gta new condo guide, oct 25, 2014

INSIDE THIS ISSUE

CREATING THE ILLUSION OF SPACE WITH COLOUR

Oct 25 - Nov 8, 2014 Volume 18 Issue 20

DOES THE HIGHER FLOOR PREMIUM PAY OFF?

OHBA NAMES AWARDS OF DISTINCTION WINNERS

CG_Cvr_Oct 25-2014-FIN.indd 1 14-10-20 3:37 PM

tridel.com

Luxury Set in Natures Splendour.GRAND OPENING

6.875" x 10.5" OGFTRI 24951 Condo Guide SH GF (IFC) + IT OBC Oct 14.indd 1 2014-10-16 2:15 PM

Designer Living in Yorkville.

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ILLUSTRATIONS ARE ARTISTS CONCEPT ONLY.

FOLLOW US: @CAMROST CAMROST FELCORP

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EDITORS NOTE

THE BEST OF THE BEST

LYDIA MCNUTTEDITOR

Wall2Wall [email protected]

Follow me on Twitter at Twitter.com/LydiasTweets

SUSAN LEGGEEDITOR-IN-CHIEF

Wall2Wall [email protected]

Follow me on Twitter at Twitter.com/SusanLegge

Like us on Facebook Search: Condo Guide

Shopping for a home online is a great way to narrow your search, but theres nothing like visiting the sites, models and sales offices to get down to the nitty-gritty. Before you venture out, here are some pointers.

First, be clear about what you want and expect in a new home and in your builder.

Remember, the range of prices in the new-home market generally reflects differences in location, features and home styles. Theres no magic involved. If a builders pricing seems out of whack with others in the area, ask for an explanation. Higher prices could mean better quality materials, finishings, features and service. Make sure that the price you are paying will deliver the quality you want.

Second, understand exactly what is included with the home you are buying and what is optional. Ask the sales representative to show you samples, and request a spec sheet that clearly lists what is included, as well as any upgrade options.

Third, evaluate any promises that have been made during your visit. Is the builder prepared to put them in writing? Hearsay comments should not be included as part of your evaluation process. Sit down with your sales representative, ask questions and discuss your Agreement of Purchase and Sale in detail then take it to a lawyer before its finalized.

THREE SIMPLE STEPS TO SUCCESS

If youre shopping for a new condo, you have two distinct advantages over buying resale. First, you are getting a brand new home. Second, you get to choose the home builder. To the latter point, GTA homebuyers can be sure that theyre buying from some of the best builders around.

The Ontario Home Builders Association recently announced the winners of the 2014 Awards of Distinction (read more on page 68) which honour innovation and excellence in the areas of building, design, sales and marketing across 39 categories. Congratulations to all the winners!

You might ask, how different can one builder be from the next? Think about all the different types of homes and condos out there, and theres your answer. Some companies focus on soaring skyscrapers, while others develop close-knit urban townhome communities, or detached lowrise homes. Some builders have an eco-friendly agenda, while others are all about the luxury. Take note of what you want, and then research what home builders can deliver your wish-list.

Look online to find out who is building it the neighbourhoods that interest you. Then, hit the streets. While a visit to the sales centre is essential, explore completed communities by the builder youre considering and speak to some residents who will give you an honest account of their experience, from purchase to closing, and beyond.

Theres so much choice here in the GTA, whether you seek a small-but-sweet suite in the city or a spacious home in the suburbs potentially by an award-winning home builder, which makes you, the homebuyer, the real winner in the end!

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FOLLOW US: @CAMROST CAMROST FELCORP

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

OCT 25 - NOV 8, 2014 NEW CONDO GUIDE 003

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

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

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

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

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

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

SALES & MARKETING CO-ORDINATOR Terry BassettADMINISTRATIVE ASSISTANT Antoinette Jackson

PRODUCTION MANAGER Bala GnanapandithanPRODUCTION CO-ORDINATOR Sandra Hanak-VujnovicGRAPHIC DESIGNERS Viosa Barileva, Miguel Cea, Hannah Yarkony Sandra Hanak-Vujnovic, Mike Terentiev #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867

ADVERTISING Call 416.626.4200 for advertising rates and information. CIRCULATION Free distribution in select high-traffic street boxes, stores, banks, financial institutions and select condominium sales offices. COPYRIGHT 2014 All rights reserved by Wall2Wall Media. Reproduction in any form is prohibited. Contents of this publication are covered by copyright and offenders will be prosecuted under the law. TERMS Advertisers, editorial content and new condo guide are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. EDITORIAL submissions from interested parties will be considered. Email to [email protected]. The views and data expressed by columnists do not necessarily represent those of the publication.

CONTRIBUTORS NEW CONDO GUIDE

Please recycle this magazine! Wall2Wall Media participates in the Partners in Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over 2.5 million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.

Published By

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

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

SMALL SPACES Leigh-Ann Allaire Perrault Leigh-Ann is a DIY design expert and colour connoisseur, with a design philosophy that fuses ingenuity, whimsy, and quality on a frugalista budget. After nearly a decade as the Colour & Design Specialist for Benjamin Moore Paints, Leigh-Ann opened her own media and design company in 2013, Hue La La.

INDUSTRY INSIDER David HirshDavid Hirsh is president and CEO of Brandy Lane Corp. David prides himself on his creative hands-on approach to all stages of the development and building process. The companys newest communities are Wyldewood Cove in Collingwood, and coming soon, The Davies, at Avenue Road and Cottingham. Visit BrandyLaneHomes.com.

MORTGAGE ADVICE Alyssa RichardAlyssa Richard is the founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

004 NEW CONDO GUIDE OCT 25 - NOV 8, 2014

@BazisInc

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

NEW RELEASE OF UNOBSTRUCTED WATER-FACING SUITES AND OVERSIZED TERRACE SUITES

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// BY BRYAN TUCKEY BILD REPORT

Bryan Tuckey is president and CEO of the Building Industry and Land Development

Association and a land-use planner who has worked for municipal, regional and

provincial governments. Follow him on Twitter @bildpres or follow BILD @bildgta, facebook.com/bildgta,

and bildblogs.ca.

