Tag Archives: 2020 Predictions

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

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

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?

Menkes: This year will continue to be a year of low supply and high demand, which will keep housing prices high, especially in prime locations. Overall, the 905 has experienced the largest growth, and will continue to grow, however the largest demand continues to be for housing along mass transit. Vaughan, in particular, will continue to be a very desirable location.

Housing supply will continue to fall short of meeting demand. RBC reported that Toronto CMA needs 22,000 new rental apartments and rented condominium units per year to satisfy demand between 2019 and 2023.

RBC also says that even if we anticipate that 70 per cent of all new condos are rented, and we have 4,000 new purpose-built rental apartments in the GTA every year, we still wouldn’t hit that 22,000-unit mark.

Jared Menkes
Jared Menkes, Executive Vice-President, Menkes High Rise

CL: And for Menkes?

Menkes: From a highrise perspective, sales for our projects in 2019 were strong and continue to demonstrate that people desire walkable communities in proximity to transit. Sugar Wharf on the Toronto waterfront was named the bestselling condo project in Canada for 2018, then we had a top-selling mixed-density project in Vaughan with Mobilio. With that success, we’ve moved to an even bigger four-tower project nearby, which will launch this year. Our prime locations, combined with the fact the city continues to experience a housing shortage, leads me to believe that we’ll experience strong sales in 2020.

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

Menkes: With many families priced out of the downtown core, they’re looking for more affordable options in the 905. At Mobilio, one of our most recent projects in Vaughan Metropolitan Centre (VMC), we’re offering a mix of housing types on one site, so we’re catering to every type of family and lifestyle. Since the community is close to Vaughan’s new subway station and all that VMC will offer over the next decade – including offices, shops and restaurants – we’re also fulfilling the desire to live in an urban setting at a more affordable price than downtown.

As the largest employment centre in York Region, Vaughan is becoming an increasingly desirable option for both young professionals and families. Festival, our latest highrise project in VMC, will be a four-tower community which will fulfill the area’s fundamental need for more density.

Clearly, family-friendly condos are an increasingly important segment in the market. Menkes will continue to deliver projects that offer familyfriendly amenities such as playrooms, entertaining spaces and co-work areas.

Townhomes, such as the ones we launched at Mobilio in Vaughan, are also offering families a more affordable option in an urban setting. We will continue to offer more townhomes with our Lake & Town project that will be coming to South Etobicoke this year.

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

Menkes: We need a healthier, more balanced market. People don’t have choices right now. The City and Province need to take a look at getting more supply on the market, and developers simply need to continue to build more product. Regardless of whether new housing is “affordable,” more supply will eventually lead to lesser discrepancy between supply and demand, and therefore reduce costs in the long run.

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

Menkes: Our reputation speaks for itself, but if buyers want to know the quality of a Menkes building, they can tour one of our buildings themselves. We are very proud of all our projects and believe the best way for buyers to educate themselves on builders is to actually see their work.

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

Menkes: There has increasingly been a flight to quality by prospective homeowners, opting for brands they know and trust, and we are fortunate to be one of those brands. We have reputation as one of Toronto’s top builders because not only do we take pride in the quality of our work, but we continue to deliver. We take it very seriously that people are investing their life savings with us.

Also, it’s important for builders to be innovative and to shift as homeowner needs and trends change. We have done this in the past – as we saw the trend to more families living in highrise buildings – and we will continue to do so.

We also manage our projects, which puts us at an advantage because we have the opportunity to get daily feedback on the management and operations of our buildings, and we strive to continuously improve.

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

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

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

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

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?

Kwok: The outlook is strong, as demand is still outpacing the supply that is coming to the market for sale and the delivery of finished product. The approval process is taking longer at the municipal levels and, in general, buildings are more complex and taller, which require longer completion times.

Anson Kwok
Anson Kwok, Vice-President Sales & Marketing, Pinnacle International

I would also expect new home pricing to be better paired with location and product in the marketplace. This will definitely help purchasers in their decision-making process.

CL: And for your company?

Kwok: Pinnacle International currently has four active construction sites in the GTA, and we are looking forward to increasing that to six projects under construction in 2020.

We are excited to welcome new members to our Pinnacle Uptown community in Mississauga, as Perla begins occupancy in the summer of 2020.

We are actively refining our master-planned communities in the GTA, with Pinnacle One Yonge, Pinnacle Etobicoke and Pinnacle Uptown in Mississauga.

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

Kwok: Our first step is developing and creating transit-oriented communities that provide the opportunities to increase new home supply, as well as provide homeowners with the flexibility of no longer requiring a vehicle and all the associated costs.

Another focus for our company is to build larger units both in terms of square footage and the number of bedrooms. This might create higher initial costs but increases livability and reduces the need to move multiple times to get to your desired size, which reduces additional transaction costs.

