GTA New Home Guide - Nov 1, 2014

Nov 1 - 15, 2014 Volume 22 Issue 20

INSIDE THIS ISSUE

YOUR NEW HOME SALESAGREEMENT CHECKLIST

WHY YOU SHOULD REVIEW YOUR PROPERTY BOUNDARY

DESIGN ADVICE FROMJILLIAN HARRIS

001 NHGTA-Cover-11-01-2014-TL-FIN.indd 1 14-10-27 1:57 PM

ASPIRE TO A NEW ERA OF DESIGN IN NEWMARKET.

aspenridgehomes.com

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Aspen Ridge Homes. Prices and specifications are subject to change. See sales representative for details. All Rights Reserved. E.&O.E. Sept 2014. 23516.

ASPIRETO STANDARD

FEATURES THAT FEEL

SIGNATURE.What makes for good design? At Aspen Ridge, we believe its the moment your aspirations become actualizations. The moment your dream kitchen becomes a space where you sip, stir, savour. When interiors not only have the best designer nishes, but are designed to your tastes. Trends fade. Styles change. Good design? It withstands the test of time. Thats what we aspire to.

PRESENTATION CENTRE NOW OPEN18001 Bathurst St., Newmarket

Towns from the $450s | Singles from the $620s416.270.9484 | aspenridgehomes.com

Aspire to great design.

NOW OPENBRADFORD Dream elds Presentation Centre & 2 Model Homes 905.551.1631

BRAMPTON Credit Manor HeightsPresentation Centre & Model Home 905.216.5155

BRAMPTONMay eld VillagePresentation Centre 905.230.2592

KLEINBURGKleinburg HillsPresentation Centre & 2 Model Homes 905.552.0678

NEWMARKETWoodland HillsPresentation Centre 416.270.9484

NOBLETON King Country EstatesPresentation Centre & 2 Model Homes 905.558.0255

RICHMOND HILLKettle Lakes ClubPresentation Centre & 4 Model Homes 289.234.1064

VAUGHANUpper West SidePresentation Centre & 2 Model Homes 289.553.5633

WATERDOWNWaterdown MeadowsPresentation Centre905.690.2224

MORE INFO ATaspenridgehomes.com

COMING SOONKESWICKSimcoe Landing

MARKHAMUnion

QUEENSVILLEQueensville

REGISTER ATaspenridgehomes.com

ASPIRE TO OPEN-CONCEPT DESIGN. AT HOME. AND IN YOUR COMMUNITY.Welcome to Newmarkets Woodland Hills, where youll experience a neighbourhood fabric that strikes a dramatic blend between big city amenities and small town charm. Discover gracious family homes where design consideration goes into every last detail, and where natures exterior design includes a conservation area and a natural community pond for all to enjoy.

Now Open!

Visit the Presentation Centre north of Davis Drive on Bathurst, Newmarket.

aspenridgehomes.com

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contentsNOVEMBER 1-15, 2014 || VOLUME 22 ISSUE 20

community focus features24 Kleinburg

Fieldgate Homes Fall sales event and new model at Impressions in Kleinburg

40 Multi-site Primont Homes Consider yourself at home with Primont

58 Queensville Aspen Ridge , CountryWide & Lakeview Homes Im Queensville, the most amazing new town in Ontario

92 Oakville Mattamy Homes A full range of home designs awaits at The Preserve

ON THE COVER

p. 32BROOKFIELD RESIDENTIAL

Designer decorated models now open at Fieldstone

Nov 1 - 15, 2014 Volume 22 Issue 20

INSIDE THIS ISSUE

YOUR NEW HOME SALESAGREEMENT CHECKLIST

WHY YOU SHOULD REVIEW YOUR PROPERTY BOUNDARY

DESIGN ADVICE FROMJILLIAN HARRIS

001 NHGTA-Cover-11-01-2014-TL-FIN.indd 1 14-10-27 1:57 PM

regular and special featuresIN EVERY ISSUE

4 Editors Note 10 Contributors 54 Hot Dates 110 Ad IndexCOLUMNISTS

18 BILD Report Politicians arent the only city builders thinking transit by Bryan Tuckey

20 Fundamentally Speaking Why you should check your property boundary by Wayne Karl

40

92

30 Mortgage Finesse Choosing between fixed and variable rate mortgages by Calum Ross

36 Taxing Issues Building equity by Henry Choo Chong

52 Legally Speaking New freehold home offer checklist by Jayson Schwarz

HOMEBUYERS HELP

62 Designer Advice Jillian Harris Canadas it girl by Sara Duck

80 Top Homebuying Tips Three good reasons to think resale when buying a new home

82 Top Homebuying Tips How to reduce your energy consumption and heating costs

90 Marketplace Hanging a-round by Elisa Krovblit

103 Resource Section Mortgage Calculator and Rate Table

107 GTA Hot Sheet Two pages of new openings, new releases and preview registrations

IN THE NEWS

38 New Homes New home sales and prices continue strong performance

42 Averton Homes Exclusive preview opening of Beacon Hill in Bowmanville

46 Market News Toronto continues to be among top markets in the country

56 Market News Canadas hottest real estate market? You might be surprised

60 Kylemore Communities Village Gate neighbourhood of executive homes in Markham

78 Averton Homes announces Preview Opening of Main Street in Pickering

When buying a new home, many peoples vision involves an expansive property in an excellent location and at a great price within easy reach of all the amenities you need and where you work.

If youre lucky, you can achieve all of this right off the bat. More likely, as prices rise and selection is increasingly determined by availability and affordability, you may need to compromise. Instead of a detached home in your number one neighbourhood, you find yourself looking at a semi. If a townhome is not quite within reach in your first area of choice, you may be considering a condo.

This is the exercise more and more homebuyers are going through these

days. Want a bigger property, move further out of the city. That used to be the fairly simple equation. Now, complicated by issues such as transit and commuting times, the choices may not be so clear. In Toronto, for example, rising land acquisition costs are expected to make many buyers number two choice townhomes notably more expensive in the coming years. Where to from there? A condo? This may not be a suitable alternative, if you have a family.

The good news is builders are responding to such challenges by increasing their offerings in home type, and in the case of condos, unit sizes. Plenty of homebuying options are out there, and if you do through research, youll unearth the opportunities.

Hot markets and cool opportunities Toronto, among Canadas hottest real estate markets, leaves some prospective buyers exploring options to get in

Get it in writing And have your lawyer review your agreement

Buying a brand-new home offers you an opportunity to customize it to your liking. It can be a dream come true and an investment for the future but dont forget, its also legal transaction.

The term get it in writing has never been more important in the case of the new-home purchase, since such a document outlines everything your home will have in it, on it and around it. Otherwise known as the Agreement of Purchase and Sale, the contract spells out the terms and conditions between you and your builder. Without it, if there is a misunderstanding or disagreement, its impossible to prove what was agreed upon.

Since building a home is much more complicated than a resale transaction where the unit and/or property likely already exists, there is

no set Agreement of Purchase and Sale or standard contract for buying a new home. In some provinces, builders may have standard contracts prepared by the local home builders association or their new-home warranty program. Builders often prepare their own agreements, so contracts can vary from one builder/developer to another and from province to province.

Before you sign a contract, review it carefully with the builder and ask questions to make sure you fully understand what it contains. Your next step is to then take it to a real estate lawyer and have it reviewed. Once it is signed, it becomes a legal document and an agreed-upon contract, so seeking the services of an experienced real estate lawyer is an important step toward ensuring that your dream home becomes a reality.