CANARY DISTRICT about to take flight for Pan Am

For Jason Lester, Canary District is a big feather in his cap.The president of developer Dundee Kilmer loves being at the helm of creating this innovative, complete community, located on 35 acres in the West Don Lands area in downtown Torontos southeast.

Its a privilege, Lester says. Its a complete community with retail, a residence for George Brown students, and the YMCA will be a huge anchor. Its very dynamic.

Lets expand on that: Canary District will start off as an athletes village to 10,000 competitors from 41 countries participating in the 2015 Pan Am/Parapan American Games. By 2016, about 2,000 people will live in the transformed village in more than 1,300 units, and that number will grow to 3,500 people in 2,500 units by 2020.

The communitys new housing will be comprised of: Canary Park condominium towers rising 11 and 15 storeys on a podium, for 437 units; 808 townhome and loft units; 253 units of affordable housing comprising two-storey maisonettes and one- and two-storey apartments; and a 175,000-sq.-ft. satellite campus residence for George Brown College students.

But the hub of the community will be the massive new Cooper Koo Family YMCA, an 82,000-sq.-ft. athletic complex with a pool, gym, fitness centre and community facilities. Atop the centre is an 11,000-sq.-ft. green roof, which provides more outdoor greenspace to the community.

Greenspace and parks will play a big role in Canary District: about one-fifth of the area will be greenspace. That includes a linear park on Front Street. This park will be almost like a promenade in Europe. Its unprecedented in terms of its design, Lester says.

Greenspace and parks will play a big role in Canary District: about one-fifth of the area will be greenspace

Front Street will be extended into a vibrant promenade: it will be lined with 40,000 sq. ft. of retail space on the ground floors of its residential buildings, with public art, courtyards, cafes and galleries.

While the community will have a touch of culture, the overall theme of Canary District is health. Lester says it was important for the area to distinguish itself from its surrounding neighbourhoods, such as the arts and culture-oriented Distillery Historic District.

The areas theme would draw people to the complete community, a place where they can live, work, shop and play, says Lester.

People that live a very active lifestyle might go to the Y, then eat at a healthy restaurant, we might have a yoga studio or a yoga wear store, or a bike store. We want to be a hub where the sum of the parts is greater than the whole, he says. The community will always tie back to its athletic beginnings of the Pan Am Games.

In Canary Districts early stages, move-down empty-nesters make up a good portion of the buyers thus far, says Lester.

We just feel that with a lot of our purchasers, in the 416 and 905, people want to live there in their retirement years. Theres also people who live in the Distillery District who have a one-bedroom who want to have a two-bedroom-plus-den in our community, and theyre some of our buyers as well.

Im proud to tell you that Dundee Kilmer is yet another BILD member thats helping transform Toronto into a world-class city. Let the games begin!


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TABLE OF CONTENTS

Oct 25 Nov 8 2014 VOLUME 18 ISSUE 20

20

002 EDITORS NOTE

COLUMNISTS

010 BILD REPORT Canary District about to take flight for Pan Am BY BRYAN TUCKEY

014 CONDO PRO Its a family affair BY BARBARA LAWLOR

018 LEGALLY SPEAKING The pre-delivery inspection BY JAYSON SCHWARZ

032 HOME SWEET HOME Dont get spooked by headlines and predictions BY LYDIA MCNUTT

033 INVESTOR ADVICE Higher learning: Is 50 that much better than 10? BY ANDREW LA FLEUR

048 STAT CHAT Condominium rents keep going up, up, up! BY BEN MYERS

056 INDUSTRY INSIDER Care and upkeep of your new home BY DAVID HIRSH

062 TARION REPORT Have your say: Heres your chance to rate your new-home builder BY HOWARD BOGACH

072 MORTGAGE ADVICE Are collateral mortgages good? In theory BY ALYSSA RICHARD

078 FUNDAMENTALLY SPEAKING Low mortgage rates present a window of opportunity BY WAYNE KARL

082 TAXING ISSUES Calculating capital gains tax BY HENRY CHOO CHONG

084 MAKE YOUR MOVE Technology on the move BY CHUCK RESNICK

090 DESIGNER ADVICE The art of art BY YANIC SIMARD

IN THE NEWS

060 FIELDGATE HOMES New designs, new prices, and an exciting new opportunity to own at 90 Niagara

066 ROCKPORT GROUP Breaking ground at The Nest BY SONIA BELL

068 OHBA AWARDS OF DISTINCTION Awards of Distinction winners announced by OHBA for 2014

COLUMNS, NEWS &

FEATURES

THE PINNACLE ON ADELAIDE: A knock-out in the

Entertainment District!

040

098 RENTAL REPORT GTA condo rental market hits a Q3 high, growth rate slows to two-year low BY LYDIA MCNUTT

102 SALES REPORT Canadian home sales ease in September

106 ICON HOMES Icon Homes donates $50,000 to local schools

122 VANDYK The Craftsman Condominium Residences bring the art of living to Mississaugas Clarkson Village

096

108

CONDO PROFILES

040 CONCORD ADEX Omega on the Park Omega on the Park joins Opus tower in master-planned community by Concord Adex

096 PEMBERTON GROUP The Urban Townhome Collection The art of design-forward living at The Urban Townhome Collection

100 EMPIRE COMMUNITIES Eau Du Soleil Torontos luxury waterfront community, Eau Du Soleil, releases new Waterview Suites and new designs

108 SOLOTEX Upper Beach Townes Upper Beach Townes places affordability, location and lifestyle within reach

130

HOMEBUYERS HELP

016 HOT DATES Special events in the GTA

042 HOMEBUYERS HELP The Canadian dream home has a new laundry list of must haves

046 ENTERTAINING 10 ways to be the perfect party host BY SARA DUCK

052 SMALL SPACES Create the illusion of space with colour BY LEIGH-ANN ALLAIRE PERRAULT

086 HOMEBUYERS HELP Top 10 mistakes first-time homebuyers make, and how to avoid them BY MARNIE BENNETT

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

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

129 CONDO BUYERS RESOURCE SECTION

134 ADVERTISER INDEX

100

CONDO PRO // BY BARBARA LAWLOR

It is gratifying to see how many families are choosing urban condo living in Toronto these days. Where in the world can you find a better place to raise children? Toronto is a wonderful city with excellent schools, beautiful parks, fascinating cultural venues and other amenities for kids of all ages.

