gta new condo guide - apr. 20, 2013

Apr 20 - May 4, 2013 Volume 17 Issue 08

INSIDE THIS ISSUE

THE EVOLUTION OF GREEN BUILDING

INFRASTRUCTURE: MORE IMPORTANT THAN EVER

FIRST-TIME BUYERS MAKING WISE CHOICES

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Buying a new home or condo is a dream for many Canadians, but with rising prices, increasingly tight mortgage regulations and reports of questionable market conditions in some areas and housing categories, where to begin?

With careful planning and research, thats where.

Indeed, Canadians are showing that despite any challenges facing the real estate market, they are taking the time to learn what they need to, and to make rational, informed choices.

A new survey from Genworth Financial Mortgage Insurance Company Canada reports a significant rise in the number of recent first-time buyers who put down more than 20

per cent on their homes 56 per cent, up from 36 per cent last year. See page 106 for more.

Other new research, the BMO First-Time Home Buyers Report (see page 34), indicates that two-thirds of first-time buyers say the latest changes to mortgage regulations which reduced the maximum amortization for government-insured mortgages to 25 years from 30 have not affected their buying timeline. Many even favour a 20-year amortization.

By saving longer for larger down payments, and aiming to pay off their mortgages sooner, clearly, Canadians are becoming increasingly responsible about these important homebuying steps.

Making informed choices

editors note

SuSan Leggeeditor-in-chief

Wall2Wall [email protected]

follow me on twitter at twitter.com/susanLegge

Like us on facebook search: condo Guide

Wayne KarLeditor

Wall2Wall [email protected]

follow me on twitter at twitter.com/WayneKarl

Is there a positive to buying a new condo in our current economic climate? You bet there is.

When you buy new, your investment is backed by a strong warranty program. It protects your deposit and offers protection against defects in work and materials, unauthorized substitutions and delayed closings or occupancies after the condo is constructed.

What are the other positives of buying a new condo? New housing prices are extremely competitive at this time and interest rates are low. If you think posted rates look good, ask your bank or mortgage broker if they can do better. While no one can guarantee what their home will be

worth in the next 10 or 20 years, ask a recent buyer what the value of their home is now. Chances are you will see them smile.

Communities close to amenities such as shopping and transit are especially appealing, but your builder may not know or tell you about the plans for your prospective new neighbourhood, so do your homework.

The media often stresses the negative side of the story. Its time to make solid investment decisions, and look beyond the doom and gloom. Investigate how you can make Canadas economic environment work for you.

Happy new-home hunting!

Solid investment decisions beGin at home

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

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 online blog (bildblogs.ca).

styLe fiLe Yanic SimardYanic Simard is New Condo Guides design editor and the principal designer of the Toronto Interior Design Group, specializing in residential and commercial projects. Simard has created designs for clients in Toronto, Montreal and Miami, and appears as a regular guest expert on Citytvs CityLine. Visit tidg.ca

ConDo pro Barbara LawlorBarbara Lawlor is president 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.

Vice-president, Wall2Wall media Jacqueline Hillsales manager

Conni Robinsonassociate publisher, sWo new Homes & Lifestyle Communities Susan Maxwell editor-in-Chief, national real estate

Susan Leggeart Director

Sarah Jangeditor

Wayne Karl Lydia McNutt (on leave)

Contributing editors

Sara Duck Elisa Krovblit Design editor

Yanic Simard

senior account executive

Dionne Fraser [email protected] account executive

Nina Downs [email protected] & marketing Co-ordinator

Terry Bassettadministrative assistant

Antoinette Jackson

production manager

Bala Gnanapandithanproduction Co-ordinator

Sandra Hanak-Vujnovicgraphic Designers

Caroline Wassef, Mike Terentiev, Sandra Hanak-Vujnovic

national account manager, mediative Paul Slizys

PuBLiSHED BY

Wall2Wall Media is a Trademark of Yellow Pages Group Co. In Canada. #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 2013 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.

quiCk tips Hellen ButtigiegHellen Buttigieg, CPO, is a certified professional organizer, life coach, TV host and owner of We Organize U. Visit her website, WeOrganizeU.com, for a free e-Book on how to find more time, energy and inner peace. Contact Hellen at 905.829.2219 or [email protected]

taxing issues Henry Choo ChongHenry 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. Email your tax questions to Taxing Issues at [email protected]

contributors neW ConDo guiDe

on tHe moVe Dan HopkinsDan Hopkins is chief operating officer at Two Men and a Truck Canada. For more information visit twomenandatruck.ca

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.

mortgage minute Peter KinchPeter is founder of the Peter Kinch Mortgage Team and the PK-Approved group of Dominion Lending Centres mortgage brokers across Canada, and he is co-owner of Pacific Bridge Mortgage Investment Corp. Feel free to forward any questions directly to Peter at [email protected]

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columns, news &

features

table of contents

april 20 to may 4, 2013

volume 17 issue 08

highpark condominiums

daniels newest sensation coming to Bloor west

this spring

20

120

002 editors note

columnists

014 bild report The evolution of Green building by bryan tuckey

016 fundamentally speaking Proximity to infrastructure more important than ever by wayne karl

018 legally speaking Getting your house in order by jayson schwarz

028 the mortgage minute Why you shouldnt fret over a market correction by peter kinch

032 Condo pro The advantages of Green roofs in condominiums by barbara lawlor

040 taxing issues Taking a long-term view of your condo purchase by henry choo chong

