Carpenter Hospice Gala a Family Affair
After a three-year hiatus, the Carpenter Hospice Gala staged a triumphant return on February 2, 2023 at the Burlington Convention Centre. The 20th anniversary of the Gala was Paradise Island-themed event featuring a live steel band, and silent and live auctions with a host of prizes, including luxury travel.
Reflecting Upon ‘The Molinaro Century’ – PT2
In this second instalment of our Molinaro Century review, we pick up where we left off as the second generation of the Molinaro Group raises the bar for both size and grandeur, with an eye to surpassing its own lofty benchmarks.
Molinaro grows Burlington, literally!
Growing Burlington is something the Molinaro Group takes seriously. And not just with premium quality condos. How about fresh produce? For the second year, the Group’s collaboration with Bunchberry Connections netted a bounty of fresh produce for the Burlington Food bank of over 1,000lbs! In this 2022 Harvest wrap up, Vince Molinaro joins Bunchberry CEO Adria Cehovin for a quick tour, and a heartfelt call to action for more community support to kick 2023 into high gear.
The Focus is on the Crocus!
The first glimpse of a crocus usually comes when snow is still on the ground. These brave, tiny flowers always surprise us when their slender green tips push through the grey remains of fading winter. It’s also a transitional moment for Burlington’s cultural and recreational scenes.
Paradigm Grand featured in Ontario HomeBuilder Magazine
The Molinaro Group has always been ahead of the curve. And their Paradigm development is a glittering example of that. Close to transit, loaded with unprecedented lifestyle amenities and situated in a growing mid-sized city with an enviable lifestyle, Paradigm ticks all the boxes of intelligent, market leading development. In a recent issue of Ontario HomeBuilder magazine, Paradigm was a featured project in an extensive article about how the development industry, in general, is putting transit-oriented projects in the fast lane. Paradigm Grand, the grand finale of this master-planned community on Fairview Street in Midtown Burlington, is currently under construction. Read the article here: https://issuu.com/ohbmagazine/docs/ohb_earlyspring2023_optimized Watch the Paradigm Backstory video here:
Molinaro Group Brings Fairness to ALL Buyers
At the Molinaro Group, pre-construction assignments for its condominium properties have never been offered. The developer believes that restricting assignments creates a more stable environment for its purchasers while offering a more level playing field. Much has been written about the rising cost of GTA homes and condos in recent years. Real estate investment speculation has contributed to this trend, in part, with pre-construction assignments. This is a condo purchase where investors put a minimum down payment on an unbuilt condo unit and, before even completing their own purchase or taking possession of the unit, they assign the right to sell the unit to another buyer. This business model works well for the initial investor when real estate were prices are almost constantly rising. They “buy” a unit for lower prices, sit on it while prices rise and then unload the unit at a profit. The practice has been a driver of rising condo prices and a big motivator for investors who, according to Statistics Canada, own close to 40% of all condos in Toronto, and at even higher percentages in some smaller markets. Governments’ Efforts to Control Condo Costs All three levels of government have taken steps to slow the increase in housing prices and have targeted the assignment practice. For example, the federal government has imposed anti-flipping rules, which taxes 100% of the capital gains on a property sold within one year of its purchase. It has also imposed a two-year moratorium on foreign buyers’ ability to buy residential real estate. The Canada Revenue Agency (CRA) also has instituted new rules requiring real estate investors to pay HST on profits realized from pre-construction assignments. In Ontario, the government increased the non-resident speculation tax (NRST) last year that applies to certain foreign buyers of Ontario homes. Meanwhile, several municipal governments – including the City of Toronto – have imposed a vacant home tax. As of February 3, 2023, owners of unoccupied homes must pay 1% of its market value if they do not qualify for the exemption. On an even broader scale, the Bank of Canada, in its efforts to wrangle inflation, has raised interest rates several times over the past two years. This has made it more difficult for real estate speculators to prequalify for loans and acquire the funds required to close a deal on investment properties. Impact on Pre-construction Assignments Reactions to these government policies and their effectiveness in restricting real estate