gta new condo guide - 9 feb.,2013

GRAND OPENING in NORTH YORK

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*Prices and specifications are subject to change without notice. Illustrations are artists concept only. **Source: The City of Toronto Official Plan and the Agincourt Secondary Plan, a future bus and subway terminal or other transit related uses are proposed for this location. Building and view not to scale. Any retail uses will not be complete or available for use at the time of occupancy. Map not to scale. Tridel, Tridel Built for Life, Tridel Built Green. Built for Life. are registered trademarks of Tridel and used under license. Tridel 2013. All rights reserved. E.&O.E. February 2013.

Facebook.com/Tridel Twitter.com/Tridel

A Tridel Built Green. Built for Life. community.

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BC FC FOLDOUTTRI 20245 TRIO CondoGuide 5PG Gatefold Cover FEB 13.indd 2 13-01-30 5:35 PM







PRICESSTARTING

FROM $258,000*

CONTACTUS

PHONE 416.645.8866

WEB TRIDEL.COM

[email protected]

Parking Included





REGISTER


February 9 - 23, 2013 Volume 17 Issue 03

inside this issue

HOW IMPORTANT IS LOCATION?

NEW HOME PURCHASES AND THE HST

HOW TO CREATE A STYLISH HOME OFFICE

CG_Cvr_Feb9.indd 1 2/4/13 3:51:04 PM







PRICESSTARTING

FROM $258,000*

CONTACTUS

PHONE 416.645.8866

WEB TRIDEL.COM

[email protected]

Parking Included





REGISTER


February 9 - 23, 2013 Volume 17 Issue 03

inside this issue

HOW IMPORTANT IS LOCATION?

NEW HOME PURCHASES AND THE HST

HOW TO CREATE A STYLISH HOME OFFICE

CG_Cvr_Feb9.indd 1 2/4/13 3:51:04 PM







PRICESSTARTING

FROM $258,000*

CONTACTUS

PHONE 416.645.8866

WEB TRIDEL.COM

[email protected]

Parking Included





REGISTER


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EDITORS NOTE

SUSAN LEGGEEDITOR-IN-CHIEF

Wall2Wall [email protected]

Follow me on Twitter atTwitter.com/SusanLegge

Like us on facebooksearch: Condo Guide

JANINE DRUERYEDITOR

Wall2Wall [email protected]

Follow me on Twitter atTwitter.com/JanineDruery

WHICH SITE IS RIGHT?

Think you cant afford a home?THINK AGAIN.

I sometimes think that if I hear the adage location, location, location one more time, Ill implode. Butthe saying is a saying for a reason: where you buy does matter.And while resale value is a key component, if you are planning on settling into your new abode for some time to come, the location matters for many other reasons.

If you are in the market fora new condo, youll want to ask yourself a lot of questions tohelp narrow down your choices. Consider the following: Do you thrive on the vibe of

city life or enjoy the quiet of suburban living?

What will you get for your money in different areas?

How far will your daily commute be? Is there public transit nearby? How much will it all cost?

Are there amenities parks, recreation centres, health services within walking distance?

Are there enough cultural/entertainment hot spots (restaurants, theatres, clubs, bars) around to suit your lifestyle?

Are there schools in the neighbourhood? How will your kids get there?

Of course, the more questions you ask, the more questions youll likely generate. In this issue of New Condo Guide, we focus on location and amenities, and offer up info and advice for those of you looking for a new home.

Good luck, and if you have any questions youd like to ask of us, please get in touch. Wed love to hear from you!

Much like that bank commercial that says, youre richer than you think, a new home may be more affordable than you originally thought. Perhaps you only need to change your definition of home to get into the market.

While a detached home is the traditional choice for many, highrise and lowrise suites, lofts and townhomes have become a prime choice among first-time buyers and empty nesters in the market for new place to call home.

Not only does townhouse and condominium living afford you the opportunity to live in a prime neighbourhood at a great starting price, when its time to move you can often opt to remain in the same

neighbourhood, since many communities offer a mix of designs and sizes, which allow families to relocate easily without having to change jobs or schools.

Todays communities generally have a range of sizes and prices that start at the affordable end of the price spectrum. This winter, many builders and developers are gearing up for their grand openings and have new communities available for quick occupancy. Its an exciting time to be shopping for a new place, so dont miss this excellent buying opportunity.

Have a look through this issue and see what you think. The home of your dreams is waiting.

002 NEW CONDO GUIDE FEBRUARY 9 - 23, 2013

002 editors note-JD.indd 2 2/4/13 6:32:21 PM

* See sales representative for details. Limited time offer. Prices and specifications subject to change without notice. E. & O.E. Brokers protected. All images are artist concept.

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money matters Gail Vaz-Oxlade Gail Vaz-Oxlade is the host of Til Debt Do Us Part, author of Debt Free Forever and blogs daily at gailvazoxlade.com. Follow Gail on Twitter at twitter.com/GailVazOxlade

LegaLLy speaking Jayson SchwarzJayson Schwarz LL.M is a Toronto real estate lawyer and partner in the law firm Schwarz Law LLP. Visit the website at schwarzlaw.ca or email [email protected].