048 money matters Common money mistakes couples make by gail vaz-oxlade

074 designer tips Heat up your kitchen with colour by lisa canning

096 style file Renovating a condo bathroom by yanic simard

132 make your move How to move pool tables and pianos by dan hopkins

140 sCrumpdillyiCious Salmon, dill and smoked fish chowder by leslie styles

142 quiCk tips Tips to help you take control by hellen buttigieg

in the news

026 tarion awards New-home builders are leaders in customer service excellence

034 bmo First-time buyers saving longer to come up with larger down payments

042 eduCation Elementary schools in Ontario rise in improvement rankings

106 genworth finanCial First-time homebuyers showing their rational side

110 eConomy Small businesses express confidence in economy and growth: BMO

130 Chba Further intervention in housing markets not warranted: CHBA

features

078 industry insider 10 minutes with David McComb of Edenshaw Developments

120 feature Beyond container gardening a look at urban condo balconies

GoinG Green

136 Conquer clutter with these tips for a tidy home

homebuyers help

070 finanCes A mortgage comes with risk and responsibility

080 Condo watCh 416 Previews, new releases and grand openings in the 416 area

122 Condo watCh 905 Previews, new releases and grand openings in the 905 area

145 Condo buyers resourCe seCtion You love the home, see what you can afford

150 index of advertisers

condo profiles

62 eastons group of hotelsking blueNew buyers score fantastic incentives at Grand Opening event

64 burnaCsouth hill on madisonWhere elegance meets energy

66 elad Canadadream towerSome developments Dream Tower at Emerald City offer more than others

81 edenshaw developmentschaz.yorkvilleAffordable indulgence + Yorkville = Chaz.Yorkville

92 queensCorp groupwatermarkMaking a Watermark on historic Long Branch

100 pianosi development perspective condosPhase II launches at impeccable Etobicoke location

104 davies smith developments eleven superiorMake way for Eleven Superior in the heart of Mimico-by-the-Lake

108 insoho imagine condosBoutique condo living to rise at Kennedy and St. Clair E.

114 remington iQRemington offers condo ownership from $999 per month

128 empire Communities rainRAIN Condominiums makes it easy to own a new home

134 augustine group port placePort Place makes a splash in Port Dalhousie waterfront

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// By Bryan tuckey

Bryan 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).

Bild report

Being the president and CEO of an association, I often find myself speaking at various industry functions such as educational seminars, public forums or stakeholder meetings. Each time I approach the microphone, I find myself saying how privileged I feel to be leading this organization and representing this great industry.

I know that builders and developers in the GTA build some of the finest residential communities in North America. Not only that, but I believe we are also producing some of most energy efficient homes as well. This is most apparent in the highrise market, where new condominiums have come a long way in terms of conserving energy.

In 2012, the Ontario Building Code was updated to include higher standards for building energy efficient communities and our industry has not only met, but exceeded these new requirements.

I recently had the pleasure of accompanying our annual BILD Awards judges as we visited sales offices and model homes all over the GTA. What I saw was an array of green features such as high-pressure, low-flow showerheads and faucets, dual-flush toilets and front-loading washing machines which reduce both water and energy consumption.

Some new condominium buildings are constructed with double-glazed, gas-filled, air-tight windows and thermally insulated walls. Others feature ventilation systems that recover energy from stale air before it is exhausted from the building. Most are built with high efficiency boilers, Energy Star appliances and easily accessible recycling facilities.

Walking by a new high-rise development, most people will not notice the increasing number of green roofs an increasingly popular feature that includes a root repellent system, a drainage system, a filtering layer, a growing medium and plants. Not only do they offer residents and visitors a great visual appeal, but state of the art technologies employed in their construction help lower the urban air temperature and provide habitat for wildlife.

It also goes without saying that so many new condominium projects are built with easy access to transit corridors, reducing the need to travel by car. Designated bicycle storage areas encourage a cleaner and healthier lifestyle and those who depends on cars to get to work can benefit from carpool programs run by some buildings condo boards.

Every year, BILD recognizes a highrise and lowrise builder that demonstrate outstanding leadership in the implementation of Green building practices, be it resource conservation or any other sustainable building practice or program. This recognition is part of our annual BILD Awards program, which is currently in its 33rd year.

In 2012, we introduced the Peoples Choice Award an award that invites the consumers to vote for their favourite project in the GTA and were pleased to see more than 2,000 people cast their votes.

This year, we hope to get even more so I encourage you to visit bildawards.com and click on the Peoples Choice Award widget to let your voice be heard. The winner will be announced on April 26 at the 33rd Annual BILD Awards and Ill report the results in this space.

the evolution of Green BuildinG

014 new condo Guide apr 20 - may 4, 2013

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. *Conditions apply. See Sales Representative for full details. The FIRST HOME BOOST Program will only be available on a limited number of suites.

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fundamentally speaking // by wayne karl

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 wayne.

[email protected] or follow him on Twitter at Twitter.com/WayneKarl

Ever notice how many builders boast their new community is just minutes from shopping, schools and all the amenities!? And that Everything you need is right at your doorstep!?

Indeed, proximity and access to a variety of amenities and essentials from transit to health care to schools to shopping to recreation are critical determining factors for builders and buyers alike, for lifestyle and comfort while living there, as well as resale potential down the road.

Its an important topic weve written about before in Fundamentally Speaking and elsewhere in New Condo Guide. Last issue, in fact, Bryan Tuckey, president and CEO of the Building Industry and Land Development Association (BILD), discussed some of the development charges builders face in the planning and approval process for new-home developments.

