A finished basement is a below-grade living space that has been fully completed with insulation, flooring, walls, lighting, and often plumbing and electrical for usable living or rental purposes.
Why Finished Basements Matter in Real Estate
In Canadian real estate, finished basements add functional space and may significantly increase a property’s value, especially if they include legal bedrooms or secondary units.
A typical finished basement includes:
Framed and insulated walls
Flooring and finished ceilings
HVAC, lighting, and electrical
Permitted plumbing for bathrooms or kitchens
Finished basements must comply with local building codes and permit regulations. Improper or unpermitted work may reduce home value or present insurance issues.
Understanding what qualifies as a finished basement helps buyers and sellers assess real value, safety, and future use potential.
Example of a Finished Basement in Action
The buyer is drawn to the home’s finished basement, which includes a legal bedroom, bathroom, and rec room, all completed with permits.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
This article was written and submitted by Cameron Levitt, a Toronto-based real estate agent with RE/MAX Hallmark who writes about housing dynamics, market trends, and the Canadian economy.
A recent CMHC report titled "Is Toronto's condo market downturn a repeat of the 1990s?" points to a possible future rebound as new supply has essentially stopped. The argument is straightforward: With no new projects breaking ground today, the eventual shortage could drive another wave of appreciation tomorrow. That thesis is the foundation for many to ask and question whether or not it's time to buy investment condos.
It is a question worth exploring. Toronto has experienced cycles where underbuilding eventually led to renewed price growth, and CMHC is correct to highlight that construction slowdowns can set up future scarcity. For many investors, the current environment feels like a classic 'buy when there's blood in the streets' moment; prices have fallen from peaks, sentiment is negative, and conventional wisdom says to avoid the asset class entirely. But before assuming that contrarian instincts and long-term supply dynamics alone make condos a smart buy in 2025, it is worth looking at the mechanics that investors actually face today. When you do, the investment case breaks down quickly.
The Core Problem: Negative Cash Flow For Investors
Almost every condo in Toronto is cash-flow negative at current interest rates and prices. Consider a typical downtown one-bedroom listed at $619,000. Even with a 4% mortgage rate and 30-year amortization, monthly costs hit $3,349: $2,364 for the mortgage, $699 in maintenance fees, and $286 in property taxes. Against rental income of $2,600, that creates a monthly loss of $749 before taxes, vacancy, and repairs.
In the past, negative cash flow was not disqualifying because price appreciation offset monthly losses. Without a trend of strong appreciation, the negative carry just subsidizes tenants every month with no guarantee of payoff.
Even significant rate cuts would not solve the problem. At 3.25%, investors would still lose $540 monthly. To break even on cash flow would require an interest rate of roughly 1.1% or a purchase price around $423,000, roughly $196,000 below current levels. Major bank economists like CIBC's Benjamin Tal forecast the Bank of Canada policy rate declining to only 2.25% by the end of 2025, nowhere near the levels needed to make condo investment viable.
What The Condo Investment Thesis Really Was
The condo investment thesis evolved over time from rental income to pure speculation. While early condo investors may have focused on steady rent returns, the model gradually shifted to a leveraged momentum trade dressed up as property ownership. Most "investors" were not holding units for steady rent checks, they were speculating on price growth through pre-construction contracts.
Pre-construction operated like commodity futures contracts, where buyers lock in fixed prices for future delivery while betting on asset appreciation. A buyer would put down 20% over several years, lock in a purchase price, and ride the market higher without taking on a mortgage. If values rose, the contract could be flipped before closing for significant profit. It was leverage without carrying costs.
From 2016 through 2021, developers launched tens of thousands of condo units that were quickly sold to small investors chasing momentum, not end users who planned to live in them. Those projects are now delivering into an entirely different market defined by higher interest rates, weaker rents, and falling resale values. The very strategy that drove condo investment is now the source of its vulnerability.
