GTA New Condo Guide, Nov 8, 2014

INSIDE THIS ISSUE

MAKING SENSE OF MORTGAGE TERMS

November 8 - 22, 2014 Volume 18 Issue 21

Q&A WITH CANADAS IT GIRL JILLIAN HARRIS

STEADY OUTLOOK FOR 2015 HOUSING MARKET: CMHC

INSIDETHIS ISSUE

CORUM VOLORER IAEPERO INCTUR

OBIS AUT QUI ODIS EXPLIQUAS VOLO IUR REM

LAB IUM ACES QUISQUISQUI CUSA QUE NUS ODIT

94CU 36833 Condo Guide Cover_FA.indd 1 31/10/14 3:09 PMCG_Cvr_Nov 8-2014-FIN.indd 1 14-11-03 3:38 PM

Redefining life on the waters edge.Tridel, Tridel Built for Life are registered trademarks of Tridel and used under license. Tridel 2014. All rights reserved. E.&O.E. November 2014. tridel.com

Standing room only.

6.875" x 10.5" OGF

NOW OPEN

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Designer Living in Yorkville.

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*LIMITED TIME ONLY. OCCUPANCY DATE SUBJECT TO AVAILABILITY. PRICES, SPECIFICATIONS AND OFFERINGS ARE SUBJECT TO CHANGE WITHOUT NOTICE. SEE SALES REPRESENTATIVE FOR DETAILS. E. & O.E.

ILLUSTRATIONS ARE ARTISTS CONCEPT ONLY.

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EDITORS NOTE

THE HOW, WHERE AND WHAT

LYDIA MCNUTTEDITOR

Wall2Wall [email protected]

Follow me on Twitter at Twitter.com/LydiasTweets

SUSAN LEGGEEDITOR-IN-CHIEF

Wall2Wall [email protected]

Follow me on Twitter at Twitter.com/SusanLegge

Like us on Facebook Search: Condo Guide

When only a new condo will do, those in the market will be pleasantly surprised by the exceptional value and attention to detail buying new has to offer. When you buy new, you dont inherit somebody elses worn carpeting, personal taste in kitchen appliances or paint colour preferences. You get a fresh, clean space thats waiting for your personal imprint.

If youve fantasized about buying a brand new home, these tips will help make the process a pleasant one: Shop the mortgage market to see what you can afford before you start your

hunt. Obtain a lawyer to review your offer and help you close the deal. Dont be persuaded by high-pressure sales tactics while youre shopping. Determine which options and upgrades you want as part of your offer and

ensure your lender will finance whats required, if needed. To save money, consider which upgrades you could purchase and install

yourself after the sale closes. Some upgrades such as rough-ins and wiring inside the walls are easier to do during construction.

Factors like the cost of the home, neighbourhood and extra features play a big role in your final decision. Determining which features your new condo must have, and which ones you can live without, are among your first steps in the home-buying process.

SO, YOUVE DECIDED TO BUY NEW...

When shopping for a new home, answering three important questions will help simplify what can be a complicated decision.

Before you shop, visit your mortgage broker or bank to get your financing in order. This is the how part of the equation. Answer questions like: How much can I afford to spend on a home? How much do I have for a down payment? Will I be using my RRSPs toward my down payment? Will I be able to afford my lifestyle and still make my mortgage payments? Dont forget to budget for closing costs and your other bills.

Now comes the where question. Location is the one thing about your home that you cant change and to many homebuyers, it is more important than the home itself! It affects how much youll need to spend on your purchase and property taxes, your lifestyle while you live there, and the resale value when you sell the place. Drive, walk and surf the web to learn as much as you can. Map the amenities that matter most to you schools and parks, shopping areas, highways and public transit. How close do you want to be to your work, family and friends? Visit these areas at different times of the day and night to determine your comfort level there.

Once you know how much you can spend, and have narrowed down your locations of choice, you can zero in on the what of your new home. Create a list of must-haves and nice-to-haves. If youre purchasing a home with someone, youll have to take their wants and needs into consideration as well, which can make shopping a little more complicated.

Whether youre shopping for your new home now, or are just starting to think about it, getting your ducks in a row early will ease the stress and add to the enjoyment of the whole process.

WISH

UPON A

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FOLLOW US: @CAMROST CAMROST FELCORP

PRICES AND SPECIFICATIONS SUBJECT TO CHANGE. E.&O.E. BROKERS PROTECTED

NOVEMBER 8 - 22, 2014 NEW CONDO GUIDE 3

LEGALLY SPEAKING Jayson SchwarzJayson Schwarz LL.M is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. Visit the website at schwarzlaw.ca or email [email protected].

BILD REPORT Bryan TuckeyBryan Tuckey is president and CEO of the Building Industry and Land Development Association (BILD) and can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), Youtube (youtube.com/bildgta) and BILDs official blog (bildblogs.ca).

DESIGNER ADVICE Yanic SimardYanic Simard is New Condo Guides design editor, principal designer of the award-winning Toronto Interior Design Group (tidg.ca), and regular guest expert on Citys Cityline. Check out Yanics accessory line, Yanic Simard Selected, online at ysselected.com

CONDO PRO Barbara LawlorBarbara Lawlor is president and CEO of Baker Real Estate Inc., and an in-demand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condominium developments in the GTA and overseas.

PRESIDENT, WALL2WALL MEDIA Jacqueline HillEDITOR-IN-CHIEF / DIRECTOR OF CONTENT Susan LeggeDIRECTOR OF SALES, NATIONAL Josh HeppnerASSOCIATE PUBLISHER SWO NEW HOMES Susan Maxwell ART DIRECTOR Daiana GarayEDITOR Lydia McNuttCONTRIBUTING EDITORS Sara Duck Wayne Karl Elisa KrovblitDESIGN EDITOR Yanic Simard

SALES MANAGER Conni RobinsonSENIOR ACCOUNT EXECUTIVE Dionne Fraser [email protected] ACCOUNT EXECUTIVE Nina Downs [email protected]

SALES & MARKETING CO-ORDINATOR Terry BassettADMINISTRATIVE ASSISTANT Antoinette Jackson

PRODUCTION MANAGER Bala GnanapandithanPRODUCTION CO-ORDINATOR Sandra Hanak-VujnovicGRAPHIC DESIGNERS Viosa Barileva, Miguel Cea, Hannah Yarkony Sandra Hanak-Vujnovic, Mike Terentiev #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. CIRCULATION Free distribution in select high-traffic street boxes, stores, banks, financial institutions and select condominium sales offices. COPYRIGHT 2014 All rights reserved by Wall2Wall Media. 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 new condo guide 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. Email to [email protected]. The views and data expressed by columnists do not necessarily represent those of the publication.

