Tag Archives: 2020 outlook

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Outlook 2020 – Angela Marotta, Director of Sales & Marketing, Solmar Development Corp.

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Outlook 2020 – Angela Marotta, Director of Sales & Marketing, Solmar Development Corp.

Part of our series of Outlook 2020 Q&As with building industry executives

Condo Life: What is the outlook for the new home industry in 2020?

Marotta: We’re very optimistic, as national averages increase together with market demand and population growth, especially as employment opportunities increase. We see growth in the outer cores of Toronto, namely Mississauga, Vaughan and Scarborough, as price surges in Toronto make it unaffordable for some to own. We see an increase in lower density housing, as condo prices continue to increase, making a townhouse, semi or detached in some municipalities more affordable and desirable to own.

Angela Marotta
Angela Marotta, Director of Sales & Marketing Solmar Development Corp

CL: And for Solmar?

Marotta: We have almost 1,000 units across two highrise projects hitting the market this spring – Oro at Edge Towers in Mississauga, and our final tower at Park Avenue in Vaughan. The first two towers at each of these projects are sold out, so these new towers at each project are the final ones. We’re planning new mixed lowrise density developments for 2021 and into 2024 in various areas across the GTA, including Niagara on the Lake, Caledon and Erin – all of them master- planned communities.

CL: What is your company doing to address the issues facing the homebuilding industry – namely, affordability and new home supply?

Marotta: We are building in various parts of the GTA and surrounding areas, which allows us to plan and build various types of housing at various price points. Master-planned communities are in preliminary stages in Caledon and Erin, which sees us building mixed lowrise, together with employment lands which will continue to attract new homebuyers. Some of our other lands within the GTA will be designated highrise density, as we foresee this continuing to be a growing market.

It will be interesting to see how the First-Time Buyer Incentive program impacts the market, as most properties in the GTA cost more than $525,000 and with a minimum required income of $120,000, I’m not sure if these homebuyers can afford to carry the property, even with the assisted down payment of 10 per cent. It would require a lot of lifestyle changes that perhaps most people are not willing to make. Increasing the RRSP withdrawal cap to $35,000 is a great incentive for first-time homebuyers, as down payment is an issue even if qualifying for a mortgage isn’t.

Solmar will continue to promote homeownership, as it remains a stable investment opportunity for all and gives great sense of pride.

CL: What more could the industry do to address these issues?

Marotta: It’s difficult because there are a lot of regulatory costs, increased development levies and other costs that are not unique to us as a developer and builder. The end consumer will ultimately be affected by growing end costs, and this results in increased prices across all housing types, regardless if they’re high- or lowrise.

At Solmar, we try to be as efficient as possible during the planning stages of development, but we are all at the mercy of regulatory and political authorities. As an industry, we also need to look at providing more product that is more “affordable” to encourage homeownership across all sectors. This would push development out of the city core, so municipalities need to focus on infrastructure and transit to allow for this expansion, which in turn could allow for growth of more affordable product.

CL: What should prospective new-home buyers know about your company for 2020?

Marotta: Oro, the third and final tower at Edge Towers in Mississauga, is set to open in early spring, with pre-registration now open. It will rise to 50 storeys and have 630 residential units. Indoor and outdoor amenity space stretches over two floors with views over the city. A mix of one bedroom, one plus den, two- and three-bedroom suites are available, including three luxury penthouses across the top floor. It is the only new project that borders the future LRT transit line.

The third and final tower at Park Avenue in Vaughan is slated to open this spring, with more than 24 floors and about 250 suites, located in a prime area of Vaughan surrounded by a park setting. It is a luxury condo project with a similar mix of suites as Oro at Edge.

Bellaria Phase 2 in Vaughan will be an exciting project, following in the footsteps of Bellaria Phase 1, which was the first highrise condominium project in Vaughan, with four towers. We are in design stage and plan for launch in 2021.

CL: Why should prospective new-home buyers consider buying from your company in 2020?

Marotta: Solmar homeowners have seen healthy increases in overall value, which has them purchasing from us again and again. This is based on the location of our communities, proximity to transit, design and quality of their home, our continued in excellence with Tarion Warranty Corp. and referrals from past Solmar homeowners. Our reputation with the industry and consumers alike is very important, and we have worked very hard over the past 30 years to attain it and cherish it!

