gta new home guide - nov 15, 2014

A fresh new home for every lifestyle.

OVER 40 YEARS OF EXPERIENCE

Select from our four superb communities.L O C A T I O N D E S I G N V A L U E

MISSISSAUGAMARKHAM THORNHILLRICHMOND HILL

Nov 15 - 29, 2014 Volume 22 Issue 21

INSIDE THIS ISSUE

INTEREST RATES LIKELY TO REMAIN LOW IN 2015

PLAN FOR CARE & UPKEEPOF YOUR NEW HOME

THE DRIVE FOR MOREMIXED-USE HOUSING

001 NHGTA-Cover-11-15-2014-TL_FIN.indd 1 14-11-10 12:00 PM

ASPIRE TO A NEW ERA OF DESIGN IN NEWMARKET.

aspenridgehomes.com

fold

6.875" x 10.5" OGFfold

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

ASPIRETO STANDARD

FEATURES THAT FEEL

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

PRESENTATION CENTRE NOW OPEN18001 Bathurst St., Newmarket

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

Aspire to great design.

NOW OPENBRADFORD Dream elds Presentation Centre & 2 Model Homes 905.551.1631

BRAMPTON Credit Manor HeightsPresentation Centre & Model Home 905.216.5155

BRAMPTONMay eld VillagePresentation Centre 905.230.2592

KLEINBURGKleinburg HillsPresentation Centre & 2 Model Homes 905.552.0678

NEWMARKETWoodland HillsPresentation Centre 416.270.9484

NOBLETON King Country EstatesPresentation Centre & 2 Model Homes 905.558.0255

RICHMOND HILLKettle Lakes ClubPresentation Centre & 4 Model Homes 289.234.1064

VAUGHANUpper West SidePresentation Centre & 2 Model Homes 289.553.5633

WATERDOWNWaterdown MeadowsPresentation Centre905.690.2224

MORE INFO ATaspenridgehomes.com

COMING SOONKESWICKSimcoe Landing

MARKHAMUnion

QUEENSVILLEQueensville

REGISTER ATaspenridgehomes.com

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

Now Open!

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

aspenridgehomes.com

6.875 x 10.5 IGF 7.25 x 10.5 IFC 7.5 x 10.5fold

contentsNOVEMBER 15-29, 2014 || VOLUME 22 ISSUE 21

community focus features24 West Brampton

Fieldgate Homes Early Closing Sales Event at Valleylands in West Brampton

60 Alliston FarSight Homes Third successful phase for award-winning Greenfields community

88 Multi-site Averton Homes announces... Beacon Hill and Main Street Seaton

ON THE COVER

p. 32FOREST HILL

HOMES Forest Hill sets the standard for

new communities in the 905

A fresh new home for every lifestyle.

OVER 40 YEARS OF EXPERIENCE

Select from our four superb communities.L O C A T I O N D E S I G N V A L U E

MISSISSAUGAMARKHAM THORNHILLRICHMOND HILL

Nov 15 - 29, 2014 Volume 22 Issue 21

INSIDE THIS ISSUE

INTEREST RATES LIKELY TO REMAIN LOW IN 2015

PLAN FOR CARE & UPKEEPOF YOUR NEW HOME

THE DRIVE FOR MOREMIXED-USE HOUSING

001 NHGTA-Cover-11-15-2014-TL_FIN.indd 1 14-11-10 12:00 PM

regular and special featuresIN EVERY ISSUE

4 Editors Note 10 Contributors 94 Hot Dates 102 Ad Index

COLUMNISTS

18 BILD Report Building great cities since 1921 by Bryan Tuckey

30 Fundamentally Speaking Interest rate hike unlikely in 2015: BMO by Wayne Karl

60

24

88

40 Taxing Issues Capital expenditures and deductible expenses by Henry Choo Chong

44 Mortgage Advice A financial reason to not overpay for your home by Alyssa Richard

48 Tarion Report Custom homes come with a new home warranty, too by Howard Bogach

50 Legally Speaking What is title insurance and how important is it? by Jayson Schwarz

58 Industry Insider Plan for the care and upkeep of your new home by David Hirsh

76 Quick Tips Preparing for the busy season by Hellen Buttigieg

HOMEBUYERS HELP

62 Top Homebuying Tips Home-hunting tips for couples

95 Resource Section Mortgage Calculator and Rate Table

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

IN THE NEWS

18 Brookfield Residential Fox Trail in Uxbridge now open

54 Geranium Homes Geranium celebrates estate home community in Ballantrae

56 Development Demand for mixed-use projects driven by demographics by Lydia McNutt

When looking for a new home, a number of factors come into play: How far from work? How close to schools and shopping? What other important amenities are nearby?

The answers to these and other questions are varied and depend on your personal situation and preferences. Whats most important to you when searching for your perfect location, location, location?

It should come as no surprise that buyers increasingly say that being close to public transit and having a short commute are among the features that matter most. Maybe not the number one concern, but certainly right up there, and increasingly so.

As we approach the end of the year, youll hear more and more sources, from Canada Mortgage and Housing Corp.,

to the major banks and other experts, offer their forecast for 2015. Interest rates, many economists suggest, arent likely rise significantly.

Affordability, which varies depending on your local market, is becoming increasingly tested on many fronts.

Whats left? Watch for issues such as land supply and acquisition costs to have a growing impact on pricing, home types and availability.

As you go through the new-homebuying process, these are the types of issues youll be learning more about, and that will affect your decision.

Were here to help. Pick up New Home Guide in the coming weeks for market news, analysis and other information to help you find your perfect location, location, location.

Location, location, location Whats important to you when looking for a new-home location?

Long-term commitment will afford you peace of mind

Whether youre relocating from one coast to the other or moving to your first place, changing homes can be hectic, exciting and certainly stressful. But, relax.

You can eliminate the anxiety associated with moving by taking control of the situation with confidence.

Understanding the market is just part of the story. Knowing what you need and what you can afford is the more important part of the equation. Making a prudent purchasing decision that doesnt keep you up at night

when interest rates rise or market news becomes the talk of the town is up to you.

Any expert will tell you that buying a home or condo is a long-term commitment. This issue is full of great tips from the experts as well as the latest news designed to help you make a wise purchasing decision.

