INSIDE THIS ISSUE. King Charlotte Registers. Anchors at Lakeview Breaks Ground. Estates of Nobleton approved at the OMB COVER: KING CHARLOTTE FORTRESS

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1 INSIDE THIS ISSUE King Charlotte Registers Anchors at Lakeview Breaks Ground Estates of Nobleton approved at the OMB COVER: KING CHARLOTTE FORTRESS PROJECT UPDATE NEWSLETTER ISSUE 16 WINTER 2017

2 UNDER CONSTRUCTION THE SOUTH SHORE WATERFRONT LIVING ON THE SHORES OF LAKE SIMCOE SUITES STARTING FROM $400,000 to $1.2 MILLION THESOUTHSHORE.CA

3 WHAT S NEW AT FORTRESS? This winter issue of the project update newsletter covers the progress of active Fortress projects from the previous three months, October to December of Construction progressing well at The Link in Burlington Ground breaking at the Anchors at Lakeview Kitchens being installed at Lakeview Condominiums (Collier Center) in Barrie OCTOBER The fourth quarter at Fortress was an eventful one, with a number of major project milestones achieved. In October, King Charlotte, our 32-storey high-rise condominium apartment with Lamb Development Corporation was registered. Other achievements included the installation of construction cranes for the second phase of Link by Adi Developments in Burlington and at Harlowe in downtown Toronto by Lamb. Bricks and windows went in at Ten88 by Pace Developments and Empire Communities in Scarborough, with occupancy on these stacked townhouses scheduled for Marketing started and a new project name was announced by Carlyle Communities, as Manors of Mineola will introduce luxury townhouses next year in Mississauga. Lastly, the newest phase of Stationwest by Adi was launched, the two 6-storey mid-rise condos sold very well adjacent to the Aldershot Go Train station. NOVEMBER In November there was a lot of progress at a number of Fortress projects. The Anchors by Dunsire Developments held their groundbreaking ceremony in south Mississauga, while Fusion completed the curbs and paving for the third phase of Solterra in Guelph. In Markham, Pace and Empire reached grade at the sold out Mark condominium and Lamb topped-off at Calgary s 6th and Tenth high-rise condo. The project team at SkyCity in Winnipeg selected all exterior materials, announced that EllisDon has been selected as the construction manager for the development, and Cushman Wakefield has been hired to sell and lease the Class A office space. Fortress announced another new project with Tercot Communities and Cityzen Developments, a new single-family subdivision in Bowmanville. In2ition Realty has been brought in to sell the second phase of The South Shore in Georgina, and marketing for that building is now underway. The Wade by Amadon Group had their official grand opening in November, selling 40% of the suites in the red-hot Victoria, BC market. Lastly, the OMB approved East Fifty Five, our modern condominium development with Lamb and Hyde Park Homes in Toronto s downtown east neighbourhood. DECEMBER In December, Sierra Building Group launched a full website for Woodbridge Park, our townhouse development project in Vaughan. Pace Developments started excavation and the pouring of foundations for the single-detached homes at the sold out Eden in King City. EllisDon completed the kitchen and bathroom installations at a number of the suites at LakeView Condominiums at Collier Centre, the residential portion of Collier Centre in Barrie. The OMB granted approval to The Estates of Nobleton by Tercot and Cityzen in the Township of King. Fortress also announced a new townhouse project with Sunrise Homes in the York Downs area of Markham. Lamb Development released floorplans for Wellington House, which is scheduled to be released to the public in early 2017.

4 BEN MYERS SAYS TO EXPECT ABOVE AVERAGE PRICE GROWTH IN THE CONDO MARKET Newinhomes (NIH): We have a feeling it s going to be a really interesting year for the new home market. There s been talk of a slowdown, but no talk of supply actually meeting demand. Can there be a slowdown when demand is still so strong? We recently had the opportunity to chat with Ben Myers, Senior VP, Market Research & Analytics, Fortress Real Developments, to see what he thinks 2017 holds for the GTA market. NIH: We hear that homebuyer interest in condos dropped last year. What does this mean for the GTA s new condo market? Ben Myers (BM): Any decline in resale condominium apartment transactions can be attributed to a decline in new condo completions, while a strong condo rental market has kept investors from selling off their units and further reduced supply you can t buy what s not for sale. New condo sales will come close to breaking the all-time sales record in 2016, and I expect another solid year in 2017 with above average new and resale price growth, record growth for condo lease rates, and a multi-year low in unsold new condo supply. NIH: So, condo prices will continue to climb at the same pace through 2017? BM: I expect the new mortgage insurance rules, plus some supply relief with more new completions should result in more modest price growth in 2017 in the resale market. Given the number of successful new condo launches in 2016, I expect developers to continue to push pricing; expect a similar level of new condo price growth in NIH: The average size of condo units keeps growing. Are we shifting towards more family-friendly condos? BM: The reversal of the shrinking new condominium in recent years was unexpected, but we are seeing more end-users buy in the new high-rise market as opposed to investors that prefer smaller and less expensive units that are easier to rent, and require smaller down payments. As ground-oriented housing becomes more expensive and out of reach for young families, they will be faced with the choice between a lengthy commute and raising their family in a high-rise apartment. It will be a slow transition, but I expect to see many more families in new condos, and developers catering to this growing segment of the market. A second trend I see occurring is that we are actually undersupplying the market with condominiums based on current demand. When that happens, developers focus on bringing more expensive units to market. For example, if the market demands 25,000 new condominium/rental apartment units annually, and builders/developers are only delivering 21,000, they will sell the 21,000 biggest & most profitable units, as opposed to keeping the percent market share by unit size the same whether delivering 25,000 or 21,000 units annually. In essence, developers will sacrifice the 4,000 smallest and least profitable units, this has also contributed to the rising average size of new condominiums. NIH: What can the City of Toronto do to accommodate more families living downtown? BM: The biggest issue I see is the enormous cost of daycare services, the City of Toronto should be putting daycares in new condominium buildings. The City should waive development charges for three- and four-bedroom non-penthouse units to ensure a greater supply of familyfriendly units are hitting the market. NIH: The demand for new low-rise housing has remained strong. Do you think the province and the industry should try to accommodate this or is it more important to educate people on the benefits of high density housing? BM: People are very slow to adjust their preferences and I don t see the huge demand for low-rise or single-family housing declining in any way, even if the industry or the province created a top-notch high-density housing education program. Without adequate supply to meet demand for low-rise housing, people are bidding the prices up to enormously high levels. There is little pressure on the province to open up the Greenbelt or loosen Places to Grow density targets because people tend to support environmental protection and anti-sprawl legislation. Homeowners have been benefitting through higher housing valuations, so this 70% of the population is less likely to complain about housing affordability and undersupply given their financial gain. NIH: There were nearly 9,000 new detached home sales last year, which is about 16% lower than Is this a good or bad thing? BM: We will continue to see a move away from detached housing toward townhouses, as municipalities push for greater densities, and high housing prices force developers to build smaller homes on smaller lots to appeal to a bigger base of buyers. A greater selection of product types and built forms is a good thing, it prevents the distortion or skewing of prices, that leads to buyers taking on too much debt, and increases in short-term investors. We will eventually run out of single-detached land in the GTA, so buyers will ultimately have to adjust their housing expectations as the population grows and more people are competing for a limited number of houses, driving up prices to new highs. NIH: No matter what state the real estate market is in, there are pundits forecasting doom and gloom. What s your take on where we stand at the beginning of 2017? BM: The pundits have been very wrong for a very long time, but the higher the price growth, the higher the probability of a decline, so I am watching the market very carefully. Anecdotally we appear to have more investors and more foreign buyers in the resale market which can result in distorted pricing if they re not being rational in their purchases and simply buying because they think