Special Report: Outlook 2020

Outlook 2020 – 5 things you need to know about real estate this year

Outlook 2020 – Jared Menkes, Executive Vice-President, Menkes High Rise

Outlook 2020 – Anson Kwok, Vice-President Sales & Marketing, Pinnacle International

Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel

Outlook 2020 – Nick Carnicelli, President, Carriage Gate Homes

Outlook 2020 – Fan Yang, Deputy General Manager, Aoyuan

Outlook 2020 – Jordan DeBrincat, Director of Operations, Altree Developments

 

 

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Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel

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Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel

Part of our series of Outlook 2020 Q&As with building industry executives

Condo Life: What is the outlook for the new home industry in 2020?

Fung: Last year saw the return to a more stable market, after the huge period of growth in 2017 and the year of uncertainty in 2018. The new home industry introduced a number of prominent new communities, many of which achieved a favourable reception. With interest rates still at historic lows and an ever-growing population, the GTA continues to be a prime destination for all. We would expect this trend to continue into 2020, with pent-up demand driving more developers to introduce new developments and communities into the marketplace.

Samson Fung
Samson Fung, Vice-President Marketing, Tridel

CL: And for Tridel?

Fung: We are very excited to introduce a number of new projects in the early half of 2020. These communities will be located throughout the GTA, including Toronto and Markham, with a focus on designing for the end-user. With prime locations and a variety of amenities, these new condominiums will suit the lifestyles of urban professionals, families and downsizers, as well.

In addition, we will be delivering keys to approximately 1,600 homeowners at our SQ2 community downtown Toronto, at Islington Terrace and Bloorvista in Etobicoke, at Selene and Avani2 at Metrogate in Scarborough, and finally in North York, to homeowners at Parfait, the final phase of our Atria community.

We will also be opening the doors to our Innovation Suite at Ten York. This tech-focused suite was designed to transform the way people live; showcasing technologies that were created to make life easier, more comfortable, and quite simply, better at home. The suite will also serve as a learning hub for the industry to learn about what’s new in housing technology.

CL: What is your company doing to address the issues facing the homebuilding industry – namely, affordability and new home supply?

Fung: Tridel is actively working with city planners to find solutions to the issues facing our industry. In the shorter term, the several launches we are planning for 2020 will comprise approximately 850 suites; therefore, increasing the overall supply for new homes available within the GTA. We are also partners with the Toronto Community Housing Corp. (TCHC), and we are working together to revitalize the Alexandra Park and Leslie Nymark communities. The TCHC townhomes at Leslie Nymark are well under construction; and at Alexandra Park we will be delivering occupancy to the townhomes early into the new year. In addition, we will be launching our third phase to this community, which will include a market condo tower with 174 suites, and include an affordable homes tower.

CL: What more could the industry do to address these issues?

Fung: The development industry needs to address them directly, and with a united voice. While BILD and other organizations can help to bring these matters to the attention of the City and other legislative bodies within the GTA, the developers and builders of the industry all need to come together, identify the issues and agree to tackle them together so that we can support and implement the changes needed to make improvements.

CL: What should prospective new-home buyers know about your company for 2020?

Fung: It’s going to be a busy year! We will be launching four or five new projects within the GTA – specifically in Toronto, Markham and Etobicoke. We will be starting construction on four projects, including the condominium portion of The Well Signature Series at Wellington and Spadina, and on our Aqualuna project in the Bayside Toronto community. In Etobicoke, we’ll be starting construction on Evermore at our West Village community, and finally, on Chateau, the third phase of the Auberge on the Park community in North York. Final closings will be taking place at Avani2, Bloorvista, Islington Terrace, Parfait and Selene.

CL: Why should prospective new-home buyers consider buying from your company in 2020?

Fung: Our “Built for Life” motto reflects our commitment to quality in all that we build and do, from the homes we deliver to the lifelong relationships we build with our homebuyers. We have been building homes for more than eight decades, and we take our leadership role and responsibility seriously. Our reputation as one of Canada’s leading highrise developers is rooted in our dedication to customer service, innovation, environmentally sustainable designs, construction excellence, and most importantly, quality. All of this earned us the distinction as the 2019 Builder of the Year awarded by the Ontario Home Builders’ Association.

Our relationships with strong, highly-skilled trades have helped us deliver more than 85,000 homes in the GTA. Our trades share our commitment to quality, and we work together to deliver spectacular products to our homeowners at closing, with all of our suites undergoing rigorous quality assurance checks before residents receive their keys.

