Tag Archives: Empire Communities

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THE SALESMAN : What to look for when buying an investment condo

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THE SALESMAN : What to look for when buying an investment condo

By Dan Flomen
Empire Communities

Buying a new condominium is the largest investment anyone will make in his or her lifetime. It’s a purchase that will come with almost a lifetime of mortgage payments and monthly maintenance and tax bills.

So why is that most people spend less time reviewing the paperwork on this buy than the paperwork when purchasing a television or car? In fact, countless people buy new condominiums and never take the paperwork to a lawyer. An equal number of people don’t even take the time to read the paperwork themselves.

It is of no surprise to many on the building side that on closings so many of these people are surprised by what they deem the hidden costs of buying and the surprising terms that they “never knew.” The truth of the matter is that almost all builders fully disclose all closing costs and terms in the agreements. In fact, the new home warranty program (Tarion) has regulations specifically calling on builders to outline all the closing costs a buyer will have to pay. Where this is a fixed number, that amount is disclosed. Where there is a possibility of an unknown cost — such as the exact amount of realty tax — the method of calculation is also spelled out for buyers. To fully understand where to look, a buyer must first understand the major sections of any Agreement of Purchase and Sale.

A condominium purchase in Ontario comes with an automatic conditional period. Known as the “cooling off” period, this 10-day time frame in which the buyer can cancel starts from the date at which the buyer acknowledges receiving both an executed and accepted Agreement of Purchase and Sale along with the condominium document and disclosure material. The 10-day period allows the buyer to familiarize themselves with both these agreements.

The condominium documents will have a section called the budget, which is critical for a buyer to review. It will spell out the maintenance fees specific to both the subject unit — and all units in the building — and lays out how the fees were calculated. A buyer should read this section carefully as it will show potential future issues, such as escalation rights of the maintenance fees if the building is not completed by a certain date. It will also indicate how the builder and property manager intend to maintain the building. If this number seems low you should ask the builder how this cost would not escalate.

The other important items are to understand is the rules and regulations, which will help you understand your rights towards leasing if bought as a long-term rental investment. Very few buildings allow short-term rentals, yet more and more we are seeing Airbnb listings contrary to the rules. If you are caught doing things contrary to the rules you should be aware of the condominium’s right to a forced sale.

The Agreement of Purchase and Sales will almost always have a section called Adjustments. This will outline many of the extra costs that a buyer will have to come up with on closing. These include items such as meter installations, law society fees, increases in development charges and parkland levies, taxes that are not included and the cost per deposit cheque for the solicitor to deposit in their trust account.

It is rare for a builder to waive these but many will put an upper limit on any variable ones. This is more of a personal decision than a legal one.

Take the time to understand all these costs and speak to your accountant for a better. Above all, it is also important that you speak to your accountant to understand the HST implications upon buying a new condominium. HST is often not included in investment properties but the government has some programs to refund most of the money once the unit is leased. On closing, however, you may be hit with a large HST bill.

This all may seem scary but in the long run the condominium markets, especially in the GTA, has provided returns that makes good business sense. Take the time to read your paperwork. Understand the downsides, but when weighed with the potential upside, take a leap of faith if you feel the buy is right.

Dan Flomen is senior vice president, sales, at Empire Communities. https://empirecommunities.com/

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The Salesman: The Wave Theory

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The Salesman: The Wave Theory

By Dan Flomen
Empire Communities

If you have been in real estate long enough, you know about the wave theory. No, I’m not referring to a mathematical theory, but the rise and fall of the velocity of sales in the market.

From-time-to-time, and often due to governmental interference, the number of sales in a given quarter rise or fall. The more the volume of sales fall, the greater the news coverage.

The beginning of this year should prove to be a slower sales cycle, not because of pricing, which continues to rise, but because of the government’s desire to slow the pace of sales under the premise of protecting the future. Because of that, the new mortgage rules and stress test are now in place. Some statistics show that 10 per cent of the market will no longer be able to purchase a home. Others have stated that is a lowball estimate. But what is the underlying reason behind the government’s changes to the rules? Is it to actually slow the market or to ensure that buyers are not over-extending themselves and protecting the future? Only time will tell, but the issues surrounding the new stress test are not black and white.