//EDITORS NOTE

SUSAN LEGGE EDITOR-IN-CHIEF Wall2Wall Media [email protected]

Follow me on Twitter at Twitter.com/SusanLegge Like us on Facebook. Search: New Home Guide

WAYNE KARL EDITOR Wall2Wall Media [email protected]

Follow me on Twitter at Twitter.com/WayneKarl Like us on Facebook. Search: New Home Guide

004 NEW HOME GUIDE GTA | NOVEMBER 1 - 15, 2014

NOVEMBER 1 - 15, 2014 | NEW HOME GUIDE GTA 005

menkes.com

Your Life Storey always comes rst.2013 Tarion Award of Excellence Finalist

For the last sixty years, Menkes has been a central chapter in the Life Storeys of so many. Menkes has always focused on building

homes in the citys most desirable and accessible locations. Discover elegant family homes in communities across the Greater

Toronto Area that exude this companys trademark character, charm and lasting value. Come home to Menkes today, where

your Life Storey always begins and ends with total customer satisfaction.

menkes.comFacebook.com/MenkesLife @MenkesLife

menkes.comPrices and speci cations are subject to change. E.&O.E. October 2014.

NEW RELEASE

Burnhamthorpe Rd. & West MallEtobicoke

Starting from the high $300s 416.259.2525

NEW RELEASE

Bathurst St. & Finch Ave.North York


NOW OPEN

Browns Line & Evans Ave.Etobicoke

Starting from the low $500s 416.259.2525

NOW OPEN

Guelph St. & MacFarlane Dr.Georgetown


MEN 23107 New Homes DPS New October.indd All Pages 14-10-27 10:03 AM

006

menkes.com

Your Life Storey always comes rst.2013 Tarion Award of Excellence Finalist

For the last sixty years, Menkes has been a central chapter in the Life Storeys of so many. Menkes has always focused on building

homes in the citys most desirable and accessible locations. Discover elegant family homes in communities across the Greater

Toronto Area that exude this companys trademark character, charm and lasting value. Come home to Menkes today, where

your Life Storey always begins and ends with total customer satisfaction.

menkes.comFacebook.com/MenkesLife @MenkesLife

menkes.comPrices and speci cations are subject to change. E.&O.E. October 2014.

NEW RELEASE

Burnhamthorpe Rd. & West MallEtobicoke


NEW RELEASE

Bathurst St. & Finch Ave.North York


NOW OPEN

Browns Line & Evans Ave.Etobicoke

Starting from the low $500s 416.259.2525

NOW OPEN

Guelph St. & MacFarlane Dr.Georgetown


MEN 23107 New Homes DPS New October.indd All Pages 14-10-27 10:03 AM

007

38' Home, The Plan 4, Elev. A, 2,458 Sq.Ft., $519,990

mattamyhomes.com

All illustrations are artists concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.

Follow us:Presentation Centre Hours: Monday - Thursday 1pm-8pm; Friday 1pm-6pm; Saturday, Sunday and Holidays 11am-6pmModel Home Hours: Monday - Thursday 1pm-7:30pm; Friday 1pm-5:30pm;

Saturday, Sunday and Holidays 11am-5:30pm

Make The Most Of These Shorter Days In A Mattamy Community.

Its darker earlier. Its getting colder every day. Winters coming.

But in a Mattamy community, its not all dark and dreary.

When the sun wakes up, you have a home with lots of large windows so the

natural light gets in to brighten the day. In the evening enjoy time with the family in your

Great Room by a warm fireplace. Or if you need some time alone, retreat to your bath oasis

and relax in your master ensuite soaker tub. Even though the nights are chilly and the

sun sets early, you can always enjoy the outdoors with a bike ride or take the dog for walk.

We invite you to come visit a Mattamy neighbourhood and

see how bright and cheerful the cooler winter months can be.

Enjoying A Walk in Wildflowers, KitchenerOAKVILLE COMING SOON - AURORA

Bramptons Most Popular Community Offers Full Variety In Townhome & Detached Home Living.

Townhomes From $337,990~

Detached Homes From $402,990Sales Centre: 6 Worthington Avenue Sales Centre: 179 Seabrook Drive


Detached Homes From $299,990

BRAMPTON KITCHENER

Wildflowers Is In Full Bloom With A Full Selection Of Towns & Detached Homes!

Townhomes From The Low $400s~

Detached Homes From The Low $700sSales Centre: 1388 Dundas Street West

Now Available, More Opportunities To Live In High Style In The Preserve.

OAKV ILLE

PRESERVETHE

34' Home, The Lily, Elev. E, 2,385 Sq.Ft., $741,990

36' Home, The Primrose, Elev. C, 2,217 Sq.Ft., $395,990

Register To Be Part Of Life In St. Johns Forest mattamyhomes.com

Coming Soon, New Townhome & Detached Home Designs In Highly Sought

After St. Johns Forest In Aurora.

FORESTAU RO R A

St. Johns

Model Home Kitchen In The Preserve

NH&C_dps_All Sites_Oct. 25.indd 1 2014-10-22 2:36 PM

008

38' Home, The Plan 4, Elev. A, 2,458 Sq.Ft., $519,990

mattamyhomes.com

All illustrations are artists concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.

Follow us:Presentation Centre Hours: Monday - Thursday 1pm-8pm; Friday 1pm-6pm; Saturday, Sunday and Holidays 11am-6pmModel Home Hours: Monday - Thursday 1pm-7:30pm; Friday 1pm-5:30pm;

Saturday, Sunday and Holidays 11am-5:30pm

Make The Most Of These Shorter Days In A Mattamy Community.

Its darker earlier. Its getting colder every day. Winters coming.

But in a Mattamy community, its not all dark and dreary.

When the sun wakes up, you have a home with lots of large windows so the

natural light gets in to brighten the day. In the evening enjoy time with the family in your

Great Room by a warm fireplace. Or if you need some time alone, retreat to your bath oasis

and relax in your master ensuite soaker tub. Even though the nights are chilly and the

sun sets early, you can always enjoy the outdoors with a bike ride or take the dog for walk.

We invite you to come visit a Mattamy neighbourhood and

see how bright and cheerful the cooler winter months can be.

Enjoying A Walk in Wildflowers, KitchenerOAKVILLE COMING SOON - AURORA

Bramptons Most Popular Community Offers Full Variety In Townhome & Detached Home Living.


Detached Homes From $402,990Sales Centre: 6 Worthington Avenue Sales Centre: 179 Seabrook Drive


Detached Homes From $299,990

BRAMPTON KITCHENER

Wildflowers Is In Full Bloom With A Full Selection Of Towns & Detached Homes!

Townhomes From The Low $400s~

Detached Homes From The Low $700sSales Centre: 1388 Dundas Street West

Now Available, More Opportunities To Live In High Style In The Preserve.

OAKV ILLE

PRESERVETHE

34' Home, The Lily, Elev. E, 2,385 Sq.Ft., $741,990

36' Home, The Primrose, Elev. C, 2,217 Sq.Ft., $395,990

Register To Be Part Of Life In St. Johns Forest mattamyhomes.com

Coming Soon, New Townhome & Detached Home Designs In Highly Sought

After St. Johns Forest In Aurora.