This relatively new trend for Toronto is already standard practice in the rest of the world, where condominium and apartment living is the norm for families. In New York and other major international cities, its common to find suites with three bedrooms, two bathrooms, a powder room and family room that are

within the financial reach of average homebuyers. In the past, the larger suites in Toronto condos were usually snapped up by luxury-loving empty nesters moving from lavish homes. Now, these spacious suites are being purchased by families as well, including young families. And with the demand on the rise, developers are including a bigger selection of larger suites that are reasonably priced. It makes sense, because with the prices of lowrise homes having risen so much over the past decade, condominiums are an affordable alternative for those who want to own a home and build equity.

Condo living can help families save money in other ways, apart from just the price of the suite itself. Even in the GTA, most condominiums are situated close to public transit to reduce the amount of vehicle use necessary. When you consider the pressure and expense of vehicle maintenance, gas and the time it takes to commute, why not buy a condominium suite closer to where you work? Living in or close to an urban centre means older children can walk, take the subway, and enjoy more freedom than they generally do in the suburbs.

Of course, there is a lot to be said for condominiums themselves when it comes to convenience, and time- and money-savings. Todays buildings usually contain family-friendly amenities like rooftop barbecue areas, swimming pools, theatre rooms and party rooms. And developers are beginning to introduce dedicated kid-geared amenities such as playgrounds and gymborees. What a great idea that children can play and get exercise while their parents are working out in the adult fitness area!

I believe that as the condominium market evolves, we will see even more family-oriented amenities added possibly even day care facilities. Imagine how convenient it would be for a couple to leave for work and drop off their children right in the building!

As for the suites, those in sizes from 1,500 to over 3,000 sq. ft. are far more popular today than they were a few years ago both for families and for grandparents who enjoy having their grandchildren visit them at their condo. And this trend isnt just for established families. Young couples who choose to raise a family in a condominium could purchase a one-bedroom-plus-den suite and convert the den to a nursery when they have their first child. Plus, condo owners often find that their suite offers them more usable space than a townhome or detached home of the same size. This is because in a condo, there is no wasted space with hallways, and design advancements have introduced things like linear kitchens and lofts that add to their functionality.

Whatever your family configuration, consider condominium living. From Etobicoke to Richmond Hill to Pickering and throughout Metropolitan Toronto, you will find exciting choices that offer a high quality of life for residents of all ages.

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

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

team since 1993, Barbara oversees the marketing and sale of

condominium developments in the GTA and overseas.

Its a FAMILY AFFAIR


*The First Home Boost Program is not available on the townhomes and is only available on a limited number of suites. **Parking and locker incentive are only available on a select number of home types. Conditions apply. Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices and specifications are subject to change without notice. E.&O.E. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission of The Daniels Corporation, is strictly prohibited.

spacious bedrooms

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Actual Model Photography

VISIT ONE &YOUR SEARCH IS DONETour our fully furnished model suite and townhome today!

Located in the heart of Torontos fastest growing neighbourhood One Park Place South Tower is the newest addition to the internationally recognized Regent Park revitalization. Call or visit us today to receive a tour of the community, the incredible amenities and, of course, our furnished suite and townhome. Plus, learn how you can buy with 5% down and take advantage of Daniels First Home BOOST* boosting your downpayment from 5% to 15% interest and payment free!

Call or visit us today! 416.955.0559danielsoneparkplace.com

One Park Place Presentation Centre500 Dundas St EastMon/Tues/Thurs: 12-6pm Wed: 12-8pmSat/Sun: 12-5pm Fri: Closed

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

DANOPS15004 Model Home Ad CondoGuide FP OCT7.indd 1 2014-10-07 2:13 PM

HOT DATES

UNTIL NOV. 2

International Festival of

Authors

HIGHLIGHTS

NOV. 7 16

Royal Agricultural Winter Fair

OCT/NOV 2014Calendar of events taking place from

October 25 November 8

UNTIL NOV. 2

My Waterfront Photo Exhibit

OCT. 25

Smashed2014

Nov. 7 16 Royal Agricultural Winter Fair EXHIBITION PLACE

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

Oct. 25 Smashed2014 MUSIK, 15 SASKATCHEWAN RD., TORONTO

The Smashed Annual Charity Ping Pong Tournament, one of the development industrys most anticipated charity events, has announced that all proceeds from this years event will go toward Lifeline a charity established by Lifetime Developments, which aids and supports Torontos homeless and at-risk population. Visit the website for details and to purchase tickets. SmashedPingPong.com

Until Nov. 2 My Waterfront Photo Exhibit QUEENS QUAY TERMINAL

Experience Torontos Waterfront through the eyes of amateur photographers. From hundreds of entries, a panel of judges has selected the top 50 submissions that will be on display at Queens Quay Terminal until Nov. 2. Check out the displays and help decide the winner of the Peoples Choice Award. waterfrontbia.com/events.asp

Until Nov. 2 International Festival of Authors HARBOURFRONT CENTRE

Now in its 35th year, the International Festival of Authors puts the spotlight on the worlds best contemporary writers with 11 days of events including readings, interviews, lectures, round-table discussions, public book signings and more. Visit the website for the full schedule of events, participants and to get tickets. ifoa.org/festival


MONARCH COMMUNITIES

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

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

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

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

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

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

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

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

first. first.

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

discover moreMonarchGroup.net


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

MonarchGroup.net

CONDO GATEFOLD INSERT BACK

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Go on vacation every time you come home

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

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Under Construction | Prices from the $200,000s*

Now Open | Prices from the $300,000s*

ASK ABOUT OUR FANTASTIC INCENTIVES AND VISIT THE SALES CENTRE TODAY!

GARDINER EXPRESSWAY

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SALES CENTRE 2167 Lake Shore Blvd. W. 416-495-3544

Move-in this Year!


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

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

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

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

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

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

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

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

first. first.

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



FOREVER

An ornate private residence of pure, geometric form inspired by nature at Bellair & CumberlandCOMING SOON: 24 KARAT LIVING

LUXURY CONDOS FROM $399,900* REGISTER TODAY MINTOYORKVILLEPARK.COM *Prices and specifi cations are subject to change without notice. Rendering is artist concept. E.&O.E.

