Your First Home & Condo - 2013

SEPARATING FACTFROM FICTION

416 OR 905Which area

is right for you?

2013 EDITION FREE

THE GUIDE TO BUYING AND MANAGING YOUR FIRST HOME

HOME&CONDO

S P E C I A L E D I T I O N

MORTGAGE SMARTS

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2 YOUR FIRST HOME 2013

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Definitely,

Room PlanningSmall Space SolutionsComplimentary In-Store Design ServiceWindow CoveringsFabric SelectionWorldwide DeliveryOne of Canadas Largest Showrooms

Definitely, Decorium

www.decorium.com363 Supertest Rd. Toronto 416 736 6120 1212 Yonge St. Toronto 416 515 1212Toll-Free: 1 800 232 2267

OPENING SOON1212 Yonge Street2ndLocation

2013 your first home 3

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My 365 TorontoLive where perfection is the normChurch & Carlton

COMING SOON

Register now at menkes.com

My Noir TorontoSets the standard for downtown livingPeter & King

COMING SOON


My Fabrik TorontoIn the heart of Fashion DistrictRichmond & Spadina

CONSTRUCTION STARTING SOON

Starting from the mid-$200s416.591.7700

My Enclaves Georgetown Semi Links & 30 Detached HomesGuelph St. & MacFarlane Dr.

NOW PREVIEWING

Starting from the low $400s289.891.9103

My Somerset AjaxDurhams Model Home of the Year37 & 42 Detached HomesSalem Rd. N. & Williamson Dr. E.

UNDER CONSTRUCTION

Starting from $469,990905.428.0500

My Millstone OakvilleUrban TownhomesDundas St. W., east of Bronte Rd.

UNDER CONSTRUCTION


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My 365 TorontoLive where perfection is the normChurch & Carlton

COMING SOON


My Noir TorontoSets the standard for downtown livingPeter & King

COMING SOON


My Fabrik TorontoIn the heart of Fashion DistrictRichmond & Spadina

CONSTRUCTION STARTING SOON

Starting from the mid-$200s416.591.7700

My Enclaves Georgetown Semi Links & 30 Detached HomesGuelph St. & MacFarlane Dr.

NOW PREVIEWING


My Somerset AjaxDurhams Model Home of the Year37 & 42 Detached HomesSalem Rd. N. & Williamson Dr. E.

UNDER CONSTRUCTION

Starting from $469,990905.428.0500

My Millstone OakvilleUrban TownhomesDundas St. W., east of Bronte Rd.

UNDER CONSTRUCTION


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10 Editors NoteHighrise or lowrise, 416 or 905, fact or ction?

12 Community Profi le$25,000 or less gets you into Tributes Landscapes this year

14 Community Profi leDecades Yorkdale Village now under construction

18 Community Profi leThe Enclaves of Upper Canada borders conservation lands

19 Southwestern OntarioNew homes and condos in Southwestern Ontario

22 Community Profi leDont just live, LiveWise, with Reids Heritage Homes

23 Home SearchOpportunities abound in SWOs varied markets

26 The Mortgage MinuteSeparating fact from ction for rst-time buyers

28 Taxing IssuesFirst-time buyers buy when youre ready and able

30 Home Search416 or 905 what are your options?

32 Legally SpeakingWhen buying your rst home, do your due diligence

34 New-Home WarrantyOntario new homes come with a Tarion-backed warranty

36 BILD ReportFirst-time buyers an important part of the market

37 Community Profi lePrimont communities perfect for rst-time buyers

TABLE of CONTENTS2013

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vice-president, national real estate Jacqueline Hill

sales Manager, new HoMe guide gta, new condo guide, HoMe dcor and renovations Conni Robinson

associate publisHer, new HoMe & condo guide swo, lifestyle coMMunities Susan Maxwell

editor-in-cHief, national real estate Susan Legge

art director Sarah Jang

editor Wayne Karl

senior account executives Nina Downs Dionne Fraser Suzana Zarovski

sales & Marketing co-ordinator Terry Bassett

production Manager Bala Gnanapandithan

production co-ordinator Mohammad Haidarpour

grapHic designer Caroline Wassef

Advertising: Call 416.626.4200 for advertising rates and information.

CirCulAtion Distribution 20,000 copies available at the Kismet Wedding Show; National Home Show, International Home Show and by consumer request and with Wall2Wall Medias city-wide distribution network through TDS, Shoppers Drug Mart and Metro.

Copyright 2013 All rights reserved by Wall2Wall Media Inc., Toronto, Ontario, Canada. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law.

terms Advertisers, Editorial Content and Your First Home & Condo are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E.

editoriAl Submissions from interested parties will be considered. Please submit to the above address, to the attention of the editor.

PUBLISHED BY:

your First home & Condo 500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867

your firsthome&condo

Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.

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

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monarchgroup.net

Buy Monarch.Be Happy.

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Buy Monarch.Be Happy.

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Editors Note

When you decide to buy your first home, you may feel as many newcomers to homeownership do somewhat overwhelmed by all the questions and decisions you face. How much to save for a down payment? What are the other costs? Am I financially ready? Is now the right time? Where to buy? House or condo? What type of mortgage is right for me?

Welcome to Your First Home & Condo, what we hope is a helpful step toward you becoming a homeowner. Indeed, educating yourself with the right information and preparation is a key part of the process.

One critical and often intimidating area is mortgages. For newcomers to the home-buying market, the prospect of preparing for and securing financing is daunting enough. Add to that potentially confusing changes to lending regulations, and you have a scenario in which first-timers confuse fact from fiction. Our mortgage expert, broker Peter Kinch, puts it all in excellent perspective in his column on page 26.

Another central topic is where and what type of home to buy. Though these decisions are often guided by budget, where you work and what your commuting options are, the possibilities are endless. Whether in the GTA or one of the many areas in Southwestern Ontario, there are numerous excellent highrise and lowrise options available to first-time buyers if you know what to look for and where to search.

Buying your first home can also be an emotional experience, from the highs of closing a deal to the lows of missing out on a home you really wanted, and everything in between. There will be houses you fall in love with, communities you really want to live in and neighbours you envision befriending. When you find all three together, you may be tempted to go all in.

As exciting as all of this is, its important to not let your emotions get carried away to buy more with your heart than your head. Thats why you should take your time, do your research and conduct due diligence on every development, community, builder and home you consider.

In Your First Home & Condo, weve tried to address all of these important issues. Once youve completed this part of your education, pick up one of our sister publications New Home Guide (GTA and Southwestern Ontario editions), New Condo Guide or Resale Home & Condo Guide to see what new-home builders and the resale market have to offer.

Were confident you wont be disappointed, and youll be well on your way to making one of the most important decisions of your life.

Drop us a line and share your experience with us.

Wayne Karl, editor [email protected]/WayneKarl

Highrise or lowrise, 416 or 905,

fact or fiction?Your First Home & Condo guides you through these

important questions


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Community Profile

TribuTe CommuniTies

When its time to create exceptional homes and neighbourhoods, Tribute Communities knows the recipe for success. Tribute put this recipe to good use when creating its latest offering of family-sized homes in Brampton, Landscapes in Sandringham Community. Located on Countryside Drive, just west of Dixie Road adjacent to the rich natural beauty of the Heart Lake Conservation Area, yet minutes away from schools, Hwy. 410, and all the conveniences of Brampton, Landscapes offers the best of all worlds.