5 prices will go up. The main factors I look at seem very positive, continued population growth, decent employment growth, low rates, very low available resale listings, a low level of unsold supply and standing inventory in the new home market. Despite rising debt levels, Canadians still have a very high level of housing equity, way bigger than Americans during the healthiest of their housing market, this gives me comfort. However, I m a little nervous about Trump! NIH: How do you think the new mortgage rule (stresstesting) will affect the market? BM: Based on what I ve read, it could pull down demand by 10-15%, but given supply is down 30-40%, I still expect prices to rise, just not at such a frantic pace, which is a good thing. Make sure people are buying the right house for their budget, it will be a good thing for the market in the long run. NIH: Everyone s been focusing on the lack of inventory, new mortgage rules, potential new taxes, the greenbelt, and new rebates. Is there one thing that no one s paying attention to that you think needs a spotlight? BM: I think the renovation sector is a factor that should garner greater attention. As supply dwindles and the stock of housing gets older, I anticipate much more renovation spending as people put additions on, add second floors, upgrade kitchens and baths, and dig out shallow basements. These renovations will add billions of dollars of value to the real estate market and contribute to higher average house prices. From Newinhomes.com, posted on January 5, Ben Myers SVP, Market Research & Analytics Fortress Real Developments Ben s primary responsibilities include due diligence and underwriting of prospective development projects in conjunction with the stakeholder management team. He also produces research and educational content regarding the conditions of local, metropolitan and national housing markets via robust statistical reports. His Market Manuscript reports have received press coverage in the Globe and Mail, the Calgary Herald, the Winnipeg Free Press, BNN, and Money Sense magazine. Follow Ben on CONTENTS 06 COMPLETED PROJECTS 07 PROJECTS UNDER CONSTRUCTION 15 PROJECTS IN PRE-CONSTRUCTION & MARKETING 18 PROJECTS IN DEVELOPMENT 22 PROJECT INDEX 25 GLOSSARY OF TERMS Disclosure: Updates are not audited project reports. Information provided in updates is gathered from visual site visitations and discussions with respective developers, consultants, agents and/or from relative construction documents and deemed to be reliable. All forecasted dates and timing for approvals, permits and construction do not take into consideration any unforeseen or uncontrollable delays to the project s development timeline. Project absorption figures include pending sales, and select figures are rounded.

6 COMPLETED BRANT PARK LAMB DEVELOPMENT CORPORATION TORONTO, ON HIGH-RISE CONDO 243 UNITS Brant Park is nearing full occupancy, as there are now only a couple unsold units, which are available for approximately $820 per-square-foot. Interested buyers are encouraged to contact Brad J Lamb Realty for more information. Registration is expected in the first quarter of Visit for more information. KING CHARLOTTE LAMB DEVELOPMENT CORPORATION TORONTO, ON HIGH-RISE CONDO 232 UNITS King Charlotte is complete, occupied and registered. Two suites remain for quick occupancy. GOTHAM LAMB DEVELOPMENT CORPORATION OTTAWA, ON HIGH-RISE CONDO 250 UNITS The completed and registered Gotham Condominium was recently featured on the cover of the Eastern Ontario edition of the New Home and Condo Guide. The completed and occupied project continues to sell and lease the remaining unsold units. For more information on available suites at Gotham visit 6 PROJECT UPDATE NEWSLETTER WINTER 2017 COMPLETED

7 UNDER CONSTRUCTION 6TH AND TENTH 6th & Tenth is a 31-storey point tower in Calgary s Beltline district, just south of the city centre at th Avenue Southwest. Units range in size from approximately 450 sf to 1,950 sf. Common building amenities include a gym, outdoor patio and a landscaped forecourt park with water features. Retail, including a 5-star restaurant is planned at grade. UNDER CONSTRUCTION CALGARY, AB HIGH-RISE CONDO 230 UNITS 6th and Tenth is now topped off with windows installed up to the 27th floor, the building envelope will be complete in early Kitchens and bathrooms are now being installed, and occupancy is scheduled for late March or early April. The development is over 85% sold and available floorplans can be viewed online at UNDER CONSTRUCTION WINTER 2017 PROJECT UPDATE NEWSLETTER 7

8 MISSISSAUGA, ON LOW-RISE STACKED TOWNHOMES MM1 62 UNITS MM2 25 UNITS THE ANCHORS AT LAKEVIEW (MISSISSAUGA MEADOWS 1 & 2) This project features an east and west location. Both are infill development sites located along a mature neighbourhood off Lakeshore Avenue in Mississauga, east of Port Credit and west of Long Branch. MM1 Construction started at Anchors in the fourth quarter, following a groundbreaking with Dunsire, Fortress, In2ition Realty and the construction management team at Ivy North. A road occupancy permit has been approved to allow the excavation and shoring works to proceed and excavation of the underground parking garage has commenced. Plumbing permits for servicing are expected in early The development is 100% sold out. MM2 Dunsire Developments is awaiting the issuance of a plumbing permit by the City of Mississauga to begin servicing works. Full building permit approval is expected in Q and construction is expected to start shortly after that. All of the townhouses have been sold. 8 PROJECT UPDATE NEWSLETTER WINTER 2017 UNDER CONSTRUCTION

