Launching a development around rising interest rates and the soaring cost of living is a tricky endeavour, but CountryWide Homes found a way upon releasing Sora Vista in Vaughan.

“We did have to pivot as rates had gone up and the market cooled substantially, so we closed down for about six to eight months,” Richard Mariani, sales and marketing manager at CountryWide Homes, told RENX Homes.

He added that the team considered some buyers might need help offsetting their mortgages, so they added side door entrances with staircases that lead directly into the basements of the homes.

While this was also done to accommodate multigenerational living, Mariani said the option to include potential rental units, especially at a time when there are too few in the region, helped CountryWide Homes return to Greater Toronto Area market with a stronger product.

“The cost of living had gone up,” he said. “The side-door entrances with a staircase into the basement were something that was going to help people maybe offset their mortgage payments because they could rent out the basements if they needed extra income. That was part of our retooling.

“We had to educate people that this staircase isn’t your standard staircase for the rest of your home. It’s separate and closed off, so if you want to utilize this for rentals down the road, it gives people that extra level of comfort and confidence when buying a home.”

High-ceiling design offers flexibility

CountryWide Homes managed that retooling in large part because its 1,200 to 1,600 square-foot basements have nine-foot ceiling heights — the main and second floors have 10- and nine-foot tall ceilings, respectively — and won’t be finished to standard. Instead Sora Vista homeowners will have the opportunity to do whatever they please with the space, whether they want to rent it out or furnish it for themselves.

The developer’s team managed to pull all this off without compromising the homes’ designs and layouts.

The first two phases of the detached home development, which will see 167 units built in total, features 42- and 45-foot lots with luxury finishes in a tranquil neighbourhood surrounded by green meadows, while the third, and final, phase will have homes with 50-foot lots.

The development is close to the Vaughan Metropolitan Centre, which gives Sora Vista access to the Toronto Transit Commission’s subway network. It is also just off Highway 400, and close to the 407 toll highway. It is also close to some of the best Italian restaurants in the entire Greater Toronto Area.

The project is breaking ground this month. 

Growth of multigenerational living

CountryWide Homes’ market research revealed multigenerational living is quite popular in certain parts of the GTA, including Vaughan, and that’s why tandem garages were also included at Sora Vista. 

“Tandem allows you to put additional cars within the double garage. You can get up to three cars parked inside the garages, in case there are in-laws living with you or if you have your grandparents living there, or maybe it’s an older family with kids who need to put their vehicles in there,” Mariani said. 

“Or you could be renting out the basement and the tenants need to park their car in the garage.”

Homebuyers also have the option of installing elevators in their houses to accommodate multigenerational living. The houses are large enough that the inclusion of an elevator didn’t necessitate redesigns. But as families choose to age in place together, as noted by its market research, CountryWide Homes sought to provide homebuyers with all feasible options.

The inside finishes also correspond to some of the market research results. Sora Vista homes will have the in-law suite, a ground-floor bedroom that can be converted into a library or home office, and ground-level ensuite bathrooms are also offered.

Vaughan has seen its share of multifamily developments in recent years, but the decision to build low-rise could also have the added benefit of keeping home values high, Mariani said.

“I find sometimes that if you go too high density, your values can deteriorate with all the renters,” he said, adding that renters sometimes don’t maintain properties to the same standards of homeowners. “If you have end users, you know the values should be maintained.”

CountryWide busy across the GTA

CountryWide Homes, which considers itself a “premium developer,” is among the most energetic developers in the GTA, with 15 active job sites between Oakville and Bowmanville, as well as north of the city, that are in various stages of development. 

This fall, CountryWide Homes will be releasing Shining Hill, a master-planned community in Aurora comprised of 108 luxury townhomes and single-detached houses. It is also developing Simcoe Landing in Keswick, with lots ranging between 36 and 60 feet.

Also arriving this fall is Jefferson Reserve in Richmond Hill, which will be a mix of freehold townhomes, semi-detached and detached homes. The site was chosen for its proximity to Richmond Hill’s most popular lakes and trails, golf courses and conservation reserves.