gta new condo guide - may 18, 2013

May 18 - Jun 1, 2013 Volume 17 Issue 10

INSIDE THIS ISSUE

CONDO MARKET CONTINUES TO BALANCE

BILD CONFERSANNUAL AWARDS

HOMEOWNERS SELECTTHE INDUSTRYS FINEST

Create your moments at

CG_Cvr_May18-FIN.indd 1 13/05/13 16:12:40

152F

FLOORS 7TH-23RD

1C+D01 2D+D02

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The 2F corner suite at 101 Erskine maximizes your living space with a split 2-bedroom layout and 2 full-sized bathrooms. Enjoy modern styling with a spacious living and dining room, smooth ceilings**, and an expansive balcony with spectacular views of the city. Enjoy the luxurious amenities offered at 101 Erskine, as well as being conveniently located steps from shopping, dining and entertainment. 2F 839 sq. ft.*$519,000*

*Prices and specifications are subject to change without notice. Illustrations are artists concept only. Building and view not to scale. **As per suite design. All dimensions are approximate and subject to normal construction variances. Dimensions may exceed the usable floor area. Furniture is for illustration purposes only and does not necessarily reflect the electrical plan for the suite. Suites are sold unfurnished. Tridel, Tridel Built for Life, Tridel Built Green. Built for Life. are registered trademarks of Tridel and used under license. Tridel 2013. All rights reserved. E.&O.E. May 2013.

PRICESPRICESSTARTINGSTARTING

PRESENTATION PRESENTATION CENTRECENTRE

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To each his own, as the saying goes, and when it comes to choosing what type of condo to purchase, todays buyers have plenty of options. For some, choices are dictated primarily by budget, location or family circumstances; for others, financial freedom and where they are in life may allow them to select according to project type, suite size and other factors.

Indeed, the answer to this question varies and depends on many factors. One common mistake buyers particularly first-timers make is buying more home than they can handle. Experts agree making yourself house-poor is not a wise decision, and

the best news is that with the variety of product available from builders today, you are sure to be able to find a new condo that suits your taste and budget.

Its also important to remember that homeowners buy and sell many times over in their lifetime, so if your first or second home isnt quite your dream home, you can always plan to move up, downsize or adjust however you need to in your homeowning future.

And as our story on page 58 illustrates, GTA condo builders offer excellent, award-winning projects to suit just about everyone. Get out there and explore!

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

The Bank of Canadas recent announcement to hold interest rates is good news for home shoppers.

There are many excellent mortgage products available from banks and brokers that will suit your individual needs, and some are even lower than posted bank rates. With a pre-approval in hand, youre protected if rates rise, and if they go down, youll likely get an even lower rate. A pre-approval can be a win-win situation for shoppers since it means you dont have to wait to get financing approval on a home when you put in an offer. This is an

especially good tool to have in hot markets. Removing the conditional on financing clause could mean your offer is accepted first, since you already have your financing in place.

So, when will rates rise? Recently, weve been hearing that rates may not see an increase until next year at least.

The Bank will make its next scheduled rate announcement on May 29 but dont wait until then to get pre-approved for a mortgage. It can take a few days. Many lenders now offer online pre-approvals to make the process easier.

buyers opportunity Low interest rates put you in control

buyinG your first condo? GTA is blessed with abundance

002 neW condo Guide may 18 - jun 1, 2013

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may 18 - jun 1, 2013 new Condo Guide 003

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

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006 new Condo Guide may 18 - jun 1, 2013

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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

Celebrating quality

On Friday, April 26, more than 1,100 industry professionals gathered for a much-anticipated event, the 33rd annual BILD Awards, which recognizes the GTAs best new homes and communities in 48 categories ranging from marketing campaigns to architectural design and community building.

communities in the Gta

The prestigious Home Builder of the Year award was given to Tridel for the companys focus on quality, superior customer service, innovation and commitment to green building. The company also shows industry leadership, builds partnerships and contributes to the community. A key component of the judging process for this award is a customer satisfaction survey completed by recent occupants of the builders communities.

In the Green Builder of the Year category, the Minto Group and Times Group were the winners. Minto was recognized in the lowrise sector for its belief in the power of collaboration, continuous improvement and making the world a better place. The companys environmental policy states Minto believes that it has a corporate responsibility to the environment and that actively pursuing green initiatives is compatible with growth and prosperity.

In the highrise sector, Times Group was rewarded for its commitment to sustainability and for adopting green construction practices and technologies early. The company develops sustainable communities and provides support to local conservation associations.

Our other pinnacle awards include the Place to Grow Community of the Year Awards. Kylemore Communities was awarded top honours in the lowrise category for its Angus Glen Community development, while Liberty Developments was recognized for Centro Square Condos on the highrise side.

Massey Tower by MOD Developments and Edition Richmond by Curated Properties were selected as the years top projects in the lowrise and highrise categories, respectively. INDX Condos by Lifetime Developments and CentreCourt Developments was selected as the winner of the Peoples Choice Award. We had more than 1,300 people vote during an online public engagement campaign.