Along with our Community Focus features, which outline the specifics on many fine communities, theres lots to take in. So kick back, relax and enjoy. Youre in the drivers seat.

//EDITORS NOTE

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

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

WAYNE KARL EDITOR Wall2Wall Media [email protected]

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

NOVEMBER 15 - 29, 2014 | NEW HOME GUIDE GTA 5

menkes.com

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

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

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

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

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

menkes.comFacebook.com/MenkesLife @MenkesLife

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

NEW RELEASE

Burnhamthorpe Rd. & West MallEtobicoke

Starting from the high $300s 416.259.2525

NEW RELEASE

Bathurst St. & Finch Ave.North York


NOW OPEN

Browns Line & Evans Ave.Etobicoke

Starting from the low $500s 416.259.2525

NEW RELEASE

Guelph St. & MacFarlane Dr.Georgetown

Starting from the mid $700s 289.891.9103

MEN 23107 New Homes DPS New November.indd All Pages 14-11-07 2:52 PM

6

menkes.com

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

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

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

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

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

menkes.comFacebook.com/MenkesLife @MenkesLife

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

NEW RELEASE

Burnhamthorpe Rd. & West MallEtobicoke


NEW RELEASE

Bathurst St. & Finch Ave.North York


NOW OPEN

Browns Line & Evans Ave.Etobicoke

Starting from the low $500s 416.259.2525

NEW RELEASE

Guelph St. & MacFarlane Dr.Georgetown

Starting from the mid $700s 289.891.9103

MEN 23107 New Homes DPS New November.indd All Pages 14-11-07 2:52 PM

7

30' Home, The Sherkston, Elev. E, 1,962 Sq.Ft., $448,990

mattamyhomes.com

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

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

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

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

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

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

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

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

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

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

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

We invite you to come visit a Mattamy neighbourhood and

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

Beautiful Parks & Trails Are Abundant In A Mattamy CommunityOAKVILLE COMING SOON - AURORA

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

Townhomes From $337,990~

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


Detached Homes From $299,990

BRAMPTON KITCHENER

Our New Release Is In Full Bloom With A Wide Variety Of Towns And Detached Homes.

Townhomes From The Low $400s~

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

A Wide Selection of Freehold Townhome And Detached Homes Now Aviailable.

2-Storey Townhome, The Fawn Lily, Elev. A, 1,538 Sq.Ft., $282,990

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

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

After St. Johns Forest In Aurora.

Model Home Kitchen In The Preserve

Elev. A

Rear Lane Townhome, The Beech,Elev. E, 1,766 Sq.Ft., $506,990

Elev. E

NH&C_dps_All Sites_Nov.8.indd 1 2014-11-05 5:07 PM

8

30' Home, The Sherkston, Elev. E, 1,962 Sq.Ft., $448,990

mattamyhomes.com

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

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

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

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

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

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

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

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

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

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

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

We invite you to come visit a Mattamy neighbourhood and

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

Beautiful Parks & Trails Are Abundant In A Mattamy CommunityOAKVILLE COMING SOON - AURORA

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


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


Detached Homes From $299,990

BRAMPTON KITCHENER

Our New Release Is In Full Bloom With A Wide Variety Of Towns And Detached Homes.

Townhomes From The Low $400s~

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

A Wide Selection of Freehold Townhome And Detached Homes Now Aviailable.

2-Storey Townhome, The Fawn Lily, Elev. A, 1,538 Sq.Ft., $282,990

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

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

After St. Johns Forest In Aurora.

Model Home Kitchen In The Preserve

Elev. A

Rear Lane Townhome, The Beech,Elev. E, 1,766 Sq.Ft., $506,990

Elev. E

NH&C_dps_All Sites_Nov.8.indd 1 2014-11-05 5:07 PM

9

contributorsNEW HOME GUIDE

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

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

LEGALLY SPEAKING JAYSON SCHWARZ Schwarz Law -Barristers and Solicitors

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

PRESIDENT, WALL2WALL MEDIA

Jacqueline HillEDITOR-IN-CHIEF / DIRECTOR OF CONTENT

Susan LeggeDIRECTOR OF SALES, NATIONAL

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

Conni RobinsonASSOCIATE PUBLISHER, NEW HOME & CONDO GUIDE SWO, LIFESTYLE COMMUNITIES

Susan Maxwell ART DIRECTOR

Tammy Leung

EDITOR

Wayne KarlCONTRIBUTING EDITORS

Sara Duck, Elisa Krovblit Lydia McNutt

SENIOR ACCOUNT EXECUTIVE

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

Terry BassettDISTRIBUTION & SALES CO-ORDINATOR

Jennifer BistronADMINISTRATIVE ASSISTANT

Antoinette Jackson

PRODUCTION MANAGER

Bala GnanapandithanPRODUCTION CO-ORDINATOR

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

NATIONAL ACCOUNT MANAGER, MEDIATIVE

Paul Slizys

#500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867newhomeguide.ca ADVERTISING Call 416.626.4200 for advertising rates and information. CIRCULATION Free distribution in select high-traffic street boxes, stores, banks, financial institutions and select condominium sales offices.COPYRIGHT 2014 All rights reserved by New Home Guide, Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication.Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.TERMS Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E.EDITORIAL Submissions from interested parties will be considered. Please submit to the editor at [email protected].

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

QUICK TIPS HELLEN BUTTIGIEG Hellen 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]

INDUSTRY INSIDER

DAVID HIRSHDavid Hirsh is President and CEO of Brandy Lane Corp. Hirsh prides himself on his hands-on approach to all stages of the development and building process. The companys newest community is Wyldewood Cove, coming soon to Collingwood. Visit brandylanehomes.com

Published By

MORTGAGE ADVICE ALYSSA RICHARDis the Founder and CEO of ratehub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart financial decisions.

Sales office located at the S/E corner of Cornell Centre Blvd. and 16th Ave. Open Monday to Thursday from 1 to 8 p.m.; Friday by appointment only; Weekends and Holidays from 11 a.m. to 6 p.m.

Renderings are artists concept.* Specifi cations are subject to change without notice. E. & O. E. See Sales Representative for details.

cornellrouge.com

Freehold Townhomes featuring 2 master bedrooms -

each with a Semi-Ensuite

Singles on 30, 36 & 40 lots

Markham

M A R K H A M

$500'sfromthe mid From 1,737 Sq.ft. $700'sfromthe low From 2,057 Sq.ft.