The first issue is that they are requiring conventional buyers to qualify at a much higher interest rate and therefore eliminating many potential homeowners who would otherwise qualify. Keep in mind they are basing this on potential future increases in interest rates, while at the same time not factoring in employment income increases. In other words, they are saying you need to qualify for a much larger monthly payment (assuming the rates go up over the next several years) but not factoring in salary increases.

This makes no sense. This creates undue pressure on young families trying to get into the market. Forget investors for a moment and focus on Canadians trying to get into homeownership.

The other issue is that so much emphasis was put on getting this message out that the fear mongering will take over the psyche of many who do qualify.

This in turn will affect the volume of sales in the short term.

The silver lining in all this is that — like a wave — the slower short-term sales numbers will often be offset by a rush of sales in the second quarter when the reality of the changes are absorbed and understood better. The initial shock to the general public will be forgotten and buyers seeking a home or an investment will come back.

Let’s face a truth: Toronto and the outlying areas are still a great opportunity for long-term investing. As well, the first quarter will see some unique opportunities for those people looking to get into the market. Waiting too long may result in missing out on lower prices; as with any wave, with rising sales volume prices increase, too.

Take your time and purchase wisely … but don’t stop buying.

Dan Flomen is EVP, sales at Empire Communities and EVP at TFN Realty Inc.
https://empirecommunities.com/
http://tfnrealty.com/

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What is your decor personality?

What is your decor personality?

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What is your decor personality?

Empire Communities will help homeowners to live beautifully with a new video design series in partnership with Andrew Pike.

Empire Communities, one of Canada’s largest homebuilders, is announcing the launch of a new design series in partnership with Andrew Pike. The eight-episode “Love Design, Live Empire” video series — filmed on location in five new model homes at the Riverland community in Breslau — will inspire homeowners to live beautifully in a space that reflects their style.

Starring Andrew Pike, the founder and principal designer at Andrew Pike Interiors Inc. and nationally recognized media personality, these bite-sized videos offer essential tips and advice for every room of the house. By subscribing to the video series, viewers will unlock new content each week, including style guides, design tips and budget planning templates to design their dream home.

“We know how stressful and overwhelming decorating one room can be – let alone an entire newly built home – so partnering with Andrew Pike to create beautiful inspiration for homeowners and guide them through the design process of their dream home is something we are very excited about,” said Sue MacKay, vice president of marketing at Empire Communities. “By working with Andrew to create five very different, yet viable design styles, we’ve made sure that there’s something for everyone.” With five model homes at Empire Riverland as his canvas, Pike transformed each space into a magazine-worthy home with design themes Coastal Chic, Hollywood Glamour, Modern Farmhouse, New Traditional and Refined Industrial. Through the series, viewers can now bring Pike’s expertise into their homes.

“After years of working with Empire, I feel confident I understand what their homeowners are looking for, and hope to inspire with both functional and sophisticated design,” said Pike. “My partnership with Empire has resulted in some truly amazing projects, and I believe this one is one of our best yet.”

For more information on the video series, visit empirecommunities.com/love-design-live-empire and take the Design Quiz to identify your design personality.

Empire Riverland is set in the picturesque town of Breslau, a quick jump from Kitchener/Waterloo. Riverland is a 1,300 townhome and detached home master-planned community offering families a safe, friendly community rich with green space, parks, a community centre, and schools.

For more information, visit empirecommunities.com.


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Empire Communities - Highrise Division - Emilio Tesolin

Empire Communities appoints new president for highrise division

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Empire Communities appoints new president for highrise division

Emilio Tesolin has 20-year history in development industry

(CNW) — Empire Communities announced the appointment of Emilio Tesolin as its new president, highrise as of November 27, 2017.