Its also a topic BILD and its counterparts across the country have commented on before, as development charges and other fees rise to prohibitively high levels. Consider, for example, development charges imposed by local and regional municipalities can reach tens of thousands of dollars per home costs that are almost always passed directly on to new-home buyers

before a shovel even hits the ground.The federal budget, tabled on March 21, provides some hope in this regard,

in that it contains measures to increase support for national infrastructure.Says Canadian Home Builders Association (CHBA) President Deep

Shergill: Its an opportunity to restore fiscal integrity at the municipal level and fairness for younger generations. At present, many municipalities are financing community infrastructure by transferring the costs into the mortgages of new home buyers, amounting to more than $5 billion a year.

Municipalities across Canada are now lobbying Ottawa to make sure they get their share of available funds to address road and transit needs. In Toronto, for example, the TTC is already campaigning for the federal government to kick in a large chunk for the citys transit plan, including a subway expansion.

Faced with such infrastructure and funding challenges, municipalities are also typically considering other options including new taxes, road tolls and other fees to help pay for whats needed.

For homeowners and prospective new homebuyers, then, it is clear that proximity to existing infrastructure and amenities is becoming more important than ever.

With continuing immigration, general growth and construction expansion all happening at a quicker pace than infrastructure improvements our highways and transit systems will all be tested until everything catches up.

Consider, for example, the population of the GTA continues to increase by about 100,000 people per year. Research suggests that by 2031, there could be three million more people living in the area bringing with them an additional 1.5 million vehicles.

As youre out there shopping for your new condo, look around to see how far you are from the nearest highway or rapid transit system that affords you a reasonable commute; and how close you are to health care, schools, shopping and recreation. These communities will be at a premium, now and in future.

proximity to infrastructure

and amenities more important than ever

016 new condo guide apr 20 - may 4, 2013

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Prices, specifi cations and promotions are subject to change without notice. Renderings are artists concept and images are for mood and impression only. *Extras noted above are as per plan and as specifi ed by Vendor. Some restrictions may apply. E.&O.E. April 2013. 21060

MONC 21060 Condo Guide April 2013 4PG GF REV.indd 1-2 13-04-10 3:47 PM

7 x 10.53rd page. Inside gatefold. 7.25 x 10.54th page. Inside Le .

DISCOVER ONE OF ETOBICOKES FINAL URBAN WATERFRONT SETTINGS.LAST CHANCE FOR PRE-CONSTRUCTION PRICING.

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$345,990* $299,990* $299,990*600 SQ. FT. (1 BED + DEN) | FLOORS 416 552 SQ. FT. (1 BED) | FLOORS UP TO 40551 SQ. FT. (1 BED) | FLOORS UP TO 40

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Its never been a better time to buy a Monarch home. Enjoy incredible buyer incentives at all of our communities and make your dreams of a new home come true today.

7 x 10.53rd page. Inside gatefold.


DOWNTOWN TORONTO FROM THE $280,000s NOW UNDER CONSTRUCTION

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Rising high above the urban fabric of chic Queen West, Picasso on Richmond is a thought provoking dedication to modern design. The iconic development places you steps from Torontos theatre and financial districts, and in the heart of the citys most coveted shopping district. With Picasso on Richmond breaking ground, take full advantage of our under construction pricing before its too late.

AN URBAN ICON. AN UNBELIEVABLE PRICE.

A GREAT SELECTION OF SUITES STILL AVAILABLE!

MONC 21060 Condo Guide April 2013 4PG GF REV.indd 3-4 13-04-10 3:47 PM

legally speaking // by jayson schwarz

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.

getting your house in order

Whether you are a young couple or individual purchasing a new home for the first time, a resale buyer moving in the market or an empty nester purchasing a retirement condominium, the very action of this significant investment in real estate represents a major life change.

There are a number of issues that you should consider at this time in order to ensure that your house is in order.

1. how will i hold the title?

When your lawyer goes to the Registry Office to hand over all of your money to the builder in order to buy your home, he receives, in return, a document called a deed or transfer, which he registers by filing with the government; the document has your name is on it to show you own the

home. This is action gives you title to the property. If more than one person is buying the property it is necessary to decide how they will hold title together.

There are two ways people can hold title together. The first is generally the way we hold title with our spouses or children, which is called joint tenancy. To hold title as joint tenants really means that upon the death of one of the parties, the remaining party automatically becomes the owner of the whole property without having to inherit it or have it pass through an estate. The reason is simply that all owners on title own the whole property rather than a part each. The other way title can be held is as tenants in common. This means that each party only owns the percentage allocated to them, although the physical part owned is not described. Upon the death of a tenant in common, his or her percentage ownership goes to their heirs in accordance with their will or law. Therefore, remember to discuss this issue when you go to see your lawyer.

2. what about a will? a power of attorney?

Do you have a will? If you do, is it up to date and does it represent your current situation or state of affairs? It is important, especially if you have young children, to have your wills completed; not so much for the money, but for a clear resolution of the issue of custody if something happens to both parents. A will stops sibling disputes, takes care of who will look after children, keeps the government out of your affairs, allows for an orderly disposition of everything from your favourite cuff links or earrings to your realty, stocks and bonds, and will allow you to determine how you are to be cremated, buried or quick frozen. A power of attorney is used when you are physically or mentally incapacitated there are two kinds. The first is for your body, such as what care will you or will you not receive? Your representative will determine that. The other is for the management of your financial affairs.

Now is the time to create a will. Speak to your lawyer and ensure that this important matter is dealt with.

3. what about insurance?

You will need insurance for the house. This a great time to look at life and disability insurance. It is also a good time to determine if you should be insuring your mortgage in case something happens to the major wage earner; and to ensure that the future is taken care of.

