gta new condo guide - november 17, 2012

C e l e b r a t i n g 4 0 y e a r s 1 9 7 3 - 2 0 1 3

Nov 17 - Dec 1, 2012 Volume 16 Issue 21

inside this issue

INSURANCE TIPS FOR NEW HOMEOWNERS

HOW TO MIX AND MATCH FABRICS IN YOUR SPACE

THE SAFETY OF CONDOMINIUM LIVING

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Choosing a condo can be as personal as choosing a mate. Yet, while youd never sit down to interview a potential partner or engage in background checks (would you?), you will need to do your homework when selecting a builder.

I recently came across some tips from the Canada Mortgage and Housing Corp. (CMHC) on how to find and select a new condo builder:

When you start your search, check the Homes section of your local paper to find out which companies are building in your area, the types of homes they offer and the prices you can expect to pay. (I also think New Condo Guide is a good bet!) When you visit a builder, ask how long they have been in business, how many homes or condos they build each year and what kind of experience they have. Make sure the builder belongs to an industry organization and has the

licences and registrations required for your province. Once you have narrowed down your list, visit the builders models. Go through each one, carefully noting your likes and dislikes. Read through each builders website and other information materials to get a clearer picture of the company. If youre considering buying in a new development, go on a tour of the community or take a close look at the master plans. Could you see yourself living there long-term?

The bottom line: make sure your decision is an informed one. Choosing the wrong builder, much like selecting the wrong mate, could leave you dejected and feeling like youve been

played. Good luck out there!

When you tell people youre shopping for a home, youll find most everyone will want to share their own home-buying experience with you. Some will offer you their own personal advice and suggestions, while others will frighten you with details about their own disastrous home-buying experience or that of a friend of a friend. With so many variables, it can be hard to figure out whats necessarily good advice.

Its always best to get advice from the experts, especially when it comes to purchasing a big-ticket item like a home. No matter what your Uncle Joe says, when youre equipped with the right expert advice for your situation,

you can move forward by making confident purchasing decisions that are right for you and your family.

Much of what youll want to know about the road to home ownership is right here in this magazine. If you dont find what youre looking for, write to us and well help get you get an answer from one of our experts.

Take us along for the ride and let us know how it turns out. Thanks to our website, homeTRADER.ca, you now have even more articles and features than ever to source so you can be sure your buying experience is a positive one.

BUYING A HOME WITH CONFIDENCE makes a world of difference

EDITORS NOTE

SUSAN LEGGEEDITOR-IN-CHIEF

Wall2Wall [email protected]

Follow me on Twitter atTwitter.com/SusanLegge

Like us on facebooksearch: Condo Guide

JANINE DRUERYEDITOR

Wall2Wall [email protected]

Follow me on Twitter atTwitter.com/JanineDruery

DO YOUR RESEARCHwhen choosing a condo

002 NEW CONDO GUIDE NOV 17 - DEC 1, 2012

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FALL IN LOVE WITH PEMBERTONS VIVID CONDOMINIUMS

Youll love living in one of the GTAs best locations at Bloor Street West and Islington Avenue in Etobicoke, in a residence where style and sophistication go hand-in-hand. The opportunity to own at Vivid Condominiums just got more exciting, now that Pemberton Group has introduced a limited-time-only special One-Price Plan. Buy now and you can choose to live in a beautiful 820 sq. ft. suite on floors 6 to 16 for the amazing price of just $349,990! See a sales representative for details.

The final building in Pembertons established Port Royal Place community, Vivid is situated steps to the Islington TTC subway station and Kipling GO station. Residents will enjoy proximity to schools, shops, and recreation facilities in the vicinity. Islington Village, the Waterfront Trail, Bloor West Village, The Kingsway and Sherway Gardens are also near by.

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Available one-bedroom to two-bedroom + den designs range from 580 to 1,120 sq. ft., affordably priced from the $260s. Ask a sales representative for full details on Pembertons One-Price Plan.

Pemberton Group has more than 50 years experience building superb communities in many of the Greater Toronto Areas most desirable neighbourhoods.

The Vivid Presentation Centre and model are at 9 Michael Power Place, south off Dundas West, between Islington and Kipling. Call 416.239.8200, or visit vividcondos.com. To explore the companys many fine communities, visit PembertonGroup.com, plus follow Pemberton on Facebook and Twitter.


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FALL IN LOVE WITH PEMBERTONS VIVID CONDOMINIUMS

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The final building in Pembertons established Port Royal Place community, Vivid is situated steps to the Islington TTC subway station and Kipling GO station. Residents will enjoy proximity to schools, shops, and recreation facilities in the vicinity. Islington Village, the Waterfront Trail, Bloor West Village, The Kingsway and Sherway Gardens are also near by.

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cards and billiards rooms, and a lounge with a fireplace, bar, servery and catering kitchen. Each spacious, well-appointed suite includes a generous balcony, terrace or patio. To fully appreciate Pembertons quality and design panache, view Vivids virtual suite tour online.

Available one-bedroom to two-bedroom + den designs range from 580 to 1,120 sq. ft., affordably priced from the $260s. Ask a sales representative for full details on Pembertons One-Price Plan.

Pemberton Group has more than 50 years experience building superb communities in many of the Greater Toronto Areas most desirable neighbourhoods.

The Vivid Presentation Centre and model are at 9 Michael Power Place, south off Dundas West, between Islington and Kipling. Call 416.239.8200, or visit vividcondos.com. To explore the companys many fine communities, visit PembertonGroup.com, plus follow Pemberton on Facebook and Twitter.


