Your First Home & Condo - Spring 2016

SPRING 2016, FREE

6 USEFUL TIPS FOR

FIRST-TIME BUYERS 4 MARKETS TO EXPLORE IN… SOUTHWESTERN ONTARIO

+

CONDO LIVING FOR NEW FAMILIES

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SPECIAL EDITION

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SHEL-

OWN IT LOVE IT

10% DOWN

*

You can own a new Urban Town at Danforth and Danforth Starting from the mid

$300’s

• 1 & 2 Storey homes -739 sq.ft. up to 1,029 sq.ft.

• 2 Bedroom + Den & 3 Bedroom Designs • Hassle-Free living • 9’ Ceilings • Landscaped Grounds • Underground Parking • Rooftop Terraces

Get the full SPICE story now

SpiceOnDanforth.com

Danforth & Danforth 3194 Danforth Ave

416.932.3443 Sales Office Hours: Mon - Thurs 12 - 7pm, Friday by appointment, Weekends 11am - 5pm Brokers protected. Prices and specifications are subject to change without notice.

Rendering is artist’s concept. E. & O. E. *See Sales Representative for more details.

Get Social with us: 3

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SPRING 2016 | YOUR FIRST HOME & CONDO 5

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contents

SPRING 2016

24 property profiles

trending

advice

10

15

12

Menkes Developments

The Eglinton celebrates construction milestone

14

Hi-Rise West Inc.

Want to add a little SPICE to your life?

18

Adi Development

Stationwest a transitconnected lifestyle

26 Daniels Corporation

Live, work, play in hottest new waterfront community

Focus on Southwestern Ontario

22 SWO Housing Markets 4 appealing markets in Southwestern Ontario

by Jayson Schwarz

20 Mortgage Advice

First-time homebuyers: 3 steps to get into the market

by Wayne Karl

25 Spotlight on Condos 28 Buying a Condo

The more you walk, the more you will save

by Alyssa Richard

24 BILD Report

Condo living on the horizon for new families

by Wayne Karl

29

Legally Speaking

Buying your first home?

Here’s what you need to know

by Bryan Tuckey

Homebuying Tips

Six homebuying tips for first-timers

in this issue

by Wayne Karl

8

Editor’s Note

6 YPNEXTHOME.CA

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PRESIDENT, YELLOW PAGES NEXTHOME

Jacqueline Hill EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan Legge DIRECTOR OF SALES

Moe Lalani ASSOCIATE PUBLISHER, NEW HOME GUIDE GTA, NEW CONDO GUIDE

Anne-Marie Breen ASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO

Susan Maxwell EDITOR

Wayne Karl

14

ART DIRECTOR

Tammy Leung CONTRIBUTING EDITORS

Elisa Krovblit Sara Duck (on leave) Lydia McNutt (on leave) SENIOR ACCOUNT EXECUTIVES

Nina Downs Dionne Fraser SALES & MARKETING CO-ORDINATOR

Terry Bassett PRODUCTION MANAGER

Bala Gnanapandithan PRODUCTION CO-ORDINATOR

Sandra Hanak-Vujnovic GRAPHIC DESIGNERS

Miguel Cea Mike Terentiev

10

Your First Home & Condo #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 ypnexthome.ca

NOW PUBLISHING 2X per YEAR (WINTER & FALL 2016) ADVERTISING Call 416.626.4200 for advertising rates

and information.

CIRCULATION Available at the National Bridal Show Toronto in January and September, Welcome Wagon Shows SWO, GTA Home + Reno Show, and National Home Show & Canada Blooms. Additional distribution throughout the year to key retail locations.

COPYRIGHT 2016 All rights reserved by Yellow Pages Homes Ltd., Toronto, Ont. Reproduction in any form is prohibited. Contents of this publication are covered

by Copyright and offenders will be prosecuted under the law.

TERMS Advertisers, Editorial Content and Your First Home & Condo are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. EDITORIAL Submissions from interested parties will

be considered. Please submit to the above address, to the attention of the editor.

26

Please recycle this magazine! Yellow Pages NextHome participates in the Partners in Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over 2.5 million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.

SPRING 2016 | YOUR FIRST HOME & CONDO 7

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Editor’s Note

Buying your first home?

We’re here to help WHEN BUYING your first home, you’re sure to be filled with many

questions. How much can I afford? How much will it all cost? Where do I want to live? What type of home do I want?

The answers to these and other important questions depend on your situation, but there are also some common guidelines you can follow.

Wayne Karl Senior Editor Yellow Pages NextHome Email: Wayne.Karl@ypnexthome.ca Twitter: @WayneKarl

1. How much can you afford? It’s a common mistake for firsttime buyers to buy more home than you can afford. Meeting with a mortgage broker or your banker will help determine your full financial picture, everything from your credit rating to your down payment. Experts also suggest you “stress-test” your plan to see how well you could cope with higher interest rates.

2. How much will it really cost? Another common homebuyer mistake is not being prepared for all the costs involved, such as lawyer fees, land transfer taxes, utilities and insurance. All of these costs add up, and ultimately should factor into your home-shopping budget.