BiLD report Bryan TuckeyBryan 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).

styLe fiLe Yanic SimardYanic Simard is New Condo Guides design editor and the principal designer of the Toronto Interior Design Group, specializing in residential and commercial projects. Simard has created designs for clients in Toronto, Montreal and Miami, and appears as a regular guest expert on Citytvs CityLine. Visit tidg.ca

ConDo pro Barbara LawlorBarbara Lawlor is president of Baker Real Estate Inc., and an in-demand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condominium developments in the GTA and overseas.

Vice-president, Wall2Wall media Jacqueline Hillsales manager

Conni Robinsonassociate publisher, sWo new Homes & Lifestyle Communities Susan Maxwell editor-in-Chief, national real estate

Susan Leggeart Director

Sarah Jangeditor

Janine Druery Lydia McNutt (on leave)

Contributing editors

Wayne Karl, Elisa Krovblit, Silvana Longo, Sara Duck (on leave)Design editor

Yanic Simard

senior account executive

Dionne Fraser [email protected] account executive

Nina Downs [email protected] & marketing Co-ordinator

Terry Bassettadministrative assistant

Antoinette Jackson

production manager

Bala Gnanapandithanproduction Co-ordinator

Sandra Hanak-Vujnovicgraphic Designers

Caroline Wassef Sandra Hanak-Vujnovic

national account manager, mediative Paul Slizys

PuBLiSHED BY

Wall2Wall Media is a Trademark of Yellow Pages Group Co. In Canada. #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867

aDVertising Call 416.626.4200 for advertising rates and information. CirCuLation Free distribution in select high-traffic street boxes, stores, banks, financial institutions and select condominium sales offices. CopyrigHt 2013 All rights reserved by Wall2Wall Media. 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 new condo guide 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. Email to [email protected]. The views and data expressed by columnists do not necessarily represent those of the publication. Hometrader and the Hometrader & Design are trademarks of Apax Partners Llp, Used Under License.

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.

quiCk tips Hellen ButtigiegHellen Buttigieg, CPO, is a certified professional organizer, life coach, TV host and owner of We Organize U. Visit her website, WeOrganizeU.com, for a free e-Book on how to find more time, energy and inner peace. Contact Hellen at 905.829.2219 or [email protected]

taxing issues Henry Choo ChongHenry Choo Chong is a certified general accountant. Henry sits on many committees and provides accounting and tax advice to individuals and businesses in the GTA. Email your tax questions to Taxing Issues at [email protected]

contributors neW ConDo guiDe

on tHe moVe Dan HopkinsDan Hopkins is chief operating officer at Two Men and a Truck Canada. For more information visit twomenandatruck.ca

ConDo sense Ben MyersBen Myers is editor and executive vice-president of Urbanation, a market research firm tracking the new, resale and future condo market since 1981. Urbanations Condominium Market Survey is the industrys bible for sales and pricing information, as well as analysis that puts all the pieces together.

004 neW ConDo guiDe FEBRuARY 9 - 23, 2013

004 contributors-JD.indd 4 2/5/13 2:32:01 PM

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columns, news &

features

table of contents

002 Editors notE

columnists

016 bild rEport A look back at 2012 provides clarity in the new home market by bryan tuckey

017 Condo pro When it comes to condos, location is key by barbara lawlor

028 taxing issuEs Selling a real estate investment property by henry choo chong

032 MonEy MattErs Common money mistakes that couples make by gail vaz-oxlade

048 fundaMEntally spEaking Planning to buy new? Now is a good time by wayne karl

062 lEgally spEaking A look at new home purchases and the HST by jayson schwarz & konstantine chatzidimos

068 QuiCk tips Organizing myths that can keep you stuck by hellen buttigieg

072 stylE filE How to create a stylish and functional home office by yanic simard

084 MortgagE MinutE Separating fact from fiction for first-time buyers by peter kinch

088 dEsignEr tips Ways to personalize your space with art by lisa canning

098 sCruMpdillyiCious Goan-Style Prawn Curry is rich and aromatic with a little bit of heat by leslie styles

104 MakE your MovE How to make moving easier on your children by dan hopkins

in the news

024 outlook 2013 BMO says housing markets soft landing to dissipate by mid-year

026 savings rEport Report finds Canadians plan to save nearly $10,000 in 2013

034 housing MarkEt Market conditions trigger shift in homebuyer mindset

044 rbC poll Canadians struggling to balance family priorities and retirement needs

046 EvEnts Yanic Simard to appear on Shopping Channel; Brad J. Lamb to lead real estate investing workshop

050 urbanation rEport Toronto sees record level of condo construction starts in 2012

074 industry nEws Wellspring Cancer Support Foundation opens newly expanded centre

february 9 to 13, 2013

voluME 17 issuE 03

trio at atriaGrand opening in

north York

20

012-013 GTA condo contents - FEB 9-JD.indd 12 2/5/13 2:32:09 PM

118 brEaking ground Graywood Developments and Beaverhall Homes celebrate groundbreaking at The Mercer

featuRes

030 Condo CulturE The evolution of trends in condo amenities

054 dEsign diary How to add the finishing touch to any room by erica gelman

064 hoME dCor Introducing colour into your home does not have to be frightening by hilary Farr

090 hot topiC Why location is about far more than resale value by kara kuryllowicz