The communities we introduce in 2020 will be well-suited for an array of homebuyers, in a range of locations from serene greenery to the trendiest urban areas.

Special Report: Outlook 2020

Outlook 2020 – 5 things you need to know about real estate this year

Outlook 2020 – Angela Marotta, Director of Sales & Marketing, Solmar Development Corp.

Outlook 2020 – Jared Menkes, Executive Vice-President, Menkes High Rise

Outlook 2020 – Anson Kwok, Vice-President Sales & Marketing, Pinnacle International

Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel

Outlook 2020 – Nick Carnicelli, President, Carriage Gate Homes

Outlook 2020 – Fan Yang, Deputy General Manager, Aoyuan

Outlook 2020 – Jordan DeBrincat, Director of Operations, Altree Developments

 

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Outlook 2020 – Jordan DeBrincat, Director of Operations, Altree Developments

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Outlook 2020 – Jordan DeBrincat, Director of Operations, Altree Developments

Part of our series of Outlook 2020 Q&As with building industry executives

Condo Life: What is the outlook for the new home industry in 2020?

DeBrincat: The outlook has changed from what we are traditionally used to. Buyers are becoming savvy and really looking at the economic feasibility and viability of the units they’re purchasing, whether for investment or personal use. Location, amenities and pricing are all becoming such big factors now that there are lots of developments on the market in all different areas around the city. Purchasers are starting to come around to the idea of condominiums being homes where they can raise a family and have a life, instead of the traditional thought that a “home” is a detached house with a picket fence. Condominiums are becoming the way of life and are really starting to resonate with people when they are looking to decide their first home purchase.

Jordan DeBrincat
Jordan DeBrincat

CL: And for Altree Developments?

DeBrincat: Altree has always focused on going into neighborhoods that already have character, and add to that by developing strategically designed buildings. Downtown sites that are fit for towers are increasingly difficult to find, and the emphasis has shifted to neighborhoods outside the downtown core. One of the biggest aspects Altree considers when deciding on a site is that we first look at all aspects of the neighborhood, and look for not how we can change the neighbourhood, but how we can become a part of it.

CL: What is your company doing to address the issues facing the homebuilding industry – namely, affordability and new home supply?

DeBrincat: Altree looks for condominium developments in a variety of different neighborhoods throughout the city, all with different characteristics. Whether developing a boutique building in Forest Hill, a tower in Etobicoke or a midrise in Scarborough, Altree looks to build condominiums people will call “home.” We look to develop buildings in areas that are untapped and that allow us to really add to the neighborhood we are coming into. Developing in areas just outside of the downtown core allow us to have more flexibility on pricing, which allows us to offer products that are more affordable.

CL: What more could the industry do to address these issues?

DeBrincat: City approvals are a lengthy process, and in return this restricts supply to the market. Restricted supply creates more demand by buyers and more competition with construction, increasing construction costs tremendously. Altree believes the City needs more support in its planning and development process to allow for more seamless approvals which would provide more supply to the market in a timely manner.

CL: What should prospective new-home buyers know about your company for 2020?

DeBrincat: Altree Developments has a number of developments coming to the market over the next 24 months:

  • Forest Hill Private Residences: A nine-storey boutique building coming to Forest Hill in early 2020
  • Two eight-storey midrise buildings coming to the Highland Creek community in late 2020/ early 2021
  • A nine-storey building coming to Briar Hill early 2021

CL: Why should prospective new-home buyers consider buying from your company in 2020?

DeBrincat: At Altree, we place emphasis on building a home for prospective purchasers, and put a lot of time and effort creating a product of value. Whether that is offering superior quality products, more functional layouts or more square footage for less money, we always have the end goal of a “home” in mind. We understand that a home is one of the biggest purchases someone is going to make in their lifetime, and we want to make it as memorable as possible. These buildings take anywhere from two to five years to construct, and we want to maintain that level of excitement from the time of purchase to the time of move in.

Special Report: Outlook 2020

Outlook 2020 – 5 things you need to know about real estate this year

Outlook 2020 – Angela Marotta, Director of Sales & Marketing, Solmar Development Corp.

Outlook 2020 – Jared Menkes, Executive Vice-President, Menkes High Rise

Outlook 2020 – Anson Kwok, Vice-President Sales & Marketing, Pinnacle International

Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel

Outlook 2020 – Nick Carnicelli, President, Carriage Gate Homes

Outlook 2020 – Fan Yang, Deputy General Manager, Aoyuan

 

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