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EXCEPTIONAL VALUE THROUGH TALENT, DEDICATION AND LEADERSHIP For over 50 years, Pemberton Group has created landmark residential and commercial developments that deliver exceptional value through its talent, dedication to excellence and industry leadership. Today, Pembertons diverse condominiums across the Greater Toronto Area are a tribute to design creativity and craftsmanship. Located in the most coveted neighbourhoods and enhanced with vibrant lifestyle amenities, every Pemberton condominium is a destination in itself.

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68

columns, news &

features

table of contents

002 Editors notE

columnists

016 bild rEport Economic indicators for the industry are still solid by bRyAN TUCKEy

018 condo sEnsE GTA condos generating solid employment by bEN myERs

032 fundamEntally spEaking Four tips to help you buy your first home by wAyNE KARl

042 mortgagE finEssE What the new mortgage rules mean for you by CAlUm Ross

048 monEy mattErs How to be debt-free forever by gAil vAz-oxlAdE

060 taxing issuEs Should you pool financial resources to buy a home? by hENRy Choo ChoNg

064 condo pro The security of condominium living by bARbARA lAwloR

068 stylE filE How to mix and match patterns tastefully by yANiC simARd

072 lEgally spEaking Get your house in order before purchasing by jAysoN sChwARz

076 Quick tips Replace holiday stress with holiday joy by hEllEN bUTTigiEg

130 homE smarts Are you ready to own your own home? by mARNiE bENNETT

132 scrumpdillyicious Heartwarming Spinach and Ricotta Manicotti by lEsliE sTylEs

146 makE your movE Should you hire a professional packer or DIY? by dAN hopKiNs

november 17 to December 1, 2012

volumE 16 issuE 21

alterracelebrating 40 years

20

012-013 GTA condo contents-nov 17-JD.indd 12 11/13/12 8:05:46 PM

in tHe neWs 044 markEt analysis

Lack of new launches prompts decline in new condo sales

052 housing markEtCanada to avoid a U.S.-style housing market meltdown

058 nEWs Pemberton Group supports BecauseI am a Girl

074 EvEnts Party kicks off sales launch of King Blue

conDo snaPsHots

026 thE markA new level of condo living in Markham

050 firsthomE long vallEy phasE tWoExcellent selection of fully-built condominiums

122 b.strEEtsSix, exclusive, two-storey Lane Homes just launched

featuRes

033 around thE housEConquer clutter: eight tips from an organizing guruby lAURA wiTTmANN

054 your condoYour new condo: creating beauty and balance by miREllA sARRApoChiEllo

084 industry insidEr10 minutes with...Babak Eslahjou ofCORE Architectsby jANiNE dRUERy

086 your dcorKeep calm and colour onby hilARy FARR

092 hot topicHome insurance: how to safeguard your investment

112 tEch talkNavigating the world of home theatre systemsby sAxE bRiCKENdEN

124 dEsignEr touchEntertaining, holiday-styleby ERiCA gElmAN

HomebuYeRs HelP

080 trEndspottingBring home the gold! by ElisA KRovbliT

082 your first homE Using your RRSP to help make a down payment

conDo ProfIles040tridElTen yorkA new, iconic glasstower will grace the Toronto skyline

04645 charlEs ltd. & EdEnshaW homEsChaz.yorkvilleDazzling residence will soon be home to eightnew floors

110daviEs smith dEvElopmEntsEleven superiorThe first condo projectto break ground in Mimico-by-the-Lake

142flato dEvElopmEntsArthouseArt and design unite at new development in Markham

110

142

040

046

088 financEs Home Sweet Home or Retirement Nest Egg?

096 your monEyProtect yourself against wallet gremlins

098 condo Watch 416Previews, new releases and grand openings in the 416 area

108 dcor tipsHave a cheerful Christmas in Condoland

116 tips and tricksHousing affordability and the one-third rule

118 Whats nEWThe latest and greatest products for your home by silvANA loNgo

128 insurancE nEEdsWhole life insurance pays off for new homeowners

134 dEsign picksChevron chicby silvANA loNgo

136 condo Watch 905Previews, new releases and grand openings in the 905 area

148 smart shoppErExclusive discounts and deals for our readers

153 condo buyErsrEsourcE sEctionYou love the home, see what you can afford

158 indEx of advErtisErs

012-013 GTA condo contents-nov 17-JD.indd 13 11/13/12 8:06:00 PM

Home SmartS Marnie Bennett Marnie Bennett is a broker and the team leader of Bennett Property Shop Realty, a full premium-service five-star real estate brokerage specializing in marketing and selling new and resale homes, condos and investment real estate. Marnie is the host of the weekly radio shows, The Real Estate Hour and Business Class. bennettpros.com

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

Janine Druery Lydia McNutt (on leave)

Contributing editors

Wayne Karl, Elisa Krovblit, Silvana Longo, Sara Duck (on leave)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, 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 2012 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. Hometrader and the Hometrader & Design are trademarks of Apax Partners Llp, Used Under License.

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.

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

ConDo SenSe Ben MyersBen Myers is editor and executive vice-president of Urbanation, a market research firm tracking the new, resale and future condo market since 1981. Urbanations Condominium Market Survey is the industrys bible for sales and pricing information, as well as analysis that puts all the pieces together. Urbanation is on the pulse of the highrise condo market in Toronto.