Landscapes is a complete master-planned community, offering a wide variety of two- and three-storey townhomes, semi-detached and fully detached homes. Starting from only $361,990, homes are being built with distinctive Georgian, Colonial or Tudor exteriors and feature impressive elevations of clay brick, with stone or precast concrete accents. The interiors are just as beautiful popular features such as nine-ft. ceilings and imported ceramic tiles are accentuated by the stunning design options from Tributes Dcor Studio. Inside and out, these homes reflect the contemporary style and high quality of construction thats made Tribute Communities one of the most well regarded home builders in the GTA.

Making this community even more appealing, Tribute has recently added an exciting promotion for the semi-detached homes at Landscapes. This

promotion includes central air conditioning, oak stairs, hardwood flooring on the main floor, a gas fireplace and six appliances, all for free! Perfect for the first-time buyer, these semis are priced from just $398,990 and homebuyers will have the opportunity to move-in before the end of 2013.

While theres no doubt that the team at Tribute Communities is committed to building high quality homes, what really sets them apart is their commitment to building vibrant, living neighbourhoods. Landscapes honours this commitment to the fullest the many stunning home designs create pleasing, unforgettable streetscapes and a park and elementary school will be built right in the community.

The surrounding area also offers a wealth of wonderful amenities. Shopping malls, golf courses, restaurants and movie theatres can all be found within a five-minute drive. Those looking for a more nature-themed outing will love the neighbouring Heart Lake Conservation Area. This unique gem is centred on a pristine kettle lake that is surrounded by

dense, mature forest. Great for family outings, Heart Lake offers swimming, canoeing, more than eight kilometres of hiking trails, picnic facilities and much more.

Since it was established more than 30 years ago, Tribute Communities has built more than 30,000 homes across the GTA. Tribute has reached this milestone by providing consumers with exceptional homes and communities adorned with unforgettable features and finishes and constructed using the finest possible materials. Tributes firm belief in great customer service has helped the company garner some of the industrys most prestigious awards for customer satisfaction. These accolades have come from highly regarded organizations such as the Tarion Warranty Corp. and JD Power and Associates. The centrepiece of Tributes customer service is its Total Service Policy, which includes 24-hour service response.

For more information on Landscapes and other Tribute communities, visit mytribute.ca

Landscapes offers a great selection and incredible value at this well located brampton community

$25,000 or less moves you in this year


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* Subject to standard terms and conditions. TM Reliance, Reliance Home Comfort and the Reliance Home Comfort logo are trademarks of Reliance Comfort Limited Partnership.

Some repairs should be left to the experts.

Even in a new home, costly repairs to essential equipment such as your water heater, furnace and A/C arent as rare as youd think. Thats why weve developed our new Comfort Value Bundles three bundled rental offerings, featuring best-in-class heating, cooling and air filtration products along with water heating rental equipment, that deliver complete peace of mind:

Norepairbills*

Livetelephonesupport,24/7/365 Easeofrenting

Reliable,trustedbrands Largenetworkoflicensedtechnicians

Imagine never having to tackle repairs to some of the most important pieces of equipment in your home again.

Dont settle for anything less than 100% coverage. Ask your preferred builder if they offer Comfort Value Bundles from Reliance today.

Introducing Comfort Value Bundles from Reliance. Worry-free coverage on some of the most important equipment in your home.

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Community Profile

DECADE HOMES

Discover great value at an unbeatable central location at Yorkdale Village by Decade Homes. Potential homebuyers will love the impressive selection of one- and two-storey townhome models offered in one-bedroom plus den, two-bedroom and two-bedroom plus den configurations in this highly desirable Toronto community. These townhomes boast sleek modern exteriors that create a sophisticated urban atmosphere throughout the community. The modern theme is carried throughout the interiors of these homes stylish kitchens, spacious master bedrooms and bright, open living and dining areas. Many models offer oversized private rooftop terraces or balconies, providing a great way to relax and enjoy Torontos warm summer nights.

Toronto has long been known as Canadas biggest, most spectacular urban centre. Its a city with world-class sports teams, theatre, shopping and nightlife. Its also a city where many potential homebuyers are finding it more and more challenging to find a property thats stylish, functional and affordable. With townhomes priced from the $250s to the $400s, Yorkdale Village is a rare find that meets urban homebuyers needs.

Located on Wilson Ave. near Dufferin St., Yorkdale Village is a community ideally situated to take advantage of the many pleasures of life in Canadas largest city. The community is on a major bus route, with Wilson subway station, Hwy. 401 and the Allen Road just minutes away, so its always easy to get around. And whether youre shopping, commuting, or just looking to relax and enjoy the great outdoors, theres an incredible array of lifestyle amenities within a short distance of the community.

Aspiring scholars will love the easy access to York University provided by current bus routes and the coming subway extension. For the die-hard shopper, Yorkdale Shopping Centre offers a world-class selection of shops and restaurants, with major department stores such as Holt Renfrew and The Bay, an Apple Store and hundreds of other popular retailers.

And Yorkdale Village makes it easy to stay healthy with Humber River Regional Hospital just around the corner. Currently undergoing redevelopment, Humber will be one of the nations largest and most technologically advanced health care facilities when its completed in 2015.

Nature and active living enthusiasts will love Yorkdale Villages convenient proximity to the newly redesigned Downsview Park. When completed, this 572-acre area will comprise one of Canadas largest urban parks, offering sports fields, fitness and recreation facilities, entertainment venues, museums, hiking trails, playgrounds and more.

With more than 70 years of award-winning experience, the principals at Decade Homes have established an exceptional talent for successful residential, commercial and hotel development. Decade Homes has developed properties in Southern Ontario locations such as Toronto, London, Kitchener, Waterloo, Windsor and Stratford. Decade Homes passion for building is only surpassed by its deep commitment to customer service. Decades beautifully constructed homes and highrises are meticulously designed so that they always meet industry standards for excellence. The team at Decade believes in delivering quality that homeowners can count on and every new Decade home in Ontario is protected by the Tarion New Home Warranty Program. With Decade Homes, homebuyers can rest assured in knowing that theyre joining a long list of satisfied customers that span decades.

Visit the Yorkdale Village sales centre today at 877 Wilson Ave. or visit online at yorkdalevillage.com

is now under construction Yorkdale Village


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Sales Office:5650 Winston Churchill Blvd. TH #94 Mon to Wed - 12PM to 8PMThurs & Fri - ClosedSat - 12PM to 6PMSun & Holidays - 12PM to 5PM

DanielsFirstHome.ca

905-814-0123

SUITES & TOWNHOMESSUITES & TOWNHOMESFULLY-BUILT CONDOMINIUM

one-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-oneone-on-one

SUITES FROM $278,900TOWNS FROM $385,900

One to three bedroom plus den Condominium Suites One and two bedroom Condominium Townhomes Located at Winston Churchill Blvd. & Thomas St. in Erin Mills

Call 905-814-0123 today to book your tour of our model homes! Call 905-814-0123 today to book your tour of our model homes!one-on-oneCall 905-814-0123 today to book your tour of our model homes! tour of our model homes!one-on-one tour of our model homes!one-on-oneone-on-one

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Prices and specifi cations are subject to change without notice. Brokers Protected. E.&O.E. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without prior written permission of The Daniels Corporation, is strictly prohibited.

THE BEST PRICES IN ERIN MILLS TODAY!

NOW ON SALE THE BEST PRICES IN ERIN MILLS TODAY!

ASK ABOUT OUR

LIMITED TIME

BONUS OFFER!

As a FirstHomeTM Specialist I can help you realize your dream of homeownership! Call or visit me today to speak and learn more about our innovative FirstHomeTM Programs!

