NextHome GTA Mar. 2, 2019 by NextHome

Greater Toronto Area Mar. 2–16 , 2019

HY BUY NEW? NHERITED BAD IRLINE. ON’T ANTWHY TO BUY NEW? HERIT OLD BECAUSE RING. WHO PREFERS USED?

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

e of a 7-year warranty: one o buy new with Mattamy. Sleep with the peace of mind that aving your home protected.

ore reasons to buy tamyhomes.com

INSIDE:

STRESS TEST NEEDS TO CHANGE AS MARKETS CHANGE

WHY FOREIGN BUYERS LOVE TORONTO

Beamsville call Beamsville Beamsville call call Beamsville callBeamsville Beamsville call call $ Towns from the high $$$ 300’s $ Towns from the high 300’s Towns from the high 300’s $ $300’s $ Towns from the high 300’s Towns from the high $ Towns from the high 300’s Towns from the high 300’s Towns from the high 300’s Singles from the mid $$$ 600’s $ Singles from the mid 600’s Singles from the mid 600’s $ $600’s $ Singles from the mid 600’s Singles from the mid Singles from the mid 600’s Singles from the mid 600’s Singles from the mid 600’s

Executive Singles Executive Singles Executive Singles Executive Singles Executive Singles $ Executive Singles Executive Singles Executive Singles from the $$$ 600’s on deep lots $ from the 600’s on deep lots from the 600’s on deep lots $ $600’s $ from the 600’s on deep lots from the on deep lots from the 600’s onon deep lots from the 600’s on deep lots from the 600’s deep lots

LosaniHomes.com LosaniHomes.com LosaniHomes.com LosaniHomes.com LosaniHomes.com LosaniHomes.com LosaniHomes.com LosaniHomes.com ANCASTER | BEAMSVILLE | CALEDONIA | HAMILTON | PARIS ANCASTER || BEAMSVILLE || CALEDONIA || HAMILTON || PARIS ANCASTER | BEAMSVILLE | CALEDONIA Prices and specifications subject to change without notice. E & O.E| HAMILTON ANCASTER BEAMSVILLE CALEDONIA HAMILTON| PARIS PARIS ANCASTER | BEAMSVILLE | CALEDONIA | HAMILTON | PARIS ANCASTER | BEAMSVILLE | CALEDONIA | HAMILTON | PARIS Prices specifications subject to change without notice. & O.E Prices andand specifications subject to change without notice. E &E O.E ANCASTER | BEAMSVILLE | CALEDONIA | HAMILTON | PARIS Prices and specifications subject to change without notice. E & O.E ANCASTER | BEAMSVILLE | CALEDONIA | HAMILTON | PARIS ANCASTER | BEAMSVILLE CALEDONIA Prices and specifications subject to change| without notice. E & O.E | HAMILTON | PARIS Prices and specifications subject to change without notice. E & O.E Prices and Prices specifications subject to change without notice. E & notice. O.E and specifications subject to change without E & O.E Prices and specifications subject to change without notice. E & O.E

W O N R TE IS G RE

Brilliantly Bloor Steps away from Jane Station, the Bijou dazzles brilliantly above the charming shops of Bloor West Village, perfectly embodying the intersection of sleek design and old world opulence. With large suites, stunning interiors, private terraces, and an array of exceptional amenities to elevate your day-to-day, at the Bijou, there truly is no place like home.

Nestled amid acres ofof greenspace isis you’ll discover Auberge, aaarare ofof natural Nestled amid acres of greenspace is where you’ll discover Auberge, a oasis rare oasis of natural Nestled amid acres of greenspace iswhere where you’ll discover Auberge, rare oasis of natural Nestled amid acres greenspace you’ll discover Auberge, oasis natural Nestled amid acres of greenspace iswhere where you’ll discover Auberge, arare rare oasis of natural splendour within the bustling city. Where modern and elegantly chic open-plan signature splendour within the bustling city. Where modern and elegantly chic open-plan signature splendour within the bustling city. Where modern and elegantly chic open-plan signature splendour within the bustling city. Where modern and elegantly chic open-plan signature splendour within the bustling city. Where modern and elegantly chic open-plan signature suites are designed with opulent finishes and premium appliances. Where vast views ofof the suites are designed with opulent finishes and premium appliances. Where vast views of suites are designed with opulent finishes and premium appliances. Where vast views of the suites are designed opulent finishes and premium appliances. views the suites are designed with opulent finishes and premium appliances. Where vast views of thethe Nestled amid acres with of greenspace is where you’ll discover Auberge,Where a rarevast oasis of natural city and intertwined greenspaces will awaken your sense ofof adventure. Where aaatwo-storey city and intertwined greenspaces will awaken your sense of adventure. Where a two-storey city and intertwined greenspaces will awaken your sense of adventure. Where two-storey city and intertwined awaken your sense adventure. Where city and intertwined greenspaces will awaken your sense of adventure. Where atwo-storey two-storey splendour within thegreenspaces bustling city.will Where modern and elegantly chic open-plan signature French-infused grand lobby will greet your every entrance and welcome you home. French-infused grand lobby will greet your every entrance and welcome you home. French-infused grand lobby will greet your every entrance and welcome you home. French-infused grand lobby will greet your every entrance and welcome you home. French-infused grand lobby will greet your every entrance and welcome you home. suites are designed with opulent finishes and premium appliances. Where vast views of the Luxury byby nature lives atat Leslie and Eglinton. Luxury by nature lives at Leslie and Eglinton. Luxury nature lives at Leslie and Eglinton. Luxury nature lives Leslie and Eglinton. Luxury by nature lives at Leslie and Eglinton. city andby intertwined greenspaces will awaken your sense of adventure. Where a two-storey Signature Suites starting $1.2 million Signature Suites starting from $1.2 million Signature Suites starting from $1.2 million French-infused grand lobby willfrom greet your every entrance and welcome you home. Signature Suites starting from $1.2 million Signature Suites starting from $1.2 million Luxury by nature lives at Leslie and Eglinton.

Signature Suites starting from $1.2 million EIGHT DECADES OF HOME BUILDING. OVER 80,000 HOMES BUILT. EIGHT DECADES OF HOME BUILDING. OVER 80,000 HOMES BUILT. EIGHT DECADES OF HOME BUILDING. OVER 80,000 HOMES BUILT. EIGHT DECADES OF HOME BUILDING. OVER 80,000 HOMES BUILT. EIGHT DECADES OF HOME BUILDING. OVER 80,000 HOMES BUILT. ® ® ® TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE. TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE. TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE. ® ® TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE. TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE.

©Tridel 2019. ®Tridel, “D” design, Tridel Built forfor Life, Tridel Built forfor Life Design, and Built Green Built forfor Life are registered Trademarks ©Tridel 2019. ®Tridel, “D” design, Tridel Built forTridel Life, Tridel Built for Life Design, and Built Green Built for Life are registered Trademarks ©Tridel 2019. ®Tridel, “D” design, Tridel Built for Life, Tridel Built for Life Design, and Built Green Built for Life are registered Trademarks ©Tridel 2019. ®Tridel, “D” design, Tridel Built Life, Built Life Design, and Built Green Built Life are registered Trademarks ©Tridel 2019. ®Tridel, “D” design, Tridel Built for Life, Tridel Built for Life Design, and Built Green Built for Life are registered Trademarks of of Tridel Corporation. Project names and logos arelogos Trademarks of of their respective owners. AllAll rights reserved. Building and view not to of Tridel Corporation. Project names and are Trademarks ofHOMES their respective owners. All rights reserved. Building and view not to of Tridel Corporation. Project names and logos are Trademarks ofof their respective owners. All rights reserved. Building and view not toto EIGHT DECADES OF HOME BUILDING. OVER 80,000 BUILT. Tridel Corporation. Project names and logos are Trademarks their respective owners. rights reserved. Building and view not to of Tridel Corporation. Project names and logos are Trademarks their respective owners. All rights reserved. Building and view not scale. Illustrations areare artist’s only. *Prices and specifications subject to change notice. E.&O.E. February 2019. scale. Illustrations areconcept artist’s concept only. *Prices and specifications subject to without change without notice. E.&O.E. February scale. Illustrations are artist’s concept only. *Prices and specifications subject toto change without notice. E.&O.E. February 2019. scale. Illustrations artist’s concept only. *Prices and specifications subject to change without notice. E.&O.E. February 2019. scale. Illustrations are artist’s concept only. *Prices and specifications subject change without notice. E.&O.E. February 2019.2019.