So there you have it, this is the time to take care of all of these kinds of things to get your house in order.

Perhaps the most difficult part of writing these articles relates not the actual writing, but thinking of a topic to address. Visit schwarzlaw.ca, or email [email protected] with your questions and quandaries.


WHEREMODERNURBAN

MEETS MOTHERNATURE

Nestled on the edge of High Park- Torontos largest urban park and just steps from the quaint shops and ne dining of Bloor West Village,

The Daniels Corporation is excited to introduce

Register Today416.351.1844

danielshighpark.com

COMING THIS SPRING

The only new condominium within Toronto tooffer innovative suites ranging from studio to

two bedroom + den designs featuring superior nishes and unobstructed views of over 399 acres

of vibrant parkland and beyond. Add to this18,000 sq. ft. of indoor and outdoor private

amenities, unlike any other in the city today, and youll quickly see that HighPark Condominiums is Where Modern Urban Meets Mother Nature.

$300,000sSUITES FROM THE

Yes, this is theactual view from

the 14th oor!

A Daniels / WJ CommunityExclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices, speci cations and programs 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. *Conditions apply. See Sales Representatives for full details.

'$1+3.&RQGR*XLGH$GB$SULQGG $0


cover story

HIGH TIME FOR HIGHPARK CONDOMINIUMS

Daniels newest residential sensation coming to Bloor West this spring!

Ushering in an exciting spring in toronto, The Daniels Corporation will soon return to Torontos High Park neighbourhood with a fresh new opportunity to live next door to nature. Now is the time to register for Daniels HighPark Condominiums a hot new residence situated on the north side of Bloor Street, between Pacific Avenue and Oakmount Road.

Daniels is calling its newest condominium community the place Where Modern Urban Meets Mother Nature and it truly is. HighPark Condominiums is located directly across from Torontos largest public park, where residents will revel in the majesty of wild forests and the intoxicating allure of the areas famous Japanese cherry trees. Hiking trails lead you along Grenadier Pond, where ducks and geese provide an ever-changing wildlife show. An off-leash dog park, playgrounds, greenhouses and a zoo, housing everything from buffalo to peacocks, are among the other attractions in this one-of-a-kind setting.

HighPark Condominiums is also just moments from an array of urban amenities, including incredible shops and boutiques, bakeries, cafes, restaurants and grocery stores, along with many services conveniently located in the heart of Bloor West Village. Plus, with the High Park and Keele subway stations just steps away, residents can be whisked away to the downtown core in less than 20 minutes.

This is an incredible location, with a Bloor Street address nestled between two subway stations. We had tremendous success with our first community in

High Park years ago, and we are very excited to be back in this highly desirable and established neighbourhood, says Daniels Executive Vice-President Niall Haggart.

Daniels has made sure that quality of life at HighPark Condominiums is nourished in numerous ways. To begin with, residents will have the exclusive use of 18,000 sq. ft. of unique and incredible indoor and outdoor amenities on three levels. From the main condominium entry on Bloor, the double-height lobby offers a warm

welcome home, and a handy dog spa provides a place where owners can clean muddy paws after a long walk in the park. Outstanding amenities continue on the second floor, where you can work out in the weight room, test your mettle at the cutting-edge climbing wall in a dramatic space open to above and treat friends to special screenings in the theatre and exercise your green thumb in the gardening plots. The third floor is home to a cardio studio and a fabulous indoor/outdoor yoga and Pilates area.

HighPark Condominiums is located directly across from Torontos largest public park, where residents will revel in the majesty of wild forests and the intoxicating allure of the areas famous Japanese cherry trees.

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Entertaining is a breeze in the intimate party room, complete with a catering kitchen, and adjacent billiards room also located on this floor.

Overlooking the lush canopy of the High Park trees, the 10th floor amenities include the grand indoor/outdoor party room. Inside, residents can enjoy the luxurious kitchen and dining area. The beautifully landscaped outdoor component will feature barbecues and a fireplace.

Above and beyond these uncommonly beautiful common areas, Daniels has incorporated some innovative amenities that truly sets this residence apart as something special. In all our condominiums, we go to great lengths to offer unique amenities and services that truly foster a sense of community by bringing neighbours together, Haggart says. We believe a condominium residence should provide the opportunity for social and community engagement, but above all, be a place where our owners feel at home, and love where they live.

And how is this for innovative thinking? Nurturing the environment as well as neighbourly interaction, Daniels incorporates urban agriculture initiatives. At HighPark Condominiums, gardening plots will be available for growing herbs, vegetables and flowers so residents can eat close to home literally. In addition to promoting healthy living, Haggart adds, this element connects people with each other and the earth.

With environmental sustainability and a healthy lifestyle in mind, Daniels has created a one-of-a-kind resident bike engagement program where homeowners will be able to bond over a much loved Bloor West pastime and learn more about this popular activity. From the comfort of their own home theyll be able to participate in active biking clinics, tune up in the bike storage and riding prep space and benefit from a unique bike sharing program. Plus, further promoting a smaller carbon footprint, HighPark Condominiums will offer a car share program, rough in energized parking spaces and other innovative technology for energy savings.

With prices beginning from the $300,000s, suite designs will range from studios to one-bedroom (plus den), two-bedroom (plus den) and three bedroom layouts.

To optimize your chances of purchasing one of these exceptional residences, join Daniels HighPark Condominiums Inner Circle. For a one-time $500 membership fee, enjoy exclusive perks and privileges such as special preview pricing; an invitation to the first advance sale; among the first choices of suites, floors and views; and members-only invitations to Daniels-hosted events with insider information. Best of all, your $500 membership fee will be put toward the purchase of your new home or fully refunded if you choose not to purchase at

HighPark Condominiums. Youve got nothing to lose but an incredible residence and park to gain!

