Your First Home & Condo - 2012

2012 EDITION FREE

YOUR FIRST

HOME&CONDO THE GUIDE TO BUYING AND MANAGING YOUR FIRST HOME

WHAT YOU NEED TO KNOW ABOUT

MORTGAGES

L SPECIA TION: C E S O D CON

N URBA LIVING

CONDO IN THE CITY OR LOWRISE IN THE SUBURBS:

what are your

options?

SPECIAL EDITION

YFH Cover FEB2012_FEB14.indd 1

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002-Brookfield 02-11-12.indd 1

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Choose where your life storey will play out.

BATHURST ST.

Fabrik

Fabrik

Pear

DUPONT

UNIVERSITY AVE.

N

SPADINA AVE.

BATHURST ST.

QUEEN ST.

RICHMOND ST.

SITE

KING AVE. FRONT ST.

Fabrik

Pears

Gib

DUPONT ROXBOROUGH

DAVEN

PARK HO

YONGE

KING AVE.

YORKVILLE

SH

BAY

RICHMOND ST.

BLOOR

FRONT ST.

Fabrik

N

PO

BATHURST. ST.

UNIVERSITY AVE.

SITE HAZELTON

SITE

PEARS

RT

SPADINA AVE.

N

AVENUE

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QUEEN ST.

Pears

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Savv

DUPONT

BLOOR

PARK HOM

SHEPPARD AVE. E.

HWY. 401

GLENDORA AVE.

Life storeys. life storeys Prices and specifications are subject to change without notice. E.&O.E. February 2012. 17099

4 your first home 2012

004-Menkes-Corp 02-11-12.indd 4

BATHURST. ST.

SUBWAY

N EMPRESS AVE. BAYVIEW AVE.

YORKVILLE

MENKES CONDO CENTRE SHEPPARD AVE. W.

F

FINCH AVE. E.

SHEP

BAY

KING AVE.

BATHURST. ST.

PARK HOME AVE.

YONGE ST.

SITE

N

PO

YONGE

UNIVERSITY AVE.

DAVEN

HAZELTON

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SITE

RICHMOND ST.

FRONT ST.

FINCH AVE. W.

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RT

SITE

ROXBOROUGH

N

AVENUE

BATHURST ST.

QUEEN ST.

2/7/12 11:27:30 AM

H

Menkes High-Rise Storeys

Menkes Low-Rise Storeys Fabrik

Pears

Gibson

Savvy

One Sher

Bloom

Enclaves/Geo

DUPONT

BLOOR

Towns Bathurst St. & Finch Ave., North York Savvy | 416.642.8955

DREWRY AVE.

THE WEST MALL EVA

NS

THE QUEENSWAY

SALES OFFICE & MODEL .

SUITE

AVE

WINSTON CHURCHILL BLVD.

YONGE ST.

SITE DON LAKE GATE ANTIBES DR. HWY. 401 SITE

BAYVIEW AVE.

STEELES AVE. AVE. E. SHEPPARD

DUNDAS ST. W.

SIDEROAD 17

SUBWAY

EMPRESS AVE. YONGE ST.

BATHURST. ST.

GLENDORA AVE.

HWY. 401

MENKES CONDO CENTRE SHEPPARD AVE. W.

DUFFERIN ST.

SHEPPARD AVE. E.

BATHURST ST.

SUBWAY

BATHURST. ST.

YONGE ST.

UNIVERSITY AVE.

MENKES CONDO CENTRE SHEPPARD AVE. W.

Life, naturally wonderful.

Pears

N PARK HOME AVE.

EMPRESS AVE.

BAY

Fabrik

YONGE

YORKVILLE

FINCH AVE. E.

N

PARK HOME AVE.

Coming Soon – Bloom Park Towns

FRONT ST.

FINCH AVE. W.

FINCH AVE. E.

SITE

N

PO

N O RT H YO R K

KING AVE.

Spadina & Richmond Register at menkes.com

DAVEN

HAZELTON

SPADINA AVE.

SITE

RICHMOND ST.

SITE

Coming Soon

PEARS

RT

TO R O N TO

N

AVENUE

BATHURST ST.

QUEEN ST.

FINCH AVE. W.

BAYVIEW AVE.

ROXBOROUGH

SITE

H ELP GU LAKESHORE BLVD. MOUNTAINVIEW

10TH LINE

MACFARLANE DR.

GLENDORA AVE.

FINCH AVE. SHEPPARD AVE.

Gibson Register at menkes.com

MAIN ST. S.

401

One Sher

4 Seasons

DUPONT

EVA

NS

.

SALES OFFICE & MODEL SUITE

GARDINER EXPY.

BAY AVE.

HAZELTON AVE.

DAVENPO

SALE OFFIC

SCOLLARD

4 Seasons

SHEPPARD AVE.

Guelph St. & MacFarlane Dr., Georgetown401 Register at menkes.com | 416.642.8955

MAIN ST. S.

427

BLOOR ST

SITE

10TH LINE NINTH LINE

GARDINER EXP EVANS AVE.

QEW BROWNS LINE

One Sher

T.

HS

ELP

GU

MOUNTAINVIEW RD. S.

10TH SIDE RD.

YONGE ST.

DUFFERIN ST.

SavvySemi Links & Singles

SITE

MACFARLANE DR.

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.

Gibson

WINSTON CHURCHILL BLVD. 10TH LINE

FINCH AVE.

AVE.

DIXIE RD

DREWRY AVE.

SITE

BOVAIRD DR. W.

LAKESHORE BLVD.

STEELES AVE.

DON LAKE GATE

EVANS

SIDEROAD 17

BATHURST ST.

GLENDORA AVE.

ANTIBES DR. setting.

An exclusive community in a forested

Pears

AVE

Humber

SITE

HWY. 401

Coming Soon – The Enclaves Of Upper Canada

Fabrik

THE EAST MALL

HWY. 427

THE QUEENSWAY

AVENUE RD.

SHEPPARD AVE. E.

N

Enclaves/George

BAYVIEW AVE.

YONGE ST.

MENKES CONDO CENTRE SHEPPARD AVE. W.

DUNDAS ST. W.

THE WEST MALL

SUBWAY

BATHURST. ST.

SUBWAY

BATHURST. ST.

SHEPPARD AVE. E.

AVE. GHWY. E 401 O R G E TGLENDORA O WN

BLOOR

FRONT ST.

N EMPRESS AVE.

T MALL THE WES

YORKVILLE

KING AVE.

MENKES CONDO CENTRE SHEPPARD AVE. W.

FINCH AVE. E.

Bloom

PARK HOME AVE.

EMPRESS AVE.

BAY

Where Yorkville meets the Annex.

Starting from $380,990 menkes.com | 416.323.0100

N

PARK HOME AVE.

YONGE ST.

UNIVERSITY AVE.

RICHMOND ST.

SITE

FINCH AVE. W.

FINCH AVE. E.

SITE

N

PO

YONGE

SPADINA AVE.

DAVEN

HAZELTON

BATHURST ST.

SITE AVENUE

Under Construction

FINCH AVE. W.

PEARS

RT

TO R O N TO

N

BAYVIEW AVE.

ROXBOROUGH

QUEEN ST.

HOMER AVE.

EIGHTH LINE

LAKESHORE BL

DUPONT

BAY

Savvy

Bloom One Sher

HAZELTON AVE.

BAY AVE.

THE EAST MALL

YONGE ST.

QEW

427

BOVAIRD DR. W.

LAKESHORE BLVD. W.

N YONGE ST.

BAY AVE.

AVENUE RD.

HAZELTON AVE.

THE EAST MALL

HWY. 427

UPPER MIDDLE RD. W. EIGHTH LINE

SALES OFFICE

EVA

NS

AVE

.

Millstone

Somerset

EVANS

427

TAUTON RD.

UPPER MIDDLE RD. W.

SCOLLARD ST.

EIGHTH LINE Starting from the mid $300’s YORKVILLE AVE. menkes.com | 905.825.3619

SITE

HWY 403

YONGE ST.

10TH LINE PH ModernGUELTownhomes SALES MOUNTAINVIEW RD. S. LINE HOMER AVE. OFFICE Dundas St. W., NINTH east of Bronte Rd., Oakville

MACFARLANE DR.

TRAFALGAR RD.

BRONTE RD.

SITE

ROSSLAND RD.

MAIN ST. S.

AVE.

LAKESHORE BLVD.

407

QEW

LAKESHORE BLVD. W.

BLOOR ST.W.

4 Seasons Enclaves/George

Humber

Millstone

Somerset

401

facebook.com/MenkesLife

EIGHTH LINE

@MenkesLife

Starting from LAKESHORE BLVD. W. $354,990 menkes.com | 905.428.0500

QEW

TAUTON RD.

SITE

WILLIAMSON DR.

LAKE RIDGE RD.

SALEM RD.

30', 34', 37' & 42' Detached Homes HOMER AVE. Salem Rd., N. & Williamson Dr. E., Ajax UPPER MIDDLE RD. W.

HWY 7

AUDLEY RD.

NINTH LINE

BLOOR ST.W.

MAIN ST. S.

SITE

HWY 403

SITE

WESTNEY RD.

GU YORKVILLE AVE. MOUNTAINVIEW RD. S.

QEW

TRAFALGAR RD.

ST.

BRONTE RD.

H ELP

THE QUEENSWAY

A serene and convenient location where a beautiful GARDINER EXPY. DUNDAS ST. W. spectrum of homes accommodates every family.

EVANS AVE. 427

YONGE ST.

SITE

Phase 4 Grand Opening – Somerset South

BROWNS LINE

BOVAIRD DR. W.

10TH LINE

WINSTON CHURCHILL BLVD. SCOLLARD ST. MACFARLANE DR.

SITE

GLENDORA AVE.

10TH SIDE RD.

YONGE ST.

DUFFERIN ST.

