LAWLOR Barbara Lawlor is president and CEO of Baker Real Estate Inc., and an in-demand 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

Natalie Chin 416.881.4288 natalie.chin@nexthome.ca SALES & MARKETING CO-ORDINATORS

Gary Chilvers Sarah Khan DISTRIBUTION

distributionteam@nexthome.ca ACCOUNTING INQUIRIES

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.

accountingteam@nexthome.ca DIRECTOR OF PRINT MEDIA

Lauren Reid–Sachs GRAPHIC DESIGNER & ASSISTANT MANAGER

Alicesa Pullan GRAPHIC DESIGNER & PRE-PRESS COORDINATOR

Hannah Yarkony GRAPHIC DESIGNERS

MARKET PLACE | SARA DUCK With more than a decade of experience in the magazine world, Sara Duck brings her passion for writing and expert eye for what’s on trend to our pages.

Sandra Hanak–Vujnovic, Johannah Lorenzo, Mike Terentiev, Kathleen Walker, Alice Wu Published by

nexthome.ca

NEWBIE NOTES | AMANDA PEREIRA Amanda Pereira is a writer, new-home owner, coffee aficionado, Miniature Dachshund dog-mom, and the editor for the New Home + Condo Guide’s Calgary and Edmonton editions.

HOME DECOR | ANDREA COLMAN Andrea Colman is the Principal of Fine Finishes Design Inc. With almost two decades of reno & design experience her full service firm service clientele throughout the GTA and Ontario. www.finefinishes.ca

Advertising Call 1.866.532.2588 for rates and information. Fax: 1.888.861.5038 Circulation Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking. Call 1.866.532.2588 to discuss distribution opportunities. Copyright Notice All copyright and other intellectual property rights in the contents hereof are the property of NextHome, and not that of the individual client. The customer has purchased the right of reproduction in NextHome and does not have the right to reproduce the ad or photo in any other place or publication without the previous written consent of NextHome. Contents of this publication, in hard copy format as well as online, are covered by copyright law, and offenders will be prosecuted. Copyright 2019-2020 All rights reserved. Reproduction, storage in a retrieval system or transmission, in any form or by any means, whether electronic, mechanical or otherwise, in whole or in part, without prior written permission of NextHome is strictly prohibited. Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time. Editorial Submissions from interested parties will be considered. Please submit to the editor at editorial@nexthome.ca.

8 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

EDITOR’S NOTE

HAPPY HOLIDAYS

SUSAN LEGGE EDITOR-IN-CHIEF New Home + Condo Guide

The last year has been a busy one in the world of real estate, particularly when you compare the sales numbers from 2018. Sales surged big time. If you want to get a handle on the state of the preconstruction housing market, there are several informative features in this issue that will shed light on the current situation. Researching the housing market now is a great way to get warmed up for 2020. And, if you’re a first-time buyer eager to get in to the market, you’ll appreciate our recap of the federal government’s FirstTime Home Buyers Incentive Program on page 50 and the story from our resident newbie buyer, Amanda Pereira, on page 28. Many Canadians expected both home prices and mortgage rates to continue their upward trend in 2019 — in fact, homes prices did rise but rates barely budged. The truth about real estate is it’s a buy-and-hold purchase. So, if you’re serious about investing, keep your sights set on your goal and prepare to stay put for a few years. I hope you enjoy this issue! Not only is it packed with expert advice, we’ve also have many new features and columnists to check out, too. We always look forward to hearing from you, so let us know what you think. Happy holidays!

EMAIL: susan.legge@nexthome.ca TWITTER: @SusanLegge

WANT MORE NEWS IN YOUR INBOX? Sign up for our newsletter to receive the latest highlights by visiting nexthome.ca/subscription.

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10 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

UNWIND IN STYLE. When it comes to amenities, 55 Charles’ are singularly spectacular. Take this stunning lounge, with its elegant seating area, cozy fireplace and inviting communal table, it’s perfect for an evening of entertaining or a morning of working and thinking. 55 Charles’ meticulously conceived amenities are designed to enhance the lives of residents. Make it yours.

Priced from the $700’s to over $2.5M 55charlesresidences.com

PRESENTATION CENTRE 23 St. Thomas Street, Toronto ON M5S 3E7 info@ 55charlesresidences.com 416.968.3342

Mon-Thurs 12-6pm Sat-Sun 12-5pm

Prices and specifications subject to change without notice. E. + O.E. Exclusive Broker MarketVision Real Estate Corp. Brokers protected. Illustration is artist’s impression.

Dec. 7, 2019-Jan. 4, 2020 | volume 28, issue 23

Contents Cover Story

Mountainview Homes Discover Three new sTunning communiTies in fonThill

12 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Property profile 26 Galleria on the Park Check out ELAD Canada’s transformation of Galleria Mall—one of the largest new master-planned communities in Toronto.

#BeyondtheCity

46 Design File Creating the illusion of space by anDRea colman

48 Trending

#InsidetheGTA 14

#insideTheGTa

Keep a cool head when condo shopping

by susan leGGe

by baRbaRa laWloR

by Dave Wilkes

24 stat chat Get the latest GTA market data right here by ben myeRs

newbie notes Why we bought new over resale by amanDa PeReiRa

30 legally speaking A look at mortgage brokers by Jayson schWaRz

50 Trending First-time buyers of new homes get more of an incentive

34 Trending Affordable housing land trust launched in Toronto

Make Renomark part of your reno plans next year

condo Pro

The latest news, numbers, trends and events

bilD Report

Hamilton-Halton Home Builders’ Association helps advance gender diversity in building industry

Storage with style

36 Trending

Getting organized by michelle hoPkins

Marlin Spring nets 3 awards for corporate positioning

In every Issue

Trending

contributors

New home market at typical activity level in October

hot Properties GTa

40 market Place

45 Glossary

Nordic cool: Cozy up to these cold-weather essentials

59 hot Properties sWo

by saRa Duck

63 index of advertisers 66 What’s online nexthome.ca 13

#InsidetheGTA by SUSAN LEGGE

GTA

HABiTAT FoR HuMAniTy GTA announced the launch of an historic $17-million land trust seeded by Toronto developers to create new affordable housing for Toronto residents. The land trust is the result of a collaboration between Toronto development companies Capital Developments and Metropia, the City of Toronto, Habitat for Humanity GTA, St. Clare’s Multifaith homes, and the community group Build a Better Bloor Dufferin. See page 34 for more concepts and the full story.

Toronto street artist birdO changed the urban landscape of Yonge and St. Clair with his new 10-storey, 5,200-sq.-ft. mural on the outside of 1 St. Clair E. The towering image of a deer is mixed with birdO’s signature surrealist style, playfully referencing the surrounding Deer Park neighbourhood. The mural is part of a new series of commissions through the StreetARToronto Monumental Program and is the latest step in a larger revitalization effort at Yonge and St. Clair being spearheaded by Slate Asset Management. The design of the mural continues birdO’s tradition of highlighting animals and mixing in pops of colour while playing with perspective to trick the viewer’s eye. birdO has lived in Toronto since moving here 20 years ago and his work has been commissioned around the world. “As an artist, I’m not here to inundate you with visual clutter – my intention is to brighten street corners and make you scratch your head,” says the artist. 14 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

PHOTO: RILEY SNELLING

Colourful 10-storey mural unveiled at Yonge and St. Clair

DiD you know?

Toronto has more than 1,500 parks, which cover approximately 13 per cent of the city’s land base (totalling more than 8,000 hectares or 19,768 acres).

Supporting women in the industry

Galleria Mall’s 60-ft. pylon has a bold new look

The Hamilton-Halton Home Builders’ Association’s Women In Industry Committee was founded in 2018 and is the first women’s group within a home builders’ association in Canada. Last month, Women In Industry Committee Chair Carla Agostino (left) presented the first-ever Women In Industry Award to recipient Terri Johns, President of T. Johns Consulting Group Ltd. See full story on page 48.

City council endorses new city-wide parkland strategy

Photo: Khristel stecher)

City council’s approval of a new parkland strategy means the fate of current and future plans for parks, such as the Rail Deck Park shown below, will be determined using guiding principles to “expand, improve, include and connect.” “As the city grows and intensifies, the parks system will contend with the increased use of and need for additional park space for people to enjoy that is functional and accessible. The Parkland Strategy is an essential tool for navigating and balancing these needs,” says Mayor John Tory.

