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Yorkville is prized, exclusive and priced to match

Yorkville is prized, exclusive and priced to match

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Yorkville is prized, exclusive and priced to match

If location, location, location is the golden rule of real estate, the Yorkville area of Toronto is one of the most shining examples. Indeed, it doesn’t get much more central than this prized locale bounded by Bloor Street, Davenport Road, Yonge Street and Avenue Road. If midtown Toronto is what you want, a neighbourhood pretty much at the intersection of the city’s main subway lines at Yonge and Bloor is it.

Five-star is the perfect descriptor for Yorkville, home to the Mink Mile, one of Canada’s most exclusive shopping districts, along a stretch of Bloor. Upscale names such as Prada, Chanel, Gucci, Boss, Hermes, Louis Vuitton, Holt Renfrew and Harry Rosen operate flagship locations here, and north of Bloor, on Yorkville and Cumberland streets, you’ll find smaller buildings containing art galleries, first-floor retail and high-end restaurants. And of course, being so close to the famous Yonge Street, you’re just steps away from every retail option you can imagine, including the new Nordstrom Rack on the ground floor at 1 Bloor East.

Signature condo destination

As you can imagine, given Toronto’s condo boom, Yorkville is also a signature location for highrise living, with developers introducing several new projects in recent years, reflective of the luxurious character of the area.

Among the new projects underway is 55C Bloor Yorkville Residences, where MOD Developments broke ground just last month. The 48-storey building comprises 551 units in one-, two- and three-bedroom configurations and is due for completion in fall 2023.

Also under construction in the area is 8 Cumberland from Great Gulf, a 51-storey condo with a century-old brick Victorian podium located at the northwest corner of Cumberland Avenue and Yonge.

Great Gulf is also building the 76-storey One Bloor East just one block away.

Nearby, Lanterra Developments is building 50 Scollard, a 41-storey condo at the corner of Bay and Scollard, with 77 exclusive residences. The project earned Lanterra Best Highrise Building Design at the 2019 BILD Awards.

Complementing the high-end, highrise living and shopping in Yorkville are nearby cultural offerings such as the Royal Ontario Museum, the Gardiner Museum of Ceramic Art, the Mira Godard Gallery, the Heffel Fine Art Auction House and Gallery 36.

And of course, blessed with a location along major transit arteries, getting to and from Yorkville is a breeze, with three subway stops along this stretch of Bloor.

Location, location, location

Bounded by Bloor Street to the south, Davenport Road to the north, Yonge Street to the east and Avenue Road to the west

Key landmarks

• Cumberland Terrace

• Gallery 36

• Hemingway’s

• Holt Renfrew Centre

• Royal Ontario Museum

• Sassafraz

• Windsor Arms Hotel

Select condo projects

8 Cumberland by Great Gulf

11 Yorkville by Capital Developments

11 Yorkville by Metropia

11 Yorkville by RioCan Living

50 Scollard by Lanterra Developments

55C Yorkville by MOD Developments

140 Yorkville by Empire Communities

321 Davenport by Alterra Group

625 Yonge Street by Edenshaw Developments

Via Bloor 2 by Tridel


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Empire Home Reimagined

Empire Communities prioritizes lifestyle needs

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Empire Communities prioritizes lifestyle needs

Empire Communities, one of North America’s largest private homebuilders, is seeing a significant increase in home sales throughout Southwestern Ontario as homebuyers re-evaluate how and where they live and what they need out of a home in response to COVID-19. Now, homebuyers are prioritizing rooms in their home based on the unique needs of their family and new lifestyle.

Empire Home Reimagined

Since March, Empire has sold close to 500 homes in communities across Southwestern Ontario. With home now the hub, homebuyers are highly motivated on their search to prioritize space and accommodate the needs of their family and the new realities of spending more time at home. Additionally, many buyers are looking to more affordable markets outside the GTA for space and value, with interest rates historically low and with the newfound flexibility of working from home.