3. Where do you want to live? This question is becoming more important for a number of reasons, though influenced primarily by where you work, how much of a commute you want and what your transportation options include. Indeed, proximity to mass transit is something more people are looking for in their new home location.

4. What type of home do you want? Once you have determined your options for cost and location, you can then assess what types of homes are available in your price range and desired neighbourhood: Single-family detached, semi-detached, townhome or condo?

So many questions, so many choices. The good news is, home builders today are in sync with customer preferences for location and amenities, and with market realities with regard to pricing and needs for energy efficiency. Your options for new-home product have never been better.

+ get social

Interact with us on social media: ypnexthome

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COMING THIS SPRING A NEW ERA OF LIVING IN BRAMPTON

5%

buy with only a deposit!

Boutique Condominium Suites from the $300,000s Coming this spring to the northeast corner of Mississauga Road and Olivia Marie Road, Daniels’ Olivia Marie Gardens Community is the best place to put down roots in this highly coveted Brampton location.

These boutique condominium suites are unlike anything else in the city, offering Daniels’ quality construction in an energetic community, with exciting retail and everyday conveniences at your doorstep.

• Studios to 3 Bedroom suite designs • Close to parks, walking trails, schools and recreational facilities • Steps from Brampton Transit • Located minutes from Highways 401 and 407

ALREADY UNDER CONSTRUCTION

Love Where You Live™, Work, Play and Shop at Daniels’ Olivia Marie Gardens!

DON’T MISS OUT REGISTER TODAY!

OMGdaniels.com

905-874-8880 Illustration is artist’s concept. Brick colours may vary from colours shown. Prices and specifications are subject to change without notice. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission from The Daniels Corporation, is strictly prohibited. Brokers Protected. E.&.O.E.

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2016-02-02 11:46 AM

Property Profile | MENKES

Buyers rejoice as The Eglinton celebrates construction milestone Menkes completes demolition in Toronto’s midtown

IN THE HEART of Yonge and Eglinton,

Toronto’s hottest and fastestgrowing neighbourhood, Menkes has completed demolition on the site of The Eglinton, making way for construction on this highlyanticipated midtown project to begin.

This milestone brings The Eglinton one step closer to reality for those who want to live in a vibrant, walkable community close to eateries, entertainment, offices, schools and parks, and for savvy buyers who realize the neighbourhood’s growing appeal.

“This important milestone in the construction process is exciting not only for our team at Menkes, but

for our buyers as well,” says Jared Menkes, vice-president, highrise residential. “Completing demolition is a strong visual cue to purchasers, and local residents, that we are one step closer to making The Eglinton a reality – right in the heart of Toronto’s fastest growing neighbourhood.”

Transit is a top priority these days, and it’s easy to get to any part of the city with The Eglinton’s convenient access to the Yonge Eglinton subway line and the Eglinton Crosstown LRT. The 34-storey glass tower designed

by Giannone Petricone Associates is set on the south side of Eglinton Avenue East, just blocks from the corner of Yonge and Eglinton. The

Eglinton offers an impressive array of desired in-house amenities designed

by Mike Niven Interior Design (MNID), including state-of-the-art wireless lounge with Wi-Fi and High Definition screens; party space with dining area and gourmet kitchen; billiards room; theatre and fitness studio.

Recognizing the trend towards condo family living, The Eglinton also features a dedicated kids’ room.

NAK Design Group has created a landscaped terrace with sun deck, lounge seating, barbecue facilities and outdoor dining area, overlooking Forest Hill and North Toronto and the city skyline south to Lake Ontario.

Suites come in a range of layouts, from studios to two-bedrooms, from 359 to 871 sq. ft., priced from the mid $200,000s. Features and finishes include laminate flooring throughout, porcelain or ceramic tile floors in the bathroom and in-suite laundry area with stacked washer and dryer.

Kitchens feature cabinetry custom designed by Mike Niven Interior Design, quartz countertops with ceramic or porcelain backsplash; stainless steel under-mounted sinks with single lever faucet; and, brand name appliances. The master ensuite includes an MNID custom vanity with cultured marble top and integrated sink; full width mirror and soaker tub.

Occupancy of The Eglinton is anticipated for fall 2018.

To learn more about The Eglinton, visit the Menkes Condo Centre at 770 Bay St. Open from noon to 6 p.m.

Monday to Thursday, closed Friday and open on Saturday, Sunday, and holidays from noon to 5 p.m.

For more information, please call 416.591.7700 or email eglinton@menkes.com or go to menkes.com

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Lifestyle in Orillia Phase 4 coming Summer 2016 Starting from the $300’s PHASE 3

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Advice | LEGALLY SPEAKING

Buying your first home?

Here’s what you need to know

By Jayson Schwarz

MORE ADVICE ONLINE ypnexthome.ca/news/advice

SO HERE YOU ARE – newly married, just returned from a glorious honeymoon, and planning to move from a rental into your own home…

Where do you start?

The first thing to consider is whether you want a condominium or freehold home. Each comes with its own unique legal and other issues.

» Condominium ownership: Most people think of condominiums as highrise apartments only. This is no longer true. Condominiums can include townhouses, semidetached or detached homes.