speculation have varied. There has also been debate on how these rules will affect pre-construction assignments, which were believed to be primarily responsible for the rapid growth in sales and prices in the condo market through most of 2021. However, according to a recent Globe and Mail article, new condo sales in the GTA dropped by 79% in the third quarter of 2021, which has greatly reduced pre-construction assignments. “The popularity of assignments can only be sustained when prices are going up consistently,” said Linda Davies, Broker of Record, Davies Condos. “The third-party (VIP or Platinum) brokers selling new product tend to demand high commissions and first access to the choice product which also has put an upward pressure on prices. In today’s market those brokers will be scarce… and their existing client base, who bought in the boom, will likely have trouble closing deals and/or reselling.” No Pre-construction Assignments with Molinaro Pre-construction assignments are uncommon in Burlington. At the Molinaro Group, pre-construction assignments for its condominium properties have never been offered. Even though its properties attract many eager buyers, investors know they have to close on their purchase, and must be prepared to do so when the time arrives. Molinaro Group’s position on not providing or supporting pre-construction assignments helps preserve end user and long term investor values by discouraging and virtually eliminating this flipper action. Allowing assignments prior to closing can undermine prices when these units flood the market just before closing. The Molinaro Group believes that by restricting assignments it creates a more stable environment for Its purchasers while offering a more level playing field. And the developer supports its buyers through all steps of the purchasing process. This includes post-sale care through the Molinaro Group Customer Care Program and rental support through Davies Condos, Molinaro’s exclusive broker for the sale and leasing of its properties. “We do things differently at Molinaro, long before any government rule changes were imposed on assignments,” said Vince Molinaro, President, Molinaro Group. “We believe in transparency and fairness, which is part of our commitment to ensure our customers get the best product and service for the best price.”
Robert Molinaro joins Canadian Home Builders’ Association Board of Directors
The Molinaro Group’s legacy of leadership in the housing industry continues with the election of Robert Molinaro to the National Board of Directors of the Canadian Home Builders’ Association. The Molinaro Group’s efforts to support the home building industry have seen president Vince Molinaro serve as president of both the West End Home Builders’ Association (2007) and later, the Ontario Home Builders’ Association (2014-2015). He was inducted to the WE HBA Hall of Fame in 2019. That tradition of volunteerism continued with Molinaro Group Executive Vice President Robert Molinaro who also served as president of the WE HBA in 2020. Taking on the role of Director at the Canadian Home Builders’ Association is an opportunity for growth, says Robert. “It’s certainly a great way to continue our company’s efforts to support the industry’s growth, and for me to expand my professional experience and network, which is always a good thing.” As a member of the national Board of directors, Robert will contribute to the Association’s mission which seeks a positive role for the housing industry in Canada’s economy and in communities nationwide. The CHBA works to ensure that the interests of its members, and the homebuyers they serve, are understood by all levels of governments. A key deliverable is ensuring Canadians are informed and confident when they buy a new home or hire a renovator to improve their existing one. Since 1943, the Canadian Home Builders’ Association (CHBA) has been the voice of Canada’s residential construction industry. Today, with 9,000 members, the association represents one of the largest industry sectors in Canada.
Our Customers Love Our Condos! Michael D.
Our Customers Love Our Condos! Michael D’s search for the “right condo” led him to buying a condo at Paradigm Phase One. For Michael, this condo stood out for its LEED Silver certification for environmental leadership, and for the Molinaro Group’s track record of success in all its Burlington developments. At the Molinaro Group, customer satisfaction is our #1 priority. It’s why so many of our customers buy more than one condo from us. In this series of videos, we proudly give our customers a platform to share their thoughts on our condos, our team and Burlington. Paradigm Grand is now selling. Visit our Sales Centre: 761 Brant St at Ghent Hours: Tuesday & Thursday: 4PM to 7PM and Saturday & Sunday: 1PM to 4PM or call 289-301-9734 to book an appointment.