Specialist I can help you realize your dream of homeownership! Call or visit me today to speak and learn more

one-on-one

Specialist I can help you realize your dream of homeownership! Call or visit me today to speak and learn more

homeownership! Call or visit me today to speak and learn moreone-on-onehomeownership! Call or visit me today to speak and learn moreone-on-oneone-on-one

- Adam Shepherdson - FirstHomeTM Specialist

TOUROUR

MODELHOMESDOWN!DOWN!5DOWN!DOWN!

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Introducing NY2 CONDOMINIUMS - the

exciting sequel to the highly successful

NY Place Boutique Condominiums by Daniels.

Edgy. Hip. Cool. And fi lled with fresh amenities!

Already under construction, NY2 is just steps

to the subway and minutes to shopping,

dining and theatre.

Best of all, Daniels is once again offering their

bold new direction in homeownership with

Torontos ONLY Rent-To-Own Program - part

of your rent goes towards your down payment.

Now thats smart. NY2. 2 Good 2 Miss!

Exclusive Listing: CityLife Realty Ltd, Brokerage. Brokers Protected.

*Daniels Rent-To-Own Program is only available on a select number of suites. Prices, specifi cations and programs are subject to change without notice. Illustrations are artist concept. E. & O.E. All brand names, logos, images, text and graphics are the copyright of the owners, The Daniels Corporation. Reproduction in any form, without written permission of The Daniels Corporation, is strictly prohibited.

REGISTER NOWFOR OUR UPCOMINGRENT-TO-OWN SEMINARS

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SUITES FROM THE LOW $200,000s or $1,489/MONTH

COMING THIS SPRING

FINAL OPPORTUNITY TO OWN AT DANIELS LANDMARK NY TOWERS COMMUNITY

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Community Profile

menkes developments

the enclaves of Upper Canada is menkes newest family community in Georgetown, backing on to a ravine of mature trees with breathtaking views of the Credit River Conservation lands. A private, inviting community in the Norval hamlet of East Georgetown, virtually everything you need is only minutes away. From all the amenities of a major town to the beautifully landscaped suburban streets and wooded walking trails of the Niagara escarpment, the Enclaves has it all.

Minutes away from miles of well-groomed hiking trails, this pristine landscape provides a multitude of picturesque settings ideal for family picnics, hikes or bike rides. When youre surrounded on all sides by natural beauty, youll quickly forget how close you are to the centre of Georgetown, with all of its many fine community facilities. For those who crave the excitement of the big city, Brampton is a mere five minutes east.

The Enclaves of Upper Canada offers a wide selection of semi-links and 30-ft. detached homes. Each of these elegantly crafted gems blends into the natural landscape, delivering a charming, timeless look and feel. With a modern grasp of design, fused with classic architectural styles, these homes have been designed from the inside out to suit the needs of todays lifestyle. Inspired by Georgian architecture through the symmetry of windows and French architectural bell curve roof flares, these characteristics create the unique individualism of each elevation. Authentic architectural influences on style combined with the use of materials such as stucco, stone and brick with a careful selection of colour palettes, creates character and identity for this community.

The same exquisite, traditional charm can be found in the stunning interiors of each and every home. All the homes at The Enclaves come with an upscale array of standard features, including nine-ft. ceilings on the main floor, natural gas fireplace with white painted mantle and marble surround for 30-ft. designs, oak staircases from the first to second floor with upgraded pickets, low-E argon white vinyl casement windows on the main and second floors, decora switches, upgraded attic and wall insulation to reduce heating and cooling

costs, a paved driveway and much, much more. In addition, each home at The Enclaves is an Energy Star qualified home, including inspection and certification by a government sponsored third-party evaluator.

Menkes is offering a spectacular preview opening bonuses to its purchasers: semi-link homes receive three stainless steel kitchen appliances, white washer and dryer and $5,000 in upgrades. Purchasers of the 30-ft. detached homes will receive three stainless steel kitchen appliances, white washer and dryer and $10,000 in upgrades. As an extra special bonus, for a limited time only, purchasers will receive an additional $15,000 off the purchase price of the semi-link homes and $20,000 of the 30-ft. detached homes. In addition, all purchasers will receive a free consultation with a professional colour consultant at the Menkes Home Design Studio.

Semi-link designs range from 1,590 to 2,023 sq. ft. and are priced from the low $400s. The 30-ft. detached designs range from 1,774 to 2,334 sq. ft., with starting prices in the low $500s. Visit the sales office located at 363 Guelph St., Georgetown. The presentation centre is open from Monday through Thursday from 1 to 8 p.m., closed Fridays, and open Saturdays and holidays from 11 a.m. to 6 p.m. and Sundays from noon to 6 p.m.

For more information, please call 289.891.9103 or visit menkes.com

An Energy Star community bordering conservation lands

The Enclaves of Upper Canada, Georgetown


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WELCOME TO

Southwestern Ontario The following pages feature new homes and condos from some of the areas most prominent builders

19

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A modern approach to traditional homebuilding.

CAMBRIDGE | COLLINGWOOD | GUELPH | FERGUS | KITCHENER | MEAFORD | OWEN SOUND | PORT ELGIN | PUSLINCH | THORNBURY

LIVEWISEWISE

QualityWISE: QualityWISE is about maximizing performance and efficiency while at the same time minimizing errors and waste through the use of relevant and reliable products and using our time-tested processes.

PeopleWISE: Our focus on people is based on the fundamental idea that satisfied customers are the building blocks of our success.

From our intentional culture, our continuous on-the-job training and the ten core values ingrained in all of us at Reids Heritage Homes, PeopleWISE speaks to the respect we have for each other, our customers and everyone we do business with.

EnviroWISE: For three generations we have been committed to building high quality homes, which led us to research and implement best practices in sustainability, long before it became fashionable.

Last year alone, Reids Heritage Homes was named a Participant of the Year by Energy Star (the first home builder ever so recognized in Canada).

FutureWISE: We pride ourselves on staying abreast of emerging technologies and offering forward-thinking solutions to our customers, such as Solar Ready or geothermal heated homes.

Our legacy of firsts, such as Canadas first LEED home and Ontarios first Built Green home are a testimony to the trailblazing and innovative spirit of Reids Heritage Homes.

ServiceWISE: We treat every home we build like its our own, and every homeowner like a neighbour. That is the ServiceWISE philosophy.

Whether it is while you work with our Sales Consultants, as you choose the fine features and finishes with our Decor Specialists, or when you meet with one of our Home Service technicians, we pride ourselves on the care and attention we bring to every service experience.

NeighbourhoodWISE: Building vibrant neighbourhoods is a passion at Reids Heritage Homes.

Our family communities like Westminster Woods and Summerside offer a great selection of homes in locations specifically chosen for their beautiful, natural settings and close proximity to parks, schools and urban amenities that fit your lifestyle.

DesignWISE: From beautiful lakeside family enclaves to spectacular golf course communities, Reids Heritage Homes builds not just a home, but a quality of life for your family in a community that fits your lifestyle.

We design elegant, energy-efficient homes and create harmonious communities by taking into account the totality of experience and whats important to your family.

LiveWISE represents Reids Heritage Homes dedication and commitment to the ideals of craftsmanship and attention to detail spelled out in seven principal areas: quality, the future, the environment, our people, service, design and neighbourhoods. Reids Heritage Homes is driven by integrity, professionalism and pride of workmanship. Our core values and principles, instilled in us by our founder, drive us forward and set us apart. At Reids Heritage Homes we care about creating the perfect family community as much as we care about crafting the perfect family home.