5480

106 whErE to buy Important factors to consider when searching for a home by wayne karl

120 hoME safE hoME Security features area big selling point for condo buyers by laura malloy

124 whats nEw A handy guideof the latest andgreatest productson the market by silvana longo

homebuYeRs helP 040 your MonEy

Make sure you havea will or estate planin place

052 tax tips Helpful tax tips for Canadians aged 35and under

070 hoMEbuyErs hElp A language lesson for the homebuyer

076 your Condo How to choose the condo thats right for you

080 buying tips Ten helpful tips for new-condo buyers

092 Condo watCh 905Previews, new releases and grand openings in the 905 area

100 sMart shoppEr Exclusive discounts and deals for our readers

108 Condo watCh 416Previews, new releases and grand openings in the 416 area

129 Condo buyErsrEsourCE sECtionYou love the home, see what you can afford

134 indEx of advErtisErs

conDo Profile

42pEMbErton group

To celebrate 2013, and in honour of Chinese

New Year, Pemberton Group is offering a special

bonus incentive42

100

012-013 GTA condo contents - FEB 9-JD.indd 13 2/5/13 2:32:24 PM

Exclusive Listing: CityLife Realty Ltd. Brokerage. Brokers Protected. Illustrations are artists concepts. Prices and specifications are subject to change without notice. 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. *Conditions apply. See Sales Representative for full details. The FIRST HOME BOOST Program will only be available on a limited number of suites.

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014 Daniels-OnePark 02-09-13.indd 14 2/5/13 12:14:05 PM

015-Daniels-Limelight 02-09-13.indd 15 2/5/13 5:44:14 PM

// BY BRYAN TUCKEY

Bryan Tuckey is President and CEO of the Building Industry and Land Development

Association (BILD) and can be foundon Twitter (twitter.com/bildgta),

Facebook (facebook.com/bildgta),Youtube (youtube.com/bildgta) and

BILDs official online blog (bildblogs.ca).

BILD REPORT

Tallying

They say hindsight is 20/20. For the new home market in the GTA, a look back at 2012 does provide some clarity but only if you look at what happened in the highrise and lowrise sectors together across the GTA.Together, in the 12 months of 2012, close to 33,000 new homes were

purchased, according to the year-end report released on Jan. 23 by RealNet Canada, BILDs offi cial source of new home market intelligence. When compared to last years banner year of 46,000 new homes, its a 29-per-cent drop, but lets look back a few more years. In 2010, 37,000 new homes were sold and in 2009, the year-end tally was slightly more than 33,000.

e GTA is expected to grow by approximately 100,000 annually as people choose to make this vibrant, economically-viable and diverse region their home. To provide homes for this growing population, our industry meets the challenge of selling and building an average of 35,000 to 40,000 new homes every year.

If we use hindsight again, we can take a closer look at why our 2012 year-end tally turned out to be lower than the average, and what it means for future homebuyers in the GTA.

In the fi rst six months of 2012, we were on track to have a more normal year of new home sales. Not quite the 2011 numbers we had reached, but closer to our 10-year average. en, in the summer, the federal government made changes to fi nancing regulations. As expected, it was mainly fi rst-time homebuyers who were shut out by the new mortgage rules. Unexpected was the drop in consumer confi dence that seeped into the fall months and a decline in new home sales for the remainder of the year.

e analysis also shows that 57 per cent of the new homes purchased were in highrise communities and 43 per cent were in lowrise developments across the GTA. Last year was the fourth highest year for highrise sales since 2000, but in the lowrise sector it was the second lowest.

e decline in lowrise sales is a direct result of provincial public policy that has encouraged intensifi cation in existing communities and constrained land supply in the regions surrounding the City of Toronto.

So, what does it all mean for future homebuyers? Choice and aff ordability in the lowrise market is diminishing. ere is an

imbalance and it needs correction so that those who want a detached, semi-detached or townhouse in the next few years will be able to fi nd one to call home.

NEW HOME SALES IN 2012

The analysis also shows that 57 per cent ofthe new homes purchased were in highrise communities and 43 per cent were in lowrise developments across the GTA.


016 BILD Report-JD.indd 16 2/4/13 6:32:26 PM

MONARCHGROUP.NET MONARCHGROUP.NETMONARCHGROUP.NETAlways home. MONARCHGROUP.NETAlways home. Prices, specifi cations and promotions are subject to change without notice. Renderings are artists concept and images are for mood and impression only. *Extras noted above are as per plan and as specifi ed by Vendor. Some restrictions may apply. E.&O.E. January 2013. 20041

Prices, specifi cations and promotions are subject to change without notice. Renderings are artists concept and images are for mood and impression only. *Extras noted above are as per plan and as specifi ed by Vendor. Some restrictions may apply. E.&O.E. January 2013. 20041

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MONC 20041 Picasso Lago GC 4pgr Jan 13.indd 3-4 12-12-07 9:21 AM

Condo PRo // BY BARBARA LAwLoR

Barbara Lawlor is president of Baker Real Estate Inc., and an in-demand

columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of

condominium developments in the GTA and overseas

During your search for a new condominium, there is so much to think about. You want the perfect building for your lifestyle needs, and in the Toronto area, there is something for just about everyone. Location always tops the list in importance, and I encourage buyers to consider this factor in many ways.