TRIDEL COMMUNITIES ARE BUILT GREEN BUILT FOR LIFE.®

©Tridel 2019. ®Tridel, “D” design, Tridel Built for Life, Tridel Built for Life Design, and Built Green Built for Life are registered Trademarks

VISIT THE PRESENTATION CENTRE VISIT THE PRESENTATION CENTRE VISIT THE PRESENTATION CENTRE VISIT THE PRESENTATION CENTRE VISIT THE PRESENTATION CENTRE | ||416.649.2323 | 416.649.2323 4800 Dufferin Street 4800 Dufferin Street 4800 Dufferin Street 416.649.2323 | 416.649.2323 4800 Dufferin Street 4800 Dufferin Street 416.649.2323

VISIT THE PRESENTATION CENTRE 4800 Dufferin Street | 416.649.2323

tridel.com tridel.com tridel.com tridel.com tridel.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

Tammy Leung conTribuTing eDiTors

stat chat | ben Myers Ben Myers is president of Bullpen Research & Consulting, a boutique real estate firm that advises land owners, developers and lenders on housing market conditions that can impact their development projects. Follow Bullpen on Twitter at @BullpenConsult or visit bullpenconsulting.ca

Sara Duck Marlene Eisner Amanda Pereira senior meDiA consulTAnTs

Jessica Wilson 416.873.1049 jessica.wilson@nexthome.ca Natalie Chin 416.881.4288 natalie.chin@nexthome.ca

condo pro | barbara laWlor

sAles & mArkeTing co-orDinATors

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.

distribution

Gary Chilvers Sarah Khan distributionteam@nexthome.ca AccounTing inquiries

accountingteam@nexthome.ca DirecTor of PrinT meDiA

Lauren Reid–Sachs grAPhic Designer & coorDinATor

legally speaking | Jayson schWarz

Alicesa Pullan

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.

grAPhic Designers

Miguel Cea, Sandra Hanak–Vujnovic, Johannah Lorenzo, Mike Terentiev, Kathleen Walker, Alice Wu, Hannah Yarkony Published by

keehn on Money | kelley keehn A financial literacy advocate, Kelley Keehn is on a mission to make Canadians feels good about money.” She is the author of eight published books and is also a speaker, media personality and consumer advocate for the Financial Planning Standards Council. kelleykeehn.com.

MARKETPLACE | 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.

nexthome.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 1.855.826.4200 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 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.

6 NextHome+CondoGuide | Mar. 2–16, 2019

Editor’s notE

SuSan Legge Editor-in-chiEf nextHome+CondoGuide Email: susan.legge@nexthome.ca twittEr: @SusanLegge

I am so happy to complete our March 2 issue — winter, be gone! Spring, traditionally one of the busiest seasons of the year in the GTA new-home and condo market, will soon be here. This issue is packed with plenty of informative articles to keep you ahead of the curve, authored by many new contributors and our amazing line-up of regular industry experts and columnists. Housing and real estate continues to dominant the news, with an announcement last week that the Ontario government plans to overhaul Tarion, and more buzz about the need to review the rules around mortgage stress-tests. Both of these items are covered in this issue, along with an interesting article about homebuyers gravitating toward areas west of the city, and Ben Myers’ take on why foreign buyers are attracted to Toronto real estate. Also ahead, we go behind the scenes with Tariq Adi, President and CEO of Adi Development Group, dive into the world of high-tech security gadgets, and teach you how to make a home equity line of credit work for you. Oh, be sure to look for our two features on spring decor, too! Lastly, don’t forget to check out Canada’s 2019 ranking of the world stage when compared to 80 other countries in our new #CondoCity feature beginning on page 12. Even with our nasty winter weather, you can’t beat Canada when it comes to quality of life. Let us know what you think of this issue, and thanks for reading.

Canada ranked no. 1 in quality of life survey

+ get social 8 NextHome+CondoGuide | Mar. 2–16, 2019

interact with us on social media: nexthome

March 2–16, 2019 | voluMe 28, issue 5

Contents

16 On the CoVeR:

Mattamy Homes Why buying neW is better

10 NextHome+CondoGuide | Mar. 2–16, 2019

æ Beyond The City pRopeRty pRoFile

losani homes Discover why new-home buyers are heading to Beamsville

adViCe

60 legally speaking The delights of working with a mortgage broker by jaysoN schWarz

in eVeRy issue

contributors

hot properties GTa

56 Glossary 57

hot properties sWo

advertiser index

64 What’s online

32 FeatuRes

24 legally speaking The rules and regs of condominium living

#condocity The latest news, numbers, trends and events

by jaysoN schWarz

26 stat chat

tRending

Why do foreign buyers like Toronto real estate so much?

by beN Myers

heading West Home buying patterns favour Halton Region and west Toronto

34 Mortgages in Minutes Digital mortgage application is designed to make mortgage shopping easier

News Ontario government announces plans to overhaul Tarion Warranty Corp.

46 security innovations New technology makes it easy to track who’s coming and going from near and far

20 bild report

condo pro The right way to right size by barbara laWlor

keehn on Money How do homeowners lines of credit work? by kelley keehN

36 interview Tariq Adi from Adi Development Group by keviN viToriNo

inspiRation

30 design File Bringing spring colour back into your home

by rashida poWaNkuMar aNd Trisha sales

adViCe

by jade acuña

Market place Flower power by sara duck

Stress test needs to change as markets change by david Wilkes nexthome.ca 11

#Condo City

“This year is starting off on a positive note. The improvement in new home sales over last January is consistent with our outlook for somewhat higher annual sales in the GTA this year, following the drop in 2018.”

— Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.

ThE NATioNAl homE Show is on from March 8 – 17 at the Enercare Centre downtown. Below, the National Home Show’s “aging in place expert”, Linda Mazur of design firm Linda Mazur Design Group, shares her five tips for staying comfortably in your home or condo, longer.

the national home Show marCh 8 – 17 EnErcarE cEntrE downtown

Aging in Place Today’s diverse population, regardless of age, ability or physical constraints all want to enjoy the comforts and beauty of a welldesigned home or condo. “I’ve done many renos for people that are not yet seniors but need to care for those that are or want to do renos now before they have to,” says Mazur. Here’s her top five tips: Clear the clutter

Store smart

Tech that talks

light it up

Allowing enough floor space, particularly in the bathroom and kitchen should you or a loved one require the assistance of a walker or wheelchair is key. Mazur suggests “if budget permits, widening doorways or at the very least, ensuring entryways are unobstructed will allow for ease of access to the most widely used rooms in the house.”

Tuck away must-keep clutter. Think of sofas and footrests with hidden storage for your living room. In the kitchen, a sleek but storage-smart island with pull out cupboards, a side-byside fridge and placing appliances like your microwave below the counter will have your back—literally.

Let your home do the hard work for you, by equipping it with the latest and greatest in smart home technology. Whether you’re near or far, command Amazon Alexa or Google Home to check on a loved one with security cameras, turn up the thermostat, switch on the lights, and even call 911 should there be an emergency and a phone isn’t handy.

Indoors and out, bright lighting can be ambient and useful. Lighting up pathways, hallways and stairs for easy visibility, adding automatic lights and pairing with smart home tech for turning on and off in a snap is essential.

12 NextHome+CondoGuide | Mar. 2–16, 2019

Avoid “slip-ups” “Adding slip-resistant tile, is a must,” says Mazur. If you can’t afford the splurge, non-skid mats and no-slip strips on slippery surfaces help with traction. And if you want to skip a possible trip, avoid rugs. Bathroom wise, Mazur adds “chic grab bars (they do exist!) and curb-less showers for easy entry and even shower seating are all good to think about incorporating, if space permits.”

DiD you kNow?

Canada ranked first for quality of life in ‘2019 Best Countries’ survey

by rhythm SachdEva

rePort: how Canada ranks on the global stage Canada is the No. 1 country in the world for quality of life, according to the 2019 Best Countries Report, a rankings and analysis project by U.S. News & World Report, BAV Group and the Wharton School of the University of Pennsylvania. This is the fourth consecutive year that Canada placed first in the ‘Quality of Life’ category. The report covers perceptions of 80 nations, taking into account attributes in nine broad categories, listed in the chart below. “My family and I moved to Toronto for better opportunities, a stable government, and safety. It was the best move we ever made,” said Ayse Barut, a Turkish Canadian citizen who immigrated in 2014. The category takes into consideration attributes like the job market, income equality, politically stable, safety and a

However, this year also breaks Canada’s previous two-year streak of the second-best country in the world to live in. “Japan rises to the second spot overall as the world anticipates the 2020 Summer Olympics in Tokyo; the country is perceived as the most forward-looking, and for the first time, ranks as first for entrepreneurship,” said the U.S News & World Report. The report also lists Canada as No. 2 when it comes to citizenship, up from No. 4 from last year. This is based on factors like gender equality, human rights, religious freedom, and the environment.