CONTRIBUTORS NEW CONDO GUIDE

Please recycle this magazine! Wall2Wall Media 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.

Published By

INVESTOR ADVICE Andrew la FleurAndrew la Fleur is an award-winning realtor with Re/Max. Andrews expertise is in helping investors make money in the Toronto condo market. Visit TrueCondos.com/NewCondoGuide for a free gift. Contact Andrew at 416.371.2333 or [email protected]

STAT CHAT Ben Myers Ben Myers is senior vice-president of Market Research and Analytics at Fortress Real Developments. Ben assists in evaluating the market and projects that Fortress engages in. Follow his blog and commentary on the Canadian housing market at fortressrealdevelopments.com/news or follow him on Twitter at @BenMyers29

INDUSTRY INSIDER David KlugsbergDavid Klugsberg is president and CEO of L.A. Inc., one of North Americas leading real estate branding and marketing firms. David can be reached by calling 416.304.9660 or by emailing [email protected]

MONEY MATTERS Gail Vaz-Oxlade Gail Vaz-Oxlade is the host of Til Debt Do Us Part, author of Debt Free Forever and you can read her daily blogs at gailvazoxlade.com. Follow Gail on Twitter at twitter.com/GailVazOxlade

FITNESS GALLERY Mark J. StablesMark J. Stables is founder of Benchmark Group and Movement Haus. Working with hundreds of urban condominium dwellers, Mark has experience and insight into the design of condo fitness amenities and the way people use them. Visit online at movementhaus.com, benchmarkgroup.ca or call 416.428.3536.

@BazisInc

BAZI-NO1-A-AD-CG-OCT16-1.indd 1 14-10-16 4:00 PM


*PRICES, SIZES AND SPECIFICATIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. RENDERING IS ARTISTS CONCEPT. EXCLUSIVE LISTING BROKERAGE TFN REALTY INC. BROKERS PROTECTED E.&O.E.

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8 NEW CONDO GUIDE NOVEMBER 8 - 22, 2014

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// BY BRYAN TUCKEY BILD REPORT

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 @bildpres or follow BILD @bildgta, facebook.com/bildgta,

and bildblogs.ca.

Politicians arent the only city builders THINKING ABOUT TRANSIT

Watching the municipal election season unfold was exciting, and it was peaking just as the leaves turned brilliant shades of orange, gold and red.

Those 177,500 people who are employed by the building and land development industry in the GTA were eager to know who will represent our municipal government partners as we continue to work together to build great cities and towns.

The most important challenge that our industry focuses on during election season is how our incoming elected officials can help us continue to build the homes and businesses that are needed to accommodate up to 100,000 people and 50,000 jobs that arrive in the GTA every year.

This influx of people many of them first-time homebuyers and new Canadians who are looking to get onto the housing ladder and jobs puts a lot of pressure on the building and development industry to meet the targets of the provincial growth plan, Places to Grow. The province wants our industry to focus on intensification around transit lines and downtown areas. This means higher-density housing is a priority along subway, LRT and bus lines to make transit viable to ensure that transit has sufficient ridership to meet operational costs so that our children arent left subsidizing the transit lines.

Viable transit requires strategy where the result is that every platform is busy. Ridership improves when a plan is made for the evolution of the community for appropriate density to support transit, development expert Barry Lyon of N. Barry Lyon Consulting told us not long ago.

Our industry is prepared to do its fair share to contribute to whichever transit plan Toronto council approves.

We understand that growth must pay for growth, and the building industry is committed to helping the city with its long-term economic viability.

Raising funds through increased development charges (DCs) cannot be the only solution. Development charges must be reasonable and fair because they have a direct impact on the increased cost of a new home, which can price first-time buyers out of the market.

New neighbours in the GTA the people who are buying new homes and businesses already do their fair share, paying about $1 billion in DCs each year.

All applicable sources of revenue must be considered, and that includes property taxes. A recent study by the Institute on Municipal Finance and Governance says that the average Toronto resident pays low property taxes compared with other Ontario cities. It also says the city relies on fees and charges, which have all increased significantly over the past decade.

This trend makes it more difficult for new neighbours looking for new homes or businesses that they can afford to purchase.

We cant take on this issue alone. We must all work together the industry, municipal partners and the public. Toronto is at a crossroads for the transit crisis: this is not a time for small plans. Its a time for courage when every vote counts.

Our friends at the Residential and Civil Construction Alliance of Ontario have entered the transit dialogue with a four-part video series that I think youll find educational. Visit rccao.com to see it.

I hope you exercised your right to cast a ballot on Oct. 27. Were lucky we have the right to make a difference.


WHERE EAST MEETS WEST

Where inspired tradition meets modern style. Where the energy of the city calls. And the feeling of serenity welcomes you home. This is living in perfect harmony. This is the way of TeaHouse.

COMING SOON. ASIAN INSPIRED CITY LIVING AT 501 YONGE.