The Galleria sign, at Dupont and Dufferin, has been transformed by internationally recognized artist Thrush Holmes. It’s part of an exciting new master-planned community in Toronto called Galleria on the Park. See more on this story on 26. nexthome.ca 15

Readers remember more More focused attention, less distraction Preferred by majority (even millennials)

Higher comprehension and recall

Your trusted authority for the latest real estate news and trends Source: “What Can Neuroscience Tell Us About Why Print Magazine Advertising Works?” A White Paper from MPA–The Association of Magazine Media, Scott McDonald, Ph.D. Nomos Research, October 2015

SOLVING THE HOUSING AFFORDABILITY EQUATION IN THE GTA With the GTAʼs population growing by 115,000 people every year and our housing supply problem, our housing market is out of balance.

THE MATH IS SIMPLE.

simpler

+faster +fairer

We must streamline the process of bringing new homes to market.

We must shorten the time it takes to build new homes.

We must ensure that fees, taxes and charges on new homes are fair and equitable.

MORE HOUSING SUPPLY AND A MORE AFFORDABLE MARKET

THATʼS WHY WE SUPPORT THE PROVINCIAL GOVERNMENTʼS EFFORTS TO INCREASE HOUSING SUPPLY AND BALANCE THE HOUSING MARKET IN ONTARIO AND THE GTA.

BUILDING A BETTER GTA FOR TOMORROW, TODAY To ﬁnd out more visit bildgta.ca/themathissimple *Altus Report – 2019. Creative by

ADVICE | bIlD rEport

Make RenoMaRk part of your reno plans next yeaR

Dave Wilkes

“

Renovating your own home looks so easy in all those TV shows, magazines and Instagram stories, doesn’t it? Appearances can be deceiving, though. Before you try your hand at redoing your bathroom or finishing your basement, think through a few simple questions to determine whether you will be better served by calling in a professional RenoMark renovator. The first question to answer is whether you have the skills and knowledge needed for your renovation project. Can you carry out the work safely and effectively? Do you know what permits you need to obtain? When it comes to renovations involving plumbing, electrical, gas appliances, structural changes or roofing, it’s safer to leave the work to the professionals, unless you know exactly what you are doing. If you determine you have the skills and knowledge to tackle your renovation project, the second question to ask yourself is whether you have the time. If the work is extensive and you cannot devote enough time to it, you could end 18 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

You can have confidence that your RenoMark renovator is providing you with the very latest information and advice.

”

“

When it comes to renovations involving plumbing, electrical, gas appliances, structural changes or roofing, it’s safer to leave the work to the professionals, unless you know exactly what you are doing.

up disrupting your home and your daily routine for weeks or months. A RenoMark professional, on the other hand, can give your project the time and attention it deserves. Finally, ask yourself whether your main motivation for wanting to tackle the renovation on your own is saving money. If so, talk to a RenoMark renovator before you decide. He or she may be able to suggest ways to reduce the cost of your project while still using professional services. Working with a RenoMark renovator has many benefits in addition to those I’ve mentioned above. RenoMark members commit to a Code of Conduct that requires they provide a written contract for all jobs, carry all applicable licenses and permits, offer a warranty on their work, carry a minimum of $2 million in liability insurance, and work only with subcontractors who are properly insured. You may know someone who promises to do the work under the table for cheap, but working with a renovator who does not adhere to the high standards outlined in RenoMark’s Code of Conduct could cost you more in the end. For instance, if a renovator does not provide a written contract, what recourse do you have if some of the work doesn’t get done? And if a renovator is not adequately insured, who will pay in case of

”

property damage or injuries on the work site? Hiring a RenoMark renovator gives you peace of mind that these important details are covered. As part of our ongoing efforts to make the RenoMark program the best it can be, in 2020 we are adding a requirement that RenoMark renovators complete a certain amount of professional education every year to keep up with changes in regulations, practices and materials in the industry. You can have confidence that your RenoMark renovator is providing you with the very latest information and advice. If you have thought through the questions I mentioned earlier and have decided to work with a RenoMark renovator for your home renovation project, look for one in your area at www. renomark.ca. It’s your best start for a successful home renovation.

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, @bildgta, or visit www.bildgta.ca.

+more adVICe online nexthome.ca/news/advice

nexthome.ca 19

Cover Story

Mountainview HoMes OFFERS ThREE STunning COmmuniTiES in FOnThill! Discover remarkable Fonthill living at Saffron Estates, River Estates and One Twenty Condominiums Fonthill is one of Niagara Region’s most coveted communities. Offering truly remarkable living, it’s where small-town charm meets an elegant lifestyle. Where fruit trees, vineyards and modern day conveniences all live in harmony. It’s also where Mountainview Homes is building three exceptional communities: One Twenty Condominiums,

River Estates, and Saffron Estates – each designed with the quality and attention to detail found in all Mountainview Homes. Here in Fonthill, a community idyllically situated within an hour to Toronto and Buffalo, and minutes to Niagara Falls, Niagara’s wineries, Peninsula Lakes Golf Course, and other incredible amenities. Nature lovers will appreciate the

20 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

fruit orchards and nature trails such as Lathrop Nature Preserve. Downtown Fonthill is a charming historic place where foodies will revel in restaurants, as well as boutiques and more! Golf lovers will appreciate the proximity to golf courses only minutes away. Fonthill is coveted by families because of its schools, recreation centres, trails, parks and modern-

day conveniences that make family living easy! River Estates – Stylish homes perfect for families River Estates is a masterplanned community designed for truly remarkable living. With Phase One already sold out, Mountainview is now selling Phase Two — an exclusive release of only 16 singles! At River Estates choose from luxurious two-storey and bungalow family homes from the high $500s, built on spacious 40ft. lots. With luxury finishes and Mountainview’s signature familyinspired award-winning designs, pick from a variety of floorplans featuring spacious two storey homes with up to four bedrooms, and bungalows with up to three bedrooms - all customizable and designed to make family living easy, without sacrificing any style. Learn more at riverestates.ca

Saffron Estates – Innovative standards and luxurious designs Saffron Estates is a community to be proud of, crafted for families with expertly designed homes where luxury is standard, and for those who demand the best in craftsmanship and ease in living. Discover towns from the high $300s, and single-family homes on spacious 40- and 45-ft. lots from the low $500s. At Saffron Estates you’ll choose from townhome floorplans offering 3 bedrooms, spacious two storey homes with up to 4 bedrooms, and bungalows offering up to 3 bedrooms all designed for convenience and effortless style. Learn more at saffronestates.ca

Both River Estates and Saffron Estates offer homes with open concept living. Enjoy your chef’s kitchen, spacious great room and ample storage and the signature ‘Stop and Drop’ mudroom design that Mountainview is famous for. You’ll enjoy designs offering luxurious master suites with large closets and spa-inspired ensuites provides a quiet haven for relaxation. Plus, with an option to customize your floorplan, your home will be perfectly suited just for you! One Twenty Condominiums – Four storeys of luxury suites and incredible design One Twenty, the first phase in the One Fonthill Condominium nexthome.ca 21

Collection, offers 50 residences and nine thoughtfully designed floorplans — each crafted with easy, sophisticated living in mind. Discover open concept living, modern suites ranging from one bedroom and one bedroom with den, two bedroom and two bedrooms with den; luxury finishes, open air balconies, chef kitchens, and so much more. One Twenty starts from the mid $300s and features a masterfully designed exterior of clean lines, modern wood panel siding, and sleek shades of grey. With impressive amenities, including a private party room, elegant lobby and covered parking garage, residents will enjoy maintenancefree, sophisticated living at its best! At One Twenty, residents are part of a neighbourhood where they can walk out their door and be surrounded by shops, restaurants, trails, Fonthill’s newest community centre, and more. Learn more at onetwentycondo.ca Whether it’s a family home, stunning town, or luxury condominium, Mountainview Homes is committed to total customer satisfaction, above-

average building standards and crafting homes you’ll be proud of. With strong roots in the Niagara region for more than 40 years, Mountainview Homes takes great pride in creating communities that complement the area’s unique features and culture. It’s no wonder residents from Niagara and beyond have chosen a Mountainview community to call home. With beautiful homes built for living your best life, Mountainview knows how to combine the perfect home with large open spaces and luxurious standards with the best location Niagara can offer. Welcome to your home in beautiful Fonthill. Don’t wait to discover your dream home! Visit the River Estates, Saffron and One Twenty Sales Centre and start living your remarkable life in beautiful Fonthill! Located at 130 Hwy 20, Unit C-1, Fonthill, the sales office is open Monday, Wednesday, Thursday, Saturday and Sunday from 1-6 p.m. Tuesday and Friday by appointment. For more info visit mountainview.com or call 289-897-8548.