94CU 36527 Condo Guide FP Ad.indd 1 17/10/14 2:34 PM

LEGALLY SPEAKING // BY JAYSON SCHWARZ

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

firm Schwarz Law LLP. Visit schwarzlaw.ca or email [email protected] and give us

your questions, concerns, critiques and quandaries.

The pre-delivery inspection, or PDI, is a small but incredibly important part of the new-home buying process. Included in the adjustments when you are closing your new home or condo (but not a conversion) is the cost of your Ontario New Home Warranty Program enrolment, which covers defects in the completion of your new home. Any item that is damaged, incomplete, missing or not operating properly should be noted on the builders PDI form to verify that these conditions existed prior to occupancy.

Most Agreements of Purchase and Sale make the deficiency list prepared as part of your final inspection the only basis for repairs, subject to the major items such as foundation cracks. What does this all mean?

When its time for the PDI, know that if you dont list it, you may not be able to compel the builder to fix it. Its critical to list everything!

The following list will help you make sure you are covered. Visit Tarion.com for a more definitive checklist.

01 Insist on having enough time to do the inspection and allow yourself enough time with no need to be anywhere else.

02 Write everything down yourself. Dont let the builders representative take charge.

03 If something has not been installed or completed, this should be noted. 04 Dont rush! Do not let the builders representative push you. Insist on

moving at you own speed.05 Write everything down, no matter how seemingly small or insignificant.06 Do not accept promises of repair during inspection. If something is not

right, mark it down.07 Try every light, socket, tap, drain, toilet, door, lock, window, appliance

everything that could be defective now or go wrong later.08 Watch for stains on carpet, scratches on wood floors, cracks in paint or

drywall, areas where they forgot a second coat of paint, etc.09 Look for water stains or spots, and if you see them insist on knowing why

theyre there, and where they came from.10 Check out the condominiums common areas lobbies, garbage rooms,

parking areas, gym, lockers, pool, tennis court. Remember, you own part of the common areas and if parts are incomplete, wrong or defective, list it!

There is probably more, and I do not warrant that this list is complete, but I hope it helps. Remember, this inspection is extremely important to establish your position as it relates to deficiencies, so that no one can say a defect happened after possession. Make sure you check carefully.

On Tarions website, it says: The PDI provides an opportunity to record your homes condition before you move in. Any issues should be noted on a PDI Form and ideally your builder will correct them right away. The PDI Form does not represent a request for warranty service, so if you fail to note an item this does not necessarily impact your warranty coverage. However, if the problem concerns a damaged or missing item, it may be difficult to establish that this condition existed before you moved in if it is not noted on the PDI Form.

Some readers ask what happens if the builder rushes them or something happened so they did not get the opportunity to finish their PDI. The answer is to immediately complete your list and send it to the builder and to Tarion. Dont forget that you have an opportunity to raise these issues in Tarions 30-day form, which is submitted to Tarion during the first 30 days of possession. According to Tarion, It should list any unresolved warranty items from the Pre-Delivery Inspection and any new items that have come up since you obtained possession of the home.

THE PRE-DELIVERY INSPECTION


ADELAIDE ST

W

RICHMOND S

T W

JOHN ST

WIDM

ER ST

DUNCAN ST

KING ST W

COVER STORY

THE PINNACLE ON ADELAIDE: A KNOCK-OUT IN THE

ENTERTAINMENT DISTRICT!

AFTER MUCH ANTICIPATION, RESIDENTS ARE THRILLED TO START CALLING THE

Pinnacle on Adelaide home! These lucky homeowners are now enjoying life in what has proven to be one of the most exciting and dynamic locations in the city.

The Pinnacle on Adelaide has changed the game in Torontos Entertainment District, offering well-designed suites, attractive finishes and excellent amenities, all within an ideal downtown location. Designed by the award-winning Hariri Pontarini Architects, the 46-storey tower offers a mix of clean lines, beautiful glass and excellent touches that make it stand out from the crowd. The tasteful design transfers to the suites, where homeowners enjoy engineered hardwood floors, stainless steel appliances, designer cabinetry and floor-to-ceiling windows.

Topping any purchasers must-have list, The Pinnacle on Adelaide offers excellent amenities, all focusing on health, wellness and relaxation. Residents will enjoy a fabulous indoor pool, hot tub, sauna, sundeck, fitness centre, yoga room, games room and party room, plus the convenience of a friendly 24-hour concierge. Soon, a series of retailers will take occupancy at the ground level, including the historic

1869 Richard West House, while a tranquil reflective pool along John Street will provide a nice retreat on a sunny afternoon.

Located in the centre of Torontos cultural scene, the Entertainment District is home to some of Torontos best dining, theatre and shopping options. Living at the southwest corner of Adelaide and John makes it easy to catch a show at the Royal Alexandra Theatre or pop by TIFF Bell Lightbox and see the latest in cinema. Take a stroll down King Street and enjoy the sights and sounds of one of Torontos most vibrant neighbourhoods, or spend


an afternoon shopping along Queen Street. When it comes time to eat, the options are limitless! Dress to the nines and head for the trendiest restaurant around, or kick back with your pals on a patio.

Youll be happy to know that getting around is a breeze! A King or Queen streetcar is always just moments away, with connections to the University subway line and beyond. Residents without a car can

easily access an AutoShare vehicle parked directly in their garage. Another perk of this location is the proximity to Billy Bishop Airport, and soon the commute to Pearson Airport will be swift on the Union Pearson Express.

A selection of suites remain including one-bedroom, one-bedroom-plus-den and two-bedroom designs, priced from the mid-$300,000s. And if thats not enough to wow you, the 46th floor offers two ultra-luxurious three-bedroom penthouses from $2.2 Million. With five per cent deposits and immediate occupancies available, the time to start packing your bags is now!

Pinnacle International is one of Canadas leading builders of luxury condominium residences, hotels and commercial developments. Based in Vancouver, Pinnacle has been involved in development, design, construction and management for over three decades. Pinnacles portfolio includes landmark locations in Vancouver, Toronto, Mississauga and San Diego. A Pinnacle property is always place-perfect, with an lan of its own.