How Canada ranked Canada landed in the top three in several categories, including: Overall 1. Switzerland 2. Japan 3. Canada 4. Germany 5. United Kingdom 6. Sweden 7. Australia 8. United States 9. Norway 10. France For Citizenship 1. Norway 2. Canada 3. Switzerland

For Quality of Life 1. Canada 2. Sweden 3. Denmark For Women 1. Sweden 2. Denmark 3. Canada For Education 1. United Kingdom 2. United States 3. Canada

“My parents wanted me to be able to do and be whatever I wanted without fear. They wanted a future for me, and Canada is the future,” said Vy Tran, who immigrated from Vietnam in 2004.

how Canada SCored (out of 10) and ranked when compared to 80 nations CATEGoRy

SCoRE

RANk

Quality of Life

Sales numbers:

Adventure

4.4

#19

January 2019 stats for new condo sales by municipality

Citizenship

9.8

Cultural Influence

5.0

#12

Durham

Entrepreneurship

8.8

Heritage

2.2

#42

Movers (in economic terms)

2.6

#39

Open for Business

7.8

Power

4.3

#12

105 Peel

942 GTA

54 York

Halton

724

Toronto

Source: ALTuS Group for BILD

nexthome.ca 13

TRENDING

OntariO government tO Overhaul tariOn Warranty COrpOratiOn By SuSan legge

Last week, the Ontario government announced the details of its plan to overhaul the Tarion Warranty Corporation in an effort to better protect purchasers of pre-construction properties. “There are many families across the province who have faced difficulties over the years when seeking a solution from Tarion,” said Bill Walker, Minister of Government and Consumer Services, pictured here announcing the upcoming changes from a site in Port Hope. “For our government one thing is clear, Tarion is broken. That is why I am pleased to announce that we are taking decisive action to put the people of Ontario first by transforming Tarion and strengthening consumer protection.” According to a governmentissued press release, the new plan will: • Establish a separate regulator from Tarion for new home builders and vendors to address conflicts of interest. • Enact legislative amendments that, if passed, will enable the government to require Tarion to make executive and board compensation publicly available and move to a more balanced skills-based board composition. • Explore the feasibility of a multi-provider insurance model for new home warranties and protections in Ontario. • Introduce new initiatives to better inform and protect 14 NextHome+CondoGuide | Mar. 2–16, 2019

purchasers of cancelled condominium projects. During the transformation the warranty program will continue to provide services to new home owners, builders and vendors. Three years ago, the Honourable Justice Douglas Cunningham released an independent report with recommendations on transforming Tarion. The report stated that there is an “inherent

conflict of interest in the current structure of Tarion that leaves new home owners vulnerable”. “Establishing a separate regulator for new home builders and vendors addresses the current conflict of interest with Tarion,” said Walker. “Today’s announcement will help make Tarion more accountable and transparent and provide quality service for the people of Ontario.”

QUICK FACTS AboUT TARIoN tarion has responsibility for administering the Ontario new home Warranties plan act that was passed in 1976. the act deals with new home warranty protections and builder regulation. new homes built for resale or under contract with an owner must be enrolled in the statutory home warranty program and builders must be registered with tarion. in 2017, 68,945 new homes were enrolled in the warranty program — 46 per cent of which were condominium units. in 2017, 5,549 builders and vendors were registered with tarion.

COVER STORY

WHY BUY NEW? BECAUSE NEW IS BETTER Since 1978 Mattamy has been making the dream of home ownership a reality, having built over 90,000 new homes and more than 11,000 condo suites across hundreds of communities. Today, Mattamy is proudly the largest privately-owned home builder in North America. With a 40-year history of building new homes and communities people love to live in, Mattamy has amassed an incredible list of reasons to buy new. From the choice to personalize your new home floor plan through their Architect’s Choice Options Program, to beautiful masterplanned communities designed with living a fuller, happier life in mind. Mattamy offers a full range of trendy condos, thoughtfully designed townhomes and detached homes. In all communities across Canada, Mattamy is offering your dream home at your dream price. The time has never been better than now to buy a new Mattamy home to get a head start on creating new family memories. 16 NextHome+CondoGuide | Mar. 2–16, 2019

“

In all communities across Canada, Mattamy is offering your dream home at your dream price. The time has never been better than now to buy a new Mattamy home to get a head start on creating new family memories.

”

nexthome.ca 17

MORE gREaT REaSOnS TO buY nEw fROM MaTTaMY;

Unleash your inner designer. Mattamy’s Design Studio lets you choose from a huge variety of modern and traditional finishes including hardwood, granite, quartz and so much more. Enjoy peace of mind. Mattamy and Tarion offer a seven-year structural warranty on all new homes, giving you peace of mind when purchasing your new home. Move into a great neighbourhood. Mattamy meticulously selects the areas in which they build. Ensuring their homeowners have access to schools, recreation centres, convenient shopping, dining and entertainment is paramount. Have everything at your fingertips. Mattamy condos have thoughtfully designed suites, modern features and finishes, and life enhancing amenities like fitness facilities, rooftop terraces and stylish common areas. With great advantages like these, and amazing new home and condo prices and incentives, there’s never been a better time to buy new from

18 NextHome+CondoGuide | Mar. 2–16, 2019

“

Unleash your inner designer at Mattamy’s Design Studio which lets you choose from a huge variety of modern and traditional finishes.

”

gggrrraaannndddooope pennniininngggttthhhiisisswe weeeekkkeeennnddd pe we Live at uptown Burlington’s most coveted address, in the highlyLive atat uptown Burlington’s most coveted address, inin the highlyLive atuptown uptown Burlington’s most coveted address, inthe the highlyLive Burlington’s most coveted address, highlyLive at uptown Burlington’s most coveted address, in the highlyanticipated Valera community — aa vision of architecture that isis anticipated Valera community — vision of architecture that anticipated Valera community — a vision of architecture that anticipated Valera community — a vision of architecture that is anticipateddistinct Valera community —you a vision ofAarchitecture that is is dramatically yet welcomes home. neighbourhood dramatically distinct yet welcomes you home. A neighbourhood dramaticallydistinct distinctyet yetwelcomes welcomesyou youhome. home.A Aneighbourhood neighbourhood dramatically dramatically distinct yet welcomes you home. A neighbourhood offers the modern conveniences you desire combined with that offers the modern conveniences you desire combined with that offersthe themodern modernconveniences conveniencesyou youdesire desirecombined combined with thatoffers with that offers the modern conveniences you desire combined with that suburban charm you crave. Close to GO trains, rapid transit the suburban charm you crave. Close to GO trains, rapid transit the suburbancharm charmyou youcrave. crave.Close Closeto GOtrains, trains,rapid rapidtransit transit thesuburban the suburban charm you crave. Close totoGO GO trains, rapid transit the and highway access, V2 puts you in middle of ideal and highway access, V2 puts you ininthe the middle ofofthe the ideal and highway access, V2 puts you in the middle of the ideal and highway access, V2 puts you the middle the ideal and highway access, V2 puts you in the middleofof the ideal lifestyle. Steps to everything you need, at aa fraction the price. lifestyle. Steps to everything you need, at fraction of the price. lifestyle.Steps Stepsto everythingyou youneed, need,at fractionof theprice. price. lifestyle. lifestyle. Steps totoeverything everything you need, atataa afraction fraction ofofthe the price.

visit our presentation centre visit our presentation centre visit our presentation centre visit our presentation centre 4880 valera road 905 467 5338 visit our presentation centre 4880 valera road 905 467 5338 4880 valera road 905 467 5338 4880 valera road 905 467 5338 4880 valera road 905 467 5338 doors open at 11am

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ADIDEVELOPMENTS.COM ADIDEVELOPMENTS.COM ADIDEVELOPMENTS.COM ADIDEVELOPMENTS.COM ADIDEVELOPMENTS.COM Presentation Centre Hours: Monday – Thursday: 2pm to 7pm, Friday: Closed, Saturday, Sunday + Holidays: 12pm to 5pm Presentation Centre Hours: Monday – Thursday: 2pm to 7pm, Friday: Closed, Saturday, Sunday + Holidays: 12pm to 5pm Presentation Centre Hours: Monday – Thursday: 2pm to 7pm, Friday: Closed, Saturday, Sunday + Holidays: 12pm to 5pm Presentation Centre Hours: Monday – Thursday: 2pm to 7pm, Friday: Closed, Saturday, Sunday + Holidays: 12pm to 5pm Presentation Centre Hours: Monday – Thursday: to 7pm, Friday: Closed, Saturday, Sunday + Holidays: 5pm Prices and specifications subject to change without 2pm notice. Illustrations are artist’s concept. Exclusive Listing:12pm PMAtoBrethour Real Estate Corp., Prices and specifications subject to change without notice. Illustrations are artist’s concept. Exclusive Listing: PMA Brethour Real Estate Corp., ® Prices and specifications subject to change without notice. Illustrations are artist’s concept. Exclusive Listing: PMA Brethour Real Estate Corp., Brokerage. Brokers Protected.subject ADI and the ADI logo are registered trademarks of ADI Development Group and used under license. ©ADI 2019. Prices and specifications to change without notice. Illustrations are artist’s concept. Exclusive Listing: PMA Brethour Real Estate Corp., Brokerage. Brokers Protected. ADI® to and the ADI logo are registered trademarks of ADI Development Group and used under license. ©ADI Prices and specifications subject change without notice. Illustrations are artist’s concept. Exclusive Listing: PMA Brethour Real Estate2019. Corp., ® ® and the ADI logo are registered trademarks of ADI Development Group and used under license. ©ADI 2019. Brokerage. Brokers Protected. ADI All rights reserved. E.&O.E. MarchADI 2019. Brokers Protected. the ADI logo are registered trademarks of ADI Development Group and used under license. ©ADI 2019. ® and AllBrokerage. rights reserved. E.&O.E. March 2019. Brokerage. Brokers Protected. ADI and the ADI logo are registered trademarks of ADI Development Group and used under license. ©ADI 2019. rights reserved. E.&O.E. March 2019. AllAll rights reserved. E.&O.E. March 2019. All rights reserved. E.&O.E. March 2019.