ReidsHeritageHomes.com

For more information or to download your FREE home buying guide, visit www.ReidsHeritageHomes.com

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A modern approach to traditional homebuilding.

CAMBRIDGE | COLLINGWOOD | GUELPH | FERGUS | KITCHENER | MEAFORD | OWEN SOUND | PORT ELGIN | PUSLINCH | THORNBURY

LIVEWISE

QualityWISE: QualityWISE is about maximizing performance and efficiency while at the same time minimizing errors and waste through the use of relevant and reliable products and using our time-tested processes.

PeopleWISE: Our focus on people is based on the fundamental idea that satisfied customers are the building blocks of our success.

From our intentional culture, our continuous on-the-job training and the ten core values ingrained in all of us at Reids Heritage Homes, PeopleWISE speaks to the respect we have for each other, our customers and everyone we do business with.

EnviroWISE: For three generations we have been committed to building high quality homes, which led us to research and implement best practices in sustainability, long before it became fashionable.

Last year alone, Reids Heritage Homes was named a Participant of the Year by Energy Star (the first home builder ever so recognized in Canada).

FutureWISE: We pride ourselves on staying abreast of emerging technologies and offering forward-thinking solutions to our customers, such as Solar Ready or geothermal heated homes.

Our legacy of firsts, such as Canadas first LEED home and Ontarios first Built Green home are a testimony to the trailblazing and innovative spirit of Reids Heritage Homes.

ServiceWISE: We treat every home we build like its our own, and every homeowner like a neighbour. That is the ServiceWISE philosophy.

Whether it is while you work with our Sales Consultants, as you choose the fine features and finishes with our Decor Specialists, or when you meet with one of our Home Service technicians, we pride ourselves on the care and attention we bring to every service experience.

NeighbourhoodWISE: Building vibrant neighbourhoods is a passion at Reids Heritage Homes.

Our family communities like Westminster Woods and Summerside offer a great selection of homes in locations specifically chosen for their beautiful, natural settings and close proximity to parks, schools and urban amenities that fit your lifestyle.

DesignWISE: From beautiful lakeside family enclaves to spectacular golf course communities, Reids Heritage Homes builds not just a home, but a quality of life for your family in a community that fits your lifestyle.

We design elegant, energy-efficient homes and create harmonious communities by taking into account the totality of experience and whats important to your family.

LiveWISE represents Reids Heritage Homes dedication and commitment to the ideals of craftsmanship and attention to detail spelled out in seven principal areas: quality, the future, the environment, our people, service, design and neighbourhoods. Reids Heritage Homes is driven by integrity, professionalism and pride of workmanship. Our core values and principles, instilled in us by our founder, drive us forward and set us apart. At Reids Heritage Homes we care about creating the perfect family community as much as we care about crafting the perfect family home.

ReidsHeritageHomes.com

For more information or to download your FREE home buying guide, visit www.ReidsHeritageHomes.com

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Community Profile

Reids HeRitage Homes

Were all familiar with the old adage about the three most important things to consider when buying real estate location, location, location. But what about the environment? Or land use? Or the future? In all the excitement of purchasing a new home, buyers may not stop to think about these things. Fortunately, Reids Heritage Homes does and has since the companys founding in 1978.

By taking a big-picture, holistic view of the communities it develops, the homes it builds and the people it works with, Reids Heritage Homes has become one of Southwestern Ontarios leading home builders. Over the years, the company has gained thousands of satisfied customers and won more than 100 prestigious awards for quality, design and innovation. Last year, it was named New Homes Participant of the Year by Energy Star and was a finalist for OHBAs prestigious Homebuilder of the Year award.

Now, Reids Heritage Homes is codifying the unique business practices that have made it so successful into a program called LiveWise. LiveWise captures our core values. Its an advancement of our team philosophies and a promise of excellence to our homeowners, our suppliers and the communities we work with, say Tim Blevin, president and CEO of Reids Heritage Homes.

The values are already in place and have been practiced over the past 35 years. And they will continue to be the cornerstone of our company going forward. LiveWise is our pledge to the people we do business with.

LiveWise spells out Reids Heritage Homes

commitment and dedication to seven different principles: quality, the future, the environment, their people, service, design and neighbourhoods. For example, Reids Heritage Homes and LiveWise emphasize zero tolerance for error and Total Quality Management by taking personal ownership and responsibility, says Darryl McMillan, director of construction and operations.

When it comes to the environment and our future, Reids Heritage Homes will continue to take a leadership role. LiveWise ensures the continued development of sustainable buildings and practices by stressing design, health, energy and savings. As Scott Reid, vice-president of residential construction, says, Were investing in the right systems, products and processes today for a better tomorrow. That may include providing geo-thermal heating and solar-ready piping, as seen in some most recent communities.

And speaking of communities, LiveWise promises a unique approach to overall land use. Green design and smart growth principles result in vibrant, sustainable neighbourhoods that flow into harmonious streetscapes, making the most of the surrounding natural features and public amenities. Visit a Reids Heritage Homes community and youll see the pride of ownership and sense of belonging that this unique, forward-looking approach creates.

LiveWise even dictates the superior level of service you can expect when purchasing a Reids Heritage Home. Customer Care Supervisor Tanya Dupuis sums it up, We follow one basic philosophy: treat every home we build like its our own. Homebuyers can count on rigourous quality inspections, reliable delivery schedules and prompt, timely issue resolution.

In the end, LiveWise represents the singular corporate culture of Reids Heritage Homes. A culture that puts quality and a job done right above expediency. A culture that creates homes instead of houses. A culture that understands your new-home dreams and knows that to make them come true, theres a lot more to consider than just location.

To learn more about Reids Heritage Homes and the LiveWise program, please visit reidsheritagehomes.com today.

Dont just live, LiveWiseReids Heritage Homes


022 CP Reid's Heritage-WK.indd 22 2/4/13 2:41:42 PM

Opportunities abound in Southwestern Ontarios varied marketsby wayne karl

In SouthweStern ontarIo, the optIonS for home location are plentiful, given the variety of markets that comprise the region.

Indeed, the beauty of this area is that its made up of so many different locales from Hamilton to London to Kitchener-Waterloo to Niagara. Though all combine to make up part of the Ontario market, which is part of the Canadian market, they are all very individual markets, with distinct local economies, employment pictures and other important influences.

One of the characteristic differences of SWO over the GTA, for example, is the regions heavier reliance on a manufacturing economy. As the U.S. recovery strengthens into the second half of 2013, north and Southwestern Ontario are expected to be among the chief beneficiaries.

And, of course, SWO also has the benefit of lower average home prices. In Hamilton, for example, average prices are about $150,000 lower than in Toronto.

Here is a look at some of the markets, highlights and opportunities in Southwestern Ontario, from 2013 Housing Outlook Reports from Canada Mortgage and Housing Corp. (CMHC) and other information.

Hamilton: Humming alongHousing demand in the Hamilton will remain stable

through 2013, as improving economic conditions and higher net migration will support housing demand in the area, according to Abdul Kargbo, CMHCs senior market analyst for Hamilton.

A gradual improvement in job and income growth during the latter part of next year, combined with modest price increases, should support Hamilton resale activity by the second half of 2013.

Net migration into Hamilton doubled in 2011 from the recession levels of 2008, and totalled more than 19,500 over the last four years, as people were attracted to the improving job market. Such factors will support housing demand by the second half of 2013.