To become part of this exciting new condominium address, visit the sales centre and model suites located at 283 Adelaide St. W. (at John Street), and see what this incredible condominium has to offer. The sales centre is open daily from noon to 6 p.m. and offers complimentary parking. To find out more about the Pinnacle on Adelaide, download the Pinnacle iPad App, visit PinnacleAdelaide.ca, or call 416.596.1600.

021

Exclusive Listing: X-Sell REALTY Ltd, Brokerage. Brokers Protected. 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, Icon Homes. Reproduction in any form without written permission of Icon Homes is strictly prohibited.

THEROYALYORK.CA/416.901.0206

Iconic Urban Townhomes at Royal York and Drummond in the growing lakeside community of Mimico, just steps to the TTC, GO station, parks and more. Featuring 1, 2 and 3-bedroom designs with rooftop terraces and contemporary fi nishes.

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@BazisIncPrices and specifi cations are subject to change without notice. E. & O.E.

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BAZI-ECO-A-AD-CONDOGUIDE-JULY23-1.indd 1 14-07-23 3:25 PM


1 M4400-1C R1.inddRoundJob Description: Mechanical Specifications: Contact:

Leo Burnett 175 Bloor Street E. North Tower, 13th Floor Toronto, ON M4W 3R9 (416) 925-5997

Client: TD BANKDocket #: 112-LTDCICM4400Project: HOME INSURANCE MAGAZINE Ad #: M4400-1C R1

Bleed: 8.5 x 11.25 Trim: 7.5 x 10 Live: 6.5 x 9File built at 100% 1 = 1

Acct. Mgr: SARI / KATHERINECrea. Dir: LISA GREENBERGArt Dir: ADAM THURWriter: None

Producer: BARRY DUROCHERStudio: Kim CProofreader: PETER

Colours: 4C Start Date: 4-30-2014 4:45 PMRevision Date: 4-30-2014 4:48 PMPrint Scale: 100%

Comments: DINING ROOM V2 Publication: Vancouver New Home Guide, Vancouver New Condo, condo Guide GTA, New Homes southern Ont, Homes

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CHINESE HOME & CONDO GUIDE

Chinese home and condo buyers and investors now have a new comprehensive, full gloss real estate magazine to inform and guide them through the buying process in the Greater Toronto Area.

Launched in 2012, the Chinese New Home and Condo shopper and investor will have a valuable new resource to help inform and guide them through the newest communities in the Greater Toronto Area.

Pick Up Your Copy Today or call us for a free copy at 416.626.4889!

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ChineseHomeGuide.com

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CHAZ. YORKVILLE. ELEVATE YOUR LIFESTYLE.Chaz Yorkville Condominiums located in Yorkville just steps to

world-class shopping, dining, culture and subway. Chaz Yorkville

gives you access to the spectacular Chaz Club entertainment

lounge in the sky located on the 36th and 37th fl oors with

panoramic views. Upscale amenities include outdoor courtyard

with wet bar and private dining room, hotel-style lobby with

fi replace and state-of-the-art gaming room. The best in fi tness,

yoga and leisure for well-being. This is Yorkville living at its fi nest.

Touches of glamour that welcome you home.

EXCLUSIVE BROKER BAKER REAL ESTATE INC. BROKERS PROTECTED. *SPEAK TO A SALES REPRESENTATIVE FOR MORE DETAILS. **APPLIES TO SARTI AND LAMARO 1 BEDROOM + DEN SUITES ONLY. PRICES AND SPECIFICATIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. ILLUSTRATIONS ARE ARTIST CONCEPT. E&O.E.

VISIT THE SALES CENTRE TODAY!CHAZYORKVILLE.COM | 416.922.0045

Dupont St.

Bloor St.

Wellesley St.

Bay St.

Church St.

Yong

e St.

45 Charles St. E.

Isabella St.

Avenue Rd.

Yorkville Ave.

Sales Centre

U of T

TAKE ADVANTAGE OF OUR LIMITED TIME INCENTIVES

OWN FROM THE $300S I 5% DEPOSIT* UP TO $35,000 CASHBACK**

2 YEAR LEASEBACK* I MOVE IN SPRING 2015

SALES CENTRE LOCATED AT 101 YORKVILLE AVE. SITE LOCATED AT 45 CHARLES ST. EAST MON. THURS. & SAT. SUN.: 12PM 6PM, FRI & STATUTORY HOLIDAYS: CLOSED

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

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

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

Do the math & call

416.351.1844danielshighpark.com

A L R E A D Y U N D E R C O N S T R U C T I O N !

It all adds up to youat HighPark Condominiums.

Suites from

$299,900PRESENTATION CENTRE: 2150 Bloor St WestMon, Tues and Thurs: 12-6pm / Wed: 12-8pmSat, Sun and Holidays: 12-5pm / Fri: closed

SOPHISTICATEDFINISHES

DOG SPA HIGH PARK

INCREDIBLECASH BACK INCENTIVES*

ONLY 5%DOWN!*

FREE MAINTENANCE*FREE PARKING*FREE LOCKER*

+ +

+ + +

=

DANHPK14052 All Adds Up CondoGuide FP.indd 1 2014-10-16 11:20 AM


HOME SWEET HOME // BY LYDIA MCNUTT

Lydia McNutt is an award-winning writer and editor of New Condo Guide.

Lydias love of architecture, interior design and the written word have landed her happily at home at Wall2Wall Media,

where real estate rules. Email [email protected],

and follow her on Twitter @LydiasTweets

by headlines and market predictions

DONT GET SPOOKED

It may be Halloween, but if youre getting into the real estate market this fall, nows not the time to get spooked by the latest headlines and market predictions.

My family recently went through the exciting and nerve-racking experience of selling and buying a home. Luckily, my aches and pains of hosting open houses were short-lived. So was the sweet relief of seeing that Sold sign on the front lawn, soon replaced by fears of buying the right home that met our must-have list budget and timing included.

In a casual chat with a real estate agent about our plan selling our home first, then buying he advised me to take the reverse route and buy first. Its a sellers market, he said. Selling wont be the problem, its buying that you should be more concerned about.