ADVICE | bIlD rEport

StreSS test needs to change as marketS change

dave Wilkes

Over the last few weeks, there has been a number of articles and discussions about the impact of the new rules for qualifying for mortgages, commonly referred to as the stress test. Some commentators, myself included, have indicated that with the already cooling housing market and mortgage rates up 75 basis points, it may be time to have a discussion as to whether the test needs to be adjusted. The test, which came into effect in 2018, was intended to protect consumers by limiting the amount of money they could borrow for a new home. It means that all home purchasers must qualify under the Bank of Canada Benchmark five-year rate (5.34 per cent) or the rate offered by the lender plus 200 basis points (two per cent). As a net impact, an average Canadian looking to purchase a home with a 20 per cent down payment will see approximately a 20 per cent decline in how much they are approved to borrow. What does this mean for consumers? First and foremost, people who would have previously been able to afford their preferred home are not able to do so. In fact, last summer a study by Mortgage Professionals Canada concluded that 18 per cent of buyers could not pass the stress test despite being 20 NextHome+CondoGuide | Mar. 2–16, 2019

able to afford their preferred home. This has two potential impacts. Some prospective buyers remain renters for a longer time period, contributing to higher rents and lower vacancy rates across the region. There is market evidence for this—in 2018, single-family homes had the lowest annual sales in the last 20 years. Although part of the reason for this decline is the normal market cycle, there can be no doubt that the stress test artificially dampened demand. Other prospective buyers adjust

their expectations and purchase a condo they can qualify for instead of the house they really want. That has its own impact on the housing market– witness the continued performance of the condo market in 2018, as condominiums increasingly fulfill the role that was in the past performed by the traditional suburban starter home. Another key impact is that the stress test prevents people from entering the property ladder and generating equity in their own home. All debt is not created

“

Artificially limiting individuals’ ability to acquire property, and in fact eroding existing homeowners’ wealth by rapidly cooling key property markets, should be as much of a policy concern for governments and regulators, as protecting consumers from levels of interest rates that may never come.

”

equal and borrowing money to purchase a home is vastly different from racking up consumer debt to purchase consumables. Wealth creation through property ownership has a proven track record in Canada. Artificially limiting individuals’ ability to acquire property, and in fact eroding existing homeowners’ wealth by rapidly cooling key property markets, should be as much of a policy concern for governments and regulators, as protecting consumers from levels

of interest rates that may never come. Additionally, we should not forget that first-time entrants on the property ladder are often young, at a period of their lives where they are progressing in their careers and experiencing salary growth, with many working years ahead of them. Do we need to protect consumers? The answer is and will continue to be yes. Has the stress test worked? The answer is yes, but maybe it has overshot its target. Conditions have changed and now is the time to have a discussion on the test and its impact before more long-lasting damage is inflicted and the economy starts to suffer. The Canadian Home Builders’ Association has put forward

two recommendations that we believe Ottawa should implement as part of this spring’s budget: Reintroducing 30-year amortization periods for first-time buyers and adjusting the stress test now that interest rates have risen.

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 bildgta.ca.

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TRENDING

heading west homebuying patterns favour Halton region and west toronto Migration patterns of residential homebuyers in the Greater Toronto Area (GTA) have shifted west, with market share rising in Halton Region and West Toronto between 2013 and 2018, according to a report released recently by RE/ MAX of Ontario-Atlantic Canada. After analyzing sales trends in nine Toronto Real Estate Board (TREB) districts/regions over the past five years, Halton Region – comprised of Burlington, Oakville, Halton Hills and Milton – captured 10.1 per cent of total market share in 2018, leading with a 2.3-per-cent increase over 2013, while Toronto West climbed almost one per cent to 10.5 per cent. Toronto Central rose close to two per cent to 18.7 per cent of total market share, while Simcoe County jumped 0.6 per cent to 3.1 per cent. The gains came at the expense of perennial favourites such as York Region (down 3.2 per cent from 2013, to 15.3 per cent), East Toronto (slipped 1.7 per cent, to 9.3 per cent in 2018), Peel Region 22 NextHome+CondoGuide | Mar. 2–16, 2019

(fell 0.5 per cent to 20.6 per cent) and Durham Region (down 0.3 per cent to 11.5 per cent of the overall market). Dufferin County remained stable over the five-year period. “Growing demand for affordable housing buoyed new construction and contributed to rising market share in Halton Region over the five-year period,” says Christopher Alexander, executive vice-president, RE/MAX of Ontario-Atlantic Canada. “Product was coming on-stream at a time when the Greater Toronto Area reported its lowest inventory in years and skyrocketing housing values were raising red flags. Freehold properties in the suburbs farther afield spoke to affordability.” In fact, the quest for singledetached housing at an affordable price point has sent throngs of Toronto buyers into the Hamilton housing market over the past decade. The spillover effect has stimulated home-buying activity in most areas flanked by Toronto’s core and Hamilton. Burlington, in particular, has soared between

2013 and 2018, with home sales almost doubling, and average price climbing 50 per cent to $769,142. The upswing in new construction has contributed to the changing landscape. New housing starts in Halton Region averaged 3,100 annually between 2013 and 2016. In Simcoe County, an area just north of Toronto, new residential builds averaged close to 1,860 annually from 2013 to 2017. During the same period, almost 39,000 residential units came onstream in Toronto’s Downtown/ Central Waterfront area, while another 56,855 were active (approved with building permits applied for/issued and those under construction). Another 6,000 units came on the market in North York and Yonge-Eglinton.** In Toronto’s west end, affordability has been a strong impetus, helping Millennials redefine tired neighbourhoods like the Junction, South Parkdale, …continued on page 50

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ADVICE | LEgALLy spEAkIng

rules and regs of condominium living by Jayson schwarz llm with assistance from Jacqueline moneta Jd New disclosure requirements in the Condominium Act provide owners with more information than ever, but all of this information can quickly become overwhelming. What are all these documents and why are they necessary? The following is an overview of the rules and regulations governing condo living. COnDOMInIUM DECLARATIOn

The declaration is like the constitution of a condo. It provides information regarding each suite’s 24 NextHome+CondoGuide | Mar. 2–16, 2019

boundaries and its share of common expenses expressed as a percentage of the total budget. The declaration also describes any recreational facilities and how they will be used. It can also contain restrictions on the use or occupation of the units and common elements. A review of the declaration will tell you exactly what you are buying into. A declaration can only be changed if over 80 per cent of the owners agree to the change. This makes subsequent changes to the declaration not only

difficult, but rare. By-LAWs

By-laws control how condominium corporations are run. They outline the qualifications of condominium directors, their remuneration (if any), and the quorum necessary for a meeting. The by-laws can also outline when and how the condominium can borrow money. This is important if there is ever a special assessment levied. As an alternative to a special assessment, the condo may be able to borrow funds if

“

The rules can vary greatly in each condominium, so even if you are familiar with condo living it’s important to review the rules in each building you buy into. The rules impact lifestyle choices, which while not legal issues, should be considered carefully as they can have a large impact on your day-to-day life.

allowed in the by-laws, rather than makeup any shortfalls from the unit owners. By-laws can be passed, appealed or amended by the board of directors. Before becoming effective, by-laws must be approved by a majority of the units of the corporation and registered with the land registry office. COnDOMInIUM RULEs

The board of directors can also make, amend or repeal rules. The rules govern the safety, security and welfare of the owners and the property or assets of the corporation. They typically prevent unreasonable interference with the use and enjoyment of the common elements or units. It’s common for the rules to prevent owners from renting out

their units for short periods of time (i.e. Airbnb) or restrict visitors’ use of the common elements. It is also increasingly common for the rules to limit the number and/or size of pets allowed in the building. The rules can vary greatly in each condominium, so even if you are familiar with condo living it’s important to review the rules in each building you consider. The rules impact lifestyle choices, which while not legal issues, should be considered carefully as they can have a large impact on your day-to-day life. sTATUs CERTIFICATE

Perhaps the most important document you’ll receive is the status certificate. This document gives buyers specific details around the financial and legal circumstances of the condominium building. A status certificate will include information regarding increases in common expenses, law suits against the condominium corporation and any upcoming large expenditures for repairs. A status certificate will also have information about the individual condo unit. It indicates if the current owner is in default

”

of paying common expenses, and if any increase in common expenses has been declared by the condominium board. While sifting through these documents may seem overwhelming, careful review of the rules and regulations governing your condo could save you a lot of time and unexpected cost down the road. You should also seek the advice of a real estate lawyer and accountant who can point out abnormalities or possible red flags. Perhaps the most difficult part of writing these articles relates not the actual writing, but thinking of a topic to address. So help us! Mail, deliver or email letters to the magazine or to us via www.schwarzlaw.ca or by email to info@schwarzlaw.ca and give us your questions, concerns, critiques and quandaries. We will try to deal with them in print or electronic form.