LoCATion iS KeY

For example, its important to take your work commute into consideration in a realistic way. Too often, people look at a map, draw lines on it and measure distances as the crow ies. Th is is not a good idea, because crows y over the road twists and turns, tra c lights and other things you have to contend with. When you are considering specifi c buildings, be logical and do a little homework before you sign on the dotted line.

Th e best way to fi nd out whether your commute is reasonable from a particular building is to start out from that location during rush hour and actually do the drive. Th en drive back to that condo after work. You may be

Todays advanced technology has sparked some employers to have employees work from home part of the week. This meansthat from a work/commute perspective,they have phenomenal choice when it comes to location.

When it comes to

condos,


017-018 column-Barbara Lawlor-location is key-JD.indd 17 2/4/13 6:32:31 PM

surprised at how long or how short the trip is. A condominium that is farther from your workplace may, in fact, be a quicker drive, depending on its proximity to major highways, GO Stations, etc. You may, for instance, find condominiums in areas such as Richmond Hill, Mississauga or Pickering that are an easier commute to Toronto than some located right in the city. Those who commute from the 905 areas may also find car-pooling an attractive solution, as then can then use the high-occupancy lanes on major highways.

Shift workers who commute outside of rush hour may have a completely different outlook on location. Again, do the commute during the times when you usually drive and see just how it is. There is always the viable alternative of taking public transit. For trips in and around Toronto, whether for work or pleasure, it may make a lot more sense for you to hop onto a bus or the subway.

Its a great idea to look at the location of the condominium youre considering in other ways as well. Start from the building and walk around. What can you do without driving or even taking public transportation? Shop? Bank? Drop off dry cleaning? Think about the places you visit often,

including the homes of family members and friends. Will those trips be a breeze? Are you taking night courses? How convenient will it be to travel to your school?

There are so many things in life affected by a condominiums location. For empty-nesters who are approaching retirement years and downsizing, a condo that enables them to stay in the residential area they know and love can be a wonderful solution. For first-timers who do not own a car, a suite in a condominium on a subway line in the hub of the city is great. And living downtown is becoming increasingly popular for families who feel that the shorter commute means more time to spend with their children.

Then again, with entrepreneurship such a popular lifestyle today, there are many condo owners who work out of their homes and lets face it, no commute is the best commute of all! Todays advanced technology has even sparked some employers to have employees work from home part of the week. This means that from a work/commute perspective, they have phenomenal choice when it comes to location.

Whatever your circumstances and preferences, a great condominium location should be at the top of your must-have list. Be optimistic and realistic, and you will make the right choices!

The best way to find out whether your commute is reasonable from a particular building is to start out from that location during rush hour and actually do the drive.


017-018 column-Barbara Lawlor-location is key-JD.indd 18 2/4/13 6:32:33 PM

TYPICAL FLOOR 2-6

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02 01 09

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POWDERBATHROOM

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FEBRUARY 9 - 23, 2013 NEW CONDO GUIDE 019

019 Lanterra-Riverhouse 02-09-13.indd 19 2/5/13 12:14:08 PM

CoVeR SToRY

TRIOAT ATRIA

INTRODUCED: Phase Three for

North York Community

TRideL doRSAYS MASTeR-PLAnned

CoMMuniTY in the heart of North York has been among the condo markets most successful developments. Located at Sheppard, just east of Hwy 404, the Atria community has seen its fi rst two phases Alto and Parkside at Atria

established as the best-selling condominium community of 2011.

Now, primed to release the communitys third phase, TRIOat Atria, on February 16, Tridel Dorsay are once again anticipatinga tremendous response fromcondo buyers looking for quality construction, chic design and a desirable location.

Like the buyers before them at Atrias fi rst two phases, we think the market will be excited by this release, and by what TRIO at Atria has to off er, says Jim Ritchie, Senior Vice President, Sales and Marketing for Tridel. TRIO gives residents everything theyllneed to enjoy a cosmopolitan and convenient lifestyle in a dynamic neighbourhood with world class shopping, restaurants and a variety of entertainment options available to them. Atrias location is uniquely positioned close to the 401, 404 and 407 highways, putting the entire city within reach.

And while the highways and adjacent arterial roads of Sheppard, Don Mills and Bayview Avenue make getting around by car easy, the new proposed Sheppard East LRT line will include a station at Consumers Road, steps from Atrias front door, giving residents and guests convenient access to all of Torontos surface and underground TTC routes.


020-021 cover story-tridel TRIO at atria-JD.indd 20 2/5/13 4:21:59 PM

In addition to its convenient location, the 23-storey residential tower at TRIO boasts a sleek glass design by the award-winning Turner Fleischer Architects Inc. And while the tower will inspire residents and guests upon each arrival, looking out over the communitys large landscaped park, tree-lined streets and circular courtyard will be equally impressive.

Reflecting the sophisticated urban lifestyle of its purchasers, TRIOs design features a stunning two-storey lobby and stylish common areas designed by Hefele Makowka Design Associates Inc. Among the most spectacular will be the sixth-floor landscaped rooftop terrace which will include a fireside lounge, sun deck and al fresco dining area, offering panoramic views of the surrounding residential neighbourhood.