To help guide homebuyers through their homebuying journey, Empire has launched a new platform to match homebuyers with the features and home designs that will best serve their needs. With Home Reimagined, homebuyers will discover which room is the heart of their home and get insight on design features to consider during the home search.

Through Empire’s Home Reimagined campaign, homebuyers can take a short quiz designed to match them with a persona that will provide insight on home designs that pair well with their values and family life, and the Empire communities they are available in. In addition to receiving suggested home designs, homebuyers are also offered content curated just for them based on their quiz results.

empirecommunities.com


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Etobicoke undergoing massive redevelopment

Etobicoke undergoing massive redevelopment

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Etobicoke undergoing massive redevelopment

In real estate terms, an area in transition is a good thing, since it generally refers to progress, development and things being on the upswing.

Etobicoke is just one of those areas.

Really? Etobicoke, that large, narrow north-south swath that stretches from Lake Ontario up to Steeles Ave., and shouldered by Humber River on the east and Etobicoke Creek on the west? With large, well established and affluent neighbourhoods?

Yes, one and the same – the west end locale with the funny name people often mispronounce (FYI the K is silent) – that wasn’t exactly in need of an upgrade.

Blessed with a strong natural location due to its proximity to downtown Toronto, easy access to the QEW and Hwys. 401, 427 and 27, the Bloor subway line and several major TTC and GO Transit hubs, Etobicoke has long been a sought-after residential location.

North Etobicoke, for its easy highway access, plethora of commercial ventures and lower priced real estate. Etobicoke Centre, for its proximity to the Islington-City Centre West central business district, and exclusive neighbourhoods with large, treed properties such as the Kingsway. And South Etobicoke, or Etobicoke Lakeshore, for its prime lakefront location and areas such as Humber Bay and Mystic Pointe.

Southern surge

But when it comes to new condo development and buying opportunities, it’s all about the south. Well, mostly the south, until very recently.

Etobicoke Lakeshore was the first to transition, with the former motel strip at Lakeshore and Park Lawn giving way over the last several years to dozens of new projects. Today it is one of Toronto’s hottest new condo destinations. Your location here is right on Lake Ontario, with outstanding views of downtown Toronto, along the Martin Goodman Trail for cycling and running, and close to the Gardiner to commute into the city and to the QEW to head west. TTC bus and streetcar service is quite literally at your front door.

The area could get another massive boost if a proposed redevelopment of the former Christie’s bakery site at Lake Shore and Park Lawn goes ahead. Owner First Capital Realty’s plan for the 28-acre site – known, at least temporarily, as 2150 Lake Shore – calls for 15 new residential and office towers, from 22 to 71 storeys, new parks and public spaces and employment.

Now the condo boom is spreading north, into the central part of Etobicoke with new developments along Dundas St. W. between Islington and the 427, and several more planned for the south side of Dundas just west of Kipling subway. New condos are also springing up along the 427 near Burnhamthorpe, appealing to those who prefer highway access over transit.

A little further west, the Cloverdale Mall neighbourhood may get a major facelift in the next few years, as QuadReal Property Group is proposing a comprehensive master-plan to redevelop the existing 32-acre mall property into an innovative and dynamic mixed-use urban community. The proposal involves transitioning Cloverdale with a re-envisioned retail offering, residences, parkland and greenspace, community uses and new streets.

Under construction

Indeed, construction will also be the order of the day in Etobicoke Centre. For years. Six Points intersection, known locally as “Spaghetti Junction,” is a complicated interchange where Kipling, Bloor and Dundas all intersect. To support future development in the area, the City is spending tens of millions of dollars to modernize the road and surrounding infrastructure. Plans include improved pedestrian and cycle access, wider sidewalks, more trees, street furniture and improved access to Kipling subway. The station itself is being expanded into a regional transit hub to link the TTC with GO Transit trains and buses, as well as Mississauga Mi-Way bus lines.

Location, location, location

Bordered on the south by Lake Ontario, on the east by the Humber River, on the west by Etobicoke Creek and Mississauga, and on the north by Steeles Ave. W.; population 365,143.

