New Home Owner – StoryLine by CondoNow https://condonow.com/learn Investor Info, New Launches & Much More Wed, 08 May 2019 13:00:51 +0000 en-CA hourly 1 Idy Claimed a $500 IKEA Gift Card + More in Rewards – BottomLine https://condonow.com/learn/idy-claimed-a-500-ikea-gift-card-more-in-rewards-bottomline/ https://condonow.com/learn/idy-claimed-a-500-ikea-gift-card-more-in-rewards-bottomline/#respond Tue, 31 Jul 2018 19:20:51 +0000 https://condonow.com/learn/?p=2005 Congratulations Idy Wai, our most recent BottomLine Rewards Program recipient! Idy claimed a $500 IKEA Gift Card after purchasing a home with CondoNow Certified Agent, Daniel Liu At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their GTA condo search on CondoNow, …

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BottomLine Rewards Recipient Idy Wai

Congratulations Idy Wai, our most recent BottomLine Rewards Program recipient!

Idy claimed a $500 IKEA Gift Card after purchasing a home with CondoNow Certified Agent, Daniel Liu

BottomLine Rewards Winner Idy Wai

At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their GTA condo search on CondoNow, to their interaction with a CondoNow Agent, and finally, to the finishing touches on their new home.

Idy was eligible for the $500 IKEA Gift Card because she purchased a home using a CondoNow Certified Agent. She is also eligible for additional Rewards & Savings.

CondoNow is working with some great companies to help buyers save on everything from furniture to window coverings to legal fees.

Learn more about the BottomLine Rewards Program and how you can benefit from purchasing or selling through a CondoNow Certified Agent.

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Top 10 Real Estate News Stories From Jan. 8 – 19, 2018 https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-8-19-2018-2/ https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-8-19-2018-2/#respond Sat, 20 Jan 2018 20:24:54 +0000 https://condonow.com/learn/?p=1820 Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 8 – 19, 2018. From the highly anticipated reconstruction of the LCBO Headquarters on Queens Quay, to the sky-rocketing Montreal Real Estate market, and what to expect from rising interest rates, we’ve cultivated a list of the top 10 stories. Here’s …

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Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 8 – 19, 2018.

From the highly anticipated reconstruction of the LCBO Headquarters on Queens Quay, to the sky-rocketing Montreal Real Estate market, and what to expect from rising interest rates, we’ve cultivated a list of the top 10 stories. Here’s the latest news!

Sugar Wharf Development’s First Phase To Put 8,000 Residents On Toronto’s Waterfront

A new LCBO store and headquarters, a school and park will be part of the waterfront neighbourhood east of Yonge St.
Full Story On TheStar.Com

Toronto Mixed-Use Site A Hot Commodity

A prime piece of Toronto real estate already zoned for mixed-use development is on the block and attracting interest from a variety of potential purchasers…
Full Story On Renx.Ca

 

 

Scooch Over: Toronto Has Room For More Density, Study Says

Toronto’s population could triple and still be less dense than Brooklyn, N.Y., a Fraser Institute report suggests.
Full Story On TheStar.com

 

 

Montreal Real-Estate Sales Growth Hits 10-Year High While Toronto, Vancouver Sales Decrease

Sales growth exceeded 20 per cent in five of Montreal’s most popular boroughs.
Full Story On TheStar.Com

 

 

canada-housing-realtor-real-estate‘Peak Millennial,’ Condo Nation, And Other Toronto Real Estate Trends To Watch In 2018

Realtors expecting steady growth in sales and prices this year, even as new rules come into play.
Full Story On CBC.Ca

 

 

Tidbits And Trends From The Peel Region Real Estate Market Over Past Five Years
Like the rest of the Greater Toronto Area real estate market, the story in Peel over the last five years in one word has been: “Up”.
Full Story On Mississauga.Com

 

 

Ten York by TridelStrong Demand Underlies Healthy Toronto Luxury Market: Report

In Toronto, only 15 per cent of purchases in the city’s top-end neighbourhoods — the Bridle Path, Forest Hill and Rosedale — involved foreign purchasers.
Full Story On TheStar.Com

 

 

Rise In Condo Maintenance Fees Slowed Last Year, Says Study

Condo fees in Toronto rose only 2.5 per cent in 2017 over the previous year.
Full Story On TheStar.Com

 

 

 

New Influx Of Toronto House-Seekers Eyeing Hamilton

The influx of home buyers from the GTA moving to Hamilton is intensifying as a new wave of Torontonians try to offset the added costs of new mortgage rules and rising interest rates.