The buildings portfolio boasts an extensive list of ground floor amenities including a private dining room and catering kitchen, a party room with outdoor terrace for entertaining and socializing, as well as separate billiards and theatre room. A state-of-the-art fitness centre with yoga studio, exercise pool and separate mens and womens steam rooms will promote a healthy lifestyle while a boardroom will allow residents to conduct business in the comfort of their own building.

Well-designed suite layouts include one-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den and three-bedroom plans, starting from $258,000 and ranging in size from 467 to 1,248 sq. ft. Each stylishly finished suite is thoughtfully designed for ease, comfort and the demands of todays modern lifestyle.

As a Tridel Built Green. Built for Life building, TRIO at Atria will reflect Tridels commitment to sustainable living, and will feature a range of eco-friendly, sustainable features and finishes that conserve energy and provide a healthy living environment.

Visit the Atria Presentation Centre at 2255 Sheppard Ave. East, Unit 120 at Settlers Road, on February 16 and 17 for the grand opening weekend. The Atria presentation centre is open Monday to Friday from 11 a.m. to 7 p.m. and Saturday, Sunday and holidays from 12 to 6 p.m. Call 416.645.8866, visit tridel.com or email [email protected] for more information.


020-021 cover story-tridel TRIO at atria-JD.indd 21 2/5/13 4:22:02 PM

See Sales Representative for details. E.&.O.E. Illustrations and renderings are artist concept only. February 2013.

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backyard, relish in the opportunity to experience life on a grander scale.

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ONE 20194 Condo Guide DPS Jan 13.indd 1-2 13-01-22 2:30 PM022-023-GreatGulf-OneSherway 01-26-13.indd 22 2/4/13 5:18:47 PM

See Sales Representative for details. E.&.O.E. Illustrations and renderings are artist concept only. February 2013.

DOWN55PAYMENT.*5% One Sherway. Many Reasons.

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The East M

all

Hw

y 427

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xpwy.

QEW

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Come discover a Mike Niven designed living experience, priced starting from $272,990. Parking included.

Dont miss out on this rare opportunity to live in an award-winning community.

One Sherway is lifestyle living without the high-end price tag. Offering you a chance to loosen the purse strings and indulge in the amenities that surround you. With access to the TTC steps from your home and one of Canadas most luxurious malls in your

backyard, relish in the opportunity to experience life on a grander scale.

MOVE IN

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ONE 20194 Condo Guide DPS Jan 13.indd 1-2 13-01-22 2:30 PM022-023-GreatGulf-OneSherway 01-26-13.indd 23 2/4/13 5:18:47 PM

OUTLOOK 2013

EXPERTS ON THE CANADIAN HOUSING MARKET

from BMO Financial Group and the industry participated in the inaugural BMO Housing Panel for 2013 to discuss the past year and provide their outlook over the next 12 months.

According to Sal Guatieri, senior economist, BMO Capital Markets, after a decade-long boom, the so-called soft landing appears to be underway in most regions; the expectation is that this trend will continue into 2013.

Home sales and housing starts will continue to moderate and prices will generally stabilize in most regions in 2013, says Guatieri. In the year ahead, the housing market will be supported by moderate job growth, steady immigration, growing demand from echo boomers entering their prime fi rst-time home buying years, and a gradual shift toward more single-person households.

e real estate market will benefi t from continued low interest rates, with the Bank of Canada likely on hold for another year, he adds.

Guatieri also notes that Alberta and Saskatchewan could buck the nationaltrend and see higher prices due to continued healthy economic growth and wage increases. Meanwhile, pricier Toronto and Vancouverare likely to have bumpier landings thanmost other regions, with some pricesdeclining moderately.

AFFORDABILITY AND CONSUMER PREFERENCE

Conrad Zurini, Broker of Record, Re/Max Escarpment Realty, says aff ordability is in question in major cities including Calgary, Toronto and Montreal, with fi rst-time buyers likely staying out of the market for the fi rst half of the year.

Zurini adds that those looking to upgrade

will still dominate, given lower interest rates. People who are into walking, lifestyle and entertainment, the farm-to-table trend, and buying local are going to fuel that market for the fi rst half of the year.

ese consumers are all about amenities and lifestyle theyre very established economically, says Zurini.

Consumers buying for the fi rst time will likely look to other cities in search of greater value.

ese buyers move with opportunity, following employment and searching out homes with their desired space, ultimately single-family residential homes, he says. In 2013, consumers will be paying close attention to the investment side of their buying decision.

MORTGAGE AND FINANCING ADVICE

John Turner, national director, specialized lending, BMO Bank of Montreal, outlined a number of factors buyers should keep in mind for fi nancing the purchase of a home.

e pre-approved process remains a very important keystone in the home buying process, whether youre a fi rst time homebuyer or a move-up buyer, says Turner. Generally speaking, most folks will need to borrow most of the purchase price of the home, so getting a pre-approved mortgage is a smart thing to do even before the home search starts.

Turner adds that the down payment buyers are able to aff ord is another important aspect, and that there are strategies buyers should put in place to ensure they can maximize that amount ultimately lowering their overall housing costs.

ere are a number of diff erent strategies to save for a down payment. With RRSPs, for instance, customers can withdraw up to $25,000 for the purchase of a home, he says.