10TH LINE

SALES OFFICE

N

.

DIXIE RD

AVE. E. ExclusiveSHEPPARD residences defined by GARDINER EXPY. DON LAKE GATE DREWRY AVE. SITE Four Seasons’ personalized services.

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SHEPPARD AVE. W.

T RD.

BAY AVE.

STEELES AVE.

SALES OFFICE EVA NS & MODEL AVE .

SUITE

DAVENPOR

SIDEROAD 17 HAZELTON AVE.

THE QUEENSWAY

THE EAST MALL

HWY. 427

N

AVENUE RD.

BAYVIEW AVE.

Move in Summer 2012

MENKES CONDO CENTRE

DUNDAS ST. W.

BATHURST ST.

SUBWAY

N

EMPRESS AVE.

YONGE ST.

BATHURST. ST.

BAYVIEW AVE.

YONGE ST. SHEPPARD AVE. E.

FINCH AVE. E.

TO R O N TO

PARK HOME AVE.

T MALL THE WES

SUBWAY

N EMPRESS AVE.

THE WEST MALL

AJAX FINCH AVE. W.

FINCH AVE. E.

ROSSLAND RD. 407

menkes.com 2012 your first home 5

004-Menkes-Corp 02-11-12.indd 5

SALEM RD.

WESTNEY RD.

BOVAIRD DR. W.

SIDEROAD 17

HWY 7

DUNDAS ST. W.

QE

BROWNS LINE

SALES OFFICE & MODEL SHEPPARD AVE. SUITE GARDINER EXPY.

ST.

10TH SIDE RD.

FINCH AVE.

10TH LINE

SITE

BAY AVE.

YONGE ST.

N

THE QUEENSWAY

Live in prestigious Oakville with shopping, EXPY. GARDINER DAVE parks and walking N trails at your doorstep.

WINSTON CHURCHILL BLVD. NPORT RD. EVANS AVE. W

401

GLENDORA AVE.

BLOOR ST.W.

Humber

Now Open – Millstone on the Park

HAZELTON AVE.

BATHURST ST.

DON LAKE GATE DREWRY AVE. THE QUEENSWAY ANTIBES DR. SITE

YORKVILLE AVE.

O A KVI L L E

DUNDAS ST. W.STEELES AVE.

SITE

One Sher Bloom

SITE

HOMER AVE.

AVE.

Enclaves/George 4 Seasons

AVENUE RD.

SHEPPARD AVE. E.

BAYVIEW AVE.

AVE. E. SHEPPARD AVE. W. Life in all SHEPPARD directions.

Across from Sherway Gardens.

GLENDORA AVE. Starting from $245,990 HWY. 401 HWY. 401 onesherway.com | 416.695.3535

SHEPPARD AVE. W.

DUNDAS ST. W.

SCOLLARD ST.

LAKESHORE BLVD.

THE EAST MALL

SUBWAY

MENKES CONDO CENTRE

EMPRESS AVE. YONGE ST.

Under Construction

BATHURST. ST.

BAYVIEW AVE.

PARK HOME AVE.

GARDINER EXPY.

EVANS

HWY. 427

N

N

YONGE ST.

YONGE

HAZELTON

OR

MENKES CONDO CENTRE

FINCH AVE. E.

SALES OFFICE & MODEL .

SUITE

AVE

.

DIXIE RD

RT YORKVILLE

BATHURST. ST.

PARK HOME AVE.

SUBWAY

SITE E TO B I C OEMPRESS K E AVE.

N

PO

FINCH AVE. W.

FINCH AVE. E.

NS

SITE

NINTH LINE

GARDINER EXPY. EVANS AVE.

QEW 10TH LINE

L

DAVEN

FINCH AVE. W.

THE QUEENSWAY

EVA

T MAL THE WES

ROXBOROUGH

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GU

MOUNTAINVIEW RD. S.

Towns SHEPPARD AVE. MAIN ST. S. 401 Browns Line & Evans Ave. South, Etobicoke DUNDAS ST. W. N Register at menkes.com | 416.642.8955DAVENPORT RD.

GLENDORA AVE.

HWY. 401

DUFFERIN THE WESTST.MALL

Gibson

ST.

SITE

BAY

G AVE.

ONT ST.

BAYVIEW AVE.

SHEPPARD AVE. E.

SHEPPARD AVE. W.

FINCH AVE.

H ELP

TRAFALGAR RD.

A private and intimate townhome enclave.

THE WEST MALL

SUBWAY

MENKES CONDO CENTRE

EMPRESS AVE. YONGE ST.

BAYVIEW AVE.

SHEPPARD AVE. E. SHEPPARD AVE. W. It’s how you live.

Just steps from the subway at Yonge and Sheppard.

YORKVILLE GLENDORA AVE. Starting from $299,990 BLOOR HWY. 401 menkes.com | 416.730.1600

BATHURST. ST.

SUBWAY

BATHURST. ST.

YONGE ST.

UNIVERSITY AVE.

N PARK HOME AVE.

SITE

MACFARLANE DR.

.

FINCH AVE. E.

N EMPRESS AVE.

WINSTON CHURCHILL BLVD.

10TH LINE

BLOOR ST.W. THE QUEENSWAY

BRONTE RD.

DREWRY AVE.

YONGE ST.

DUFFERIN ST.

DON LAKE GATE ANTIBES DR.

YORKVILLE AVE.

DIXIE RD

YONGE

HAZELTON

MENKES CONDO CENTRE

Millstone

SCOLLARD ST.

L

RT

AVENUE

Move in Spring 2012

HMOND ST.

SALES OFFICE

AVE.

10TH SIDE RD.

BATHURST ST.

STEELES AVE.

OneComing Sher Soon – Humber Mews 4 Seasons

FINCH AVE. W.

FINCH AVE. E.

SITE PARK HOME AVE.

NPO

T RD.

T MAL THE WES

N O RTH YO RK N DAVE

SITE

GARDINER EXPY.

LAKESHORE BLVD.

E T O B I C O KE

Savvy

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PEARS

SALES OFFICE & MODEL .

SUITE

AVE

N

DAVENPOR

Humber

BROWNS LINE

GLENDORA AVE.

HWY. 401

DUPONT

N

NS

SIDEROAD 17

GLENDORA AVE.

HWY. 401

SITE

EEN ST.

EVA

EVANS

Gibson

ROXBOROUGH

THE QUEENSWAY

SITE

BAY

Pears

Enclaves/George

AVENUE RD.

SHEPPARD AVE. E.

SHEPPARD AVE. W.

N

HWY. 427

SUBWAY

EMPRESS AVE. BAYVIEW AVE.

SHEPPARD AVE. E.

SHEPPARD AVE. W.

MENKES CONDO CENTRE

DUNDAS ST. W.

THE WEST MALL

N PARK HOME AVE.

Bloom

YONGE ST.

North York City Centre’s most desirable condos withKINGdirect subway access.

YORKVILLE AVE. Starting from $362,990 BLOOR FRONT ST. menkes.com | 416.730.9722

FINCH AVE. E.

N EMPRESS AVE. YONGE ST.

RICHMOND ST.

YONGE

AVENUE

Under Construction SITE

MENKES CONDO CENTRE

FINCH AVE. W.

FINCH AVE. E.

BATHURST. ST.

PARK HOME AVE.

SUBWAY

SITE

N

PO

BATHURST. ST.

DAVEN

HAZELTON

SPADINA AVE.

SITE

RT

BATHURST ST.

FINCH AVE. W.

PEARS

UNIVERSITY AVE.

N

BAYVIEW AVE.

ROXBOROUGH

QUEEN ST.

N O RTH YO R K

2/7/12 11:27:31 AM

SITE

WILLIAMSO

p.15

IAL SPECSECTION: O COND

N URBIA G LIV N

006-007 ContentsFeb2012.WK.indd 1

2012 TABLE of CONTENTS 08

Community Profile

10

Editor’s Note

14

Community Profile

New model homes opening at Menkes’ Somerset in Ajax When buying your first home, preparation is key Landscapes... a new Tribute Community in Brampton

15

Urban Living

16

Community Profile

18

Urban Living

Special Condo Section Where to buy: Eleven Superior in Mimico by-the-Lake 5 tips for maximizing your small space

21

Community Profile

24

Cover Story

Fieldgate Homes’ Bond Lake now under construction Condo in the city or lowrise in the suburbs: what are your options?

27 Southwestern Ontario

New homes and condos in Southwestern Ontario

30

Community Profile

31

Home Search

Master-planned excellence at Reid’s Heritage Homes’ Preston Meadows Pinpointing the perfect location for your new home

2/7/12 7:00:19 PM

YOUR FIRST

HOME&CONDO VICE-PRESIDENT, NATIONAL REAL ESTATE

Jacqueline Hill

SALES MANAGER, NEW HOME GUIDE GTA, NEW CONDO GUIDE, HOME DÉCOR AND RENOVATIONS

Conni Robinson

EDITOR-IN-CHIEF, NATIONAL REAL ESTATE

Susan Legge

ART DIRECTOR

Sarah Jang EDITOR

Wayne Karl CONTRIBUTING EDITORS

Sara Duck (on leave) Elisa Krovblit Lydia McNutt

08

ASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO, LIFESTYLE COMMUNITIES

Susan Maxwell

SENIOR ACCOUNT EXECUTIVES

Nina Downs Dionne Fraser Sue Zarovski

SALES & MARKETING CO-ORDINATOR

Sandra Begenisic

DIRECTOR OF PRODUCTION

Bala Gnanapandithan

PRODUCTION CO-ORDINATOR

Mohammad Haidarpour GRAPHIC DESIGNERS

Debbie Loo Caroline Wassef

DIRECTOR OF CIRCULATION

Brian Master

31 34 36 40 44

Legally Speaking

New-home buying: your step-by-step guide Finances

Homebuying costs: make sure you do all the math Mortgage Basics

What you need to know about mortgages – before you buy Community Profile

East or west, Senator value is your best bet

006-007 ContentsFeb2012.WK.indd 2

YOUR FIRST HOME & CONDO

500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 ADVERTISING: Call 416.626.4200 for advertising rates and information.