Reflecting Upon ‘The Molinaro Century’ – PT1
We confess, that title sounds a bit pretentious, but it’s meant to be tongue-in-check. Granted, The Molinaro Century may not rival the Renaissance or the Age of Enlightenment for historical impact. That’s irreverence talking, not ego.For us it’s simply a way of reflecting upon everything the company has done on this 20th anniversary of the completion of our first post-millennium project, and the impact we’ve had on Burlington since then. There is a consistent through-line, beginning with the Spencer’s Landing project, completed in 2003,to the current ones nearing completion; Paradigm Grand Finale and Illumina.In between those landmark developments, we completed these iconic and influential buildings, each distinctive in its own way: Strata Spencer’s Landing Bunton’s Wharf (2007) The Baxter (2008) 360 on Pearl (2011) Company President, Vince Molinaro credits his father, Domenic, for recognizing what the city could be. “Spencer’s Landing was our first project in Burlington, I’m proud to say. When we first came here nothing much was going on. My Dad saw the vision a lot people didn’t, including us,” Vince says. Executive V-P, Robert Molinaro marvels at his father’s foresight: “He saw something in Burlington despite the rundown downtown. It was not what it is now.” Built directly across from the future site of Spencer Smith Park, Vince is impressed with how the traditional brick design and classic trim has withstood changing trends. “The project was truly successful. It was probably the first condo building built in Burlington in 20 years. It’s a prominent address on Lakeshore Rd., with amenities (indoor pool) that were unheard of at the time for a 116 unit building with 10 Townhouses. These traditional brick buildings,” he muses, “there’s something to be said about them.” The company’s next two buildings, incorporated lessons learned from the first one. Bunton’s Wharf was notable for the commercial space included on the ground floor. The family expanded on the theme when designing The Baxter, a striking, multi-terraced residence with street-level restaurants and retail that further stimulated local business and street traffic. “The Baxter was our third building in Burlington, again a mixed-use building with commercial at the bottom,” Vince says. “(There’s) more commercial there than at Bunton’s because it worked so well. Again the name is one of the original pioneers of Burlington. He controlled one of the wharfs in Burlington so we named adjacent buildings after rival wharf owners.” “People love the architectural look of Baxter with different terracing and obviously the commercial aspect at the bottom with various restaurants and shops. It’s a very interesting building,“Rob says. The common denominator is that the first four Molinaro buildings is their proximity to the harbour. Not coincidentally, the Burlington waterfront has evolved almost in lockstep. The City of Burlington Waterfront Project, anchored by Spencer Smith Park, opened in early June, 2006. Brant Street Pier was unveiled exactly seven years later. Those two projects enabled the annual cultural and social events that provide the foundation of Burlington’s brand as a great mid-size city. The Sound of Music Festival in June, the winter Festival of Lights and Canada’s Largest Ribfest (September), all owe their origins to the waterfront renaissance. The Burlington Performing Arts Centre opened in 2011, coinciding with 360 on Pearl, the turning point in the Molinaro Group’s trajectory to become the most innovative developer in the area. Similar cases may exist in other parts of the continent, but it’s hard to imagine a developer and a community being more closely intertwined on a mutual path to success. In the words of Managing Director Sam DiSanto, the Molinaro Group has always tried to take a collaborative approach: “We’ve been building here for many years and not just condos. We build relationships.” “Whether it be with council or city staff or things like that, it’s got to be win-win. We pride ourselves on working with the local ratepayers, councillors, and staff,” Vince adds. “The (building) names came from the city. It wanted to respect the heritage of the area. Mr. Bunton was one of the original pioneers in Burlington. He actually owned a wharf called Bunton’s Wharf and he did his business there. He sold goods, he had ships coming in. His rival was Baxter’s Wharf which was the next building we built (chuckles) so it’s kind of a cool history and we didn’t mind the city picking the name. We just ran with what they gave us and I think it worked out very well.” If anything, the Molinaro Group is the modern-day equivalent of those pioneering businessmen who first put the city on the map. Building upon that legacy has worked out well for all parties as the company footprint expands into midtown and beyond. DiSanto says the company won’t rest on its achievements and has plenty of (real estate) inventory to develop far into the future. If “what’s past is prologue,” as Shakespeare famously wrote, then Burlington and its residents will be the big winners. NEXT TIME: A New Generation. A Renewed Vision The Molinaro Century – PT3