22 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Location Fonthill BuiLder Mountainview Homes communities One Twenty Condominiums; River Estates and Saffron Estates saLes centre 130 Hwy. 20, Unit C-1 contact Mountainview.com Call 289-897-8548

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ADVICE | stAt ChAt

the Latest GTA MArkeT DATA is right here!

Ben Myers

In late November, BILD GTA hosted a real estate market seminar featuring speakers from the Altus Group, which tracks data on the new home and renovation sectors in the metro area. Altus noted that from 2014 to 2016, the new home market in the Greater Toronto Area (GTA) was in a period of stableness. 2017 was the year of the condo, with record transaction activity. Following the Liberal government’s Fair Housing Plan announcement, the market

softened and 2018 was dubbed the year of uncertainty as sales slumped. However, 2019 is the year of adjustment according to Altus, having already surpassed the 2018 total with over 20,000 condominium apartment sales, and nearly 8,000 single-family new home sales. The new housing market won’t top the record activity from 2017, but the market is clearly strong and recovered from 2018’s slump. The single-family new home market has started to rise following the bubble-like conditions and market correction that occurred in late 2017 and through all of 2018. Altus data shows that almost every municipality in the greater Toronto area has experienced a year-

24 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

over-year sales increase, except for Georgina and Toronto. The three low-rise markets with the biggest annual sales jumps are in Brampton, Oakville and Milton. Altus presented figures on the average price of condominium apartments at launch in 2019, showing that the price has increased to nearly $900 persquare-foot (psf), however the speaker noted that 2019 is the “year of incentives”, especially rental guarantees provided by the developer. Rent guarantees provide peace of mind for investors worried about rent growth keeping up with new condominium price inflation, as many buyers plan to rent their suites out at occupancy

of the project. Even though incentives might indicate that the market is soft, there is just 247 units of completed and unsold developer inventory in the GTA — this is a strikingly low number considering the demand the area is experiencing. There is clearly no worries about oversupply. One of the more noteworthy changes in the GTA new condominium market in 2019 is the emergence of the ‘905’ area, which has captured almost 50 per cent of the new high-rise sales through the first 10 months of the year. The ‘905’ or suburban condo markets have seen fairly flat pricing in 2019 despite the jump in sales activity. The bulk of the price increases overall in the GTA were coming from the City of Toronto. Price growth has finally subsided after increasing by nearly 50 per cent in late 2017 and early 2018. Altus noted that one of the big reasons behind the big price spike was a rise in construction costs to the tune of 28 per cent from 2017 to 2019. Altus noted that from 2015 to 2016, construction costs only increasing by 3 per cent to 4 per cent per year. There is an expectation that construction costs will not be as high in the coming years, however, Altus data shows that there are 92 projects (26,541 units) which are over 70 per cent sold or greater, which is the typical requirement for construction financing, that are yet to get under construction. Therefore, there should be a lot more units going under construction in 2020 and 2021. Unfortunately, there still is a chance of cancellation on some of these developments, but the cancellation rate is down 300 per cent from last year. New developments remain very popular, with strong opening sales at many new buildings, but Altus showed that some people are

staying in their existing homes and choosing to renovate. Renovation spending continues to grow with Altus noting that 40 per cent of renovation spending in the Toronto Census Metropolitan Area (CMA) is on apartments, which is not typically what we think about when we hear the word renovation. Statistics Canada data shows that through the first nine months of 2019, $4.9 billion dollars was spent on renovations of singlefamily homes in a Toronto CMA and another $3.7 billion spent on apartment renovations this year. Altus also noted that market fundamentals remain strong, as population growth in the GTA increased from approximately 100,000 people in 2017 to 120,000 people in 2018. The numbers for the GTA in 2019 are not out yet, but Ontario overall has experienced population growth of 250,000 people this year, another big jump. Increasing population should drive new household formations, and new home prices. According to a survey conducted by Altus, home buying and renovation intentions are

down, but they concluded that new single-family home sales, new condominium apartment sales, and renovation spending should all increase in 2020. I acknowledge that this is a lot of data to take in, but the market remains on solid ground as Altus did not sound any alarm bells. If you are in the market for a new home surround yourself with an experienced team, including a realtor, mortgage broker and a lawyer. I hope you find that new home you’re looking for in 2020.

Ben Myers is President of Bullpen Research & Consulting. Ben provides pricing recommendation, product mix, and valuation studies on new residential housing developments for builders, lenders and property owners. Ben’s firm produces monthly rental housing analysis and publishes a quarterly report on high-rise land values. Visit www.bullpenconsutling.ca or find him on Twitter @benmyers29

+More ADVICe onLine nexthome.ca/news/advice

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PROPERTY PROFILE

New public art installation master-planned community of Galleria oN the park marks a New era As the Galleria Mall site undergoes transformation to become Galleria on the Park, one of the largest master-planned communities in Toronto, the 60-ft-tall shopping centre pylon has been reimagined into a glowing beacon for the neighbourhood. Given new life by Toronto-based artist Thrush Holmes, the dated brick pylon that once displayed the mall’s old signage at the corner of the 22acre property, has now become a colourful, eye-catching gateway into the site. The artwork was commissioned by developer ELAD Canada to animate Toronto’s West End and

serve as a temporary centrepiece for the site. Best known for his bold style, Holmes’ mixedmedia piece features distinct components including: an illuminated Galleria sign, vibrant neon bars, and Holmes’ signature neon artwork, including a Love me Till I’m Me Again sign and a massive red heart that shines atop the pylon. Splashes of bright green, red, blue and yellow paint add a playful element throughout. As a Toronto native, Holmes’ studio is located on Geary Avenue, just steps away from the Galleria site. Dupont West has become a vibrant and creative arts scene as it

26 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

shifts from the city’s industrial past. Dotted with numerous studios, art galleries, and artisanal restaurants and cafés, the redesigned pylon perfectly captures where the area is now. “This art piece is an homage to the Dupont West neighbourhood. I’ve passed by this Galleria pylon countless times, so having the opportunity to contribute to my community’s transformation through art is truly special. From the start, it’s been a very collaborative process with ELAD Canada to bring this creative vision to life,” says Holmes, whose piece will be on display over the next few years.

Photo: Khristel stecher)

The Galleria on the Park master-planned community includes eight mixed-use buildings, 300,000 sq. ft. of retail and 150 affordable rental housing units, an approximately eight-acre park, as well as a 95,000-sq. -ft. brand-new community centre.

The unveiling of the new public art is perfectly timed, as ELAD Canada moves into Galleria 02, the second phase of the Galleria on the Park master-planned community. Galleria 01, which launched this fall along with the brand-new eight-acre Wallace Emerson Park and the 95,000-sq.-ft. Wallace Emerson Community Centre, saw overwhelming sell-out success. Designed by CORE Architects with interiors by award-winning design firm U31, Galleria 02 echoes the industrial character of Galleria 01, connected by the same heavily articulated podium with double-storey retail at the ground level. Residents of Galleria 02 will benefit from family-friendly amenities, including an expansive co-working space that doubles as an event space opening out to a wrap-around outdoor terrace, an outdoor pool and a state-of-theart fitness centre. At 24 storeys, Galleria 02 will offer family-sized suites with

stunning south-facing views overlooking the downtown skyline, as well as the community’s multiuse public spaces, including the extensive park and community centre, which doubles the size of the current facility. “We’re thrilled to debut this public art as we announce Galleria 02. This dual announcement marks significant steps towards creating a vibrant, thriving community. The response from the market and our local community to the first phase of our Galleria on the Park masterplanned community has been tremendous. On the other hand, this new art piece is a great fit for the neighbourhood, celebrating the site’s transformation and symbolizing Dupont West’s exciting future,” says Rafael Lazer, CEO at ELAD Canada. The collaboration with Thrush Holmes marks ELAD Canada’s second partnership with local artists to honour the Galleria Mall and look forward to its future. In

May, ELAD hosted a Scotiabank CONTACT Festival exhibit called Memories of Galleria Mall, alongside local artist and writer Shari Kasman, featuring Kasman’s photos celebrating the mall’s nostalgia.