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TABLE OF CONTENTS

Nov 8 22 2014 VOLUME 18 ISSUE 21

20

002 EDITORS NOTE

COLUMNISTS

010 BILD REPORT Politicians arent the only city builders thinking about transit BY BRYAN TUCKEY

014 STAT CHAT Watch the trend line, not the headline BY BEN MYERS

016 INVESTOR ADVICE Bring on the mortgage rate wars! BY ANDREW LA FLEUR

018 CONDO PRO Condo as a community BY BARBARA LAWLOR

034 LEGALLY SPEAKING Financing and hidden tricks BY JAYSON SCHWARZ

044 FITNESS GALLERY Hot fitness ideas BY MARK J. STABLES

052 FUNDAMENTALLY SPEAKING Buying your first home? BY WAYNE KARL

066 MAKE YOUR MOVE Packing up for the move BY CHUCK RESNICK

074 INDUSTRY INSIDER Awards mean rewards BY DAVID KLUGSBERG

088 DESIGNER ADVICE Living in layers BY YANIC SIMARD

102 QUICK TIPS Preparing for the busy season BY HELLEN BUTTIGIEG

IN THE NEWS

030 CMHC REPORT Steady outlook for Canadas housing market in 2015 with some moderation in 2016

056 MARKET NEWS More mixed-use projects, please! Demand drives development trend BY LYDIA MCNUTT

064 BMO ECONOMICS Toronto continues to be among the top markets in the country

086 SALES STATS New home sales and prices continue strong performance

096 EMPIRE/PACE Empire/Pace celebrate Villagio breaking ground in Maple

112 URBANATION Condo sales soar across the GTA

HOMEBUYERS HELP

022 HOMEBUYERS HELP Goldilocks market, home prices moderating in Canada BY LYDIA MCNUTT

032 HOT DATES Special events in the GTA

040 YOUR HOME The real nightmare of stigmatized homes BY YAN GUREVICH

048 MARKETPLACE A-Round BY ELISA KROVBLIT

060 ENTERTAINING Q&A with Canadas it girl Jillian Harris BY SARA DUCK

COLUMNS, NEWS &

FEATURES

MINTOS YORKVILLE

PARK ushers in a

new era of luxury

046

068 PURCHASER PROFILE Television industry couple chooses Howard Park Condominiums

070 HOMEBUYERS HELP Home-hunting tips for couples

078 MORTGAGE MINUTE Making sense of mortgage terms BY PETER KINCH

082 EVENT One of a Kind Christmas Show & Sale celebrates 40th Anniversary

092 CONDO WATCH 905 Previews, new releases and grand openings in the 905

108 CONDO WATCH 416 Previews, new releases and grand openings in the 416

129 CONDO BUYERS RESOURCE SECTION

134 ADVERTISER INDEX

054

094

CONDO PROFILES

046 LANTERRA DEVELOPMENTS TeaHouse Condominiums Bringing Asian-inspired design to Yonge Street

054 TRIDEL Aquavista at Bayside Resort-style living along Torontos new blue edge

076 AMACON PSV & PSV2 The time is now! Construction is underway at PSV & PSV2

094 ARMOUR HEIGHTS DEVELOPMENTS The Sorrento Condominium New condo brings old-world elegance to Richmond Hill

098 THE DANIELS CORP. Daniels Encore Much-anticipated townhome collection now selling quickly to savvy buyers

110 LASH GROUP OF COMPANIES ME Living One-of-a-kind master-planned community

130

076

098

110

046

STAT CHAT // BY BEN MYERS

I stole the title for this article from a recent interview of former President Bill Clinton, and I think it is very fitting when applied to the housing market. It seems like 75 per cent of articles about the GTA housing market have a negative headline, yet the market in Toronto has been relatively strong for the past 17 years.

I believe you should ignore the headlines and concentrate on the trend lines. I presented some long-term data in my bi-annual Market Manuscript, a robust 40-page document on the conditions and trends of several housing markets in Canada. This report is available for free in the news section of our website at fortressrealdevelopments.com. The media picked up the report and several news outlets ran articles on the key findings, many of which I pulled from various reports by BMO Capital Markets, TD Economics, Anderson Economic Research and Will Dunning Inc. Based on the statistics and conclusions from these experts and decades worth of data from Canada Mortgage and Housing Corp., The Altus Group and others, I concluded that the Ottawa market is relatively flat, the Winnipeg market is softening (coming off a 26-year high for starts) and the Calgary, Edmonton and Toronto markets were performing very well.

This conclusion didnt sit well with many anonymous folks online, and I was accused of being biased, being in the real estate business. Dont listen to these ignorant people. The population growth, employment growth, price inflation, and starts data in the Toronto area are all relatively strong, and the supply of completed and unsold units is right at the 10-year average. All these factors pointed toward my positive forecast. However, by the logic presented by these folks on the net, I cant talk about my optimistic forecast publicly because my company may benefit by that conclusion being made. So, if someone that works in the real estate business thinks the market data is favourable, they should never be trusted. Absurd!

I guess a stockbroker can never say he thinks its a good time to buy stocks, or the guy at the corner pizza place cant say he thinks his pies taste good, or the retail clerk cant say those jeans look good on you, because they might benefit financially by saying those things (even if they are true).

Its sad that so many people think that anyone that works in the real estate business in this country will lie just to make a buck. When I want to know whats happening in the market, I go to the people who work in the market and study it closely, and you should to.

Dont argue that someones opinions are not valid based on where they work. Argue that someones opinions are not valid based on data and facts. The Toronto condo market is doing very well, and I have 17 years of data to back up that claim.

Keep that in mind when youre looking for your new home.

Ben Myers is senior vice-president of Market Research and Analytics at Fortress Real

Developments. Ben assists in evaluating the market and projects that Fortress engages in.

Follow his blog posts and commentary on the Canadian housing market at

fortressrealdevelopments.com/news or follow him on twitter at @BenMyers29

Its sad that so many people think

that anyone that works in the real

estate business in this country will lie

just to make a buck. When I want

to know whats happening in the market, I go to the people who work in the market and

study it closely, and you should to.

WATCH THE TREND LINE, not the headline


014 Stat Chat w/ Ben Myers-Watch the Trend Line, not the Headline_MC_L.indd 14 14-11-04 5:15 PM

* The HighPark program is only available on selected suites. Parking incentive only available on suites over 535 sq. ft. 5% deposit program available on a limited number of suites. Free maintenance is only available for one year. Limited time offer. Conditions apply. See Sales Representative for full details. Exclusive Listing: CityLife Realty Ltd, Brokerage. Brokers Protected. Prices, specifi cations and programs are subject to change without notice. Illustrations are artist concept. E. & O.E

The outstanding amenities, nearby shops and restaurants in Bloor West Village and, of course 399 acres of Torontos premier park put them together and youve got your dream home in Torontos most desirable neighbourhood. Simply do the math and learn why now its easier than ever to make HighPark Condominiums your new home.