014 neW ConDo guiDe NOV 17 - DEC 1, 2012

014 contributors-JD.indd 14 11/13/12 4:45:25 PM

Exclusive Listing: CityLife Realty Ltd., Brokerage. Brokers Protected. Prices and speci cations are subject to change without notice. E.&O.E. *For a limited time only. A maximum amount applies to the 1 year mortgage incentive. $0 closing costs does not include Tarion enrollment fee, 3 months reserve fund contribution or applicable taxes. See Sales Representative for full details.

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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

economic indicators for industry still solid

Every year around this time, industry leaders gather to learn from two leading economic experts about whats happening around the globe and how it could impact the GTA housing market in 2013.

We heard from CIBC World Markets Deputy Chief Economist Benjamin Tal that hes keeping an eye on Europe, China and the US. What happens out there, will affect what happens at home, he told the group of about 350 BILD members.

While the US housing market is not a normal-functioning housing market, it is showing some positive signs of buyer traffic, he told us. Most of the traffic has been generated by investors because there is a strong demand for rental homes. Interestingly, more than 300,000 renovation jobs were logged getting those homes ready to rent out so far this year.

Buyers here at home are watching the interest rates and Tal said they could go up next year or early 2014, but it wont be a shock to the system. He anticipates the industry will use discipline and self-regulate, taking the next year to find a new equilibrium.

In the latest new home sales figures, released earlier this week, the changes to lending rules by the federal government in the summer have diminished consumer confidence in the GTA. Anticipating the changes, the industry launched fewer projects over the summer and therefore, September new home sales are lower than they have been in years past.

The good news is that so far this year, from January to September, a total of 26,392 new homes have been sold across the GTA.

Looking at the housing cycle, Altus Group Chief Economist Peter Norman forecast that we are on track to start construction on more than 45,000 homes across the GTA this year which is on par with the peak year of 1987.

The homes under construction now across the GTA were previously sold, some a few years ago when the projects first launched, and the sales that we are seeing today will materialize into newly-constructed homes in the coming years. Norman anticipates 38,600 homes to be under construction next year and 36,400 in 2014.

This industry has stood the test of time and I think it was fitting that on the same day we discussed our future, we took a moment to celebrate our past.

This year, our association recognized members that have reached their 25-year and 50-year milestone as important contributors to fabric of the GTA. Congratulations to the 15 member companies we inducted into the BILD Quarter Century Club and special congratulations to the three member companies we inducted into our Half-Century Club Tridel Corp., The Rockport Group and Teskey Concrete Company Ltd.

016 new condo Guide nov 17 - Dec 1, 2012

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Exclusive Listing: Baker Real Estate Incorporated, Brokerage. Brokers Protected. Sizes and specifications subject to change without notice. E + O.E. Illustration is artists impression.

GREAT LIVING HAS REACHED NEW HEIGHTS


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condo sense // by ben Myers

Ben Myers is the editor and executive vice-president of Urbanation, a market

research firm that has been tracking the new, resale and future condominium market since

1981. Urbanations new UrbanRental report on condominium apartment rental activity

adds a new dynamic to their expanding range of research products and consulting services.

Urbanation is on the pulse of the highrise condominium market in Toronto.

I recently did a radio interview on the closing of the Christies Bakery in Etobicoke, and I wanted to elaborate on the subject in this space.

My heart goes out to the 550 people that will lose their job with the closure of the facility, as many of us

know how it feels to be unemployed. However, I am excited to see the continuance of the waterfront revitalization in Etobicoke. I hope the developer on the project strives for architectural excellence and brings forward innovative concepts like the Absolute Towers in Mississauga, and projects like Monde, L Tower, Mirvish+Gehry and Picasso in Toronto.

That being said, I didnt get to respond in full to the question asked by the radio host, Arent the jobs created by the construction of these towers only temporary?

I think the number of part time jobs will far outweigh the full losses. With 27 towers and up to 7,000 units potentially scheduled for the site, this development will take more than a decade to complete. By comparison, there are currently 21 completed condominiums on the Etobicoke waterfront, accounting for over 4,400 units, as well as 12 actively selling projects accounting for over 4,600 units combined the 45 year condominium total for the Etobicoke waterfront is only slightly larger than this single development. In other words, this project will create a lot of temporary jobs.

Lets start with architects, planners, engineers, construction workers, suppliers, construction lenders, advertisers, sales brokers, building inspectors and landscapers. These are just a few of the people involved in the process all before a single person moves into the condo.

Just before the big move-in date, many others are employed: real estate lawyers, mortgage lenders, mortgage insurers, content insurers, and a ton of staff for the developer that coordinates contracts and handles the distribution of keys during occupancy week. Dont forget the good folks at Tarion home warranty program for helping people stay worry-free.

With 7,000 suites, how many moving crews would that be? How many moving vans? How many jobs will be created for interior decorators, residential painters, cable/internet installers? How many people will these towers employee in the furniture business, area rug business, and electronics business? Im guessing the IKEA off the Queensway will be hiring!

The buildings will also create jobs for concierge staff, property managers, security staff, window washers, snow removal companies and custodial workers. How about the contractors for elevator maintenance, security cameras, garbage shoots and other mechanical issues?

In all likelihood, the project will be mixed use, and will create full-time retail, commercial and service jobs for the shops, restaurants, bars, grocery stores, office spaces and cultural amenities in the lower floors and podiums of these buildings.

Based on data from Urbanations Condominium Market Survey, many buildings have 50 per cent turnover in the first five years after occupancy, so that will keep a lot of Realtors working.

So, the next time youre suffering from condophobia and take aim at greedy developers, think about all of the people in this area that make a living off the new construction industry; its a good cure for any condo fears.