FORESTAU RO R A

St. Johns

Model Home Kitchen In The Preserve

NH&C_dps_All Sites_Oct. 25.indd 1 2014-10-22 2:36 PM

009

contributorsNEW HOME GUIDE PRESIDENT, WALL2WALL MEDIA Jacqueline Hill

EDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan LeggeDIRECTOR OF SALES, NATIONAL

Josh HeppnerSALES MANAGER NEW HOME GUIDE GTA, NEW CONDO GUIDE, HOME DCOR & RENOVATIONS

Conni RobinsonASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO

Susan Maxwell ART DIRECTOR

Tammy Leung

EDITOR

Wayne KarlCONTRIBUTING EDITORS

Sara Duck, Elisa Krovblit Lydia McNutt

SENIOR ACCOUNT EXECUTIVE

Nina Downs [email protected] SENIOR ACCOUNT EXECUTIVE Dionne Fraser [email protected] & MARKETING CO-ORDINATOR

Terry BassettDISTRIBUTION & SALES CO-ORDINATOR

Jennifer BistronADMINISTRATIVE ASSISTANT

Antoinette Jackson

PRODUCTION MANAGER

Bala GnanapandithanPRODUCTION CO-ORDINATOR

Sandra Hanak-VujnovicGRAPHIC DESIGNERS Viosa Barileva, Miguel Cea, Mike Terentiev

NATIONAL ACCOUNT MANAGER, MEDIATIVE

Paul Slizys

#500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867newhomeguide.ca 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 New Home Guide, 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. The views and data expressed by columnists do not necessarily represent those of the publication.Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.TERMS Advertisers, Editorial content 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 editor at [email protected].

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 ByMORTGAGE FINESSE CALUM ROSSCalum Ross is a mortgage columnist for New Home Guide and New Condo Guide. He holds both a B.Comm and MBA in finance from the Schulich School of Business and in 2011 completed the Comprehensive Leadership Program at Harvard Business School. He can be reached at 416.410.9905

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 online blog (bildblogs.ca)

TAXING ISSUES HENRY CHOO CHONG, CGAHenry Choo Chong is a certified general accountant. Henry sits on many committees and provides accounting and tax advice to individuals and businesses in the GTA. Send your tax questions via email to Taxing Issues at: [email protected]

LEGALLY SPEAKING JAYSON SCHWARZ Schwarz Law -Barristers and Solicitors

Jayson Schwarz LL.M. is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. He can be reached by visiting schwarzlaw.ca or by email at [email protected] or phone at 416.486.2040


madisonhomes.caGet Social with us: @ mymadisonhome mymadisonhome

*Prices and specifi cations are subject to change without notice. E. & O. E. See Sales Representative for details.

D E C O R A T E DM O D E L H O M E S

N O W O P E N

MARKHAM

NEW RELEASE COMING SOON

Singles on 41 & 45 lots.

REGISTER NOW

THORNHILL

60 ravine lots.from $1.8 Million

SALES OFFICE650 Valley Vista Drive

(Dufferin at Major MacKenzie)905-417-1203

MARKHAM

Singles on 30, 36 & 40 lots.from the $700s

SALES OFFICE655 Cornell Centre Blvd.

(at 16th Avenue)905-472-7667

MADI-MUL-A-AD-NHC-OCT27-1.indd 1 14-10-27 3:38 PM


Visit These Communities Today! Coming Soon, Register Now!

SALES CENTRE HOURS: MON-THURS 1PM - 8PM FRI CLOSED SAT, SUN & HOL 11 AM - 6 PM* See sales representative for details. Prices & specifi cations subject to change without notice. Renderings are Artists Concept. E.&O.E. * See sales representative for details. Prices & specifi cations subject to change without notice. Renderings are Artists Concept. E.&O.E.

assionOur

We create homes that meet your dreams and aspirations.

Building fi ne homes is not just our business, its our passion. At Primont Homes, we understand what your dream home means to you. Our professionally trained designers, craftsmen and customer service people are committed to bringing your vision to life. Its the Primont Promise.

WOODBRIDGE

FREEHOLD TOWNHOMES

NO CONDO FEES!NEW MODELS AVAILABLE

3890 Major Mackenzie Dr. W.905.417.3363

FROM$569,900

CALEDONMOUNT PLEASANT BRAMPTON

FREEHOLD TOWNS & 38 DETACHED

INVENTORY SALE: 5% DOWN & UP TO $10,000 CASH BACK!*

10629 Mississauga Rd.905.495.5067

FROM$375,900

MARKHAM

FINAL RELEASEOF TOWNHOMES

VISIT OUR SALES CENTRE!HURRY, ONLY A FEW REMAIN!

Hwy 7, East of Ninth Line905.201.2804

FROM$509,900

SEASONSI N C A L E D O N

DETACHED HOMES

Register now at PrimontHomes.com

FROM $599,900

CORNELLMARKHAM

A T C O R N E L L

FREEHOLD TOWNHOMES


FROMTHE

$500s

PrimontHomes.comConsider Yourself at Home

PRIM 36746 NHG Oct23 FINAL.indd 1-2 2014-10-27 4:39 PM

012

Visit These Communities Today! Coming Soon, Register Now!

SALES CENTRE HOURS: MON-THURS 1PM - 8PM FRI CLOSED SAT, SUN & HOL 11 AM - 6 PM* See sales representative for details. Prices & specifi cations subject to change without notice. Renderings are Artists Concept. E.&O.E. * See sales representative for details. Prices & specifi cations subject to change without notice. Renderings are Artists Concept. E.&O.E.

assionOur

We create homes that meet your dreams and aspirations.

Building fi ne homes is not just our business, its our passion. At Primont Homes, we understand what your dream home means to you. Our professionally trained designers, craftsmen and customer service people are committed to bringing your vision to life. Its the Primont Promise.

WOODBRIDGE

FREEHOLD TOWNHOMES

NO CONDO FEES!NEW MODELS AVAILABLE

3890 Major Mackenzie Dr. W.905.417.3363

FROM$569,900

CALEDONMOUNT PLEASANT BRAMPTON

FREEHOLD TOWNS & 38 DETACHED

INVENTORY SALE: 5% DOWN & UP TO $10,000 CASH BACK!*

10629 Mississauga Rd.905.495.5067

FROM$375,900

MARKHAM

FINAL RELEASEOF TOWNHOMES

VISIT OUR SALES CENTRE!HURRY, ONLY A FEW REMAIN!

Hwy 7, East of Ninth Line905.201.2804

FROM$509,900

SEASONSI N C A L E D O N

DETACHED HOMES


FROM $599,900

CORNELLMARKHAM

A T C O R N E L L

FREEHOLD TOWNHOMES


FROMTHE

$500s

PrimontHomes.comConsider Yourself at Home

PRIM 36746 NHG Oct23 FINAL.indd 1-2 2014-10-27 4:39 PM

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by BRYAN TUCKEY

Politicians arent only city builders thinking about transit

//BILD REPORT

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

Were all very interested to see who the next civic leaders will be at city halls across Ontario. Those 177,500 people who are employed by the building and land development industry in the GTA want 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 buyers 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 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, whether it is that of Olivia Chow, Doug Ford or John Tory.

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.

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.


Welcome to the upscale, master-planned community of Vales of the Humber. This

new development will feature only luxury singles that will integrate beautifully with

attractive streetscapes, parks and schools in the ideal family-focused environment.