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BRING ON THE MORTGAGE RATE WARS!

INVESTOR ADVICE // BY ANDREW LA FLEUR

T he mortgage rate wars are raging on. Not too long ago we saw the return of the 2.99-per-cent five-year fixed-rate mortgages, and a huge surprise was when one lender announced an incredible 1.99-per-cent three-year variable-rate mortgage. Wow! So what do the mortgage rate wars mean for condo investors? Its all good news, thats for sure.

1. Low interest rates are great for your bottom line.Low interest rates make a big difference to your bottom line as an investor. How? By helping you pay down your principal faster while paying less interest.

Consider this: on a $300,000 investment condo with 20 per cent per cent down, at a three-per-cent interest rate, you will pay off $34,860 in principal in the first five years of your mortgage and $33,287 in interest. At a six-per-cent interest rate, you would pay down only $24,391 in principal and a whopping $67,739 in interest over the first five years of your mortgage. Buying the right condo, with the right mortgage rate, is a great move.

2. Low interest rates are here to stay.For the last five years its been the same old song from the skeptics: Yes, interest rates are low, but what happens to everyone when rates jump back up to normal? The reality is that the interest rates are not going anywhere any time soon.

The Bank of Canada has admitted that rates arent going anywhere until at least mid-2015. Are you going to sit on the sidelines and wait for higher rates or are you going to take advantage and act now?

3. When interest rates eventually do start to rise, dont worry. Heres why:The fears that people have about rising interest rates and a subsequent falling real estate market are irrational. Heres why: if and when the Bank of Canada raises interest rates, that will mean that the economy is doing better than it is now, not worse. A better economy means more jobs and higher wages, which means more demand for real estate, and thus prices will rise, not fall. Prices fall during recessions, not during times of growth.

Rental rate increases may slow down as more people shift from renting to buying in the future, but as a landlord you win either way. If interest rates stay the same, more people will rent, driving up your income from rents. If interest rates start to go up, more people will buy, driving up your propertys value. Its a win-win scenario.

Andrew la Fleur is an award-winning realtor with Re/Max. Andrews expertise is in helping investors

make money in the Toronto condo market. Visit TrueCondos.com/NewCondoGuide for a free gift.

Contact Andrew at 416.371.2333 or [email protected]


MONARCH COMMUNITIES

SALES CENTRE HOURS: Mon.- Thurs. 12pm - 6pm, Weekend & Holidays 12pm - 5pm, Closed Fridays

ETOBICOKE WATERFRONT | Lago | Under Construction from the $200,000s Sales Centre located at 2167 Lake Shore Blvd. W.416-495-3544

ETOBICOKE WATERFRONT | Waterscapes | Move-in this Yearfrom the $400,000s Sales Centre located at 2167 Lake Shore Blvd. W.416-495-3544

ETOBICOKE WATERFRONT | Riva Del Lago | Now Open from the $300,000sSales Centre located at 2167 Lake Shore Blvd. W.416-495-3544

Prices, specifications and promotions are subject to change without notice. E.&O.E. 13455

MARKHAM | Garden Court | Move-in this Year from the $400,000s Appointment Only416-495-3595

DOWNTOWN TORONTO | Picasso | Under Construction from the $400,000s Appointment Only416-495-3549

ALSO BUILDING LOW RISE COMMUNITIES IN:Kleinburg | Caledon | Ajax | Scarborough | Kitchener

first. first.

firstpick.Like your morning trip to the local market for first pick of fresh produce, Monarch too has been a tradition to many since 1917. For thousands and thousands of Canadians, choosing Monarch has been central to so many important events in their lives. First homes, first memories, first accomplishments, first friends and even first loves. For almost a century, Monarch has brought people closer together. So if youre looking for a new condominium, trust the oldest, strongest and most respected name in Canadian homebuilding. Choose Monarch. First.

discover moreMonarchGroup.net


*Prices, specifi cations and promotions are subject to change without notice. Rendering is artists concept and image is for mood and impression only. E.&O.E.

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Monarch o ers three landmark condominiums on the sought-after Humber Bay Shores waterfront. Impressive lobbies. Water views. Concierge services. Luxury amenities. Lounges and rooftop terraces. Nearby bars and restaurants. For resort lifestyle, Monarch has the waterfront covered. Choose Monarch fi rst.

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OLDM 36812 Resize Condo Guide.indd 1 29/10/14 4:43 PM


CONDO PRO // BY BARBARA LAWLOR

It always pleases me to point out the many advantages of living in a condominium. So often we read about the carefree lifestyle that comes along with having building and grounds maintenance taken care of, and the fact that the amenities such as pools, exercise rooms and party rooms provide a wonderful extension to the living space you enjoy in your suite. That is all true, but a condominium offers so much more especially a real sense of community.

By virtue of what a highrise condominium is, people who live under the same roof make up a neighbourhood. And in many ways, residents in a condo come in contact more often than those who live in lowrise communities and come and go in cars all day long. I know people who have lived in lowrise communities for years and still dont

know their neighbours. In a condominium, you meet your neighbours in the elevators, hallways and common areas, and faces quickly become familiar. When you travel, your neighbours dont have to go far to water your plants or feed your cat. And in a highrise, people are more likely to notice if anything unusual is taking place, which adds a level of comfort.

Community is about sharing and togetherness, and condo amenities are natural spots where socializing happens. Chatting while youre on a treadmill in the fitness room, relaxing by the pool or in the sauna, throwing a steak on the barbecue on the rooftop patio these are all situations that nurture mixing and mingling with like-minded neighbours. These fabulous areas increase the sense of belonging that residents feel, and they are just an elevator ride away. And something as small as saying good morning when you step on the elevator contributes to the camaraderie.