LOcaTIOn Toronto DEvELOPER ELAD Canada DEvELOPmEnT Galleria on the Park’s Galleria 02 HOmE TYPE Highrise cOnTacT www.galleriaonthepark.com

nexthome.ca 27

neWBie notes

Why WE bought A newly built hoME AND not A resale by AMANDA PEREIRA

When my partner and I first embarked on our journey towards homeownership, we spent the majority of our time walking in and out of open houses with his parents in tow. Sometimes, our shoes hadn’t had time to cool before our feet were back in them and we were scurrying out the door with our laces still undone. Open houses can be as exciting as they are stressful. Some homes just didn’t have the ‘wow’ factor we were looking for when navigating the resale home market. At the

same time, the ones that did go over the top were asking top dollar. After seeing almost 50 open houses, we knew we needed to reassess what our priorities were when looking for our first home. Manage your expectations

This is kind of obvious, but for me, it was a face-palm worthy feeling when I discovered the number of people who forget about their self-imposed buying guidelines when they find the ‘one’. My partner and I had a budget in mind

28 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

when we were initially shopping for a resale home, but that quickly got thrown out the window when we set our sights on a barely livedin six-month-old townhome with gleaming white quartz countertops and expensive upgrades like a stainless steel undermount sink. We put in a conditional offer that was tentatively accepted. When the bank had the appraisal performed, we learned that while it was under asking, the comparables in the area were not selling for that price. This meant we needed

to either come up with the difference in our down-payment (approximately $40,000) or renege on the offer – which we did. Keep your heart out of it

If you’re the stoic and aloof type, this will be a moot point for you, but if you’re the kind who wears their heart on their sleeve, it can be hard to leave your emotions at the doorstep. This can cost you unnecessary grievance in the event the deal crumbles. I nursed a broken heart for nearly two weeks after our deal on the townhome failed. This could have been avoided had I not allowed myself to fall in love at first sight (and start planning where the Christmas tree was going to go.) can you afford this?

Look, there’s the amount financially that the bank can give you based off the monthly costs, but only you understand what

your day-to-day looks like. If you buy at the top of your budget, this may mean you need to forego purchases in other areas of your life so as not to incur debt. (Which if you’re anything like me, that means fewer Winners and Sephora trips.) i can afford it, But is it the foMo talKing?

We have all fallen into the FOMOtrap (fear of missing out). You know, the one where you end up buying something you don’t necessarily want, but think you need. The same occurs in real estate: make sure your investment is made from a financially sound place and not because you want to keep up with Joneses. What if i can’t find What i’M looKing for?

There was no universe in which I envisioned a new construction home, but when we were too

exhausted to keep looking, too worn down to contend with other buyers and their bully offers, we popped into a new development’s sales office. This time, we were not only emotionally prepared, but mentally prepared. In fact, the sales agent turned us away three times before he would allow us to sign which in theory was a good idea as it forced us to keep evaluating our decision to buy a new home before committing to a deal that would be costly to get out of should we change our mind. In the end, our new-construction home provided us with exactly what we wanted, within our financial means. We were able to pick and choose what upgrades we wanted that fit our budget while creating a space we knew we both would love. While a resale would have given us the immediate movein date we wanted, it wouldn’t have provided us with the ability to customize it to our tastes. nexthome.ca 29

adVICe | LegaLLy speakIng

THe morTGAGe BROKER Today’s article is a little different, i want to discuss mortgage brokers and their role in the home purchase process.

JAYSon SCHWArZ llm

“

Mortgage brokers, unless directly under a single bank or lender’s control, are independent and deal with several different financial institutions, including the big five banks.

Who Is and Why Use a mortgage broker?

Just as an insurance broker finds the best deal on insurance, a mortgage broker finds the best deal on a mortgage. Mortgage brokers are licensed by the Province of Ontario and carry insurance. The mortgage broker of today strives for excellence and many have obtained an Accredited Mortgage Professional

(AMP) designation. In order to obtain the designation, mortgage brokers must have met very strict requirements of education, ethics, experience and professionalism. AMPs are committed to the highest ethical, moral and educational standards.

30 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

”

Mortgage brokers, unless directly under a single bank or lender’s control, are independent and deal with several different financial institutions, including the big five banks. This means, a mortgage broker’s advice is impartial and based on whatever is in the client’s

“

Arm yourself with a pre-approval so that you know exactly how much you can afford to spend in the marketplace.

”

best interest. Mortgage brokers study mortgage rate markets and have direct access to several different lenders. In addition, while the consumer may not enjoy negotiating with financial institutions, it’s the broker’s specialty. Brokers will make sure their client obtains the most attractive rate currently on offer with the most flexible options suited for their specific situation and can shop dozens of lenders in the time it takes a consumer to book an appointment at their bank. Who pays the mortgage broker?

Even though mortgage brokers work for their client (not the financial institution), brokers get paid by the financial institution. Their finder’s fees reimburse brokers for bringing them creditworthy customers and since these fees are similar across most lenders, there is no incentive for brokers to favour one lender over another. In rare instances such as a client with non-standard credit or inability to prove income, a broker may charge a fee, but in the vast majority of cases, there is absolutely no charge of any kind!

When do I need a mortgage broker?

The best time to meet with a mortgage professional is before you start your search for a new home. Arm yourself with a pre-approval so that you know exactly how much you can afford to spend in the marketplace. This puts you in a much stronger negotiating position as you have firm limits and can readily identify property you can and cannot afford. This can save you from future potential problems. Perhaps the most difficult part of writing these articles relates not the actual writing, but thinking of a topic to address. So help us! Send letters to the magazine or to us through the website www. schwarzlaw.ca or email us at info@schwarzlaw.ca and give us your questions, concerns, critiques and quandaries. We will try to deal with them in print or electronic form.

+more adVICE online nexthome.ca/news/advice

nexthome.ca 31

ADVICE | ConDo pro

KEEP A COOL HEAD WHILE CONDO SHOPPING

BArBArA LAWLor

Condominium sales in Toronto and the Greater Toronto Area (GTA) continue to be hot, hot, hot – which is all the more reason to keep a cool head as you shop for your new home. A new condominium purchase is a major life step, and one you want to take carefully for many reasons. First, with the benchmark, or typical price of condos in the GTA sitting at

over $800,000, you want the most for your money. Of course, “most” depends on what is important to you. Second, when you purchase new fairly early in the selling cycle, you can select the features, finishes and upgrades that transform your suite into your home. Third, there are numerous condos for sale, and you want the residence that best fits your needs and wants. So, what is the solution? Research and then, compare fairly. This does not always happen. For example, I have seen too many buyers come into the presentation centres, where Baker Real Estate Incorporated is handling sales, and

32 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

become obsessed with square footage. In fact, layout – especially in condo suites – is much more important. The great news is that developers have come up with innovative designs that make even the most compact of designs live more than their square footage suggests. And, look at standard features and finishes. Keep track of which buildings include what standard appointments. If you have to pay to upgrade to hardwood flooring, for example, that should be considered in your comparison. On the other hand, the cost of some upgrades now may well earn you a higher

resale price later on. Amenities represent a major reason why many people choose condominium living. Note which buildings will include the shared areas you will use. Maybe you love to swim or exercise regularly, so a pool and/or fitness area will be desirable. If you love entertaining friends, you might want a building with a party room, theatre and/or games room. And thinking ahead again, look at the other amenities – places you might not use yourself now, but might in the future. These may also appeal to buyers someday when you are ready to right-size to a larger suite. Yes, there is a lot to think about – and this is all assuming you have already zeroed in on the location(s) that are best for your work commute and travelling to family, friends and interest group meetings. The less you have to use a vehicle to get around, the

“

Yes, there is a lot to think about – and this is all assuming you have already zeroed in on the location(s) that are best for your work commute and travelling to family, friends and interest group meetings.

”

more you can afford to spend on a condo. If you can avoid owning a car, even better. In addition, today’s residences are situated in amenityrich locations, which means that errands can often be run on foot or by bicycle or a quick subway or bus ride. Location can have a massive impact on how much you can afford in a new condo. Ask about closing costs as well, so your comparison picture is complete. In the end, it really is all about YOU. Make a prepared, educated decision.

Barbara Lawlor is president and CEO of Baker Real Estate Incorporated, winner of the pinnacle 2017 Riley Brethour Award from BILD, and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com

+morE ADVICE onLInE nexthome.ca/news/advice

nexthome.ca 33

TRENDING

Historic $17 million affordable housing land trust

launcHed in toronto Habitat for Humanity GTA has announced the launch of a historic $17 million land trust seeded by Toronto developers to create new affordable housing for Toronto residents. The land trust is the result of a collaboration between Toronto development companies Capital Developments and Metropia, the City of Toronto, Habitat for Humanity GTA, St. Clare’s Multifaith homes, and community group Build a Better Bloor Dufferin. “This is a remarkable win for affordable housing,” said Ene Underwood, CEO of Habitat for Humanity GTA. “It is an inspiring demonstration of how partnerships between government, the private sector, non-profit groups, and community residents can generate innovative solutions to achieve affordable housing.” The land trust will initially be governed by Habitat for Humanity GTA and St. Clare’s, a non-profit housing provider that has supported local residents to advocate for affordable housing. “I expect this land trust to demonstrate the capacity of non-profits to respond to the City of Toronto’s housing crisis,” said Andrea Adams, Executive Director of St. Clare’s.