Condos can also take the form of common element condominiums (such as a shared swimming pool, common road or park), phased condominium corporations, vacant land condominiums or leasehold condominiums. Condominiums are created under the Condominium Act of Ontario, as, among other things, a means of sharing common costs and ownership. You basically own the inside of your unit and the condo corporation owns everything else. » Freehold: Generally speaking, this is how previous generations purchased homes. You own your domain, and what you do with your property is your choice. Insurance, heat, hydro, property tax, maintenance – all are your personal responsibility, and you manage them as necessary. In other words, you cut your own grass and take out your own garbage.

Now that you know what kind of

home options you have, let’s look at the differences in new and resale. A resale home is generally in move-in condition (subject to inspection) and you get immediate occupancy upon closing. You may have no warranty and need to consider the condition of the home. When are buying a resale home, except in special circumstances, there is no HST because you are purchasing a used residence.

Today, when you buy a new home, you can be years from occupancy.

You have the comfort of knowing that Tarion Warranty Corp. is there to warranty the construction. It is fresh, never lived-in and the choice of finishings is yours. In a new home, most builders include HST in the purchase price. Builders also get an assignment of the HST rebate that you qualify for, as long as you are a Canadian resident and your settled intention is for you or immediate family to reside in the home. You will simply sign the forms and the issue will have no effect on your purchase.

You will also need to educate yourself, by reading articles (see schwarzlaw.ca), attending seminars, going online to research prospective builders (at tarion.com), and

learning more about the area (visit ypnexthome.ca). Do not sign an offer without first having your lawyer review sales documents, for your own protection.

Another important matter to look at is insurance. You will need insurance for your new house, including mortgage insurance, and you might also consider reviewing your life and disability insurance, to make sure you are protected in case something happens to the major wage earner.

You will need home insurance before the deal closes.

Finally, you need to understand how much money you need. It is not just the purchase price, but all the other financial considerations: legal fees, disbursements, Land Transfer Tax, final adjustments on a new home, mortgage fees (CMHC premiums), home inspector costs and home insurance premiums. Be prepared.

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

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Toll Free: 1.888.609.8888 Fax 416.486.3325

www.schwarzlaw.ca *Certain Terms and Conditions shall apply. Full disbursement disclosure.

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2016-02-02 11:47 AM

Property Profile | HI-RISE WEST INC.

Want to add a little

SPICE to your life?

WANT SOME INSIDER information about the hottest area in Toronto to invest in? It isn’t north; it isn’t south; it isn’t west. All indicators point to the area that hugs the Danforth – Toronto’s colourful, quirky, eclectic east end.

This burgeoning area is quickly becoming the place to live for people who want to be close to the downtown core, but not in it; for people who love the bohemian pull of a community that is gentrifying faster than anywhere else in the city but with an affordable price tag. The opportunity to buy here is still possible, but the experts agree; the time to act is now before demand forces prices up.

The east end is where Spice can serve up a tasty lifestyle infused with all of the ingredients necessary for flavourful living! Hi-Rise West Inc. is building an intimate enclave of one- and twostorey urban townhomes where Danforth Road and Danforth Avenue merge.

Offering units from 749 to 1,029 sq. ft., these are architecturally precise townhomes designed to appeal to contemporary sensibilities. Homes feature soaring nine-ft. ceilings, open concept designs including two-bedroom plus den models as well as three-bedroom models, exceptional finishing details, convenient underground parking and beautifully landscaped grounds. Upper units have sun-drenched rooftop terraces designed to maximize al fresco living. These are condominium homes

that provide complete lock and leave living; no grounds maintenance, no gardening, no snow shoveling, no worries.

They provide the perfect residence for busy people who want to spend their time enjoying their home and neighbourhood, not grooming it!

Close to the Warden and Victoria Park subway stations, the area surrounding Spice has a transit score of 80 (excellent rating) and a walk score of 79 – meaning you can take care of most errands on foot. The immediate area boasts close to 50 restaurants, cafes, bars and clubs, three parks and three major grocery stores.

Spice residents will be able to walk to cool shops and boutiques, schools and day care.

Nature lovers will be thrilled with the proximity to the Beaches, The Bluffs and the Boardwalk.

You can be at in the heart of downtown Toronto in less than half an hour making Spice a commuter’s dream location. The area is serviced by 10 bus routes as well as The Danforth GO Station which is a fast 15-minute walk away.

If you’re ready to add some spice to your life, don’t miss the opportunity to become a Spice Insider.

Visit spiceondanforth.com to register and you’ll receive up-to-the-minute VIP information, or visit the presentation centre at 3194 Danforth Ave., 416.932.3443.

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southwestern ontario FOCUS ON…

The following pages feature new homes and condos from some of the area’sSPRING most prominent builders 2016 | YOUR FIRST HOME & CONDO

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Simply The Best In Burlington.

Construction Has Started.

Stunning Condo + Loft Designs Bronte Creek Provincial Park LINK2 Condos + Lofts offers modern residences overlooking a landscaped courtyard, a 2 level recreational centre with spacious outdoor terraces and delivers modern style, comfort and superior quality.