Well, the agent was right on one count our house sold in a matter of days. But buying before selling? While the idea of taking our time to house hunt, pack and move appealed to us (my husband are I are both meticulous planners; we had our whole wedding timed, right down to the minute!), the possibility of paying two mortgages simultaneously, or settling for less than list price on our home in the interest of a quick sale, were certainly not in the plan. Ultimately, our comfort level dictated that selling before buying was the way to go. This approach gave us the security of knowing exactly how much equity we had to put toward our new house, and eased any fears of getting stuck paying two mortgages. To us, this peace of mind was worth the risk of possible bidding wars and being beaten out by a bigger, better offer. In fact, we almost expected that scenario. After all, it is a sellers market, right?

While its a good idea to pay attention to the headlines and all the accompanying advice professional and otherwise take it with a grain of salt. You can never really predict what will happen in the real estate market, though many may try. Experts guess at where the market is going based on trends and actual data. But while the picture may look a certain way from a national, provincial or city-wide perspective, what happens from one street to the next, from one price range to the next, can differ dramatically. Then factor in your own individual circumstances family, job, finances. Your guess as to what the housing market holds in your specific situation is very possibly better than anyones.

Is it a buyers or sellers market? Will prices rise or drop in the next few weeks while you search for the best home and the best deal? What will happen to mortgage interest rates in the short term? Should you buy now, or wait until this feverish frenzy blows over? Rather than losing sleep worrying about things you cant predict or control, think about your own circumstances and plan your future based on your personal facts.

Take an honest look at your financial situation. Review your assets and debts, including mortgage (current and expected payments), car loans, lines of credit, student loans and other bills. Are you secure in your job? Are you planning to grow your family? Will you be taking parental leave from work, and if so, can you afford to pay all your bills on your now-decreased income? Once you figure out what your reality is and where your comfort level lies, youll be better equipped to make a decision without being scared off by that recent real estate report you read about, or that story you saw on the news.

The key message? Buy when youre ready for the market, not when the market is ready for you.

Rather than losing sleep worrying about things you cant predict or control, think about your own circumstances and plan your future based on your personal facts


Register your interest at menkes.com

Coming Soon to Yonge + Eglinton.

facebook/MenkesLife @MenkesLife

Condos starting from the mid $200s

The Eglinton truly is Yonge at heart. Discover this elegant new condominium at the

cosmopolitan junction of Yonge + Eglinton, one of the most connected corners in

the city. Located on Eglinton Avenue East in the prime midtown area just steps from

the TTC, LRT, shopping, theatres, restaurants and more. Where lifes experiences

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Yonge + Heart.




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Construction StartingChurch & Carlton, Toronto

Starting from $241,990 416.591.7700

Now OpenPeter & King, Toronto

Starting from $281,990 416.977.8780

New ReleaseBurnhamthorpe Rd. & West Mall,

EtobicokeStarting from the high $300s

416.259.2525

Move In This YearYonge & Park Home, North York

Starting from $835,990 416.730.9722

Move In NowEvans & QEW, EtobicokeStarting from $305,990

onesherway.com 416.695.3535

Coming SoonYonge & Eglinton, Toronto

Register now at menkes.com

Under ConstructionAvenue & Davenport, Toronto

Starting from $420,000 416.323.0100

Under ConstructionRichmond & Spadina, Toronto

Starting from $291,990 416.977.8780

Coming SoonYork & Harbour, Toronto

Register now atmenkes.com

YOUR LIFE STOREY STARTS HERE.Register your interest at menkes.com

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

facebook/MenkesLife

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IS 50 THAT MUCH BETTER THAN 10?

Higher learning:

When investing in a pre-construction condo, a question that always comes up is: Is it better to buy on a lower floor and pay a lower price, or to buy on a higher floor but pay a higher price?Background When selling a building in the pre-construction phase, every developer will have a base price for a particular unit, then charge what is known as a floor premium as you ascend the building. Floor premiums in most Toronto condos are $1,000 per floor up.

Custom analysis by Urbanation I am a subscriber to Urbanation. I pay thousands of dollars per year to get access to data on the Toronto condo market that I cant get anywhere else. Why do I pay money for numbers when 99.9 per cent of all other Toronto realtors would not pay for this information? (Urbanations primary clients are developers and enterprise customers.) Because when it comes to condo investing, knowledge is power.

So, I asked my friend, Shaun Hildebrand at Urbanation, to run some analyses relating to this floor premium. Shaun looked at Burano by Lanterra Developments (at 832 Bay St., 50 storeys), which had a large number of leases. Instead of showing what you will be able to resell your unit for if you pay an extra $1,000 per floor for it, we were able to show how much more you will be able to rent your unit for if you buy on a higher floor. I took a few insights from this data:

INSIGHT #1: HIGHER FLOORS YIELD HIGHER RENTS

The numbers for Burano show that as you go up in the building and pay more for the privilege, you will earn higher rents. This is very important because some investors still believe that they will not get higher rents if they buy on a higher floor and they will use this as a reason to only buy low.

INSIGHT #2: HIGHER IS BETTER

Think of it like this: for a median floor premium of $8.33 per floor per month, that works out to $100 per year. An extra $100 per year on a $1,000 initial investment means you are getting a 10-per-cent cap rate, which is very good. Thus, the higher floor is better.

INSIGHT #3: THREE BEDROOMS GET THE HIGHEST FLOOR PREMIUM

The largest floor premiums were for the three-bedroom units, with average rents higher by $54 per month, or $648 per year, for every floor up they

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

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

Contact Andrew at 416.371.2333 or [email protected]

When selling a building in the pre-construction phase, every developer will have a base price for a particular unit, then charge a floor premium as you ascend the building. Floor premiums in most Toronto condos are $1,000 per floor up.

INVESTOR ADVICE // BY ANDREW LA FLEUR


went. If buyers paid only $1,000 more per floor, then that works out to an astonishing 64.8-per-cent cap rate! Why are renters willing to pay such high premiums for these three-bedroom units? My theory is that if you are already shelling out $3,000 or more per month for rent, then whats another $200 to $300 per month for an outstanding view? INSIGHT #4: RENTERS WILL PAY A

PREMIUM FOR PREMIUM VIEWS

Heres an example: a 445-sq.-ft. unit faces south, while the 491-sq.-ft. unit faces north. Even though the average rental price for both units does not show much difference, the average floor premium for the south-facing unit is about twice that of the north-facing unit ($16 per floor versus $8).