9 CAPITAL POINTE A luxury condominium apartment in downtown Regina with an adjacent hotel. UNDER CONSTRUCTION UNDER CONSTRUCTION REGINA, SK MIXED USE 320 UNITS Works continue to proceed at Capital Pointe. The foundation permit is expected to be issued by the City in the next two to three weeks, which will allow for the construction of the underground garage to commence. In 2017, a rental guarantee program will be announced with a full service company that will guarantee investors rental income as well as provide tenant damage and eviction protection for two years post-occupancy, with options up to five years. Call to get details on this new purchaser incentive. UNDER CONSTRUCTION WINTER 2017 PROJECT UPDATE NEWSLETTER 9

10 COLLIER CENTRE AND LAKEVIEW CONDOMINIUMS A mixed-use mid-rise development in downtown Barrie with a commercial and office building and a 7-storey residential tower. BARRIE, ON MIXED USE 82 UNITS Construction on Collier Centre continues to progress. The residential tower continues with the interior finishing phase. Predelivery inspections (PDIs) for residential units are set to begin on January 16, Occupancy of initial units are expected to occur in February of The Bank of Montreal has moved into their unit and interest in leasing for the retail and office units continue, with negotiations ongoing for other potential tenants in the remaining spaces. 10 PROJECT UPDATE NEWSLETTER WINTER 2017 UNDER CONSTRUCTION

11 BRAESTONE GEORGIAN DEVELOPMENTS ORO-MEDONTE, ON LOW-RISE SINGLE FAMILY 229 UNITS The 59 units in Phase 1A of Braestone have now completely sold out. The sales momentum carried into Phase 1B (offering commenced in September 2016) where 22 of 37 units have been sold. Of the remaining 15 units in Phase 1B, 11 are currently held in reserve with cash deposits by interested buyers, leaving only four units available for sale. A total of 17 units in Phase 1A have been delivered to purchasers to date. Home deliveries in 2017 are expected to more than double from 2016 and exceed 40 units. Production is expected to ramp up in future years as well to meet the growing demand from prospective buyers. Visit for more information on lot availability. EDEN PACE DEVELOPMENTS KING CITY, ON LOW-RISE SINGLE FAMILY 28 UNITS Site servicing and excavation are now complete at the sold out Eden project. Pace Developments has begun pouring concrete for the basements for these singledetached and semi-detached homes. Construction should take nine months to complete. UNDER CONSTRUCTION BROOKDALE ON AVENUE ROAD CITYZEN/FERNBROOK TORONTO, ON MID-RISE CONDO 82 UNITS Brookdale continues to sell well, with 86% of the units now sold. At the end of December, the shoring permit was issued by the city of Toronto, allowing the shoring works to commence on site. The site plan agreement has been registered by the City. The development team continues working towards full building permits with an expected foundation permit approval by Q2 of Bev@brookdaleonavenue.com for sales centre hours and suite availability. HARMONY VILLAGE SHEPPARD CITY CORE DEVELOPMENTS TORONTO, ON HIGH-RISE CONDO 805 UNITS Site Plan approval is nearing completion with the City of Toronto, while the developer continues to work on clearing subdivision conditions and work towards the larger construction loan to begin full-scale construction on this project. Sales have surpassed the 80% threshold and remaining suites are available from the $180s to the high $800s. Interested buyers should contact Baker Realty at KINGRIDGE SQUARE KINGRIDGE DEVELOPMENT CORP. OAKVILLE, ON COMMERCIAL N/A This condominium office and retail development will register in January Visit for contract and project details. UNDER CONSTRUCTION WINTER 2017 PROJECT UPDATE NEWSLETTER 11

12 KING SQUARE GLOBAL LINK REALTY GROUP INC. MARKHAM, ON COMMERCIAL N/A The building envelope inches closer to completion at King Square, with window installation underway. Skygrid Construction is simultaneously working on the interior partitions and have completed the elevator walls, masonry work and drywall partitions. All mechanical and electrical work is ongoing and is expected to be completed in the coming months. Call for purchase enquiries. LOTUS (RESIDENCES OF BAYVIEW) CHESTNUT HILL DEVELOPMENTS TORONTO, ON MID-RISE CONDO 234 UNITS With 90% of the units sold, the sales office closed in November and sales are by appointment only direct enquiries to Construction crews continue to work on the two-level underground parking garage, where the foundation and P2 level have been poured. The next step in the construction process is the upper parking level and structural columns on the southwest corner of the lower parking level floor plate. Chestnut Hill Developments expects the first residents will move in during the first quarter of LINK CONDOS + TOWNS (THE SUTTON) ADI DEVELOPMENTS BURLINGTON, ON MID-RISE CONDO 298 UNITS Link Condos + Towns is now 95% sold overall, and occupancy on the first building (in the first phase) is scheduled for late May or early June. The big news in the fourth quarter was the erection of a second crane to service construction on Link 2. Other milestones include the road curbs going in, and completion of the main gas line. Windows are installed to the 5th floor on the first building (called Natura), while all exterior framing is complete, and the roofing has started. Hallway framing and elevators work has started on the interior of the development. The second building in the first phase, called Terra, is now topped off, and window installation is underway. Decking has begun for the ground floor slab for Link 2, which is scheduled to complete in The on-site sales office is open by appointment only on weekdays and from 12-5 on weekends and holidays. link@adidevelopments.com for more information. MAYFIELD 3 (ALLOA GREENS) FLATO DEVELOPMENTS INC. BRAMPTON, ON LOW-RISE SINGLE FAMILY & TOWNHOUSES 184 UNITS Residents have begun occupying the remaining homes at Alloa Greens (Mayfield 3). A full exit of the development is anticipated for Q2 of PROJECT UPDATE NEWSLETTER WINTER 2017 UNDER CONSTRUCTION