The speculation-driven market also shaped what developers actually built. For years, developers optimized units to satisfy investor demand rather than end-user livability. As prices climbed, units got smaller and layouts became more cramped to hit lower price points that attracted speculators. The result is a glut of small, poorly designed units that offer limited livability for actual residents. Even if the pre-construction market eventually recovers, developers will need to start building units that people actually want to live in, not just speculate on. This means what investors are purchasing now represents leftover inventory from a development era that no longer exists.
When rates are extremely low, investors can justify holding cash-flow negative assets because carrying costs are minimal and momentum-based appreciation covers shortfalls. But when rates rise, fundamentals reassert themselves. Higher capital costs turn manageable losses into crushing monthly drains, while also cutting off the new buyer flow needed to sustain price growth.
Rising Maintenance Fees And Construction Inflation
Maintenance fees are a drag on cash flow, and they are structurally set to rise. A 2023 study of 60 condo corporations across the GTA from Condonexus found average fee increases of 5.1% year over year, while contributions to reserve funds rose by 11.8% on average. Reserve funds, which cover big-ticket items like windows, roofs, and elevators, now represent about a quarter of the typical condo budget.
Those costs are driven by construction inflation, not consumer goods inflation, and that distinction is critical. Most of a condo's operating budget goes to maintenance, services, and repairs, while the reserve fund is entirely exposed to construction costs. As the chart below shows, construction costs have consistently outpaced general inflation, creating persistent upward pressure on maintenance fees even as broader price levels have moderated.
Condo corporations face constant pressure to raise fees to keep pace with higher contractor quotes and material costs. The situation may worsen because reserve fund studies are conducted only every three years, meaning many buildings have not yet gauged how recent price increases need to be accounted for in future budgets. Even though construction inflation has moderated from its peak, the massive price increases from 2022-2023 are baked into the cost base, and it will take years of sustained lower growth for other costs to catch up.
Supply And Demand Misalignment In The Investor Market
The CMHC report is right about one thing: new condo launches have slowed to almost a complete stop. But that long-term supply crunch is colliding with a near-term oversupply. The projects launched during the low-rate era are now completing, adding thousands of units to the resale and rental markets. Even with some cancellations, the pipeline remains large enough to act as a drag for years.
At the same time, rental demand has softened. Housing analyst Ben Rabidoux from Edge Analytics has documented a strong correlation between non-permanent resident growth and Ontario rental prices, as shown in the chart below. Federal policy has cut back temporary resident inflows, particularly student permits, which were a key driver of downtown condo rentals. The dramatic decline in non-permanent resident growth from its 2022-2023 peak coincides directly with the cooling rental market, illustrating how policy changes have removed a critical source of rental demand.
Without that steady churn of new tenants, the upward pressure on rents has stalled. Urbanation reported that average condo rents in the GTA fell by 2.8% year over year in Q1 2025, down to $3.78 per square foot (about $2,612 for a typical 692-square-foot unit). At the same time, active condo rental listings were up 29% year over year, pushing available supply to 1.4 months of inventory, well above the 10-year average of 0.95 months. A rental market under pressure colliding with new supply is not a recipe for investment success.
Institutional Competition In The Rental Market
Another overlooked factor is the growing role of institutional players. Pension funds, REITs, and private equity are building large rental portfolios across Canada. Unlike small investors, they operate with vertically integrated business models, combining construction, financing, and property management under one umbrella.
They also benefit from CMHC-backed financing that offers better loan terms such as lower downpayments, lower rates, and longer repayment periods (40-50 years). These are a huge advantage which are not available to small investors purchasing individual condo units. Institutional players are rapidly capitalizing on these programs: in the first three quarters of 2024, CMHC provided mortgage insurance for over 200,000 apartment units totalling C$48 billion, a 59% increase year over year.