Presentation Centre:

5210 Dundas Street West, Burlington Monday - Thursday: 3pm - 8pm Friday by appointment Saturday, Sunday & Holidays: 12 noon - 5 pm

AdiDevelopments.com | 905-592-2028

Striking.

Seductive.

Decidedly different.

Sophisticated Condominiums On Downtown Burlington’s Waterfront Presenting a rare opportunity to own at a most coveted address. Design-infused waterfront condominium residences coupled with indulgent amenities.

Presentation Centre & Model Suite:

375 Brant Street - Downtown Burlington Monday - Thursday: 1pm - 6pm Friday by appointment Saturday, Sunday & Holidays: 12 noon - 5 pm

AdiDevelopments.com | 289-337-0766 16 YPNEXTHOME.CA

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You’ve Arrived.

COMING SOON 3 - Storey Townhomes Burlington At Aldershot GO Station $

300’s

from the high

If a modern vibe is what propels you, then this is your station. Go and arrive

in style from StationWest, where smart, open concept 2 and 3 bedroom townhomes – many with private rooftop terraces – ranging from 1,200 to 2,100 sq.ft. make up this uber-connected, masterplanned community.

Register Now for opportunity to preview.

Join Us On

Register Now! AdiDevelopments.com Exclusive Listing: Baker Real Estate Incorporated, Brokerage. Brokers Protected.

Illustrations are artists concept. Prices and specifications subject to change without notice. E. & O.E.

SPRING 2016 | YOUR FIRST HOME & CONDO 17

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Property Profile | ADI DEVELOPMENT GROUP

You’ve arrived Stationwest introduces a transitconnected lifestyle in Aldershot ADI DEVELOPMENT GROUP is

introducing a dramatic lifestyle shift with Stationwest, a new transitoriented community in Burlington’s west end with contemporary townhomes that offer families room to grow.

Arriving early 2016, the project’s first phase consists of a collection of spacious conventional and back-toback townhomes ranging from about 1,200 to 2,200 sq. ft. with backyards and rooftop terraces.

Starting from the high $300,000s, two- and three-bedroom layouts are ideal for first-time homebuyers, families and empty nesters alike.

“With Stationwest, we’re not just building for today. We’re targeting connectivity and walkability to build for the future,” says Tariq Adi, CEO of Adi Development Group. “We’re creating a mobility hub that will help realize the full potential of Burlington West, the newest hot spot in the city.”

Located at the Aldershot GO Station, Stationwest’s ideal location allows residents to connect directly to Union Station in less than an hour and access to the urban conveniences of close by Village of Waterdown’s quaint downtown.

With Stationwest, Adi Development Group is bringing its signature cutting-edge contemporary

aesthetic and attention to detail to this lowrise community.

Bold geometric facades by ICON Architects leverage a palette of natural materials to create an eclectic, modern streetscape. Mirroring this groundbreaking project, every detail has been carefully selected with features typically reserved for custom homes, from aluminum and frosted glass garage doors to oversized windows and framed glass balconies.

“At Stationwest, you can walk out

of your door and onto the train while still coming home to a quiet, green neighbourhood,” says Saud Adi, COO of Adi Development Group. “This will be one of the last opportunities to own in a transit-connected lowrise community of this size in Burlington.”

Register at adidevelopments.com to be among the first to preview this anticipated community.

For more information, email stationwest@adidevelopments.com

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fUNctioN & Style

Discover eastforest homes!

Where Your Home Is Your Destination

homes, locations anD prices YoU Want Over 7000 Dreams Built, Over 7000 Unique Styles Condos • Towns • Semis • Detached • Bungalows Traditional, Modern Or Simply Unique!

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Prices correct at press time. Images used above are the actual Model Homes. Broker protected. Promotions and incentives can be changed or cancelled at any time with out notice.

Please see Sales Representative for details. E. & O.E., January 2016 SPRING 2016 | YOUR FIRST HOME & CONDO 19

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Advice | MORTGAGE ADVICE

First-time homebuyers 3 steps required to get into the market

By Alyssa Richard

MORE ADVICE ONLINE ypnexthome.ca/news/advice PURCHASING A HOME will be one of the biggest investments you’ll ever make. If you’re just starting to look, there are a few steps you’ll need to take before you can buy a home.

Determine how much you can afford First, you have to determine what you can afford. Your affordability is based on your household income, your current monthly debt payments and the costs associated with owning a home (such as property taxes, heating costs, and condo fees).

A lender will also look at two ratios to figure out how large your mortgage can be. The first is called the gross debt service ratio. Your monthly housing costs for (principal and interest, taxes, and heating costs) shouldn’t be more than 32 per cent of your gross income.

The second is called the total debt service ratio, which includes your housing costs as well as any loan expenses (such as credit card and line of credit payments, and car loans or leases). This ratio shouldn’t be higher than 40 per cent of your gross income.

You also have to come up with enough money to make a down payment. You’ll need to have a minimum of five per cent. If you’re able to come up with a down payment of 20 per cent or more, you won’t need mortgage loan insurance.