13 PRESCOTT AVERTON HOMES EDMONTON, AB LOW-RISE SINGLE FAMILY 32 UNITS The sales program continues to progress at Prescott. To date, 50% of units have sold. The developer continues to refine a new marketing campaign to sell the remaining homes. Lot availability and details on quick closings can be found at SOLTERRA FUSION HOMES GUELPH, ON LOW-RISE SINGLE FAMILY 275 UNITS With extensive demand for homes in Guelph, Fusion Homes sold all 47 of the lots they brought to market in one day in their most recent release in the fourth quarter of of those units were in the partnership phase with Fortress. The Solterra brand continues to garner much attention, with the next sales launch expected in the spring. To register for the next release of homes, go to and please note there are now guidelines in place for prospective buyers that intend to wait in line prior to the sales launch. UNDER CONSTRUCTION SOBA LAMB DEVELOPMENT CORPORATION OTTAWA, ON HIGH-RISE CONDO 240 UNITS Excavation is now complete at SoBa and vertical construction will commence in the first quarter. The development is nearly 80% sold, and Lamb Development anticipates completion of the condominium building in Call for information on unsold inventory. TEN 88 EMPIRE/PACE SCARBOROUGH, ON LOW-RISE STACKED TOWNHOUSES 201 UNITS Masonry work and window installation is now complete for all blocks and drywall installation has commenced, which will be followed by interior finishes. Occupancies for block 1 are expected to begin in the spring. The project is now over 90% sold. The sales office is open by appointment only, and interested buyers should call for more information. UNDER CONSTRUCTION WINTER 2017 PROJECT UPDATE NEWSLETTER 13

14 THE HARLOWE LAMB DEVELOPMENT CORP. TORONTO, ON HIGH-RISE CONDO 210 UNITS Construction on Harlowe is ahead of schedule, excavation is complete and the slab on grade foundation has been poured. Over 80% of the units are sold and interested purchasers are encouraged to visit Lamb Development s head office at 778 King Street West in Toronto for pricing and project information. THE SOUTH SHORE FORTRESS REAL DEVELOPMENTS KESWICK, ON MIXED USE 154 UNITS Earthworks and shoreline works are complete. Pile driving is now 100% complete. Cutting down of piles to grade level is occurring on site, preparing the project for commencement of footings and foundations. Welding and work on the concrete footings began just prior to the new year. Renovations of the presentation centre are complete and ready for the opening of the Harbourview Wing sales program in mid-january. Marketing has begun on this next phase, and interested purchasers should contact In2ition Realty at for details on the launch. THE MARK EMPIRE/PACE MARKHAM, ON HIGH-RISE CONDO 220 UNITS Construction activity is progressing well at The Mark, the ramp to the P1 level is complete and the foundation wall is progressing to P2 level. The project has surpassed grade with the first floor currently being poured. All residential units at The Mark are sold and move-ins are anticipated for early WHITE CEDAR ESTATES DUNSIRE DEVELOPMENTS GUELPH, ON LOW-RISE SINGLE FAMILY 25 UNITS White Cedar Estates is 96% sold, with one unit remaining. Dunsire is clearing draft plan conditions to allow for timely registration of the subdivision. Issued building permits and a construction start are expected in the first quarter of PROJECT UPDATE NEWSLETTER WINTER 2017 UNDER CONSTRUCTION

15 PRE-CONSTRUCTION & MARKETING STATIONWEST(MASONRY) Located directly across the Aldershot GO station and just minutes from HWY 403, ADI Development Group will bring its fresh, urban design approach to this project, which will appeal to young families looking for stylish and affordable housing that offers a variety of options and routes for commuting to work. PRE-CONSTRUCTION & MARKETING BURLINGTON, ON LOW-RISE TOWNHOMES & MID-RISE CONDO 1428 UNITS The previously released product types at Stationwest, which include traditional townhouses, back-to-back townhouses, and stacked urban townhouses, have been incredibly successful, with less than 20 of 233 homes unsold at the end of December. Adi Developments expects to start construction on this portion of the development in In late October, Adi Developments released The West to brokers and select VIP registrants. This latest phase at Stationwest features two sixstorey mid-rise condominium apartment buildings located at the south end of the site along Masonry Court. Prices at The West start from just under $200,000 and range up to $450,000, and are available in a range of layouts from studios to two bedroom plus dens and sizes, from 338 sf to 874 sf. The West s two buildings will contain 86 and 82 suites, and residents will share access to an amenity space situated between the two mid-rise structures. Common amenities include a gym, a party room, an outdoor amenity terrace, and a lobby space offering an 8-hour concierge service. Interiors were appointed by U31, with the building designed by Icon Architects. Adesso Design Inc. has programmed the outdoor landscaped area, which will serve as a central courtyard for the development, offering shade and greenery. Suites at The West are now over 60% sold and an official grand opening is scheduled for early February. Occupancy is tentatively set for 2019, and interested purchasers should contact the sales centre at for details on the public launch. PRE-CONSTRUCTION & MARKETING WINTER 2017 PROJECT UPDATE NEWSLETTER 15