We presented the second annual Stephen Dupuis Community Building Award to Lucy Stocco of Tribute Communities in recognition of her community service efforts. A recent recipient of the Queens Diamond Jubilee Medal, Lucy was selected because she is an industry and community leader, as well as exceptionally dedicated to giving back to the communities she has built.

The Riley Brethour Award for outstanding and consistent professional achievement in residential sales and marketing was presented to George Carras, owner of RealNet Canada Inc. He is a past winner of BILDs Member of the Year award and exhibits consistent leadership and involvement in the improvement of the industry and the Association.

In a special dedication, the Association recognized Joseph Lebovic of Lebovic Enterprises Ltd. with the prestigious BILD Lifetime Achievement Award. A well-deserved award from his peers, he has dedicated his life to building quality complete communities across the GTA and is a champion of the industry.

There is a list of all of the winners on bildawards.com find out if your home or neighbourhood was recognized and celebrate with us.

010 new condo Guide may 18 - jun 1, 2013

Exclusive Listing Broker Milborne Real Estate Inc. Brokers Protected. Marketing Management by Anne Lambrou Living Visions Inc. Prices and specifi cations subject to change without notice. Illustrations are artists concept. E.&O.E.

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011

columns, news &

features

table of contents

may 18 to June 1, 2013

volume 17 issue 10

concord Park Place

create your moments at opus

20

138

002 editors note

columnists

010 bild report Celebrating quality communities in the GTA by bryan tuckey

014 legally speaking Not every lawyer is a real estate lawyer by jayson schwarz

016 tarion report New-home owners honour the industrys best by howard bogach

026 taxing issues Capital expenditures and deductible expenses by henry choo chong

030 mortgage finesse Is paying off your mortgage bad for your net? by calum ross

032 Condo pro Home safe home by barbara lawlor

033 money matters To consolidate or not to consolidate? by gail vaz-oxlade

044 quiCk tips Play catch-up this summer, make the most of your time by hellen buttigieg

056 fundamentally speaking Watch the changing retail landscape by wayne karl

118 make your move Sort, downsize and organize now for a stress-free summer by dan hopkins

120 designer touCh Designer spring cleaning by erica gelman

138 style file Bringing home mid-century modern design by yanic simard

142 sCrumpdillyiCious Banana layer cake with cream cheese frosting by leslie styles

in the news

028 urbanation Toronto condo market continues to rebalance

038 toronto waterfront Waterfront BIA sets out to ease construction stress

052 bmo U.S. growth to drive momentum in Ontario

058 bild awards Quality projects take centre stage at 33rd annual awards

064 tridel wins two major awards in the same week

068 td Canada trust Advice for parents on applying tough financial love

070 pei partnership & tower hill unveil modernist condo 2221 Yonge St.

076 bmo What Canadians look for in a new-home location

088 skyline Skyline completes acquisition at Blue Mountain

116 Curated properties Edition/Richmond named Project of the Year

features

080 buyer profile Savvy investor thinks King Blue will be best buy yet

102 feature Designs for living: putting end-users first by ian pianosi

homebuyers help

082 the sCoop Dcor news, inspiration, style and more by sara duck

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

110 style file Pack a picnic by sara duck

114 homebuyers help Buying your first condo

124 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

54 ConCert real estate88 scott88 Scott wins honours at Torontos BILD Awards

74 elad Canadadream towerWhat is location worth in todays market?

106 lindvest propertiesb.streetsGet real in the heart of the Annex

112 madison homesthe madisonThe Madison constructs a $50,000 savings

122 yyzed projeCt managementvistoTheres no limit to the places Visto can take you

130 the daniels CorporationFirsthome hazelton placePhase Two goes on sale May 25

134 pemberton groupdowntown erin millsTheres a new vibe at Downtown Erin Mills

54

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106

112

122

130

134

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.

Not every lawyer is a real

estate lawyerreal estate lawyer

Not all lawyers are created equal. If you needed a heart surgeon, you certainly would not go to see a podiatrist. By the same token, lawyers generally have expertise in one area greater than another. Do not believe that the granting of a law degree instantly bestows knowledge of all laws on the head of a lawyer.

The first thing you need to do to find a lawyer is the same thing you ought to be doing to find a home research! Where do you look? Start with media and look in magazines (editors note you already have your issue of New Condo Guide, so youre off to a good start!), newspapers, listen to radio, watch real estate television. Generally speaking, the lawyers who appear in public, speaking or writing about real estate, are thought to be experts in the area. Go to seminars and listen to

the speakers. Generally, if a lawyer is taking the time to participate in a seminar, he/she knows what he/she is talking about and is happy to take on new clients that come out of those seminars.

Next, go online and check out the websites of different real estate lawyers. Look to see whether they give good, informative advice; whether they give you pricing; and whether they make you feel comfortable.

Call the Law Society of Upper Canada, Lawyer Referral Service, which can be found in the telephone book. This service keeps lists of lawyers and refers requesting members of the public to lawyers who practice in the area requested. This just gets you someone in the area. You really need to check them out when referred.