Full Story On TheSpec.Com

 

 

What To Expect From Rising Interest Rates

Is now the time to lock in your mortgage? Here’s what to look for when it comes to debt and saving.

Full Story On TheStar.Com

 

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10 Tips For Investing in Toronto Pre-Construction Condos https://condonow.com/learn/10-tips-investing-toronto-pre-construction-condos/ https://condonow.com/learn/10-tips-investing-toronto-pre-construction-condos/#comments Fri, 01 Dec 2017 23:28:22 +0000 https://condonow.com/learn/?p=1772 Today’s hottest real estate trend is buying a condo during its Pre-Construction phase. You may ask yourself, “Should I buy a pre-construction condo in Toronto?” For individuals considering this type of investment, there are a few things to know before signing on the dotted line. 1. Find Out The Deposit Structure As an industry standard, …

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Real estate tips

Today’s hottest real estate trend is buying a condo during its Pre-Construction phase.
You may ask yourself, “Should I buy a pre-construction condo in Toronto?” For individuals considering this type of investment, there are a few things to know before signing on the dotted line.

1. Find Out The Deposit Structure
As an industry standard, pre-construction condos typically require a 20 percent down payment to purchase a property. The deposit structure is provided by the vendor and it will inform you of the timing of the deposits. For example, are you depositing 20% in the first year after contract signing or is it spread out over 2 or more years?

When buying pre-construction, the lucrative advantage of a 20 percent down payment is the power of leverage. For instance, if you were to purchase a $650,000 property with a 20% down payment, as construction of the condo commences, assume the average rate of real estate continues to climb by 5% per year. By completion in 4 years, your condo is now valued at $790,080. That’s a $140,000 equity head start (which you can capitalize on if you have an assignment clause, see below) and your return on investment is approximately 108%! Leverage allows you to magnify your return before you even move in.

2. Take Advantage of the 10-Days Cooling Off Clause
In Ontario, every pre-construction condo purchaser has 10 calendar days to reconsider and withdraw their purchase. During the 10-day cooling off period, also known as the “rescission period”, it is advised that you have an experienced lawyer review your purchase and sale agreement. This is also a good time to get a mortgage approval. You may have up to 30 days after contract signing to provide the vendor with your mortgage approval, but if you are unable to secure a lender, and you have surpassed the 10-day cooling off period, you may be unable to get your deposit back.

3. Work With An Experienced Specialized Lawyer
From negotiating closing costs to reviewing your purchase and sale agreement and possibly suggesting amendments, a lawyer with pre-construction condo experience will help you understand the fine print. A pre-construction condo contract, including all the amendments and condo documents can be hundreds of pages long. Know your rights and obligations completely and in simple words by discussing this with a specialist in the field.

4. Have An Assignment Clause In Your Contract
Having an assignment clause is a great feature as it allows you to sell your contract to another buyer before occupancy. This clause is especially important to investors seeking an ROI, sooner rather than later. It is advised that you speak with a pre-construction lawyer as there is usually some fine print that may limit your ability or means to sell your condo to another buyer.

5. Expect Construction Delays
Building completion approximations are just that, approximations. Developers may suffer delays due to unexpected schedule changes like, harsh weather, trade-related shortages and strikes. Delays can happen to the most reputable builder, and unfortunately, this is not something you can predict. Construction deadlines are outlined in the Tarion addendum in your purchase and sales agreement but plan for at least 3-6 months in delays.

Construction Skyline6. Material Changes May Occur
Embedded in your sales agreement are details about ‘Material Changes’. These changes could very well be the relocation of the Penthouse Sports Club to the second floor of the building or an increase in storeys. Your purchase price won’t be affected but the completion expectancy date may change.

7. Condo Fees Will Increase
Condo fees, also known as ‘maintenance fees’ are estimated several years in advance. The vendor can never be sure how much it will cost to run a building prior to construction. Consider the fee advertised as an approximation as the cost will change with the inflation rate among other things. Low condo fees can be enticing when comparing condo projects to one another, but prepare for fees to increase somewhat as the years go by.