Generate solid eMployeMent

GTA condos

The number of part time jobs will far outweigh the full losses. With 27 towers and up to 7,000 units potentially scheduled for the site, this development will take more than a decade to complete.


018 column-ben myers-condo jobs-JD.indd 18 11/13/12 4:45:34 PM

THE REBIRTH of a LEGEND

CONDOMINIUMS FROM THE $300S REGISTER AT THEBRITTCONDOS.COM 416.926.1669

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.

THE ICONIC SUTTON PLACE HOTEL RE-ENVISIONED AS THE BRITT CONDOMINIUM RESIDENCES. The historic Sutton Place Hotel at Bay and Wellesley, just steps to the Bloor-Yorkville neighbourhood, will be injected with new life, British inspired architecture, design and amenities. From the grand entrance lobby to the magnifi cent terrace to luxury fi ve-star services, this is where classy meets classic and historic meets epic.

24-hour executive concierge executive butler Service spa & wellness services

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3 elegant lobby lounges

BRIT 26823 Condo Guide_final.indd 1 2012-11-09 12:35 PM019-Lanterra-Britt 11-17-12.indd 19 11/12/12 5:15:02 PM

cover story

Building and delivering high-quality homes started as a dream almost 40 years ago for one of Ontarios most reputable developers. From single-family residential homes to highrise, to commercial developments, the Alterra Group of Companies continues to add to its current portfolio of over 5,000 homes.

In 1973, Alterra launched its first development project called Ridgewood Green in Malton, Ontario. This successful new home community housed over 40 residential homes that are still part of Maltons neighbourhood today. From this modest-sized community, Alterra continued to grow in both projects and in staff. From building

AlterrA CelebrAting 40 YeArs

homes priced at $50,000 in the 70s to building homes in the millions of dollars today, Alterra continues to thrive in the marketplace.

In todays market, most developers are challenged with competition and greater consumer demands. Alterra continues to ensure it understands the needs of potential homeowners in order to exceed their expectations.

With well-known communities from Ancaster to Mississauga to Downtown Toronto on its resume, Alterra is currently building three well-known mid and high-rise projects in the GTA, with more to come.

Westwood Condominiums, just two blocks west of Islington off Bloor Street and minutes to the subway station, is a six-storey building that is a perfect mix to the established residential community in the west Kingsway.

Post House Condominiums, a 21-storey highrise development just east of Adelaide and Jarvis in the heart of downtown Toronto, is in the perfect location

020 new condo guide nov 17 - Dec 1, 2012

020-021 cover story-alterra-JD.indd 20 11/13/12 4:45:45 PM

AlterrA CelebrAting 40 YeArs

for both homeowners and investors. With a short walk to the subway, a stroll over to the St. Lawrence Market and steps away from George Brown College, this sought-after residence will start to occupy suites in 2014.

36Hazelton, a boutique luxury condominium on Yorkvilles only true residential street, consists of 19 one-of-a-kind homes with only three remaining from $2.9 million. With the heritage faade fully supported, Alterra announced their groundbreaking this month with yet another 2014 occupancy.

The highly anticipated and most recent announced condominium project by Alterra is at 520 Richmond Street in Toronto. With the plans for the project well underway, this project is expected to launch this coming year.

In 2013, Alterra will be celebrating a special milestone 40 years of building excellence and delivering superior quality homes that people can truly rely on and call their own.

With 40 years of business behind their back and plans for many more years to come, Alterra continues to grow and build their portfolio as they announce future development projects.

For more information about the Alterra Group of companies or to register for upcoming projects, visit alterra.com.

on opposite pagepictured top Westwood terrace

on this pagepictured top Post House party room

pictured centre 36Hazelton, townhome terrace

pictured Bottom 36Hazelton, townhome living room

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Life is remarkable in one of the fastest growing cities in Ontario. A charming community, where neighbours still say hello. Where parks, shopping, restaurants and golf courses are all nearby. Where you can relax in a brand new space with all the amenities and conveniences of a remarkable life.

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theres a new opportunity to live a remarkable life in one of the most vibrant and welcoming communities in Ontario. Welcome to The Mark.

The Mark Condominiums is conveniently located at 9560 Markham Road, near Bur Oak Avenue and across the street from The Mount Joy GO Station, providing residents a convenient, hassle-free commute to downtown Toronto via Union Station in less than 45 minutes. The striking structure combines the best of contemporary form and art deco-inspired elements to create an exceptional18 storey, 220 suite highrise. Its a design that looks right at home in the charming Markham community. Prices start at just $199,990.

remarkable locationSituated in the established, yet growing city of Markham, this vibrant community is surrounded by all the conveniences of city living. An abundance of parklands, ponds, walking trails, sports fields and community centres offer numerous options to appeal to all ages and interests. Other great neighbourhood features include reputable public schools, excellent restaurants, the renowned Angus Glen Golf Club, premier shopping at Markville Mall, and the award-winning Markham Stouffville Hospital, a state-of-the-art facility and one of the top performing hospitals in Canada.

Markham may be one of the fastest growing cities in the province, but it still has the charm of a small town comprised of many art galleries, museums, theatres and public libraries. This diverse municipality will also play host to part of the 2015 Pan Am and Parapan Am Games in a new world-class sports complex called the Markham Pan Am and Parapan Am Centre.

remarkable architecture and designDeveloped in collaboration, Empire Communities and Pace Developments Inc., have joined together with award-winning Kohn Partnership Architects Inc., and created this remarkable art deco-inspired condominium. Residents will come home to a

empire and pace bring a new level of condo living to Markham

welcoming lobby with waterfall, work out in a professionally equipped exercise room with weight-training and cardio equipment, and entertain their guests in a party room complete with kitchen, private dining space, wet bar and fireplace.