This institutional capital is also targeting the same rental market that small condo investors depend on. In 2024, 40% of condo units in the GTA were rented, up from 29% in 2014, but condo rental units average approximately 50% higher rents than comparable purpose-built rental units. As institutions build more purpose-built rental supply at scale, they can offer tenants better value while still achieving superior returns due to their financing and operational advantages.
That structural advantage means institutions can weather market volatility while achieving superior returns through operational efficiencies. Smaller condo investors are left competing in a game tilted against them.
Conclusion: Answering The Question
So, is it time to 'buy the dip' on investment condos? The CMHC report raises valid concerns about long-term supply constraints, and history does show that construction slowdowns can eventually support price rebounds. But while CMHC focuses on multi-year supply dynamics, the mechanics facing individual investors today tell a different story entirely. Today's investor faces negative cash flow, oversupply, weaker rental demand, institutional competition, and steadily rising costs.
The supply crunch thesis may prove right someday, but in 2025, the risk-reward is firmly against small condo investors. CMHC's long-term optimism about supply and demand doesn't change the fact that buying the dip today is not an investment, it is speculation on future conditions that remain uncertain.
Clockwise from top left: Eric Plesman, Eric Lombardi, Kiran Marok, Jacob Cohen, Ana Bailão, and Ariel Rososhansky
Like our ever-changing cities and towns, Ontario's real estate and development landscape (and the people who make it run) are also ever-changing. From new hires and retirements to promotions and partnerships, here are all the notable moves you should know about from September.
Notable moves from last month include Ana Bailão being appointed inaugural CEO of Build Canada Homes, Jacob Cohen being promoted to President of The Daniels Corporation, Eric Lombardi joining Build Toronto as Chair, and Eric Plesman rejoining Oxford Properties Group as President and CEO.
Development:
The Daniels Corporation has promoted COO Jacob Cohen to President, President and CEO Mitchell Cohen will continue to serve as CEO, Ginette Battikha has been appointed COO, and Gokul Pisharoty has been named Chief Construction Officer, alongside other role changes.
Daniel Fournier will step away from the leadership of Oxford Properties Group as of November 3, and Eric Plesman will rejoin the organization as President and CEO.
Jane Chan has joined Heartwood Trust as VP of Capital and Corporate Development.
Mike McIntosh has joined Forum Asset Management as Senior Managing Director of Real Estate.
Kyle Wilson has joined BGO as Senior Director of Leasing and Victoria Recagno has started as an Investments Analyst.
Jacob Black has been promoted to Director at Montez Corporation.
Anika Munir has started as Senior Development Coordinator at Dunpar Homes.
Candice Leung has joined Toronto Community Housing as a Communications Consultant.
Michael Vilner has announced he is leaving Canderel after 21 years.
Brokerages:
Jason Bailey has been promoted to SVP at Colliers, and Jackson M. and Nikolina Crisci have joined Colliers’ Downtown Toronto team as sales representatives.
JLL has appointed Nick Radford as Managing Director of National and Central Canada Lead for PDS, while Jillian Jackson has joined as SVP of Investor Services Lead and Jonathan Peretz as Executive Managing Director of National Leasing.
Najam Sattar has joined Lennard Commercial Realty specializing in Office Leasing and Industrial Real Estate at the Toronto office.
Eric Shaw has been promoted to Vice Chair at Cushman & Wakefield.
Paul Morassutti, Chairman of CBRE Limited, has announced he’ll be retiring at the end of the year.
Ariel Rososhansky has been promoted to Director at Canada ICI Capital Corporation.
Kevin Corbett has joined MCAP as Director of Origination at Commercial Mortgages Group.
Other:
Kristopher Wojtecki has been appointed President of Starlight Infrastructure Solutions.
Samina Ratnani has started as Senior Project Manager at Turner & Townsend.
Marielle Hossack has started as Director of Policy & Regulatory Affairs at the Federation of Rental-housing Providers of Ontario (FRPO).