16 BROCK VILLAGE FORTRESS REAL DEVELOPMENTS/LIVANTE DEVELOPMENTS PICKERING, ON MIXED USE 42 UNITS The initial public planning meeting was held on November 14, 2016 for the Phase 2 Re-zoning application proposing 25 townhouse units. Pickering staff, council and the public raised minimal comments on the phase two townhouse proposal. The development team continues to work with potential lenders to obtain construction financing for Phase 1, which has been site plan approved. Visit for more details. EAST FIFTY FIVE LAMB DEVELOPMENT CORPORATION TORONTO, ON HIGH-RISE CONDO 277 UNITS On November 24, 2016, the OMB approved the Zoning By-Law Amendment for East Fifty Five and granted Site Plan Approval, subject to the approval conditions. Given the substantial sales to date, construction is expected to start in the second quarter of The on-site sales office is open six days a week and will remain in operation for the next couple of months. Check www. east55condos.ca for the sales centre hours. JAMES LAMB DEVELOPMENT CORPORATION TORONTO, ON HIGH-RISE CONDO 135 UNITS Lamb Development continues to work on approvals at The James, and has appealed the application to the Ontario Municipal Board (OMB) due to Council s failure to make a decision on their request for a Zoning By-law Amendment within the statutory timelines. A four-day hearing with the OMB is scheduled to commence in late May. The on-site sales centre is now closed and interested purchasers can make an appointment by calling MANORS OF MINEOLA (CRESTVIEW COMMONS) CARLYLE COMMUNITIES MISSISSAUGA, ON LOW-RISE TOWNHOUSES 23 UNITS The developer appealed the common element 23 unit, 3-storey condominium townhouses to the Ontario Municipal Board (OMB) based on the city of Mississauga s failure to make a decision on the proposed Official Plan & Zoning By-law Amendments within the statutory timelines. A second Ontario Municipal Board (OMB) mediation session took place on December 13, An OMB hearing date is expected to be announced in January of 2017, but Carlyle hopes to have a resolution prior to the hearing. The homes will start from $1 million and interested parties should register at The sales launch is expected in the spring or summer of PIVOT AVERTON HOMES EDMONTON, AB LOW-RISE TOWNHOUSES 136 UNITS Deep servicing is now complete. Surface servicing is approximately 30% complete. Shallows are expected to start in January. The block of model home units is well underway, with an expected completion and public relaunch in April SKYCITY CENTRE WINNIPEG FORTRESS REAL DEVELOPMENTS WINNIPEG, MB HIGH-RISE CONDO 379 UNITS The development team has been working towards the submission of full building permits which are expected to be submitted to the City of Winnipeg in Q1 of EllisDon has now been hired as the construction manager on the development. Sales have been launched for the commercial units. skycitywinnipeg on Twitter for real-time updates. JASPER HOUSE LAMB DEVELOPMENT CORPORATION EDMONTON, AB HIGH-RISE CONDO 260 UNITS Jasper House is now over 45% sold and Lamb has started engaging lenders for construction financing. The City of Edmonton is looking to expropriate lands adjacent to Jasper House for a new public park, which will be a huge boon to the project, providing a tremendous amenity for owners and ensuring the views to the south are never obstructed. Interested buyers should call for details. 16 PROJECT UPDATE NEWSLETTER WINTER 2017 PRE-CONSTRUCTION & MARKETING

17 THE ORCHARD LAMB DEVELOPMENT CORPORATION CALGARY, AB HIGH-RISE CONDO 485 UNITS The Orchard development is now over 50% sold and Lamb Development is planning a construction start in Floorplans, exterior and interior unit features can be found at THE WADE (VICTORIA MEDICAL ARTS) AMADON GROUP VICTORIA, BC MID-RISE CONDO 102 UNITS The developer had a very successful sales launch in November Over 40% of units have already sold. The developer will be submitting building permits to the City of Victoria in January. Sales for the development are starting at $239,000, and the project is located at 1105 Pandora Avenue, Victoria, BC. The sales website can be found at www. thewade.ca. THE TREE HOUSE SYMMETRY DEVELOPMENTS/ENGINE DEVELOPMENTS TORONTO, ON LOW-RISE STACKED TOWNHOUSES 39 UNITS Based on the second community consultation meeting with the City of Toronto, residents and the local Councillor, they expressed immense satisfaction with the project. The City is currently preparing their report to recommend approval for the project, which is expected in early The development team is concurrently working on Site Plan Approval conditions and expect to commence construction by the summer of Over 80% of the units are sold and the sales office is open by appointment only, call or visit UNIONVILLAS (UPTOWNS OF UNIONVILLE) SUNRISE HOMES MARKHAM, ON LOW-RISE TOWNHOUSES 52 UNITS Unionvillas is now over 75% sold, with all of the freehold townhouses sold, and a selection of condominium townhouses priced from $1.27 million remaining for sale. Sunrise Homes plans to start construction in early 2017, with an eye to occupancy in For more information, info@unionvillas.ca. PRE-CONSTRUCTION & MARKETING PRE-CONSTRUCTION & MARKETING WINTER 2017 PROJECT UPDATE NEWSLETTER 17

18 DEVELOPMENT ESTATES OF NOBLETON Designed for luxurious suburban living, the project is planned for 150 single detached homes over 34 acres, providing each with enough space to enjoy the natural beauty surrounding them. DESIGNATED FOR RESIDENTIAL USES NOBLETON, ON LOW-RISE SINGLE FAMILY 150 UNITS On November 10, 2016, the Ontario Municipal Board (OMB) ruled in favour of the developer concerning their Official Plan Amendment application. The OMB determined that the developer s lands be included within the Urban Boundary with the designation residential, thereby permitting future single-family housing on the subject lands. Draft plan of Subdivision and Zoning By-law Amendment applications can now be prepared and submitted to the Town. 18 PROJECT UPDATE NEWSLETTER WINTER 2017 DEVELOPMENT

19 BOWMANVILLE CITYZEN/TERCOT COMMUNITIES BOWMANVILLE, ON BRONTE CROSSING KINGRIDGE DEVELOPMENT CORP. OAKVILLE, ON COMMERCIAL N/A An agreement is in place to sell this development site, with an expected closing in February CASTLEMORE CACHET DEVELOPMENTS BRAMPTON, ON LOW-RISE SINGLE FAMILY 258 UNITS Cachet Developments and the landowners group continue to work with the consultant team on addressing early feedback from municipal planning and engineering staff concerning the Block Plan submission. A public planning meeting on the Block Plan will take place in the new year once City staff has received a second Block Plan submission from the landowners group. CHARLOTTE ADELAIDE TOWER CITYZEN LOW-RISE SINGLE FAMILY & TOWNHOUSES 190 UNITS A pre-consultation meeting is being scheduled for early 2017 and studies will commence thereafter. The development team and related landowners group continue to work through the final approvals of the Secondary Plan within this community in Clarington. Once completed, the Zoning By-law Amendment and Draft Plan of Subdivision Applications will be submitted to the Town. BRADFORD BOND HEAD SUNRISE HOMES BRADFORD, ON LOW-RISE SINGLE FAMILY 119 UNITS The development team continues to work diligently with the Town of Bradford West Gwillimbury and neighbouring property owners on the necessary studies and drawings required for Draft Plan of Subdivision submission. Completing and submitting the submission requirements to the Town will serve as a significant benchmark in the development approvals process. TORONTO, ON HIGH-RISE CONDO 248 UNITS Cityzen Developments has appealed the proposed Zoning By-law Amendment to the Ontario Municipal Board (OMB) due to the City of Toronto failing to make a decision on the application within the statutory timeline requirements. The OMB has acknowledged receipt of the appeal. A pre-hearing has been scheduled for March 22, City Staff have not made a decision on the file as of yet. The developer has engaged with the local community and remains open to working with City staff and the community on obtaining approval prior to an OMB hearing date. GLENS OF HALTON HILLS FORTRESS REAL DEVELOPMENTS GEORGETOWN, ON LOW-RISE SINGLE FAMILY 109 UNITS A site location for the construction of the new Masonic Temple has been determined. Architect, planning and civil consultants are hired, while a site plan preconsultation meeting was held with the Town in preparation for a site plan submission expected in the spring of HUMBERSTONE KINGRIDGE DEVELOPMENT CORP./WORTHINGTON HOMES GEORGETOWN, ON LOW-RISE TOWNHOUSES 102 UNITS Kingridge and Worthington have been working towards completing a final Draft Plan of Subdivision and Zoning By-law Amendment submission to the Town of Georgetown. Draft Plan of Subdivision and Zoning Bylaw approval is tentatively expected by Q3 of 2017, and will serve as a major milestone for the project in the development approvals process. LAKE & EAST SYMMETRY/ENGINE DEVELOPMENTS OAKVILLE, ON HIGH-RISE CONDO 114 UNITS An OMB hearing has been scheduled for June The development team at Symmetry Developments and Engine Developments will be submitting their Site Plan Application shortly, along with an Official Plan Amendment and Zoning By-law Amendment resubmission. An official sales launch is expected for the spring of 2017, with significant pre-launch interest from prospective purchasers. Register now at www. lakeandeast.com. MAPLEVIEW COMMONS EMPIRE/PACE DEVELOPMENTS VAUGHAN, ON LOW-RISE TOWNHOMES 25 UNITS City Council recommended that the application be approved in the summer of The Owner is in the process of preparing a revised Draft Plan of Subdivision submission to be submitted to the City of Vaughan for approval. Sales of the townhouses are expected to launch by Q2 of DEVELOPMENT DEVELOPMENT WINTER 2017 PROJECT UPDATE NEWSLETTER 19