Speak to friends who have used a lawyer for the type of service you require and ensure they did the job professionally, courteously and for the price quoted.

Who is making the referral? Is the referral coming from a real estate agent, a mortgage broker or a bank? This is not necessarily bad, but you have to be careful. Quite often, lawyers develop relationships with various groups over the years and receive referrals because they do a great job. On the other hand, ensure that your lawyer is independent and will represent your interests even if it puts him/her into an adversarial position with one of those parties. This is quite important, so make sure you get comfortable with this issue before you hire someone.

Now to bring this back to the original idea, what you need to understand is that there are general law practitioners just like there are family doctors. What this means is that a lawyer may have a wide-ranging practice composed of many areas. The smart lawyer who falls into this category knows that if there is a serious issue that arises outside of their expertise they should bring in a specialist, just like your family doctor would. The bad lawyers try to do it all. The general practitioner can probably handle your real estate deal just fine, but make sure he/she understands any complicated offers and that he/she reviews them carefully, pointing out any problems. Ensure that he/she knows what can be negotiated and what cannot, or you may lose your deal.

Remember, your lawyer is a very important part of the process, so take your time and find the right one.

Generally, if a lawyer is taking the time to participate in a seminar, he/she knows what he/she is talking about and is happy to take on new clients that come out of those seminars.

014 new condo guide may 18 - jun 1, 2013

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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.

DANHPK13007 CondoGuide Ad_May.indd 1 13-05-10 2:34 PM


tarion report

Howard Bogach is President and CEO of Tarion Warranty Corp. His column

appears monthly in New Condo Guide. For more information about how Tarion helps new-home buyers, visit tarion.com or find us on Facebook at facebook.com/

TarionWarrantyCorp.

// by howard bogach

Ontario homeowners have selected the building industrys finest for Tarions 2013 Awards of Excellence. Although it may seem clich, I think of each of the 20 finalists as true winners because they made it to the top of their categories by providing the very best customer service for their homebuyers. Its no small feat to be considered as a Tarion Awards of Excellence finalist, as there were 252 builders eligible for an award.

I was joined by the Honourable Tracy MacCharles, Minister of Consumer Services at a recent luncheon to honour the finalists. The Minister offered her congratulations to the 2013 Tarion Awards of Excellence recipients for so capably representing Ontarios building industry.

Along with members of Tarions Board of Directors, Minister MacCharles and I presented the 2013 Tarion Awards of Excellence to: Tridel, Toronto highrise category Fusion Homes, Guelph large

honour the industrys best

volume category Klemencic Homes, Trenton

medium volume category Parry Homes Inc., London small

volume category

Its no surprise to me that many of the award recipients and finalists have been recognized in previous years as leaders in customer service. Providing exceptional service takes commitment and dedication on behalf of everyone involved. For many of these builders, that means investing in a culture of customer service excellence throughout the organization.

The awards are 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 covered every stage of the homeowner-builder relationship beginning with the signing of the agreement of purchase and sale, through construction, pre-delivery inspection and after sales service.

The Awards of Excellence represent an honour every business person strives for; recognition of a job well done, based on the people whose opinions matter most their own customers. I consider it a privilege that these are the only awards in Ontario that recognize new home builders exclusively for customer service and congratulate all of the 2013 Tarion Award of Excellence finalists.

New-home owners

2013 tarion award of excellence finalists and recipients: 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 Homes of Belleville, 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

016 new condo guide MAy 18 - jun 1, 2013

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Create your MoMents At opus

cover story

p repare to begin a new chapter in your life at Opus, the newest condominium at the vibrant community of Concord Park Place.

Life at Opus is all about living in the moment, says Brian Fong, senior manager of project marketing at Concord Adex. Our days are full of the moments that make up our lives. At Opus, youll live each moment to the fullest, in Ultra HD with surround sound.

Comprised of two towers, one rising 36 storeys, the second 35 storeys, Opus is designed by Page + Steele/IBI Group Architects and features interiors by figure3.

Suites at Opus will range from efficiently designed 475-sq.-ft. compact studios right up to spacious three-bedroom designs of 1,068 sq. ft. All suites boast expansive nine-foot ceilings, extra-large open balconies, high-quality


laminate flooring and roller-shade window coverings.Whether you love to prepare gourmet dishes or delight in

dashing off a quick meal, your kitchen at Opus will make dining in a pleasure. Kitchens feature Carrara marble backsplashes, composite quartz countertops, thermofoil cabinetry with open display shelves, under-cabinet lighting and Blum soft-close hardware. Your Opus kitchen will also include an undermount stainless steel sink an expensive upgrade in most condominiums and a premium appliance package.

Washroom features at Opus include polished Carrara marble wall tile and honed Carrara marble floor tile as well as quartz countertops, undermount sinks and custom medicine cabinets with shelving, mirrors and built-in lighting.

Beyond your suite, prepare to be dazzled by the amenities Opus has to offer. From a Zen courtyard to a fully equipped fitness gym complete with a childrens play area, Opus has something for everyone. Your furry friend will enjoy the pet spa, while visitors can stay the night in the exclusive guest suites. Host a meeting at Opus own meeting room or settle in for alfresco dining in the social quadrangle complete with barbecue.

