Congratulations on purchasing a pre-construction condo! Technically you have not bought the condo yet, you are in what is called the 10 Day Rescission/cooling off period, you have signed the paperwork and the deposit cheque, but now what? Well any good buyer’s agent will tell you it is essential to promptly get your APS (agreement of purchase and sale) to a lawyer for review. If your buyers agent has not stated this, it may be cause for concern, you cannot rely on the word of a sales representative in the condo presentation room with commitment of this magnitude.
These are just some of the subjects a lawyer will be helpful with.
- HST Rebate
- Superfluous charges
- Closing cost caps
- Assignment Clause
- Investment property clause
- Variances in Square footage
HST Rebate. This was formally the GST rebate and is built in to the purchase price of the condo and is for end-user buyers. On closing you may have to pay this back if you will not be living in the unit. Your lawyer can advise you on how this will work if purchasing for investment and after final closing you may apply to the government to receive this rebate back.
Waiving Superfluous Charges. Developers can be creative on your purchase agreements and add sur-charges and fees in relation to the property purchase. Your lawyer can negotiate to have these waived.
Closing Cost Caps. Putting a cap on closing costs and adjustments will protect you from being caught off guard with a shockingly high total at closing. Your lawyer should advise a cap on things such as development and education levies, surcharges and hydro/gas hook up. A “good” cap may range from $2500.00 to $5000.00 without these caps your closing costs could rise well over 10 thousand dollars.
Assignment Clause. An assignment clause allows you to sell the property prior to occupancy. If you are buying as an investment your lawyer will recommend this.
Investment Property Clause. Is this an income property? Most contracts state you cannot rent during the occupancy period. Be up front with your lawyer and be clear if this will not be you residence but an investment property. Your lawyer can request a clause which will allow you to rent this new property.
Variances in Square footage. Chances are the copy of your unit’s floor plan will not have Dimensions or footage listed, discuss this with your lawyer. In some instances you may get an 800 sq.ft unit instead of a 900 sq ft unit, your lawyer may be helpful in working out these variances with the builder. The Ontario New Home Warranty Act and TARION only state guidelines for this situation and no actual law, there for an agreement with the builder would be the only course of action.
When a developer is building a model suite they design it to grab your attention, impress you at every angle, with spacious design and fantastic upgrades. But is this what your condo is going to look like? No, so you need to be aware of what you are buying and what has been added to make the model suite look more appealing.
Most model suites are extremely spacious, with an airy feel. Keep in mind that the model suites ceiling may be higher then your actual unit, model suites are often in commercial spaces and or lofts where the ceilings are 10 feet or higher which would not be standard with most condos. Also most have no doors between rooms, this is a trick to give the illusion of more space.
The difference between standard and upgrade should be established, the kitchen looks amazing with its granite counter top and high end appliances, but these are upgrades and will be an additional cost. Are you prepared for this added expense? Also find out what the standard finishes are and are they what you had in mind? When you walk through the model suite there are built in bookcases, desks and storage, the developer has done this to give the condo the “move right in feel “, the standard egg shell white painted drywall is more likely what you will be moving in with.
The developer will fill the model suite with the most beautiful, luxurious furniture and lighting to sell the unit. The developer may spend $2800.00 on a chandelier you must try to see the dining room without this glorious center piece, forget the luxuries and make sure that the condo will function for you.
Second Best March on Record
April 5, 2011 — Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.
“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.
“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
In March, the median price was $385,000, from the $370,000 recorded during March of 2010.
Click Here To Read Full Report
164 Cumberland St: Renaissance Court: Yorkville Condos
Renaissance Court was developed by Bramalea about 1982 at 164 Cumberland Street. With only 32 units, this condominium is more private than many and the price is far below the $500 per sq. ft. average of most other Yorkville properties. Suites are built over a three storey retail and office complex and vary from 1155 sq. ft. to 1800 sq. ft. within the upper four storeys. They include 24 hour concierge service.
3 McApline: Domus Condos: Yorkville Condos
Although Domus was completed by Diamante Development Corporation in 2003, this relatively new condominium has already combined or altered units. It now offers 20 three-level townhomes, and 69 new loft style units dispersed over 10 floors. A short distance northeast of the Bay Street and Davenport Road is where you’ll see the modern eclectic design of the Domus condos.
One of the highlights of these lofts are the 16 ft. ceilngs and most lofts come with a balcony or terrace. Townhomes range in size from 930 to 1297 sq. ft. while the suites vary between 645 to 2752 sq. ft. Some of these homes are expensive costing as much as $500 per sq. ft. but the facilities are many and include 24 hour concierge, party room, exercise area, a guest suite, and a beautiful private garden.
99 Avenue Rd: Yorkville Condos
99 Avenue Road is a wonderful enhancement to the Yorkville/Bloor area. This prestigious neighborhood was built by Max & Company Development Inc. It’s brick and stone exterior is complimented by the meticulous landscaping and this condo houses 80 units in 14 storeys.
The impressive facilities include a gym and steam bath, tiered seating and stereo sound with a large screen in the theatre, a guest suite, and for your meeting needs there is a business centre.
Enjoy 10 foot ceilings in any of the 714 sq. ft. to more than 2100 sq. ft. units which average about $500 per sq. ft. After walking to the classy Yorkville shops, you’ll appreciate the entering the elegant lobby of 99 Avenue Road.
4 Lowther Ave: Yorkville Condos
In the heart of Yorkville, on the west side of Avenue Road and just north of Bloor is where you’ll find 4 Lowther Avenue condominium. This spectacular residence is a 7 storey structure with 41 suites ranging in size from the unusually large studios and one bedrooms at 1100 sq. ft to over 3000 sq. ft. for the penthouses.
Each unit includes a fireplace and 9 foot high ceilings with the typical suite being 2000 sq. ft. with an additional 900 sq. ft. terrace. From $650 per sq. ft. to $775 per sq. ft. and above, these condos are priced high. However, amenities do include valet parking, party and fitness rooms, concierge service, and a small indoor pool.
20 Collier St: Yorkville Condos
Twenty Collier houses 95 suites on 12 storeys and is one of the higher priced condos in the area. At $400 to over $600 per sq. ft. for a suite from 745 sq. ft. to 1660 sq. ft., the upscale lifestyle is well worth it to some. Penthouses do present 9 foot tall ceilings, however.
Plazacorp finished Twenty Collier in 2003 where it’s located at the intersection of Davenport, southeast of Yonge. A lounge, terrace, and exercise area are some of the amenities.
18A Hazelton Lanes and 55A Avenue RD:
18A Hazelton Lanes and 55A Avenue Road is a unique residence with restaurants and shops filling floors one and two while the third floor houses salons and offices. The Yorkville neighborhood is charmingly represented in the 1970 architecture of this building.
Although there are no additional amenities except the 24 hour concierge service, the general size of the suites is greater than the norm ranging from 800 sq. ft. to over 3000 sq. ft. A great number of suites have two storeys while each of them incorporate enormous terraces or solariums as large as 2000 sq. ft. These suites are pricey at $400 per sq. ft. to over $575 per sq. ft., but even at these premium prices these condos go quickly.