Outdoor living is extended on a landscaped terrace with barbecues, dining areas, and a fire feature surrounded by lounge seating. To relax your mind and soul, there is also a tranquil Tai-Chi serenity space. After an active stroll in the park, pets can be pampered in the indoor pet spa while two guest suites will offer convenient accommodations to visiting friends and family.

interior spaces are the backdrop of a remarkable lifeSuites will range from approximately 490 to 858 sq. ft., and will include a mix of one-bedroom, one-bedroom plus den, two-bedrooms and two-bedrooms plus den layouts. All suites include a balcony to extend their living space while interior features boast nine-ft. ceilings, polished granite kitchen countertops, glass tile backsplash and a stainless steel kitchen appliance package, as well as a stacked white washer and dryer. Luxurious bathrooms will have granite vanity countertops, and glass enclosed showers. Environmentally-conscious owners will also benefit from the LEED Silver registration.

Registrations are now underway for the preview launch of this exciting new remarkable condominium in Markham. Register now at themarkcondos.ca.

026 new condo guide nov 17 - Dec 1, 2012

026 condo snapshot-empire-the mark-JD.indd 26 11/13/12 4:46:14 PM

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Prices & specifi cations subject to change without notice. Brokers protected. E.&O.E. 2012 Aspen Ridge Homes. All Rights Reserved. Illustrations are artist concepts only. 19470

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The people have spoken. Studio Condos on Richmond is the Peoples Choice winner for best new condo of the year.

Now, more than ever, it should be your rst choice too. For a limited time only, you can purchase one of the remaining

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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

Four tips to help guide your decision

BUYING YOURFIRST HOME?

When youre buying your fi rst home, you are sure to be fi lled with many important questions. How much can you aff ord? How much will it all cost? Where do you really want to live, and can you aff ord the area? And, fi nally, what type of home do you want? e answers are very individual: it really depends on your situation from the amount of your down payment to where you work to whether you have kids to other personal circumstances.

For your enjoyment while you live in your home, as well as for future resale potential, proximity to transportation, shopping, schools

and other amenities is among the key determinants that aff ect your propertys appeal, and ultimately its value. After all, those are the qualities potential buyers look for when searching for a home; the more of them your house has when you go to sell, the more it will be attractive to a greater number of people.

While experts suggest you take a long-term view when buying a home, its also important to not look too far down the road.

Lets be honest, your fi rst home may not be your dream home, and your needs and desires are sure to change throughout the various stages of homeownership.

So, while the answers to the above questions are specifi c to circumstances, there are also some common guidelines you can follow.

01How much can you aff ord? Experts agree it is never a good idea to make yourself house-poor, and it is a very common mistake, particularly of fi rst-time buyers, to buy more home than you can really aff ord. Meeting with a mortgage broker or your banker will help determine your full fi nancial picture, assessing everything from your credit rating to how much you have saved for a down payment. Experts also suggest you stress-test your plan to see how well you could cope with higher mortgage payments brought on by rising interest rates.

02How much will it really cost? Another common homebuyer mistake is not being prepared for all the closing costs involved: lawyer fees, land transfer taxes, utilities, insurance, and home inspection and appraisal fees and insurance. All of these costs add up, and ultimately should factor into your overall home-shopping budget.

03Where do you want to live? is question is becoming more important for a number of reasons, though infl uenced primarily by where you work, how much of a commute you want and whether your transportation options include mass transit or only driving. Indeed, especially with gas prices on the rise, proximity to mass transit is something more and more people are looking for in their new home location. It may not be as simple as choosing to live in the city, suburbs or a small town.

04What type of home do you want? Once you have determined your options for cost and location, you can then assess what types of homes are available in your price range and desired neighbourhood: Single-family detached, semi-detached, townhome, duplex or condo?

Some many questions, so many choices. e good news is, home builders today are in sync with customer preferences for location and amenities, and with market realities with regard to pricing and needs for energy effi ciency, so your options for new-home product have never been better.


032 column-wayne karl-buying your first home-JD.indd 32 11/13/12 4:46:20 PM

// byLaura Wittmann

Laura Wittmann is a professional organizer and founder of the popular

blog Im an Organizing Junkie, a website dedicated to providing

encouragement and education for organized living with a good dose of

fun. orgjunkie.com

Eight tips from an organizing guru

around the house

Conquer CLutter

1 | Ask clutter questions As you face each clutter decision, ask yourself the questions below. You can do this in two ways. One is to evaluate each item by asking all the questions about it at once. If the thought of that seems too overwhelming, you can ask them in stages. For example, evaluate each item by going through and only asking the first question. Then take that same pile and go through the items again asking the second question and so on. By the time you answer all five questions, your pile should be considerably smaller (if youve been honest, that is!)

questions

Do I love it? Do I use it? How long ago did I last use it? (More than a year? Toss it!) Do I have the room to store it without it affecting my efficiency

and stress levels? Am I willing to give up something else in order to make room for it? Can I imagine myself or anyone else in my family ever loving it or

using it in the foreseeable future? 2 | Use an Im outta here shelf Without this shelf I would be lost! This is a shelf near my entryway that I use for all the things that dont belong in my house but need to go somewhere else: items that need to be returned to the store, a friends plate leftover from the last dinner party, magazines I want to pass along to someone else, letters to be mailed, etc. The trick is to get into two habits: to put stuff on the shelf that has to go out and to actually check the shelf before leaving the house to see if theres an errand that can be run on your route. Ive made it part of my before bed,