46

Expert Advice

Ten common buying mistakes and how you can avoid them

50

Money Matters

52

Designer Advice

To consolidate or not to consolidate?

Design of the times: decor trends for 2012

CIRCULATION Distribution 21,500 copies available at the Kismet Wedding Show; National Home Show, International Home Show and by consumer request and with Wall2Wall Media’s city-wide distribution network through TDS, Shoppers Drug Mart and Metro.

COPYRIGHT 2012 All rights reserved by Wall2Wall Media Inc., Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law.

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 please PUBLISHED BY:

Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.

2/7/12 7:00:38 PM

Community Profile

menkes developments

New model homes grand opening in

Menkes’ Somerset Community in Ajax

M

enkes Developments is proud to announce the grand opening of three new model homes in Durham’s Community of the Year – Somerset in Ajax. This community is a serene and convenient location where a beautiful spectrum of homes accommodates every family.

It’s a warm local setting with vibrant landscapes, friendly neighbours and great amenities.

Stroll through the three new designer decorated model homes at Somerset, one each designed in Contemporary, Eclectic and Traditional styles. Discover the elegance of clean and functional design, enhanced with exquisite features such as granite countertops, fine kitchen cabinetry with tall uppers, sumptuous ensuites, hardwood flooring and more. In total, there a six fabulous model homes that showcase functional layouts and superior finishes.

Menkes has also just released a spectacular new phase of homes in Somerset. The Grand Opening of Phase 4 is now underway, featuring a magnificent array of detached home designs in three distinctive architectural styles: French Country, Georgian and Colonial, with sizes ranging from 1,700 to more than 3,000 sq. ft. This idyllic community has a great selection of 30-, 34-, 37- and 42-ft. fully detached two-storey homes and 42-ft. bungalows with loft designs situated on quiet streets.

Overall, the master-planned community has been widely appreciated for its brilliant planning and masterful design, maintaining a pleasant and cosy atmosphere with lovely streetscapes featuring a wide variety of home styles and designs. Charming streets lined with trees and greenspaces keep residents connected by recreating the atmosphere of a small-town Canadian community.

Amajor attraction within walking distance is Somerset Plaza, a dynamic shopping destination by Menkes featuring a 50,000-sq.-ft. Metro grocery store, a large-format Shoppers Drug Mart, a TD Canada Trust, an LCBO and more.

Other nearby include the Durham Centre and the McLean Community Centre.

All the homes at Somerset come with an upscale array of standard features, including: oak staircases from the first to second floor with upgraded pickets, low-E argon white vinyl casement windows on the main and second floors, decora switches, upgraded attic and wall insulation to reduce heating and cooling costs and a paved driveway.

All Somerset purchasers receive a free consultation with a professional design consultant at the Menkes Home Design Studio.

Menkes was honoured with one of the top prizes at the 2011 Durham Region Home Builders’ Association (DRHBA) Awards of Excellence. Somerset won the highly coveted Community of the Year Award by offering the highest combination of overall product quality, site selection, aesthetic merit, innovation in design and planning, advertising and on-site presentation.

With Somerset’s award-winning designs and ideal location, it’s no wonder this community is spectacular success. Now under construction, Phase 3 sold quickly and limited lots are still available for spring 2012 closings.

Visit the Somerset model homes and sales office, at the southeast corner of Salem Road and Williamson Drive East, north of Rossland Road and South of Taunton Road, Monday through Thursday from 1 to 8 p.m., closed Fridays and open Saturdays and holidays from 11 a.m. to 6 p.m., and Sundays from noon to 6 p.m.

For more information, please call 905.428.0500 or visit menkes.com

8 your first home 2012

008 CP Menkes-Somerset.WK.indd 8

2/7/12 6:37:38 PM

Some repairs should be left to the experts.

Introducing Comfort Value Bundles from Reliance.™ Worry-free coverage on some of the most important equipment in your home.

Even in a new home, costly repairs to essential equipment such as your water heater, furnace and A/C aren’t as rare as you’d think. That’s why we’ve developed our new Comfort Value Bundles – three bundled rental offerings, featuring best-in-class heating, cooling and air filtration products along with water heating rental equipment, that deliver complete peace of mind: • No repair bills*

Imagine never having to tackle repairs to some of the most important pieces of equipment in your home again.

Don’t settle for anything less than 100% coverage. Ask your preferred builder if they offer Comfort Value Bundles from Reliance today.

• Live telephone support, 24/7/365 • Ease of renting • Reliable, trusted brands • Large network of licensed technicians

* Subject to standard terms and conditions.

TM

“Reliance”, “Reliance Home Comfort”, “The Right Call. Guaranteed.” and the Reliance Home Comfort logo are trademarks of Reliance Comfort Limited Partnership.

2012 your first home 9

rhc tool house ad 0909.indd 1 009-Reliance-HomeComfort 06-26-10.indd 9

9/4/09 3:51:37 PM 2/7/12 11:27:33 AM

Editor’s Note

W

When making one of the most important decisions of your life,

preparation, knowledge and information are key

elcome to Your First Home & Condo, and an important first step toward buying your first home – educating yourself. As we discuss in this issue, information and preparation are key in becoming a homeowner. From the moment you make the decision to buy, to getting your finances in order, to learning about mortgages, to when you start looking at homes, the excitement grows at every step.

This year, we’ve added the word “Condo” to the title of this publication, as well as some related content, to reflect an increasingly prevalent property choice for many first-time buyers – condominiums. But they aren’t the only option. Whether in the GTA or one of the many areas in Southwestern Ontario, there are some excellent lowrise homes available to first-time buyers – if you know what to look for and where to search.

Without question, buying your first home can be an emotional experience, from the highs of closing a deal to the lows of missing out on a home you really wanted, and everything in between. There will be houses you fall in love with, communities you really want to live in and neighbours you can envision befriending. When you find all three together, you may be tempted to go “all in.”

As exciting as all of that is, it’s important to not let your emotions get carried away – to buy more with your heart than your head. That’s why you should take your time, do your research and conduct due diligence on every development, community, builder and home you consider.

In Your First Home & Condo, we’ve tried to address all of these important issues you need to explore, and all the steps involved in becoming a homeowner. Once you’ve completed this part of your education, pick up one of our sister publications – New Home Guide (GTA and Southwestern Ontario editions), New Condo Guide, Resale Home & Condo Guide – or visit our website HomeTrader.ca – to see what new-home builders and the resale market have to offer.

We’re confident you won’t be disappointed, and you’ll be well on your way to making one of the most important decisions of your life.

Drop us a line and share your experience with us.

Wayne Karl, editor

wayne.karl@wall2wallmedia.com

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BRADFORD

BRAMPTON

COMING SOON TO KLEINBURG

MARKHAM

MARKHAM

8th Line & 10th Side Rd.

Mississauga Rd. North of Steeles

Register at KleinburHills.com

Major Mackenzie & McCowan

East of McCowan, South of Major Mackenzie on Roy Rainey

NEWMARKET

NOBLETON

RICHMOND HILL

VAUGHAN

WOODBRIDGE

commons

H E I G H T S

THE

POINT AT WOODBRIDGE

Bathurst St., South of Green Lane

East side of HWY 27 just North of King Rd.

Bathurst & King (Sales office Bathurst South of Teston)

West side of Bathurst just South of Teston Rd.

North side of Major Mackenzie just West of Weston Rd.

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12 YOUR FIRST HOME 2012

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Community Profile

tribute communities

Landscapes… a new Tribute Community in Brampton W

hen it comes to creating exceptional homes and neighbourhoods, Tribute Communities knows the recipe for success. Tribute put this expertise to good use when creating its new offering of family-sized homes in Brampton: Landscapes of Sandringham Community. Located on Countryside Drive, just west of Dixie Road adjacent to the rich natural beauty of the Heart Lake Conservation area, yet minutes away from schools, Hwy. 410, and all the conveniences of Brampton, Landscapes offers the best of all worlds.

Landscapes is a complete master-planned community, offering a wide selection of townhomes, semi-detached and fully-detached homes. Starting from $346,990, Landscapes offers a wide variety of designs to choose from.

Homes will be built with distinctive Georgian, Colonial or Tudor exteriors and feature impressive elevations of clay brick with stone accents. The interiors are just as beautiful! Popular features such as nine-ft. ceilings and imported ceramic tiles are accentuated by the finishing options from Tribute’s Décor Studio. Inside and out, these homes reflect the contemporary style and high quality construction that’s made Tribute Communities one of the most wellregarded home builders in the GTA. While there’s no doubt that the team at Tribute Communities is committed to building high quality homes, what really sets them apart is their commitment to building vibrant, living neighbourhoods. Landscapes of Sandringham Community honours this commitment to the fullest with a wide variety of pleasing streetscapes and a park and elementary school within the community.

Schools, shopping malls, golf courses, restaurants and movie theatres can all be found within a five-minute drive. Those looking for a more naturethemed outing will love the neighbouring Heart Lake Conservation Area.

This unique gem is centred on a pristine kettle lake that is surrounded by dense, mature forest; great for family outings, Heart Lake offers swimming

and canoeing with more than eight kilometres of hiking trails and picnic facilities.

Since it was established 30 years ago, Tribute Communities has built more than 25,000 homes across the GTA. Tribute has reached this milestone by providing consumers with exceptional homes and communities adorned with unforgettable features and finishes and constructed using the finest possible materials. Tribute’s belief in great customer service has helped the company garner some of the industry’s most prestigious awards for customer satisfaction. These accolades have come from highly regarded organizations such as the Tarion Warranty Corp. and JD Power and Associates. The centrepiece of Tribute’s customer service is its Total Service policy, which includes 24hour service response.