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ADVICE | stAt ChAt

Why do Foreign Buyers like ToronTo real esTaTe so Much?

Ben Myers

Despite the introduction of a nonresident speculators’ tax in Toronto last year, people still talk about the affect foreign investors have on our market. I had long contended that offshore buyers made up five per cent to 10 per cent of new pre-construction condominium sales, and recent data showed that to be accurate — with the exception of the downtown core, which was slightly higher. Most people don’t realize that investors, either domestic or foreign, have been very positive for the new GTA highrise market, as they bridge the long gap between launch and occupancy in the market, and help bring on new rental supply. A couple of years back, I took a course on Global Real Estate Trends at MIT’s Centre for Real Estate in Boston Massachusetts, as I’m always looking for new information, trends, and expert analysis to apply to my examination and understanding of the Canadian and Toronto residential markets. One of the lectures by my professor (who has a PhD in economics from Harvard), mentioned tips for understanding real estate markets. 26 NextHome+CondoGuide | Mar. 2–16, 2019

Two that stuck out were: Markets tend to misprice assets in marginal locations (leading to overpricing and over-construction), and the best bets are core assets with high location a premium. This is how many foreign investors look at the Toronto condominium market, and perhaps it’s a good way for you to look at the market, too. Forget cheaper marginal locations. Buy core assets. Great locations remain great

locations, and there is no guarantee that a good location will become a great location, so many foreign investors stick with great locations, because they know it will retain its value, and these areas are often the quickest to recover when a market does experience a correction (see the New York and San Francisco downtown condo markets). For years I’ve had to listen to people tell me that too many

Many foreign and domestic investors have made a fortune betting on the urbanization of Toronto, and the desire for people to live in dense communities with ample amenities.

condos are being built, young folks don’t really want to live in highrise buildings, and that investors would “run for the hills” as soon as the market showed even the smallest sign of a price correction. None of these dire predictions have even come close to occurring. In fact, investors remain bullish on the Toronto condominium market despite the 2017 correction in resale housing values. With recent changes to the mortgage

qualifying rules, and higher interest rates, rental demand for privately held condos has never been higher. Institutions and pension funds want to build new rental apartments in the GTA due to the spike in demand and rental rates. After a substantial increase in 2018, Rentals.ca is forecasting an increase in Toronto rental rates of 11 per cent in 2019. Many foreign and domestic investors have made a fortune betting on the urbanization of Toronto, and the desire for people live in dense communities with ample amenities. Buying real estate in great locations is a very long-standing investment strategy for many wealthy individuals and corporations across the globe. Foreign buyers love downtown mixed-use highrise projects within walking distance of transit and employment. They know that these communities will continue to be the most desirable places to

live, and as crazy as it sounds, a $1,000 per-sq.-ft .condo will seem like a ridiculously low price 15 years from now. I always recommend you do your own research when looking for a property and surround yourself with an experienced team. Buy for the long term, not the short term. Good luck.

Ben Myers is President of Bullpen Research & Consulting, a boutique real estate advisory firm, that works with land owners, developers and lenders to better inform them of the current and future macroeconomic and site-specific housing market conditions that can impact their active or proposed development projects. Follow Bullpen on Twitter at @BullpenConsult or visit bullpenconsulting.ca

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ADVICE | ConDo pro

THE RIGHT WAY TO RIGHT-SIZE BaRBaRa LawLOR

When it comes to new condominiums, size matters in ways that may surprise you. For many years, we heard about people down-sizing to smaller suites, and then as luxury condos began to come onto the market, people often up-sized to bigger layouts Those were the days when the target market for condominiums was largely made up of emptynesters and seniors. Nowadays, with condos the new home choice for the majority of buyers of all ages across the Greater Toronto Area, I came up with the coined word “right-sizing” to refer to accommodating evolving needs as people go through various stages of life. For example, some older condo buyers, in the process of simplifying their lives, may be looking for a suite with fewer square feet. With modern condominiums encompassing fabulous amenities, residents really do live beyond their suites for exercising, socializing and entertaining. Massive square footages in suites are not a necessity anymore once people reach a certain point in life. There are those, however, who seek bigger suites in order to accommodate visiting children and grandchildren. For them, bigger is right. Even those who right-size to 28 NextHome+CondoGuide | Mar. 2–16, 2019

more compact suites may, in fact, be moving ‘up’ in luxury. Another popular form of rightsizing right now involves families who recognize the benefits of raising their children in condos. Consider modern condominiums’ security measures, in-building amenities and proximity to local amenities, and the appeal is strong. Once children are grown, their parents may move to a smaller suite that is even more luxurious. Again, it’s all about right-sizing.

Of course, first-time buyers want as much space as they can afford, and fortunately for them, even the most compact of suites today feature efficient spaces that ‘live’ larger than the square feet may suggest. These buyers are right-sizing their way into the new-home marketplace, where they can begin earning equity for their future – and they are choosing condos because suites are financially attainable. Savvy first-time purchasers

also know that if they buy during the pre-construction phase, their investment may well have already increased in value by the time they move in. To enter the market, any size is the right size! There are numerous other people who right-size because they are getting married, making a move to live on their own, or even blending families, yet they want to

stay in an urban environment rather than move to the suburbs. Urban condos are the perfect answer. Our forward-thinking developers are designing for all of the above with innovative designs that maximize every square foot! Talk to some people who have moved from large low-rise homes with hallways, landings and stairs into condo suites, and you may

“

”

well hear that they find they have more usable space. As our lives progress, our needs change, and we adjust our circumstances accordingly. This can mean opting for more or less space, depending on what fits our lifestyle at any given moment. Whatever the size of the new home or condominium suite you choose, make sure it’s the right size for you!

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 29

INSPIRATION |

design file

bringing colour back

RediscoveRing By Jade acuña spRing

Cacti Gallery | Framed posters personalized, printed on-demand and eco-friendly framed posters. all patterns also available as a variety of wall murals and wallpapers, including self-adhesive and washable materials as well as many kinds of stickers, from fridge and furniture to door and window stickers - all of them perfect for fast and easy use! pixers.ca

Pink & papaya wall mural, prints and posters pixers.ca

30 NextHome+CondoGuide | Mar. 2–16, 2019

With the increasingly cold weather, Canadians are looking toward warmer days. In response, alongside Pantone’s announcement that 2019’s Colour of the Year is Living Coral, there has been a resurgence of people welcoming colour back into their homes after years of being surrounded by grey. According to Pixers, a company that specializes in interior home design, jewellery tones, lush patterns and mustard yellow are all colours that will be incorporated into decor. It’s spring indoors, and it’s all about the colour! “There used to be a time where I’d say to my clients, ‘You should consider painting your home grey,’” says interior designer, Nicholas Rosaci, the owner of Nicholas Rosaci Interiors. “But now everyone’s done grey. It’s almost been done too much.” Pantone’s official website says the “vibrant, yet mellow Pantone 16-1546 Living Coral embraces us with warmth and nourishment to provide comfort and buoyancy in our continually shifting environment.” Since its announcement in January, the colour has been popping up everywhere on the internet, from celebrity fashion to Instagram hashtags and interior design catalogues. “A lot of my customers are telling me, ‘Anything but grey,’” says Rosaci. According to Rosaci, one of the things he likes about Living Coral is that its versatility makes it perfect for every season. He says that during the winter months, the colour contrasts well with the snow. He also predicts that it will be a big patio colour in the summer. “There’s so many varying shades of the tone. It doesn’t have to be the bright coral, because bright coral isn’t for everyone,” he says. Rosaci says the colour can be incorporated into homes in various

Spring | Wall mural and posters pixers.ca

according to pixers, a company that specializes in interior home design, jewellery tones, lush patterns and mustard yellow are all colours that will be incorporated into decor. ways, such as through area rugs and throw pillows on couches. He recommends a toned-down version for individuals who aren’t ready to paint their walls in the shade. Another colour he sees being incorporated more into decor is mustard yellow. “Mustard yellow is another big colour you’re seeing a lot of lately, in velvets and beautiful textural fabrics at the moment,” he says. “It works with navy, and just like coral, works so effortlessly with the grey trend we’ve all embraced the last decade.” He said although he’s had customers shy away from mustard yellow in the past, many are surprised by how easy it is to incorporate into decor. “Navy, mustard yellow and grey make a very regal colour combination,” says Rosaci. “People are really looking toward the future, and I think they’re embracing change.” Rosaci said he has also noticed customers becoming more conscious about sustainability over the past few years, and it has inspired a return of lush patterns, such as banana leaf wallpapers. The trend is tied to consumer awareness and the green movement, as people are trying to bring the feeling of spring into their homes. “I think it’s another way of bringing nature indoors,” he said. “The emphasis is on a return to nature.” Customers are looking to bring the feeling of spring into their homes year-round through welcoming a variety of colours and patterns into their homes. nexthome.ca 31

INSPIRATION |

Market Place

flower

power by SARA DuCk

Though it may still feel like winter outside, create a spring-like atmosphere inside by updating your dinnerware with feminine, floral motifs.