20 MEADOWS OF EAST GWILLIMBURY CITYZEN/TERCOT COMMUNITIES EAST GWILLIMBURY, ON LOW-RISE SINGLE FAMILY 91 UNITS The development team has updated and refined the draft plan to reflect the staking exercise completed with the Lake Simcoe Region Conservation Authority (LSRCA) earlier this year. Re-drawing of the plan has resulted in an increase of three units to the anticipated yield. Tercot Communities continue to work closely with the consultant team on developing key studies, while aiming to submit the Draft Plan of Subdivision application by the second quarter of NOBLETON SOUTH CITYZEN/TERCOT NOBLETON, ON LOW-RISE SINGLE FAMILY 99 UNITS Nobleton South had previously been awaiting the OMB decision regarding the Estates of Nobleton. Now that the OMB has ruled in favour that the developer s lands be included within the Urban Boundary with a residential designation, the development team on Nobleton South will now move forward with planning submissions to permit residential land uses within the Official Plan policies of Nobleton on the subject lands. NORTH LAMB DEVELOPMENT CORP. EDMONTON, AB HIGH-RISE CONDO 350 UNITS The launch of the North development remains on hold given the current conditions of the Alberta housing market. Lamb Development will continue to monitor new condominium sales transaction activity in downtown Edmonton to assess when it is appropriate to launch a sales program, or a change of tenure is warranted. OLD MARKET LANE CITYZEN/FERNBROOK HOMES VAUGHAN, ON MID-RISE CONDO 85 UNITS In September, an OMB pre-hearing was completed. A further mediation session is scheduled for January 24 and 25, A full OMB hearing has been scheduled for April 24-28, 2017 to finalize the approvals on this development in the event a settlement cannot be reached before such date. PETER RICHMOND LAND ASSEMBLY CARLYLE COMMUNITIES/BERKLEY HOMES TORONTO, ON HIGH-RISE CONDO 375 UNITS The developer has recently appealed the Zoning Bylaw Amendment to the Ontario Municipal Board. The developer remains optimistic on settling the proposed 46 storey, 375 unit high-rise condo at an Ontario Municipal Board mediation session. A mediation session is not expected to occur until Q In the interim, the development team is in the process of refining the design of the proposed application. THE GREENWOOD SIERRA BUILDING GROUP TORONTO, ON MID-RISE CONDO 104 UNITS A final Site Plan submission was made to the City of Toronto in October A follow-up meeting was held with planning staff in December A few minor revisions are required, which will result in an anticipated positive staff report being made to Council in March of Preliminary plans for a sales office are underway with an expected sales office building permit application in early THE KËMP FORTRESS REAL DEVELOPMENTS BARRIE, ON HIGH-RISE CONDO UNITS TBD Fortress Real Developments has closed the sale of the property and has begun working with and hiring a consultant team to begin implementing a new plan. The new development plans envision a mix of low-rise and high-rise components that will make this a viable, welcomed project by the City of Barrie. TOWNS ON HALL FORTRESS REAL DEVELOPEMENTS/LIVANTE DEVELOPMENTS RICHMOND HILL, ON LOW-RISE TOWNHOUSES 36 UNITS The town of Richmond Hill released a planning report to Council in early October 2016 in support of the townhouse proposal. An OMB hearing was held on January 4, No residents presented evidence in opposition to the proposal at the OMB hearing. Now that the hearing has conlcuded, a written decision is expected by the Board by the end of Q TRIPLE CREEK FORTRESS REAL DEVELOPMENTS CALGARY, AB LOW-RISE SINGLE FAMILY N/A Fortress is in the late stages on finalizing an agreement with a development manager in Alberta. An announcement on the securing of the agreement is expected in early Fortress continues to work towards closing of the property. The development team is in place and work has commenced on the low-rise development concept. 20 PROJECT UPDATE NEWSLETTER WINTER 2017 DEVELOPMENT