Turner also reminds that consumers who pay off their debt quicker pay less interest, and that most mortgages have options embedded in them that help to save money in this way.

At BMO, weve been encouraging customers to take a shorter amortization for some time, he says. In addition, rates are as low as theyve ever been, so its certainly a good time to take advantage of this to pay off your debt sooner so you can retire comfortably and with as little debt as possible.

Housing market soft landing to dissipate by mid-year:

BMO CANADIAN HOUSING OUTLOOK 2013


024 housing outlook-BMO Canadian Housing Outlook 2013-JD.indd 24 2/5/13 2:32:41 PM

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025-GreatGulf-YoungeRich 01-26-13.indd 25 2/4/13 5:18:51 PM

savings report

Canadians who are planning

to save in 2013 are aiming to put away an average of $9,859 in order to meet their goals an increase of nearly $600 over last year, or approximately seven per cent.

This is one of the findings of a new BMO Household Savings

Report finds Canadians plan to

save nearly $10,000 in 2013

Its encouraging to see Canadians are planning to maintain or increase their personal savings this year, particularly as we look to balance increasing debt loads and turn around decreasing rates of savings, says Ernie Johannson, Senior Vice President, Personal Banking, BMO Bank of Montreal.

While its important to pay down debt particularly high-interest debt its essential that households build themselves a financial cushion as well, whether it be for retirement or other goals.

Yet, despite the positive nature of the findings, the poll shows the optimism is tempered by the fact that only half (48 per cent) say they are saving enough to meet their goals, with high expenses (71 per cent), low income (65 per cent), and

Report conducted by Pollara, which also revealed the different investment vehicles people plan to use to reach their savings goals: The majority of Canadians use a Registered Retirement Savings Plan

(RRSP) or a chequing account (63 per cent and 57 per cent, respectively) Half (49 per cent) use a Tax Free Savings Account (TFSA) One-third (29 per cent) use a high-interest savings account Another 25 per cent put their savings in Guaranteed Investment

Certificates (GICs)

debt repayment (52 per cent) cited as the top barriers to increased savings.The personal savings rate in Canada, calculated by Statistics Canada,

currently lies near historic lows at 3.9 per cent. By comparison, the rate climbed above six per cent during the height of the latest recession, and reached almost 20 per cent in the early 1980s.

The report also identified the most common savings goals in 2013 among Canadians: Retirement savings and emergency savings tied for second (42 per cent

respectively) on the priority list Nearly one-third of Canadians are putting aside money for home

renovations, while 20 per cent will be saving towards the purchase of a new vehicle

Education savings are on the priority list for 19 per cent of Canadians, followed by the purchase of a new home (15 per cent)

Vacations and the purchase of luxury items, entertainment and hobbies topped the list, with 66 per cent of Canadians putting cash away for these purchases

It is sometimes difficult to balance financial priorities and responsibilities with spending on items and experiences we enjoy, notes Johannson.

However, given the economic realities, it is key that we dont let the nice-to-dos overshadow our must-dos. Having a balanced savings approach allows us to live for today while saving for our future goals.

region gender

atl

$6,698

qC

$5,477

on

$10,465

ab

$18,035

mb/sk

$9,702

bC

$11,109

men

$11,631

women

$8,091

planned savings for 2013 by region and gender

026 new Condo guide febRUARY 9 - 23, 2013

026-savings report-bmo household savings report-JD.indd 26 2/5/13 2:32:43 PM

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// By henry choo chong taxing issues

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.

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]

QI purchased a rental investment property nine years ago. Every year I have filed the rental income on my tax return. This year I sold the property. In addition to my rental income, what tax implications will I have to report? Jared, Toronto

investment property

aHopefully, you made a profit! The real estate market has been healthy for the past several years and continues to be strong. Selling a real estate investment property will generate either a capital gain/loss and/or a recapture of income/terminal loss.

You will have a capital gain when the proceeds of the sale exceed the original cost of the property. A capital gain must be included in your personal tax return (if you own it personally) and is taxed on 50 per cent of the gains at your personal tax rate. A capital loss occurs when the cost is greater than your proceeds. The capital losses should be included on your personal return and applied against capital gains in that year. Any excess losses can be carried back three years, or carried forward indefinitely to reduce capital gains.

In calculating the capital gain/loss, determining the adjusted cost of the property is an essential factor. The adjusted cost must include not just the purchase price but also other costs incurred that had to be capitalized. As well, the proceeds of disposition are all the cost, including the selling price and adjustments pertaining to the sale of the investment.

In addition to the capital gains/losses, you may have a recapture of income. This occurs when you are taking Capital Cost allowance (depreciation) on the building, in any of the years that it was owned by you. The balance in this account is called the undepreciated portion.

A recapture of income occurs when the lesser of the proceeds and the cost of the property is higher than the Undepreciated Capital Cost (UCC). The recapture of income is taxed in its entirety at your personal tax rate. Alternatively, a terminal loss occurs when the lesser of the proceeds and the cost of the property is less than the UCC. This terminal loss can be applied in the current year to reduce other income (such as salaries or business income). Any unused amounts can be carried back three years or carried forward.