Tour our professionally decorated models8

Cornell Community Centre & Library with

129,000 sq. ft. Now Open at Your Doorstep.

Release of New Home Designs! Visit us Today!

MADI-COR-A-AD-NHC-NOV5-1.indd 1 14-11-05 1:57 PM

11

Visit These Communities Today! Coming Soon, Register Now!

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

assionOur

We create homes that meet your dreams and aspirations.

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

WOODBRIDGE

FREEHOLD TOWNHOMES

NO CONDO FEES!NEW MODELS AVAILABLE

3890 Major Mackenzie Dr. W.905.417.3363

FROM$569,900

CALEDONMOUNT PLEASANT BRAMPTON

FREEHOLD TOWNS & 38 DETACHED

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

10629 Mississauga Rd.905.495.5067

FROM$375,900

MARKHAM

FINAL RELEASEOF TOWNHOMES

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

Hwy 7, East of Ninth Line905.201.2804

FROM$509,900

SEASONSI N C A L E D O N

DETACHED HOMES

Register now at PrimontHomes.com

FROM $599,900

CORNELLMARKHAM

A T C O R N E L L

FREEHOLD TOWNHOMES


FROMTHE

$500s

PrimontHomes.comConsider Yourself at Home

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

012

Visit These Communities Today! Coming Soon, Register Now!

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

assionOur

We create homes that meet your dreams and aspirations.

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

WOODBRIDGE

FREEHOLD TOWNHOMES

NO CONDO FEES!NEW MODELS AVAILABLE

3890 Major Mackenzie Dr. W.905.417.3363

FROM$569,900

CALEDONMOUNT PLEASANT BRAMPTON

FREEHOLD TOWNS & 38 DETACHED

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

10629 Mississauga Rd.905.495.5067

FROM$375,900

MARKHAM

FINAL RELEASEOF TOWNHOMES

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

Hwy 7, East of Ninth Line905.201.2804

FROM$509,900

SEASONSI N C A L E D O N

DETACHED HOMES


FROM $599,900

CORNELLMARKHAM

A T C O R N E L L

FREEHOLD TOWNHOMES


FROMTHE

$500s

PrimontHomes.comConsider Yourself at Home

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

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16 NEW HOME GUIDE GTA | NOVEMBER 15 - 29, 2014

//IN THE NEWS

Fox Trail in Uxbridge NOW OPENBrookfield Residential is pleased to announce the opening of its newest community in Uxbridge. Located only minutes from the quaint town of Uxbridge, this exclusive enclave of only 46 bungalow townhomes known as Fox Trail backs onto an existing golf course and is conveniently located with many amenities such as grocery, banks, schools, golf courses, a recreation centre and a variety of restaurants only a short distance away.

Brookfield was joined by Mayor Gerri Lynn OConnor at the ribbon cutting ceremony for Fox Trail. Given the success of our Wooden Sticks community, we were thrilled when this unique opportunity presented itself to return to Uxbridge and build an upscale bungalow community in an already established community, says Marc Thibault, vice-president of sales and marketing for Brookfield Residential. The preliminary response to this community has been phenomenal, and we are delighted to be able to bring this type of new home design to this mature community in a great setting surrounding a beautiful parkette and golf course.

The community will feature seven different bungalow plans offering a variety of choice to meet different family needs as well as optional loft and basement plans for those looking for a little more added space. The plans have been well appointed to include many of the features desired by todays homeowners, including nine-ft. ceilings, hardwood floors, granite countertops as well as our Panorama View Window, to name a few. The community will also be condominium-based to provide homeowners with the added benefit of carefree living no grass cutting, snow shovelling or exterior maintenance worries.

Delivering an upscale design on both the exterior and interior was important to us to ensure we met the needs of todays discerning buyers. With time becoming more and more scarce today, we felt it important to deliver a carefree living experience

where residents could spend more time doing the things they desire with family and friends rather than worry about mundane maintenance upkeep, says Thibault. This community will provide 2015 move-in dates for new homeowners.

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

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

For more information, please visit brookfieldhomes.ca

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

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

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

For more information visit treasurehill.com

URBANTOWNS ON BAYVIEW

STARTING FROM $729,900*


VISIT OUR FULLY FURNISHED MODEL HOME

VALES OF THE HUMBERB R A M P T O N

PRESENTATION CENTRE LOCATED AT 20 FOGAL ROAD

MODEL HOME LOCATED AT 20 SQUIRE ELLIS DRIVE

PRESENTATION CENTRE LOCATED AT 24 BRIGGS AVENUE

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

TOWNHOMES

ESTATE SINGLES

NOW OPEN

NOW OPEN

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

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

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

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

BUILDING A NEW LEVEL OF SUCCESS

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

urbantowns

urbantowns

urbantowns

O N B A Y V I E W

O N B A Y V I E W

O N B A Y V I E W

urbantownsO N B A Y V I E W


A U R O R A

TOWNHOMES TOWNHOMES

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

TOWNHOMES

URBAN LIVING

NOW OPEN COMING SOON COMING SOON

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

19

by BRYAN TUCKEY

Building great cities since 1921

//BILD REPORT

As city builders, BILD members have devoted countless time and resources to building quality, complete communi-ties across the GTA for the past 93 years.

Whether you are walking down the street in Toronto, cycling up the road in Vaughan or having brunch in a trendy new caf in Mississauga, there is a very good chance that a member of our association has played a role in bringing that community to life.

Our industry builds more than just homes. We build communities that include offices, malls, community centres, parks and more.

Some of these communities are the product of collaboration by industry, government and consumers working together, which is why its so important that we all work together as partners in city building.

One of the first examples that comes to mind is the revitalization of Regent Park by the Daniels Corporation. In 2006, the first shovel hit the ground and began bringing new life into the aging neighbourhood with a unique, new approach in partnership with Toronto Community Housing Corp.

With more than 10 years still left until all the work is done, you can already see just how much the neighbourhood has changed.

Another great example can be found in the 35 acres of Torontos West Don Lands that will soon be home for 10,000 athletes from 41 countries at the 2015 Pan Am/Parapan Am Games.