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

Kwok: There is a still a lack of supply to meet the current demand, so we still need to continue to work with municipalities to streamline the development process.

The industry also needs to provide supply that may be more size appropriate to the changing demographics in the GTA. This would require some incentives such as development charge reductions and changes to the financing model in the marketplace.

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

Kwok: In 2020, we are looking forward to launching the tallest residential tower in Canada – SkyTower at Pinnacle One Yonge, which will be 95 storeys.

CL: Why should prospective new-home buyers consider buying from your company this year?

Kwok: Location, master-planned communities and suite layouts. We have projects located in strategic, transit-oriented locations in Toronto, Etobicoke and Mississauga, and we are focused on providing master-planned communities for families to grow in. And when it comes to suite design, we are extremely proud of our layouts and have many family-friendly options.

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 – 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 – Nick Carnicelli, President, Carriage Gate Homes

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Outlook 2020 – Nick Carnicelli, President, Carriage Gate Homes

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

Condo Life: How do you see the outlook for the new home industry in 2020?

Carnicelli: We are going to see a very positive market. Spring will be very strong, with a number of very exciting projects coming forward. A diverse selection of housing will be available that will meet the many needs of new-home buyers. With interest rates remaining relatively low, and a strong influx of immigration, the economy will remain strong.

Nick Carnicelli
Nick Carnicelli, President, Carriage Gate Homes

CL: And for your company?

Carnicelli: We think 2020 will be Carriage Gate‘s biggest year, following a very exciting 2019, with the launch of our Roxborough Park development. This is the largest development we have ever been involved in. The project will feature a dynamic and affordable mix of housing types in Hamilton’s east end – three-storey towns, back-to-back towns, affordable and market rental apartments.

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

Carnicelli: Carriage Gate continues to innovate and bring new products to market to address housing supply and affordability. We work with a talented team of individuals and many of the industry leaders to meet homeowners’ needs. Our newly expanded construction team will lead, our renowned architects and creative consultants will innovate, and our customer-centric team at Carriage Gate will push the envelope to find new creative approaches to homeownership. The Roxborough Park master-planned community coming in spring 2020 will introduce a wide variety of home styles and address more affordable housing options.

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

Carnicelli: The building industry must not be complacent. We must continue to work with all levels of government to spearhead many of the changes needed to support our ability to provide affordable, high-quality housing to meet the needs of a diverse range of homebuyers. Our industry does more than just build housing. We must work together with our municipal partners to create “whole” communities with a full complement of services and amenities to improve the quality of life, not only for the existing residents but for future generations.

Now more than ever, municipalities must work together to bring forward the changes needed. In many instances, the municipalities may not have a staff complement that is familiar with the types of development and redevelopment proposals that will be bringing forward. These municipalities need our continued support. At Carriage Gate, we work closely with our municipal colleagues to promote the efficient review and consideration of new applications and many of the new and emerging municipal initiatives that fundamentally impact our business. We encourage the building industry to do the same.

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

Carnicelli: We are committed to continuing to bring innovative and high-quality projects to market. Construction will move into high gear at Gallery Lofts + Condos in downtown Burlington, with occupancy planned for 2022. Roxborough’s new master-planned community will come to market, in which Carriage Gate will play an integral role in the revitalization of downtown Hamilton, with the launch of one of the city’s biggest inner-city developments. We will forge ahead with the planning of a number of new condo projects through public engagement and consultation with our key stakeholders, and are looking forward being a part of downtown Burlington’s exciting evolution.

CL: Why should prospective new-home buyers consider buying from Carriage Gate in 2020?

Carnicelli: Burlington may just be the best place to live in Canada. It offers residents a safe and friendly environment as well as fabulous restaurants, shopping, festivals, events, a culturally rich arts community, and access to the Niagara escarpment.

Carriage Gate’s first downtown condominium, The Berkeley, geared to transitional buyers who appreciate a luxurious hotel-style environment, occupied earlier in 2019. Our next project, Gallery Condos + Lofts at 421 Brant Street, is now under construction, with occupancy to begin in 2022. Located directly across from City Hall in the heart of downtown, Gallery Condos + Lofts is within walking distance of everything you could imagine.

Available suites range from 500 to more than 1,600 sq. ft., with layouts that will appeal to everyone from young buyers looking for their first home, to mature adults seeking to downsize, but who still want space for entertaining family and friends. Carriage Gate continues to be an integral part of downtown Burlington’s exciting evolution, with a number of projects in the planning stages.

Specializing in the construction of high-quality homes, modern condominiums, commercial developments and urban highrise communities, we embrace the future, appreciate the past and celebration the dedication that has brought us to this point, where we can ensure our commitment of being “Home to New Living.”

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 – Fan Yang, Deputy General Manager, Aoyuan

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

 

 

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