21 UNION WATERFRONT FORTRESS REAL DEVELOPMENTS ST. CATHARINES, ON MIXED USE 157 UNITS Fortress has continued to receive positive feedback from the City and stakeholders for this development project. Fortress has been working diligently with the consultant team on getting all documents prepared for resubmission of the revised mixed-use, 12-storey proposal to the City for Q To register for further updates, go to VICTORIA PARK PLACE SOLOTEX CORPORATION TORONTO, ON LOW-RISE STACKED TOWNHOUSES 151 UNITS Solotex Corporation is nearing Site Plan Approval for 151 units and is looking forward to opening a sales office in early Construction is tentatively scheduled to start by the fall of WELLINGTON HOUSE LAMB DEVELOPMENT CORP TORONTO, ON HIGH-RISE CONDO 120 UNITS A full website has now been launched for Wellington House at which showcases the floorplans, the building s features and finishes, and the neighbourhood amenities. Previous buyers at Lamb Development projects were given an early opportunity to purchase suites in the future building in the fall of 2016, with a broker launch and public grand opening planned for the spring and summer of New Live in a Lamb on-site signage will be erected in January. BlogTO ranked Wellington House as one of the top ten new Toronto condominium developments of WHITBY COMMERCIAL ROSEWATER MANAGEMENT GROUP LTD. WHITBY, ON COMMERCIAL N/A A planning justification and land use concept was submitted to Town staff on behalf of the Conlin Employment Area Landowner Group (CEALG) regarding the Brooklin Secondary Plan in November 2016 to recommend the inclusion of the CEALG Concept Plan into the Brooklin Secondary Plan. Rosewater Management Group met with Town staff in December and they are reviewing the proposed submission. Town staff will be bringing forward an update report on the status of the Brooklin Secondary Plan to Council in Q Tentative approval of the Secondary Plan is expected in the summer of Completion of the Secondary Plan will be a major milestone achievement for this development and the Brooklin community. WOODBRIDGE PARK SIERRA BUILDING GROUP VAUGHAN, ON LOW-RISE TOWNHOUSES 275 UNITS City council approved the staff report recommending approval of the Woodbridge Park Site Plan and Subdivision Applications in December A final site plan will be submitted in early Clearing conditions of Draft Plan of Subdivision and Site Plan approval will also begin in early The sales office has been constructed and will be fully outfitted by February 2017 with an anticipated sales launch in the spring. Go to to view the renderings of the three unique product types at this development and to register your interest. YORK DOWNS SUNRISE HOMES MARKHAM, ON LOW-RISE TOWNHOUSES 49 UNITS Fortress and Sunrise have recently closed on the subject lands and are now in the process of securing a development team to begin the approvals process. DEVELOPMENT DEVELOPMENT WINTER 2017 PROJECT UPDATE NEWSLETTER 21

22 PROJECT INDEX DEVELOPMENT PROJECT DEVELOPER LOCATION TYPE UNITS Bowmanville Cityzen/Tercot Bowmanville, ON Low-Rise Single Family & Townhouses Bradford Bond Head Sunrise Homes Bradford, ON Low-Rise Single Family 119 Bronte Crossing Kingridge Development Corp. Oakville, ON Commercial N/A Castlemore Cachet Developments Brampton, ON Low-Rise Single Family 258 Charlotte Adelaide Tower Cityzen Toronto, ON High-Rise Condo 248 Estates of Nobleton Cityzen/Tercot Nobleton, ON Low-Rise Single Family 150 Glens of Halton Hills Fortress Real Developments Georgetown, ON Low-Rise Single Family 109 Humberstone Kingridge Development Corp./Worthington Homes Georgetown, ON Low-Rise Townhouses 102 Lake & East Symmetry Developments/ Engine Developments Oakville, ON High-Rise Condo 114 Mapleview Commons Empire/Pace Vaughan, ON Low-Rise Townhouses 25 Meadows of East Gwillimbury Cityzen/Tercot East Gwillimbury, ON Low-Rise Single Family 91 Nobleton South Cityzen/Tercot Nobleton, ON Low-Rise Single Family 99 North Lamb Development Corp. Edmonton, AB High-Rise Condo 350 Old Market Lane Cityzen/Fernbrook Vaughan, ON Mid-Rise Condo 85 Peter Richmond Land Assembly Carlyle Communities/Berkley Homes Toronto, ON High-Rise Condo 375 The Greenwood Sierra Building Group Toronto, ON Mid-Rise Condo 104 The Këmp Fortress Real Developments Barrie, ON Mixed Use TBC Towns on Hall Fortress Real Developements/LiVante Richmond Hill, ON Low-Rise Townhouses 36 Developments Triple Creek Fortress Real Developments Calgary, AB Low-Rise Single Family N/A Union Waterfront Fortress Real Developments St. Catharines, ON Mixed Use 157 Victoria Park Place Solotex Corporation Toronto, ON Low-Rise Stacked Townhouses 151 Wellington House Lamb Development Corp. Toronto, ON High-Rise Condo 120 Whitby Commercial Rosewater Management Group Ltd. Whitby, ON Commercial N/A Woodbridge Park Sierra Building Group Vaughan, ON Low-Rise Townhouses 275 York Downs Sunrise Homes Markham, ON Low-Rise Townhouses 49 PRE-CONSTRUCTION & MARKETING PROJECT DEVELOPER LOCATION TYPE UNITS Brock Village Fortress Real Developments/LiVante Developments 190 Pickering, ON Mixed Use PROJECT UPDATE NEWSLETTER WINTER 2017 PROJECT INDEX

23 ( PRE-CONSTRUCTION & MARKETING CONTINUED) PROJECT DEVELOPER LOCATION TYPE UNITS East Fifty Five Lamb Development Corp. Toronto, ON High-Rise Condo 277 Eaton Square Empire/Pace Markham, ON Low-Rise Townhouses 178 James Lamb Development Corp. Toronto, ON High-Rise Condo 135 Jasper House Lamb Development Corp. Edmonton, AB High-Rise Condo 260 Manors of Mineola (Crestview Commons) Carlyle Communities Mississauga, ON Low-Rise Townhouses 23 Pivot Averton Homes Edmonton, AB Low-Rise Townhouses 136 SkyCity Centre Winnipeg Fortress Real Developments Winnipeg, MB High-Rise Condo 379 Stationwest (Masonry) ADI Developments Burlington, ON Low-Rise Townhouses & Mid-Rise Condo 1428 The Orchard Lamb Development Corp. Calgary, AB High-Rise Condo 485 The Tree House Symmetry Developments/ Engine Developments Toronto, ON Low-Rise Stacked Townhouses The Wade (Victoria Medical Arts) Amadon Group Victoria, BC Mid-Rise Condo 102 Unionvillas (Uptowns of Unionville) Sunrise Homes Markham, ON Low-Rise Townhouses UNDER CONSTRUCTION PROJECT DEVELOPER LOCATION TYPE UNITS 6th and Tenth Lamb Development Corp. Calgary, AB High-Rise Condo 230 Anchors West Low-Rise Stacked Dunsire Developments Mississauga, ON (Mississauga Meadows I) Townhouses 62 Anchors East Low-Rise Stacked Dunsire Developments Mississauga, ON (Mississauga Meadows II) Townhouses 25 Braestone Georgian Developments Oro Medonte, ON Low-Rise Single Family 229 Brookdale on Avenue Road Cityzen/Fernbrook Toronto, ON Mid-Rise Condo 82 Capital Pointe Fortress Real Developments Regina, SK Mixed Use 320 Collier Centre Fortress Real Developments Barrie, ON Mixed Use 82 Creekwood Averton Homes Edmonton, AB Low-Rise Townhouses 18 Eden Pace Developments King City, ON Low-Rise Single Family 28 Graydon Hill Averton Homes Edmonton, AB Low-Rise Single Family 11 Harmony Village Sheppard City Core Developments Toronto, ON High-Rise Condo 805 Kingridge Square Kingridge Development Corp. Oakville, ON Commercial N/A King Square Global Link Realty Group Inc. Markham, ON Commercial N/A Link Condos + Towns (The Sutton) ADI Developments Burlington, ON Mid-Rise Condo 298 Lotus (Residences of Bayview) Chestnut Hill Developments Toronto, ON Mid-Rise Condo 234 Mayfield 3 (Alloa Greens) Flato Developments Inc. Brampton, ON Low-Rise Single Family & Townhouses 184 Prescott Averton Homes Edmonton, AB Low-Rise Single Family 32 PROJECT INDEX PROJECT INDEX WINTER 2017 PROJECT UPDATE NEWSLETTER 23