And you should also have money saved for closing costs, which could

be between 1.5 and four per cent of the purchase price of your property.

Dip into savings Once you’ve determined how much you’ll need, you’ll have to find a source for your down payment and closing costs, one of which can be your RRSP. Under the Home Buyers’ Plan, you can withdraw up to $25,000 from your RRSP on a tax-free basis as long as the funds have been in the plan for more than 90 days. If you’re purchasing a property with a partner who’s also a first-time buyer, you’ll each be able with withdraw $25,000.

Keep in mind that the money has to be paid back starting the second year after you make the withdrawal and you have up to 15 years to repay the amount. If you don’t make an annual payment, you’ll have to declare it as taxable income on your tax return for that year.

If your RRSPs or other savings aren’t enough, your family may be able to help you. In fact, a 2015 BMO survey found 42 per cent of first-time buyers expect their parents or relatives to help pay for their first home.

Shop for a mortgage It can pay to shop around. If you and your partner go with the first mortgage rate you find, you could end up paying a lot more.

Let’s assume the following: you plan on buying a $500,000 home with a $400,000 mortgage, your amortization period will be 25 years, and you have a five-year fixed rate of 3.5 per cent. That means your total mortgage payment will be $1,997 a month.

But if you do a little research, you could save some money. If you’re able to get a mortgage with a fiveyear fixed rate of 2.5 per cent, your payments will be $1,792, a difference of $205 a month or $2,460 a year.

That’s why you should look for the best mortgage rates.

You need to be ready financially before you’re able to purchase a property. Knowing what steps are involved to become a firsttime homebuyer will allow you to start your search for buying a home.

Alyssa Richard is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

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Renderings are artists’ concept. Prices, photos and specifications are subject to change without notice. E.&O.E.

Renderings are artists’ concept. Prices, photos and specifications are subject to change without notice. E.&O.E.

Renderings are artists’ concept. Prices, photos and specifications are subject to change without notice. E.&O.E.

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Trending

4 appealing markets in Southwestern Ontario

By Wayne Karl

SO MUCH IS MADE of how hot and strong some real estate markets in Canada have become. Most areas in Southwestern Ontario, however, usually don’t make the conversation.

But perhaps they should.

Hamilton, Kitchener-Waterloo and London may not generate the same level of attention as Toronto, but that’s not necessarily a bad thing.

Strong value appreciation of lowrise homes in the GTA, for example, is great for those who already own a home, but hardly welcoming for those looking to get into the market, particularly firsttime buyers. Combined with limited supply, affordability is becoming a

growing concern there.

In Southwestern Ontario, by comparison, there’s absolutely nothing wrong with slow and steady.

In fact, looking back over the last 20 years in terms of price appreciation, Hamilton-Burlington ranks fourth overall in Canada, with a 6.17-per-cent annual rate of return, according to data from ReMax. The vaunted GTA market? Only slightly ahead in third, with 6.21 per cent annual return; on a national level, the figure is 5.82 per cent.

In another measure, a list of the hottest markets in Canada where you can easily buy a home for less than $500,000 (as of Feb. 15, 2016 the new

price threshold for the minimum down payment requirement of five per cent).

Care to guess how SWO ranked?

Would you be surprised to learn that Southwestern Ontario occupies two of the top five spots, and four of the top 10?

Indeed, using average price growth over the last year to determine just how hot, London ranks number one.

Hamilton comes in at number five, while Niagara-St. Catharines and Kitchener-Waterloo and Cambridge are seven and eight, respectively.

Just as importantly is that prices in these markets are so affordable, that none are in danger of crossing the $500,000 threshold any time soon.

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Here’s a snapshot of four appealing markets in Southwestern Ontario

London

Hamilton

Kitchener

Brantford

Housing starts will increase seven per cent to 2,300 in 2016 and will grow again in 2017. MLS sales will increase 3.5 per cent to 9,500 sales in 2016, and be higher in 2017.

“Greater household formation will lead to greater housing demand in London in 2016,” says Anthony Passarelli, market analyst for London. “Improved labour market conditions will cause a larger percentage of London’s growing number of 25 to 34 year olds to leave the parental home to form their own households.

“Less choice in the resale market will lead to greater growth in the average price and higher housing starts next year. Higher carrying costs, due to rising prices and mortgage rates that will start to edge up in late 2016, will have little effect on homeownership demand in London.”

Housing starts will stabilize near 2,400 units in 2016 and 2017, following a decline in 2015.

Fewer single-detached housing starts in 2017 will be offset by more multi-unit starts. High mortgage carrying costs will result in slightly lower demand for single-detached housing in 2017, as this type of dwelling is less affordable compared to multi-unit housing.

“Relative to the GTA, Hamilton is still considered a more affordable housing market and will continue to attract potential homebuyers from the less affordable municipalities,” says Abdul Kargbo, CMHC senior market analyst for Hamilton and Brantford.

Housing starts will decline to 2,615 units in 2016 and then be relatively stable in 2017. Condo apartment starts will decline, but from near record levels in 2014, while singledetached starts will trend higher.