National:
Ana Bailão has been appointed inaugural CEO of Build Canada Homes.
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Releasing the Truth and Reconciliation Guide at an event at Northcrest Development’s YZD Experience Centre. From left to right: Warren Sault, president and CEO of Mississaugas of the Credit Business Corporation; Carolyn King, Shared Path board chair and former chief of the Mississaugas of the Credit First Nation; Richard Joy, ULI Toronto’s executive director; Bob Goulais, president & senior principal at Nbisiing Consulting Inc/Garcia Creative
This piece was written and submitted by Carolyn King, President & Board Chair of the Shared Path Consultation Initiative, and Richard Joy, Executive Director of ULI Toronto.
The places we design, build, and live within are more than bricks and mortar — they are expressions of our values. For too long in Canada, our communities and their built environment have been shaped without fully recognizing and meaningfully engaging the rights, histories, and voices of Indigenous Peoples. That must change.
Over the past several years, Shared Path and ULI Toronto have walked alongside more than 30 leading real estate and development organizations to explore what meaningful Truth and Reconciliation can look like in our industry. This was not a quick project or a box to tick. It has been a sustained dialogue and relationship— informed by cultural, treaty, legal, and historical education, guided by Indigenous leadership, and built on trust that took years to earn, as truths were shared.
The result is Answering the Call to Action 92: A Guide for Truth and Reconciliation in Corporate Responsibility and Land Development. It’s the first comprehensive framework of its kind for Canada’s real estate sector, launched in ceremony this past June at Northcrest Development’s YZD Experience Centre. It is a landmark resource, grounded in the Truth and Reconciliation Commission’s Call to Action 92 and informed by the principles of the United Nations Declaration on the Rights of Indigenous Peoples.
This guide is practical by design. It offers concrete actions across four interconnected pillars: governance and co-development; education; equity and economic opportunity; and relationship building. These are not abstract ideals — they are operational steps, such as creating Indigenous advisory roles at the board level, co-developing reconciliation strategies with First Nations, Métis and Inuit, embedding cultural competency training into corporate culture, and ensuring equitable access to jobs, contracts, and long-term benefits for Indigenous Peoples.
Perhaps most importantly, the guide challenges organizations to go beyond compliance. It calls on real estate developers and leaders to integrate First Nations, Métis, and Inuit perspectives into land use practices and corporate strategy. The purpose: to honour free, prior, and informed consent before advancing economic development, and to see reconciliation not as a one-time initiative but as a sustained relationship embedded in how we plan, build, and invest.
The impetus is clear: The real estate and land development industry has a unique influence over land — and therefore a unique responsibility to steward it in ways that reflect the values of gratitude for life, respect, reciprocity, and shared benefit. Real estate decisions shape the use of traditional territories, influence natural and cultural landscapes, and determine who benefits from economic growth. Done without care, cultural connections to the environment can be severed and harm perpetuated. Done with intention, land development can help restore relationships, protect land and water, and create prosperity that is shared.
There are compelling reasons for the private sector to act. True reconciliation strengthens relationships, mitigates legal and reputational risk, attracts investment, and enriches the cultural and social fabric of our communities. Forward-looking companies are already discovering that identifying and working with a local First Nation’s values in development can lead to innovative partnerships, faster approvals, and projects that enjoy greater public trust and local support.
This work matters not just because it is right, but because it is necessary for a sustainable future. The guide’s case study on the Memorandum of Understanding between the Mississaugas of the Credit First Nation and Northcrest Developments shows that building trust, creating economic opportunity, and weaving Indigenous culture into design can be transformative — for both the community and the business.
We know this is a journey that requires humility and persistence. It starts with listening — with making space for First Nations, Métis, and Inuit voices to shape how decisions are made. It requires education, not only about history and rights, but about the living cultures, governance systems, and aspirations of the Indigenous Peoples whose lands we work on. And it demands accountability: setting goals, measuring progress, and being transparent about both successes and setbacks.