24 ( UNDER CONSTRUCTION CONTINUED) PROJECT DEVELOPER LOCATION TYPE UNITS SoBa Lamb Development Corp. Ottawa, ON High-Rise Condo 240 Solterra Fusion Homes Guelph, ON Low-Rise Single Family 275 Ten88 Empire/Pace Scarborough, ON Low-Rise Stacked Townhouses The Harlowe Lamb Development Corp. Toronto, ON High-Rise Condo 210 The Mark Empire/Pace Markham, ON High-Rise Condo 220 The South Shore Fortress Real Developments Keswick, ON Mixed Use 154 White Cedar Estates Dunsire Developments Guelph, ON Low-Rise Single Family OCCUPYING, COMPLETED & PAST PROJECTS PROJECT DEVELOPER LOCATION TYPE UNITS Avalon Hush Developments Oakville, ON Low-Rise Single Family 13 Brant Park Lamb Development Corp. Toronto, ON High-Rise Condo 243 Bridgewater Residences on the Lake MADY Development Corp. Burlington, ON High-Rise Condo 173 Bronson Lamb Development Corp. Ottawa, ON High-Rise Condo 209 Countryside Crossing Flato Developments Inc. Brampton, ON Commercial N/A Dufferin Medical Bw Professional Centres Toronto, ON Commercial N/A Estates of Black Creek Worthington Homes Georgetown, ON Low-Rise Single Family 20 Gotham Lamb Development Corp. Ottawa, ON High-Rise Condo 250 Harris Beech Best Homes Richmond Hill, ON Low-Rise Single Family 24 Helen Avenue Flato Developments Inc. Markham, ON Low-Rise Townhouses 46 King Charlotte Lamb Development Corp. Toronto, ON High-Rise Condo 232 Lloyd Avenue Terrasan Corporation Toronto, ON High-Rise Condo N/A Mayfield 1 Flato Developments Inc. Brampton, ON Low-Rise Townhouses 17 Mayfield 2 (Alloa Greens) Flato Developments Inc. Brampton, ON Low-Rise Single Family & Townhouses 184 Mount Joy Empire/Pace Markham, ON Low-Rise Townhouses 44 Munir on Duffins Creek Ahk Construction Group Pickering, ON Mixed Use 30 The Mod'rn ADI Developments Burlington, ON Mid-Rise Condo 78 Trafalgar Square Apache Developments Oakville, ON High-Rise Condo 29 Wismer 2 Pace Developments Markham, ON Low-Rise Townhouses PROJECT UPDATE NEWSLETTER WINTER 2017 PROJECT INDEX

25 GLOSSARY DRAFT PLAN APPROVAL Approval of a proposal for Plan of Subdivision or Plan of Condominium, outlining the conditions required for Final Plan Approval. STAGES OF DEVELOPMENT In general terms, the development process can be characterized by these five stages from beginning to end. LAND PURCHASE Land parcel is under contract to purchase or has been closed and title has been transferred. DEVELOPMENT Rezoning and development approvals are being sought prior to the launch of sales and marketing or lease up. PRE-CONSTRUCTION & MARKETING Rezoning and development approvals are submitted/fully approved and the marketing, sales and/or leasing program has commenced. CONSTRUCTION Demolition or clearing of on-site structures/improvements complete, construction has started via site servicing, excavation, renovation or hard construction. COMPLETED Building is occupied by residential and/ or commercial tenants/residents or is substantially completed. EXCAVATION The process of moving earth, rock or other materials. H-DESIGNATION A zoning by-law with a holding symbol ( H ) restricts future uses until conditions for removing H are met; for example holding until adequate infrastructure is in place prior to future development. GROSS FLOOR AREA (GFA) Gross Floor Area is a real estate term referring to the total floor area inside the building envelope, including the external walls, and excluding the roof. GROSS SALEABLE AREA (GSA) Gross Saleable Area is a real estate term referring to the total floor area inside the building envelope that can be converted to revenue. OFFICIAL PLAN An Official Plan is a policy document adopted by a municipal council under the provisions of the Planning Act. It guides where development can locate, when and in what order the municipality will grow and what municipal services such as sewers, roads and water be supplied. SITE PLAN APPROVAL Site Plan Approval (Site Plan Control) is a form of development control provided to municipalities by the Ontario Planning Act. The process permits the municipality to review and comment on details including engineering, landscaping, urban design, etc. SHORING A form of prop or support, usually temporary, that is used during construction of buildings and excavation. ZONING BY-LAW AMENDMENT (RE- ZONING) A change of land use for zoning provisions on a parcel of land. GLOSSARY WINTER 2017 PROJECT UPDATE NEWSLETTER 25 GLOSSARY

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27 UNDER CONSTRUCTION LUXURY LIVING IN THE HEART OF DOWNTOWN REGINA SUITES STARTING FROM $180,000 to over $2 million