1. New country rose confetti vintage formal 5-piece place setting by Royal Albert. $141. Amazon.ca

Photo Credit Courtesy of h&M. All ProduCts found At hM.CoM

2. Indigo vine 16-piece dinnerware set. $331. Crateandbarrel.ca 3. Wild rose 16-piece dinnerware set by Canvas. $120. Canadiantire.ca 4. Manarola 12-Piece dinnerware set by Lenox. $183. eBay.ca 5. Flower Journal 16-piece dinnerware set by Spode Home, $72. eBay.ca 6. Daphne black floral soup bowl. $13 each. Cb2.ca 7. Meadow 16-piece dinnerware set by Canvas. $120. Canadiantire.ca

3 4

5 6 7

nexthome.caâ&#x20AC;&#x192; 33

trending

Mortgages in minutes an online Mortgage solution eliMinates bias, but a huMan touch reMains by reMi stephanie rozario

Stacks of paperwork, hour-long phone calls, long drives to the bank – imagine all of that being eliminated while you fly through your mortgage application process while you’re curled up on the couch in the comfort of your pajamas. The process of purchasing a home can be tedious. Living in a digitized generation where every course of action can be taken 34 NextHome+CondoGuide | Mar. 2–16, 2019

online has its perks. A new Toronto startup that has been live since mid-June of 2018 – Homewise – an online mortgage solution, provides potential homebuyers with the luxury of attaining their mortgage online, saving them time and hassle. Homewise founder and CEO, Jesse Abrams, a firsttime homebuyer, believes that purchasing a home should be an

exciting time, not filled with fear tactics because the process of dealing with a mortgage wasn’t something he and his partners were taught in school. The online mortgage solution is available 24/7 and the clients are set up with one of their mortgage advisors that help them in each step of the process. “We still believe in the importance of a human touch,” says Abrams.

Jesse Abrams at work on Homewise, an mortgage solution that provides homebuyers the luxury of attaining their mortgage online. After the application is completed, Homewise takes over by negotiating their client’s mortgages with more than 20 mortgage lenders to find a tailored solution that works best for them.

“

Homewise’s modern initiative automated the mortgage process to take place online with a simple five-minute application.

Homewise’s modern initiative automated the mortgage process to take place online with a simple five-minute application. From that point, Homewise takes over by negotiating its client’s mortgages with more than 20 mortgage lenders to find a tailored solution that works best for them. They focus on ensuring that their client gets the best possible mortgage with the lowest rate and best features, all free of cost. The company’s goal is to add more technology over time as it eliminates any possible bias that may be present in the process with excessive involvement of human beings. Abrams “loves that the industry is going online because that’s where the consumer is.” “We actually built algorithms so that we can match consumers

with the right lender, taking total bias out of the situation and focusing purely on what’s the best solution for the consumer,” Abrams says. Compared to the traditional method of procuring a mortgage, this solution seems like a cakewalk. But will consumers be able to avoid the human tendency to be skeptical about online solutions and trust the process? East Toronto resident Vincent Gomes, 24, has gone through the traditional method of obtaining a mortgage loan and he has doubts about the level of surveillance that an online mortgage could provide. “You don’t know the technology nowadays, you can hack into anything,” he says. “When you go to the bank, you’re giving the money to the bank and they’re putting it into your account right away, so you know where your money is going.” To address security concerns, Abrams said it is one the most

”

important things they focused on. “We have bank-level security on our site,” Abrams says. “We could have launched six months earlier than we actually did, but we put so many things in place to ensure our consumer’s information is protected.” Due to the ease at which one can access the site, Abrams noticed that approximately 75 per cent of the applications are happening between 5 p.m. and 3 a.m. and on the weekend, revealing that people visit the site at all different times. According to Abrams, every potential buyer, whether it’s someone who’s already in the marketplace, or looking to get into it, should be able to find out what they can afford.

+More adViCe online nexthome.ca/news/advice

nexthome.ca 35

INTERVIEW

Q+A WITH TARIQ ADI, ADI DEVELOPMENT GROUP Photos and text by KEVIN VITORINO

NextHome + CondoGuide spoke with Tariq Adi, the president and CEO of Adi Development Group. The company has grown significantly since it was established in 2007. In this interview, Adi touches on how the company differentiates its condominium communities across the GTA. He also has some advice for firsttime buyers, along with several interesting insights and tips for anyone in the market for real estate.

i, q Ad Tari nt and ide Pres of Adi CEO pment elo Dev roup G

NextHome: How does Adi

Development Group differentiate itself from other real estate development companies? Tariq Adi: One of the main

things that distinguishes Adi is 36 NextHome+CondoGuide | Mar. 2–16, 2019

our company’s core values. Our No. 1 priority is our customers and we do make them our main focus, thinking about them first in everything that we do. We ask ourselves, ‘how will our customers actually live and use the spaces?’

It’s equally important to make that journey toward home ownership easy by looking at more ways to build attainable housing for everyday people. I believe that with the direction that prices are going, Adi is focusing on delivering

Left to right: Alison O’Neill, Executive Vice President of Sales and Marketing, Tariq Adi, and Marketing Director, Quinn Samardzic.

an attainable product. Other core philosophies that Adi has always followed is to offer great design and better finishes — and we do that at a competitive price, so there’s real value for the customer. Architectural integrity has been key for us and to achieve great design we work with renowned architects, such as New Yorkbased CetraRuddy, for one of our Toronto projects. We place equal importance on our interiors. If you look at any of our condos in the context of their markets, they are always a slice above. From the quality of the finish to the materials that we use, we consider the building’s longevity. By ensuring our customers that we are with them every step of the way through a lengthy journey, we deliver excellent customer service. These philosophies have served us well.

NH: How are you able to design

NH: Speaking of architecture, we

a high-quality building while also

see that Adi was one of the first

remaining cost-sensitive for the

development companies to bring

buyer?

‘urban’ architecture to Burlington. Why do you think it was so

TA: We are serious about quality

and choose great materials. We’re proud of the excellent relationships we have with our suppliers and trades and have been able to find ways to reduce costs, passing this on to our buyers. We have a good team who understands that quality standards means it doesn’t have to be expensive. For example, our Valera condominium launched last fall was almost sold out in two days. It is a concrete build in a market that’s accustomed to wood-frame buildings, which some believe is more economical but it really is not. We’ve designed a Mies Van der Rohe-inspired modernist building with beautiful floor-toceiling windows, no stucco.

successful there? TA: We are big proponents of design

– creating communities that we would personally want to live in and would enjoy. We saw an opportunity to provide forward-thinking architecture to buyers who would otherwise have to move to Toronto or Mississauga to find this, so we went for it. The response was huge. The buildings are now finished and look phenomenal; really different than anything else in Burlington. Adi buildings do retain value. NH: When planning a new development, what are the most important aspects you consider? …continued on page 40 nexthome.ca 37

ADVICE | kEEhn on monEy

Do you unDerstanD how a

HELOC works? Many CanaDians Don’t: survEy

“

Families tend to have to dig themselves out of that for some time once daycare is over. I often say the only financial goal young families need during those very expensive years is to try to not go into debt or as little as possible so that when the daycare expenses are gone, you can put that money towards savings.

”

38 NextHome+CondoGuide | Mar. 2–16, 2019

LEt’s takE a LittLE quiz if you make interestonly payments on a line of credit, you’ll have it paid off: a. B. C. D.

in 2 years in 5 years in 22 years never

kelley keehn

Think about it for a moment. I hope you got the correct answer, which is D. Paying the interest only on a line of credit will leave you with that debt forever. Unfortunately, according to a recent report by the Financial Consumer Agency of Canada, for many Canadians, their knowledge and use of home equity lines of credit (HELOC) is putting their well-being at risk. Some standout findings by the report are: • Most respondents used their HELOC as planned, but one in five borrowed more than intended • Most scored less than 50 per cent on their knowledge of HELOCs, • The results also show that more than 25 per cent surveyed made mainly interest-only payments on their HELOC. But, 62 per cent of those interest-only payers expected to repay their

HELOC in full within five years, an overly optimistic result considering more than three million Canadians holding a HELOC owe an average of $65,000. Shannon Lee-Simmons, fee-only Certified Financial Planner and author of, Worry Free Money; the guilt-free approach to managing your money and your life, says HELOCs can be difficult to manage for some people. “I find that they can spiral during the maternity leave and daycare years when incomes take a hit and expenses skyrocket,” says Lee-Simmons. “Families tend to have to dig themselves out of that for some time once daycare is over. I often say the only financial goal young families need during those very expensive years is to try to not go into debt or as little as possible so that when the daycare expenses are gone, you can put that money towards savings.” If you’re struggling to pay off your debt, reach out to a non-profit credit counsellor or Certified Financial Planner in your area. You can find one at FindYourPlanner.ca.

“

Unfortunately, according to a recent report by the Financial Consumer Agency of Canada, for many Canadians, their knowledge and use of home equity lines of credit is putting their well-being at risk.