How I interpret this is that the highest floors of the south-facing unit command such a huge premium over the lower floors, that it brings the average rental premium per floor up. On the other hand, for the north-facing units, renters will not pay as much of a premium to go up very high. The reason for this is that the views to the south on high floors are spectacular toward the lake and the CN Tower, whereas the views to the north dont really improve much as you ascend the tower.

So if it comes down to paying a large floor premium for buying a north-facing or south-facing unit, you are better to go with the south-facing unit (assuming the view facing south is highly preferred to the north view in the building you are considering).

What the data does not tell you... While these findings are interesting, they are only one data set from one building, and its only for rental

rates. So, take this all with a grain of salt. I consider this strong anecdotal evidence to support buying on higher floors over lower floors, but its not an empirical study by any means.

Unfortunately the bigger question remains: what will buyers on the resale market pay for a higher floor versus a lower floor? For example, if you buy on the 50th floor, and you pay a $40,000 premium to do so, will you get at least $40,000 more when you resell than if you bought on the 10th floor?

Another thing these calculations do not take into account are increased property taxes for going up higher in a building (purchase price is higher) or increased mortgage payments for going up higher.

INVESTOR ADVICE


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CONDO PROFILE

OMEGA ON THE PARK joins Opus tower in master-planned community by Concord Adex

another addition to the master-planned Concord Park Place is coming in the form of a 35-storey Page + Steele / IBI Group Architects-designed tower. Omega on the Park will contain 374 condominium suites and rise to the west of its sister tower, Opus.

Both Opus and Omega on the Park will be connected with a tall glass-clad lobby designed to create a pleasing first impression for residents and guests. The transparency of the glass also allows for clear views of the inner courtyard shared between the two towers.

At the south end of the complex facing Hwy. 401, large amenity spaces provide residents access to tennis, volleyball and badminton courts, a full-sized basketball court, bowling, a golf putting green and a party lounge. In addition to the courtyard and sports amenities, a fitness gym with a childrens play area, pet spa and dining area are offered exclusively to Omega on the Park and Opus residents. Future phases immediately to the west of Omega on the Park and Opus will house several other amenities, including a pool, yoga studio and spa.

Though residents should have no problem getting around the city on the subway, Concord Adex also operates an extra amenity in the form of a shuttle bus. The exclusive shuttle bus picks residents up at their doorstep and takes them to the Sheppard subway line and to the Oriole

GO station. During off-peak hours, the shuttle also travels to popular destinations in the area including Fairview Mall and Bayview Village. Omega is also minutes away from major highways including Hwy. 401 and the Don Valley Parkway/404.

One of the defining features of Concord Park Place will be the green space from which the community is named. Plans for the park are a work in progress, but currently include a splash pad and a skating rink, ensuring the space is usable throughout all four seasons. Its not just a park but an amenity for our residents as well, says Concord Adexs senior manager of project marketing, Brian Fong.The current


Future phases immediately to the west of Omega on the Park and Opus will house several other amenities, including a pool, yoga studio and spa plans for the park include a central plaza and a connected pathway bisecting the site. Omega on the Park and Opus sit in the southeast corner of the lands.Since the green space will be a major focal point of Concord Park Place, Omega on the Park residents will have unobstructed views of the surrounding area, with no threat of future projects blocking their views.

Suites at Omega will range from efficiently designed 448-sq.-ft. one-bedrooms up to spacious three-bedrooms of 1,118 sq. ft. All suites will

feature the same high-quality finishes as its sister building Opus, including Carrara marble backsplashes, composite quartz countertops, thermofoil cabinetry with open display shelving, AEG and Liebherr appliances, under-mount sinks and LED lighting under the kitchen cabinets. Large balconies run alongside the full length of the suites, many of which will provide excellent views of the park.

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

For more information about Omega on the Park, visit concordparkplace.ca, call 416.813.2999, or visit the Concord Park Place presentation centre at 1001 Sheppard Ave. E. Hours are: Monday to Friday 11 a.m. to 7 p.m., Saturday and Sunday 11 a.m. to 6 p.m.


HOMEBUYERS HELP

THE CANADIAN DREAM HOME has a new laundry list of must haves

UTILITY BILLS CAN COST A HOMEOWNER even more when they go to sell their property, according to the recent Century 21 Canadian Home Critics Survey.

According to the survey, Canadians overwhelmingly report that they would select a home with energy-efficient upgrades (41 per cent) over updated finishings like granite countertops or hardwood floors (22 per cent).

Its well-known that homebuying is an emotional process, so understanding the shifts in where buyers place value is key to a sellers success, says Todd Shyiak, national director of operations, Century 21 Canada. Location is still important to todays homebuyers, but the sheer volume of information available has made them more aware of how a homes features can impact their lifestyle.

CONTINUED ON PAGE 44

So, how are Canadians judging your home?

Layout, location, location. Layout is the most important consideration when selecting a home (27 per cent), even over location factors such as the desirability of the community (26 per cent) or commute distance (12 per cent). Layout also has the strongest impact on homebuyers first impression of a house (39 per cent) while a homes size carries much less weight (11 per cent).


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Buyers are willing to renovate for looks but not for repair. Only 13 per cent of Canadians view the need to renovate rooms as a major home-buying deterrent. Yet, 30 per cent will walk away from a purchase if they notice just a small amount of water damage, even when the costly issue of outdated plumbing or electrical facilities (29 per cent) is considered.

When it comes to homes, Canadians are clean freaks. If your house has old flooring, just make sure its spotless. Uncleanliness tops homebuyers list of turn offs (60 per cent), whereas dated flooring (40 per cent) or bold paint colours (18 per cent) have much less impact.

The Goldilocks effect: Buyers look for homes that fit just right. Forty per cent of Canadians say their motivation for buying is to better fit a new life stage, followed by the desire to have a home of their own (29 per cent) and because its a smart investment (just 10 per cent).

Size matters to millennial homebuyers, boomers have bigger concerns. Millennials look more at the face value of homes, including square footage (millennials nine per cent, boomers four per cent) and room count (millennials 12 per cent, boomers three per cent). In contrast, boomers are more concerned with lifestyle factors, such as how well the space is laid out (millennials 18 per cent, boomers 34 per cent) or if its located in a desirable community (millennials 18 per cent, boomers 30 per cent).