Key landmarks

• Centennial Park

• Etobicoke Waterfront

• Humber River

• Sherway Gardens

• The Old Mill

Select condo developments

Reina Condos by Urban Capital

2150 Lakeshore by First Capital Realty

Empire Phoenix by Empire Communities

IQ3 Condos by Remington Group

Queensway Park by Urban Capital

The Tailor by Marlin Spring

Thirty Six Zorra by Altree Developments

United Kingsway by Fieldgate Urban

Valhalla Town Square by Edilcan Development

Vita Two on the Lake by Mattamy Homes


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Empire Livingston by Empire Communities in Hagersville

Empire Communities launching first master-planned community in Hagersville

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Empire Communities launching first master-planned community in Hagersville

Award-winning Empire Communities, and one of North America’s largest private homebuilders, is launching the first master-planned community in Hagersville, Ont. – Empire Livingston – this spring. Livingston will offer detached homes starting from the low $500,000s, with bungalow and two-storey designs ranging from 1,266 to 3,289 sq. ft. on 36- and 44-ft. lots.

Left to right, Craig Manley, chief administrative officer, and Tim Royds, chief operating officer, Empire Communities; Haldimand County Mayor Ken Hewitt; Paul Golini Jr., executive vice-president, industry relations, Empire; and Mark Tutton, president, lowrise, Empire.
Left to right, Craig Manley, chief administrative officer, and Tim Royds, chief operating officer, Empire Communities; Haldimand County Mayor Ken Hewitt; Paul Golini Jr., executive vice-president, industry relations, Empire; and Mark Tutton, president, lowrise, Empire.

Located in the heart of Haldimand County, Empire Livingston is a growing community with something for everyone, from excellent schools, local conveniences and proximity to neighbouring cities and towns. In Hagersville, couples and families can experience the pride of homeownership and enjoy the safety and serenity that comes with living in a small town.

“Empire sees the value in Hagersville, and we want to embrace all the great things the community has to offer, not change it,” says Sue MacKay, vice-president of marketing at Empire Communities. “Preserving and building on the values and visions for Hagersville is important to us and we truly feel as though Livingston will do just that. Empire sees Hagersville as an emerging community with close proximity to larger cities like Hamilton, but also appreciates the hometown pride that residents carry with them. With a home at Empire Livingston, residents can be part of the community’s growth while still maintaining close proximity to family and friends in neighbouring areas.”

The name Livingston pays homage to Helen Livingston, the granddaughter of Hagersville founder Charles Hager, who helped the community flourish into what it is today.

The presentation centre is now open for people to speak with a sales representative and tour the model homes, all designed by award-winning Toronto-based interior design firm figure3.

empirelivingstonhomes.com


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The Entertainment District

The Entertainment District – prestigious destination on the rise

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The Entertainment District – prestigious destination on the rise

Long a hot spot filled with some of the city’s best theatres and restaurants, Toronto’s Entertainment District is in full-on transition mode – into also becoming one of the most prestigious condo destinations.

Indeed, if you haven’t been to the Entertainment District lately, you’re in for quite the surprise. You might not even recognize this booming neighbourhood.

Play, eat and live

Yes, the same Entertainment District punctuated by landmarks such as Roy Thompson Hall, the Princess of Wales Theatre, and Canada’s Walk of Fame, known as a place to play and eat, is now becoming known as a place to live.

With big name developers such as Great Gulf, Empire Communities and Plaza building signature projects in the area, the neighbourhood is alive with redevelopment. Population growth is on the rise, not just from new residents, but also from new businesses and an expanding bar and restaurant scene.

Born in the 1990s essentially as an entertainment and tourist hub, with a burgeoning nightclub scene elbowing its away among the existing theatres and restaurants, the early 2000s brought the first wave of a condo boom.

More recently, SoHo Metropolitan Hotel & Residences, Festival Tower, and Bisha Hotel and Residences are among some of the notable condo projects that are up and running.