Emilio Tesolin
Emilio Tesolin

Emilio Tesolin most recently served as division president, highrise, with Mattamy Homes. He first joined the Monarch Corporation in October 1997, and has held several senior positions throughout the course of his career. In 2005, Tesolin was promoted to senior vice president of highrise at Monarch until it was acquired by Mattamy in January 2015.

As a 20-year veteran of the construction industry, Tesolin has been involved in both lowrise and highrise construction and brings an immense amount of experience to Empire. He received his Bachelor of applied arts and science degree in civil engineering from the University of Toronto in 1983.

“As Empire grows, we have positioned ourselves with great leadership to ensure that our highrise developments are the upper echelon of innovation and customer satisfaction,” said Tim Royds, COO of Empire Communities.

Empire Communities builds lowrise and highrise communities across Southwestern Ontario, the GTA and Houston, Texas. Founded in 1993, Empire has built over 10,000 new homes and condos, combining innovative energy-saving features with designs that make luxury living more affordable. Today, Empire is one of the largest homebuilders in Canada, with over 100 awards for their communities, customer service and dedication to green building.

empirecommunities.com



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Product Profile: Distinctions - EnerQuality Awards - Mar2017

Product Profile: Distinctions – EnerQuality Awards

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Product Profile: Distinctions – EnerQuality Awards

Paul Golini of Empire Communities chosen as EnerQuality Hall of Fame inductee

Paul Golini Jr. took to the stage as this year’s EnerQuality Hall of Fame inductee at the EQ Awards held February 23, 2017 at the Universal EventSpace in Vaughan.

He joins a prestigious group of green building champions, including Peter Gilgan, founder and CEO of Mattamy Homes, Andy Goyda, Canadian Builder Lead & Market Development Manager for Owens Corning Canada, and the late Bruce Gough, considered the father of the Energy Star program in Canada.

Golini is the executive vice president and co-founder of Empire Communities, a privately-held real estate development company in Vaughan. The son of a civil engineer and contractor, and the grandson of an apartment builder in Rome, he came pretty close to being a restaurateur instead of builder.

“In my teens, I was more interested in my mom’s family business. She comes from a lineage of restaurateurs in Rome,” Golini told the Toronto Star in 2011. “My grandparents started a restaurant in 1911 and I spent my summers working in the business. At a certain point, I had to decide and it ended up being the building business.”

After obtaining a master’s of commerce and an economics degree from the University of Toronto, he worked in Japan and Brazil before returning to join his father’s development company. Within a year, he and partners Dan and Andrew Guizzetti started their own building company.

The EnerQuality Hall of Fame award recognizes “an individual who has made a significant and long-term impact advocating energy efficiency and green building practices in the new construction energy.”

Empire — one of Canada’s largest homebuilders — was an early adopter of high-performance homebuilding. Since their involvement began more than a decade ago, Empire has enrolled more than 4,000 homes in Energy Star and has made the 20 per cent more-efficient-than-building-coderequirements a standard in the bulk of their lowrise projects.

Golini has tirelessly served on many industry boards and committees, holding such positions as chair of the Building Industry and Land Development Association (BILD), serving as a member of the board of directors of Tarion Warranty Corporation and the EnerQuality Corporation, as a Habitat for Humanity Toronto Advisory Committee member and Member of the Toronto Region Board of Trade; he was also appointed by the Ontario Government to the Building Code Conservation Advisory Council (BCCAC).

“I have been struck over and over again by one quality in particular of Paul’s: his way with people,” said Corey McBurney, EnerQuality president “As the quote says: ‘People forget what you said, people forget what you did, but people never forget how you made them feel.’ ”

The man and the organization both share a history of philanthropy – Empire has a policy to positively impact the neighbourhoods they build in, donating to or sponsoring programs ranging from the Wayne Gretzky Sports Centre in Brantford to the annual Caledonia Easter Egg Hunt.

In addition to his industry-related volunteer efforts, Golini is also active in causes including the Humber River Hospital campaign and serving as president of the board of directors of the Italian Contemporary Film Festival.