“

All images are concepts only

We know that a lack of affordable housing is a big challenge for Toronto, said Howard Sokolowski, Chairman and CEO of Metropia.

”

Capital Developments and Metropia will contribute $9 million in cash and will provide a further $8 million via an interest-free revolving loan that will be paid back in 10 years. The $17 million will be used to establish a nonprofit land trust, $15 million of which will be leveraged to develop up to 180 new affordable housing units by a non-profit partnership.

34 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

The remaining $2 million will be invested by the land trust to provide additional community space in the Bloor and Dufferin neighbourhood. At least 50 per cent of the funds are expected to be allocated within Toronto’s Ward 9 – Davenport in the neighbourhood of a 2,200-unit development planned at Bloor and Dufferin. In addition to the historic

land trust, the developers will also provide a number of community benefits. The plans include additional affordable housing in the development at Bloor and Dufferin. “As part of our Bloor Dufferin development, on site, we are conveying to the city a full eight-storey rental residential building for affordable use; however, as companies committed to building communities in Toronto, we know our impact needs to extend beyond the edges of our properties,” said Todd Cowan, Co-Founder and Managing Partner of Capital Developments. “This was a clear opportunity – through affordable housing – for Capital Developments and its partner to give back to both the Bloor Dufferin neighbourhood and to the City of Toronto as a whole,” added Jordan Dermer, also Managing Partner and Co-Founder of Capital Developments. “We know that a lack of affordable housing is a big challenge for Toronto,” said Howard Sokolowski, Chairman and CEO of Metropia. “As builders, we take our mission to provide housing seriously and are thrilled that this agreement will make such a big difference for people in need of stable housing across the City of Toronto.” Councillor Ana Bailão, Deputy Mayor and the City’s Housing Advocate, expressed her strong support for the collaborative

process that helped lead to this agreement. “Finding new and innovative partnerships is critical for the City’s efforts to effectively address our housing needs and respond to local development pressures,” said Councillor Bailão. “I want to thank the developers, city staff, as well as my constituents and the housing providers for working collaboratively to find a solution that’s good for Ward 9 and good for the whole city. It has been a privilege to work closely with such a dedicated and committed group of stakeholders to meet this challenge and secure so much for the community and the city.” Build a Better Bloor Dufferin (BBBD), a community organization that has long advocated for affordable housing and community space in the neighbourhood,

played an important role in the development of the plans for the land trust. “Today is a day for celebration,” said BBBD co-chair Maggie Hutcheson. “Since the beginning, our neighbourhood pushed for greater benefits for the community. We are proud our advocacy work has contributed to the outcome of a non-profit land trust, which will provide affordable housing for hundreds of Torontonians in the years to come. It shows that when the community is fully engaged and we set our sights high, we can do better.” “We look forward to continuing to work with all the partners toward more equitable, inclusive development in our neighbourhood and our city,” added BBBD co-chair Emily Paradis. nexthome.ca 35

TRENDING

MARLIN SPRING NETS 3 AWARDS foR iTS STRoNG CORPORATE POSITIONING

Toronto-based real estate investment firm, Marlin Spring, has been acknowledged by three different business award programs in Canada. Since 2013 the company has seen substantial growth, acquiring over 30 residential projects consisting of 8,800 residential units which are currently in various stages of development, construction repositioning or completion across Canada and the United States. In September, Canadian Business and Maclean’s magazine ranked Marlin Spring No. 5 on the 2019 Startup 50 list of Canada’s Top New Growth Companies. “This list suggests the future of Canadian entrepreneurship is extremely bright with companies bringing new offerings to market, creating indelible brands and disrupting in a positive way established business models, all in an extremely short period of time,” says Beth Fraser Startup 50 Growth Manager. Later the same month, Marlin Spring took the No. 31 spot out of 400 companies on The Globe and Mail’s brand-new ranking of Canada’s Top Growing Companies. “We created this program because we believe there is much that Report On Business readers can learn from the successes of the country’s best entrepreneurs,” says Derek DeCloet, Editor of Report On Business and Executive Editor at The Globe and Mail. “The companies on this inaugural ranking demonstrate ambition, innovation and tremendous business acumen,” says Phillip Crawley, Publisher and CEO of the Globe and Mail. “Their contributions to the economy help to make Canada a better place, and warrant commendation,” he added. Marlin Spring was also named a recipient of the 2020 Canadian Business Excellence Awards for Private Business, too. “These companies have demonstrated a strategic approach to delighting their customers, engaging their employees, and fostering a culture of innovation at their workplace,” said Excellence Canada President and CEO Allan Ebedes. 36 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

The Marlin Spring team, headed by (left-right) CFO Elliott Kazarnovsky; CEO Benjamin Bakst and President Ashi Mathur celebrated after receiving three major awards.

“We are delighted, yet humbled by the recognition we have received from these three important organizations who have strict criteria in assessing a company’s positioning in the marketplace,” said Marlin Spring CEO Benjamin Bakst. “Credit for the awards is certainly due to our strong management team and committed employees in all areas of our growing business.” moRE ABoUT mARLIN SPRING

With a portfolio of over 8 million square feet of residential GFA and an estimated completion value of over $4 billion, Marlin Spring has been one of the more active investors in both development and the multifamily residential sector. Marlin Spring has over 60 real estate professionals involved in all aspects of the acquisition, development, construction and asset management of its portfolio. The company is currently building the Stockyards District Residences in Toronto, and it has two new projects on the way, The Tailor, on the Queensway in Etobicoke, and Symphony Towns in Oshawa. For more info, visit marlinspring.com

#Beyond theCity Must-see properties Includingâ&#x20AC;¦ Semi-detached, detached, condominium suites & townhomes

IN THIS SECTION:

BRANTFORD, CALEDONIA, FONTHILL, GRIMSBY, HAMILTON, NIAGARA, OAKVILLE, WELLAND & MORE

Trending

New-Home Market at typical activity level in OctOber October was a busy time in the GTA new-home market, as is typically the case every year, the Building Industry and Land Development Association (BILD) announced in its most recent report. Single-family home sales, with 1,296 detached, linked and semidetached houses and townhouses (excluding stacked townhouses) sold, were up 178 per cent from last October’s near-record low and even with the 10-year average, according to Altus Group*. Sales of condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,424 new-home sales, down three per cent from October 2018 but still 13 per cent above the 10-year average. “Pent-up demand is gradually being released, aided by

October 2019

favourable mortgage rates and some increase in the availability of single-family product that is affordable to a broader range of buyers,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. The benchmark price of new single-family homes in October was $1,074,791, down 3.6 per cent over the last 12 months. The benchmark price of new condominium apartments was $833,827, up 7.5 per cent over the last 12 months. With a number of new projects coming to market in October, remaining inventory increased from the previous month, to 19,718 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings. “Based on population projections, it is clear that the

Condominium Apartments

demand for housing in the GTA is not going away,” said David Wilkes, BILD President & CEO. “That’s why BILD is very supportive of the provincial government’s efforts to achieve long-term balance in the housing market. The math is simple. We need to make the process of bringing new homes to market simpler, faster and fairer to help create more housing supply and a more affordable market.” With 1,500 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides $34 billion in investment value and employs 270,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.

Single-Family

Total

Region

2019

2018

2107

2019

2018

2017

2019

2018

2017

Durham

254

201

286

115

220

Halton

352

318

160

252

604

394

231

Peel

542

172

110

415

148

957

320

157

Toronto

1,734

2,889

4,134

1,754

2,958

4,162

York

764

612

355

122

133

1,119

217

745

GTA

3,424

3,538

5,035

1,296

466

480

4,720

4,004

5,515

38 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Source: AltuS Group *AltuS Group iS BilD’S officiAl Source of new home mArket intelliGence. **hiStoricAl DAtA Are SuBject to reviSion

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INSPIRATION |

nordic

market place

COOL 2

3 As the cold weather approaches, it’s time to cocoon with these hygge-worthy essentials.

5 +MORE INSPIRATION ONLINE nexthome.ca/news/inspiration

40 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Metallic dining plate. $6. Homesense.ca

2| Stretto multi-pillar candle holder. $73. Cb2.ca 3| Oversized herringbone motorcycle jacket by J.Crew. $235. Ebay.ca

9| Little box of happiness by Meik Wiking. $50. Indigo.ca

10| Burrard sofa in sea salt gray. $1249. Article.com

nexthome.caâ&#x20AC;&#x192; 41

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ASSESSEd vALuE This is how much a home is worth according to a public tax assessor who makes this determination in order to figure out how much city or state tax the owner owes.