Meanwhile, the MegaClub Facilities are a sports fans delight. Residents can shoot hoops with friends at the full-size basketball court, or join a game of volleyball or badminton on the spacious badminton courts. The MegaClub also boasts bowling lanes, lawn bowling, a tennis court and even a golf putting green. No doubt youll want to unwind with friends and neighbours after all that activity, so gather at the MegaClubs party lounge, complete with a pool table.

All that Opus has to offer extends well beyond your front

door. Opus is a follow-up to the successful Discovery and Tango projects at Concord Park Place, a 45-acre, master-planned community and home to 20 buildings, ranging from lowrise to highrise, comprising a total of 5,000 homes. The community is complete with a public square, spaces to walk, bike trails, green space and a diverse range of public art and other local amenities.

Ideally located in the City of North York, Concord Park Place has easy access to two subway stations, GO station and an exemplary bus transit service. As well, an exclusive shuttle bus is available to pick residents up at their doorstep and take them to the Sheppard subway line during rush hour. The shuttle also travels to Bayview Village and Fairview Mall during off-peak hours. Opus is also minutes from major highways including the 401 and the Don Valley Parkway/404.

to learn more about how to live every moment of your life to the fullest at opus, visit the concord park place presentation centre at 1001 sheppard Avenue east, visit concordparkplace.ca or call 416.813.2999. Hours are: Monday to Friday 11 a.m. to 7 p.m., saturday and sunday 11 a.m. to 6 p.m.

may 18 - jun 1, 2013 new condo Guide 021

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// By henry choo chong

Q I recently purchased a rental investment property. Fortunately, the home was rented quickly. However, last summer because of several days of heavy rainfall, the roof leaked terribly and our ceilings were partially water damaged. I had to reshingle and replace almost half of the entire roof and repair the ceiling and floors. It also cost me more than $1,200 for a new fridge and stove. I have an individual who prepares my income taxes who has advised me that these are capital items and I could not deduct them for my income taxes. I find that ridiculous to be out of pocket that amount of money and I cannot deduct it. Sam, Toronto

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]

capital expenditures & deductiBle expenses

a Real estate rental deductions are always contentious, and Canada Revenue Agency frowns on expenditures that should be capitalized as opposed to being expensed immediately. As an accountant who deals with real estate investors on a regular basis, I can tell you your concern is not isolated. The Income Tax Act does provide guidance with regards to capital items and current expenses.

capital expenditures Generally, these are expenditures that will provide benefits and a useful life for several years such as appliances, air conditioners and dishwashers. The Income Tax Act provides for Capital Cost Allowance (CCA) deduction for capital expenditures that can be expended over the useful life of the asset.

deductible expenses Generally, these expenditures may be deducted in the year they are incurred. They would include all expenditures directly related to the property such as property taxes, insurance, utilities, mortgage interest, advertising cost, legal cost, accounting fees, and repairs and maintenance.

It would appear your repairs were performed to maintain the property to its original condition and would therefore be considered a current expense.

However, the fridge and stove must be capitalized.

Investors should always have a good accountant who deals with real estate investments on a regular basis to ensure the right advice is given.

Q I recently started my own small business, which is registered as a non-incorporated business. It earned approximately $34,000, less expenses. Additionally, I am employed full-time, as is my wife. What is my final date and can I choose my own year-end for my company? Yves, Oakville

aCongrats on joining the ranks of entrepreneurs. Many individuals talk about starting their own business but are reluctant to do so for various reasons. The primary obstacle is finances, followed by lack of knowledge about where to start.

Individuals who are strictly T4d that is, employed full- or part-time were to file their years personal tax return on or before April 30 of the following year. Self-employed (including non-incorporated businesses) taxpayers and their spouse had to June 15 to file their tax return for the previous year. However, any income taxes owing would have to be remitted on or before April 30 of the filing year.

Therefore, you should have your tax returns prepared before the end of April to avoid any interest penalties.


Urbanation inc., a soUrce of information and analysis on the Toronto condominium market since 1981, recently released its Q1-2013 market results.

A total of 2,728 new condominium apartments were sold in Q1-2013, down by 29 per cent from Q4-2012 and 55 per cent from Q1-2012 which was a record for first quarter sales activity. Sales in Q1-2013 were weighed down by the lowest number of new project openings since Q3-2009.

The lower volumes seen in the first quarter were not unexpected given how strong the market was throughout 2011 and the first part of 2012. The industry has been cautious in bringing new units to market as sales centre traffic has slowed, says Shaun Hildebrand, Urbanations senior vice-president.

The number of unsold units in active projects increased during the first quarter to 18,845 units, 21 per cent higher than a year ago. However, the share of active units that are sold held steady at 79 per cent, slightly lower than the five-year average of 80 per cent. The majority of unsold units (64 per cent) are in projects still in the pre-construction sales phase.

The average index price grew by 2.5 per cent annually in the first quarter to $533 psf, a slower pace than the 6.4% average recorded over the past 10 years.