Reflecting Upon ‘The Molinaro Century’ – Part 1 #2
We confess, that title sounds a bit pretentious, but it’s meant to be tongue-in-check. Granted, The Molinaro Century may not rival the Renaissance or the Age of Enlightenment for historical impact. That’s irreverence talking, not ego.For us it’s simply a way of reflecting upon everything the company has done on this 20th anniversary of the completion of our first post-millennium project, and the impact we’ve had on Burlington since then. There is a consistent through-line, beginning with the Spencer’s Landing project, completed in 2003,to the current ones nearing completion; Paradigm Grand Finale and Illumina.In between those landmark developments, we completed these iconic and influential buildings, each distinctive in its own way: Strata Spencer’s Landing Bunton’s Wharf (2007) The Baxter (2008) 360 on Pearl (2011) Company President, Vince Molinaro credits his father, Domenic, for recognizing what the city could be. “Spencer’s Landing was our first project in Burlington, I’m proud to say. When we first came here nothing much was going on. My Dad saw the vision a lot people didn’t, including us,” Vince says. Executive V-P, Robert Molinaro marvels at his father’s foresight: “He saw something in Burlington despite the rundown downtown. It was not what it is now.” Built directly across from the future site of Spencer Smith Park, Vince is impressed with how the traditional brick design and classic trim has withstood changing trends. “The project was truly successful. It was probably the first condo building built in Burlington in 20 years. It’s a prominent address on Lakeshore Rd., with amenities (indoor pool) that were unheard of at the time for a 116 unit building with 10 Townhouses. These traditional brick buildings,” he muses, “there’s something to be said about them.” The company’s next two buildings, incorporated lessons learned from the first one. Bunton’s Wharf was notable for the commercial space included on the ground floor. The family expanded on the theme when designing The Baxter, a striking, multi-terraced residence with street-level restaurants and retail that further stimulated local business and street traffic. “The Baxter was our third building in Burlington, again a mixed-use building with commercial at the bottom,” Vince says. “(There’s) more commercial there than at Bunton’s because it worked so well. Again the name is one of the original pioneers of Burlington. He controlled one of the wharfs in Burlington so we named adjacent buildings after rival wharf owners.” “People love the architectural look of Baxter with different terracing and obviously the commercial aspect at the bottom with various restaurants and shops. It’s a very interesting building,“Rob says. The common denominator is that the first four Molinaro buildings is their proximity to the harbour. Not coincidentally, the Burlington waterfront has evolved almost in lockstep. The City of Burlington Waterfront Project, anchored by Spencer Smith Park, opened in early June, 2006. Brant Street Pier was unveiled exactly seven years later. Those two projects enabled the annual cultural and social events that provide the foundation of Burlington’s brand as a great mid-size city. The Sound of Music Festival in June, the winter Festival of Lights and Canada’s Largest Ribfest (September), all owe their origins to the waterfront renaissance. The Burlington Performing Arts Centre opened in 2011, coinciding with 360 on Pearl, the turning point in the Molinaro Group’s trajectory to become the most innovative developer in the area. Similar cases may exist in other parts of the continent, but it’s hard to imagine a developer and a community being more closely intertwined on a mutual path to success. In the words of Managing Director Sam DiSanto, the Molinaro Group has always tried to take a collaborative approach: “We’ve been building here for many years and not just condos. We build relationships.” “Whether it be with council or city staff or things like that, it’s got to be win-win. We pride ourselves on working with the local ratepayers, councillors, and staff,” Vince adds. “The (building) names came from the city. It wanted to respect the heritage of the area. Mr. Bunton was one of the original pioneers in Burlington. He actually owned a wharf called Bunton’s Wharf and he did his business there. He sold goods, he had ships coming in. His rival was Baxter’s Wharf which was the next building we built (chuckles) so it’s kind of a cool history and we didn’t mind the city picking the name. We just ran with what they gave us and I think it worked out very well.” If anything, the Molinaro Group is the modern-day equivalent of those pioneering businessmen who first put the city on the map. Building upon that legacy has worked out well for all parties as the company footprint expands into midtown and beyond. DiSanto says the company won’t rest on its achievements and has plenty of (real estate) inventory to develop far into the future. If “what’s past is prologue,” as Shakespeare famously wrote, then Burlington and its residents will be the big winners. NEXT TIME: A New Generation. A Renewed Vision The Molinaro Century – PT3