10-minute tidy to round-up these misplaced items and add them to the shelf so theyre ready and waiting for me the next day when I head out to do my errands. 3 | Establish a command centre A command centre is a beautiful thing. Its the ideal spot to capture bits and pieces of life that are happening right now and cant be filed away just yet. Its not a solution to the permanent filing. Instead, its a revolving display of miscellaneous documentation, a communication centre for the goings-on of life. Perfect for things such as important telephone numbers, birthday party invitations, receipts for items needing to be returned, school papers with specific information on an upcoming event, papers that need to be referenced routinely, or bills to be paid. Ideally, you want to choose a central location in your home, that you cant help but see every day and that is accessible by all members of the family. It should include a central calendar, a message centre, and file holders or bins for each of your childrens school papers and dont forget the chore charts.

Are you really willing to give up square footage of usable space in your home for stuff you might just use or need one day?

nov 17 - Dec 1, 2012 neW Condo Guide 033

033-034 around the house-conquer clutter-JD.indd 33 11/13/12 4:46:25 PM

4 | Keep your vehicle stocked with essentialsYou never know whats going to happen when youre out and about. Organization helps you be prepared for whatever life throws at you. While we cant control the traffi c, weather, or even sick kids, we can keep our vehicles stocked to help us in these situations should they happen. Grab yourself a container and fi ll it with a fi rst aid kit, wipes, a change of clothes if you have little ones, extra diapers, Ziploc bags for travel sickness, tissues, receiving blankets (these work at any age for quick clean-ups!), activity kits for traffi c-stalling boredom, and of course, snacks and water. Dont forget to keep a trash bag in your car at all times as well. You wouldnt throw garbage on your oor at home, so dont do it in the vehicle, either. Every time you get gas, get in the habit of dumping the garbage. Just a little advance planning can make a huge diff erence to how your day will end up playing out.

5 | Keep projects in progress under controlProjects in progress can hold us back. Whether were aware of it or not.Do you have projects that dont interest you anymore, that have been cluttering up your space for years, yet you feel some sort of obligation to complete? It might be time to let them go and feel the weight lift from your shoulders as a result. Go ahead! What are you waiting for? Th ink about whether or not the space you have given your clutter permission to take over could be put to better use. Are you really willing to give up square footage of usable space in your home for stuff you might just use or need one day? Really stop and think about the power youre putting in your clutters hands. What kind of hold does it have on you and why are you allowing it to happen?

6 | Use visual cues to eliminate clutterSometimes with everything else going on, we cant remember what weve used and what we havent. Its time for some visual cues. For instance, turn the hangers around in your closet to face the opposite direction; as you wear something, turn the hanger back around. At the end of the season, youll know exactly what youve worn and what needs to be purged. Alternatively, place small stickers on your clothing, and when you wear something remove the sticker. Anything remaining with a sticker after a year is ready to leave the nest.

7 | Install closet organizersClosets without organizers seem naked and are crying out for organization. You can literally double the amount of closet space you have by adding an organizer to it and Im not talking an expensive one, either. You can get

perfectly wonderful inexpensive closet organizers at most department stores. I like the ones that provide the cubbies in the middle.

8 | Tackle small tasks to get big results So often we dont want to start an organizing project because we think it will take too long. Trying to fi nd large chunks of time can seem overwhelming. Th ankfully, many organizing tasks can be completed in short bursts of attention. Committing to these small tasks on a daily basis creates a sense of accomplishment that fuels continuation and fosters self-discipline. Once you see how easy and rewarding it is to tackle one small task or space at a time, the impact of those results will make you want to do it over and over and over again!

orGaniZinG tasKs that Can

be done in 30 minutes or Less:

Organize a drawer Organize a bookshelf File papers Update your calendar Organize DVDs Check for expired products

in your fridge Sort hats and mitts Create email folders Organize your wallet or purse Clean out backpacks Tidy your desk

So often, we dont want to start an organizing project because we think it will take too long. Trying to nd large chunks of time can seem overwhelming.

034 neW Condo Guide nov 17 - Dec 1, 2012

033-034 around the house-conquer clutter-JD.indd 34 11/13/12 4:46:30 PM

NOW PREVIEWING

by

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WORlD On YOnGe1 Steelcase Rd. W. (enter off Woodbine)

neW lOCATIOn!ROYAl GARDenS505 Highway 7 East, Unit 61

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BY PRIVATE APPOINTMENT ONLY MON., TuEs., ThuRs., fRIdAY

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CONDO PROFILE

considered one of the biggest condominium announcement in the GTA of 2011, the release last November of preliminary details about Ten York from Tridel generated headlines across North America.

Less than a year after Ten York was fi rst introduced to the public it is now poised to go on sale, says Jim Ritchie, Tridels senior vice-president of sales and marketing. e number of registrations that have steadily built since last November have been truly remarkable and demonstrate the heightened anticipation and pent-up excitement for the launch of Ten York.

Since the announcement, Tridel have been working with their architect Rudy Wallman, Toronto city staff and local politicians, area residents and an independent peer review panel to create a condominium worthy of all the excitement.

e result is an iconic 224-metre, 65-storey glass tower at the corner of York and Harbour that will serve as a dramatic and remarkable addition to the Toronto skyline, at a AAA downtown location.

Set on one of the most prominent locations in downtown Toronto, overlooking Lake Ontario and conveniently close to the subway, GO Train and VIA Rail service at Union Station, Ten York is steps away from the Air Canada Centre, Maple Leaf Square, the Rogers Centre and Harbourfront.