Another benefit of condominium living is the fact that rules and regulations exist to protect peoples rights and safety. These guidelines are enforced by the condominium corporation to promote mutual consideration and respect among residents, and to protect everyones investment. Whether they are rules about noise, pets and other lifestyle considerations, everyone in the building is expected to follow these guidelines. Its an even playing field. And on those rare occasions when an issue arises, there is a concierge to help address the situation.

Speaking of concierge services, many condominiums today also employ a Resident Services Director, who organizes social activities and groups for fun and recreation. These may range from exercise classes to theatre outings or trips to the casino. Talk about a sense of belonging!

That feeling extends to the surrounding community, as most urban condominiums are close to assorted amenities such as parks, shops, entertainment venues and more. Examples of some of the most invigorating master-planned communities in the GTA are Humber Bay Shores, the Fort York Neighbourhood and the emerging new Downtown East. Many condominiums today even have restaurants and commercial retail venues in the podium, which really makes the building a community in the truest sense of the word.

Keep in mind that in a condo, you decide how much togetherness you want. Your suite is your private sanctuary, and todays gorgeous layouts and high-quality appointments make daily life an enjoyable experience. Your home is more than the immediate walls that surround you; home is also determined by the people in your neighbourhood.

If you make the move to a condo, make the most of the opportunities it brings your way. Extend a hand in friendship, and consider running for the condominium board of directors. You can help to make your condo a vibrant vertical community.

Barbara Lawlor is president and CEO of Baker Real Estate Inc., and

an in-demand columnist and speaker. A member of the Baker

team since 1993, Barbara oversees the marketing and sale of

condominium developments in the GTA and overseas.

Condo as a

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COVER STORY

MINTOS YORKVILLE PARK USHERS IN A NEW ERA OF LUXURY

SET IN THE HEART OF YORKVILLE, ONE OF TORONTOS

most celebrated neighbourhoods, Minto announces the arrival of its much-anticipated Yorkville Park. Located at the iconic intersection of Bellair and Cumberland, Mintos latest boutique condominium caters to a new era of urban luxury and prestige.

Featuring an unbeatable Walk Score of 100, Yorkville Park offers unparalleled access and convenience. Just steps from the Bay TTC station and nearby Yonge station, residents have immediate access to the hub of Toronto transit condominiums along the subway line appreciate faster and an enviable array of cosmopolitan amenities at their doorstep.

Residents of Yorkville Park barely have to leave their suites to enjoy some of Torontos top culinary delights. World-class restaurants within walking distance include Pangaea, Sotto Sotto and the new Buca Yorkville. Just around the corner on Bellair, residents can visit charming caf, ZAZA Espresso Bar, where they will feel as though they are sipping their coffee in an Italian piazza. The high-fashion retail on Bloor Street Wests Mink Mile, a quick jaunt to the Manulife Centre, combined with access to cultural destinations such as the ROM, equal the perfect recipe for a luxurious lifestyle abound.

Living in Yorkville represents the pinnacle of urban prestige and residents will simply enjoy the best Toronto has to offer. Minto Yorkville Park will be at the heart of it all. It will truly be an impeccable home, says Amanda Wilson Watkins, vice-president of marketing and sales for Minto.

Climbing 25 storeys, the residences in the sky will offer phenomenal views of the city, while boutique units on lower floors will overlook the Village of Yorkville Park. At street level, 5,700 sq. ft. of retail space will house the types of high-end boutiques that have made Yorkville famous.

With exquisite glass facades and a stunning streetscape podium, the exclusive 25-storey tower by Page + Steel/IBI Group Architects will define a sculptural entryway to the heart of one of the citys most celebrated addresses: 88 Cumberland St.

Inside the suites, the ever-popular external bedrooms

020

offer unparalleled views of the cityscape through floor-to-ceiling windows, painting your evening backdrop with twinkling city lights. Interiors extend onto spacious balconies, inviting outdoor entertaining.

In the state-of-the-art presentation centre, a multi-media wall showcases sumptuous kitchen and bathroom vignettes and unique floor plans, encouraging purchasers to imagine their refined Yorkville lifestyle. Take a walk through the stunning integrated model suite kitchen, which features a chic lighting sculpture overhanging a custom-built island and a sophisticated hood spotlighting a cooktop stove. A paneled fridge and dishwasher disappear from view, creating a seamless effect.

Gorgeous bathrooms are appointed with polished stone and porcelain, adorned by gold faucets. Residents can relax the day away in their very own deep soaker tub or enjoy the spacious walk-in shower fitted with a soothing rain showerhead and handheld shower.

The variety of amenity spaces complement the neighborhoods ample attractions and dining options. Residents can unwind on the expansive second-floor lounge complete with a chef s catering kitchen and private dining room, or visit the seventh-floor outdoor terrace, which offers intimate seating areas around a luxurious full-height fireplace.

Residents can refresh or let go of the days stresses while enjoying private workouts in a fully outfitted 2,000-sq.-ft. fitness centre.

Set to become Mintos 15th Leadership in Energy and Environmental Design (LEED) accredited building, Yorkville Park builds upon the companys impressive legacy of sustainable building practices. Just some of the many sustainability features at Yorkville Park include Energy Star appliances, which use approximately 30 per cent less energy; motion-sensor controlled lighting in common areas to reduce common area electricity costs; a high-performance thermal envelope, which minimizes unwanted solar gain and heat loss; and heat recovery ventilation (HRV), which delivers fresh air to the suites and reduces heating and cooling costs.

For your chance to call one of Torontos most exclusive addresses home, explore the Minto Yorkville Park model suite and presentation centre on Sat., Nov. 15th, from 11 a.m. to 5 p.m., on the seventh floor of 94 Cumberland.

Now is this time to discover Minto Yorkville Park, a unique type of urban luxury in downtown Torontos most district. Typically, this location is $1,500 per sq. ft., but is currently offered for under $1,000 per sq. ft. This is one not to miss!

To register and for more information, please visit mintoyorkvillepark.com.