Abuzz with excitement

One key cultural attraction, TIFF Bell Lightbox, opened in 2010 on the northwest corner of King Street and John Street. The first five floors of this 42-storey tower serve as headquarters for the Toronto International Film Festival, while the Festival Tower residences sit atop. With TIFF Bell Lightbox serving as host to countless international stars and pre-screenings during the annual festival, the area is often abuzz with excitement.

Add to this, more recent landmark developments such as Nobu Residences, being built by Madison Group, and you have an expanding array of notable residential opportunities.

Then there’s Wahlburgers (of the Wahlburgers restaurant chain and famed brothers Donny and Mark Wahlburg), and the popular Loose Moose and other hot spots… all of it a stone’s throw from the Rogers Centre, Scotiabank Arena, Ripley’s Aquarium, the CN Tower and Metro Toronto Convention Centre.

Transition to excellence

And more is on the way. Great Gulf is proposing Mirvish+Gehry, a two-tower condo project atop two six-storey stepped podiums with 85,000 sq. ft. of multi-level retail space. And CentreCourt is building No. 55 Mercer at the corner of Mercer Street and Blue Jays Way, the site of Wayne Gretzky’s restaurant.

All of it adds up to an area in transition indeed – to excitement and excellence.

Location, location, location

Bordered by Spadina Avenue, King Street West, University Avenue and Front Street.

Key landmarks

  • Roy Thompson Hall
  • Princess of Wales Theatre
  • TIFF Bell Lightbox
  • Rogers Centre
  • Wahlburgers

Select housing developments

101 Spadina by Great Gulf

101 Spadina by Devron Developments

Bungalow on Mercer by Kalovida

Central • 38 Widmer by Concord Adex

Empire Maverick by Empire Communities

Encore at Theatre District by Plaza

Four Eleven King Condominiums by Great Gulf

Four Eleven King Condominiums by Terracap

No 55 Mercer by CentreCourt


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Etobicoke is development central, literally

Etobicoke is development central, literally

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Etobicoke is development central, literally

In real estate terms, an area in transition is a good thing, since it generally refers to progress, development and things being on the upswing.

Count Etobicoke as just one of those areas.

Really? Etobicoke, that large, narrow north-south swath that stretches from Lake Ontario up to Steeles Ave., and shouldered by Humber River on the east and Etobicoke Creek on the west? With large, well established and affluent neighbourhoods?

Yes, one and the same – the west end locale with the funny name people often mispronounce (FYI the K is silent) – that wasn’t exactly in need of an upgrade.

Blessed with a strong natural location due to its proximity to downtown Toronto, easy access to the QEW and Hwys. 401, 427 and 27, the Bloor subway line and several major TTC and GO Transit hubs, Etobicoke has long been a sought-after residential location.

North Etobicoke, for its easy highway access, plethora of commercial ventures and lower priced real estate. Etobicoke Centre, for its proximity to the Islington-City Centre West central business district, and exclusive neighbourhoods with large, treed properties such as the Kingsway. And South Etobicoke, or Etobicoke Lakeshore, for its prime lakefront location and areas such as Humber Bay and Mystic Pointe.

Do south

But when it comes to new condo development and buying opportunities, it’s all about the south. Well, mostly the south, until very recently.

Etobicoke Lakeshore was the first to transition, with the former motel strip at Lakeshore and Park Lawn giving way over the last several years to dozens of new projects. Today it is one of Toronto’s hottest new condo destinations. Your location here is right on Lake Ontario, with outstanding views of downtown Toronto, along the Martin Goodman Trail for cycling and running, and close to the Gardiner to commute into the city and to the QEW to head west. TTC bus and streetcar service is quite literally at your front door.

Now the condo boom is spreading north, into the central part of Etobicoke with new developments along Dundas St. W. between Islington and the 427, and several more planned for the south side of Dundas just west of Kipling subway. New condos are also springing up along the 427 near Burhamthorpe, appealing to those who prefer highway access over transit.