ENERQUALITY AWARDS

Go online to see a full list of all the EnerQuality award winners.

EnerQuality.ca/awards


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Building award-winning communities in North America

Building award-winning communities in North America

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Building award-winning communities in North America

by Bryan Tuckey

The GTA is home to some of the best building and development industry professionals in North America.

The work of local members of the industry frequently receives national and international praise and recognition. In January 2017, several of our builders, developers, designers and marketers were recognized south of the border at the National Sales and Marketing Awards. Known as The Nationals, this annual competition honours the best in the industry across North America.

BILD members have a long history of winning at the Nationals and this year our members received 44 silver and 10 gold awards in a range of building, design and marketing categories.

One of the areas in which members did exceptionally well was in the architectural design of attached homes. Minto Communities received two silver awards for their work on two Toronto-based developments. One of them was Bside, a condo development at Bathurst and Front Streets, and the other for Long Branch, a collection of stacked townhomes in the city’s west end. The gold award in the Best Architectural Design of an Attached Home Plan category was presented to BILD member Brookfield Residential for a four-storey contemporary condominium project they are building in the U.S.

Local developers Empire Communities and Tridel were each honoured with two gold awards. Empire won the Best Social Media Campaign and Best Computer Generated Sales Tool awards for Avalon, a community of townhomes and single-family detached homes in Caledonia. Meanwhile Tridel was recognized in the Best Print Ad Campaign and Best Brochure Lifestyle Magazine categories for SQ, a new condominium development in Toronto’s Queen West neighbourhood.

Toronto-based marketing agency Montana Steele won the most trophies among BILD members, collecting 19 silver awards and two gold awards. Six of those silver awards were for Rodeo Drive, a condominium development in North York, which earned them a gold award in the Best Print Ad category.

Fred Losani, right, accepts the Building Industry Community Spirit Award.
Fred Losani, right, accepts the Building Industry Community Spirit Award.

A highlight at this year’s Nationals was the presentation of the prestigious Building Industry Community Spirit Award to Losani Homes for its work with the Losani Family Foundation. The annual award is presented to a builder-supported non-profit program or charity and is judged on its originality, concept and execution.

Losani Homes is a builder from Stoney Creek that has been developing new communities in and around the Hamilton area since 1976. It formed the Losani Family Foundation in 2013 with the help of the Hamilton Community Foundation to help support Losani Homes’ various charity work. Since then the foundation has worked with a number of local charities and initiatives such as the Bruce Trail Expedition for Kids and the Toy and Turkey Drive.

More recent efforts saw the Losani Family Foundation partner with Free the Children, a Thornhill-based charity helping impoverished children in developing countries. Last year the foundation took its efforts to Ecuador where several members of the Losani family helped build a classroom and a medical facility that will help service 12,000 people from surrounding villages deep within the Amazon jungle.

Bryan Tuckey is president and CEO of the Building Industry and Land Development Association (BILD). He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta) and BILD’s official online blog (bildblogs.ca).


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Paul Golini Jr.

EnerQuality honours Hall of Fame recipient Paul Golini Jr.

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EnerQuality honours Hall of Fame recipient Paul Golini Jr.

EnerQuality is pleased to announce this year’s EnerQuality Hall of Fame award will be given to Paul Golini Jr., co-founder and executive vice president of Empire Communities, one of Canada’s largest real estate development companies. The recognition will be presented at the Housing Innovation Forum and Awards on February 23, 2017.

From sitting on boards and steering committees of industry regulatory bodies like Tarion and EnerQuality, to his leadership role as chairman of one of the industry’s most influential organizations, the Building Industry and Land Development Association (BILD), Golini’s vast array of experience has led to opportunities in leadership, research and consultation. Having built more than 10,000 new homes and condominiums with development and home building operations in Canada and the U.S., Golini is a leader, mentor and guiding force in the industry.

enerquality.ca

empirecommunities.com


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Empire Communities

Video : Empire Communities – Where Your House Becomes a Home

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Video : Empire Communities – Where Your House Becomes a Home

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