Hamilton HigHligHts

Average prices more than $150,000 higher in Toronto than Hamilton

Steady in-migration from GTA First-time homebuyers lead recovery Dundas, Hamilton East and Hamilton Centre to see

modest gains in 2013 Glanbrook and Stoney Creek to see higher demand for

condominiums and townhouses Unemployment rate forecast to be 6.6 per cent in

2013, down from 6.8 per cent in 2012


Home Search

023-024 SWO-WK.indd 23 2/4/13 4:42:39 PM

london: gaining steamHousing demand in London will be slightly stronger than in Ontario as a whole, as London will continue to benefit from employment growth and a relatively affordable housing market, according to Alexander Bonnyman, CMHCs senior market analyst for London.

Londons housing market in 2013 is shaping up to be very similar to 2012 results, says Bonnyman. (It) will start at a slower pace than a year prior but activity will pick up in the latter half of the year as employment responds to strengthening U.S. demand.

London is expected to be among the markets that will outperform thanks to an ongoing U.S. economic recovery, relatively more affordable housing and residential construction that is better in line with household formation.

Single-detached starts can be expected to dominate the marketplace in 2013, CMHC says. Singles starts will be 1.6 per cent above 2012 levels, as London is a relatively inexpensive market.

Growth in high-paying employment through 2012 in areas such as public administration and the professional, scientific and technical sectors, as well as in retail, will keep sales at 2012 levels through 2013.

As the U.S. recovery picks up momentum through this year, London is among those cities expected to benefit.

london HigHligHts

Single-detached starts will remain on par with 2012 Single-detached starts expected to dominate Unemployment rate 8.6 per cent in 2013, down from 8.9 per cent in 2012

Kitchener-Waterloo and guelph: go longThe Kitchener-Cambridge-Waterloo (KCW) and Guelph CMAs are not without their challenges in the short term, CMHC says. The picture brightens, however, when you look at the longer term meaning, the second half of 2013.

Improving economic conditions and stable home prices will support housing demand by the second half of 2013, says Erica McLerie, CMHC senior market analyst for KCW and Guelph.

Overall, housing starts in KCW increased marginally for 2012 from 2011 levels. Though total starts are expected to slow slightly in 2013, single-detached starts will actually gain 4.6 per cent over 2012.

In Guelph, starts will also slow marginally overall, but will actually rise 3.7 per cent in single-detached homes in 2013.

Both KCW and Guelph have a diverse economy, but are expected to respond favourably the more the U.S. recovery continues.

KCW and guelpH HigHligHts

Single starts to rise 4.6 per cent in KCW in 2013 Single starts to rise 3.7 per cent in Guelph in 2013 KCW unemployment rate 6.6 per cent in 2013, unchanged from 2012,

but down from 6.8 per cent in 2011 and 8.0 per cent in 2010 Guelph unemployment rate 5.2 per cent in 2013, unchanged from

2012, but down from 5.6 per cent in 2011 and 7.9 per cent in 2010

st. Catharines-niagara: on the highriseUnderlining the point about how SWO markets can differ from one another, the economy in St. Catharines-Niagara also is influenced by what happens in the U.S. but for very different reasons than, say, London.

St. Catharines-Niagara depends more on U.S. tourism and imports, so expect the area to improve as the recovery south of the border gains traction.

Employment, due to growth in the service sectors, will grow moderately in 2013. Retail and transportation jobs will lead the charge in the second half of the year, in lockstep with the U.S. recovery.

In terms of housing types, higher-density has been the trend in this region for the last few years, and will continue to be the focus moving forward, particularly as the population in Niagara ages. In 2013, housing starts in condo apartments to cater to this demand will lead the growth, up 33 per cent, though from a small base.

Single-detached starts will also rise very slightly by 0.9 per cent; lower prices of this housing type in St. Catharines-Niagara allow younger first-time buyers to get into this market.

st. CatHarines-niagara

HigHligHts

Condo starts to rise 33 per cent in 2013

Single-detached starts to rise 0.9 per cent in 2013

Unemployment rate 7.7 per cent in 2013, down from 8.0 per cent in 2012


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The Mortgage Minute

Mortgage smarts - separating fact from fi ctionfor rst-time buyers

if youre a rst-time homebuyer, youre hearing a lot of talk in the real estate market these days. Will prices go up? Will the market crash? Will I ever be able to afford a house? How will the new mortgage rule changes affect me? How will I ever pay off this debt?

Its easy to get caught up in all the noise, but harder to separate the fact from the fi ction. As I edge closer to celebrating my fi rst half century on this planet, I fi nd myself using the phrase If I knew then more and more which got me thinking about the next wave of fi rst-time homebuyers, and what pearls of wisdom I could bestow on them.

I had an interesting conversation with a colleague the other day regarding property values in Vancouver. He relayed me a story of a friend who had bought a house on the west side of Vancouver in the mid 1990s and it is now worth more than four times the amount he paid. In terms of equity, it was the equivalent of winning the lottery. We pondered the question, what will people be saying 20 to 25 years from now? Is it quite possible that a young 25-year-old couple today might look back in the year 2033 and say If only we had bought that house back in 2013? Why didnt we? Oh yeah, there were new mortgage rules and a lot of global uncertainty.

by Peter KincH

Here are a FeW tHinGS tHat iVe

learneD about real eState

1. Real estate has peaks and valleys, but there has never been a future peak that is lower than the past one. Just give it time.

2. Time is your ally. Time can turn any bad real estate decision into a good one.

3. Equity is your safety net. It can supplement a pension and give you fi nancial options in later years.

4. Your mortgage is a forced savings program.

So letS aSSuMe tHat 20 to

25 yearS FroM noW, youll be

looKinG bacK anD SayinG to

yourSelF one oF tWo tHinGS

Im sure glad I bought that fi rst house, or

I wish I had just bought something back in 2013

A lot of people are in this situation today and paralyzed by all the noise around them. And in the absence of facts or perspective, fear will take over. So what are the factors that are in uencing your decisions today?

neW MortGaGe ruleS

Yes, there are new mortgage rules that have been implemented over the past few years, but in some respects, this could be to your

TimE is YouR AllY. TimE CAn TuRn AnY bAd REAl EsTATE dECision inTo A good onE.


026-027 Peter Kinch Mortgage Minute-WK.indd 26 2/4/13 2:41:53 PM

Peter Kinch is an award-winning mortgage broker and best-selling author of The Canadian Real Estate Action Plan Visit peterkinch.com or contact him at [email protected]

advantage. Many first-time homebuyers are unaware that you can still buy a home with as little as five per cent down. The main rule change that impacts your ability to afford a home is that you can no longer access a 30-year amortization. Your payments will now be determined based on you paying off that mortgage over a maximum 25-year period. Although this does make your payments a little higher in the beginning, it increases the amount of equity you build with each payment (remember your forced savings plan).

In addition, the rule changes imposed by the government have had the exact effect they were hoping to accomplish, which was to slow what was becoming an overheated housing market. Again, this is to the advantage of first-time buyers because it will help to bring house prices back within your range.

Global uncertainty

There is no doubt that we live in an age of global uncertainty and face the threat of financial chaos in Europe and a pending credit crisis in the U.S. However, this is not the first time our world has faced these challenges, and it wont be the last. The key factor to look at is what you can control in your world. Ask yourself about your own employment options your own employment future. The key to creating long-term wealth in real estate through equity is your ability to afford your monthly mortgage payments and making them consistently over a long period of time regardless of what is happening on the other side of the world. If you do so, one day youll wake up and realize two things:1. Your mortgage is paid off, and2. Your house is worth more than the day you bought

it regardless of what happened during the years in between.