We invite every real estate and development leader to see this guide as both a challenge and an invitation. A challenge to examine the values that shape your practices with honesty, and an invitation to begin — or deepen — your own reconciliation journey. The guide is not a checklist to complete — it is a framework for continuous learning, relationship-building, and shared action.
As we approach the fifth National Day for Truth and Reconciliation on September 30, we are reminded that reconciliation is not a destination, it is a relationship — one we must nurture together. The communities we build today should stand as places of respect, inclusion, and shared prosperity for generations to come. The land remembers how it has been treated. Let’s ensure that what we build upon it tells a story we can be proud of.
Welcome to Meet the Agent, an ongoing series profiling real estate agents from across Canada. With more than 150,000 agents, brokers, and salespeople working in 75 different boards and associations across the country, we thought it was about time they had a place to properly introduce themselves.
If you or someone you know deserves the same chance, email agents@storeys.com to apply.
THE DETAILS
Name: Stefany Marin
Area of Focus: Mississauga, Milton, Oakville, Georgetown, and Etobicoke
I’ve always had a passion for sales, even while working part-time during university. My career began at Avison Young with the industrial sales team, where I was inspired to pursue my real estate license and transition into commercial real estate.
In a few sentences, describe what a typical “day in the life” looks like for you. Does this align with what you expected before you became an agent?
A day in my life is always on the go, especially as a mom of two. I am always checking market updates, touring properties, meeting clients, negotiating deals, and marketing listings. No two days are the same, but every day is about helping clients find the perfect property. I think overall It is what a I expected and I definitely love it which makes the hard days ok.
What’s the single best advice you have for sellers?
Price strategically, not emotionally. Homes that are priced right from the start attract the most attention, generate stronger offers, and sell faster. Specially in the current market, it's all about setting the right pricing expectations.
What’s the single best advice you have for buyers?
Get your mortgagepre-approval before you start shopping. It gives you a clear budget, shows sellers you’re serious, and positions you to act quickly when the right property comes up.
What made you choose to work for your current brokerage?
The team. In many sales environments, competition can feel cutthroat. At my current brokerage, however, the culture is collaborative. Everyone is team-oriented and always willing to support one another.
Who do you believe is making the biggest waves in the industry today?
Dream Unlimited Corporation. With $15 billion in real estate assets, they are tackling massive urban development projects. Notably, they're co-developing the Quayside district on Toronto’s waterfront, a 12-acre initiative that includes 800 affordable housing units. They’re also behind the Brightwater community in Mississauga.
What is one professional goal you have for the next year? What’s one that you have for the next 10 years?
My goal is to continue building my client base and strengthen my presence in the market by closing more transactions and expanding my referral network. In the next 10 years I aim to establish myself as a top-producing agent in my region, develop a trusted brand in real estate, and build a team that can serve clients across multiple markets.
Tell us about your favourite (or most memorable) sale, and why it stands out to you.
My most memorable sale was helping a first-time buying family find their first home. It was my first time guiding a family through that process after transitioning from commercial real estate to both, and seeing their excitement made it unforgettable. It definitely made me love my job more.
What are the three words you hope your clients use to describe you?
Rendering from York University's 'Keele Campus Vision and Strategy'/yorku.ca
Ontario universities have long faced funding challenges, and public underfunding and domestic tuition freezes tend to lead to a reliance on pricier international student tuitions. But as international student numbers dwindle due to the implementation of lower immigration targets, universities must find innovative ways to boost revenue — while continuing to deliver world-class services to their students and communities.
One asset institutions are increasingly using to provide an avenue for long-term resilience and revenue is land. More specifically, developing institutionally owned lands in a transit-oriented, mixed-use fashion that promotes investment from a diverse array of industries. Enter: innovation districts.