The market appears well positioned for an

continUes to rebalance Toronto condo market

in tHe neWs

More competitive pricing and the upcoming release of some highly anticipated projects in the second quarter should attract a good amount of attention

improvement through the rest of 2013. More competitive pricing and the upcoming release of some highly anticipated projects in the second quarter should attract a good amount of attention. Activity will remain below recent peaks, but should rise up to a level more consistent with the historical trend this year. An early indicator may be found in the resale numbers, which typically lead the new market during periods of recovery, adds Hildebrand.

Resale condominium apartment sales increased by nine per cent from the fourth quarter to 3,204 units in Q1-2013 ranking fourth for a first quarter behind the past three years. Average index prices slipped by 0.5 per cent from a year earlier to $394 psf. Resale prices were weighed down by a jump in listings during the quarter (up 25 per cent), partly as a result of an increased number of new registrations at 4,859 units in Q1-2013, seven per cent of which were listed for resale.

028 neW condo GUide may 18 - jun 1, 2013

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In a society where financial-planning education and resources are readily available, it is difficult to believe that most people do not understand how to use their cash flow and capital effectively. When determining top financial objectives, a large number of people put building their net worth and paying off their mortgage at the top of their list. While at face level these seem to be rational choices, these goals may contradict one another, and sometimes being mortgage-free is a detriment to building net worth.

With rates of returns in the equity markets once again showing positive returns, RRSP contributions and investments are once again a hot topic. The challenge that this presents for most individuals is clear with a finite income, how does one allocate capital to acquire that net worth figure that brings you to the point where work is something you choose to do rather than need to?

The RRSP-versus-mortgage debate has long been the source of controversy. While there is no definitive answer, here are some rules that will enable you to make an informed decision. The major factors influencing the choice of options are the mortgage interest rate versus the expected return in the RRSP, the investment time horizon versus the mortgage time horizon, the availability of RRSP contribution room, and the ability to capitalize on mortgage prepayment privileges.

Given an expected RRSP return equal to or greater than the mortgage interest rate, and an investment time horizon equal or greater than the likely mortgage life, maximizing RRSP contributions generally maximizes net worth because the tax-sheltered growth of an RRSP means you get compounded growth for a long period. Conversely, as the mortgage interest rate is greater, or the investment time horizon decreases, it becomes more attractive to prepay the mortgage.

Those who are fortunate enough to have used up all of your RRSP contribution room should look at whether borrowing to invest outside of your RRSP is wise. While all the same principles stated above apply, there are a couple of distinct elements to review. When considering building an investment portfolio outside of your RRSP, compare your after-tax rate of return relative to your after-tax cost of borrowing. Generally, if you borrow to invest (with the expectation of gain) then the interest borrowed on that money becomes tax deductible. This means the real rate of interest to the borrower becomes one less your marginal tax rate percentage times interest rate on the money borrowed.

Next, determine your after-tax rate of return. When investing outside of RRSPs, keep in mind that not all investment income is treated equally for tax purposes, and the difference depends on your personal tax bracket. To optimize your after-tax rate of return, seek capital gains first, dividend income second, and interest income third.

A common misconception is that wealthy people do not have mortgages. The odds are that if you know a wealthy person without a mortgage then they likely inherited their money, do not have a good financial adviser, or are highly risk averse. With interest rates where they are today, paying off your mortgage is, in all likelihood, not a wise financial decision if your hope is to have the highest and best use of your capital.

Take solace in this the next time you are at a party or family function and someone smugly tells you that they have paid off their mortgage, odds are they know little about personal finance and will likely limit their personal net worth as a result.

mortgage finesse // 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.

is paying off your mortgage

bad for your net?

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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

In todays unpredictable world, homebuyers of all ages and walks of life are concerned about safety and when it comes to new home choices, condominiums come highly recommended in that regard. In fact, purchasers such as single women and families consider security at the top of their must-have lists when it comes to their decision to go condo for a new home especially in a large

Home safe Home

city such as Toronto. Its comforting to arrive home and have someone to greet you at the front door, no matter what time of the day or night.

In fact, 24-hour concierge service plays a larger role in a buildings security than you may realize. Having a uniformed and well-trained professional on duty assures condominium residents that comings and goings are being observed, and that provides a tremendous peace of mind. The concierge is a visible reminder to those passing by that there is an eye on the street. During the daytime, you will also see property management staff in and around the building, which offers added comfort.

And speaking of the street, todays condominiums are well lit both outside and in, including the parking levels. Underground parking is naturally on the minds of buyers, and developers respond with many features that help to ensure safety in that respect. Excellent lighting is just part of the picture. Many condos require residents to use remote-control access to the underground parking elevator, and visitors have to check in with the concierge to access those levels.

Usually, the exterior parking doors are monitored by the concierge through carefully placed security cameras, as well as secondary entrances that also call for card access. Some even provide residents with a key fob to use in case of emergency, and most condo parking garages today have emergency call buttons on every level. You may also have an enter-phone system at the main and visitor entrances, enabling you to monitor those entries by camera yourself. In addition, condominium lobbies are more open and brighter than ever before. Once you enter the building, you feel like youre home already.