For more information visit treasurehill.com

URBANTOWNS ON BAYVIEW

STARTING FROM $729,900*


VISIT OUR FULLY FURNISHED MODEL HOME

VALES OF THE HUMBERB R A M P T O N

PRESENTATION CENTRE LOCATED AT 20 FOGAL ROAD

MODEL HOME LOCATED AT 20 SQUIRE ELLIS DRIVE

PRESENTATION CENTRE LOCATED AT 24 BRIGGS AVENUE

R I C H M O N D H I L L

TOWNHOMES

ESTATE SINGLES

NOW OPEN

NOW OPEN

After the extreme success of Urbantowns at Bayview as the winner of the 2014 BILD Low-Rise

Project of the Year, Treasure Hill is proud to present Urbantowns on Bayview. Continuing the

urban look and feel that made the original development such a success, Richmond Hills

most desirable townhomes will be located on Bayview just north of Major Mackenzie.

BUILDING A NEW LEVEL OF SUCCESS

*Prices & information correct at press t ime. All i l lustrations reflect artist impression. E. & O.E. Ask a sales representative for details.

urbantowns

urbantowns

urbantowns

O N B A Y V I E W

O N B A Y V I E W

O N B A Y V I E W

urbantownsO N B A Y V I E W


A U R O R A

TOWNHOMES TOWNHOMES

C A L E D O NW O O D B R I D G E

TOWNHOMES

URBAN LIVING

NOW OPEN COMING SOON COMING SOON

PRESENTATION CENTRE: MON-THURS 1PM-8PM SAT, SUN & HOLIDAYS 11AM-6PM | MODEL HOME: SAT & SUN 11AM-6PM

019

//FUNDAMENTALLY SPEAKING

WAYNE KARL is an award-winning

writer and editor with experience in real

estate and business. In Fundamentally

Speaking, Wayne explores the basics such as

economic fundamentals you need to examine

when buying property. He can be reached at

[email protected] or follow him on Twitter

at Twitter.com/WayneKarl

by WAYNE KARL

Why you should always check your property boundary

Have you bought, or are considering buying, a new home and want to build a fence, shed or deck or otherwise spruce up your residence? Heres why you might want to check your property boundary first.

A recent analysis conducted by Krcmar Surveyors Ltd. showed that about 49 per cent of residential properties in the Greater Toronto Area, for example, have boundary discrepancies with significant potential to cause disputes between neighbours.

Horror stories of feuding neighbours, litigation nightmares and tens of thousands of dollars in legal costs are not just the stuff of Hollywood movies it really does happen.

And yes, even with new homes.Sometimes, its just difficult to tell

where one property ends and another begins. Its not as easy as one would think, in a muddy construction zone with no fences and rudimentary driveways, curbs and roads to delineate land parcels, says Sasa Krcmar, executive director of Krcmar Surveyors Ltd., whose company has helped launchprotectyourboundaries.ca, a site designed to help homeowners prevent and resolve property boundary issues.

Although legal iron bars are set to mark out each lot prior to construction, they often get knocked out, moved or buried during the building phase.

Many homeowners naturally, and incorrectly, assume that the wooden stakes that dot the perimeter of their property represent the boundary, and use them as a guide to start planting a

hedge or put up a fence, Krcmar told New Home Guide. However, these wooden stakes are generally used for site grading. And while they are likely located near the property line, they cant be relied upon to determine the legal boundary.

Here, then, are a few tips for new-home owners to avoid property boundary issues.

GET THE SURVEYORS REAL PROPERTY REPORT: Your property boundary will be recorded in the Surveyors Real Property Report (SRPR) that is performed after the foundation walls are poured (approximately a foot above grade) and the soil is backfilled around the home. The SRPR is your official documentation of your building location and the property boundary lines. Builders typically provide this plan when you close the deal. Be sure you receive a copy and keep it in a safe place for future reference.

MARK THE FOUR BOUNDARY CORNERS OF YOUR PROPERTY: Ask the builder to have the surveyor mark the four boundary corners of your property with iron survey bars as a condition of closing. Even if the builder charges a nominal fee for this service, it is a cost-effective practice that will allow you to add structures and landscaping with confidence and peace of mind in years to come.

PROTECT THE IRON SURVEY BARS THAT DEFINE YOUR PROPERTY: Protect the iron survey bars that define the corners of the property. They are legal monuments that provide the most important evidence of your property boundaries. Dont remove or move them, or allow others to.

BE A GOOD NEIGHBOUR: Be a good neighbour, while at the same time ensuring that your neighbours dont establish a pattern of using part of your property for their routine activities.

AND, IF ALL ELSE FAILS: Visit protectyourboundaries.ca, where, for a cost that varies depending on the surveyor (usually $200 to $300), homeowners can find their exact property boundaries.


COMMUNIT IES

CHELSEA STATION | VAUGHAN Located near Eaglesnest Golf Course at Dufferin and Major Mackenzie Drive Contemporary Freehold Townhomes | GRAND OPENING NOVEMBER 2014

HILLSBOROUGH | HOLLAND LANDING Detached Homes on 38, 40 and 45 Lots | GRAND OPENING FEBRUARY 2015

CLARIDGE GATE | VAUGHAN Located in the Prestigious Upper Thornhill Woods Estates neighbourhood Two Storey Traditional Towhomes and Three Storey Terrace Townhomes | LAUNCHING JANUARY 2015

GLENWAY | NEWMARKET Detached Homes and Bungalows on 50 Lots, Two Storey Townhomes and Three Storey Terrace Townhomes | LAUNCHING SPRING 2015

COUNTRY LANE | WHITBY Townhomes, Semi-Detached and Detached Homes | COMING SOON

PANORAMA | MILTON Community of Detached Homes and Townhomes near the Escarpment | COMING SOON

Prices and specifications are subject to change without notice. E. & O.E. Renderings are artists concept. Cooperating Brokers Protected.

TO LEARN MORE ABOUT OUR COMMUNITIES

REGISTERAT ANDRINHOMES.COM

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//COMMUNITY FOCUS

LOCATION Kleinburg

HOUSING TYPE Townhomes and semis with two-car garages from the $520s, and 30-ft. detached homes from the low $600s

CONTACT 905.893.9500 fieldgatehomes.com

T he designer-decorated model home that just opened is another great reason to discover Impressions a breathtaking master-planned community that features more than 70 acres of greenspace, community parks, ponds and two proposed community schools. Featuring stunning homes in an ideal location minutes from the heart of the historic village of Kleinburg. This is without a doubt one of the finest new home communities growing in the GTA. The current release features townhomes and semis, both with two-car garages, from $524,990 and 30-ft. detached homes from $614,990. Adding to the exceptional collection of homes available at Impressions, this release boasts an amazing selection of brand new designs. Theres such an abundance of selection that Homebuyers are sure to find something that meets their families lifestyle and needs. With construction already underway, this community is certainly taking shape, and you wont have to wait long to start enjoying life in this exquisite family home community. Also, there are a number of homes currently available with early closings.

One of the many fine models currently available at Impressions is the 28-ft. semi-detached, three-bedroom, two-car garage Pichot Elevation A. Offering a stylish

Enjoy the fall sales event & new model homein Vaughans most popular family community

KLEINBURG

FIELDGATE HOMES | Impressions

...continued on pg 26

Semi-detached Pichot Elevation A, 1,779-sq.-ft., a great elevation with a covered porch and second-floor balcony


features both a laundry room and a powder room. Behind the Great Room and adjacent to the breezeway is an intimate courtyard, perfect for backyard barbecues. Upstairs, the master suite boasts a walk-in closet and lavish ensuite, which includes a separate oval soaker tub and shower. Bedrooms two and three offer large closets and convenient proximity to the main upstairs bathroom. The Pichot is priced from $574,990.