For more information on Landscapes and other Tribute Communities, visit mytribute.ca

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VO L UME TW O I S S UE ONE

SPECIAL CONDO SECTION

5maximizing your small space TIPS FOR

DESIGN, DÉCOR &

GOING GREEN

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WHAT IT WILL COST &

HOW TO PREPARE

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Community Profile

davies smith developments

“Where to Buy Now”

ELEVEN SUPERIOR in Mimico by-the-Lake

M

imico took the No.1 spot in Toronto’s Life 2012 “Where to Buy Now” Real Estate Guide, as this historic waterfront enclave is quickly becoming a hot bed for Torontonians who want it all – the serenity of lakeside living while staying close to downtown action.

Mimico boasts the charm of a small town and provides easy access to major transit (GO, TTC, Gardiner Expwy). Most notably, it holds the trophy for a waterfront revitalization plan that’s right on schedule.

Located on Toronto’s west-side south of the highway, Mimico is one of the city’s oldest waterfront neighbourhoods and is one of the few spots that has unobstructed access and views to the lake.

The neighbourhood is also home to number of lowrise bungalows and two-storey homes with generous greenspace. Anchored by a walkable main street along Lake Shore Blvd., Mimico offers many urban conveniences, including freshly roasted coffee at Birds & Beans, live Jazz at Gallery Studio Cafe and contemporary Quebec-style cuisine at Café du Lac bistro – all just steps from the lake.

Located right in the heart of it all is Eleven Superior by Davies Smith Developments. Standing elegantly on the prominent corner of Superior Ave. and Lake Shore Blvd.

West, the intimate nine-storey mid-rise condominium is attracting first time homebuyers and empty nesters from the area as well as young professionals from downtown.

Designed by award-winning architecture firm RAW Design, Eleven Superior’s carefully articulated curved corner façade features selected brown brick and stone that blends with the surrounding streetscape. One-hundred and 32 modern suites and 3,885 sq. ft. of storefront, Eleven Superior is the much-anticipated project that helped kick-start the revitalization of Mimico by-the-Lake, Toronto’s Life’s No. 1 rated waterfront gem.

Take advantage of Eleven Superior’s remaining selection of suites starting at $411 per sq. ft., a price absolutely unheard of in the GTA! Starting from the low $200,000s, Eleven Superior offers one- to two-bedroom plus den suites and townhomes, with kitchen upgrades, locker and parking included. Limited time offer.

The Eleven Superior Presentation Centre is located at 2398 Lake Shore Blvd W. Open Monday to Wednesday noon to 7 p.m.; Saturday and Sunday 11 a.m. to 5 p.m.; Thursday and Friday by appointment only. For more information, please call 416.259.8882, contact info@elevensuperior.com or visit elevensuperior.com

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Urban Living

5 tips for maximizing your small space by yanic simard

Weather you’re styling your cosy

condo, or just your petite powder room, small-space decorating can be made easy if you go about it in the right way. No matter what the scale of the project, some planning is always required. An undersized area needs an immense amount of thought, resulting in a fully functional and practical, warm and liveable space. Here are five tips to take into consideration when designing your tiny quarters:

1

Multi-purposing If you have a very small space, you may not have separate living and dining areas.

Combine the two by purchasing a high streamlined sofa or sofa bed and a few side chairs that can be tucked away when not in use. When dining, bring the chairs in toward the sofa and place a round dining table in the middle. If you decide to go with the option of the sofa bed, this room is now not only a living and dining room, but also a

guest bedroom. Also consider multi-purpose furniture – a large ottoman with a top that opens can serve as a coffee table, extra seating and even as storage for blankets and pillows.

2

Proportions If your furniture is oversized in comparison to the area it’s in, you will not get maximum use out of every inch of your home. Choosing furniture that is proportionate to the space is key when designing your place. Don’t fall in love at first sight. Bring a measuring tape (which should be or will become your best friend when furnishing a small space) with you when you go shopping and if the piece is too big just walk away!

You’ll find something better!

3

Contain the clutter Practical storage solutions are a must when space is limited, so make use of your vertical space. Closet organizers will save your life! Floor-

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to-ceiling wall units and bookshelves are also a great way to make use of the vertical space in your home, and can also be a great place to store items and to show off some of your prized possessions.

4

Open furniture Furniture that has legs tends to create a feeling of more openness in a space. Having a few pieces with closed bottoms, such as an ottoman or a favourite armchair, is okay. But the majority of your pieces should be open at the base. Transparent furniture is also a personal favourite of mine to use in small spaces, for example, the ghost chair.

5

Visual flow Visual flow is the path your eyes take when looking at something as a whole. Your eyes should not focus on one particular area of the home. Your space should balance, creating harmony. I create harmony by using a combination of elements, like a variety of textures. Mix different fabrics, like silk, chenille, linen, suede, velvet and sheers all together in monochromatic tones. I’m also known for painting the walls and trim work the same colour, the walls in matte but the trim in semigloss. Maintenance plays a big role in creating harmony, visual flow will be obstructed if you’ve got a clutter, you need keep everything simple, clean and organized.

Designing your small space may feel like a challenge at first, but if you tackle it in the right way you’ll be amazed with the results, and how it ends up not feeling like a small space after all. An undersized area needs an immense amount of thought, resulting in a fully functional and practical, yet warm and livable space.

Yanic Simard is the principal designer of the Toronto Interior Design Group. Specializing in residential and commercial projects, Simard often applies his signature high/low and old/new combination design techniques in developing unique designs.

Simard has created designs for clients in Toronto, Montreal and Miami, and has appeared as a regular guest expert on Citytv’s CityLine. For more information visit tidg.ca 2012 your first home 19

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Oshawa’s best-designed semis & singles are back.

New phase of semis and 36 ft. lot homes up to $200,000 less than GTA prices From semis to singles, your homebuying dollar gets you so much more in Great Gulf’s hugely successful Stonecrest neighbourhood in Oshawa.

With 3 Mike Niven-designed model homes now open, the time is right for you to discover the best new home value in the GTA.

Taunton Rd. west of Harmony Rd. Harmony Rd.

Clearbrook

Wilson Rd.

Thickson Rd.

Hwy. 7/Winchester Rd.

Semi-detached homes 1,450 - 1,900 sq. ft. from

$251990

Taunton Rd. Hwy. 401

36 ft. detached homes 1,675 - 2,425 sq. ft. from

$312990

1-888-579-7235 Sat. & Sun. 11am - 6pm • Mon. - Thurs. 1 - 8pm • Closed Fri. Model homes close 30 minutes prior to sales centre.

Prices and specifications subject to change without notice. E. & O.E. Illustrations are artist’s concept.

All square footages are approximate. Actual usable space varies from stated floor area.

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Community Profile

FIELDGATE HOMES

Fieldgate’s Bond Lake Now under construction

W

hen it comes to designing exceptional homes, Fieldgate Homes is one of the GTA’s very best. This is a company that is well known for creating homes that stand the test of time – in communities that offer magnificent locations, exceptional home styles and the highest standards of building quality. Fieldgate’s Bond Lake Village community in Richmond Hill is the perfect example. An exciting new release of townhomes, starting from $389,990, is presently underway.

This stunning collection of townhomes at Bond Lake Village – an established family community located at Yonge St. and Old Colony Rd. offers a variety of all-brick three-storey towns from 1,485 to 1,902 sq. ft. built in a breathtaking ravine setting. There are nine different plans from which to choose, all three-bedroom designs with home offices and great rooms.

And what an incredible community! Built around beautiful rolling terrain, forested ravines, lush natural surroundings and the vital amenities of Richmond Hill, it’s no wonder that Bond Lake is such a popular community.

Bond Lake Village is a true family community – where neighbours know each other by name; the ideal neighbourhood for people who want a beautiful home in an exceptional community.

Fieldgate Homes is a private family business with three generations working closely together. The company believes that building great communities is as important as building spectacular homes. Fieldgate plans its sites with the utmost care to create great neighbourhoods that seamlessly blend with nearby parks, playgrounds and open greenspaces.

At Fieldgate Homes, the values that exist at the very heart of the company are the same values that were there when the company first began more than five decades ago. Commitment to quality, uncompromising building standards and a sense of pride that permeates every aspect of their business are hallmarks of Fieldgate Homes.

Visit the Bond Lake Village sales centre on the northwest corner of Bayview Ave. and Old Colony Rd. in Richmond Hill. Open Monday to Thursday from 1 to 8 p.m., weekends and holidays 11 a.m. to 6 p.m., closed Fridays. Call 905.313.1021 to speak to a sales representative.

For more information about Fieldgate Homes, visit fieldgatehomes.com

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Cover Story

Where & what to buy

Condo in the city or lowrise in the suburbs: what are your options?

i

f you’re looking to buy your first home this year, you may be wondering where and what to buy: condo in the city or a lowrise in the suburbs? And what about those areas outside the GTA, in Southwestern Ontario?

Indeed, when you’re talking about some of Canada’s largest and historically strongest real estate markets, the options are plentiful.

Generally speaking, where and what you buy are largely determined by where you work, how much of a commute you want and whether transportation options include mass transit or driving only; how much you can afford; and the type of home you and your family need.

by wAYne KArL As for when to buy, a number of key factors are in your favour for 2012: • Interest rates are expected to remain low • In the GTA, the housing market is coming off a strong 2011, and is forecast to do well again this year • Similarly, many areas of Southwestern Ontario – such as Hamilton, Niagara, Kitchener and London – continue to be top performers.

Consider, for instance, that ReMax forecasts a three-per-cent increase in sales activity for the GTA in 2012, and as much as five-per-cent gain in price appreciation.