Homeowners at HighPark will be able to purchase with peace-of-mind, knowing that Daniels has been building fine new homes and communities for more than 31 years, and is one of Canadas pre-eminent builder-developers with a reputation for quality and integrity in all forms of residential construction. Named the Tarion Warranty Corp.s 2012 High Rise Builder of the Year and the recipient of the 2012 Toronto Arts and Business Award presented by the Toronto Arts Foundation, Daniels (danielshomes.ca) has built more than 23,000 homes throughout the GTA. Among its many initiatives, Daniels was chosen to partner with Toronto Community Housing to revitalize Regent Park 69 acres in Torontos Downtown East. Committed to community, Daniels continually offers innovative programs that help people achieve homeownership, champions neighbourhood initiatives that enhance residents quality of life, and supports numerous charities and non-profit organizations.

Daniels HighPark Condominiums is a rare offering in Toronto anyone interested will want to register now. Stop by the Presentation Centre at 2150 Bloor St. W. on Monday to Thursday from noon to 6 p.m., or Saturday and Sunday from noon to 5 p.m. You can also call 416.351.1844, visit danielshighpark.com and follow @DanielsHighPark on Twitter.

At HighPark Condominiums, gardening plots will be available for growing herbs, vegetables and flowers so residents can eat close to home literally.

020 new condo gUide apr 20 - may 4, 2013 apr 20 - may 4, 2013 new condo gUide 021

DOWN55PAYMENT.*5%Limited Time Offer Only.* One Sherway. Many Reasons.

The Queensway

Sherway Gardens

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The East M

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225 Sherway Gardens Road, Suite 103, Etobicoke Across from Sherway Gardensonesherway.com | 416-695-3535

Come discover a Mike Niven designed living experience, priced starting from $272,990. Parking included.

Dont miss out on this rare opportunity to live in an award-winning community.

One Sherway is lifestyle living without the high-end price tag. Offering you a chance to loosen the purse strings and indulge in the amenities that surround you. With access to the TTC steps from your home and one of Canadas most luxurious malls in your

backyard, relish in the opportunity to experience life on a grander scale.

MOVE IN

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back!*

*Limited time offer. Cash back amount to be credited on closing. An additional deposit of 5% to be paid at occupancy.Offer subject to change or withdrawal without notice. Please see sales representative for details. E.&.O.E. Illustrations and renderings are artist concept only. March 2013.

EXCLUSIVE LISTING BROKERAGE BAKER REAL ESTATE INCORPORATED. BROKERS PROTECTED. *PRINCIPLE, CMHC PREMIUM, INTEREST AND TAXES INCLUDED. BASED ON A 1 YEAR TERM AMORTIZED OVER 25 YEARS AT 3.1%. PRICES,SIZES AND SPECIFICATIONS SUBJECT TO CHANGE WITHOUT NOTICE. SEE SALES REPRESENTATIVE FOR DETAILS. E. + O. E. ILLUSTRATION IS ARTISTS IMPRESSION. 024024 apr 20 - may 4, 2013 new Condo Guide 024

TYPICAL FLOOR 2-6

04

03

02 01 09

08

05 06 07 03

02 01 0807

04 05 06

FLOOR 7

2-7TH FLOOR - 3B2152 SF

BALCONY

LAUNDRY

BEDROOM 2

BEDROOM 3

O.

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DINING

BRK

MASTERBEDROOM

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Exclusive Broker Milborne Real Estate Inc. Brokers Protected. Prices and specifications subject to change without notice. Promotions may be changed and/or cancelled at any time without notice. Only 5% deposit is required for one bedroom suites. Only 10% deposit is required for 2 bedroom suites or larger. Balance to 20% not required until occupancy. Limited time offer. Illustration is artist concept. E.+O.E.

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OLDM 28829 Condo Guide Ad FINAL.indd 1 2013-04-16 4:35 PM


Tarion WarranTy Corp. has announCed the finalists for the 2013 Tarion Awards of Excellence, the only awards in Ontario that recognize new-home builders based solely on their customer service delivery.

Exceptional customer service is the cornerstone of building a positive experience with new homebuyers, says Tarion President and CEO Howard Bogach. The 2013 Tarion Awards of Excellence finalists have demonstrated that they are committed to providing a superior experience for new home buyers by providing first-in-class after-sales service.

Finalists were determined based on the results of a comprehensive survey sent to more than 40,000 Ontario homeowners who took possession of a new home between Oct. 1, 2011 and Sept. 30, 2012. More than 6,800 survey responses were received, representing 17 per cent of consumers who bought a new home in Ontario during that time. The results were tabulated by Crunch Research in partnership with Harris Decima.

Survey questions focused on homeowners satisfaction with their builder, covering every stage in the homeowner-builder relationship from the signing of the Agreement of Purchase and Sale, through construction and the pre-delivery period, to after-sales service.

To qualify for the Awards, builders must have at least five new home possessions during the survey timeframe and a specified number of completed questionnaires must have been received.

Award recipients will be announced at a luncheon in Toronto on Tuesday, April 23, 2013.