Amit Price Patel, Partner, Urban Designer, and Architect at DIALOG, describes innovation districts or communities as "places where there are economic assets, where there are physical assets, and [where] there are networking assets to allow for a culture of innovation to thrive." These spaces are dense, well-connected, and contain a wide spectrum of uses from housing to research labs, start ups, retail, corporations, educational spaces, community spaces, and beyond.
The idea is that by diversifying the types of uses found in one area, you allow for more resilient revenue streams and create an environment that fosters innovation and community connection.
"This idea of zoning, of separating uses out, is a relatively new concept, as far as humans and how we live are concerned.[...] People want to live in neighbourhoods, they want to be able to walk to work, they want to be where they can meet with other researchers, other interesting people, other industries, and create great ideas," Price Patel tells STOREYS. "And that happens all in close proximity. That happens when there's different types of people intersecting with each other. It can't just be a monoculture."
DIALOG recently worked on an innovation district project for the City of Victoria that focused on enhancing and attracting diverse streams of investment and jobs to the neighbourhood of Rock Bay, just north of the downtown core, but Price Patel says the company typically works on university affiliated innovation districts. "[Universities are] where innovation districts tend to be, because that's where all the brain power and a lot of government research dollars go," he says. "So that's kind of a natural synergy to attract private investment."
Paired with the need for more diverse and future-proof streams of revenue and the availability of lands, universities make the perfect incubators for innovation districts.
"The University of Guelph, York University, University of Waterloo, universities here in BC as well, they are looking at their surplus endowment lands that aren't part of the core campus to help generate revenue," says Price Patel. "Broadly, the idea is that, by introducing greater mix of uses, attracting private investment, looking at partnerships with other institutions, that's going to make the universities more resilient and help them integrate better into their cities and their neighbourhoods."
At York University in north Toronto, the impetus for their Keele Campus Vision and Strategy, which DIALOG worked on, was the delivery of the Yonge-University subway extension. The extension project resulted in two new stations located within York's campus, positioning it as a more attractive destination for industry investment and institutional growth, but also better supporting the students and workers on campus.
"The subway was built in 2017, so that new accessibility around the university created a level of excitement in wanting to continue the university's academic vision and attract investment partnerships," a spokesperson from the York University Development Corporation (YUDC) tells STOREYS. "The university had come a long way and it seemed a good time to start to build on optimizing the [Keele Campus] lands."
In total, the project will include the development of around 190 acres of land to be carried out over the next 25 to 30 years. This will include the delivery of different types of housing, such as student housing, affordable rental, seniors housing, and market housing like multi-family buildings, town homes, condos, mid-rise apartments, and live work spaces. In addition, the community would contain office, commercial, academic, research, and community uses, creating a collaborative and inter-linked landscape.
The project would be centred around Harry W. Arthurs Common, which will continue to serve as the heart of Keele Campus, and would contain four new neighbourhoods: South Mall, Creekside, Northwest Gate, and Innovation Gate.
Overview of York University's Keele Campus Vision & Strategy/yorku.ca
South Mall would serve as the campus's downtown and would contain a mixed-use residential neighbourhood with varied uses, including restaurants, childcare, community spaces, health-and-wellness services, and commercial spaces for start ups and businesses. West of the South Mall would be Creekside, where a quieter, low-intensity residential neighbourhood is planned, alongside a potential Indigenous centre. In the northwest corner, would be Northwest Gate, anchored by the Pioneer Village subway station and containing higher-intensity residential buildings with office and other commercial uses. Finally, Innovation Gate, in the northeast would home to academic and business uses where innovation, research, commercialization, and entrepreneurship meet.
"What makes the Keele Campus Vision & Strategy innovative is its holistic reimagining of York University’s role as both an anchor institution and a city-building partner. [...] It invites cross-sector collaboration, attracts investment and partnerships and creates sustainable revenue while optimizing existing assets," says the YUDC spokesperson. "It offers a full spectrum of housing, from student residences to market rentals to affordable housing, addressing a critical need. It also links academia, research, business and community through spaces for collaboration."