CLoSing Closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents, and the buyer makes the down payment and pays closing costs. It is advisable to have a lawyer facilitate closing.

Condo ownERShip Condominium ownership is real estate that is independently owned and sellable, but the owners of the individual units also collectively own the common areas, amenities and utilities which are managed collectively by the owners as outlined in the Ontario Condominium Act.

CLoSing CoSTS In addition to the actual price of a home, there are also closing costs, which will typically make up about two to five percent of the purchase price, not including the down payment. Examples of closings costs include the mortgage processing costs, title insurance, and excise tax, and legal fees.

dEbT To SERviCE RATio This amount shows the ratio of your household’s debt payments to gross household income. Banks look at this when assessing how much money to loan you.

fREEhoLd ownERShip Freehold means permanent and absolute tenure of land or property with freedom of full use and control of the land and buildings on it, subject to any rights of the Crown, local land-use bylaws and any other restrictions in place at the time of purchase.

PARIS

This process combines the interest and principal together in an established schedule of payment installments, rather than simply paying off interest at the start, which helps build home equity early on.

HAMILTON

AmoRTizATion

BRANTFORD

There are generally two types of conventional mortgages – a fixed-rate and an adjustable-rate mortgage. An adjustable-rate mortgage means the interest rate can change over the term of the loan. A fixed-rated mortgage simply means that the interest rate stays the same through the entire term of the mortgage and is “locked in”.

BEAMSVILLE

AdjuSTAbLE-RATE And fixEd RATE moRTgAgES

It’s Time to Come Home

REAL ESTATE GLOSSARY

see page 2 for more info

gRoSS dEbT SERviCE RATio The percentage of your gross monthly income that housing-related payments (mortgage, property taxes and heating) eats up. Depending on your situation, to qualify for a mortgage, your GDSR should be 39 per cent (or less) of your gross monthly income.

nexthome.ca 45

INSPIRATION |

home decor

Flipping through the pages of design and decor magazines today is an excellent source of inspiration for many of us. The featured rooms are big and bright, with tons of natural light and a distinct airy feel. Some of the appeal comes via incredible architecture, high ceilings and largescale windows. The rest comes from strategic planning and a sleek designer touch. Whether you have ample space or want to achieve a larger look in your small space, there are tried and true tricks to making a home feel larger, brighter and more open.

Creating the

IllusIon of spaCe Live in a petite pad? Designer Andrea Colman shows you how to live large in a small space. 46 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

QuIT CluTTeR Probably the most straightforward shortcut to a bigger and brighter home is to de-clutter. Granted, this won’t get you more square footage, but you’ll be amazed at your new-found perceived sense of space. We suggest to edit and take out items on tabletops and countertops. Minimally adorned shelves will help to accentuate your home’s architecture, furniture and artwork. This trick is more about achieving a visual sense of space, and it works every time!

NeuTRAl PAleTTe Wall colour is another useful way to create the illusion of more overall space. Lighter shades can make your walls visually recede, while deeper tones tend to come forward to create cosiness. To bring a sense of lightness to your home, choose a neutral colour palette of white, beige or light grey. Paint the room and all adjoining areas in the same hue to create continuity and blur the boundaries between different living areas. Another rule to follow is to keep contrast to a minimum and have an overall monochromatic colour palette from the ground up for a cohesive, seamless look.

DITCh heAvy DRAPeS Speaking of walls, have you taken stock of your windows yet? Another easy trick to make your home look and feel larger is to maximize its natural light. Replace your heavy drapes with simple white sheers, which offer the benefit of privacy without impeding the flow of sunlight. If privacy is not an issue, omit the window coverings altogether for a modern, minimal look. A great tip from Specialty House Manufacturing is to hang your window coverings close to the ceiling to give further visual illusion of larger windows

FuRNITuRe TO SCAle When you’re finally ready for furniture, choosing the right scale is key. A small home that’s outfitted with sleek, streamlined furniture will not only look more spacious, but it will be more functional, too. Look for furniture that has clean lines, clear glass and reflective materials which hold less visual weight than solid woods. As you arrange your furniture, steer clear of doorways, traffic patterns and sightlines, to ensure you maintain that great sense of openness. Remember, most beautiful homes aren’t necessarily the biggest ones. Square footage is just a number. The more important thing is how you use it! Andrea Colman is the Principal of Fine Finishes Design Inc. With almost two decades of reno & design experience her full service firm service clientele throughout the GTA and Ontario. The growing boutique design firm is known for creating stylish, harmonious, livable environments www.finefinishes.ca

+more InspIratIon onLine nexthome.ca/news/inspiration

nexthome.ca 47

Trending

HHHBA committee helps advance gender diversity in the building industry On October 30, more than 150 women from the Hamilton Halton Home Builders’ Association (HHHBA) attended the 2nd Annual Women In Industry Luncheon at the Burlington Convention Centre. Under the leadership of the committee’s chair Carla Agostino and HHHBA CEO Suzanne Mammel, the group’s mission is to support and encourage women to grow and succeed in non-traditional roles. “We want to introduce the construction industry and the trades to younger generations,” says Agostino. “We find that there aren’t many women exposed to the possibility of a career in this industry.” During the event, Terri Johns, President of T. Johns Consulting, was announced as the first-ever recipient of the inaugural Women In Industry Award which recognizes women who set an example and demonstrate leadership on a professional and personal level. The HHHBA founded the Women In Industry Committee in 2018 and it is the first group of its kind within any builders’ association in Canada. By bringing individuals, companies and organizations together to advance gender diversity in STEM, construction, development and the services and trades related to the building industry, the committee aims to facilitate networking and educational events monthly. “The committee’s purpose is to raise the profile of 48 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

women in industry and provide the opportunity to thrive,” says HHHBA CEO Susan Mammel. “The power of women connecting and supporting each other is unmatched. And that’s what this group is all about — bringing women together to create positive change and new opportunities.” The event’s guest speakers were YWCA Hamilton CEO Denise Christopherson, CHBA President Stefanie Coleman and Powergroup Communications President Laura Babcock. Each captivated and inspired the crowd with their stories, professional experiences and words of advice. “We need to make particular effort to let young women know that they have a place in our industry and that they will be respected and valued if they join us in building Canada’s future,” said CHBA President Stefanie Coleman. The committee will continue to partner with local organizations, such as YWCA Hamilton, to create a platform where women can collaborate and transfer knowledge. “Denise Christopherson and YWCA Hamilton have been a valued partner since the beginning,” said Mammel. “Their involvement and contribution has played a pivotal role in the Committee’s success and we greatly appreciate their support.” For more details about HHHBA, visit the website at hhhba.ca

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First-time buyers of new homes get more oF an incentive Details regarding the federal government’s FirstTime Home Buyer Incentive Program (FTBIP) were announced recently, and it seems there’s more help available for first-time buyers of new builds than for Canadians considering the purchase of resale residences. The program, which started on Sept. 2, 2019, is designed to help Canadians with incomes of up $120,000 buy their first home by reducing their monthly mortgage payments without having to increase the amount money they put down. The bonus for purchasers of newly constructed homes is an incentive amount of between five and 10 per cent, while the incentive for resale purchasers is set at five per cent. How does the FTBIP program work? Read on. Like all loans, the First-Time Home Buyer Incentive needs to be paid back eventually. In this case, it can be paid back in full at any time with no penalty. The 50 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

homeowner can choose not to pay anything back for 25 years, or after the property is sold, whichever occurs first. The amount of the incentive that needs to be paid back is calculated using the property’s fair market value at the time of repayment and is to be repaid whether the property value increases or decreases. No interest is accumulated on the incentive. “Buyers utilizing the program ideally should be in frequent communication with their mortgage professional to determine at the earliest point that a refinance would be possible to pay out the FTBIP,” advises Tom Gasparec, a mortgage agent with The Mortgage Centre. “Assuming a 10 per cent annual appreciation, our estimation shows that there would be sufficient equity to pay out the 10 per cent incentive shortly after year-two of owning the home. This strategy would provide the buyer with optimal return on investment utilizing the program.”