Areas in Southwestern Ontario are also strong. In Hamilton-Burlington, for example, average prices grew by seven per cent in 2011, and are expected to grow another 3.5 per cent in 2012, ReMax says.

Also for Southwestern Ontario, the Canadian Real Estate Association reports that for December 2011 home sales in Cambridge reached near-record levels; and in Guelph, sales and prices both reached record levels.

Evidence of health of the GTA market also comes from RealNet Canada Inc. and the Building Industry and Land Development Association (BILD). In their latest strategic review of the GTA’s new-home (lowrise and highrise) markets for 2011, 45,926 new home sales were recorded – the second-highest yearly total in the region’s history, representing approximately $22 billion of real estate.

“The trend towards highrise housing forms, over more traditional lowrise product types, continued in 2011 as the sales of highrise new homes reached a yearly record of 28,466 units totalling $12.7 billion,” says RealNet Canada’s president, George M. Carras.

In 2011, new highrise home types reached a record high 62 per cent of all new-home sales, while the lowrise sector reached a record low 38 per cent, with a total of 17,460 sales representing $9.3 billion. Condominiums outsold traditional detached homes three to one.

“While total yearly new-home sales remained relatively constant over the last 10 years, the GTA has seen a near complete reversal in the form of those sales, shifting from lowrise to highrise,” says Carras.

The reason new lowrise home sales are trending down, particularly in singles, is not because the demand isn’t there, but because there are a limited number of units available, according to Shaun Hildebrand, senior market analyst for the GTA at Canada Mortgage and Housing Corp.

HiGHrise opportunities Highrise construction will dominate GTA housing starts in 2012 – with 19,000 to 23,000 units, compared to 12,000 to 16,000 in lowrise – CMHC says.

Condos have exploded in popularity in recent years, as they fill the void for affordable new homes, particularly close to the downtown core.

In terms of return on investment, Toronto condos have also performed well. The average annual appreciation over the last five years is seven per cent, Hildebrand says, and for pre-construction condos it’s 25 to 30 per cent over the last three years.

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GTA Three-year Price Appreciation (compared to GTA average) Less than 10% Caledon,

King, Essa, East Gwillimbury, Georgina, Brock

10-20% Milton,

Halton Hills, Brampton, Mississauga, Innisfil, Bradford-West Gwillimbury, Newmarket, Aurora, Whitchurch-Stouffville, Pickering, Ajax, Whitby, Oshawa, Scugog, Clarington

20-30% Burlington, More than 30% Richmond

Oakville, Vaughan, Markham, Uxbridge

Hill

Source: TREB, CMHC; city of Toronto includes pockets of all appreciation ranges

GTA Most and Least Affordable Areas (compared to GTA average) Less than 10% Essa, New Tecumseth, Innisfil, Lower by more than 25% Whitby, Oshawa, Clarington

Georgina, Brock, Ajax,

Lower by 0-25% Burlington,

Milton, Halton Hills, Mississauga, Brampton, Bradford-West Gwillimbury, East Gwillimbury, Pickering, Scugog

Higher by 0-25% Caledon,

Vaughan, Aurora, Whitchurch-Stouffville, Markham, Uxbridge

Source: TREB, CMHC; city of Toronto includes pockets of all affordability areas

According to the RealNet Price Index for highrise new homes, the average price per sq. ft. rose by four per cent over last year (to $529 per sq. ft.), while the average unit price was down two per cent from the previous year to $434,322. The highrise index size shrank by six per cent in 2011 to 820 sq. ft., a reduction of 52 sq. ft. from last year and 100 sq. ft. from just six years ago.

“It’s ironic to point to lower prices and smaller suites as signs of success, but that’s exactly what the numbers mean,” says BILD chair and executive vice-president of Empire Communities, Paul A. Golini. “They reinforce the shift we are seeing in the Greater Toronto Area’s new-home market towards increased highrise development, and the commitment of developers to meet this increased demand with quality, affordable housing. To achieve this, the industry’s developers, designers and architects have been forced to seek out greater efficiencies, creating smaller, yet more functionally designed units.”

The majority of the new condo activity in the GTA is centred in the 416 area but expanding into the 905. RealNet and BILD estimate that nearly one of every three new homes sold in the 905 in 2011 was a highrise.

In Southwestern Ontario, the highrise trend is gaining ground there as well. Hamilton, London, Kitchener, Waterloo and Burlington are among the areas that have large-scale condo projects underway. In Hamilton, for example, condo housing starts are expected to increase 6.7 per cent this year, according to CMHC. Southwestern Ontario: key markets at a glance Hamilton Average

home price, Nov. 2011: $342,005 Average home price, Nov. 2010: $310,492

Guelph Average

home price, Nov. 2011: $306,468 Average home price, Nov. 2010: $282,768

Kitchener Average

home price, Nov. 2011: $310,828 Average home price, Nov. 2010: $283,750

London Average

home price, Nov. 2011: $234,431 Average home price, Nov. 2010: $224,324

Source: Canadian Real Estate Association

Lowrise opportunities Not to say there are no lowrise opportunities in the 416 area of the GTA, but most of the activity takes place in the 905, with the highest new concentrations found in Brampton and Vaughan, Hildebrand says.

Townhomes are proving a popular choice in the lowrise category in the GTA and sales are trending up, since these homes are more affordable for buyers.

“In general, the construction of single-detached homes (in the GTA) will be limited due to rising population densities across the GTA, greenbelt boundaries, infrastructure capacities and provincial growth plans,” he says.

“A lot of the available supply is located in the Durham Region, so expect activity to begin shifting there to some extent in 2012.”

The Durham Region includes areas such as Oshawa and Clarington.

The result of this limited supply and high demand of lowrise homes in the GTA is rapid price growth – which may not be so good while you’re still shopping, but it bodes well for the value of your new home once you buy it.

The RealNet Price Index for lowrise new homes increased by 8.4 per cent over the last 12 months to $545,372.

In Southwestern Ontario, out of the confines of the city of Toronto where land is more plentiful, singledetached homes are still an affordable option, but semis and townhomes are also seeing healthy growth. In Hamilton, for example, housing starts in semis are expected to grow 66.7 per cent this year, and in townhomes by 18.2 per cent. In KitchenerWaterloo-Cambridge, construction in semis is forecast to grow 37.3 per cent, and in townhomes 14.8 per cent, CMHC says.

So, to answer the question: where and what to buy?

Be it a condo or lowrise, in the GTA or SWO, one thing is certain – you have plenty of excellent choices.

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Congratulations on your New Home COGECO CABLE and these New Home Builder partners would like to help you celebrate the purchase of your new home by offering you a SPECIAL PROMOTION

Save over $800.00 on Digital Cable, High Speed Internet and Digital Phone

Please call 1-866-216-0045 or email NewHomeBuilder@northerncallsolutions.com for more information 026-Cogeco 02-11-12.indd 8

2/7/12 11:28:03 AM

WELCOME TO

Southwestern Ontario The following pages feature new homes and condos from some of the area’s most prominent builders

PHOTO COURTESY OF EMPIRE COMMUNITIES

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A HERITAGE OF QUALITY AND TRUST. REID’S HERITAGE HOMES PROUDLY PRESENTS AN EXQUISITE SELECTION OF AFFORDABLE HOMES IN SOME OF THE FINEST FAMILY COMMUNITIES IN SOUTHWESTERN ONTARIO.

reidsheritagehomes.com 1-877-88- REIDS *Prices and specifications subject to change. See sales representatives for more details. E. & O.E. Renderings are artist’s concept. Feb, 2012.

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FINE

CONDOMINIUM

Bridge St.

St. An dre w

2 & 3 Bedroom Condominium Suites from the $190’s*

S t. t S A t. D er RT avid E Alb HU S LL VI Victoria R t.

GE Park AN A R R O 6 O e.

EL Av t. de nS lsy BeT gto in ow G ell e . U W St ELP r St. ra H Elo 6

519.787.18 47 ONE OF CANADA’S FIRST

LEED-CERTIFIED

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FERGUS

6

St.

LIVING

Welcome to a gorgeous midrise condominium community located in the heart of Fergus, steps from schools, shopping, the Fergus Market and the Center Wellington Community Sportsplex.

Discover a fine collection of new 3-bedroom Townhomes in an established Cambridge community.

These Energy Star® homes offer exceptional energy savings, sustainability and elegant living.

PRESTON M E A D O W S

CAMBRIDGE

New Release of 3-Bedroom Townhomes from the $240’s* Visit our Magnificent Model Home

EAGLE STREET

GUELPH’S

SIGNATURE

FAMILY COMMUNITY

N

G

ST R

Concession Rd.

FOUNTAIN STREET

Margaret St.

519.653.1506

KI

Wiliam St.

Agnes St. Dover St. N.

EE

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24

Come home to an established family community rich in character and distinctive in charm, with beautiful streetscapes, traditional values and a warm, friendly ambience.

Waterford Dr.

GUELPH

Final Phase of ENERGY STAR® Singles from the $370’s*

SALES OFFICE

519.265.0826 DESIGNED

WITH ELEGANCE, INSPIRED BY NATURE

Located off Fischer-Hallman Road, just minutes to highways, schools and shopping, Eby Estates is an inspired family community of beautiful detached homes, surrounded by scenic nature.

KITCHENER

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Scan here using your Smar tPhone to Discover Exclusive First-home Incentives!

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Community Profile

REID’S HERITAGE HOMES

MASTER-PLANNED EXCELLENCE AT

PRESTON MEADOWS C

onveniently located and affordable, Preston Meadows is a master-planned community by Reid’s Heritage Homes, an ideal choice for many homebuyers, particularly first-time purchasers.

Releasing its final phase in February 2012, this community offers threebedroom townhomes featuring ceramic flooring, oak handrails, privacy fencing and a plethora of energy efficiency features.