So if youre a first-time homebuyer in 2013, heres my advice to you: create a budget that you can afford and be comfortable with. Buy a home that does not put a strain on your budget. Focus on taking baby steps and dont get overwhelmed by the big picture. Make the monthly payments into that forced savings program called a mortgage, and then let time be your friend and real estate will do what it has done for many generations before

eventually go up as your mortgage goes down and that is what we call

creating equity. And then maybe, just maybe, as

youre about to celebrate your first half century on this planet, youll look back and say, Im glad I got started in 2013.

YouR moRTgAgE is PAid off, And YouR housE is woRTh moRE ThAn ThE dAY You boughT iT REgARdlEss of whAT hAPPEnEd duRing ThE YEARs in bETwEEn.


026-027 Peter Kinch Mortgage Minute-WK.indd 27 2/4/13 2:41:56 PM

Taxing Issues

First-time buyers - buy when youre

ready and able

Q This year, my wife and I would like to get into our first home. We have saved almost $80,000 for a down payment. This was three years of eating at home, once per week dine out and no vacations. Movies and pub nights were out, with the odd exception. Although the real estate market has changed, homes are pricier than three years ago. Is this the right time to buy? Or should we wait it out? Steve and Kathy, North York

A The Canadian real estate landscape and recently hot cities such as Toronto and Vancouver are showing signs of losing steam and sales slowing down. Many experts do not foresee a U.S. style crash, but a decline in sales with moderate price increase for 2013. Quick flips and fast returns may be a thing of the past. The days of multiple offers are behind us for now, and buyers can be more selective.

First-time homebuyers should not try to time the market, but buy when you are ready and able. Leave market timing to the experts, if such a thing exists. A home used as your primary residence is a great investment. From a financial and tax perspective, there are at least three good reasons.

In Canada, the sale of a family home is tax-free. A home that is a principal residence that is subsequently sold at a higher price than initially purchased, will be exempt from income taxes. Thats right, Stephen Harper will not share in your good fortune. Secondly, pay yourself first, not a landlord. For many, mortgage payments are a way of forced savings. It makes more economic sense to fatten your pocket than a landlord. Thirdly, you can decorate and enjoy the home as you please. No money saved, but gratifying to the soul.

However, before venturing out into the land of homeownership, it would be prudent to do some homework. There have been many changes in 2012 introduced by Finance Minister Jim Flaherty that affect mortgages and the housing industry:

Buy what you can afford Many times, the heart is bigger than the pocketbook. Know what price range is comfortable and try not to deviate.

Get the best interest rate and terms Shop around for the best rate and terms. Financial institutions want your

by Henry CHOO CHOng, CgA

business more than you need them. A half point rate differential can cost you thousands. So can a mortgage that is closed or not portable

Big down payment Put down as much as possible to avoid a high-ratio mortgage. Be aware of some new mortgage rules introduced in 2012, such as: Purchasers requires mortgage insurance (CMHC) for

less than 20 per cent down payment Amortization period reduced from 30 to 25 years.

Could add several hundred dollars to monthly payments Gross Debt Service Ratio (GDS) 39 per cent. Banks use

this to determine what you can afford based on gross income to housing costs. Check if you are on-side.

First time homebuyers should make sure monthly mortgage payments are manageable and will continue to be so even if interest rates rise as early as next year and payments increase

Closing cost Set aside an additional two to three per cent of purchase price of the house for closing such as, Land Transfer Tax, legal costs and unwelcome surprises. You do not want get caught short several thousand dollars on closing day in order to complete the deal. Speak to a real estate lawyer and he or she will give you some ideas

HST, Land Transfer Tax Under certain circumstances, first-time homebuyers will qualify for Toronto Land Transfer Tax and HST rebates. Remember, you pay 13 per cent HST on new homes, not resales. If youre buying a new home, check if HST is included in price quoted. What happens to the HST rebate? Who gets it?

Home Buyers Plan (HBP) Use your Registered Retirement Savings Plan (RRSP) as part of the down payment. An individual and their spouse, provided they qualify, may withdraw up to $25,000 each, tax-free, from their RRSPs. You then have 15 years to repay the amounts to your RRSP, starting after the second year of your withdrawal.

Henry Choo Chong, CGA, sits on many committees and provides accounting and tax services to individuals and businesses in the GTA. He can be reached at 416.485.5225. Questions to Taxing Issues can be emailed to [email protected]

The opinions and views expressed herein are those of the author and not those of new Condo guide. new Condo guide does not necessarily endorse or encourage any specific tax strategies. Please consult a tax professional for advice specific to your particular situation.


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Home Search

416 or 905What are your options?

In real estate, price and location go hand-in-hand. Aside from personal reasons such as existing family structure or willingness to commute to work which quickly predetermine the area in which you decide to live buyers are forced to make a decision based on price.

However, for most buyers, budget remains static and location becomes one of the most crucial variables. When affordability is such a big factor of influence in the choice of housing and location, buyers begin to ask these questions: What more can I get for the same amount of money in the

905 as opposed to the 416? What less will I get for the same amount of money in the

416 as opposed to the 905?

THE AFFORDABILITY FACTORAffordability is the percentage of the total gross household income that is paid towards the mortgage principal and interest payments, property taxes and utilities to keep a home. In 2012, the affordability factor rose to 33 per cent. The last time the affordability factor surpassed this mark was in mid-2007 to 2008, and before that was 1994-95. With affordability in the GTA on the rise, and an all-time high in average home prices, buyers have to weigh the advantages and disadvantages of the area in which they decide to purchase real estate.

The following illustrates a breakdown of average prices by major

home types in November 2012:

by anthony jong

These figures are not surprising in that real estate prices are based on location. It is inevitable that the closer you are to the core, the higher the average prices are for similar housing types. For example, a buyer with a $500,000 budget must determine if purchasing a townhouse in the 416 area makes more sense than a fully detached home in the 905. The townhouse may be smaller in size with a smaller yard than the detached, but is closer to amenities, workplaces and public transit. It is common for many buyers to experience this tug-of-war before purchasing a home.

416 905

DetacheD $741,480 $556,745

Semi-DetacheD $583,117 $392,067

townhouse $440,930 $347,461

conDo apartment $350,540 $279,483


030-031 Anthony jong-416 or 905-WK.indd 30 2/4/13 2:42:00 PM

Anthony Jong BA (Hons), M. Arch. is a broker at ReMax Hallmark Realty Ltd., Brokerage, specializing in residential homes, condos and commercial properties. He can be reached at [email protected], online at anthonyjong.ca and by phone at 416.836.2821.

THE GOOD IN THE 416 Close to work Commuting every day to work is not only a waste of time, but also of energy and fuel (if driving). The estimated time that a Torontonian spends in traffic is at least seven hours per week. If you live in the 905 suburbs and travel in to the 416 core for work, expect traffic jams and long commute times every day.Proximity to amenities Some of the best restaurants in Toronto are in the downtown core. In addition to shopping, gyms, supermarkets, coffee shops and movie theatres being around the corner, public transit is convenient, especially if you are walking distance to a subway line. On the contrary, most amenities are spread out in the 905 and require more time on the road travelling from one place to another. No car, no fuss If my job was not car-dependent, I would be using public transit every day. Monthly savings of approximately $800 to $1,000 per month from car payments, insurance and fuel would allow for a more expensive home in the 416. TTC has become an essential service in Toronto and car rental companies such as Zipcar can be found in many convenient locations across the city. Greater selection The 416 area has a higher density, which in turn, gives buyers a larger selection of products within their budget. There may be four to five condominium developments at a single intersection in the 416 downtown core, versus one to two condominium developments in the 905. Property taxes The areas of the 905 generally have a higher differential of property taxes than the 416, by 30 to 40 per cent. Newer infrastructure and public facilities in the 905 contribute to a higher property tax rate.