…continued from page 46

Once processed and accepted, new-home buyers must call 1.833.974.0963 to activate the FTHBI payment and provide the name of the lawyer/notary they have chosen to close the deal. They must provide lawyer/notary information as soon as they have chosen one and no less than two weeks prior to closing. The program is a complement to another first-time homebuyer incentive change made earlier this year, which increased the RRSP withdrawal limit to $35,000 from $25,000. All in all, the program may help lower

mortgage payments, but not the cost of a home in hot markets, says Gasparec. “The FTBIP program does not resolve the supply/ demand issue, it will only exacerbate Canada’s over-heated housing market as it makes buying homes easier for Canadians, which drive prices up,” he says. To read more about Canada’s National Housing Strategy, visit placetocallhome.ca …continued on page 58

more facts on the program: • Canada’s First-Time Home Buyer Incentive to help qualified first-time homebuyers purchase their first home launches on Sept. 2, 2019, with the first closing on Nov. 1, 2019. • The incentive will allow eligible first-time homebuyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, to apply to finance a portion of their home purchase through a shared equity mortgage with the government of Canada. • No on-going repayments are required, the incentive is not interest bearing, and the borrower can repay at any time without a pre-payment penalty.

• The government shares in the upside and downside of a change in the property value. • The buyer must repay the incentive after 25 years, or if the property is sold. • The incentive is available to first-time homebuyers with a qualified annual household income of up to $120,000. At the same time, a participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income. • The property must be located in Canada and must be suitable and available for full-time, yearround occupancy. • Investment properties to be used as rentals are not eligible. nexthome.ca 51

storage style GettinG OrGanized

with

InnovatIve and artIstIc storage solutIons by Michelle hopkins

52 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Judson Beaumont has made a career out of challenging our preconceived notions of what storage should look like. The artist and founder of Straight Line Designs Inc. proves that storage doesn’t have to be boring to be functional. “I think of storage and ask, ‘why does everything have to look the same?’” says the graduate of the Emily Carr Institute of Art and Design. “I want furniture to have personality, yet still be very functional. I want people to question why storage should be traditional looking.” Today’s storage solutions certainly don’t have to be drab, says Theresa Thom, franchise director, Stor-X Organizing Solutions. More importantly, homeowners don’t realize how many unused areas can easily be transformed into innovative storage spaces. For example, the small closet at the front door is often full of clutter. “You can pull that door right off and create a mudroom, complete with bench, shelves, a couple of drawers and hooks,” says Thom. “Now, that awkward closet is a much more functional one.” Wolf Nickel, president and founder of Stor-X adds: “There is also so much wasted space in laundry rooms. You can make the laundry room so much more efficient by adding a built-in folding table with hanging space, as well as shelving for brooms, mops and laundry supplies.”

nexthome.ca 53

Before placing your belongings in a chest of drawers or curios in a cabinet, Heather Knitel, the owner of Good Riddance Professional Organization Solutions, says, “Envision your space and how you would like it to look.” This is not only good advice for storage, but it’s a great opportunity to de-clutter. Knitel suggests systematically going from room to room. Everything should get pulled out of drawers, cupboards and countertops and sort into three piles — donate, trash, keep. “Eliminate what you aren’t using,” says Knitel. “But stay very focused on the task at hand, meaning don’t go zigzagging. Stay in the room until it is done.” Many of us hoard magazines, books and newspapers. Recycle those old newspapers. Then, purge yourself of those magazines and books by giving them to a hospital or other charitable organization that could put them to good use.

Clothing “Eighty per cent of the time, we wear only 20 per cent of our wardrobe,” says Knitel. When it comes to clothing, a good rule of thumb is, if you haven’t worn it for six months or for a season, get rid of it. “Most of us have to change the way we think. We tend to hold onto things way too long for emotional reasons,” says Knitel. “For example, that sweater grandma gave you five years ago that you have never worn … place it in the charity bin.” 54 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

HOT PROPERTIES

find your next home

The latest properties in the greater toronto Area to keep your eye on d. impressions By: Fieldgate Homes City: The Village of Kleinburg Housing type: Luxury singles fieldgatehomes.com

e. illumina By: Molinaro Group City: Burlington Housing type: Condo illuminacondos.ca

h. aqualuna 8. edenBridGe kinGsway

Gta prevIew reGistration

By: Tridel Location: Toronto Housing type: Condominium Tridel.com

1. saturday in downsview park

13. moBilio

By: Mattamy Homes City: Toronto, North York Housing type: Condominium mattamyhomes.com

2. suGar wharf By: Menkes City: Toronto Housing type: PATH-connected waterfront condos menkes.com

3. klein estates By: Lindvest City: Kleinberg Housing type: Upscale detached homes on 42 and 50 ft. lots lindvest.com

By: Menkes City: Vaughan, Concord Housing type: Condo menkes.com/mobilio

17. eleven altamont By: Heathwood Homes City: Toronto, North York Housing type: Townhomes Heathwood.com

By: Tridel City: Toronto Housing type: Condo tridel.com/aqualuna

j. evermore By: Tridel City: Etobicoke in Toronto Housing type: Condo Tridel.com

k. auBerGe on the park By: Tridel City: Toronto Housing type: Condo www.tridel.com/auberge

21. 55 charles By: Mod Developments City: Toronto Housing type: Condominium 55charlesresidences.com

new openinGs

4. Bijou on Bloor By: Plaza City: Toronto Housing type: Condo pureplaza.com

5. whitBy meadows By: Fieldgate Homes Location: Whitby Housing type: Detached fieldgatehomes.com

7. thirty six zorra By: Altree Developments Location: Toronto Housing type: Condominiums thirtysixzorra.com

a. country lane By: Heathwood Homes City: Whitby Housing type: Detached homes. Models now open Heathwood.com

B. upper valleylands By: Fieldgate Homes City: Brampton Housing type: Semis, single-detached and freehold townhomes from upper $500s fieldgatehomes.com

maps Locate properties using the map on the following page

Builders If you would lIke to Include your prevIew regIstratIon, new release or sIte openIng In thIs feature, just emaIl the detaIls to editorial@nexthome.ca nexthome.caâ&#x20AC;&#x192; 55

HOT PROPERTIES | GREATER TORONTO AREA

D 3

B 21 8

MAPS Match the map numbers with property listings on the previous Hot Properties page

56 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

NEW HOMES NEW CONDOS

CARTOGRAPHY: MARKETMAPS.COM

MAP LE GE N D

nexthome.caâ&#x20AC;&#x192; 57

…continued from page 51

eXAMPLe OF A neW-COndO PUrCHASe:

Melanie has an annual qualifying income of $90,000. To be eligible for the First-Time Home Buyer Incentive, she can purchase a condominium unit up to $350,000. She has the required minimum down payment of five per cent of the purchase price – $17,500 from savings. Melanie can receive $35,000 in a shared equity mortgage (the incentive), which is 10 per cent of the price of her newly constructed home. This would reduce Melanie’s mortgage payments by $200 a month, a savings of $2,401 a year. If Melanie decides to sell the condominium and when she does it is worth $320,000, she will have to repay the 10 per cent incentive as a percentage of the home’s current value, which in this case would be $32,000 at the time of selling the house.

eXAMPLe OF A neW-HOMe PUrCHASe: John wants to buy a new home for $400,000 and has saved the minimum required down payment of $20,000 (five per cent of the purchase price). Under the Incentive, John can apply to receive $40,000 in a shared equity mortgage (10 per cent of the cost of a new home) through the program. This lowers the amount he needs to borrow and reduces his monthly expenses. As a result, his mortgage is $228 less a month or a savings of $2,736 a year. Ten years later, John decides to sell the home for $420,000. He will have to repay the Incentive as a percentage of the home’s current value. John would have to pay 10 per cent, or $42,000 at the time of selling the house.