Boasting 694 residences starting from the mid-$300s, the suites will range from smartly designed 564 sq. ft. one-bedroom suites to a spacious 3,858 sq. ft. three-bedroom design. Designed by the award-winning II BY IV Design

TRIDEL LAUNCHES TEN YORK: Torontos waterfront icon


040-041 CP-Ten York-Tridel-JD.indd 40 11/13/12 4:46:33 PM

Associates, the suites blend urban sophistication, timeless elegance, and modern technology (an imbedded fi bre optic network throughout thebuilding will provide a lightning-fast Internet connection for residents).

Besides cutting edge technology, a prime location, and exquisite fi nishes, Ten York boasts an abundance of luxurious amenities. Off ering a fully equipped fi tness centre, as well as studios for spinning, yoga and cardio, and a juice bar and lounge ideally suited for a post-workout wind-down, there is also an outdoor infi nity pool, spa, and separate mens and womens saunas. e amenities also include a billiards room, media/gaming space, theatre, party venue and private dining room.

Refl ecting on the amount of anticipation and attention that greeted the announcement of Ten York

last year, Tridels Jim Ritchie is pleased with the development his company has responded with, noting that the massive coverage and heightened expectations

raised the bar for this condominium and for Tridel. With unparalleled anticipation, we felt compelled

to deliver a condominium without equal and thats what weve done, he says. Ten York is a one-of-a-kind condo opportunity for this market.

The Ten York presentation centre is located at 4800 Dufferin Street. Hours are Monday to Friday, from 11 a.m. to 7 p.m., and Saturday, Sunday and holidays from 12 p.m. to 6 p.m. For more information call 416.596.9888, e-mail [email protected] or visit tridel.com

DESIGNED BY THE AWARD-WINNING II BY IV DESIGN ASSOCIATES, THE SUITES BLEND URBAN SOPHISTICATION, TIMELESS ELEGANCE, AND MODERN TECHNOLOGY


040-041 CP-Ten York-Tridel-JD.indd 41 11/13/12 4:46:35 PM

Last June, Canadian Finance Minister Jim Flaherty announced further measures to reign in the record level of household debt in this country with three major mortgage rule changes. e three changes that took eff ect on July 9, 2012 were as follows:1. e maximum amortization was

reduced from 30 years to 25 years.2. e maximum amount a

homeowner can refi nance was reduced from 85 to 80 per cent.

3. Mortgage default (CMHC) insurance will be available only on home purchases of less than $1 million, meaning those hitting the $1-million mark will be required to put in a 20 per cent down payment.

Reigning in debt and cooling what many believed to be an over-heated housing market is a noble (and perhaps necessary) cause, but what does this mean for you, the average homebuyer

and owner? Well, given the $1 million rule aff ects only a small subset of the market and not the average homebuyer lets set that one aside for now and focus on the biggest change here: the maximum amortization. is has implications for both homebuyers on the cusp of aff ordability as well as real estate investors who typically choose to max out the mortgage amortization.

According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), 40 per cent of new mortgages in 2011 had amortizations over 25 years. Given the relationship between housing prices and mortgage aff ordability, we can expect a cooling of the housing market, but by how much is unknown.

Reducing the maximum amortization from 30 to 25 years eff ectively limits your buying power. For example, on a $300,000 mortgage with a fi ve-year fi xed mortgage rate of 3.19 per cent, your monthly mortgage payments would go from about $1,290 to $1,450 by reducing the amortization from 30 years to 25 years. On the other hand, the amount owing on your mortgage principal after fi ve years is shaved off more than $10,000 to about $257,350 from $267,530. is is good. Remember, the goal for most homeowners is to be mortgage-free faster.

e other mortgage rule change in regards to refi nancing reduced from an 85 to 80 per cent maximum on the mortgage principal will have an impact for existing homeowners. You can access essentially fi ve per cent less equity in your home to consolidate other high-interest debt or fi nance other project like home renovations.

On the fl ip side, considering the extra pressure on the mortgage market to compete for potentially a smaller pool of well-qualifi ed borrowers, we may see some more mortgage rate wars among lenders. With mortgage rates already at historic lows, it is worth investigating refi nancing to a lower rate anyway. More than ever it is advisable to speak with a competent mortgage advisor to discuss your refi nance options.

When mortgage rules get more restrictive, lenders scrutinize mortgage applications to a much greater degree. As I have said before, the very best time to borrow money is when you dont need it. Accordingly, the very best time to restructure or revisit your mortgage is when rules are more favourable and mortgage loans are easier to get approved. You can expect to see more tightening of mortgage rules within the next year. So, if you are waiting to get your mortgage pre-approval, or revisit the refi nancing of your mortgage, it is my recommendation to revisit the approval sooner rather than later. If you have a mortgage approval and rules get looser, then you get the benefi t of the new rules, but if you wait until the rules get tighter, then nothing can be done.

Until next time heres hoping you make smart borrowing and personal fi nance decisions.

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.

mean for you

WHAT THE NEW MORTGAGE RULES


042 column-calum ross-the mortgage rules-JD.indd 42 11/13/12 4:46:43 PM

mattamyhomes.com

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MARKET ANALYSIS

A LACK OF NEW PROJECT LAUNCHES has led to a decline in new condo sales in the third quarter of 2012, according to Urbanations most recent market analysis.

e Q3-2012 overview by Urbanation Inc., a monitor of the Toronto condominium market since 1981, shows that in the Toronto Census Metropolitan Area (CMA) there were 3,317 new condominium apartment sales in the third quarter, a decrease of 30 per cent from the second quarter.