THE GOOD IN THE 905Price/space The price per-sq.-ft. is higher in the 416 than in the 905, which results in less square footage of living space for the same amount of money. The Canadian dream has always been a lovely house with a large backyard and a white picket fence. That still holds true, but for a typical household with an average income, this dream is likely more plausible in the 905. Space is one of the most important considerations, so for buyers with children and extended family members, the 905 typically makes for a better decision.Return on investment (ROI) The ROI of real estate in the 905 in recent times has outperformed the 416.

In November 2012, the year-over-year percentage change of

average prices in three out of four home types within the 905

surpassed the 416 areas:

Land Transfer Tax This can be considered an entrance tax that a buyer must pay to the province of Ontario. However, compared to the 905, Land Transfer Tax in the 416 nearly doubles due to the Municipal Land Transfer Tax. Even though the residential property tax in the 416 is much lower than the 905, the savings will take a buyer, on average, seven years to break even on the extra Toronto Land Transfer Tax associated with a real estate purchase in the 416. People and more people If you dont like neighbours and crowds, living in the 416 (the downtown core in particular), should not even be an option. The 905 generally has lower residential density than the 416, and offers a more peaceful setting. And you likely wont experience the same heavy traffic that you would in the 416 areas. Extended family Urban sprawl has caused many families to move away from the downtown core into the 905 suburbs. Choosing to live in the 416 may translate into being away from close family members and a greater commute for weekend get-togethers. Downtown suburbs Many large condominium developments are turning into their own communities that are self-sustaining. Developments such as Downtown/Uptown Markham and World on Yonge are coupling multi-building condominiums with commercial and office spaces. Residents are able to shop, bank and find essential services, right at their doorsteps.

416 905

DetacheD -4% 3%

Semi-DetacheD 4% 6%

townhouse 5% 1%

conDo apartment 4% 3%


030-031 Anthony jong-416 or 905-WK.indd 31 2/4/13 2:42:01 PM

Legally Speaking

When buying your fi rst home, do your due diligence

Purchasing your fi rst home will likely be the largest investment you ever make. Think about that... Why, you ask? The answer is that in my 35 years of practicing law, I have seen young couples spend more time researching a new telephone than a new home!

The most important advice I can give, and if you take anything from this article, it is this: research everything ahead of time, such as prospective builders, areas, amenities, property taxes, lawyers, your fi nancial ability, zoning, bylaws and neighbours. And dont allow yourself to be pressured by anyone.

WHAT CAN YOU AFFORD?

Review your available cash for deposit and annual income to pay a mortgage and expenses. Once you have done that, speak to the mortgage specialists at the bank you deal with and speak to a reputable mortgage broker. Companies such as the Mortgage Centre in Mississauga and Mortgage Providers in Toronto have the experience and integrity to get you the best deal. Find out how much money you can borrow and how much of a deposit youll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because especially today, it is critical that you do not get caught up in the rush of buying a house that is beyond your budget.

DO YOU WANT A CONDO OR A FREEHOLD?

Condo living provides a carefree lifestyle someone else cuts the grass and shovels the snow but you pay additional monthly common expenses and sometimes others determine how the amenities, if not your unit itself, can be used. Freehold provides the freedom to do what you want, but maintenance and upkeep fall on your shoulders. The choices are boundless.

Once you determine what kind of home you want, you need to decide new or resale.

If new, the offers are long and fi lled with clauses that could cost you money or result in long delays. Be sure to see an experienced real estate lawyer familiar with these kinds of agreements before it is fi nal and no longer conditional. Research the builder and go to other sites the company has done and ask people about quality and after-sales service.

FIND THE RIGHT LAWYER

A lawyer must advise you at the time you make your offer, to guide you in understanding the offer (Agreement of Purchase and Sale). The right lawyer will explain how real estate agents work, what documents you will sign and what is to be included in the offer. It is important that your lawyer explains all the potential costs you will face and what you may encounter. Ensure that you arrange a pre-agreed fee with the solicitor. Get the fees locked in. The fee to close a standard resale home or condominium priced less than $500,000 should be somewhere between $800 and $900, plus HST and disbursements. This may vary in special circumstances. Also, make sure you get a free offer review. Then have your lawyer provide you a list of disbursements those monies expended on your behalf necessary to properly search and close the

by JAYSON SCHWARZ LL.M.

transaction. This is where some lawyers may try to charge large fax, mail and photocopy fees. Make your lawyer justify all expenditures that dont make sense.

MISCELLANEOUS

Do you have a will? If you do, is it up to date and does it represent your current situation and state of affairs? A will prevents sibling disputes, clarifi es who will look after children, keeps the government out of your affairs, allows for an orderly disposition of everything from possessions to your realty, stocks and bonds, and will help guide your funeral arrangements.

You will also need insurance for the home. This is the right time to look at life and disability insurance, to determine if you should be insuring your mortgage in case something happens to the major wage-earner.

As you can see, there is a lot to consider when buying your fi rst home. Being prepared will help you enjoy the experience and fi nd that dream home.

Jayson Schwarz LL.M. is a Toronto real estate lawyer and senior partner in the law firm Schwarz Law LLP. If you have a topic in mind, mail, deliver or fax letters to the magazine or to the firm, email ([email protected]) and give us your questions, concerns, critiques and quandaries.


032 Jayson Schwarz - Legally Speaking Jayson-WK.indd 32 2/4/13 2:42:05 PM

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033 Rosehaven-Corp 02-09-13.indd 33 1/31/13 4:33:38 PM

New-Home Warranty

Ontario new homes come with a

Tarion-backed warranty

As A firsT-Time buyer, yOu face countless decisions: downtown or suburbs, two-bedroom or three, hardwood or laminate? But the one decision you dont have to make is about your new homes warranty. Thats because every new home sold in Ontario comes with a builders warranty, backed by Tarion Warranty Corp.

The warranty process starts before your builder even breaks ground, and lasts for seven years from when your new home is completed and ready for possession.

Although it is often lumped into one warranty for simplicitys sake, in reality, just about all new homes in Ontario come with deposit and delayed closing protection, in addition to three separate warranties that provide different types of coverage at different points in the life cycle of your home.

Your deposit protection and delayed closing protection begins before you move in. Deposits are protected up to a maximum of $40,000 for freehold homes in the event that your builder goes bankrupt, breaches the purchase agreement or in situations where you are legally entitled to back out of the purchase agreement before closing.

Deposits made on condominiums are protected for similar circumstances, up to a maximum of $20,000. Deposit amounts exceeding that are protected under the Condominium Act.

The delayed closing and occupancy provision means your builder guarantees that your home will be ready for move in either by a date specified in the purchase agreement or by a date that has been properly extended if circumstances occur that delay the homes completion. In many cases, your builder will be required to compensate you if a delay occurs.

The one-, two- and seven-year warranties begin when your home is complete and ready for possession. The one-year warranty covers defects in work and material, protects against unauthorized substitutions and ensures your home is fit for habitation and constructed according to the Ontario Building Code. The first-year warranty includes almost everything inside and outside your home that was provided by the builder, from flooring to drywall to heating and air conditioning systems, and is in place for one year from your homes date of possession.

The two-year warranty protects against water penetration through the basement or foundation walls; defects in materials that affect windows, doors and caulking and defects in work that result in water penetration into the building envelope. It also covers defects in work or materials in the electrical, plumbing and heating delivery and distribution systems, and defects in work or materials that result in the detachment, displacement or deterioration of exterior cladding, such as brickwork, aluminum or vinyl siding. It continues to provide protection against violations of the Ontario Building Code that affect health and safety and applies for two years, beginning on the homes date of possession.