Under construction

Indeed, in Etobicoke Centre, construction will be the order of the day. For years. Six Points intersection, known locally as “Spaghetti Junction,” is a complicated interchange where Kipling, Bloor and Dundas all intersect. To support future development in the area, the City is spending tens of millions of dollars over the next two years to modernize the road and surrounding infrastructure. Plans include improved pedestrian and cycle access, wider sidewalks, more trees, street furniture and improved access to Kipling subway. The station itself is being expanded into a regional transit hub to link the TTC with GO Transit trains and buses, as well as Mississauga Mi-Way bus lines.

Location, location, location

Bordered on the south by Lake Ontario, on the east by the Humber River, on the west by Etobicoke Creek and Mississauga, and on the north by Steeles Ave. W.; population 365,143.

Key landmarks

• Centennial Park

• Etobicoke Waterfront

• Humber River

• Sherway Gardens

• The Old Mill

Select condo developments

293 The Kingsway by Benvenuto Group

300 The East Mall by KingSett Capital

327 Royal York Rd. by Vandyk Group

• 689 The Queensway by Parallax Development Corp.

The Tailor by Marlin Spring

Empire Phoenix by Empire Communities

Parkland on Eglinton West by Shannex Inc.

Queensway Park by Urban Capital

Valhalla Town Square by Edilcan Development Corp.

Vita Two on the Lake by Mattamy Homes


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Great Gulf, Homebuilder of the Year, Lowrise

GTA’s top homebuilders and projects honoured at 39th Annual BILD Awards

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GTA’s top homebuilders and projects honoured at 39th Annual BILD Awards

Great Gulf, BILD Awards Homebuilder of the Year, Lowrise
Great Gulf, BILD Awards Homebuilder of the Year, Lowrise

Great Gulf and Tridel were among the big winners at the recent 39th Annual BILD Awards, as the Building Industry and Land Development Association (BILD) recognized the top builders and developers, projects and marketing initiatives in the industry.

Builders of the Year

Great Gulf earned the distinction of Lowrise Builder of the Year, while Tridel won for Mid/Highrise Builder of the Year.

Tridel, BILD Awards Homebuilder of the Year, Highrise
Tridel, BILD Awards Homebuilder of the Year, Highrise

The awards honour achievements in planning, design, sales, marketing and city building in 40 categories. A group of 41 expert judges from across North America determined the winners from 850 submitted entries.

Lifetime Achievement Award

Edward Sorbara, principal with the Sorbara Group of Companies, was presented with BILD’s Lifetime Achievement Award, recognizing his 52 years of leadership in the building and land development industry.

Edward Sorbara, right, principal with the Sorbara Group of Companies, is presented with BILD’s Lifetime Achievement Award by BILD President David Wilkes
Edward Sorbara, right, principal with the Sorbara Group of Companies, is presented with BILD’s Lifetime Achievement Award by BILD President David Wilkes

Stephen Dupuis Humanitarian Award

Tridel also took home the Stephen Dupuis Humanitarian Award for the company’s unique approach to corporate social responsibility. The founding families and every Tridel employee takes pride in the fact that the Tridel brand is synonymous with integrity, quality, customer service, innovation and sustainability.

People’s Choice Award

The coveted People’s Choice Award, determined by members of the public through online voting, was awarded to Aoyuan International for its M2M development. Aoyuan’s vision for M2M is a condominium community that supports and encourages a healthy urban lifestyle, while providing living options that make it easy for families to raise children in the city. The master plan includes more than 1,500 new residences, a community centre and a daycare.

“The People’s Choice Award is a unique honour because it is the public that decides the winner,” says BILD President and CEO Dave Wilkes. “Over 5,200 people cast votes for projects that competed for the best in city building. These projects demonstrate how the industry is providing a wide range of housing options for home buyers in GTA.”

Best New Planned Community

Lakeview Community Partners Ltd. won Best New Planned Community for Lakeview Village. Lakeview Village reconnects the community through a diverse mix of build forms for different uses, including residential, cultural, institutional, commercial and retail. Lakeview will repurpose brownfield land that was once home to the Ontario Power Generation Station in Mississauga.