Existing home sales are forecast to increase in 2016 and remain relatively unchanged in 2017.

The resale market is expected to be balanced in KCW, with price growth above two per cent.

“Housing starts will be trending down closer to the long-term rate of household formation next year. Rising employment will support housing demand. With prices higher and mortgage rates starting to edge up in late 2016, demand will stabilize in 2017,” says Erica McLerie, CMHC senior market analyst.

Total housing starts were on track to reach 600 units for 2015, their highest level since 2002, with all dwelling types trending up.

However, starts will decline to a sustainable level in 2016 and 2017, as the current pace of construction is exceptionally strong.

“Single-detached housing starts will decline only slightly in 2016 and 2017,” says Abdul Kargbo, senior market analyst for Hamilton and Brantford.

“In-migration from Hamilton took the top spot in supporting Brantford’s population growth, according to the 2013 migration data from Statistics Canada. As a result of tight market conditions in Hamilton, some potential local buyers will continue to move to Brantford where house prices are relatively low.”

SOURCE: CANADA MORTGAGE AND HOUSING CORP. HOUSING MARKET OUTLOOK

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Advice | BILD REPORT

Condo living on the horizon for new families

By Bryan Tuckey

MORE ADVICE ONLINE ypnexthome.ca/news/advice AS PRICES OF NEW LOWRISE HOMES

in the GTA continue to reach all-time highs, more and more families are calling new condominiums home.

The GTA continues to grow, with up to 36,000 new families formed every year, and demand for family-friendly condominiums is on the rise.

The building and land development industry is responding to the demand for family-friendly condos and many new highrise developments feature larger suites, extra storage space, outdoor space and child-friendly amenities.

A key component of building familyfriendly condominiums is designing suites that are practical and appealing to parents with young children. That means creating units that maximize living space to keep the homes affordable, while ensuring there is ample space to store toys and strollers.

Builders are doing this through sacrificing bedroom size to increase living room space and to provide deeper closets.

Developers such as H&W Development Corp. are building condos with larger suites that cater to purchasers starting a family or already raising kids. The suites at the company’s Fontana Condos development in Markham average about 800 sq. ft., and the twobedroom plus den layouts garner lots of attention from families with small children.

The family-sized suites are complimented by a two-acre urban park adjacent to the development that H&W is building with the City of Markham. The park was designed with families in mind, and features

A key component of building familyfriendly condominiums is designing suites that are practical and appealing to parents with young children. a playground for the kids and plenty of benches for their accompanying parents.

Other projects, such as The Eglinton

by Menkes Developments in Toronto, bring the playground indoors. The Eglinton features a kids room with child-friendly flooring, furniture and built-in stations with toys designed to stimulate learning.

Menkes was inspired to create the child focused amenity space because of the increase in the number of families moving into its developments in recent years. To design the room, the developer visited Hong Kong and New York City to gain inspiration from global highrise capitals where raising kids in condos is the norm. They even met with childhood development experts

to learn what to incorporate into the room to keep children stimulated.

The room will start out unstaffed but as more families with young children move into the building, it may evolve into a learning centre with dedicated staff running activities like storytelling and puppet shows.

Across the GTA, child-oriented amenities are becoming more common in condo projects.

Amenities at Tridel’s Islington Terrace development will include both indoor and outdoor spaces designed for children. Inside there will be a colourful Children’s Play Room with plenty of tables for activities such as arts and crafts. Outside the development will have a dedicated Children’s Play Zone with a splash pad.

Meanwhile, Tridel’s Metrogate community offers two daycare centres on site. One is already operational with the second set to open in conjunction with the Avani 2 project.

Bryan Tuckey is president and CEO of the Building Industry and Land Development Association and a land-use planner who has worked for municipal, regional and provincial governments. Follow him on Twitter @bildgta, facebook.com/bildgta, and bildblogs.ca

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An excellent choice for first-time homebuyers

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Property Profile | THE DANIELS CORPORATION

City of the Arts Live, work, play, learn and create in Toronto’s hottest new waterfront community

The Yard

SINCE THE DANIELS CORPORATION introduced Lighthouse Tower last fall, sales have been brisk at the first residential condominium in this master-planned, mixed-use community. At Lower Jarvis and Queens Quay East – a stone’s throw to Sherbourne Common, the Water’s Edge Promenade and Sugar Beach – this new gateway to Toronto’s East Bayfront is also a pleasant stroll or bike ride to the St. Lawrence Market, Distillery District, Union Station, and just minutes to Billy Bishop Airport and Toronto Island Ferry Terminal.

With TTC access and dedicated bike lanes easily accessible, this location is an urban sensation.

Plus, within Daniels Waterfront – City of the Arts, Sugar Beach North will be a tree-lined public amenity space for outdoor celebrations and The Yard pedestrian laneway will be lined with eateries and retail venues for the ultimate in convenience.

Lighthouse Tower…

A shining star from every direction One of the best things about living at Lighthouse Tower will be the views; Giannone Petricone Associates Inc. designed the building to maximize the vistas in all directions. Today, you’ll find a spectacular selection of west-facing suites that offer scintillating, ever-changing views. From the bustling urban scene of shoppers and business people rushing to their destinations during the daytime, to thousands of lights peppering the night sky and the breathtaking sunsets that

Lighthouse Tower

transform one into the other, the views are dynamic and inspiring.