Throughout all of the GTA, theres no place quite like the Village of Kleinburg. Perfectly nestled between the east and west branches of the Humber River, Kleinburg offers all the pleasures of small town life just minutes from the big city conveniences of Vaughan and the surrounding area. This is a place where the old and the new are weaved together to create a vibrant tapestry of inspired community living a place that celebrates arts and culture, a place that celebrates family and friends. Kleinburgs main street is the perfect setting for a leisurely afternoon stroll past charming boutiques, cafs and restaurants. This is also a community that celebrates our nations rich cultural heritage: the village is famously home to The McMichael Canadian Art Collection, an exclusive showcase for Canadian art. For nature lovers, the Kortright Centre for Conservation renown for its hiking, bird watching and outdoor education programs is just minutes away, along with Bindertwine Parks breathtaking walking trails, as is Copper Creek, one of the GTAs premier golf clubs. The impressive selection of nearby amenities extends well beyond those offered by this quaint Kleinburg setting. Vaughans many other charming neighbourhoods also offer convenient shopping destinations such as Vaughan Mills boasting a host of major retailers and top name brands. Commuting is made easy with Hwys. 27, 400, 427 and 407 all just minutes away.

To learn more about Impressions, visit fieldgatehomes.com today or to speak with a sales representative call 905.893.9500.

and functional floor plan, this 1,779 sq. ft. gem of a home is one of the most outstanding models in Fieldgates innovative Laneway Collection. Designed with rear-facing double-car garages, these laneway homes maximize space while allowing for breathtaking elevations at the front of the home. The Pichots front elevation features large windows and a charming covered porch, creating an impression of classic small town elegance. The Pichot offers the option to include a separate side door entrance as well. The interior of the home is perhaps even more remarkable. The main floor features a large formal room and a spacious gourmet kitchen. Beyond the kitchen is a Great Room, which is linked by a breezeway to the garage at the back of the home. Maximizing on space, the breezeway

//COMMUNITY FOCUS...continued

The impressive selection of nearby amenities extends well beyond those

offered by this quaint Kleinburg setting.


WITH OVER 40 YEARS EXPERIENCE

Setting high standards with superior features.

foresthillhomes.ca*Prices & specifications are subject to change without notice. Finishes vary by Builder. See sales representatives for details. Renderings are artists concept. E. & O. E.

LOCATION DESIGN VALUE

DECORATED MODEL HOMES NOW OPEN

60-DAY MOVE-INS AVAILABLE

A fabulous selection of freehold townhomes and singles in an established community.

starting from the mid $500s.

Sales Centre: 655 Cornell Centre Blvd., Cornell Centre Blvd. and 16th Avenue.

Fully upgraded, premium lots with thousands of extras now included. Semi detached homes

starting from the low $600s, 2,015 sq. ft.

Sales Centre: 471 Meadowridge Ct., East side of McLaughlin Rd., just North of Derry Rd.

Luxurious single detached homes on 46, 50 and 60 Lots. Starting from $1,399,990

Sales Centre: 679 Valley Vista Drive, Dufferin and Major Mackenzie

Jefferson Forest prestigious new home community. Freehold Townhomes and Singles

from the low $700s.

Sales Centre: 53 Paper Mills Crescent, Yonge and Jefferson Forest

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545 North Rivermede Rd, unit 201 Concord, Ontario L4K 4H1905.761.6436

File Name Corporate_NewHomes Guide_Nov1_OtlDocket N/A Publication New Homes Guide Page 2

Client CWH Flat size 7.5w x 10.5h Rev Operator NZCampaign Corporate Ad Bleed .125 Change Date Oct.23.14Start Date Sep.23.14 Colours CMYKDesigner NZ Built at 100%

RedNGEN WIP:CountryWideHomes:CW_Media:1_Ads_Jan_Dec2014:5_NewHomes_Guide:13_NHG_Corporate_Nov_Twopage 2:Corporate_NewHomes Guide_Nov1_Otl.inddAll colours are printed as process match unless indicated otherwise. Please check before use. In spite of our careful checking, errors infrequently occur and we request that you check this proof for accuracy.


by CALUM ROSS

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.

Year over year, perhaps the most contested issue in the mortgage market is the age-old decision of choosing between a fixed and variable rate mortgage. Hundreds of thousands of dollars of personal financial research dollars have been poured into making the case and giving the final decisive pearl of wisdom to consumers. Here is some wisdom that will work in any set of market conditions, and perhaps most importantly, will help you determine the best choice for your own personal risk tolerance and financial circumstances.

Anyone who suggests you should go with either a fixed or variable rate mortgage without knowing your long term goals, the longer term picture of your cash flow and your own individual risk tolerance, is a financial professional you should be very wary of. I have more than seven years of post-secondary education, I have worked directly in the global treasury operations of one of Canadas big five banks, and I can assure you anyone who pretends to know what is going to happen with long term interest rates is either delusional or has a grossly exaggerated opinion of themselves.

At any given time, Canadas capital markets represent about three per cent or less of global capital markets and our economy is heavily reliant on exports to our key trading partners. For Canadian mortgage consumers, no matter how closely we watch our own economy, we will always be subject to changes in our capital markets (debt and equity markets) as a result of shocks to the global system and particularly shocks to our key trading partner the United States of America.

What this means to the fixed versus variable decision is this: at any given time, there is a set spread between the difference in the discounted five-year fixed rate (the most popular long-term mortgage product) and the discounted variable rate product. This spread can increase or decrease in response to movements in the overnight lending rate set by the Bank of Canada and the Government of Canada bond market. This difference in rate represents the premium that mortgage consumers have to pay for the peace of mind that a longer term fixed mortgage offers. Conversely, the difference in savings for going variable represents the reward for taking on the extra risk of not locking in your rate and protecting yourself against future potential rate movements.

In reality, the only thing a longer term fixed mortgage gives you is a guarantee against your rate and subsequently your payment moving for a longer period. In fact, it is essentially an insurance premium against interest rate risk, and like all insurance premiums, they change and are more or less valuable to different market participants.

DOING THE MATHChoosing between fixed and variable rate mortgages

The difference between this longer term fixed rate and the variable rates, rise and fall in different market conditions. Traditionally, the difference between short and long-term rates is highest when inflation is high at some of these points in time, the difference was more than two per cent. When inflation is extraordi-narily low, the difference in these two rates has been as low as less than 0.5 per cent. Regardless of the difference in the two rates, the relative cost-benefit analysis really comes down to your own tolerance for risk and how much you ultimately pay (cost) for that piece of mind, or stand to gain (save) from taking the extra risk.

Only you can ultimately gauge that decision, but if you want to do the math, it is fairly simple just multiply the mortgage balance you have or were considering taking between the difference in the fixed versus variable.

For example if you have a $100,000 mortgage and the difference between a competitive fixed rate mortgage and a variable rate mortgage is one per cent, then the additional premium per year for that peace of mind is $1,000 or $100,0000 x (the difference in interest rates). If this cost seems reasonable, you are likely psychologically suited for a longer term fixed mortgage. If it seems expensive, you are more likely a candidate for a variable rate mortgage.

One final caveat: there is no amount of financial gain that ever warrants putting yourself under financial duress. When it comes to mortgage or financial decisions, the wise consumer does not take on more risk than they can financially handle. The implication if you cant afford an upswing in rates then going variable is not a sound decision in any economy.