When you think of it, the very nature of a condominium helps keep buildings secure. The old saying that there is safety in numbers has a lot of truth to it. Proximity to neighbours and people coming and going in the elevators and amenity areas is reassuring, as there is always someone within easy reach if and when you need help. Of course, those who purchase lowrise homes can install a security system, but in a condominium the on-site monitoring and immediate response is appealing.

Another wonderful aspect of condominium living for all residents is the freedom that comes with being able to travel and just lock the door behind without worrying about lawn maintenance, snow removal, heavy repairs and the like. This carefree lifestyle includes having neighbours close by who can look after plants, feed cats and check that everything is fine during vacations. This is especially nice for those who do not have family in the city to look after their home while theyre away.

Of course, every condominium has its own set of security features, and they differ from building to building. When you shop for a condo suite, be sure you compare apples and apples. Ask about security features and think carefully about the way you want to live and how well they can accommodate your comfort level.

Many condos require residents to use remote-control access to the underground parking elevator, and visitors have to check in with the concierge to access those levels


money matters // by gail vaz-oxlade

to consolidate or not to consolidate?

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

People spend months planning their weddings: from what theyll wear, to what theyll eat and whom theyll invite. Its fun planning a party. Well, actually, sometimes its a pain. His mom and your mom dont get on. Or his dads remarried and his moms still spitting mad, and youre wondering if 45 ft. is long enough for the head table. We work hard to juggle the people in our lives to make sure theres no conflict on our glorious day. But what about the day after? And what if the potential conflict is with the person weve just sworn to love for the rest of our lives?

According to research, 57 per cent of couples say that money is their most important concern. Couples also report that they fight about money more than anything else. After all, how well deal with our money as individuals, and as a couple once we tie the knot, often contributes to the strength of the ties that bind.

One of the biggest decisions youll have to make is whether or not to consolidate your money. When it comes time to set up a joint household, the fact that many people come into their relationships already financial responsible for themselves is something both they and their significant others have to deal with. The tack you take in consolidating your households will be a reflection of how similar or different your circumstances, attitudes, values and objectives are.

If you see yourselves as autonomous, you may choose separate accounts, splitting bills and keeping your money apart. Sometimes couples split their bills 50/50. Sometimes they split proportionate to their incomes. You have to decide what works for you (though my personal belief is proportionate is fairer.) If you cant agree on this point, give up now!

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

You could set up a joint account to cover all household expenses, while maintaining separate accounts for discretionary spending and investing.

The thing to watch for is that you dont end up with a bazillion different accounts because you cant decide how to manage your money. Ive seen couples paying upwards of $300 a month in bank fees because they have too many accounts and are playing the transfer game moving money from one account to another. Thats just dumb.

At the very most, you might have three accounts: his, hers and ours. More than that and youre just playing a game thatll end up biting you in the butt in terms of fees, bounced cheques and confusion.

So the next question is this: whose accounts do we keep and whose do we get rid of? Now we step into choppy waters.

People dont like change. They like to keep things pretty much the way

may 18 - jun 1, 2013 new condo guide 033

theyve always been. And the idea that you should have to close your account may see distasteful at first. Ya know what? Get over yourself.

Were talking bank accounts here, not your favorite chair or that ratty tee-shirt you insist on wearing to bed. This is a black-and-white, dollars-and-sense decision. The reality is that neither of your accounts may suit your needs any more. After all, if your branch isnt close by and you have to use some other banks ATM, you could rack up tons of fees. And if your bank charges fees for everything there are alternatives out there that dont its time to go shopping. And dont automatically default to the big-name banks. Lots of options exist today, from credit unions to trust companies, from companies with virtually no branches to banks in supermarkets.

Its easy to decide who offers the best savings account. Its the guy who is willing to pay you the most money with the least number of conditions. Look for accounts that pay interest on your lowest balance. And make sure you have access to your money through an ATM network without having to pay an arm and a leg in fees. (Listen, some fee is reasonable. I tell people to budget about $20 a month for all their banking fees. If you can do it for less, youre a star!)

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

Here are some tHings to watcH for so youre fees dont go tHrougH tHe roof:the number of transactions you make: Some accounts let you do as many transactions as you like for a fixed monthly fee. Other accounts limit how

many transactions you can make for the fee you pay. And some charge you no fixed monthly fee at all, but ding you on every single transaction you make. Figure out how often you need to go to the bank machine (why youd have to go more than once a week is beyond me) and then pick the account that works for you.use the cheapest method of banking: You usually pay less if you use a bank machine, telephone bank or bank online instead of dealing with a warm body.use the record-keeping option that works best for you: If you want to get your cancelled cheques back every month, you will likely pay a fee.Keep the minimum account balance needed to bank for free or for cheap: Some accounts offer lower fees if you keep a certain amount of money in your account at all times.never bounce cheques. You will pay a whopping fee if you make a payment from your account and there is not enough money to cover it.Banks like to sell overdraft (OD) protection as a way to avoid this. OD works like a loan, but you only pay when you borrow money to cover a payment or withdrawal on your account, and the interest rate and fees are usually really high, which is why I think OD is just a stupid. Instead of using OD, set up a minimum you always leave in your account (just pretend its not even there) and stay in the black.