Rising to 45 storeys, Lighthouse Tower’s interiors are designed by Cecconi Simone, who also appointed the fabulous model suite. With a vision of attracting buyers with an artistic sensibility, the model is anchored by a white colour palette on which owners can infuse their personality into their surroundings.

Smart layouts provide all the space for an exclusive and luxurious waterfront lifestyle Daniels’ smart suite layouts come with superb appointments including nine-ft. ceiling heights in the principal rooms. Luxury underfoot will range from laminate flooring to imported porcelain and ceramics. The contemporary kitchens – custom designed by Cecconi Simone – will feature quartz countertops, Miele appliances and enhanced bathroom vanities. Lighthouse Tower suite choices, starting from $279,900, include studio, one-bedroom, one-bedroom plus den and two-bedroom layouts, spacious gallery suites and penthouses are also available.

Visit the fully furnished model suite at the presentation centre at 162 Queens Quay E., open Monday to Thursday 11 a.m. to 7 p.m., weekends and holidays noon to 6 p.m., Fridays, closed. Call 416.221.3939 or visit danielswaterfront.com

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SPECTACULARCITY CITYVIEWS VIEWS SPECTACULAR STEPSFROM FROMTHE THEWATER. WATER. STEPS OWNTHE THEBEST BESTOF OFBOTH. BOTH. OWN

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ON VALENTINE’S WEEKEND, WE’RE OFFERING ONTARIO LAKE FIRST-TIME HOME BUYERS A SUPER ONTARIO FIRST-TIME HOME BUYERS A SUPER SWEET DEAL. FOR A LIMITED TIME ONLY, SWEET DEAL. FOR A LIMITED TIME ONLY, YOU CAN OWN AT LIGHTHOUSE TOWER YOU CAN OWN AT LIGHTHOUSE TOWER FOR JUST 5% DOWN*.

FOR JUST 5% DOWN*.

LAKE

SATURDAY, FEBRUARY 13TH, 11AM-12PM ONTARIO PRESENTATION STARTS AT 11:15AM LAKE PRESENTATION STARTS AT 11:15AM ONTARIO SEATS ARE LIMITED. REGISTER TODAY! SEATS ARE LIMITED. REGISTER TODAY! 416.221.3939 416.221.3939 INFO@DANIELSWATERFRONT.COM INFO@DANIELSWATERFRONT.COM

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The Daniels Corporation proudly introduces the west facing suites of Lighthouse Tower The Daniels Corporation proudly introduces the west facing suites of Lighthouse Tower at Daniels Waterfront – City of the Arts, a master-planned, mixed-use community at Daniels Waterfront – City of the Arts, a master-planned, mixed-use community surrounded by creativity, inspired by arts and driven by innovation. This visionary surrounded by creativity, inspired by arts and driven by innovation. This visionary gateway to the East Bayfront, where Lower Jarvis meets Queens Quay, ushers in a gateway to the East Bayfront, where Lower Jarvis meets Queens Quay, ushers inY a new era of living, with awe inspiringINERviews, exceptional amenities, luxurious suites EXPY EXP and INER new era of living, with awe inspiring exceptional amenities, luxurious suites GARDERviews, GARDER EXPY and EXPY IN E endless conveniences at your doorstep, including Sugar Beach North, a RDIN DE Apromenade GARD G LV LVD B RE RE B endless conveniences at your doorstep,LAKEincluding Sugar Beach North, a promenade SHOBLVD E SHO D E LAKHEORE BLV RE featuring retail and public art, linking toAKE Canada’s iconic sandy Sugar Beach to the AKsouth.

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Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artist’s concept. Prices and specifications are subject to change without Exclusive CityLife Realty Ltd. Brokerage.

Brokers Illustrations are artist’sof concept.

PricesThe andDaniels specifications are subject to change notice. Listing: E.& O.E. All brand names, logos, images, textProtected. and graphics are the copyright the owners, Corporation.

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Actual view may not exactlyCorporation. as shown. *5% deposit program without priorsuites written permission of The Daniels Corporation, is strictly prohibited. Actual view may not be exactly as shown. *5% deposit program available on select only, for a limited time. on select suites only, for a limited time.

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Trending

Buying a condo?

The more you walk, the more you save

By Wayne Karl IF YOU’RE PLANNING to buy a

condo as your first home, here’s an important lesson: proximity to major transit hubs such as subway stations is great for convenience, but it’ll cost you.

How much? We’ll get to that in a minute. But if you’re willing to walk a little between home and the station, you’ll be in for significant savings.

Andrew Scott, senior market analyst, housing markets and indicators, Canada Mortgage and Housing Corp.

(CMHC), attaches some hard numbers to the concept as it relates to the Toronto highrise market.

Proximity to transit as a key driver of real estate is not a new concept; we’ve long known that there’s a price to pay for access and convenience.