//MORTGAGE FINESSE


//COVER STORY

LOCATION Mono

HOUSING TYPE Master-planned community of 340 estate style homes on homesites ranging from 60- to more than 120-ft. wide

CONTACT brookfieldhomes.ca

Designer decorated models NOW OPEN AT FIELDSTONE

T he ability to experience estate living takes on a new dimension since Brookfield Residential opened its two new designer decorated model homes at its master-planned community in Mono. The models feature inspired surroundings, with the latest design trends creating sophisticated interior spaces.

We are thrilled to unveil these two spectacular models to highlight the exceptional design components both inside and out, and provide our guests with a taste a what they might expect in a home at Fieldstone, says Marc Thibault, vice-president of sales and marketing at Brookfield Residential. Models are inspiring and provide homeowners the opportunity to actually walk the space and envision how they and their family might one day call it home. The models also showcase some of our standard and upgraded features and finishes, as well as some very creative design ideas to bring the spaces to life.

Fieldstone is a master-planned community of 340 estate style homes, with homesites ranging from 60- to more than 120-ft. wide. All of the homesites are extra deep, compared to traditional subdivisions, with a number of homes backing on to protected greenspace. The feature list for these homes is vast, with many of the items that todays homeowners come to expect, such as hardwood, granite or quartz, nine-ft. ceilings, upgraded kitchen cabinets and a panorama view Window which floods the rear of your home with an abundance of natural light, to name a few.

The models at Fieldstone feature two very popular designs, including the Preston, a 60-ft. two-storey design, and the Cheshire, a 70-ft. bungalow with loft design. Each is unique in its own right and features modern designs to maximize living spaces, including gourmet kitchens, grand family rooms, luxurious ensuites and relaxing master retreats.


BROOKFIELD RESIDENTIAL | Fieldstone

Now in its first phase of construction, Fieldstone will be home to more than 100 families by the end of this year. The grand homes lining the streets all 60-ft. designs or greater, provide instant curb appeal and are an impressive display of architectural styling and detail. A second phase is now available for purchase, with a wide variety of 60- and 70-ft. designs on various homesites from the $600s.

Brookfield also recently opened a decorated townhome model at its Pathways community in Caledon East. The Bloomfield model is an urban upscale townhome and is an entertainers dream, with an incredible outdoor covered amenity deck. There are two other finished townhomes to tour and a good selection of homesites remaining.

We know that folks love to walk models and couldnt be any more proud of all of these homes, says Thibault. It is important for us to design spaces where families can interact through increased connectivity regardless if it is a townhome or larger estate style home. All of the careful planning and meticulous attention to detail has paid off, to the benefit of our homeowners.

Brookfield is dedicated to creating the best places to call home, and has built more than 25,000 homes in Ontario since 1956. Brookfields ongoing commitment to quality, design and customer service has earned the company several highly coveted industry recognitions including the JD Power and Associates Award for Highest in Customer Satisfaction and Ontario Builder of the Year from OHBA and Tarion.

Brookfield currently has active communities in Alliston (Treetops), Aurora (Arbors), Bradford (Grand Central), Bowmanville (BrookHill), Caledon East (Pathways), Mono (Fieldstone), Niagara-on-the-Lake (The Village), Tottenham (Willow Glen) and Uxbridge (Fox Trail).

For more information about Brookfield, visit brookfieldhomes.ca


GREATGULF.COM

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Prices and specifications subject to change without notice. E. & O.E. Illustrations are artists concept. All square footages are approximate. Actual usable space varies from stated floor area. Sales office hours: Sat. & Sun. 11am - 6pm Mon. - Thurs. 1 - 8pm Closed Fri. Niagara hours: Sat. & Sun. 12pm - 5pm Mon. - Wed. 2 - 7pm Closed Thurs. & Fri.

Last Chance To Own In The Heart of Erin Mills

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SALES OFFICE: 20 Alister Drive, Brampton (905) 459-5772

40 Ft. Detached2,630 - 2,790 sq. ft. from

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Up to $300,000 less than the GTA

Walk to schools, shopping, and Bradford Leisure Centre

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Live at Bramptons most prestigious location

SALES OFFICE: 22 Downy Emerald Drive, Bradford (905) 775-3461

SALES OFFICE: 8540 Mississauga Road, Brampton (905) 866-6876

40 Ft. Detached2,275 - 3,270 sq. ft. from

Townhomes1,595 - 2,095 sq. ft. from

50 Ft. Detached 1,880 - 4,010 sq. ft. from

$550s$450s

$630s

Hw

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Holland St.

Luxury Designer Condos763 - 1,178 sq. ft. from

$330s

Hwy. 403

Credit Valley Rd.

Erin Centre Blvd.

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//TAXING ISSUES

Building equity by HENRY CHOO CHONG

HENRY CHOO CHONG, CGA, sits on many

committees and provides accounting and tax

services to individuals and businesses in the GTA. He can be reached at

416.485.5225. Questions to Taxing Issues can

be emailed to [email protected]

Q Currently, my wife and I are renting. However, we would like to buy a home and build some equity. Can you offer some advice for a young, upwardly mobile couple? Geoffrey and Diane, Toronto

AThere are many investment vehicles that can give you healthy returns. You do not necessarily have to buy a home to increase your wealth. However, a home is one of the only tax-free investments still available to the middle class. Buying a home is a long-term commitment and invest-ment. Todays historically low interest rates make purchasing a home extremely appealing particularly if your rent paid is greater than $1,000 per month. Why should you pay someone elses mortgage?

CONSIDER THE FOLLOWING: Determine what you can afford and stick to that price. All

too often, buyers tour several homes and the only one they desire happens to be thousands of dollars over their budget. Remember, keep your head out of the clouds. Commit to a mortgage, not a stress asylum.

Shop and negotiate with several financial institutions for the best interest rate, terms and conditions. You may be surprised at how competitive the banks are for your mortgage business. Shopping for a mortgage can be as easy as a few clicks of your mouse.

Set a formal plan to help save for a first home. Sit down, plan the steps necessary to achieve your goals, and follow through!

Improve/maintain your credit rating by paying all your bills on time. One-day-late payments are still considered late. This could influence your negotiating power for the best mortgage.

Make sure current monthly mortgage payments are manageable and will continue to be so even when interest rates rise in the next several years and payments increase.

Put down as much as possible to avoid taking out a high-ratio mortgage that incurs additional cost and interest. A five-per-cent down payment on a home leaves little equity.

Set aside an additional three per cent of the purchase price of the house for closing costs such as Land Transfer Tax, legal fees and disbursements, moving costs and other incidentals. Speak to your lawyer who will be able to give you the heads up on what to expect.

Take advantage of the first-time Home Buyers Plan (HBP) to use your Registered Retirement Savings Plan (RRSP) as part of the down payment. An individual and spouse, provided they qualify, may withdraw up to $25,000 each from their RRSP, tax-free, for a total of up to $50,000 toward your home and other purchase-related costs. If you have never used the HBP, contribute your savings for the home into your RRSPs and take advantage of the tax deduction. Then, use these savings for a down payment. You will have 15 years to repay the amounts to your RRSP, starting after the second year of your withdrawal.

Continue to follow the real estate market trends and buy when you are ready, not when the market is ready for you.


OWN IT TODAY - MOVE IN 120 DAYS!

SENSATIONAL SEMIS SUPERB SINGLE DETACHED

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$40,000 IN BONUSES*

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$600sStarting from the upper

Presentation Centre Hours:Mon. - Thurs. 1 - 8pm, Fri. by appt.

Sat., Sun. & Hol. 11am - 6pm

WWW.ARISTAHOMES.COM 416-630-5039*Prices and specifi cations are subject to change without notice. Bonus, fi nishes and decor dollar amounts may vary per model type. See sales representative for details. Renderings are artists concept. Veneer risers and stringers. E. & O.E.