HOMEBUYERS HELP

GOLDILOCKS MARKET Home prices moderating in Canada - but not everywhere

LOOKING BACK AT 2014 IN CANADIAN real estate, its largely been a sellers market. The inventory of homes on the market has been low, thedemand high, and prices going up, up, up. But Royal LePages latestHouse Price Surveyreports a natural slow-down in the nations real estate activity in the third quarter, calling it a Goldilocks market that isjust right.

In the seven years since the Canadian housing market began its recovery from the worldwide recession, home price growth has been robust, often greater than the long-term average of approximately five per cent, saysPhil Soper, president and chief executive of Royal LePage. We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country a transition to what our agentsrefer to as a Goldilocks market, one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.

// BY LYDIA MCNUTT

CONTINUED ON PAGE 24

We are experiencing . . . a transition to what our agents refer to as a Goldilocks market, one that is neither too hot, nor too cold . . . We expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.


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Low inventory after an unseasonably busy August contributed to a spike in prices across all housing types in Toronto

Survey says... According to the House Price Survey, the average price of a home in Canada rose between 4.4 and 6.1 per cent year over year, with two-storey detached homes averaging $441,714; detached bungalows at $405,101; and condos coming in at $257,377.

BUCKING THE GOLDILOCKS MARKET TREND,

CALGARY AND TORONTO PRICES SAW DRAMATIC

PRICE INCREASES

Low inventory afteran unseasonably busy August contributed to a spike in prices across all housing types in Toronto. Standard condos saw the greatest increase, up eight per centyear-over-year to $383,039.Detached bungalows rose 7.2 per cent to $618,088, andstandard two-storey homes increased 7.6 per cent to $733,317.

Meanwhile, Calgarys market was among the strongest across Canada, where high demand and low supply brought on price increases across the board condominiums saw a sharp increase of a whopping 11.8 per centyear-over-year to $294,156, while detached bungalows increased 10.8 per cent to $515,844 and standard two-storey homes were up9.2 per cent to $499,811.

In these markets, if youve found a great home, chances are someone else has their eye on it too. Hereare some tips to help you conquer a sellers market:

BUYING IN A SELLERS MARKET:

Tip #1: Keep your emotions in check.Combine a hot real estate market with a hot head, and you start to lose sight of the goal: to make a smart purchase and a sound investment. Dont become a bidding war casualty. Set your budget and stick to it. A home is only worth so much, and its up to you to decide what that magic number is.

Tip #2: Go with a pro.Your real estate agent, financial advisor and lawyer are your essential threein the home-buying process, helping you to keep your emotions in check (refer to #1) and make a purchasing decision based on facts and figures not feelings. Use their expertise and make a smart bid that reflects what the home is worth and what you can comfortably afford even if (and when) interest rates rise by one, two or three per cent.

Tip #3: Get pre-approved for a mortgage. With a mortgage pre-approvalin your back pocket, youll be locked-in at todays low rates for 90 to 120 days, and when you do find a great home and are ready to make an offer, it wont be conditional on financing since you already have this in order.

HOMEBUYERS HELP CONTINUED


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CHAR 35227 Condo Guide Ad.indd 1 2014-08-19 3:47 PM


ACCORDING TO THE FOURTH QUARTER 2014 HOUSING

Market Outlook, Canada Edition1 released recently by Canada Mortgage and Housing Corp. (CMHC), housing starts in 2015 will remain similar to levels observed in 2014 and in line with economic and demographic trends. By 2016, some moderation is expected.

The trend for housing starts has been up in recent months, particularly in multi-unit structures. This has been broadly supported by key factors such as employment, disposable income and net migration, which are expected to continue to be supportive of the Canadian housing market over the 2014-2016 forecast horizon, says Bob Dugan, chief economist for CMHC.

CMHCs latest forecast calls for a slight moderation in multi-unit starts during 2015, which will be offset by an increase in single-detached starts. Looking ahead to 2016, expectations are for total starts to moderate as builders focus on reducing their inventories.

On an annual basis, housing starts are expected to range between 186,300 and 191,700 units in 2014, with a point forecast of 189,000 units. In 2015, housing starts are expected to range from 172,800 to 204,000 units, with a point forecast of 189,500 units. For 2016, housing starts are forecast to range from 168,000 units to 205,800 units, with a point forecast of 187,100 units.

Multiple Listing Service (MLS2) sales are expected to range between 467,400 and 482,000 units in 2014, with a point forecast of 476,100 units. In 2015, sales are expected to range from 457,300 to 507,300 units, with a point forecast to 482,500 units. For 2016, resales are forecast to range from 448,000 units to 508,000 units, with a point forecast of 477,200 units.

STEADY OUTLOOK FOR CANADAS HOUSING MARKET IN 2015 with some moderation in 2016

As Canadas national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

CMHC REPORT

The average MLS price is forecast to be between $401,600 and $405,400 in 2014, with a point forecast of $404,800. In 2015, the average MLS is expected to be between $403,600 and $417,800, with a point forecast of $410,600. For 2016, the average MLS is forecast to be between $407,300 and $424,500, with a point forecast of $417,300.

1 The forecasts included in the Housing Market Outlook reflect information available as at Oct. 22, 2014. Where applicable, forecast ranges are also presented in order to reflect financial and economic uncertainty.

2 Multiple Listing Service (MLS) is a registered trademark owned by the Canadian Real Estate Association.

Thetrendforhousingstartshasbeenupinrecentmonths,particularlyinmulti-unitstructures.Thishasbeenbroadlysupportedbykeyfactorssuchasemployment,disposableincomeandnetmigration,whichareexpectedtocontinuetobesupportiveoftheCanadianhousingmarketoverthe2014-2016forecasthorizon.

30 NEW CONDO GUIDENOVEMBER 8 - 22, 2014

030 CMHC Report-2015/2016 forecast_VB_L.indd 30 14-11-04 6:01 PM

*The First Home Boost Program is not available on the townhomes and is only available on a limited number of suites. **Parking and locker incentive are only available on a select number of home types. Conditions apply. Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices and specifications are subject to change without notice. E.&O.E. 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 of The Daniels Corporation, is strictly prohibited.