The following new-home builders compete in four award categories: small, medium, large volume and high-rise.

highrise builder CaTegory

(More than 100 highrise possessions per year) The Daniels Corporation, Toronto Del Ridge Homes, Markham Monarch Corporation, Toronto The Tricar Group, London Tridel, Toronto large volume builder CaTegory

(More than 100 possessions per year) Branthaven Homes, Burlington Fusion Homes, Guelph Menkes Developments Ltd., Toronto Monarch Corporation, Toronto Pidel Homes, Guelph

medium volume builder CaTegory

(21-100 possessions per year) Grimesway Construction Ltd., Lindsay Klemencic Homes, Trenton Mirtren Builders, Trenton Terra View Homes, Guelph Wrighthaven Homes Ltd., Elora

small volume builder CaTegory

(5-20 possessions per year) Marlo Homes Inc., Tecumseh Medway Homes, Arva Parry Homes Inc., London Southridge Heights Inc., Tillsonburg Triple T Holdings Ltd., Peterborough

Like Tarion on Facebook at facebook.com/tarionwarrantycorp for more information about the 2013 Awards of Excellence.

New-home builders are leaders in

CusTomer serviCe

exCellenCe

in The neWs

026 neW Condo guide apr 20 - may 4, 2013

Exclusive Broker Milborne Real Estate Inc. Brokers Protected. Prices and specifi cations are subject to change without notice. Illustration is artist concept. E. & O.E.

SUITES FROM THE LOW $200S TO OVER $500,000

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TRE2 28901 Condo Guide FA.indd 1 11/04/13 3:39 PM


Mortgage Minute // by Peter Kinch

Peter is founder of the Peter Kinch Mortgage Team and the PK-Approved

group of Dominion Lending Centres mortgage brokers across Canada, and

he is co-owner of Pacific Bridge Mortgage Investment Corp. Feel free to forward any questions directly to Peter

at [email protected]

Pick up any newspaper today and no one could blame you if you got a little worried about the state of the economy or the fear of a pending market correction in Canadian real estate. Are Canadians taking on too much debt? Have mortgage rules gone too far? Is there a housing bubble about to burst? What if there is a market correction?

The real question is, do Canadian homeowners or prospective buyers need to be concerned? Every time there is talk about a market correction, the tone is quite negative. But lets take a closer look at that situation: rather than argue about whether we may have a market correction, lets analyze what it really means to Canadians if there is one.

First-tiMe hoMebuyers:

If youre a first-time homebuyer, you have likely felt the pinch of the rising cost of housing, and the new mortgage rules certainly havent helped any either. So a slight market correction would be welcome news for you; you can still get into homeownership with only five per cent down, but since your maximum amortization is now limited to only 25 years, a drop in pricing is exactly what youll need to be able to get into this market. conclusion: A market correction is a good thing for you.

current hoMeowner buying or selling Moving uP or downsizing:

If you are a homeowner and youre looking for the right time to sell your house so you can buy another, you may be concerned that the price of your current home is dropping. But, lets assume the value of the house you are selling drops by 10 per cent. Lets also assume that you plan to buy another home (whether upsizing or downsizing). Remember that the person selling their home to you is going through the exact same thing. In other words, if the value of your home dropped 10 per cent, so too did the value of the new home you are buying. Focus on what your bottom line net is, rather than what you thought or had hoped to sell your home for. conclusion: The net effect of a market correction is likely zero.

real estate investor or second-hoMe buyer:

If you are buying real estate as an investment, this is the perfect market condition for you. When there are more sellers than buyers, you have more bargaining power. If you are able to negotiate a better deal and pay a little less for the property you are looking for, it simply makes the deal that much more affordable. conclusion: You should be hoping for a market correction.

MarKet correction

Why you shouldnt

fret over a

continued on Page 30


Mortgage Minute

current hoMeowner with no Plans to sell:

The main reason we worry about a housing correction is the fear that it will erode our home equity and net worth. A significant amount of net worth of Canadians is tied up in their home equity, which is the foundation for a lot of retirement plans so there is obvious concern.

But should there be? For the majority of Canadians, the plan is to stay in their current house for at least the next three to five years. So heres a simple fact: equity is only gained or lost the day you sell. In other words, if the value of your house were to drop by 10 per cent tomorrow, you may feel anxiety over the drop in your net worth but it would only be on paper unless you actually sold your house tomorrow. If you have no intention of selling soon and you can still afford your monthly payments, then all you need to do is sit and wait until the market bounces back which it has always done for the past 100 years. conclusion: A market correction may very well have zero impact on you.

In the end, the headlines will continue to talk of impending market corrections. The key for you is to decipher one of three things: 1. Is this a real concern for you?2. Is this an opportunity? Or,3. Are you getting worked up about nothing? bottom line: a lot of people will fret about this topic over the water cooler tomorrow morning but the majority of them really dont need to.

If youre a first-time homebuyer, you have likely felt the pinch of the

rising cost of housing, and the new mortgage rules certainly havent

helped any either.

continued


condo pro // by barbara lawlor

Barbara Lawlor is president 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

The continual advancement of amenities in condominiums is fascinating, especially those that have a Green component. I remember a few years ago when we first started to hear about builders adding Green roofs as the trend for environmental efficiency was in full swing. Green roofs can contribute to waste diversion by lessening the use of heating and ventilation systems, helping to keep the building cooler in the summer, reducing the amount of storm water runoff, reducing noise pollution from the outside, retaining rainwater used by the plants and returned to the air through evaporation, lessening the urban heat island effect, and improving air quality by filtering airborne pollutants.

More obvious advantages of Green roofs are their beauty and usefulness as a social amenity. These lovely spots add greenspace to the city streetscape and are inviting areas where residents can get together, relax amid beautiful city views, barbecue, dine alfresco and even exercise their green thumbs. We are seeing an increase in urban gardens located on Green roofs, and I cant think of eating any closer to home! Every food item that we grow at home is healthier and helps to reduce the natural resources used up by having to transport food over long distances. A Green roof reduces the buildings carbon footprint, offer a habitat for birds and in general, lift the spirits just by being there.