Exclusive court lots in the well-established Bathurst Manor neighbourhood, near Sheppard and Bathurst.

Buy now and receive:Granite Kitchen CountertopGranite Countertops in Ensuite and Main Bath Appliance Package Stainless Steel Fridge,

Stove, Dishwasher and White Washer & Dryer

Air Conditioning

Stained Oak StaircasePre-Finished Engineered Hardwood on Main & Second Floor(non-tiled areas)

Upgraded Trim PackageUpgraded Pickets and Handrail

ARIS-GOD-A-AD-NHC-SEPT10-1.indd 1 14-09-15 10:19 AM


//IN THE NEWS

New home sales and prices CONTINUE STRONG PERFORMANCE

Both prices and sales of new homes in the GTA continue to be strong performers, while other developments in the building industry are revealing some new trends in certain home categories.

The new-home market continues to perform above the 10-year average after three quarters, according to the Building Industry and Land Development Association (BILD).

According to RealNet Canada Inc., BILDs official source for new-home market intelligence, there were 30,143 sales of new homes and condominiums across the region as of Sept. 30 up 54 per cent from last year and sitting nine per cent above the 10-year average.

This continued increase in new-home sales shows that purchasers remain confident in the market, says BILD president and CEO Bryan Tuckey. With the GTA experiencing an annual growth of up to 100,000 people, it is important that the industry builds approximately 35,000 homes each year so that they have a place to live.

Highrise sales in September resulted in the third-best on record, while sales of ground-related homes increased 39 per cent from September 2013.

The RealNet New Home Price Index for lowrise housing increased five per

cent to $689,611 for a new record high. Meanwhile, the highrise price grew four per cent to $450,014.

With the price of new lowrise homes in the GTA approaching $700,000, prospective buyers are increasingly looking at more affordable options.

Condos are the obvious choice for many, and the favoured home type for many first-time buyers. Prospective buyers in the GTA may be happy to learn that developers are building more two-bedroom units a preferred choice. The number of two-bedrooms has climbed to 41 per cent this year, compared to 31 per cent in 2011, according to RealNet. But these condos come at a cost unit sizes are trending down, while prices continue to rise.

Townhomes have also become an increasingly popular home option due to the rising prices of new detached homes in recent years. But prices of towns are expected to rise significantly over the next few years, due to record highs in land acquisition costs, says Carras. Land prices for medium density housing hit $2 million per acre in the third quarter, up from about $1.5 million in 2012 and slightly more than $1 million in 2011.

SEPTEMBER '14 LOWRISE HIGHRISE TOTAL REGION 2012 2013 2014 2012 2013 2014 2012 2013 2014DURHAM 151 245 200 11 0 18 162 245 218HALTON 68 253 161 13 70 101 81 323 262PEEL 447 300 535 78 79 221 525 379 756TORONTO 14 24 43 739 1,064 1,733 753 1,088 1,776YORK 385 311 632 362 180 189 747 491 821GTA 1,065 1,133 1,571 1,203 1,393 2,262 2,268 2,526 3,833JAN-SEPT 11,600 8,792 13,733 13,966 10,745 16,410 25,566 19,537 30,143

Source: RealNet Canada Inc.

Both prices and sales of new homes in the GTA continue to be strong performers, while other developments in the building industry are revealing some new trends in certain home categories.


LOCATED AT MISSISSAUGA RD. AND SANDALWOOD PKWY.

*Limited quantities available to qualified purchasers. Prices and information correct at press time. All illustrations reflect artist impression E. & O. E.

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039

//COMMUNITY FOCUS

Consider yourself at home with PRIMONT

A t Primont Homes, weve always prided ourselves in putting our customers first. Guided by this commitment, were continuing to go above and beyond to create the finest new home communities in the GTA so you can find the home youve always dreamed of with Primont Homes.

Bramptons Centretown community features an impressive array of

breathtaking townhomes and picture perfect two-car garage singles in a stunning master-planned community. Located in the northwest part of Brampton, Mount Pleasant is a charming storybook community of unparalleled beauty. Bordering picturesque greenspace, yet offering all the major conveniences of Brampton such as shopping, schools, restaurants and more Mount Pleasant is a neighbourhood that truly offers the best of all worlds. And with easy access to Brampton Transit, GO Transit and Hwy. 410, its easy to get anywhere you want to go when you live at Centretown in Mount Pleasant. Centretowns


PRIMONT HOMES | Multi-site

LOCATION: Brampton, Woodbridge, Markham

HOUSING TYPE: Centretown, Brampton, townhomes and single-detached homes; Renaissance Townes, Woodbridge, executive townhomes

SALES CENTRE: Brampton, Mississauga Road north of Bovaird, call 905.495.5067; Woodbridge, Major Mackenzie west of Weston Road, call 905.417.3863

CONTACT: primonthomes.com

exquisite freehold townhomes and single-detached homes are priced from $375,900 with only five per cent down and $10,000 in cash back. Visit the sales centre, located on Mississauga Road, just North of Bovaird, or call 905.495.5067.

Another exceptional community offered by Primont Homes is Renaissance Townes in Woodbridge. Renaissance Townes offers the finest collection of executive townhomes that Vaughan has ever seen. Distinctive elevations of brick, stucco and stone create an atmosphere of refined elegance. And with exquisite premium features and finishes, every home is a true work of art in this breathtaking family community. Located in the heart of Woodbridge, the residents of Renaissance Townes can also enjoy a renaissance of convenient living, with an amazing selection of shops, restaurants, and recreation facilities and more all nearby. And with easy access to Hwys. 400, 407 and 401, youre never too far from where you want to be in this distinctive community setting. These exquisite freehold townhomes start from just $569,900. Visit the sales centre located on Major Mackenzie, West of Weston Road in Woodbridge or call 905.417.3363.

Construction is well under way at Primonts popular Heirloom community. This inviting family community of stylish towns is in an exceptional Markham location, just minutes from Hwys. 404 and 407. Homes feature beautiful brick and stucco exteriors and a fine selection of interior features and finishes. And with schools, shopping, restaurants, a community centre, neighbourhood parks and GO transit nearby, youre not just moving in to a home, youre moving in to a vibrant, established community. Heirlooms townhomes start from just $509,900. Only a few homes remain in this great community, so visit the sales centre today on Hwy. 7, east of 9th line, or call 905.201.2804.

Bramptons Centretown community features an impressive array of breathtaking townhomes and picture perfect two-car garage singles in a stunning master-planned community.

Coming soon from Primont Homes are two new communities in highly sought-after locations. Jade Garden in Markham and Seasons in Caledon are opening in the spring of 2015. Jade Garden will offer an elegant collection of townhomes and Seasons in Caledon will feature exquisite 36- and 42-ft. single-detached homes. Register now at primonthomes.com to ensure you stay at the front of the line for these two great new communities.

For more information on any of these wonderful Primont communities, visit primonthomes.com


//IN THE NEWS

This November, homebuyers will be given an exclusive advance opportunity to own a fabulous new home at Beacon Hill Averton Homes newest housing development in the heart of Bowmanville.

Proud to be part of the Bowmanville community, Beacon Hills Preview Opening will allow homebuyers to first lot selection and special preview prices. The Beacon Hill sales office is under construction.

In one of the best, well established areas for luxury single-family homes, Beacon Hill will offer todays homebuyer a selection of 40-ft. lots, together with an array of exterior elevations, spacious floorplans, and luxurious features and finishes.