Lowrise Project of the Year

The Lowrise Project of the Year went to Treasure Hill Home Corp. for its Charbonnel development near De La Salle College in Toronto, while Urban Capital Property Group, M3 Condos, in Mississauga was selected as the Mid/Highrise Project of the Year.

Best Highrise Building Design

Best Highrise Building Design went to Lanterra Developments for 50 Scollard. The project boasts contemporary architecture from Norman Foster and interiors by Toronto-based Italian designer, Alessandro Munge, and an incomparable location in the heart of Yorkville.

Best Midrise Building Design

Alterra Group of Companies and Graywood Developments Ltd. won the award for Best Midrise Building Design for Wonder Condos. Wonder is one of the last of its kind in Toronto, a landmark address that will house heritage lofts, condos and townhouses. Wonder is built on the site of the former Weston Bakery on Eastern Avenue.

Best Overall Marketing Campaign

The award for Best Overall Marketing Campaign went to the team of Empire Communities and Pureblink for their campaign for Empire Phoenix.

For a complete list of award recipients, visit bildawards.com.

RELATED READING

BILD names finalists for 39th annual BILD Awards

GTA’s top builders and projects honoured at annual BILD Awards

 

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Empire Communities

Empire Communities has 4 new model homes in Thorold to inspire homeowners

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Empire Communities has 4 new model homes in Thorold to inspire homeowners

After much anticipation, Empire Communities, one of Canada’s largest homebuilders, has unveiled four brand new model homes in the Legacy community in Thorold. Empire is thrilled to have partnered with renowned Toronto-based interior design firm, figure 3, to bring the vision for these model homes to life, and create unique spaces that will inspire.

Legacy
Legacy

With the help of figure 3, Empire selected four unique design styles to appeal to the diverse needs and tastes of its homeowners – Shabby Chic, Industrial Ranch, Modern Scandi and Manor Estate. Each of these spaces offers a great deal of inspiration and skillfully display four distinct home plans available at Legacy.

“Empire has worked with figure 3 in the past, and we have always been delighted with the end result. There was no question that partnering with them on these model homes at Legacy would result in four very unique, yet beautiful spaces,” says Sue MacKay, vice-president of marketing at Empire Communities. “We can’t wait for the public to view our brand new models and we hope they get inspired to bring these decor styles into their own homes.”

Shabby Chic
Shabby Chic

The Shabby Chic is a 2,306-sq.-ft., four-bedroom Vibrant Corner home featuring an eclectic mix of antique decor accents, intricate light fixtures, distressed woods and woven fabrics.

Industrial Ranch
Industrial Ranch

Inside the 2,606-sq.-ft., four-bedroom Enchant model lives the Industrial Ranch style. This home is furnished with elegant brown leather sofas and modern farm-inspired furniture and accessories.

Modern Scandi
Modern Scandi

Mixed with light hardwood floors, furniture and natural materials, the interior of the 1,908-sq.-ft., four-bedroom Tranquil model is true to Modern Scandi style as it is bright, airy and minimalistic.

Manor Estate
Manor Estate

The Manor Estate home was designed with a sophisticated homeowner in mind, featuring elegant furniture in muted tones, a calming gray paint scheme and plenty of bling throughout the 3,483-sq.-ft., four-bedroom Gloucester plan.

Once completed, the Legacy community will be home to more than 1,000 new families. Construction is now well underway on townhomes and detached homes as the area comes to life and prepares for its first residents.

Prospective homeowners and community members are invited to visit Empire Legacy in Thorold at 1161 Kottmeier Rd. to explore the new model homes and check out the ongoing construction progress within the community.

Empire Communities is a residential builder/developer involved in all sectors of the new homebuilding industry, including both lowrise and highrise built forms. Celebrating 25 years of building inspiring new places to live, Empire has an established tradition of creating prestigious award-winning new homes, communities and amenities and has earned a reputation for outstanding attention to detail and customer service.


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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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