Preston Meadows is one of the country’s first LEED-ND (Leadership in Energy and Environmental Design for Neighbourhood Developments) certified communities, the rating system that integrates the principles of smart growth, new urbanism and Green building into the first national standard for neighbourhood design.

This master-planned community is a vibrant family enclave, consisting of 82 townhomes, all of which are Energy Star-certified. Homes feature energyefficiency products such as improved levels of insulation and exceptional air-sealing details.

Other efficiency products within each townhome include a highperformance duct system and drain water heat recovery system. They also come equipped with high-efficiency plumbing fixtures such as dual-flush toilets and low-flow faucets and showerheads to help preserve water. To help enhance indoor air quality and encourage a healthier living environment, all homes incorporate an HRV (Heat Recovery Ventilator) system and Energy Star-rated exhaust fans.

This neighbourhood will meet a high level of environmental responsibility and sustainability for families, now and into the future.

With the final phase of townhomes being released, the opportunity to live in this beautiful community is now. Preston Meadows homebuyers can choose between two thoughtfully designed floorplan options, including single car garages, a covered porch, a handsome exterior featuring brick, stonework and maintenance-free vinyl siding. Each plan offers central air, a main-floor powder room and a lovely open-concept kitchen/dining/ living area. Upstairs, along with three bedrooms and a four-piece bath, a handy laundry area includes a stackable washer and dryer.

Last but not least are Preston Meadows’ prime location and affordability factor. Located on Margaret St. in Cambridge, residents enjoy easy access to many nearby amenities and transportation routes, including Hwys. 401 and 24. With prices starting at just $243,900, it presents a viable option for budgetminded buyers.

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Home Search

Pinpointing the

perfect location for your new home

by WAYNE KARL

MASS TRANSIT, HIGHWAY CONSTRUCTION

and other infrastructure are key considerations when planning your purchase.

Ever notice how many developers boast their new community is “just minutes from shopping, schools and all the amenities!”?

And that “Everything you need is right at your doorstep”?

This is not just marketing gimmickry at work. These factors really matter, as such attractions are critical in determining a development’s appeal to buyers – for lifestyle and comfort while living there, as well as resale potential down the road.

However, one of those factors carries a little more weight than the others: proximity to infrastructure.

The federal and provincial governments have been spending billions on infrastructure improvements over the last few years to upgrade highways, transit systems, airports and other services such as health care. For housing developments, this means more and better access.

In such cases, it’s no exaggeration to say the infrastructure developments have allowed new communities to literally sprout up along the way.

Numerous studies throughout North America and elsewhere show that proximity to mass transit and highways has the most significant impact on property values, since it improves residents’ accessibility to a city’s central business district and other areas with employment opportunities.

The greatest benefit, according to Cutting Edge Research Inc., is for properties located within 500 metres of stations along new transit lines. Value enhancements can be 10 to 20 per cent higher for homes within this distance than those outside it.

“Distance is now measured in minutes, not kilometres,” says Don Campbell, president of Cutting Edge, summarizing a principle that homebuyers anywhere can follow: as people increasingly factor commuting times into their buying decisions, proximity to transportation is a top determining factor for both convenience and resale value.

While you’re out there shopping for your new home or condo, take a look around and see how close you are to the nearest highway, subway or light rail transit. Then follow the tracks to those housing projects and communities – and your new home – that will make a sound buying decision.

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KEY POINTS TO CONSIDER » Do you want to live in a city, a town or in the country? » Where do you work, and how easy will it be to get there and at what are the commuting costs?

» If you have or plan to have children, where will they go to school and how will they get there? » Do you want safe walking areas, recreational facilities or other amenities such as shopping nearby?

12 QUESTIONS TO ASK BEFORE YOU BUY Consider the following checklist of key questions, from Vancouver-based real estate research and consulting firm Cutting Edge Research Inc., for analyzing the potential of an area. The more “yes” answers you get, the better the location.

01 Is the area’s average income increasing faster than the provincial average?

02 Is the area’s population growing faster than the provincial average?

03 Is the area creating jobs faster than the provincial average?

04 Does the area have more than one major employer?

05 Will the area benefit from an economic or real estate ripple effect?

06 Has the political leadership created an economic growth atmosphere?

07 Is the Economic Development Office progressive and helpful?

08 Is the area’s infrastructure being built to handle the expected growth?

09 Are there any major transportation improvements in the works?

10 Is the area attractive to Baby Boomers’ lifestyle?

11 Is there a short-term problem occurring that is likely to disappear in the future?

12 Is there a noted increase in labour and materials costs in the area?

Source: Cutting Edge Research Inc.

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Legally Speaking

New-home buying:

Your step by step guide

by Jayson Schwarz LL.M.

Here you are getting ready to embark on your new life and ready to make what may be the largest single purchase that you will ever make when you are confronted by daily doses of economic doom. “What do I do?” you ask yourself.

D

on’t be afraid, take your time, do the research you should in order to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions. What do I mean? No old dumps, train tracks, commercial malls to be built next door; what are the amenities of your condo, if you’re looking to buy such a unit? Go to the local municipal offices and check with planning and zoning to ensure you know exactly what your neighbour and neighbourhood will be.

Next, take a hard look at your job, speak with your supervisor, research how the company is doing and make sure you, and, if appropriate, your significant other, feel secure. Once you have done that, speak to the mortgage specialists at the bank you deal with, and at the same time meet with a reputable mortgage broker. Companies such as the Mortgage Centre in Mississauga and Mortgage Providers in Toronto have the experience and integrity to get you the best deal. Find out how much money you are entitled to borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because today especially, it is critically important that you do not get caught up in the rush of buying a house that is beyond your budget. Nothing is worse than living for the house, not living in your home.

Once you identify how much you can spend, determine if you want condo or freehold. Condo living provides a carefree lifestyle – someone else cuts the grass – but you pay common expenses and sometimes others determine how the amenities, if not your unit itself, can be used. Freehold provides the freedom to do what you want, but maintenance and upkeep fall on your shoulders. The choices are boundless.

Lawyers are next. Look around for one by starting with media and look in magazines, newspapers, listen to radio, watch real estate television (Inside Real Estate). Go online and check out the Websites of different real estate lawyers. Look to see whether they give good, valuable, information; whether they give you pricing up front and whether they make you feel comfortable.

Call the Law Society of Upper Canada, Lawyer Referral Service, which can be found in the telephone book. This service keeps lists of lawyers and

refers requesting members of the public to lawyers who practice in the area requested. However, this just gets you someone in your area. You need to really check them out when referred. Speak to friends who have used a lawyer for the type of service you require and ensure they did the job professionally, courteously and for the price quoted. Call our office.

Once you’ve found the right area, type of home and lawyer, it’s time to find the right real estate agent and/or builder. Be careful, you want someone who will work for you within your budget and area. Drive around, check out signs, read the papers and speak to your lawyer.

Interview two or three agents until you find the one who fits the bill.

Go to our Website at schwarzlaw.ca under the articles section, for lots more information on how to proceed.

Happy home hunting!

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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Finances

Homebuying costs:

Make sure you do ALL the math you’ve saved over the years for a down payment on your first home, and you’re eager to take the plunge. While this is a critical first step, it’s also important to be cautious and survey all of the costs involved. This is one of the most important financial decisions you will ever make, so it’s important you do it carefully.

A good way to start is to meet with a financial planner, your banker or a mortgage broker, just to get a good idea on your full financial landscape: everything from an assessment of your assets and liabilities, to your savings and credit rating and everything in between.

You will then have a good idea of your net worth and just how much

home you’ll be able to afford.

This is also where, if you haven’t already, you will soon learn the importance of your credit rating, also known as your credit report. This is a detailed collection of your entire borrowing and repayment history, used by lending institutions to assess your credit-worthiness.

And like it or not, according to Calum Ross, senior vice-president and practicing mortgage agent with The Mortgage Centre, Toronto, many places consider your credit rating a good indicator of your character. The report contains details on any previous loans, payment history, any liens against property or other outstanding issues, where you’ve lived and worked, whether you have been sued and if you have declared bankruptcy in the last seven years.

How much can you afford?

Once you get a clearer understanding of your financial situation, you can figure out what you can afford in monthly housing payments.

Generally speaking, lenders follow two affordability rules to determine how much you can pay: The first is that your monthly housing costs shouldn’t exceed 32 per cent of your gross household monthly income – and that figure is called your

CONTINUED ON PAGE 38...

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Finances - CONTINUED...

Rebates and exemptions may allow buyers of brand new units to escape the HST on the purchase price, but some of the other fees you’re responsible for are not exempt Gross Debt Service ratio. These costs include monthly mortgage principal and interest, taxes and heating expenses. If you’re buying a condo, half of the monthly condominium fees are factored into the equation.

The second affordability rule is that your entire monthly debt load – including housing costs, car loans and credit card payments – shouldn’t exceed 40 per cent of your gross monthly income. Lenders total these debts to determine the representative percentage of your gross household monthly income, which then is known as Total Debt Service ratio.

Whether you use a traditional bank or a mortgage broker for your home financing, these are the steps your lender will go through to determine how much they can lend you.

Harmonized sales tax Another cost is the harmonized sales tax (HST), a 13-per-cent levy that combines the eight-per-cent PST and five-per-cent GST in Ontario, which came into effect on July 1, 2010.

How the HST will impact your purchase depends on whether you buy a new or resale home. Estimates are that it will add about $2,000 to the cost of buying a used home, since the tax is applied on items such as realtor commissions, lawyer’s fees, home inspections and appraisals – but not on the cost of the home itself.

For new homes priced at less than $400,000, buyers can receive a 75-per-cent tax rebate, which, combined with input tax credits, means you will pay no more tax than under the previous structure. For new homes priced at more than $400,000, HST will be charged only on the amount above that threshold.