Rendering of the Saw Whet condo in Oakville/courtesy of Caivan communities
Condo developers are responding to a challenging market with innovative projects that prioritize end-user experience and long-term value. Increasingly, buyers want homes that emphasize wellness, outdoor access, and new lifestyle amenities — and forward-looking developers are leading that shift.
Geothermal heating and cooling systems are emerging as a strategic tool in that process — delivering expected sustainability benefits while unlocking a range of new opportunities for design innovation and livability.
The Saw Whet, a six-storey mid-rise in South Oakville, by Caivan Communities and designed by Kirkor Architects & Planners, exemplifies this new approach. Originally planned with a green roof, the project team recognized that geothermal technology could open up even greater potential. By eliminating traditional rooftop chillers and reducing mechanical room requirements, they transformed that space into something rare in urban development: private outdoor “backyards in the sky.”
The result is more than 40 semi-enclosed terraces, complete with barbecue hookups, that give residents quiet retreats with sweeping views of Lake Ontario, the adjacent golf course, and Bronte Provincial Park.
Tim Weber, CEO of Diverso Energy — the Toronto-based geothermal utility that partnered on Saw Whet — calls this a defining advantage. “When you eliminate traditional rooftop equipment, you’re not just changing where the machinery goes — you’re unlocking a whole new category of usable space. That’s a direct return for developers, a design breakthrough for architects, and a lifestyle enhancement for residents.”
For Caivan, the decision to integrate geothermal was not just about cost savings. It was a deliberate design choice to create living environments that stand out in a competitive market.
“At Caivan, we always try to design with the end-user in mind, not just the economics of the project,” says Kevin Beaudette, Director, Mid-Rise at Caivan. “Geothermal helped us do that at Saw Whet because it allowed us to turn mechanical space into living space. Residents enjoy quiet outdoor retreats that connect them to nature and community. That’s the type of innovation that creates value and living spaces people are proud to live in.”
This balance between strategic foresight and user-focused design is central to the project’s appeal. Case in point: Saw Whet is a finalist in the 2025 OHBA Awards of Distinction in the High or Mid-Rise Green Building category.
The private “rooftop backyards” available to residents of Saw Whet/Caivan Communities, Kirkor Architects & Planners
While geothermal is often positioned as a low-carbon solution, its impact extends further. For residents, the absence of mechanical noise creates a quieter home in low-rise developments, while in condos it unlocks new amenities and features. Additionally, stable operating costs insulate them from volatile energy pricing. For developers, geothermal reduces long-term maintenance exposure and provides a differentiating feature in a market that rewards innovation.
Farzad Gorji, Principal at Kirkor, underscores how this connects with changing buyer expectations.
“The condo market is changing — buyers are less interested in cookie-cutter investor units and more focused on livable, home-like spaces,” says Gorji. “With Saw Whet, geothermal gave us the opportunity to deliver on that shift. By reducing the mechanical requirements, we created outdoor patios that residents can personalize and actually use.”
Zoning restrictions limited Saw Whet’s height to six storeys, pushing the team to maximize every square foot. By reducing the size of mechanical penthouses, geothermal made it possible to add terraces that otherwise would not have fit within the building envelope. What began as a potential constraint became a differentiating feature.
Weber says geothermal allows for design flexibility as projects evolve, but also provides long-term adaptability. Real-time data on system performance guides amenity planning for future geothermal projects, supporting features like pool heating or snow-melt systems. For developers, this means not only operational savings today but the flexibility to expand or optimize building features tomorrow.
“It’s about building better,” says Weber. “When you integrate it early, you can coordinate everything — mechanical systems, structural design, even the parking garage and rooftop planning. Developers and their design partners are embracing geothermal to create communities that last, and that’s what buyers value.”
Step into Parkhill Flats and you immediately feel the difference that luxury makes.