Good record keeping is essential to calculate the correct gains and/or losses.

Selling a real estate investment property will generate either a capital gain/loss and/or a recapture of income/terminal loss.

Selling a real estate

028 Henry-investment property.indd 28 2/4/13 6:32:35 PM

029

029-Bazis-Exhibit 02-09-13.indd 29 2/5/13 5:58:18 PM

CONDO CULTURE

SINCE THE PROLIFERATION OF CONDO projects, amenities have greatly evolved, adapting to the changing needs of society. Amenities that were once a luxury are now considered basics. Hardwood and laminate fl oors, stainless steel appliances, the fi tness centre, the spa, the pool, and the concierge desk are now standard features in todays condominium complexes. Other features such as business centres, which were all the rage a few years back, have been replaced with the conference room or board room, large pools are being replaced by smaller ones with currents to swim against, or spa-like areas with hot tubs and saunas.

New condominium amenities include the yoga studio and massage room, the theatre room with the big screen and comfortable chairs, fancy party rooms, and guest suites allowing owners to make use of common amenities while saving on the square footage in their unit. More luxurious features include private wine cellars, humidors, infi nity pools and screening rooms. Up and coming trends to look for are Wi-Fi connectivity, media rooms, grocery stores, art collections, rooftop sculpture gardens, and outdoor amenity decks with tennis courts, pools and pet walks.

When shopping for a condo, the most important

features prospective buyers seem to be interested in are gym facilities, 24-hour security and concierge, and visitor parking. With parking in urban areas hard to fi nd, and costly when available, prospective condo owners like seeing more spots for guests and visitors.

While amenities are attractive and appeal to many buyers at fi rst glance, smart buyers are aware that the more amenities a building has, the higher the condo fees will be. is is especially the case with pools and security, as those features add to the expenses.

So as new condos continue to emerge with newer and state-of-the-art amenities, keep in mind the features that always help with resale or add value to a property are a modern and updated lobby andsecurity, especially among single females who are an important segment into todays real estate market. Rooftop patios with a view for use during the warmer months are also coveted.

More information and advice is available from a real estate agent or online at royallepage.ca. NC

The evolution of trends in

CONDOMINIUM AMENITIES

Study says

CANADAGROWINGTALLER


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money matters // by gail vaz-oxlade

Gail Vaz-Oxlade is the host of Til Debt Do Us Part, author of

Debt Free Forever and blogs daily at gailvazoxlade.com. Follow Gail on

Twitter at twitter.com/GailVazOxlade

Sometimes a poor way of relating can really muck up the money. Whether youre planning a walk down the aisle or youve already been hitched for eons, there are some common mistakes couples make that can throw a wrench into their moneyworks.

1 Keeping secrets Im truly amazed at the number of people who hide stuff from their partners. They go shopping, bring home a bag of stuff,

money mistaKes couples maKe

and rip off the tags because, of course, their partners are morons and wont recognize a new outfit when they see it. One woman shoved her new purchases in the laundry hamper first thing. Another kept her new purchases in the trunk of her car until she could slide em into the house. Many people lie about what theyve paid for an item because if its a good enough deal they can slip it past their buddy. And then there are all the folks who hook up only to find their partner is a financial disaster.

If you cant be open about what youre buying, that should tell you something. If you think your partner is going to object to your spending, hey, listen up! And if youre planning to mate and you havent sat down to talk about your money, youre a fool, plain and simple.

2 not having a budget It isnt going to come as a surprise to you that I think every couple should have a budget. Whenever you combine two lives, two ways of looking at things, two spending profiles into one, you need to have a plan to ensure both bodies are on the same page about where the money should be going.

Having come up with a budget you both agree to, its easy to decide what to buy and when. You simply ask each other, Where does this fit in the budget? If it doesnt then you work together to make room, cutting a little of her golfing and his beer with the boys to come up with the cash to make the purchase. Working together with a plan beats the bejezus out of flying solo blind and bumping into each other.

A budget can be a relationship-saver when one of you is a spender and the other is a saver, since by having a plan you can address both your needs. Its particularly important when you are both spenders heading to the brink of bankruptcy. Knowing where you stand financially means you can make informed decision about your spending without a huge debt hangover.

3 putting one guy in charge Its not unusual for one person to assume the nitty-gritty of daily finances. It often falls to one partner to pay the bills, check the insurance coverage, decide on how to invest the retirement savings, figure out how much to put away for education savings, negotiate with lenders, pay the taxes the list is virtually endless. Often its because one partner is more inclined toward these tasks. The problem is that when one person is excluded, or totally abdicates responsibility, it means the other can mess things up with no monitoring or grow resentful at always having to do the detail. Its important for each partner to not only to feel involved in the big financial decisions but also understand the day-to-day details.

Taking turns managing the chequebook, and having regular conversations so that both of you are clear about whats going on, means youre both in the know and working to the same ends. It also means that one person doesnt have to deal with all the pressure, while the other merrily laughs off the stress and frustration with, Youre managing the money, so this is your problem to deal with.

While no one likes to think about bad things happening, the fact is that bad things do happen to good people.