The Canary District will start off as the Athletes Village before being converted into a sustainable, mixed-use, master-planned community in 2016.

By then, approximately 2,000 people will live in the transformed village, which will feature residential and retail components, as well as a student residence for nearby George Brown College and the Cooper Koo Family YMCA.

Venture just north of the city and youll find yourself at the World on Yonge in Markham. Created by Liberty Development, this complete community features office towers, condominiums, a hotel and retail space which includes a 40,000-sq.-ft. grocery store. Theres even two acres of public parkland on site.

Out of its total 1.6 million sq. ft., approximately 500,000 of that is non-residential, hosting more than 1,000 people and jobs per hectare.

None of these projects would be built today if it were not for the industry working together with its government partners. This is why its so important to use our voices when we have the chance, as in the recent election on Oct. 27, to choose the candidate we feel has a vision for city building.

Lets work together to build a greater GTA.

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 @bildgta, facebook.com/

bildgta, and bildblogs.ca.

W hen driving along Chinguacousy Road in west Brampton, one gets the feeling that theyre in the midst of a very special community. Its a place where the valleys of the Credit River offer a breathtaking outdoor playground of lush green parkland. It is within this remarkable setting that esteemed builder Fieldgate Homes has announced an exciting Early Closing Sales Event in this popular family community, Valleylands on Chinguacousy.

The southwest corner of Queen St. West and Chinguacousy Rd. is the site for these early closings at Valleylands. There are four- and five-bedroom homes available from 2,300 to 4,200 sq. ft. There are also singles with traditional closings on 38-, 41-, 45- and 50-ft. lots available. Theres a home for everyone at Valleylands.

One of the many popular designs currently available at Valleylands is the breathtaking 2,987-sq.-ft. Dufferin Elevation A. This classic-yet-contemporary two-storey, four-bedroom, 45-ft. detached home offers a spectacular front elevation of brick and stone that features a covered porch, double-car garage, large bright windows and charming dormers. One enters the home to discover a spacious front foyer, followed immediately by a cosy library. Further down the hall is the large open-concept living/dining room with coffered ceiling. Across from the living/dining room, the homes staircase offers easy access to a sunken main floor powder room and laundry room. Further down the main hallway, one enters into a sizable family room complete with a gas fireplace. Across from the family

VALLEYLANDS

//COMMUNITY FOCUS

LOCATION West Brampton

HOUSING TYPE Singles on 38-, 41-, 45-, 50- and 70-ft. lots from the mid $500s; bonus packages available for each housing type. Early closing homes with four bedrooms from the upper $500s with 30- to 120-day closings available

CONTACT 905.457.0445 fieldgatehomes.com

Early Closing Sales Event in west Brampton

The 45-ft. Dufferins breathtaking front Elevation A of brick detailing with large porch and great interior entertainment space contribute to the luxurious atmosphere of this exceptional family home, available from the upper $600s.

...continued on pg 26

FIELDGATE HOMES | Valleylands

room, the kitchen and breakfast area offers a kitchen island and ample counter space, creating the perfect space for the family to gather for a home cooked meal. Upstairs, the elegant master suite features two walk-in closets, tray ceilings, an intimate master retreat and a lavish ensuite complete with oval soaker tub, his and hers sinks and separate glass shower. Bedroom two enjoys its own private ensuite and bedrooms three and four share a stylishly appointed ensuite. The Dufferin is priced in the upper $600s.

For most families, school is a top priority, so its nice to know that Valleylands is ideally situated to take advantage of many of Bramptons wonderful educational facilities. A new elementary school is proposed for construction right in the Valleylands community, and Queen Street elementary school and Sir William Gage middle school are just a short walk north of the community. There are also a number of public and Catholic primary and secondary schools within a short distance. And with post-secondary tuition costs on the rise, its nice to know that Valleylands is ideally situated to make the live-at-home college lifestyle a breeze. Well-regarded institutions such as Sheridan College and Algoma University both have campuses that are just a short drive or bus ride away.

In addition to excellent proximity to schools, Valleylands is also in a great location to take advantage of a whole host of other lifestyle amenities. The Heartland Town Centre is only five minutes away, offering major retailers such as Best Buy, Home Depot and Costco. Nearby Erin Mills Town Centre, Trinity Common Mall and Bramalea City Centre also offer wonderful selections of shops and restaurants. For those in search of live entertainment, theres the Rose Theatre, offering a year-round calendar of musical and theatrical performances. Golfing enthusiasts will be impressed with the great selection of golf courses within a short driving distance, and the commute to Toronto is a breeze with Hwys. 401 and 407 just minutes away. With more than 55 years of experience, Fieldgate Homes is one of the GTAs finest home builders, known for their exceptional floorplan designs. For more information on Valleylands, call 905.457.0445 or visit fieldgatehomes.com

For most families, school is a top priority, so its nice to know that Valleylands is ideally situated to take advantage of many of Bramptons wonderful educational facilities.

FIELDGATE HOMES | Valleylands//COMMUNITY FOCUS...continued

Relax, Canada, not only is the real estate market not going to experience a U.S.-style crash, as some pundits continue to predict, but theres isnt even going to be any significant interest rate hike in 2015.

This, according to Douglas Porter, chief economist of BMO Financial Group. He suggests the Bank of Canada may, at best, raise its influential overnight target rate by a quarter-point. BoC has held the rate at one per cent for four years.

BMO itself, in its Home Buying Report released in late October, inadvertently stoked the flames of concern. The report indicates the majority of Canadians currently in the market for a home would be forced to change their buying plans in the event of a two percentage point rise in interest rates. Thirty per cent would be forced to reduce their price range and settle for a less expensive home, while another 13 per cent would be priced out of the market.

And this, at a time when prices in the three hottest cities Calgary, Toronto and Vancouver are rising faster than family income, further straining affordability.

A two-point interest rate hike is highly unlikely, however.The chances of a two percentage point rise in rates in any

year these days is remote, and I would peg it as extremely unlikely in 2015, Porter told New Home Guide. We do believe that at long last rates will begin to creep higher next year, but we are only looking for quarter-point hike by the Bank of Canada.