If you’re buying a new home, experts stress that as a general rule, you should still check with your builder to see exactly how it is handling the HST. Rebates and exemptions may allow buyers of brand new units to escape the HST on the purchase price, but some of the other fees you’re responsible for are not exempt.

How much will you need? household income

5% down payment

ma ximum home price

10% down payment

ma ximum home price

$60,000

$9,300

$186,000

$19,600

$196,000

$70,000

$11,050

$221,000

$23,400

$234,000

$80,000

$12,500

$250,000

$27,200

$272,000

$90,000

$14,400

$288,000

$31,000

$310,000

$100,000

$16,275

$325,500

$34,800

$348,000

Source: Canada Mortgage and Housing Corp.

Home Buyers’ Plan The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to buy or build a qualifying home.

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.

Generally, you have to repay all withdrawals to your RRSPs with a period of no more than 15 years, paying an amount each year until your HBP balance is zero.

Source: Canada Revenue Agency

First-time home buyers’ tax credit

$750 The federal government wants to help you buy a home.

As part of its Economic Action Plan, a couple years ago Ottawa introduced the First-Time Home Buyers’ (FTHB) Tax Credit to assist first-time homebuyers with associated costs such as legal fees, disbursements and land transfer taxes.

The FTHB Tax Credit is a $5,000 non- refundable income tax credit amount on a qualifying home, providing eligible individuals with up to $750 in federal tax relief.

To be eligible for the tax credit, you or your spouse or common-law partner cannot have lived in another home owned by either of you in the four preceding years.

Source: Canada Revenue Agency

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Mortgage Basics

What you need to know about mortgages before you buy

by CALUM ROSS

FOR FIRST-TIME BUYERS LOOKING TO BUY A HOME

in these sometimes uncertain economic times, the process can seem quite daunting. Mortgage financing has become very complex, with constantly changing rates, terms and conditions. Choosing the mortgage best suited to your needs has never been more difficult.

Banks, trust and insurance companies are continually inventing new mortgage products to capture your attention – and your business.

To guide you through the process and ensure you make the right decision, consider enlisting the services of an independent mortgage broker. We negotiate daily with major financial institutions, chartered banks, trusts and mortgage lenders to provide you with the most competitive rates and terms. This allows you to shop your mortgage throughout the network of lenders that we work with (27 various lenders, to be exact). Broker services are provided, in most cases, at no cost to you. As a client, you can choose from the widest range of options to obtain the most competitive rate and best product suited to your specific needs – sometimes achieving

savings of up to 1.5 per cent below posted rates.

The first step of searching for a home should start with securing a pre-approval so you know your homeshopping budget. At the meeting, you should be prepared to go through a monthly budget so you can decide on what amounts you are comfortable paying every month.

When applying for a pre-approval, you will be asked to provide some fairly detailed information with respect to your employment history, financial situation and credit history. You will need to provide the following information:

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WITH ANYTHING LESS THAN A 20-PER-CENT DOWN PAYMENT, YOU WILL HAVE TO OBTAIN MORTGAGE INSURANCE FROM CANADA MORTGAGE AND HOUSING CORP., GENWORTH FINANCIAL OR CANADA GUARANTY, FOR WHICH A PREMIUM IS CHARGED AND ADDED TO YOUR MORTGAGE BALANCE.

›› If a salaried employee, your most recent pay stub and an employment letter. You will need to ask your company to prepare a letter on company letterhead outlining your name, salary (or hourly rate), position and length of service. In some cases, your most recent T4 may also be required. ›› If you are self-employed, you will need to provide your two most recent personal tax returns, together with the notice of Assessments from Revenue Canada. ›› A list of all of your assets, including: the balances of all chequing and savings accounts, RRSPs and investments.

In order to obtain a pre-approval, you will need to fill out an application which allows the broker to obtain your credit report and see your full financial profile, including all of your liabilities. On top of your employment details, there are two other main considerations that mortgage lenders look at.

The first is your credit worthiness. The mortgage consultant will likely obtain a credit report from Equifax (Canada’s largest credit reporting agency) that provides a “beacon score” for each individual based on several factors, including your repayment history on credit cards, loans and lines of credit, the balance you keep on these debts and how long you have had them active. The stronger your credit rating, the more likely you will gain access to preferred pricing.

The second consideration is the amount of down payment you have for your home. First-time buyers have the option of putting down as little as five per cent of the purchase price. However, with anything less than a 20-per-cent down payment, you will have to obtain mortgage insurance from Canada Mortgage and Housing Corp. (CMHC), Genworth Financial or Canada Guaranty, for which a premium is charged and added to your mortgage balance. This insurance protects the lender, not you, in the event that the mortgage is not paid. This is not to be confused with life, disability or job loss insurance, which you may also need.

BENEFITS OF PRE-APPROVAL: ›› Provides a guaranteed interest rate for up to 120 days ›› If rates go down, you gain the benefit of the lower rate. If rates go up, you are protected against the increase ›› Helps you manage your expectations and minimize stress with respect to the amount of mortgage you can afford – before starting your home search ›› Pre-approval costs you nothing

SUMMARY OF RECENT CHANGES TO MORTGAGE REGULATIONS Effective March 18, 2011 ›› The maximum mortgage amortization period was reduced to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. ›› The maximum amount Canadians can borrow in refinancing their mortgages was reduced to 85 per cent from 90 per cent of the value of their home.

Effective April 18, 2011 ›› The federal government no longers provide insurance on lines of credit secured by homes, such as home equity lines of credit.

Changes that took effect April 19, 2010 For government-backed insured mortgages: ›› Borrowers must meet the standards for a five-year, fixed rate mortgage, even if they choose a mortgage with a lower interest rate and shorter term. ›› The maximum amount Canadians can withdraw in refinancing their mortgages was reduced to 90 per cent from 95 per cent of the value of their home. ›› The minimum down payment for investment properties was increased to 20 per cent from five per cent, for governmentbacked mortgage insurance.

Calum Ross is senior vice-president and practicing mortgage agent with The Mortgage Centre. He has appeared on Canada AM, Investment Television, BNN and Citytv. He holds an MBA in finance and is an Accredited Mortgage Professional. He can be reached at 416.410.9905.

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Community Profile

senator homes

SENATOR HOMES EAST OR WEST, SENATOR VALUE IS YOUR BEST BET!

S

tarting with its first home more than 25 years ago and progressing with each of the more than 10,000 homes Senator Homes has built since then, Senator is one of the most recognized and trusted names in the Greater Toronto and southern Ontario real estate industry. Currently, Senator has two great communities for firsttime homebuyers, one east of the GTA, one to the west.

To the east, Courtice Village, in Courtice, offers first-time buyers the option of freehold townhomes, starting at $238,490, or 30-ft. detached lots starting at $289,490 for a 1,736-sq.-ft. plan. All of the houses include at least $5,000 in free upgrades at Décor, to start you towards personalizing your home. The Courtice Village sales office and model home is located on Rosswell Drive, just south of Bloor Street, in Courtice. There is a furnished model home to view, with a number of inventory homes under construction. Phone 905723-5989 for more details.

In the west, Havelock Corners overlooks the Upper Thames River, situated next to the Pittock Conservation Area, in Woodstock.

Home to a brand new Toyota plant and a burgeoning industrial base, Woodstock is poised to be the growth centre for southwestern Ontario over the next decade.

Situated just 50 minutes from

Milton and 30 minutes from Kitchener-Waterloo and Cambridge, a move to Woodstock can save you well over $100,000 on your home, compared to these market areas.

Prices start at just $179,990 for a 26-ft.-wide, freehold bungalow townhouse and just $194,990 for detached home on a 30-ft. lot. The top priced house in the development is a 42-ft. design, the Harrington, a 2,488-sq.-ft., four-bedroom plan, priced at $304,990. All of the homes at Havelock Corners include a bonus of at least $10,000 in free upgrades at Senator’s Décor Centre.

Senator has four decorated and furnished model homes available for viewing in Woodstock, located at 247 13th Line, just north of the entrance to Pittock Conservation Area. The models are open weekends from noon to 6 p.m., Monday through Wednesday from 2 to 7 p.m.

Closed Thursday and Friday. For more information, call the sales office at 519-539-5010. Visit senatorhomes.com to learn more about Senator Homes or to view the designs for Courtice Village and Havelock Corners.

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Expert Advice

Ten common buying mistakes and

how you can avoid them

by MARNIE BENNETT

Buying your first home is one of the most important decisions of your life, and you need to make it from an informed point of view to ensure it is a comfortable place to live – and a great investment for the future.

HERE IS A LIST OF THE

10 MOST COMMON MISTAKES TO AVOID 1. Failing to use a trusted advisor: A home is the greatest asset of your life, so you need to ensure you have done the proper homework. It is critical that you work with a professional such as a trusted real estate representative or a lawyer. Make sure your real estate professional is full time and that they know exactly what you’re looking for and in your favourite neighbourhood – not there’s. You want to work with someone who gets you the best price and with a hassle-free experience.

2. Wasting time by looking at homes you can’t afford: Most buyers don’t know what they can afford. It is critical that you know both your credit rating and also how much of a mortgage you qualify for – before you begin shopping for a home. Get a full mortgage pre-approval from your bank or broker, which is a commitment from the lender that states the purchase CONTINUED ON PAGE 48...

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Expert Advice - CONTINUED...

GET A FULL MORTGAGE PRE-APPROVAL FROM YOUR BANK OR BROKER, WHICH IS A COMMITMENT FROM THE LENDER THAT STATES THE PURCHASE PRICE AND YOUR INTEREST RATE – GUARANTEED FOR A SPECIFIC AMOUNT OF TIME, USUALLY 90 TO 120 DAYS. price and your interest rate – guaranteed for a specific amount of time, usually 90 to 120 days. If you’re buying a brand new house or condo, you will need a capped rate up to 18 months, to accommodate the construction period. With this approval in hand, you can then concentrate on looking at homes you know you qualify for.