032 new condo guide febRUARY 9 - 23, 2013

032-033 column-Gail-money mistakes couples make-JD.indd 32 2/4/13 6:32:39 PM

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money mistaKes couples maKe

4 denying the debt Regardless of who has the debt, the impact on the family unit will be significant. If you cant be debt-free when you get hooked up, the very least you should have is a plan for how youll get that debt paid off.

Never sign for each others debt. When you do, you assume responsibilities that may choke you to death. If your buddy needs help paying off the debt, you can do that without putting your name on the paperwork.

But he wont be able to get a car if I dont help him, Ive heard. Then he shouldnt have a car. But shell pay an outrageous amount of interest. Then she shouldnt take the loan. Were partners in everything. Maybe thats how you feel now, but how will you feel when (s)he doesnt pull her/his weight on the debt repayment, and youre on the hook for his or her past self-indulgence?

As for blowing your brains out on a big wedding when youre walking around with a ton of debt, give your heads a shake! Wedding mania and exotic honeymoons are wonderful, providing you have the money to pay for it.

5 sweating the small stuff If youre going to spend your relationship getting your britches in a knot over every little thing, youre going to be miserable. You have to figure out which battles are worth fighting, and when negotiation makes more sense.

If the small stuff adds up to big problems its usually because you dont have a budget and arent on the same page when it comes to your priorities. Its not unusual for couples to spend $30 a month here, $25 a month there, $60 on this, $97 a month on that, and when its all added up, its a whopping amount of money. If youre tracking your expenses, its easy to decide what has to go and when to stop shopping.

One of the ways some couples deal with the Money

Of My Own issue is to allot each partner a weekly or monthly allowance that can be used for any that body desires. Since the allowance is part of the budget, the plan stays in place while the individuals have some personal freedom when it comes to how theyll spend their personal money.

Once you have a slush fund you can each spend as you wish without questions or recriminations, you can then agree that on purchases above a certain amount youll consult with each other before buying.

6 failing to plan for emergencies While no one likes to think about bad things happening, the fact is that bad things do happen to good people. If you dont have a stash of cash at the ready to deal with whatever life throws your way, you wont have the means to cope. One of the big upsides of joining up is that youre able to act as a safety net for each other through lifes storms. But that doesnt happen magically. And often one overestimates their partners ability to take over the entire financial burden should one partner lose a job, someone become ill, or suffer some other disaster. It takes a plan. And part of that plan includes creating a pretty hefty emergency fund. Another part includes reducing your risks in whatever ways possible. Every couple should have enough money available to cover six months worth of living expenses. And each partner should make it a priority to get adequate insurance coverage.

Communication and negotiation are the keys to dealing with money issues. Of course you also need some practical money-management skills to actually pull the whole thing off.

febRUARY 9 - 23, 2013 new condo guide 033

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housing market

Changing market Conditions have triggered a shift in the Canadian homebuyer mix and mindset, according to a recent Re/Max survey.

The Canadian Homebuying Trends Survey 2013-2014 queried purchasers intending to buy in the next two years. Among the key findings: Almost one in five purchasers is single More than two-thirds are second or

multi-time purchasers Four out of 10 purchasers between 18-34 have

a down payment of 20 per cent or more.Emerging from the survey are some very real

indications that Canadian homebuyers and their attitudes have changed, says Gurinder Sandhu, Executive VP and Regional Director, Re/Max Ontario-Atlantic Canada. Purchasing patterns have evolved, with a more conservative, fiscally-responsible purchaser moving to the forefront.

Whos Driving the Market?The survey found that second-time and multi-time buyers represent 70 per cent of those serious about making a move a trend that is expected to continue over the next two years. First-time buyers will continue to play a role in the market at 30 per cent.

Theres no question that first-time buyers are experiencing a period of readjustment, says Sandhu. While affordability took a hit in 2012, homeowners with considerable equity remain confident and well-positioned. They will be the driving force fuelling the bulk of home sales in the months ahead.

The Financial Picture The survey found that spending patterns were mostly conservative. Thirty-eight per cent of purchasers said they would spend under $250,000 on their home; 42 per cent would spend between $250,000 and $500,000; 10 per cent would spend between $500,000 and $1 million; and one per cent intended to spend over $1 million.

market Conditions

trigger shiFt in homebuyer mindset

The singles group was most prudent, with 47 per cent of purchasers intending to spend under $250,000.

Larger Down PaymentsAccording to Re/Max, one of the most surprising findings of the survey was the fiscal responsibility of Canadas young homebuyers. Forty per cent of purchasers between 18-34 intended to put down 20 per cent or more on their home.

Of those putting down 30 per cent or more, 45 per cent were aged 55 and over. Just seven per cent of purchasers had a down payment of five per cent, while 14 per cent indicated that they were putting down 10 per cent.

Housing ChoicesThe vast majority of purchasers continue to seek out single-detached homes (53 per cent), while condominiums ranked second at 17 per cent, followed by both semi-detached/duplex and townhouse/rowhouse, each at 11 per cent.

Regardless of income, gender, age, or location, most Canadian respondents shared considerable confidence in Canadas housing market, says Sandhu. This stands as perhaps the greatest indicator that homebuying intentions will remain healthy and stable.

034 new Condo guide febRUARY 9 - 23, 2013

034 housing market-remax survey-JD.indd 34 2/5/13 2:32:48 PM

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