One example of a developer that has embraced the idea of gardening in the sky is The Daniels Corporation. In Mississauga, Limelight Condominiums features innovative community greenhouse and gardening terrace where suite owners can grow their own herbs, flowers and vegetables. The gardening plot is laid out in a labyrinth style, making it striking to look at and handy to use. In addition, Daniels is helping to establish a gardening committee that will see to maintaining this terrace.

In downtown Toronto, OneCole Condominiums is a Daniels condominium in the Regent Park revitalization. This building has Torontos only 20,000-sq.-ft. garden roof called SkyPark, which features a fully functional park, full-size trees, barbecue stations, seating areas and open spaces for picnicking. The Green roof also has a system for collecting and recycling rainwater for use in the landscaping.

Those are just two examples; Green roof is a common amenity in todays GTA condominiums. Another fascinating aspect of landscaping that benefits purchasers is the urban park or courtyard. We see it more and more now condominiums or clusters of buildings anchored by one or more courtyards that offer beautifully landscaped areas with park benches, barbecues, trellises or other scenic touches that invite owners

Green roofs can contribute to

waste diversion by lessening the

use of heating and ventilation

systems, helping to keep the

building cooler in the summer,

reducing the amount of storm

water runoff

Up on THE rooF

032 nEw condo GUidE apr 20 - may 4, 2013 apr 20 - may 4, 2013 nEw condo GUidE 033

NOIR 20848 Sales Offi ce Opening Campaign4 Page Condo Guide InsertOption 2

WHERE PETER MEETS KING.

NOIR 20848 Sales Office Opening Campaign4 Page Condo Guide InsertOption 1

Register at menkes.com

Mysterious. Flirtatious. Intoxicating. Thats the power of Noir. Located on Peter Street south of Adelaide, be one of the first to visit Noirs illuminating Presentation Centre. A magnificent new condominium in downtown Toronto, Noir offers spectacular views of the city and Lake Ontario. Walking distance to the most fashionable restaurants, bars and cafes. Close to incredible shopping, the citys major cultural attractions, Air Canada and the Rogers Centre. Own the night at Noir. Exclusive Listing: Baker Real Estate Incorporated, Brokerage. Brokers protected.

WHERE DESIGNMEETS BEAUTY.

PREVIEW OPENING COMING THIS SPRING

NOIR 20848 Sales Offi ce Opening Campaign4 Page Condo Guide Insert

Your life storey starts here.

Prices and specifi cations are subject to change. E.&O.E. April 2013. 17804

Now Open

Richmond & SpadinaToronto

Starting from the mid $200s 416.591.7700

Under construction

Avenue & DavenportToronto

Starting from $381,990416.323.0100

Under construction

Yonge & Park Home Ave.North York

Starting from $384,990416.730.9722

Under construction

Evans & QEW, EtobicokeStarting from $272,990

onesherway.com416.695.3535

Move In Now

Bay & Yorkville, TorontoStarting from $1.9 millionyorkvilleresidences.com

416.775.7500

The New Black.

Presentation Centre Coming soon

Peter & King, TorontoRegister now at menkes.com

facebook.com/MenkesLife @MenkesLife

Now Previewing

Church & CarltonToronto

Starting from the mid $200s 416.591.7700

Coming Soon

York & HarbourToronto

Register now atmenkes.com

to enjoy a coffee and morning paper surrounded by greenery, or meet friends for a chat.

Courtyards are usually at ground level. Taking the concept higher, outdoor terraces are extremely popular in modern condominiums. These lushly landscaped areas often feature barbecues, reflecting pools, swimming pools, hot tubs and other outdoor amenities. They are often accessible directly from the party room or indoor swimming pool area, and some have a sunbathing deck and cabanas for an exceptional outdoor experience.

As someone who travels the world for business and pleasure, I can tell you that one of the reasons our condos are drawing an international crowd is that we offer these kinds of incredible amenities in our buildings. Todays purchasers are smarter and more sophisticated than ever before, and Green will be the in colour for generations to come. Those who are concerned about the environment can feel confident that todays condo designs are tighter, more efficient and Greener than ever before.

We are seeing an increase in urban gardens located on Green roofs, and I cant think of eating any closer to home! Every food item that we grow at home is healthier and helps to reduce the natural resources used up by having to transport food over long distances

032 nEw condo GUidE apr 20 - may 4, 2013 apr 20 - may 4, 2013 nEw condo GUidE 033

IN THE NEWS

AccordINg To THE BMo First-Time Home Buyers Report, the average amount Canadians planning to buy their first home in the next five years plan to spend is approximately $300,000, with an average down payment amount of $48,000 (16 per cent).

The report also revealed: On average, first-time homebuyers expect to be mortgage free in 20 years, with 20 per cent estimating it will take between 10 and 19 years

Those planning to enter the real estate market for the first time are twice as likely to choose a fixed rate over a variable rate mortgage (46 per cent versus 20 per cent)

Furthermore, first-timers who expect interest rates to stay the same or decrease over the next five years, still prefer fixed rate over variable rate mortgages (39 per cent versus 23 per cent)

Buying a home is one of the most important financial decisions one can make, says Laura Parsons, mortgage expert, BMO Bank of Montreal. Its crucial that those planning to enter the market are well prepared not only to manage their costs, but also to pay off their mortgage as soon as possible. Determining what your mortgage payments and overall costs of home ownership will look like, and then living in that financial reality for a year before entering the market, can be an effective strategy.