58 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

HOT PROPERTIES

Find your next home The latest properties in southwestern ontario to keep your eye on e. elements By: Mountainview Homes City: St. Catharines Housing type: Luxury oneand two-bedroom condos elementscondo.com

F. the PreserVe By: Mattamy Homes City: Oakville Housing type: Townhomes mattamyhomes.com

9. homestead

sWo prevIew registration 1. casa di torre By: Branthaven Homes City: Stoney Creek Housing type: Condos from 550 to 978 sq. ft. from the low $300s branthaven.com

2. one tWenty condominiums By: Mountainview Homes City: Fonthill Housing type: Condominiums mountainview.com

3. the mcKenzie By: Losani Homes City: Caledonia Housing type: Towns and singles mckenziecaledonia.ca

4. Brant West By: Losani Homes City: Brantford Housing type: Towns and singles brantwest.com

5. the Peninsula By: Losani Homes City: Paris Housing type: Towns, semis and singles parispeninsula.com

6. synergy By: Branthaven Homes City: Oakville Housing type: Urban trailside condos branthaven.com

By: Branthaven Homes City: Mount Hope in Hamilton Housing type: 33, 36, 38 & 40 ft. singles branthaven.com

10. Winona county By: Branthaven Homes City: Winona county Housing type: 36 & 40 ft. singles branthaven.com

g. FallingWaters By: Losani Homes City: Stoney Creek Housing type: Luxury townhomes email: Pronto@LosaniHomes.com

h. timBerWood estates By: Mountainview Homes City: Thorold Housing type: Townhomes, detached homes timberwoodestates.ca

11. WaterWorx By: Losani Homes City: Hamilton Housing type: Townhomes LosaniHomes.com

neW oPenings a. lyonâ&#x20AC;&#x2122;s creeK By: Mountainview Homes City: Niagara Falls Housing type: Semis lyonscreekhomes.com

B. Vista ridge By: Losani Homes City: Beamsville Housing type: Townhomes and detached losanihomes.com

i. saFFron estates By: Mountainview Homes City: Fonthill Housing type: Townhomes, detached homes saffronestates.ca

J. simPly grand By: Losani Homes Location: Paris Housing type: semis and singles losanihomes.com

K. Wallaceton By: Heathwood Homes Location: Kitchener Housing type: Towns and detached homes heathwood.com

c. sParroW meadoWs By: Mountainview Homes City: Welland Housing type: Singles and townhomes sparrowmeadows.com

d. lincoln estates By: Losani Homes City: Lincoln Housing type: Single-detached homes losanihomes.com

maPs Locate properties using the map on the following page

Builders If you would lIke to Include your prevIew regIstratIon, new release or sIte openIng In thIs feature, just emaIl the detaIls to editorial@nexthome.ca nexthome.caâ&#x20AC;&#x192; 59

HOT PROPERTIES | SOUTHWESTERN ONTARIO AREA

KITCHENER–WATERLOO

Guelph

Waterloo Kitchener

Milton

Cambridge

Brantford

Hamilton

LONDON

London

MAPS Match the map numbers with property listings on the previous Hot Properties page

60 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

Mississauga

MAP LE GE N D NEW HOMES

F 6

NEW CONDOS

Oakville

Burlington

G B

E D

St Catharines H

Niagara Falls

Welland CARTOGRAPHY: MARKETMAPS.COM

nexthome.caâ&#x20AC;&#x192; 61

It’s diverse Did you know…

of adults 18–29 read magazines vs. 81% who use Facebook. People of all ages read magazines — especially younger adults.

Your trusted authority for the latest real estate news and trends Sources: the Magazine Media Factbook 2018 – MPA–The Association of Magazine Media; Pew Research Center Social Media Fact Sheet, Feb 2018; GfK MRI, Fall 2017

townhome

Condo

Bungalow

Location BuiLder/deveLoper name Site name

semi

#IntheCity

detached

index of advertisers

priceS

page

Bloor West village

Plaza pureplaza.com

Bijou on Bloor

•

Inquire

5, BC

Bloor Yorkville

Mod developments inc.

55 Charles Residences

•

From 500's

downsview park

Mattamy Homes mattamyhomes.com

Saturday in Downsview Park

•

$4,990

IBC

etobicoke

tridel tridel.com

Evermore

Inquire

4,5

etobicoke

Mattamy Homes mattamyhomes.com

Vita on the Lake

•

Inquire

IBC

etobicoke

Mattamy Homes mattamyhomes.com

Vita Two

•

Inquire

IBC

north York, on

Mattamy Homes mattamyhomes.com

Origins of Don mills

•

Inquire

IBC

north York, on

Mattamy Homes mattamyhomes.com

Park Place on Patricia

•

Inquire

IBC

Queens Quay east

tridel tridel.com

Aqualuna

•

Inquire

6,7

Scarborough

Mattamy Homes mattamyhomes.com

Thomson Towns

•

Inquire

IBC

Scarborough

Mattamy Homes mattamyhomes.com

Upper Summerside

•

Inquire

IBC

toronto

Menkes menkes.com

Sugar Wharf

•

Inquire

IFC

toronto

tridel tridel.com

Auberge on the Park

•

Inquire

6,7

toronto

tridel tridel.com

Edenbridge

•

From 900's

6,7

•

nexthome.ca 63

Beamsville

Losani Homes losanihomes.com

Vista Ridge

•

Bracebridge, on

Mattamy Homes mattamyhomes.com

White Pines

•

Brampton

Mattamy Homes mattamyhomes.com

Union Mount Pleasant

Brantford

Losani Homes losanihomes.com

Brant West

caledon/Brampton Border

fieldgate Homes fieldgatehomes.com

Upper Valleylands

• •

caledonia

Losani Homes losanihomes.com

The McKenzie

•

Fonthill

Mountainview Homes mountainviewhomes.com

One Twenty Condominiums

Fonthill

Mountainview Homes mountainviewhomes.com

Saffron Estates

Fonthill

Mountainview Homes mountainviewhomes.com

Homestead

Hamilton

Losani Homes

Waterworx

Kleinburg

fieldgate Homes fieldgatehomes.com

Impressions

Kleinburg

Mattamy Homes mattamyhomes.com

Kleinburg Summit

Lincoln

Losani Homes losanihomes.com

Lincoln Estates

markham

Mattamy Homes mattamyhomes.com

The Condominiums of Cornell

milton

Mattamy Homes mattamyhomes.com

Hawthorne South Village

•

niagara Falls

Mountainview Homes lyonscreekhomes.com

Lyon's Creek

•

oakville

Branthaven Homes thetauntonapartments.com

The Taunton

oakville

Mattamy Homes mattamyhomes.com

oakville

townhome

Condo

Bungalow

semi

Location BuiLder/deveLoper name Site name

detached

#BeyondtheCity

•

priceS

page

From $300’s

4,45

$419,990

IBC

From $300’s

IBC

From 400's

4,45

•

From $500’s

•

Inquire

4,45

•

Inquire

•

Inquire

•

Inquire

•

From $300’s

4,45

Inquire

$799,990

IBC

Inquire

4,45

By Appointment

IBC

Inquire

IBC

From $400's

•

Inquire

42, 43

East Preserve

•

$580,000

IBC

Mattamy Homes mattamyhomes.com

The Preserve

•

Inquire

IBC

oakville

Mattamy Homes mattamyhomes.com

The Preserve Woodland Estate

•

Inquire

IBC

paris

Losani Homes losanihomes.com

Simply Grand

• •

Inquire

4,45

paris

Losani Homes losanihomes.com

The Peninsula

• •

Inquire

4,45

pickering

Mattamy Homes mattamyhomes.com

Seaton Whitevale

•

Inquire

IBC

pickering

Mattamy Homes mattamyhomes.com

Seaton Taunton

•

$400,000

IBC

richmond Hill

Mattamy Homes mattamyhomes.com

Richmond Green

•

$845,000

IBC

St catharines

Mountainview Homes mountainviewhomes.com

Elements

Inquire

64 New Home + Condo Guide | Dec. 7, 2019–Jan. 4, 2020

• • •

• • • • •

•

Stoney creek

Branthaven Homes casaditorrecondos.com

Casa Di Torre

Stoney creek

Losani Homes losanihomes.com

Fallingwater

West Brampton

fieldgate Homes fieldgatehomes.com

Valleylands

•

Welland

Mountainview Homes mountainviewhomes.com

Sparrow Meadows

•

Welland

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Timberwood Estates

•

Whitby

Mattamy Homes mattamyhomes.com

Queen's Common

Winona

Branthaven Homes branthaven.com

Life

Winona

Branthaven Homes branthaven.com

Winona County

townhome

Condo

Bungalow

semi

Location BuiLder/deveLoper name Site name

detached

#BeyondtheCity

• • • • • •

•

priceS

page

From $300’s

42, 43

From $600’s

4,45

Mid $900’s

Inquire

499,000

IBC

Inquire

42, 43

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42, 43

nexthome.ca 65

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