Interest rate hike unlikely in 2015: BMO

//FUNDAMENTALLY SPEAKING

WAYNE KARL is an award-winning

writer and editor with experience in real

estate and business. In Fundamentally

Speaking, Wayne explores the basics such as

economic fundamentals you need to examine

when buying property. He can be reached at

[email protected] or follow him on Twitter

at Twitter.com/WayneKarl

by WAYNE KARL

Continued rapid price gains in Calgary, Toronto and Vancouver will increase those cities vulnerability to a shock whether economic, interest rate or otherwise, BMO says in the report.

Porter suggests there may be some price cooling in these markets next year, particularly in Calgary and other cities with ties to the oil and gas industry, since oil prices have fallen notably in recent months.

We would also look for somewhat slower price gains in Toronto and Vancouver, but both of those markets have proven to be amazingly resilient largely thanks to relentless population inflows to both, Porter says. Im not sure that any other large city could step into the void at the top, and we expect a notably milder national price increase next year.

But if Canadian real estate has demonstrated anything lately, it is its ability to surprise.

The dominant story in recent years has been the consistent surprises to the high side by the Canadian housing market.

WITH OVER 40 YEARS EXPERIENCE

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

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Jefferson Forest prestigious new home community. Freehold Townhomes and Singles

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

MIS

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FORE-MUL-A-AD-NHC-SEPT11-4.indd 1 14-09-12 2:56 PM


//COVER STORY

LOCATIONS Mississauga, Thornhill, Markham, Richmond Hill

CONTACT Mississauga, 905.795.8307 Thornhill, 905.417.8231 Markham, 905.472.0229 Richmond Hill, 905.770.0081 foresthillhomes.ca

FOREST HILL HOMES SETS THE STANDARD IN THE 905Derry Village, Bridle Path, Cornell Rouge and Jefferson Forest among the GTAs most successful communities

W ith more than 40 years of experience, Forest Hill Homes has quickly become one of GTAs leading residential developers setting standards that are among the highest in the industry. Known for their unsurpassed quality and innovative designs, Forest Hill Homes

has been responsible for an impressive series of outstanding residential communities; this is evident in the companys highly successful lowrise communities throughout the GTA, including Derry Village, Bridle Path of Thornhill, Cornell Rouge and Jefferson Forest.

Adhering to its reputation for custom quality homes, Forest Hill Homes offers an extensive list of upgrades that come standard in every home.

Creating a buzz for these sought after locations, each community is just a short distance to a myriad of local amenities, including restaurants, world-class shops, recreational facilities and schools. With easy access to local transit, Hwys.

FOREST HILL HOMES | Multi-site

400, 404 and 407, residents will have everything they need right at their doorstep.

With decorated model homes now open at all of our sites and 60-day move-ins available, you can now make one of these coveted communities your very own home.

DERRY VILLAGE MISSISSAUGASituated in a charming family-friendly neighbourhood, Derry Village has quickly become one of Mississaugas most desired residential addresses.

Offering semi-detached homes on traditional deep lots, Derry Village offers incredible homes from 2,010 sq. ft., starting at the low $600s. Interiors feature spacious four bedroom designs, hardwood flooring in main principle rooms, nine-ft. main floor ceiling

heights, central air conditioning, an upgraded pot light package and much more. Designer-inspired kitchens include spacious pantries, large breakfast bars and islands all in upgraded furniture quality cabinetry. The large ensuite will feature separate showers with glass enclosure, soaker tubs and double sinks.

BRIDLE PATH OF THORNHILLNestled amid densely forested lands, the Bridle Path of Thornhill offers homebuyers unprecedented choice in the heart of the GTA.

Starting from $1.4 million and ranging in size from 4,000 to 5,105 sq. ft., the Bridle Path of Thornhill offers an incredible selection of luxury single-detached homes on 46-, 50- and 60-ft. lots. The estate homes are filled with superior standout features, including three car garages, granite kitchen countertops, upgraded kitchen cabinets, master retreats, walkout lots and much more.

CORNELL ROUGE MARKHAMIn Markham, Forest Hill Homes offers homebuyers freehold towns and singles in the midst of a forested paradise. Situated next to Rouge Park (Ontarios largest urban park) residents are surrounded by thousands of wooded acres, parkettes and playgrounds.

This beautifully built up community offers homes ranging from 1,738 to 3,168 sq. ft. starting from the mid $500s. Interior features include bonus 3.5 bathrooms, nine-ft. high smooth ceiling, central air conditioning and hardwood on the main floor. Kitchens will include extended height upper cabinets, and large open eat-in areas, including pantries, breakfast bars and kitchen islands. Large upgraded ensuites include separate oversized shower with glass enclosure and soaker tubs.

JEFFERSON FOREST RICHMOND HILLJefferson Forest offers a spectacular collection of homes in a rare and beautiful wooded location within Richmond Hills Oak Ridges Moraine. In its final phase, homebuyers have been eager to purchase a home in the spectacular woodland setting.

Offering an amazing selection of freehold towns and singles, the prestigious community features homes starting from the low $700s, and ranging in size from 2,000 to 2,975 sq. ft. Upgraded features include; unique floorplans with bonus 3.5 bathrooms, direct garage access to the basement, natural oak flooring on the main floor, natural oak stairs, granite kitchen countertops and much more.

For your chance to live in one of these fabulous new-home communities, please visit foresthillhomes.ca Decorated model homes are now open; 60-day move-ins available.

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

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

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

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

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

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

$550s$450s

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Hw

y. 40

0

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

$330s

Hwy. 403

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Erin Centre Blvd.

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Ashby

Field Rd.

Hwy. 407

Queen St.

Chinguacousy R

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Creditview

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Alister D

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Bovaird Dr.

Queen St.

Steeles Ave.

Chinguacousy R

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COMMUNIT IES

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

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

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

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

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

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

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

TO LEARN MORE ABOUT OUR COMMUNITIES

REGISTERAT ANDRINHOMES.COM

SITE

DAVIS DR.

GREEN LANE W.

BATH

URST

ST.

LESL

IE ST

.LE

SLIE

ST.

YONG

E ST.

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HWY.

404

YONG

E ST.

HWY. 11

MT. ALBERT RD.

DAVIS DR.

GREEN LANE W.

BATH

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ST.

LESL

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ST.

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HOLLAND

HWY.