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Call or visit us today! 416.955.0559danielsoneparkplace.com

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Suites from the mid $200,000s Towns from the mid $500,000s

*The First Home Boost Program is not available on the townhomes and is only available on a limited number of suites. **Parking and locker incentive are only available on a select number of home types. Conditions apply. Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices and specifications are subject to change without notice. E.&O.E. 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 of The Daniels Corporation, is strictly prohibited.

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HOT DATES

NOV. 7 16

Royal Agricultural Winter Fair

HIGHLIGHTS

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The Book of Mormon

NOVEMBER 2014Calendar of events taking place from

November 8 22

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#EastvsWestTO debate

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National Womens Show

Until Nov. 30 The Book of Mormon PRINCESS OF WALES THEATRE

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Nov. 7 9 National Womens Show METRO TORONTO CONVENTION CENTRE

The National Womens Show is a one-stop shop for products, seminars, workshops and more all for women. Get a free makeover at the Salon Stage, learn about the environment, financial planning and todays health issues at the Workshop Stage, and hear experts talk body and mind at the Health and Wellness Stage. Visit online for more information.nationalwomenshow.com

Nov. 12 #EastvsWestTO Debate RIVER CITY SALES CENTRE, 51 TROLLEY CRES.

East-end condo developer Urban Capital is hosting a debate to end Torontos age-old East-versus-West argument once and for all, held at the River City sales centre between 6 and 9 p.m. For more information and to RSVP, visit the website.EastvsWestToronto.ca

Nov. 7 16 Royal Agricultural Winter Fair EXHIBITION PLACE

Since its start in 1922, the Royal Agricultural Winter Fair has become the largest indoor agricultural and international equestrian competition in the world. More than 340,000 visitors flock to the Royal each year to see over 300 vendors, regal horse shows, entertaining dog shows and everything in between.royalfair.org

32

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Construction StartingChurch & Carlton, Toronto

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Prices and speci cations are subject to change. E.&O.E. November 2014. 24473

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NEWCONDOGUIDE.COMPublished by

FINANCING AND HIDDEN TRICKS

I cannot believe how certain builders (Vendors) try to take advantage of new homebuyers on the issue of mortgages. There is an attempt to squeeze extra money from innocent purchasers through certain clauses inserted into the Agreement of Purchase and Sale, that change something good into a potential trap for the unwary buyer:

1. The purchaser agrees to apply to a lending institution designated by the Vendor . . . to assume any existing first mortgage . . . The first mortgage shall bear interest to be fixed by the lending institution at a rate not to exceed % and have about years to run. . . This clause makes sense and allows certainty for both sides. Where the buyer gets potentially damaged is when this clause is combined with clauses 2 or 3 that follow:

LEGALLY SPEAKING // BY JAYSON SCHWARZ

2. If at any time prior to the completion of the sale, the Vendor determines that it is unable for any reason whatsoever to arrange first mortgage financing for the subject property with a lender of its choice, this Agreement may, at the Vendors option, be declared null and void and the deposit money returned to the Purchaser without deduction or interest.This is scary. First of all, you have a Vendor with no restrictions or obligation to be reasonable, and this Vendor will probably react only out of self-interest. Our poor buyer, if terminated, doesnt even get interest on his deposit and this clause could be used right up to closing.

3. It is agreed and understood that the term of the first mortgage may be varied at the option of the Vendor, by decreasing it by not more than 20% of the total term . . . In the event the vendor has not received a mortgage commitment . . . above described, Purchaser agrees to accept such mortgage upon such terms and at such interest rate as the Vendor is able to arrange, provided that the interest rate . . . shall not exceed the interest rate shown above by % . . .This clause gives the builder the unrestricted option to reduce the term, as an example from five to four years (lowering the cost of money), and increase interest over what you thought you were getting at the beginning. A fairly sneaky builder could get a commitment that builds in a percentage of your mortgage payments as a bonus to the builder. This clause could be used by an unscrupulous builder, to the extreme detriment of an innocent purchaser.

4. Sometimes a mortgage schedule is buried in the back of the Agreement. I recently reviewed one with a clause allowing the builder to terminate if the buyer did not provide him an acceptance letter for financing from an institution within 10 days of acceptance of the offer. Hmmm, closing in two years but we need to give the letter now. Good luck, and if not, the builder has the right to terminate any time up to closing.

So, what should you do?a) Amend clauses like 2, 3 and 4 if they appear in your offer, or dont firm up. Request the option to seek your own financing, and get it in writing.b) When you see clauses like 2, 3 and 4 above, be suspicious especially if they are buried in fine print, and question whether you can trust a builder who does this.

The moral of the story is to make sure that the offer is conditional for a few days on both financing and review by a lawyer. It is critical you get the right advice and only a lawyer can provide legal advice. That is the law. When you select a lawyer, find one who cares about you and a long-term relationship.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm

Schwarz Law LLP. Visit schwarzlaw.ca or email [email protected] and give us your questions, concerns,

critiques and quandaries.


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YOUR HOME // BY YAN GUREVICH

A real estate sales representative with Harvey Kalles Real Estate,

Yan Gurevich shares his creativity, sales, finance and negotiating skills

with his colleagues and clients. Email him at [email protected]; call 647.209.4004; and follow him on

Twitter @brokeryan

Each prospective homebuyer is sensitive to his

and her own sets of curses, dragons and preconceived

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The real nightmare of STIGMATIZED HOMES

Halloween may have come and gone, but some homes have that spooky factor all year round. You know that feeling you get from a house that just feels odd. Welcome to the world of the surreal and intangible a nightmare for any seller who just cant understand why their home sells below market, or not at all!

Picking a stigma-free home with the right karmic energy is becoming a complex science in Canadas multicultural real estate market. Each prospective homebuyer is sensitive to his and her own sets of curses, dragons and preconceived notions of what makes a home lucky or unlucky and in some cases, unsellable.