“Distance is now measured in minutes, not kilometres,” is how the Real Estate Investment Network (REIN) sums it up transportation as one of the most dramatic catalysts for real estate growth.

Generally, one of the attributes coveted by homebuyers is nearness to a city’s Central Business District (CBD). Access to good highway systems, mass transit and commuter rail is sought to afford easy access to the CBD. The basic theory in real estate is that the more attractive the location, the higher the value of the home.

As the demand for homes in that area expands, the result is higher housing values.

In its study of the Greater Toronto Area, REIN has found that transportation projects will deliver a 10- to 20-per-cent enhancement of real estate values in the regions most affected. If the market goes up everywhere, these areas will increase by about 10 to 20 per cent more. If the values drop,

Average new condominium price by walking distance from subway Average price per square foot

Walking distance Less than 500 metres

$632

500 to 999 metres

$595

1,000 to 1,999 metres

$557

More than 2,000 metres

$492 SOURCE: CMHC

MORE TRENDING ONLINE ypnexthome.ca/news

these will drop by 10 to 20 per cent less.

The concept is not just a Toronto phenomenon, or even a Canadian one. Studies of the effect of transportation improvements on real estate around the world have shown that value increases occur for properties located within 500 to 800 metres of stations on new transportation lines.

Several Toronto neighbourhoods are expected experience such value

increases when new rapid transit stations are completed.

Future transit developments in Toronto that will shape highrise developments » Toronto-York Spadina Subway Extension » Eglinton Crosstown » Sheppard East LRT » Scarborough Subway Expansion » Finch West LRT » SmartTrack

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Trending

6 homebuying tips for first-timers

By Wayne Karl PLANNING TO BUY your first home and

not sure where to begin? Here are six homebuying tips to help you prepare.

1. GET WITH THE PROGRAMS There are various government programs available to help you buy a home.

Home Buyers’ Plan (HBP): The HBP allows first-time buyers to withdraw up to $25,000 from their RRSP to put toward a down payment on a home. You have up to 15 years to repay the funds.

First-Time Home Buyers’ Tax Credit (HBTC): Eligible first-time buyers can apply for the FTHB to help offset the costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes.

The credit can provide up to $750 in federal tax relief.

More information on these programs is available at cra.gc.ca 2. CONDOS ARE A GOOD BUY First-time buyers can buy a home with as little as five per cent of the purchase price as a down payment – as long as the property is less than $500,000. Anything higher than that, and the minimum down payment for the portion of the price higher than $500,000 is 10 per cent. So, assuming your price range is at that threshold, you’ll need to come up with at least $25,000.

At that purchase price, depending on the market you’re in, this could mean you’d then be looking at condo, instead of a lowrise home.

While that may not be your first choice as a homebuyer, consider this: for 2015, the average price of a new highrise condo in the GTA was $453,083; the average price of a new lowrise home was $829,766.

3. CHECK WITH THE BANK OF MOM AND DAD If your parents are baby boomers who have had the good fortune of building equity over the years as they

MORE TRENDING ONLINE ypnexthome.ca/news

paid down their mortgage while the value of their property multiplied, well… they may be in a position to help. Many buyers are hitting up the bank of mom and dad. In the last two years, 28 per cent of first-time buyers called on the bank of mom and dad to help finance their purchase; from 2010 to 2014, only 17 per cent did.

4. BECOME TECH SAVVY Mortgage consumers are becoming very tech savvy. In Canada Mortgage and Housing Corp.’s 2015 Mortgage Consumer Survey, 78 per cent of respondents researched online, with 70 per cent using an mortgage calculator to help determine their payments. And social media is playing a more important role – 20 per cent used sites such as Facebook to learn more, 17 per cent used a mobile device, and of those, 22 per cent used a mortgage related app. And all of these figures are growing.

5. BEFRIEND A BROKER OR BANKER Like many things in life, it’s all about relationships. And whether you

use broker or a banker to secure a mortgage, you’ll likely come to value the relationship. In the same CMHC survey, consumer loyalty strengthened the longer people stayed with their lender. But since we’re talking about money, people are willing to switch lenders to get a better rate and save – a fact which is much more prevalent for bankers than brokers. And because brokers are able to offer products from multiple lenders, as opposed to bankers who offer only the products of their own institution, the market share held by brokers is growing notably, particularly among repeat buyers.

6.RESEARCH, RESEARCH, RESEARCH These days, with prices rising as they are and uncertainty in some markets, thorough research is an absolute must.

Everything from your target area, desired housing type, builder or realtor, finances, how much you can afford, who you borrow from and the structure of your mortgage – take your time.

Take months. Don’t rush anything.

Anything.

SPRING 2016 | YOUR FIRST HOME & CONDO 29

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Mattamy Model Home Interior

LOCATION. LOCATION. LOCATION. LOCATION. LOCATION. LOCATION. LOCATION. LOCATION. LOCATION. We’re happy to say you can find a Mattamy Homes community almost anywhere in and around the GTA. Which means you never have to settle for less than Mattamy’s thoughtful architecture and thoroughly master-planned communities – designed for how modern families really live. Now, how you want to live meets where you want to live.

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