”

Kelley Keehn is an award-winning, best-selling author and personal finance educator. She’s also the Consumer Advocate for the Financial Planning Standards Council. Find her at kelleykeehn.com.

+More aDviCE online nexthome.ca/news/advice

nexthome.ca 39

Valera in Uptown Burlington

…continued from page 37

TA: Definitely livability and

understanding who our buyer is and how they live, and catering to that. Secondly, enhancing the neighbourhood that we’re in. I think we’ve successfully done that. We enhance not only the physical landscape, but also lift the property values surrounding our development.

offering bus and GO Transit. We are aiming to provide an economically priced option that’s right at the doorstep of any Adi community. We’re going to test it first in the suburbs. NH: When are you planning to launch the car-share program?

such as Zipcar or even Uber?

TA: We’re currently under construction at Station West, which is our master-planned community at the Aldershot GO Station. This will be the first community where we’ll offer our car share, later this fall or winter.

TA: I’ll tell you how; they are not in

NH: Do you have any advice for

Burlington. It will likely be the first car-share program in the GTA’s suburbs. We’ve witnessed a lot of young people moving into our buildings, many who do not own a car. Burlington is a city designed for vehicles and we decided to provide our condo residents with access to this service. The carshare is an extension of the city’s current transportation network

buyers looking for a new condo

NH: One program you are planning to roll out is a car-share program. How will you compete with other car-sharing services

Toronto. Don’t stretch yourself as far as your financing goes. Don’t go spending 90 per cent of your wealth or income on buying a home. Also, research the builder as well to learn about their philosophy, reputation, and check their track record. There is still great, great value in places like Burlington where you can travel to downtown via GO Train in 50 minutes yet still enjoy local life - biking, hiking, beautiful parks, waterfront, great dining, shopping, etc. NH: What’s on the horizon for Adi Development Group?

40 NextHome+CondoGuide | Mar. 2–16, 2019

in the GTA? TA: Yes. Do your homework and really gain a deep understanding of the price versus space conversation. Today’s reality is that buyers may have to sacrifice on space when looking at price. And keep other municipalities in mind; there are gems outside of

TA: Massive growth. In 2019 we’ll be starting over a million square feet of construction. The company is growing and we are adding to our team. We have a great culture and we’ve got great values that drive us to deliver for our customers. So, new acquisitions and new launches. We are poised to keep going and growing.

HOT PROPERTIES

find your next home The latest properties in the toronto area to keep your eye on

Gta prevIew reGistration 1. saturday in downsview park 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

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

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

6. adena views

G. kinGâ&#x20AC;&#x2122;s landinG

new openinGs a. GeorGina heiGhts By: Treasure Hill City: Keswick Housing type: Bungalows, bungalofts and singles treasurehill.com

B. upper valleylands

i. ninth + main By: Pemberton City: Stouffville Housing type: Condominiums and towns pembertongroup.com/stouffville/

c. saturday in downsview park

j. evermore

By: Treasure Hill City: Aurora Housing type: Luxury singles on 36, 40, 45 and 60 ft. lots treasurehill.com

7. 543 richmond

By: Fieldgate Homes City: The Village of Kleinburg Housing type: Luxury singles fieldgatehomes.com

8. trendi By: Treasure Hill City: Markham Housing type: Phase 3 release of modern townhomes. Register now. treasurehill.com

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

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

By: Mattamy Homes City: North York Housing type: Mid-rise condominium mattamyhomes.com

By: Pemberton City: Downtown Toronto Housing type: Condo pembertongroup.com

By: Concord Adex City: Toronto Housing type: Condominium concordkingslanding.com

d. impressions

By: Tridel City: Etobicoke in Toronto Housing type: Condominiums Tridel.com

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

e. kinGsview ridGe By: Treasure Hill City: Oshawa Housing type: Bungalows and single detached homes treasurehill.com

f. Go.2 By: Pemberton City: Toronto Housing type: Condominium Pembertongroup.com/go2

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; 41

HOT PROPERTIES | GREATER TORONTO AREA

F D 3

4 B 6

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

42 NextHome+CondoGuide | Mar. 2–16, 2019

5 8

NEW CONDOS CONDOS

cartography: marketmaps.com

MAP LE GE N D

nexthome.caâ&#x20AC;&#x192; 43

Your dream home is waiting Browse the latest new homes and condos in your area Visit nexthome.ca to get started

44 NextHome+CondoGuide | Mar. 2–16, 2019

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Trending

Super high-tech security the future iS now by raShida powankumar and triSha SaleS

How important is it to protect your family, your possessions and your investments? We’re sure it’s top of mind. That’s why NextHome and CondoGuide checked out an array of different options for you, including advanced smart-home security cameras and security systems designed to alert and protect you and your home from near and far. 46 NextHome+CondoGuide | Mar. 2–16, 2019

ecobee3lite and ecobee4 (security protection products) you can enjoy live streaming technology and record everything. nesT x Yale loCk

Nest x Yale lock (above) is a smart-door lock. It connects to WiFi and the Nest app. You can create your own passcode and get a notification if someone locks or unlocks the door. The product also supports voice commands. However, it cannot be unlocked using voice commands to ensure unauthorized persons don’t enter your home. It costs $359 and it comes with LED keypad with light indicator to let you know if it’s lock or unlock.

The ecobee4 is the flagship model that has built-in Alexa. Alexa is the Amazon voice assistant service. The feature is super-easy to use and convenient for family members to keep track of monthly planning. The features also include a room sensor that tracks hot and cold temperatures in your home. Retail price is $329. ecobee3 lite–this is a oneof-a-kind product that can be placed within any room. It has a built-in Amazon Alexa voice service, support for accessories including humidifier, dehumidifier or ventilation and a built-in occupancy sensor, with one wireless room sensor. Priced from $219.

nesT Hello nesT Cam indoor and nesT Cam ouTdoor

The Nest Cam Indoor (shown on the previous page) helps protect your home with 24/7 live stream in 1080p HD video quality. It has been in the market for five years, and it’s most commonly bought by customers when detecting intruders. It’s an affordable option from the Nest product line, and it is easy to install. Both Nest Cam Indoor and Outdoor cam (above) are $249 each. The outdoor camera is weather resistant, and

Nest Hello (above) is a video doorbell camera. It streams HD video that provides HDR which gives great details in bright and dark settings. There’s a 24-hour streaming that provides updates with what’s happening and saves pre-recorded messages. Nest Hello is $299. You would need a wired doorbell and chimes for the video doorbell to work. Take the test on their website to find out if your home is suitable for this Nest product.

netgear arlo Pro wireless security system with two Hd cameras. What is unique about this product is that it is a 100 per cent wirefree security system. Features also include indoor and outdoor camera usage, two-way audio and it runs on a 2440mAh rechargeable battery. Retails price is from $299.99.

nexthome.ca 47

arlo audio–wireless doorbell The key feature of this product its built-in, two-way communication, system that provides access for one to communicate with visitor(s) even when you’re not home. The variety of features also includes a pre-recorded voice message option when one cannot answer the door, weatherresistance and high-quality images from different angles. Retails from $99.99.

netgear arlo Pro 2–wireless– indoor and outdoor security system What is unique about this product: The key feature is the video surveillance making it especially easy for family members to see inside home, whether they are out running errands or at work. The variety of features also include night vision capabilities, smart sirens and motion detectors that send signals straight to smartphone. Retails from $549.99

netgear arlo Pro Q–wireless– indoor security services What is unique about this product is its hard-wired, so there’s no need to worry about battery replacement. This product provides reliable 24/7 AC recording accessibility. The array of features in this advance product include motion alert, night vision, two-way audio, cloud video recording and full HD camera 1080p resolution. Priced from $199,99.

‘Tridel cOnnecT’ brings innOvaTive Tech TO Ten YOrk Canadian condominium builder, Tridel, recently unveiled its smart-home system called Tridel Connect at its Ten York community in downtown Toronto. Loaded with advanced technology features, the company collaborated with SmartOne Solutions to give occupants advanced 24/7 high-tech services.

“Toronto is a global technology hub. And in a bustling city people are looking for ways to simplify life and increase convenience,” said Jim Ritchie, Executive Vice President Sales and Marketing, Tridel. “Tridel Connect brings innovative condominium smarthome technology together for a better living experience. This makes everyday living simpler.”

The feaTures include:

• A wall pad that provides easy access for one to see visitors before letting them into building. • License plate recognition making it easy to access the building without needing a fob. • A smartphone app that unlocks

48 NextHome+CondoGuide | Mar. 2–16, 2019

doors upon request and allows visitors to access certain rooms of building. • Unlimited-ultra high speed internet that easily accessible throughout the condo • A digital door lock, so there’s no need for a key.