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SITEMT. ALBERT RD.

HILLSBOROUGH

SITE

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BATH

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ST.

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HOLLAND LANDING RD.

YONG

E ST.

HWY. 11

MT. ALBERT RD.

HILLSBOROUGH

CHELSEA MAPLE STATION

HWY.

404

SITE

BATH

URST

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E ST.

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VE.

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BATH

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HWY. 11

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ANDR-COR-A-AD-NHC-NOV5-1.indd 1 14-11-06 1:13 PM

LANDMARTHOMES.COM*Prices, terms and specifications are subject to change without notice. E. & O. E.

SALES CENTRE HOURS MON. TO THURS.: 1PM - 8PM FRI.: 12PM - 5PM SAT.: CLOSED SUN.: 11AM - 6PM | 905.915.5227

GRAND OPENINGCUSTOM QUALITY FEATURES EXTRA DEEP LOTS

Queen St.

HWY 407

HW

Y 4

27

Gor

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Dr.

McV

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VAUGHAN

BRAMPTON

HWY 7

Countryside Dr.

Mayfield Rd.

HW

Y 50

HW

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N

SALES CENTRE

40 & 50 LUXURY

SINGLESStarting from

$729,900*

LUXURYStandards

LEARN ABOUT OUR TLC PROGRAM ONLINE

OAK STAINED STAIRCASE

9 CEILINGIN BASEMENT

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10 CEILING ON MAIN FLOOR

OF 50 HOMES

WAFFLE CEILING IN GREAT ROOM

RAISED TRAYCEILING IN

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UPGRADES**Offer expires November 30, 2014.

Ask sales representative for details.

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LOCATED AT MISSISSAUGA RD. AND SANDALWOOD PKWY.

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

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OPENING EARLY 2015

39

//TAXING ISSUES

Capital expenditures & deductible expenses by HENRY CHOO CHONG

HENRY CHOO CHONG, CGA, sits on many

committees and provides accounting and tax

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

416.485.5225. Questions to Taxing Issues can

be emailed to [email protected]

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

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

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

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

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

However, the fridge and stove must be capitalized.Investors should always have a good accountant who

deals with real estate investments on a regular basis to ensure the right advice is given.

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

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

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

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

MODEL HOMES LOCATED AT 20 SQUIRE ELLIS DR.

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Y 50

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*Limited quantities available in some price ranges. To qualified purchasers, prices and information correct at press time. Map not to scale. Some lots may have premiums. Illustrations reflect artists impression. E. & O.E.

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MADI-MUL-A-AD-NHC-NOV5-4.indd 1 14-11-06 9:24 AM


//MORTGAGE ADVICE

by ALYSSA RICHARD

ALYSSA RICHARD is the Founder and

CEO of RateHub.ca, a mortgage rate comparison site that aims to empower Canadians to make smart

financial decisions.

Bidding wars are a hot topic in Toronto right now, with homes being priced extremely low so potential buyers will come in with high offers.

A financial reason to not overpay for your home

Bidding wars are a hot topic in Toronto right now, with homes being priced extremely low so potential buyers will come in with high offers. The Toronto real estate market gets a bad rap for bidding wars, but we know its not the only city in the country that experiences them. After conducting dozens of interviews with real estate agents across the country last year, we found out one Canada-wide truth: if supply is low, demand is high and many buyers are willing to make offers above and beyond what sellers are asking.

Before you make an offer on any home, you should be armed with a mortgage pre-approval; this is the maximum amount of money a lender is willing to give you towards the purchase of a home. When we say maximum, we mean it. The first reason not to overbid on a home is because you dont want to go over your budget, or stretch yourself so thin that youre house poor. But the other reason not to overbid is because your lenders home appraiser may determine the property isnt worth what youve offered; this leaves you in a tricky financial position.

Lets say you offered $400,000 for a home, your offer was accepted and you have $40,000 to put down. If the banks appraiser believes its worth only $375,000, the bank will only give you a mortgage equal to their appraised value minus your down payment. In this case, thats $335,000 ($375,000 - $40,000), explains James Laird of CanWise Financial. If you still wanted to purchase the home, you would need to come up with the extra cash to make up the shortfall. The shortfall is your purchase price minus the mortgage amount your lender will give you. So, in this example, thats $65,00 ($400,000 - $335,000).

If you cant borrow money from family or another outside party, you may be forced to walk away from the deal (and risk losing your deposit, in the process).Not having the resources in this situation is what is often referred to as appraisal risk, and its obviously something you want to avoid. How is that possible? First, dont overpay, which is something an experienced real estate agent who knows your market should be able to stop you from doing. Second, saving a larger down payment can help reduce your risk, because it allows you to put less money down and use the extra to make up your shortfall.

OWN IT TODAY - MOVE IN 120 DAYS!

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45

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Prices and specifi cations are subject to change without notice. E. & O.E. Renderings are artists concept.

AVER-MUL-A-AD-NHC-OCT21-1.indd 1 14-10-21 4:33 PM

by HOWARD BOGACH

//TARION REPORT

HOWARD BOGACH is President and CEO of

Tarion Warranty Corp. His column appears monthly

in New Home Guide. For more information

about how Tarion helps new-home buyers, visit

tarion.com or find us on Facebook at facebook.com/

TarionWarrantyCorp.

Custom homes come with a new home warranty, too GETTING INVOLVED IN THE CONSTRUCTION OF YOUR NEW HOME MAY AFFECT YOUR WARRANTY

For some people, building a custom home can be a dream come true the opportunity to design the ideal place that exactly suits their taste and needs. A custom home, built by a builder, is usually considered a contract home. Its a new house built on land already owned by the homeowner where a builder is hired to perform all the work and supply all the materials necessary to construct a completed home.

The builder must provide the mandatory one-year, two-year and seven-year warranties that the law requires for all new houses and condominiums in Ontario. The warranty also provides financial loss coverage of up to $40,000 if you and your builder have a falling out prior to substantial completion of the contract and the amount you paid your builder exceeds the value of the work and materials supplied by the builder.

However, there are always exceptions to the rule. Often with contract homes, homeowners get involved in some of the aspects of the construction, a move that may void part or even all of your new home warranty. This is where it is essential that homeowners make informed decisions. Many homeowners dont realize that signing contracts with trades, and supplying or installing materials themselves may jeopardize their warranty rights.