For boomer buyers, its whats inside that counts. Boomers are less likely to be turned off by a homes cosmetic features, such as dated flooring (millennials 51 per cent, boomers 36 per cent). This demographic, who may be settling in for retirement or downsizing, seek homes that wont cost them time or money in the long run. Boomers prefer homes with energy-efficient upgrades (millennials 29 per cent, boomers 54 per cent) and are more likely to avoid ones with outdated plumbing or electrical facilities (millennials 23 per cent, boomers 32 per cent).

FROM COAST TO COAST, HERES WHAT

CANADIAN HOMEBUYERS WANT:

Why buy a home? Atlantic Canadians view home ownership as a smart investment.

Home of my own instinct tops Quebec residents motivations to buy property.

Dated dcor turns off Ontario homebuyers.

Prairie homebuyers seek neighbourhood and home to fit their families.

Albertan homebuyers focus on layout over location.

BC homebuyers are property psychic, avoiding costly future expenses.

Knowing your buyer can mean the difference between getting the best price for a home or missing opportunities, says Shyiak.

The Century 21 Canadian Home Critics Survey delves into homebuyers mindsets to help consumers and sellers make the best decisions for their needs. Find out more by visiting century21.ca/homecritic.

If your house has old flooring, just make sure its spotless. Uncleanliness tops homebuyers list of turn offs, whereas dated flooring or bold paint colours have much less impact

HOMEBUYERS HELP CONTINUED


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INVITE CLEARLY Include necessary information for your guests in the invitation, such as where the event will be held, what time and dress code required.

THE LIST Preparing your guest list carefully is key to a successful party. Creating a congenial guest list ensures a comfortable and enjoyable evening for all.

KEEP CALM AND PLAN ON Set your menu ahead of time, ensuring youve checked all of your guests dietary restrictions and you have enough food for the entire evening.

ACCEPT OFFERS OF HELP Throwing a party can be enjoyable, especially if you approach it with simplicity. If someone offers to bring something, look at your menu and ask accordingly.

WATCH THE CLOCK Expect guests to arrive on time and plan to be ready 15 minutes ahead of time so that you can warmly welcome them. This includes having your table set, bar stocked and bathrooms ready with extra tissue and essentials.

Peggy Post, great-granddaughter-in-law to the famous American etiquette writer Emily Post, shares her top tips for entertaining with style and grace during this busy season.

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10 WAYS

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perfect party host

THE SPARK As host, you set the tone for making your guests feel comfortable and welcome. Make sure to circulate the room, introduce guests to each other, engage in interesting conversation. No talk of politics, please!

BE ATTUNED TO GUESTS COMFORT When it comes to your guests, be on the pulse to their needs. Offer seconds to those who may be a little shy to ask for more, and look out for wallflowers shying away from conversations.

BE FLEXIBLE AND GRACIOUS Your souffl falls. Or one friend arrives with an unexpected guest. The ruined dessert? Have a fallback. The uninvited guest? As discourteous as it is for someone to spring a surprise on you, be gracious. No polite host would ever send an uninvited guest packing.

START THE MEAL GRACEFULLY Signal when guests can start the meal, you may need to finish off the last details in the kitchen and dont want the food to get cold. Give a welcome speech and tell everyone to start.

SHOW APPRECIATION Thank people for coming as you bid them goodbye. And dont forget to thank anyone who brought you a gift.

ENTERTAINING


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4. Festive Fair Isle Decanter. $39. VISIT WESTELM.COM

5. Marais Gold Glazed Cake Stand. $96. VISIT DWELLSTUDIO.COM

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Show your thankfulness to the host by presenting a gift they will swoon over!


CONDOMINIUM RENTS KEEP GOING UP, UP, UP!

STAT CHAT // BY BEN MYERS

When Im evaluating condominium apartment project opportunities that Fortress Real Developments is presented, Im always keeping the level of investor activity in the back of my mind. Investors continue to drive the highrise market in Toronto, and their departure would likely lead to much fewer suites getting built. Investors play a very important role in the pre-construction condo market, as many of the potential condominium end-user residents have been hesitant to buy, knowing the project may not be built for three years or more. According to Canada Mortgage and Housing Corp. (CMHC), the average condominium apartment in the Toronto Census Metropolitan Area (CMA) that completed in Sept. 2014 was under construction for 22 months. Therefore, investors have provided the industry with a very useful service of buying up units understanding the closing data is uncertain, but bridging the gap until end-users (future residents) can touch and feel the completed suites, and get a sense of (and get comfortable with) what they are buying.

Alternatively, some investors have chosen to hold and rent their suites instead of sell them (which is now the norm). In fact, Urbanation Inc. notes in their Q3-2014 UrbanRental report that over 18,000 condominium units have been leased through the Toronto Real Estate Boards MLS system in 2014 alone! Over 7,000 units were leased in the third quarter, with these private landlords finding a tenant in less than three weeks on average. Rental rates on a per-sq.-ft. basis are up 1.4 per cent annually and the market overall remains very stable.

Some might say, Yeah, but theres 70,000 units set to complete over the next two years, so the market will be flooded with supply. I dont really know where that number came from, but it is false. There were just under 54,000 condominium apartment units under construction in the Toronto CMA at the end of Sept. 2014 according to CMHC, with most taking anywhere from 1.5 to 3.5 years to complete so we wont have 30,000 units complete this year or next. Ive had this same conversation with people for almost five years, and the actual results hardly change. There were 14,470 condo completions in 2013 and 11,012 through the first nine months of 2014 (10,766 through the first nine months of 2013), so 2014 remains right on pace with 2013.

Be very weary of analysts calling for 20-per-cent increases or 30-per-cent decreases in the condominium market, whether it be starts, completions, pricing or unsold supply, as the market very rarely changes to those magnitudes. Keep checking back here for more analysis and more stat chat.

Happy condo hunting!

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

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

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

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

Urbanation Inc. notes in their

Q3-2014 UrbanRental report that over

18,000 condominium units have been

leased through the Toronto Real Estate Boards MLS system

in 2014 alone!


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ICONICICONI

gta new condo guide, oct 25, 2014

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