With just two residences in the entire development, exclusivity comes baked into the architecture.
But beyond rarity, what truly sets 4120 1a Street SW #A apart is the scale and sophistication it brings to Calgary’s inner city.
Spanning an impressive 3,000 sq. ft of single-level living, this penthouse-style home takes its cues from Manhattan loft living. The ceilings soar, windows stretch wide, and the flow between indoors and out is seamless.
From the moment your private elevator whisks you from the heated four-car garage to your front door, the experience is defined by ease and refinement.
Inside, bespoke finishes heighten every surface and sightline. White oak hardwood and hand-applied plaster create subtle layers of warmth, while custom millwork and natural stone bring tailored craftsmanship to the fore. In the kitchen, Wolf and Sub-Zero appliances pair with sleek cabinetry to create a chef’s domain that doubles as a design centrepiece.
Living here means three distinct outdoor retreats, including a west-facing terrace off the owner’s suite with treetop views, and a 30-by-16-foot partially covered patio perfect for summer dining. The owner’s suite is its own sanctuary, complete with a boutique-like walk-in closet and a spa-inspired ensuite wrapped in porcelain tile. A second bedroom with an ensuite, a den, and a full laundry room round out the plan — proof that practicality can live harmoniously alongside polish.
This home also introduces flexibility in the form of a heated, oversized storage room, which can be reimagined as a fitness studio, golf simulator, or even a private cinema.
Meanwhile, commercial-grade details — from ICF concrete walls to a fire suppression system and gated rear access — ensure both privacy and peace of mind.
The sheer rarity of this property is remarkable — just two residences in the entire building. That level of privacy, paired with 3,000 sq. ft of single-level living and three outdoor spaces, makes this home feel more like a hidden estate in the sky than a city flat.
Positioned across from Stanley Park on prestigious 1A Street, Parkhill Flats places nature and pathways at your doorstep, while also offering close connection to the Glencoe Club, Calgary Golf & Country Club, and the city’s top dining districts.
Indeed, this as a residence built to endure — both in quality and in style.
Situated in one of Toronto’s most prestigious pockets, a newly listed Edenbridge-Humber Valley residence pairs architectural sophistication with resort-inspired living.
Spanning more than 5,000 sq. ft across three levels, 1437 Islington Avenue strikes a balance between elegance and ease, with every space designed for both comfort and impact.
A stone-and-brick façade makes a stately first impression before giving way to interiors marked by soaring volumes.
The main level hosts a magnificent two-storey living room and a formal dining room, complemented by a chef’s kitchen that's fitted with professional-grade appliances.
A cozy family room, anchored by a gas fireplace, creates an intimate counterpoint, while a flexible office or guest bedroom overlooks the landscaped backyard.
Upstairs, the primary suite functions as a private retreat, complete with a sitting area, a spa-like five-piece ensuite, and a walk-in closet of enviable proportions. Two additional bedrooms share a spacious ensuite, while an extra full bath and loft — easily convertible to a fourth bedroom — add to the upper level’s versatility.
The finished lower level is tailored for wellness and recreation. Here, a fitness zone and games area meet a full bath and sauna, creating a dedicated hub for active living and relaxation alike.
But the true showstopper lies outdoors. The backyard has been curated as a private resort, with a saltwater pool cascading into a waterfall feature, a hot tub tucked under a pergola, and multiple lounging and dining areas designed to capture the best of the season. A two-car integrated garage and a stone driveway with turnaround ensure practicality matches the home’s style.
The backyard oasis elevates this property beyond the ordinary. With a saltwater pool, hot tub, waterfall feature, and multiple entertaining areas, it feels like a private resort — all without leaving Toronto.
Nestled within easy reach of top-rated schools, golf courses, parks, and amenities, this is a rare opportunity to live in one of the city’s most coveted neighbourhoods — with a lifestyle that feels worlds away.