A new home warranty is not an option. A contract home builder is required to provide the mandatory new home warranty if the builder performs all the work and supplies all the materials necessary to construct a completed home. If the homeowner takes responsibility or

any of the essential elements, the home may be considered owner built, and will not be covered by the Tarion warranties.

Essential elements include the footing/foundation, framing, exterior cladding, building envelope, and the electrical, plumbing and heating systems.

An owner-built home is one where the landowner owns the lot, and either exercises significant control over the construction of a new home, and/or is responsible for contributing one or more essential elements to it. This can even include entering into contracts directly with subtrades for those essential elements.

Owner-built homes are not covered under warranty because owners would be providing the warranty to themselves.

Before signing a contract with a builder, make sure he/she is a registered Tarion builder by checking the Ontario Builder Directory at tarion.com. It is a criminal offence in Ontario to build homes without being registered with Tarion. If a contract home builder gives you the option of signing essential element contracts yourself, dont do it! Insist the builder signs these contracts so your warranty rights are protected.

Work supplied or installed by the homeowner can compromise your warranty. Design and work supplied or installed by the homeowner, as well as alterations, deletions or additions made by the homeowner, are not covered under warranty.

Although supplying some non-essential elements such as finishings will generally keep your warranty intact, it can have an impact on certain aspects of your warranty. For example, supplying and installing a kitchen sink will void your warranty on that sink since it was not supplied or installed by your builder. You can also experience a domino effect if anything youve supplied or installed damages something the builder has supplied. For example, a leak from an owner-supplied kitchen sink that damages the builder- supplied floor could void the warranty on the damaged flooring.

When purchasing a contract home, make sure you understand the warranty implications of becoming involved in your homes construction. If the home is built from the foundation to the finished stage by a builder, it is likely eligible for statutory warranty coverage. However, there are a variety of reasons why a custom or contract home may not be covered under the statutory warranty. Visit tarion.com to find out what types of homes are and are not covered. If you have any questions about your new homes warranty, call us at 1.877.9TARION or send an email to [email protected]

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HEAT-MUL-A-AD-NHC-OCT23-3.indd 1 14-10-28 12:04 PM

//LEGALLY SPEAKING

JAYSON SCHWARZ LL.M. is a Toronto real estate lawyer and senior partner in the law firm Schwarz Law LLP. If

you have a topic in mind, mail, deliver or fax letters

to the magazine or to the firm, email

([email protected]) and give us your

questions, concerns, critiques and quandaries.

by JAYSON SCHWARZ

What is title insuranceAND HOW IMPORTANT IS IT?

Title insurance is supposed to provide comprehensive insurance coverage for certain title-related risks associated with homebuying. Risks such as zoning issues, claims of mental incapacity, lack of up to date survey and the legal services provided by your lawyer (such as title certification). It insures against such defects in title, which may occur from conflicting ownership claims, liens, undischarged mortgages, consents and the like. It will cover compliance and access issues such as work orders, permit violations, fences, boundaries, tenancies and rights of way certain easements. It is supposed to be in force so long as the purchaser or his heirs own the property. Title insurance will outlive the certification of your lawyer, whose insurance stops if he or she dies or stops practice.

Okay, what if something is wrong and a prospective purchaser will not accept a new title insurance policy at no cost? The insurer will pay out in accordance with the policy, or will, if possible, repair the defect. Title insurance protects from vendors that wont re-adjust or misrepresent things such as the real estate taxes paid. In addition, lawyers insurance is time of incident related, which means in simple English that if your lawyer is dead, retired or stops practice and you make a claim after that, you are not covered.

Title insurance saves you money. Disbursements, money paid to third parties for items such as building compliance letters, subdivision compliance letters and deed registration, are lower. We estimate $200 to $300 on a deal after the cost of the policy.

Almost all of Ontario is now on an electronic registry system. Title insurance has become the norm and many of the transactions are done by computer communications. Make sure the lawyer you select has taken the title insurance courses, has gone to the seminars on Terranet, the electronic registry system, and can properly advise you. The Law Society passed a rule that every lawyer on a residential real estate deal must advise the client of title insurance, the different companies and how it works. Remember, a lawyer survives by repeat business and referrals, and a lawyers mandate from the Law Society is that the clients best interests must come first.

We have all read and heard about mortgage and title fraud, where unscrupulous people put fake mortgages on properties or sell houses they do not own. Title insurance indemnifies you against these occurrences.

To summarize, title insurance does four things better than lawyers insurance through Law Pro (the Law Societys insurance arm): Gives better coverage as to the quality of your ownership

than a lawyers insurance; Lasts forever when lawyers dont; Saves $300 to $400 in disbursements; Protects from mortgage and title fraud;

Every lawyer has an obligation to make you aware of your title insurance options, so you can choose which way you want to go. Think through your options carefully and choose wisely.

Title insurance will outlive the certification of your lawyer,

whose insurance stops if he or she dies or stops practice.

*Certain Terms and Conditions shall apply. Full disbursement disclosure.

TORONTO OFFICE1984 Yonge St.,Toronto

Ontario M4S 1Z7

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IN THIS SECTION

>> Maps and listings for new-home communities in the central and north region>> Builder news and the latest in new homes in the central and north region

Showcasing new homes in the GTAs central and north regions

November 15 - 29, 2014

//IN THE NEWS

Geranium breaks out the bubbly ON SECOND ESTATE HOME COMMUNITY IN BALLANTRAE

Geranium Homes recently celebrated the completion of site services and the start of house construction for Copperstone, the companys second estate-style neighbourhood in Ballantrae. Copperstone opened for sale in 2013 and within 10 months, 17 of the 18 lots were sold at prices of more than $1.1 million. Two-storey and bungalows-with-loft designs were developed for the irregular half-acre parcels ensuring individuality for each home in this cul-de-sac community situated 10 minutes north of Stouffville and close to Aurora. Only one home remains, priced at $1.3 million.

Copperstone is an architecturally controlled community with beautiful exteriors of clay brick, structural precast stone, low-maintenance Hardie board siding and trim, decorative mouldings and accent features.