The Financial Consumer Agency of Canada has a tool you can use to help you decide on which account will suite you best. Make sure you click on View all Packages so you get the full list of whats available to you.

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


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Spring haS finally arrived and So haS construction season in Toronto. Many Torontonians and tourists alike find it a challenge to navigate the streets for the best way to get to many of the amazing venues and events that this city has to offer. Part of an award-winning plan to make Torontos Waterfront a world-class destination, the transformation of the central waterfront, is well on its way to becoming the grand waterfront boulevard Toronto deserves.

Construction along the 1.7 kilometre stretch of Queens Quay from just west of Lower Spadina Avenue to just east of Bay Street is totally rebuilding and revitalizing the area both above and below ground. When completed in early 2015, Queens Quay will be a waterfront

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showpiece and a must-see Toronto destination. In the meantime, the Waterfront BIA has created a number of initiatives to help Torontonians get around the waterfront during the ongoing construction to prove its better by the water.

There is a lot of confusion for Toronto residents and visitors due to construction in Toronto, says Carol Jolly, executive director, Waterfront BIA. We are trying to make life easier through a series of initiatives that will make it simpler to get around Torontos waterfront during the revitalization.

The Waterfront BIA has created comprehensive outdoor pillar signage that will be placed throughout the waterfront to clearly direct and assist pedestrians during construction, so they can focus on enjoying what the waterfront has to offer. The 15, 12-ft. tall, colourful pillars will include a detailed map of the waterfront including locations of public charter boats, and a complete retail business directory. The pillars will be regularly updated to include promotional information on the

ConTinUed on page 40038 neW Condo gUide may 18 - jun 1, 2013

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ARTI 28789 Condo Guide_final.indd 1 2013-04-10 10:21 AM


Bike racks are scattered along the waterfront, while parking lots can be found

in a number of locations including Rees and Simcoe Street and taxi stands are

located next to the Queens Quay Terminal building at the foot of York Street.

many exciting year-round events and activities.From June through August, the lively Singing

Waterfront Ambassadors will travel along Torontos Waterfront offering personal assistance, directions and recommendations to visitors, as well as impromptu a cappella performances on Thursdays, Fridays, Saturdays, Sundays and Mondays from 11 a.m. to 6 p.m.

There are many ways to get to Torontos waterfront during the busy construction season without adding extra stress to your day, says Jolly. We are encouraging visitors to take the short walk or cycle south from Union Station allowing them to explore areas that are likely to be missed while driving in a vehicle.

The TTC offers more frequent buses during peak periods and large festivals and events, which allows easy on and off access to the hot spots along the waterfront without having to worry about parking.

The waterfront is still accessible by car or taxi, though to keep traffic congestion to a minimum it is encouraged during the warmer months to take advantage of the weather and walk or rent a bicycle in the area. Bike racks are scattered along the waterfront, while parking lots can be found in a number of locations including Rees and Simcoe Street and taxi stands are located next to the Queens Quay Terminal building at the foot of York Street. Traffic will flow one way westbound along Queens Quay until Spring 2014. Regular construction updates and road closures can be found on The Waterfront BIA Facebook page and Twitter.

There is so much to enjoy on Torontos waterfront, adds Jolly. Stroll along the waters edge boardwalk, relax at HTO Parks, experience Music Gardens, or take a scenic harbour cruise aboard one of the many passenger vessels. Shop at the award-winning Queens Quay Terminal, dine in a variety of spectacular restaurants overlooking the lake, participate in one of Harbourfront Centres festivals, camps or shows, visit PawsWay and stay in one of our impressive hotels. Torontos Waterfront offers something for everyone.

Events including Doors Open on Torontos Waterfront, the Toronto on the Water historical photo exhibit, the Redpath Waterfront Festival when Tall Ships return and ongoing events at Harbourfront Centre offer families an opportunity to see the city from a unique perspective and explore areas that they may not have had a chance to discover before.

The My Waterfront Photo Contest returns for a third year to encourage people to come to Torontos Waterfront and take pictures. Photos are entered in a contest and winners will be included in the My Waterfront Photo Exhibit that will be on display in Queens Quay Terminal throughout the Fall. The contest will be promoted primarily through Facebook and Twitter.

There are many exciting events along the waterfront that encourage a day trip to the water and the Waterfront BIA is making every effort to help ease the commute to Torontos beautiful waterfront.

Come 2015, the new Toronto waterfront will offer the quiet joy of mile long strolls, a generous granite pedestrian promenade and the off-street Martin Goodman Trail will create much-needed public space by the lake. A new streetcar corridor and traffic lanes with improved turning lanes and signal timing will keep people moving. New granite sidewalks and landscaping improvements in front of storefronts will stimulate ground floor retail activity and urban vitality. This revitalization will create more job opportunities and investments in Toronto, bringing the quality of life to a new level and making Torontos waterfront an even larger magnet for tourists.