With slowing sales and a record level of unsold inventory in the market in the second quarter, condominium developers reacted quickly by delaying their project launches, especially in the 416 area, says Ben Myers, Urbanation Executive Vice President. Just fi ve projects launched in Toronto in Q3-2012, as developers choose to review their pricing assumptions and unit mix.

e average unsold unit in the Toronto CMA was off ered at $573 per sq. ft. at the end

Lack of new launches prompts decline in

NEW CONDO SALES

of Q3-2012, an increase of just two per cent year-over-year. Unsold pricing in the former City of Toronto remains virtually unchanged from one year ago, rising from $668 per sq. ft. to $670 per sq. ft.

e lack of new site openings in the third quarter resulted in a decrease in unsold inventory from the CMA record high of 18,123 units in Q2-2012 to 17,182 units in Q3-2012. With 20 per cent of the 86,108 units unsold, the share of unsold inventory in the Toronto CMA remains below the 10-year average of 22 per cent.

With condominium apartment construction starts outpacing completions for the eighth consecutive quarter, units under construction in the CMA have set another record high at 207 projects and 56,336 units.

e number of unit completions in 2012 are well below our forecasts, as construction delays have pushed back occupancy on a number of projects says Myers. e average project that completed construction in 2012 took 3.85 years from sales launch to occupancy, compare that to 2003, when the average took just 2.68 years for a similarly sized project (205 units versus 197units).

e resale condominium market conditions also softened in Q3-2012, as transactions fell 32 per cent quarterly in the Toronto CMA from 5,050 in Q2-2012 to 3,413.

e change in the mortgage insurance rules may have forced many buyers to settle for smaller units then they had previously desired, says Myers. e number of resale transactions for units priced over $400,000 fell 40 per cent compared to last quarter, while there was a 38 per cent quarterly drop in units traded over 1,000 sq. ft.

Just 10 projects, or 2,035 condominium units, registered in the third quarter of this year, and the dearth of new supply resulted in a decline in resale listings quarterly from 10,163 in Q2-2012 to 9,032 in Q3-2012. Urbanation expects a much higher level of resale listings in 2013, as more than half of the 56,336 condominium units under construction are expected to complete construction next year.

For more information, visit urbanation.ca


044 market analysis-urbanation numbers-JD.indd 44 11/13/12 4:46:46 PM

INTRODUCING THE SKY RESIDENCES8 NEW FLOORS IN THE SKY

Exclusive Listing Brokerage: Baker Real Estate Incorporated. Brokers Protected. Prices and specifi cations are subject to change without notice. Illustration is artists concept. E.&O.E.

Exclusive Listing Brokerage: Baker Real Estate Incorporated. Brokers Protected. Prices and specifi cations are subject to change without notice. Illustration is artists concept. E.&O.E.

Exclusive Listing Brokerage: Baker Real Estate Incorporated. Brokers Protected.

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condo profile

discover affordable luxury at Chaz.Yorkville, Torontos hottest condominium located steps from the citys vibrant Bloor-Yonge intersection. Well under construction, this dazzling residence by Developer 45 Charles Ltd. and Project Manager Edenshaw Homes will soon be home to eight new floors, from the 42nd and up. The suites on these lofty levels are aptly called Sky Residences, and each will come complete with the Bellair collection of luxurious features and finishes. The value is incredible, especially since suite purchases at Chaz.Yorkville require only a 10 per cent deposit, and the world-class shopping and fine dining of prestigious Yorkville are just a stroll away. The new release offers just 107 brand new suites, so register now for your opportunity to own the sky.

The Sky Residences offer sumptuous living, with nine-ft., floor-to-ceiling windows, European-style smooth ceilings, wide-plank engineered hardwood flooring, Cecconi Simone-designed cabinetry with unique backsplash storage in the kitchen, and a six-ft.-high recessed medicine cabinet with adjustable shelves in the marble bathrooms. Uniquely designed to provide eight corner suites on each of the new eight floors, Chaz.Yorkville will feature spectacular views of the city and Lake Ontario.

With sustainability in mind, the condominium is being built as a LEED certification candidate. To lower operating and utilities costs and provide a healthier indoor environment, the building will feature active and passive elements. Chaz.Yorkville is environmentally friendly with four car-share stalls and the Yonge-Bloor subway station is only a block away.

Designed by multi-award-winning Page + Steele / IBI Group Architects, Chaz.Yorkvilles contemporary limestone-and-glass exterior has an iconic two-storey structural concrete

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046-047 CP chaz-yorkville-JD.indd 46 11/13/12 4:46:49 PM

facet that cantilevers out from the 36th and 37th floors and can be illuminated at night. Within this memorable space is the residents private Chaz Club. The ultimate space for entertaining, this area features a lounge and bar in the grand room, a private dining room that can accommodate up to 20, a living room, wet bar, dining room, billiards room and lobby lounge.

All the amenities at Chaz.Yorkville are appointed by the inimitable Cecconi Simone, including the stylish lobby. On one side, the lobby lounge features luxurious banquettes in front of a fireplace. At the other, the living room, wet bar, dining room and billiards room open onto the landscaped private courtyard. Building amenities extend to a gym, yoga/Pilates studio, steam rooms, relax massage studio, pet spa, sports theatre, conference/meeting room, and fully outfitted car wash.

With an appreciation for the importance of electronics in todays lifestyles, the developers have taken a technological leap by arranging for fiber optics to be wired i

gta new condo guide - november 17, 2012

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