Parsons adds that it is encouraging to see that buyers say they are in a position to pay down their mortgage in 20 years or fewer.

Homebuyers can shorten that timeline further by choosing a shorter amortization and taking advantage of accelerated payment options.

According to the report, two-thirds of first-time buyers (66 per cent) say the latest changes to mortgage regulations which included reducing the maximum amortization for government-insured mortgages to 25 years from 30 years have not affected their buying timeline, while one-in-five (19 per cent) say they will have to wait longer before buying as a result.

A shorter amortization is the most responsible approach to home financing; its something BMO has been encouraging their customers to consider for years, as it means becoming debt-free sooner, says Parsons. Additional findings include: Six-in-10 (63 per cent) first-time buyers have made cutbacks to their lifestyle to save for their first home, with just one-in-four (27 per cent) expecting their parents or other family members to help them pay for their first home

The majority (59 per cent) of first-time buyers have had to hold off buying their first home because of increasing housing prices

The same number (59 per cent) wish they had bought their first home five years ago.

FIrST-TIME BuyErS ExpEcT To SpENd $300,000, with average down payment of $48,000: BMO Home Buying Report

Average Spend on First Home NS BcMB ABoNNFld SkqcNB

AvErAgE HouSE prIcE By provINcE *

$300,000 $211,772 $295,588 $271,912 $392,962 $259,397 $280,915 $378,685 $529,922$156,119

034 NEW coNdo guIdE apr 20 - may 4, 2013

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036 new Condo Guide apr 20 - may 4, 2013 apr 20 - may 4, 2013 new Condo Guide 037

038 039

// By henry choo chung

QMy wife and I would like to get into the real estate market before it becomes unaffordable. We have saved $10,000 for a down payment. We have above-average salaries but have been working only for the past three years. Is this the right time for us to buy? Joanne and Jake, Ajax

AAs we leave behind the financial crisis, economic slowdown, stock market and even real estate declines, things are looking brighter for many Canadians. Canada has survived the recession, spending is up, stock markets have arguably

rebounded and the real estate market has shown price and sales increases. Many economists predicted real estate price declines, and few

expected price increases and such a quick recovery. Homebuyers who were counting on further price declines may have been kicking themselves. How long will this continue, you ask? Its anyones guess.

Like the impact seen with the July 1, 2010 introduction of the Harmonized Sales Tax (HST), some experts expected changes to mortgage regulations announced in January 2011 to cause a short-term spike in activity in the first few months of last year.

The 13-per-cent HST was added to new homes priced at more than $400,000 and many services that were previously not subject to the former eight per cent Provincial Sales Tax (PST). Services facing the HST include: real estate commissions, legal fees, accounting and tax fees and many others.

Finance Minister Jim Flaherty has given notice he is concerned about a potential overheating of the real estate market. Borrowers must meet the requirements for a five-year, fixed-rate mortgage, even if they plan to choose a shorter term and lower rate. In addition, Canadians can now withdraw in refinancing only 85 per cent of their homes value, down from 90 per cent, while down payment requirements remain at five per cent for primary homes and 20 per cent for investment properties. Some experts feel these changes may leave some first-time buyers sitting on the sidelines.

However, these issues should not be the primary factors to influence your decision to buy. Some considerations to reconcile before making the plunge include: How much of a house can you afford to purchase? Get pre-approved by

your bank before shopping How much of a home do you want to afford? The answer is not

necessarily to purchase the maximum home you qualify to buy, but what you want to afford

What will your payments be, if interest rates rise (and they definitely will) one, two or three per cent? Ensure you can easily afford the increase

First-time buyers of new homes priced at less than $400,000 will be minimally affected by the HST. Generally, there are no real estate commissions for the purchaser of a home. Legal fees are not usually high for a purchase and are minute in the grand scheme of purchasing a home

At the end of the day, a home is a long-term investment, so look beyond the next year or two.

tAking A long-term view

tAxing issues

The opinions and views expressed herein are those of the author and not

those of New Condo Guide. New Condo Guide does not necessarily endorse or encourage any specific tax strategies.

Please consult a tax professional for advice specific to your

particular situation.

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]


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IN THE NEWS

AcroSS oNTArIo, 167 ElEmENTAry ScHoolS showed significant improvement in their academic performance over the past five years, according to the Fraser Institutes annual school rankings.

Of these improving elementary schools, 64 are in the GTA, 44 in Southwestern Ontario, 36 in North Central Ontario and 23 in Eastern Ontario, highlighting the fact that school improvement is happening in all regions of the province.

This is why the Fraser Institute school report card is the go-to source for measuring academic improvement: it highlights school success stories from Murillo in the west to Cornwall in the east and from Timmins in the north to Windsor in the south, says Peter Cowley, Fraser Institute director of school performance studies.

Our report shows that all schools are capable of improvement, regardless of the personal or family challenges their students might face. If educators want to help students learn and improve, they should be talking to these schools.

The Report Card on Ontarios Elementary Schools 2013 rates 2,714 public, Catholic and francophone elementary schools based on nine academic indicators using data from the annual province-wide tests of reading, writing and math administered by the Ontario governments Education Quality and Accountability Office (EQAO).

By pinpointing the subject areas in which individual schools are improving or declining and how their academic performance compares to that of other Ontario schools over the past five years, our report helps parents and educators prioritize learning challenges in their schools, Cowley says.

The report card also includes important information about each schools make-up, including parents average income, the percentage of ESL students, and the percentage of special needs students.

The complete results for all 2,714 elementary schools are available at compareschoolrankings.org, where visit

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