ConTinUed in The neWS

040 neW Condo gUide may 18 - jun 1, 2013

Introducing NY2 CONDOMINIUMS - the exciting sequel to the highly successful NY Place Boutique Condominiums by Daniels. Edgy. Hip. Cool.

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Exclusive Listing: CityLife Realty Ltd, Brokerage. Brokers Protected. *Daniels Rent-To-Own Program is only available on a select number of suites. Prices, specifi cations and programs are subject to change without notice. Illustrations are artist concept. 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 written permission of The Daniels Corporation, is strictly prohibited.

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quick tips // by hellen buttigieg

Hellen Buttigieg is a certified professional organizer, life coach, TV host, owner of

We Organize U and author of the best-seller, Organizing Outside The Box. For tips on organizing your home, your

office and your life, visit weorganizeu.com and sign up for the free newsletter.

play catch-up this summer

and make the most of your time off

Summer will soon be here. Perhaps youre using your well-deserved vacation time for a little R&R, or youre just less harried because youre not dropping the kids off at countless lessons and activities. Whatever the reason, this is a great time of year to get all the little tasks that have been piling up off your plate. And once you have all of these chores taken care of, you can lounge by the pool guilt free.

quick tips On OrganiZing yOur hOme Organize your photos in a fun, family-friendly way. Gather your supplies now and make the next rainy day your familys photo-organizing day. Youll need several acid-free photo boxes, some plastic dollar store baskets (about 10), sticky notes and a few markers. Gather the family around the kitchen or dining room table, put some music on and have a predetermined break time. Begin by labeling each basket with a broad category using your sticky notes and markers. Then use the baskets to start sorting the collection of photos youve gathered. Categories should be broad and relevant to your photos. Examples can include: pets, holidays, parties, school, friends, family celebrations, etc. Once the photos are sorted, transfer them into photo boxes and use the index cards which often accompany the boxes to identify the categories. If you have hundreds of photos under one category, simply label the outside of the box with the topic.

cOntinued On page 46

044 new cOndO guide may 18 - jun 1, 2013

Remarkable residences. Across from Mount Joy Go Station.

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quick tips On OrganiZing yOur hOme Office Organize your business cards. Take 15 minutes to go through the stacks of business cards youve collected over the year and toss the ones you will never refer to again. To have easier access to the ones you keep, scan them using business card software or staple them to your Rolodex cards alphabetically (use the bigger format cards). If you have several hundred cards, I dont recommend filing them in the clear plastic sheets because its difficult to keep them in alphabetical order, and too time consuming to find the card you need.

quick tips On OrganiZing yOur life

stop shoulding on yourself. Do you feel your life is so crazy busy that you never seem to find time for fun? One way to make space for the things that matter most is to re-evaluate what youve committed your time to and consider letting go of some obligations. Think of three activities you are doing because you feel you should even though you dont really want to. It could be committees you sit on, volunteer activities you participate in or events youve reluctantly agreed to attend. Choose one to let go of for now, and replace it with an activity that brings you joy. Now watch and see what happens.

throw a clothes swap. With the seasons changing, its a perfect time to clean out your closets. Pull out any summer items you didnt wear last year and any winter items you passed on last year. Plan a neighbourhood clothes swap party to trade your cast-offs for other treasures. Donate any unclaimed threads to a local charity. Organize cosmetics and toiletries for easy retrieval. Take advantage of the height in cupboards under bathroom counters by using plastic storage drawers to store cosmetics and toiletries. Sterilite makes this item, and you can find it at most department stores. Usually it comes with three drawers, but if you have the height, you can stack a second unit on top. Store items in broad categories and label each drawer. Categories may include: dental products, facial and hair products. memorabilia without mess. If you have bits and pieces of memorabilia piling up all over your home, its time to create a memory box. Purchase or repurpose one container for each family member; choose plastic bins, photo boxes, hat boxes, vintage suitcases or old-fashioned picnic baskets to store precious mementos. Be selective about what goes inside, and when the containers are full, remove one item before putting another item inside. dispose of old medication safely. When purging expired medication, please refrain from flushing the pills down the toilet. This has been found to contaminate municipal water supplies. Check with your local pharmacy to see whether you can drop them off for environmentally safe disposal. Alternatively, inquire whether your municipality offers drop-off points similar to those for hazardous and electronic waste.round up your recipes. Are your recipes cluttering up your kitchen counters or stuffed in your drawers? Organizing your favourite recipes makes retrieval quick and easy. Purchase a plastic accordion file in your favorite colour with at least 10 slots. Use the labels included to write out specific categories. Categories may include: desserts, appetizers, salads, poultry, beef and seafood. File recipes at the front of the corresponding category and get cooking!

Whatever the reason, this is a great time of year to get all the little tasks that have been piling up off your plate. And once you have all of these chores taken care of, you can lounge by the pool guilt free.

cOntinued quick tips

046 new cOndO guide may 18 - jun 1, 2013

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gta new condo guide - may 18, 2013

Documents

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suite design

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dining room

modern styling