3. Buying the wrong house: The first thing prospective buyers should do is to make a list of priorities and outline the “must-haves” and your “wish list.” Determine the desired housing style, number of bedrooms, bathrooms, neighbourhood, parking, proximity to work or public transportation, and whether it’s a new or resale home. There are so many choices, so be clear and concise and stick to your budget.

4. Trying to save money by not hiring a professional home inspector: A home inspection can help distinguish a home that is a money pit from one that is a gem. Both resale and new homes need to be inspected.

Professional inspectors will check everything from the foundation to the roof shingles and everything in between. The process often results in you having to renegotiate the purchasing price, on a resale home, or have your newhome builder make necessary repairs.

5. Not revisiting your target neighbourhood a few times: It is critical that you view the home at different times of the day and at night. You want to ensure you made the right decision on your neighbourhood of choice – and potentially your new neighbours.

6. Giving in to fear: Yes, buying a home is a scary thing and you may not feel certain you’ve found the right home. Should you buy now? Will prices fall? Should you lowball your offer? Should you keep looking? Remember, when you’re renting, you are making someone else rich and not building equity in your own home. When you become a homeowner, you have a fixed asset and you’re on your way to financial freedom. Do your homework and be ready to make the decision when you find the perfect home for you.

Have confidence.

7. Not being prepared for closing costs: The down payment is one thing, but there are other closing costs, such as lawyer fees, land transfer taxes, utilities, insurance and other costs – so be prepared. You may also be eligible for government programs such as the Home Buyers’ Tax Credit, so do your research and know what your total costs will be.

8. Not understanding your mortgage: This is a complex and often intimidating area, but the more or less you learn about mortgages could save – or cost – you thousands of dollars. Key factors are your interest rate and amortization, but also find out what your payment privileges are, whether the mortgage is portable, your down payment requirement, insurance needs, and if the mortgage is open, closed, variable or fixed. There are so many factors – so make sure you understand them.

9. Failing to understand the differences between buying a new or resale home: Resale and news homes each have their own advantages and disadvantages. Make a list and compare them. For example, with a new home, you have choices such as style, finishings, options and lot size – and

everything is new. But you also may face construction delays, which could impact your finances or current living arrangements.

With resale, what you see is what you get – the neighbourhood is established, you may be able to make upgrades but you may also have to make repairs. Figure out which scenario is best for you.

10. Being ill-prepared for move-in day: It is important to establish a list of priorities and ensure you have contacted utilities companies, secured proper insurance, booked movers, rerouted your mail and finalized all financing. If you do all your homework and you’re well prepared, moving day can begin one of the greatest experiences of your life.

Marnie Bennett is a broker and the team leader of Bennett Property Shop Realty, a full premium service five-star real estate brokerage specializing in marketing and selling new and resale homes and condominiums. Marnie is the host of the weekly radio shows the Real Estate Hour and Business Class, a millionaire real estate investor and a real estate wealth management coach. bennettpros.com

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“I am home.” That’s the feeling Rosehaven designs into some of the most unique and desirable homes in Southern Ontario. Homes that are as different as you are. So choose Rosehaven and every time you step through the front door you’ll say, I am happy, I am comfortable…

Actual photo from Rosehaven’s Windfields design in King Country Estates.

lyon’s CreeK BunGALOW LOFT TOWnS! New 35’ Bungalow Loft Towns & Single family homes on brand new 50’ lots from the low $300’s.

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047-Rosehaven 02-11-12.indd 47

Call the Rosehaven Hotline for hours and community information

(1-888 / 416) 410-0175 • rosehavenhomes.com Prices and specifications correct at press time. E. & O.E. Prices quoted are in $ thousands.

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Money Matters

To consolidate or not to consolidate?

by Gail Vaz-Oxlade

P

eople spend months planning their weddings – from what they’ll wear, to what they’ll eat and whom they’ll invite. It’s fun planning a party, but sometimes it’s a pain. We work hard to make sure there’s no conflict on our glorious day. But what about the day after? What if the potential conflict is with your new spouse?

Research shows that 57 per cent of couples say money is their most important concern; it’s the topic they fight about more than anything else. After all, how we deal with our money as individuals, and as a couple once we tie the knot, often contributes to the strength of the ties that bind.

One of the biggest decisions you’ll have to make is whether to consolidate your money. How you deal with this matter reflects how well your circumstances, attitudes, values and objectives align.

If you see yourselves as autonomous, you may choose separate accounts, splitting bills and keeping your money apart. Couples sometimes split their bills 50/50, or they divide them according to their incomes.

Decide what works best for you (though I believe proportionate is fairer.) If you can’t agree on this point, give up now!

You may decide to consolidate your income in a joint account to foster feelings of unity. If you do, remember that all reporting is done in both names, so if one of you has a habit of bouncing cheques, the other’s credit history will also be bruised.

You could set up a joint account to cover all household expenses, while maintaining separate accounts for discretionary spending and investing. Watch that you don’t end up with several accounts just because you can’t decide how to manage your money.

The next question is: which accounts to keep and which to close? These are choppy waters. People don’t like change; they like to keep things the way they’ve always been, and the idea that you should have to close your account may seem distasteful at first. Ya know what? Get over yourself.

We’re talking bank accounts here, not your favorite chair or tee-shirt. This is a black-and-white, dollarsand-sense decision. The reality is that neither of your accounts or branch locations may suit your needs any more. And if your bank charges fees for everything, it’s

time to look for alternatives. And don’t automatically default to the big-name banks. There are lots of options, from credit unions to trust companies.

It’s easy to decide who offers the best savings account – the bank that pays the most money with the least number of conditions. Look for accounts that pay interest on your lowest balance, with an ATM network with reasonable fees.

If the best savings account pays the most interest, then the best chequing account gives you unlimited access to your money at no charge, right? Look for unlimited free transactions, regardless of your balance or whether you bank in person, by telephone or Internet.

Here are some things to watch for: Number of transactions: Some accounts let you make as many as you like for a fixed monthly fee. Others have a limit for the fee you pay. And some charge no fixed monthly fee at all, but ding you for every transaction.

Use the cheapest method of banking: You usually pay less if you use a bank machine, telephone or online banking versus a branch visit.

Use the record-keeping option that works best for you: If you want your cancelled cheques returned every month, you will likely pay a fee.

Keep the minimum account balance needed to bank for free or for cheap.

Never bounce cheques: You will pay a whopping fee, to say nothing of the inconvenience and embarrassment.

Banks like to sell overdraft (OD) protection as a way to avoid this. OD works like a loan, and the interest rate and fees are usually high. Instead of using OD, leave a minimum amount in your account and stay in the black.

I know all those auto-deposits and withdrawals are a pain in the neck to change. But you’re starting a new life together. The sooner you sort out the details, the happier you’ll be in the long run. Get off your duff and get organized together.

Gail Vaz-Oxlade is the host of Til Debt Do Us Part and author of Debt Free Forever and blogs daily at gailvazoxlade.com Follow Gail on Twitter at Twitter.com/GailVazOxlade

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Designer Advice

Design of the times:

decor trends for 2012

by GLEN PELOSO WITH EVERY NEW YEAR, trendspotting is top of mind

for the fashionistas – and these style mavens influence the world of home décor as well. It used to take weeks or months for fashion trends to show up in home décor, but in the digital age, social media and other tools are bringing these worlds together almost simultaneously.

Here are my top picks for 2012 home trends:

Materials We are seeing “reclaimed” materials becoming increasingly popular. Reclaimed woods and refurbished industrial items and materials afford a weathered look that can add texture and interest to your home.

Eras Silhouettes from the mid-century period remain popular, with industrial designers such as Eames and Mies a source of inspiration. The design trend is to be eclectic in style, where modern elements of clean-lined sofas are mixed with an old soda crate from the 1930s and 1940s or a sideboard from the ’60s.

Fabric & Patterns When it comes to fabric patterns, we draw from a completely international influence. Think pop art and Bauhaus motifs influenced with a hand-painted look, to washed-out Shanghai flowers with a smoky feel.

Internationally, we see many fabrics that have a tribal or ethnic print in a handcrafted detail, as well as bohemian folk art with paisleys. A natural hand-aesthetic feeling, contributed by individual artists as opposed to mass production, is prevalent. Abstract patterns seem to be coming from natural elements such as microscopic close-up cells or organic matter with a tie-died feel.

Colour Palette The colour palette continues to use a warm grey as a neutral. This is a grey that is sometimes called “taupe,” containing a brown undertone. Accent colours, on the other hand, will include earth tones often seen in of the garden.

Soft yellows, greens, reds and blues are part of the

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2012 palette. In the red spectrum, look for fun colour that includes oranges and pink tones. Think pumpkins and the soft red blush of flower petals.

In the yellow family, the golden and sunny hues seen in natural blonde hair and the colour of a marigold will be prevalent.

In the green colour range, we are looking at a hue with a teal tinge, as well as more intense greens found in camouflage or soft leaf greens.

In blues, deep, dark tones head toward charcoal, evoking the mystery of night. These are all colours that can easily be found in nature.

Fashionistas used to tell the world of home décor to catch up, and now that it has, you can anticipate the colour palette and pattern influences simply by strolling down Bloor St. to get your inspiration from a little window-shopping. Enjoy a croissant and café while you’re at it, to make your trendspotting outing much more pleasant! photos courtesy of BoConcept.com Check out their new location now open in Toronto.

Glen Peloso, design editor at Home Décor and Renovations and principal designer of Glen Peloso Interiors, has been designing spaces for commercial, corporate and residential clients for more than 15 years.

You’ll recognize Glen as the host of such television design shows as Restaurant Makeover, Take This House & Sell It and Renovate My Wardrobe, to name a few, as well as from speaking engagements at home shows across Canada. glenpelosointeriors.com 2012 your first home 53

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