Sumptuous interiors offer light-filled kitchens with oversized windows. Designs may feature a music or morning room, a library and double master bedroom suites. Each home has a covered rear porch or loggia, and most have a main-level mudroom and separate laundry.

Notable features include nine-ft. ceilings on main and second floors; eight-ft. in the basement. Other luxury details (all as per plan) are oak stairs with upgraded pickets; granite tile and hardwood flooring; upgraded kitchens with Bosch Appliances and granite countertops; and central air-conditioning. Beautiful details include trim and coffered, tray and waffle ceilings, as per plan. Great Rooms have a gas fireplace with a choice of elegant plaster mantle and surround.

Geranium Homes is known for its superior construction materials and methods. Homes here will be Energy Star for New Homes labelled with third-party verification and energy savings. At the leading edge of conservation initiatives, Copperstone homes will have the rough-in plumbing for a grey water reuse system, to conserve water and energy savings for future residents.

Geranium Homes will be launching a new cul-de-sac estate home community of .75-acre lots at 9th line and Bloomington in the near future.

Geranium Homes was BILDs 2012 Home Builder of The Year and Canadian Home Builder Associations Grand Sam Award Winner. The Housing Division of Geranium Corp., one of Ontarios few fully integrated land development and building companies, Geranium has been developing and building family communities across Southern Ontario for more than 36 years.

Copperstone site is located on Lakeshore Road on the east side of Hwy. 48, (eight km north of Stouffville), in Ballantrae. Presentation centre is located at Forest Trail Estates on the west side of Hwy. 48, south of Lakeshore Road. Hours are weekends from 11 a.m. to 5 p.m. or by appointment. Call 905.642.1900 geraniumhomes.com

Geranium Corp./Geranium Homes team, left to right: Farrah Ward, Shauna Dudding, Boaz Feiner, Bill Jewel, Sue Webb Smith, Andrew Dunlop (SCS Consulting) and Brenda Hynes.

MORE MIXED-USE PROJECTS, PLEASE!

Demographics driving development

Canadian homebuyers are forgoing the larger lots and extra bedrooms of the burbsin favour of urban conveniences close to home,according to a recent report titledEmerging Trends in Real Estate 2015conducted byPwCandUrban Land Institute(ULI). Urbanization is no longer a growing trend, but ratherthe new normal. Hot on the heels of these city-bound homebuyers are developers who are keen to meet buyer demand and add value to their properties by exploring new mixed-use developments like condos and rental apartmentswhich combine residential and commercial opportunities.

In the Canadian market, the bidding on prime properties can be quite competitive. In response to this competition, the market has become very creative in finding ways to enhance value. The convergence of residential and commercial development is a way to illustrate this value, says Frank Magliocco, national leader, Canadian Real Estate, PwC. Residential developers have started to add retail and other services such as health care and education in a bid to attract buyers. Likewise, commercial developers are including residential components to their office and retail projects.

Canadian real estate at a glance:The best places to be in 2015Calgary and Edmonton have been named Canadas top real estate markets, scoring well for investment, development and housing.

Toronto came in third, with continuing migration by residents and retailers to the city core, and an already strong condo market further solidified by a lack of affordable housing.

Following closely in fourth, Vancouver is expected to lead in growth in 2015, with steady foreign investment pouring into its robust housing sector.

Montreals stable market is expected to remain so in 2015, with a drop in the condo market as it continues to absorb inventory. Meanwhile, the city is keen to attract high-end retailers via Rue Ste. Catherine, where experts foresee the avenue being transformed over the next five years, according to the report.

While in Winnipeg, a drop in home sales has raised concerns around overbuilding impacting the citys finances.

The real estate industry of Canadas large urban centres continues to be an engine of stable economic growth for the country. It has proven itself to be a low-risk business environment for developers and investors, says Richard Joy, executive director, ULI Toronto. This is especially true in western Canada. The market shift toward urban cores and transit-supportive communities is a unique opportunity to maximize the value of new public infrastructure investment in major cities across the country.

//IN THE NEWS

by LYDIA MCNUTT

Plan for the care and upkeep of your new home by DAVID HIRSH

//INDUSTRY INSIDER

Your home will be one of your biggest investments whether you live in a freehold single-family home or a condominium so it pays to budget for the maintenance youll need to preserve this investment. Maintenance fees for a condo versus the costs associated with the ongoing care and upkeep of freehold ownership are actually fairly equivalent when you compare homes of approximately the same size, location and price.

Choosing between condo and freehold is really a matter of lifestyle preference, rather than a financial choice. Condos have a more hands-off approach to building maintenance, while freehold owners typically arrange for their own suppliers or do the jobs themselves.

Condo maintenance fees are your share of the costs required to properly run and maintain where you live. Generally speaking, these fees pertain to any utilities that are not individually metered and billed, along with items such as exterior window cleaning, snow removal, gardening and common area cleaning. Fees are calculated based on the size of your unit, so fees for a two-bedroom suite will be higher than for a studio. Fees are recalibrated yearly, up or down, to account for the buildings annual operating budget. A condominium building with more amenities will also have higher maintenance fees due to the additional upkeep required.

A certain part of condo fees are set aside as a contin-gency fund. These include elements required eventually, such as a new roof. Condo fees can also incorporate a category known as special assessments. These are one-time fees levied for unexpected repairs not covered by the contingency fund. They generally occur only in older condos, where the operating budget has not kept pace with required maintenance, or in the case of an emergency, such as a flood. Once the bill is paid off, monthly fees will drop accordingly.

When it comes to owning freehold, setting money aside monthly for inevitable future renovations is smart. While living in your home, youll want to keep up with replacing lost or damaged shingles or filling in masonry settlement cracks. Many maintenance issues can be predicted fairly accurately in terms of time such as, a roof

likely has to be replaced after about 10 years. But, unexpected costs can arise if you forget to winterize your exterior backyard hose pipe, and you may find your basement flooding.

There are numerous ways to calculate how much you should save monthly for maintenance on a freehold home. You can make a good guess by calculating one per cent of your purchase price and one per cent of the total square footage of your home and taking the average. For example, if your home costs $300,000 and is 2,500 sq. ft., one per cent of your purchase price is $3,000, and one per cent of your square footage is 2,500. The average youll want to save annually is $2,750

gta new home guide - nov 15, 2014

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