#beyond the city Must-see properties Includingâ&#x20AC;Ś semi-detached, detached, condominium suites & townhomes

In thIs sectIon:

Brantford, Caledonia, fonthill, GrimsBy, hamilton, niaGara, oakville, Welland & more

call Beamsville home SEE PAGE 2 FOR MORE INFORMATION

50 NextHome+CondoGuide | Mar. 2–16, 2019

…continued from page 22

Bloorcourt and Dovercourt Park through gentrification. Average price for the 8,000 plus homes sold in 2018 hovered at $755,658 – although the 10 districts within Toronto West range in price from $557,000 in Downsview-Roding, Black Creek, and Humbermede (W05) to $1,200,299 in StonegateQueensway (W07). “Freehold properties remain the choice of most purchasers in Halton Region and Toronto West,” says Alexander. “The same is true to a lesser extent in Toronto Central, but condominiums continue to gain ground. Just over one-in-three properties sold in the GTA was a condominium in 2018 and that figure is higher in the core. As prices climb in both the city and suburbs, the shift toward higher-density housing will continue, with fewer singledetached developments coming to pass.” Toronto Central has seen rapid growth over the past five years, with Millennials playing an active role in the marketplace, fueling demand for condominium apartments and townhomes in developments like City Place, King West Village, and Liberty Village. This cohort has also been instrumental in the gentrification of Toronto Central neighbourhoods such as Oakwood-Vaughan and Dufferin Grove as they snap up smaller freehold properties at more affordable price points. Baby Boomers have also been a major influence in Toronto Central, selling larger homes throughout the GTA and making lateral moves or downsizing to neighbourhoods where shops, restaurants, and amenities are all within walking distance. Close to 15,000 properties were sold in 2018, with an average price of $932,416, up almost 40 per

cent since 2013. Properties within Toronto Central averaged 20 days on market and ranged in price from $709,660 in Bayview Village (C15) to $2,505,461 in York Mills, Hogg’s Hollow, Bridle Path, and Sunnybrook (C12). With an affordable average price point of $611,628 – and a range of $528,942 to $746,332 – younger buyers as well as empty nesters and retirees have flocked to Simcoe County in recent years. New construction in the county, comprised of AdjalaTosorontio, Bradford West, Essa, Innisfil, and New Tecumseth, has allowed the area to capture a greater percentage of the overall market between 2013 to 2018. The tide is always turning “As the Millennials move into their homebuying years, they will displace Baby Boomers as the dominant force in the GTA’s real estate market,” says Alexander. “Their impact on housing will have a serious ripple effect on infrastructure in the coming years, placing pressure on transit systems, roadways, local economies and their abilities to attract investors and new businesses, parks and greenspace development.” The upswing in demand over the next decade is expected to re-ignite homebuying activity in Toronto East, York, Peel, and Durham Regions. These areas still carry significant weight, despite the factors that have impacted softer performance in recent years, including affordability, lack of available housing, and fewer transit options. “The market can and does change on a dime,” says Alexander, adding, “if there’s anything that’s certain in real estate, it’s that the tide is always turning.” *

Source: Halton Region State of Housing 2016 https://www.halton.ca/Repository/ State-of-Housing-2016 ** Source: https://www.toronto.ca/wp-content/ uploads/2018/07/9108-City-Planning-HowDoes-The-City-Grow-July-2018.pdf *** Source: County of Simcoe, Economic Development Office

NOW

! G N I L L SE

SELLING FAST! RELEASE 1 ALREADY

75%

SOLD OUT!

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PROPERTY PROFILE

see why new-home purchasers are heading to Beamsville With so much to offer today’s new-home buyers, the perpetually charming Beamsville has gone from one of the best-kept secrets in southern Ontario real estate to being highly coveted amongst prospective purchasers. The very definition of small-town charm meets city living, Losani Homes is proud to present Vista Ridge in the heart of western Niagara wine country. This master-planned community is built on a former winery and offers sophisticated living with unmatched amenities. Vista Ridge is only a few minutes from the 52 NextHome+CondoGuide | Mar. 2–16, 2019

QEW linking you to both the greater Hamilton area to the west and Niagara to the east. For those who enjoy the great outdoors, you do not have to venture far from your Vista Ridge address to enjoy the splendor unique to wine country. Vista Ridge is nestled under the stunning Niagara Escarpment and access to the renowned Bruce Trail are only moments away. Losani Homes is the reigning Green Builder of the Year thanks largely to the spectacular parks embedded within the infrastructure of each large-scale community, and Vista

Ridge is no different. Covering a vast 10 acres, Vista Ridge’s park boasts a playground, basketball court, two tennis courts, a massive free play area, and even a splash pad. Going beyond your front door you will find 45 wineries, charming restaurants and cafes, numerous parks and conservations areas, golf courses, as well as nearby public and catholic elementary and high schools. No matter whether you are moving your family, purchasing your first home, or are empty nesters, there is something for everybody at Vista Ridge. Vista Ridge also offers a wide

variety of product types from Losani Homes’ award-winning design portfolio. Available now are six different townhome designs in both two and three storeys. Losani Homes recently have redesigned the entirety of their townhome catalogue, moving into a more contemporary design space. The new townhome designs feature a more modern elevation and include larger scale contemporary windows with dark casements, urban brick, wood style panelling, and lower pitched roof lines. There are also 19 different single detached models to choose from available on 36’ and 40’ lots respectively. Vista Ridge is also the first community in Losani Homes’ rich 43-year history to offer four elevations on the majority of their

single-family homes. They are the newly redesigned traditional elevation, joined by chateau, Tuscan, and modern. No matter your personal preference, Vista Ridge has something to best suit your taste. Later this year, Vista Ridge will proudly be introducing to market its next, and most in demand release. This will be made up exclusively of premium single family lots which back onto protected green space, and feature 40’, 46’, and 50’ product. To learn more about Vista Ridge’s and to register for its next release, please visit losanihomes. com or visit the award-winning sales facility at 4008 Mountain Street in Beamsville.

LOcaTIOn Beamsville DEvELOPER Losani Homes DEvELOPmEnT Vista Ridge HOmE TYPE Townhomes

SaLES cEnTRE 4008 Mountain Street cOnTacT losanihomes.com

nexthome.ca 53

REAL ESTATE GLOSSARY Amortization

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.

Ontario Building Code

The Ontario Building Code Act is the legislative framework governing the construction, renovation and change-of-use of a building in the Province of Ontario. It establishes detailed technical and administrative requirements in the province.

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.

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.

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

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.

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.

Adjustable-rate and fixed rate mortgages

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”.

56 NextHome+CondoGuide | Mar. 2–16, 2019

HOT PROPERTIES

Find your next home The latest properties in southwestern ontario to keep your eye on

5. the Peninsula

e. elements

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

By: Mountainview Homes City: St. Catharines Housing type: Luxury oneand two-bedroom condos elementscondo.com

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

7. the oaKes By: Treasure Hill City: Oakville Housing type: 41 and 45 ft. detached family homes TreasureHill.com

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

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

8. valera 2

sWo prevIew registration

By: Adi Developments City: Burlington Housing type: Condominiums adidevelopments.com

1. casa di torre

neW oPenings

By: Branthaven Homes City: Stoney Creek Housing type: Condos from 550 to 978 sq. ft. from the low $300â&#x20AC;&#x2122;s 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

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

i. saFFron estates 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

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

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

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

58 NextHome+CondoGuide | Mar. 2–16, 2019

Mississauga

MAP LE GE N D 7

NEW CONDOS

F 8

CONDOS

Oakville

Burlington

1 G B

E D

St Catharines H

Niagara Falls

Welland cartography: marketmaps.com

nexthome.caâ&#x20AC;&#x192; 59

ADVICE ADVICE| |lEGAlly MORTGAGE spEAkInG InTEl

Working With a MortgagE BrokEr Jayson schWarz

This issue’s article is a little different. I want to discuss mortgage brokers and their role in the home purchase process. 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 meet very strict requirements of education, ethics, experience and professionalism. AMPs are committed to the highest ethical, moral and educational standards. For more information on AMPs see The Canadian Institute of Mortgage Brokers and Lenders website at www.cimbl.ca. 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 best interest. Mortgage brokers study mortgage 60 NextHome+CondoGuide | Mar. 2–16, 2019

rate markets and have direct access to several different lenders. In addition, while some consumers may not enjoy negotiating with financial institutions, this is the broker’s best skill. Brokers will make sure their client obtains the most attractive rate currently on offer along with the most flexible options suited for their situation. They are able to shop dozens of lenders in the time it would take a consumer to book an appointment at their bank. WhO pAys ThE MORTGAGE bROkER?

Even though mortgage brokers work for their client and not the financial institution, brokers get paid by the financial institution. Their finder’s fees reimburse brokers for bringing them creditworthy customers. 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!

and can readily identify property you can and cannot afford. Perhaps the most difficult part of writing these articles relates not the actual writing, but thinking of a topic to address. So help us! Mail, deliver or email letters to the magazine or to us via www.schwarzlaw.ca or by email to info@schwarzlaw.ca and give us your questions, concerns, critiques and quandaries. We will try to deal with them in print or electronic form.

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 preapproval so that you know exactly how much you can afford to spend in the marketplace. This will save you time, and puts you in a much stronger negotiating position as you have firm limits

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

+more adVICE online nexthome.ca/news/advice

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nexthome.ca 63

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