Located in an established area in Bowmanville, residents at Beacon Hill will be in proximity to some of the best shops, restaurants and services, including the state-of-the-art Lake Ridge Health Facility. Rich in history and culture, Bowmanville annual festivities including the Apple Festival and the Fabulous Fifties Festival are renowned throughout Ontario.

Averton Homes is one of Canadas elite national home builders with the vision, the resources and the drive to build new home communities from coast to coast. The company unites the talent and track records of Ontarios Beaverbrook Homes and Albertas Westbrook Homes.

The organization that was established in 1958 in Toronto as a family-run business now has a new name and a strong presence in Canadas strongest real estate markets. Averton Homes has become a bold new player in the countrys residential building sector while maintaining the reputation for quality and customer service that it has always enjoyed.

For an invitation to attend the Beacon Hill Preview Opening and to learn more about this fabulous community, register at averton.ca

Averton Homes also just launched two new model homes at Victoria Highlands in Mount Albert. Homebuyers are welcome to tour the new models and get a firsthand look at the spectacular homes Averton builds.

EXCLUSIVE PREVIEW OPENING OF BEACON HILL BOWMANVILLES

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//IN THE NEWS

Toronto continues to be among THE TOP MARKETS IN THE COUNTRYWhile housing markets across the country simmer to some degree, thats not the case in Calgary, Toronto and Vancouver where prices are rising sharply, according to a new report from BMO Economics.

The report shows that strong demand and lean listings in the Hot-3 markets have sent prices soaring, while most other regions have cooled. Prices are flat in Montreal and Ottawa, and falling in Saguenay and Saint John. A few western cities have also caught a chill, including Regina (where prices have dropped -2.4 per cent year-over-year) and Victoria (-9 per cent since 2010).

According to Sal Guatieri, senior economist, BMO Capital Markets, reasons behind the nationwide cool-down are clear.

The housing boom that began early last decade effectively ended with the 2008 recession and several turns of the mortgage-access screws, says Guatieri. Despite reasonable valuations, most regions wont regain their former pep, as interest rates are likely to climb next year.

However, more puzzling are the rapid price gains in Calgary and Toronto, and the quick recovery in Vancouver. The report notes five factors driving activity in the three cities:

STRONG POPULATION GROWTH: The combined population of the Hot-3 has risen twice as fast as other regions for the past decade a cumulative 23 per cent vs 11 per cent.

THE YOUTH MOVEMENT: When baby boomers flocked to Toronto in the late 1980s, sales and prices bolted skyward. Today, their older children are one of the fastest growing age groups. The prime homebuying cohort of 30-to-39 year olds is outpacing the general population (1.8 per cent vs 1.1 per cent).

SOLID JOB GROWTH IS A MAINSTAY: While Calgarys blistering pace has moderated due to lower energy prices, its still running faster than two per cent year-over-year, and Vancouvers rate has sped up to above three per cent. Torontos employment weakened recently, but only after growing two per cent in the spring and four per cent last year. Elsewhere, job growth is running at a more pedestrian 1.1 per cent pace.

RECORD LOW MORTGAGE R ATES: The typical family in Vancouver would need to spend a whopping 62 per cent of income on mortgage payments to buy a bungalow, and this jumps to 75 per cent if rates were two percentage points higher. In Toronto, it would take 42 per cent of income currently, moving up to 50 per cent if rates were to rise two percentage points. While Calgary is still affordable, with mortgage costs on a benchmark home requiring 23 per cent of income, this wont last if prices continue to leapfrog income.

FOREIGN WEALTH: Anecdotes from builders and realtors suggest foreign wealth is a significant factor in a number of high-end neighborhoods in Vancouver and, to a lesser extent, Toronto.

The report also states that worsening affordability means that all three of these markets will cool when borrowing costs eventually increase. Pricey Vancouver and Toronto are likely to face moderate price declines, while still-affordable Calgary could get off more lightly, says Guatieri.

He adds that raising borrowing costs or restricting mortgage access would act to cool these three hot markets, but such actions would also risk freezing demand in other parts of the country where the boom ended years ago.

Laura Parsons, mortgage expert, BMO Bank of Montreal, notes that especially as conditions change, its important Canadians stress-test their mortgage and housing costs against a higher interest rate.

Gauging the stability of your mortgage by stress testing it against a higher interest rate is key to making a responsible and informed home buying decision, says Parsons. Many mortgage holders and potential buyers, especially in larger cities, need to evaluate different circumstances, and the likelihood of being able to afford their purchase long term.

Parsons adds that those looking to buy in todays market should consider speaking with a mortgage specialist who can help them establish a plan to ensure long term affordability.


Prices are correct at press time and are subject to change without notice. Speci c features are as per plan and series. Sq.ft. measurements are approximate. Map not to scale. See sales rep for details. The ENERGY STAR mark is administered and promoted in Canada by Natural Resources Canada. Used with permission. E & O E.

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//LEGALLY SPEAKING

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

([email protected]) and give us your

questions, concerns, critiques and quandaries.

When buying a new home, your Agreement of Purchase and Sale (APS) is your protection.

If it is not in writing and signed for or initialed by you and the builder, it will probably not be binding.

Heres a story that illustrates how important this is from every perspective.

Mary went into a sales office and executed an APS. The APS provided that she could terminate based on her lawyers review within three days of execution, provided the notice was given to the builder in writing within that time. Mary messed about and on the third day called the sales agent to cancel the deal. All Mary had to do was deliver a notice in writing on that day. The sales agent did not tell her that and she didnt see a lawyer in time. She thought she had read the APS carefully enough herself and didnt realize what she had to do. The sales agent told her he would have to check with head office to see if she could be let out and he would get back to her. Either the agent deliberately misled her or just didnt know what the APS said. He never called her back and when she later went to the office to get back her deposit, another agent told her the deal was firm. Mary is facing potentially large legal fees and a lot of aggravation and anxiety before this is sorted out. The builder may be nice and let Mary out, but there is no guarantee.

There are two morals of the story: 1. If you have a clause that allows you

a chance to have your lawyer review the APS, do it immediately.

2. If it affects real estate, make sure it is in writing whether it is a promise from an agent as to what you are getting or what you are not paying for or a notice to the builder.

Here is a checklist of important common APS clauses:

LEVIES AND DEVELOPMENT CHARGES: You will find them in the offer, usually in fine print, that states that if the builder gets charged later, he can pass the charges on to you or you need to pay an adjustment for them on closing. Make sure these clauses are deleted or a monetary maximum is written into the offer.DRIVEWAYS: Offers often indicate the builder is including the driveway in the price, and on closing there appears a charge. This is for the second or finishing coat. Be careful.GENER AL: Make sure you understand that the builder may not yet have all municipal approvals. For example, your lot could be eliminated and you might be required to accept a different and potentially less desirable lot; your elevation could be reversed; you may lose your walkout in the back or be required to pay if you are required to have one due to engineering changes; colours and materials might change and substitute materials of the same or better quality may be used. There may be a clause that says if it turns out your lot or house is bigger or smaller, you have to be satisfied with it.EXTR A COSTS: Get precise dollar amounts or maximums for the following: water and hydro installation and meters; subdivision costs fences, walls, bushes and trees; grading and damage deposit some builders agree to give it back and some dont; hydro trenching and gas hookup, survey cost.LAW SOCIETY LEV Y: Many builders include a clause asking that you pay their lawyers $50 plus HST. Have thi

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