More than a century ago, wealthier families installed coffin doors in their homes. Huh? Back then, people didnt go to the hospital when they got sick, and they often expired at home. Rather than carrying the coffin through the front door, the family members used a more macabre exit. If you see an unusually tall window in a Victorian- or Edwardian-era home, you guessed it thats a coffin door. Its enough to turn some potential homebuyers right off.

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Three chart toppers of unlucky, inexplicably eerie, or outright haunted homes:

FENG SHUI Its the concept of famous Chinese metaphysical forces. Investigate issues like location, the direction the property is facing, layout and street number. By ignoring potential Feng Shui issues, when you decide to sell you may be eliminating a large number of buyers to whom these issues may matter most. Look out for staircases that face the front door, and views straight down a facing street from your front door.

GHOSTS Each house will have its own sets of sounds, light illusions and drafts. One seller told me he had to sell because surely his was a haunted house. Each night near midnight, he and his wife could hear voices coming through their vents. They lived alone in a detached house. During a home inspection we identified an old fireplace vent improperly sealed. Further investigation confirmed that what was heard was his neighbours next door in their kitchen, dining late after work.

CHILLS AND THRILLS

After walking through a perfectly priced house for a flip-and-sell project, a buyer told me that the house gave him the creeps. Further investigation showed that

previous owners had died in that house from natural causes, and the executors of the estate were turned off by the place, so much so, that they actually left the city once the house went on the market. Once the buyer realized that it was just a matter of changing the quality of energy of the house by bringing his own interest and love into it, the house took on a different feel for him and he purchased it at a great discount.

With a haunted house (that is, if you believe in that sort of thing) or any stigmatized home, buyer beware. It is up to the buyer and buyers agent to do their due diligence about any issue that may stigmatize the home for the buyer and possibly affect a future sale. The listing agent is not required to disclose items that are considered stigmatic. However, sellers must disclose if a person died in the house of unnatural causes, or if the house was used for illicit activities. Check with your lawyer for a list of disclosures you are entitled to from a listing agent.

YOUR HOME CONTINUED


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Thanksgiving is behind us and the trees are clad in their brilliant red, orange and yellow coats. Many of you took advantage of the last warm days of September and October by remaining active outdoors. But we all knew this wouldnt last forever.

Now that the thermometer is showing single digits in the mornings and the days are becoming increasingly shorter, were finally beginning to

FITNESS GALLERY // BY MARK J. STABLES

Mark J. Stables is founder of Benchmark Group and Movement Haus. He is a

renowned fitness and wellness expert with over 15 years experience in the industry.

Working with hundreds of urban condominium dwellers, Mark has

experience and insight into the design of condo fitness amenities and the way people

use them. Visit movementhaus.com, benchmarkgroup.ca or call 416.428.3536.

contemplate what exercising indoors will look like over the next several months until spring returns. There will always be the veteran die-hard exercisers who continue to run outside during winter months. However, when most of us seek refuge, what will be your game plan to improve your fitness?

Lucky for many condo dwellers in Toronto, their buildings come equipped with a fitness amenity space for use year round. When the weather gets colder and people become less inclined to venture outside, why not take your workout indoors and find ways to improve your strength, posture, balance, and endurance compliments of your condominiums gym?

Condo gyms have evolved from small, poorly planned, left-over spaces with dim lighting and limited equipment into full-fledged gyms worthy of a membership and professional staff like Benchmark and Movement Haus, which is offering group fitness classes in several condominiums that have received Movement Haus-branded amenities including TRX, bootcamp, spinning, ballet barre, yoga and Pilates, which are our big-ticket classes at the moment. All this, without ever leaving the comfort of your condo.

And if you are planning a great escape this winter, thats not a free pass to also escape your fitness and wellness regime.

A VACATION IS NO TIME TO SLACK OFF!

The cooler temperatures signal vacation time for those looking to retreat the everyday, if only for a short while. But just because youre heading on vacation, doesnt mean you have carte blanche to abandon your exercise program.

There are a number of options that combine leisure and fitness into one, so you can have the best of both worlds. How about: a relaxing spa getaway that will fill your days with yoga and

beach-front massages, a cycling tour leading you through the hills and valleys of France, a hiking trip through vineyards where you can put your feet up

at the end of each day, savouring a glass of Amarone, or a gathering of friends for a surfing adventure on the shores of

Central America.

Fitness vacations are available for every taste and budget. Arm yourself with an open mind, a glass of wine, an afternoon with Google, and youll find a trip thats right for you.

In the meantime, enjoy everything your condomoniums gym has to offer.

HOT WORKOUT IDEAS

to warm up those cold days


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CONDO PROFILE

hot on the heels of the extraordinary success of 11 Wellesley and The Britt Residences at Bay and Wellesley two of Torontos most talked-about condominium projects of recent years Lanterra Developments introduces TeaHouse Condominiums, a landmark building thats set to rise on the citys iconic main street.

Designed by architectsAlliance, this captivating new two-tower community at 501 Yonge St. will span an entire city block between Alexander and Maitland Street, just north of College Street. TeaHouse Condominiums builds

TEAHOUSE CONDOMINIUMS BRINGS ASIAN-INSPIRED DESIGN TO YONGE STREET

Lanterra Developments new project boasts landmark location, unparalleled design and abundant amenities

on Lanterras unparalleled track record for delivering unique projects that place great design at the forefront.

The building distinguishes itself with a thoughtful Asian-inspired aesthetic, executed to aplomb by world-renowned interior design firm Munge Leung. Serene amenity spaces and tranquil common areas have been designed to provide TeaHouse residents with a respite from the delightful hustle and bustle of downtown life, restoring balance and harmony the moment they arrive back at home. This peaceful spirit carries over to the outside, where the buildings exterior is characterized by clean lines, warm materials and the use of screening.

Ive always been enamoured with Asian architecture buildings that have a simple beauty, symmetry and a sense of style thats eternal, explains Lanterra Developments chairman Mark Mandelbaum. Thats why were looking forward to bringing this incredible design concept to our exceptional new project, which we believe will set a new tone alo

GTA New Condo Guide, Nov 8, 2014

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