The seven-year warranty, referred to as the Major Structural Defect Warranty, provides coverage for any defect in work or materials that results in failure of a structural, load-bearing element of the building or one that would reduce the expected life span of a structural element. It also includes protection against a defect that adversely affects the use of the home.

If youre looking to buy a condo, youll also have extra warranty coverage for the common elements of your condominium.

For more information about your new homes warranty, visit Tarions website at

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

CONTINUED ON PAGE 38...

If youre lookIng to buy a condo, youll also have extra warranty coverage for the common elements of your condomInIum


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BILD Report

First-time buyers an important part of the market

When someone tells me they are a first-time home buyer today, I cant help but assume they are referring to a condominium purchase. When I first started out in this industry more than 30 years ago, however, this wasnt the case.

Over the past decade, the GTA has witnessed what our industry refers to as the shift a move toward the construction of more high-density housing as a result of public policy initiated by the provincial government.

In 2006, the Province of Ontario introduced Places to Grow a plan that places a greater emphasis on intensification and subsequently spearheaded a shift that would see our industry aim for residential intensification targets of 40 per cent one that is being exceeded significantly. Today, residents of the GTA both present and future are facing a lack of choice. Whats causing it? There are less ground-related homes being built due to delays caused by slow planning approvals. The result is a drastic increase in pricing throughout the GTA.

The GTA has become a tale of two markets, and as the highrise sector breaks sales records, the lowrise market is struggling with an inventory shortage as prices rise considerably. The RealNet New Home Price Index for a lowrise home showed an increase of 16 per cent over November 2011 to $625,473. Meanwhile, pricing for highrise homes rose by two per cent to $437,264.

Places to Grow created an imbalanced market that seriously compromised affordability and housing choice for new home purchasers in the GTA and nobody is more affected by this than the first-time buyer. Rising prices have already made ground-related housing difficult for the average first-time purchaser to afford, and with stricter mortgage lending restrictions introduced by the federal government last summer, it is becoming increasingly difficult to afford a new condominium as well.

The Ontario government calls the Greater Golden Horseshoe the fourth-fastest growing urban region in North America. With an estimated 100,000 new residents coming to the GTA each year, our industry is working to meet the challenge of building complete communities where they can work, live and play. However, it is important to understand that when it comes to affordability, there are elements that span beyond our control.

Affordability will have the biggest effect on Generation Y, many of whom are made up of first-time buyers or recent homeowners. With a depleted lowrise supply, where will this generation live once they pair up and start families of their own?

Our association is the voice of the development, home building and professional renovation industry in the GTA. On behalf of our members and new homebuyers in the GTA, we are constantly working with our

by Bryan Tuckey

partner associations to ensure that the challenges facing our industry are addressed by all levels of government.

Government policy changes, such as the ones made to restrict lending growth, impact the new home industry in the GTA a sector that is vital to the economic success of its residents through creation of new employment, infrastructure and opportunities for growth.

Affordable homes for residents of the GTA are essential for the continued prosperity of our province, and it requires buyers. We all have to work together to find ways to bring first-time homebuyers back into the market.

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


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Community Profile

Primont Communities

Construction is well underway at Primonts popular Castlemore and Heirloom communities, so theres never been a better time to find the perfect family home with Primont. Like all Primont communities, Castlemore and Heirloom offer breathtaking collections of exquisite family homes at some of the finest locations in the GTA. And with both communities offering 2013 closings, you wont have to wait long to move in to your stunning new Primont home.

Heirloom is an inviting family community of stylish freehold towns and semis at an exceptional Markham location, just minutes from Hwys. 404 and 407. Homes feature beautiful brick and stucco exteriors and a fine selection of interior features and finishes. And with schools, shopping, restaurants, a community centre, neighbourhood parks and GO Transit nearby, youre not just moving into a home youre moving into a vibrant, established community setting. Townhomes start from just $432,900, and inventory closings are now available with 2013 move-in dates. Prospective homebuyers can also look forward to a new release of executive townhomes priced from just $369,000 coming this February to Heirloom. Visit the sales centre on Major Mackenzie Dr. E., just east of Markham Rd., or call 905.201.2804 to learn more!

On the other side of the GTA, Primont has been receiving a lot of attention for its stunning family community in Bramptons iconic Castlemore Village. At Castlemore, potential homebuyers are sure to be impressed by the fine selection of stunning towns, semis and 40-, 50- and 65-ft. singles. This incredible northeast Brampton community offers inspiring vistas overlooking the West Humber Ravine and the Claireville Conservation Area. This natural setting is ideal for nature lovers, who can step out their front doors and enter into a world of hiking, cycling and more. Residents of Castlemore can also delight in the incredible combination of natural beauty and urban convenience, with Bramalea City Centre and a fine array of shops, schools, plazas and parks all just minutes away. With homes starting from just $409,900 and inventory closings available, its never been a better time to make the move to this highly prestigious community. Visit Castlemores sales centre, located on County Road 50,

just north of Hwy. 7, or call 905.856.5777 to learn more. In addition to communities that are currently

under construction, Primont also has several other communities that offer beautiful homes and exceptional value at great GTA locations. Bramptons Centretown community features an impressive array of breathtaking townhomes and picture-perfect two-car garage singles in a positively stunning master-planned community atmosphere. Located in the northwest part of Brampton, Mount Pleasant is a charming storybook community of unparalleled beauty. Bordering picturesque farmland, yet offering all the major conveniences of Brampton

such as shopping, schools, restaurants and more Mount Pleasant is a neighbourhood that truly offers the best of all worlds. And with easy access to Brampton Transit, GO Transit and Hwy. 410, its easy to get anywhere you want to go when you live at Centretown in Mount Pleasant. Centretowns townhomes and singles are priced from just $355,900.

Homebuyers are also falling in love with an exciting new release of only 38 stunning townhomes at Markhams Harmony community. Located right across from South Unionville Square, Harmony is an exclusive family community of stylish executive townhomes. The breathtaking homes in this established neighbourhood offer homebuyers the rare opportunity to live in one of South Unionvilles most desirable areas. These luxury executive townhomes are priced starting from $539,800.

For more information on any of these wonderful Primont communities, visit primonthomes.com

Brampton & Markham communities perfect for first-time buyers

Primont Communities


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Mattamy Homes has been building communities in and around the GTA for more than 30 years. So no matter where you prefer to live, chances are youll fi nd us there with a range of affordable and stylish home designs to

suit the fi rst time buyer. From low-rise condos to Townhomes to every size Detached Home,

youll fi nd it in a Mattamy community.

Families who live in our neighbourhoods really enjoy the special features such as lots of park spaces, playgrounds,

ponds and walking/biking trails.

Mattamy Homes is Canadas largest builder with more than 50,000 homes built in over 150 communities in the GTA,

Ottawa, Calgary and across the United States.

It would be a privilege to have you consider us to build your most important purchase.

Visit www.mattamyhomes.com to find your first home.

mattamyhomes.com

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

Presentation Centre Hours: Monday to Thursday 1pm-8pm; Friday 1pm-6pm; Saturday, Sunday and Holidays 11am-6pm

If Youre Looking For Your First Home, HeresThe First Place To Look.

Our Village Home Designs Leave Plenty Of Room For Entertaining.

Mattamy Condo Interior.

Mattamy Townhome Kitchen/Family Room.

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Your First Home & Condo - 2013

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