Luxury Listings in Toronto
Luxury Listings in Toronto
Luxury Listings in Toronto
The condo market has come roaring back to life. Why? Is this sustainable? What is driving the growth? What figures substantiate or refute these positions/questions? Brandon and Christian dive into the facts and figures and highlight what is ‘really’ happening and what the future ‘might’ hold for the Toronto condo market (and low-rise, housing market).
Read More
The Tarion New Home Warranty program is a program to protect the buyer of new construction condos. Tarion makes sure that builders and vendors adhere to the Ontario New Home Warranty Program. Consumers should want developers to be governed by something, rather than nothing, because sometimes builders can cut corners. It isn’t a perfect program…
Read More
With any investment, there is always risk. Developers normally use the deposit money of the purchasers to help build their projects so the question is, is your money safe and insured if they do? When purchasers buy a new construction condo, the deposits that they provide are insured by Tarion (a non-profit organization that governs…
Read More
If a situation arises where you accidentally or purposefully miss a payment for your new construction condo, you are in default of your contract and the developer is within their right to take the unit back from you. Our experience is that developers will send you a letter and contact you to inform you of…
Read More
Yes. The developer is within their right to make changes to your floor plan and to your finishes, without your consent, provided it isn’t considered a ‘material’ change. I’m sure that ‘material change’ is open to interpretation and there are guidelines that need to be adhered to through Tarion and the Ontario New Home Buyer…
Read More
Land transfer taxes are paid on new construction condos (and resale houses/condos for that matter) when you transfer title and ownership from one party to another. For new construction properties, there is the point you move in and occupy a property (called interim occupancy) and then there is the point that ownership is transferred into…
Read More
You can sell your condo before it is done IF you negotiate an assignment clause into your contract and if permission is granted by the developer. An assignment clause allows you to sell your contract to another buyer. When you purchase a new condo, you’re effectively buying a condo, when it is complete so selling…
Read More
Whether you are allowed to rent out your new construction condo depends on what you negotiated with the developer during your 10 day cool-off period. If you have include a clause in your contract to permit leasing during interim occupancy, you are able to lease out. Be careful/aware of costs associated with this permission that…
Read More
Developer reputation has always mattered to us, but it is becoming increasingly important when a market shifts (like it is doing now). A developer’s past projects, quality of work, customer service and digital representation of product that you are buying (both before and after completion) are a few things to consider. We recommend that clients…
Read More
Interim Occupancy Fees can impact your cash flow projections and calculations as an investor or your monthly budget as an end user (buyer who will be occupying the property as their primary residence). Interim occupancy can last days, weeks or months and in some cases, years. It really depends when you’re moving in (which floor…
Read More