8. Prepare For The Interim Occupancy Period
You may have received the keys and taken occupancy, but you are not yet the owner of the suite. Until the building registers and passes all required inspections, you are obliged to make monthly payments to cover the builder’s mortgage, property taxes and utilities. The registration period typically takes 6-9 months and can be inconvenient for most, but it is worth the wait to get the health and safety stamp of approval.

9. Prepare For Closing Costs

Closing costs may include:

-Land Transfer Taxes
-Development Levies (these can be capped, speak with a CondoNow agent for more info)
-Education Fees
-Utility Connection Fees
-HST On Appliances
-Reserve Fund Contribution
-Park levies

These costs can add approximately 1.5 to 4% to your purchase price.

10. Taxes are Rebatable
Condo prices quoted by vendors include the HST New Housing Rebate. This means that, if you are moving into your new condo, there is no HST to pay. Conversely, if the vendor deduces that you are investing with the intent to rent the property, the HST rebate is removed.
We strongly advise that you speak to an accountant well-versed in pre-construction condos.

When it comes to purchasing a pre-construction condo, making the most informed decision can be challenging. Our Condonow Comparison Tool allows you to view and compare projects based on some of the most essential elements:

Price Per Sqft.
Floor Plans
Maintenance Fees
Amenities
And Much More…

 

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Top 10 Real Estate News Stories From Nov. 2 – 16, 2017 https://condonow.com/learn/top-10-real-estate-news-stories-nov-2-16-2017/ https://condonow.com/learn/top-10-real-estate-news-stories-nov-2-16-2017/#respond Sun, 19 Nov 2017 06:09:24 +0000 https://condonow.com/learn/?p=1764 Our CondoNow experts have narrowed down the top 10 real estate news stories from Nov. 2 – 16 , 2017. From the Parkdale neighbourhood mega-project proposal to Vancouver taking the title of most unaffordable in North America to an increase in immigration over the next 3 years, we’ve cultivated a list of the top 10 …

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Our CondoNow experts have narrowed down the top 10 real estate news stories from Nov. 2 – 16 , 2017.

From the Parkdale neighbourhood mega-project proposal to Vancouver taking the title of most unaffordable in North America to an increase in immigration over the next 3 years, we’ve cultivated a list of the top 10 stories. Here’s the latest news!

DEVELOPMENT UPDATES

 

Is This Corner The Tipping Point For Parkdale?

The neighbourhood has yet to experience gentrification on the scale that a two-tower condo mega-project approved for King and Dufferin will bring.
Full Story On NowToronto.Com

 
Cancellation Of 10-Storey Toronto Condo Tower Throws Buyers Back Into Pricey Market

Call for tighter regulations and more protections for buyers of pre-construction projects.
Full Story On FinancialPost.Com

 

Toronto Future Transit Links Hold Promise Of Substantial Real Estate Investment

…rapid population growth and demand for commercial space will challenge government and private developers’ ability to deliver necessary infrastructure.
Full Story On NewsWire.Ca

 

MONEY MATTERS

 

 

Report Calls Vancouver Most Unaffordable Real Estate Market In North America

The study, released…on Monday, describes Vancouver’s “insane affordability gap” and points out that its unaffordability exceeds that of Manhattan and San Francisco.
Full Story On VancouverSun.Com

 

real estate FAQBoomers, Gen X, Millennials: How Living Costs Compare Then and Now

Today’s 25 to 34 year olds are facing low earnings, larger student debts and higher housing prices.
Full Story On GlobalNews.Ca

 

 

FORECASTS & TRENDS

 

 

Toronto Could Welcome Almost 170,000 Immigrants Over The Next 3 Years – Are We Ready?

Affordable housing, finding stable work challenges for newcomers to Canada.
Full Story On CBC.Ca

Toronto’s Future Condo Market Not Building Enough Bedrooms For Millennial Families

Report suggests millennials, downsizing seniors both after larger units in coming years.
Full Story On CBC.Ca

 

Toronto, Vancouver Housing Markets Move In Drastically Different Directions

Canada’s two most expensive housing markets have moved in different directions over the past year, leaving average national sales with an appearance of relative stability that masks sharp regional differences.
Full Story On GlobeAndMail.Com

 

Commuting Time Is The Key For Young Professionals

Distance to the job is the top factor in where Toronto’s talented young workers choose to live.
Full Story On TheStar.Com

 

 

Canada Home Sales Tick Up For Third Straight Month In October

The Canadian Real Estate Association says the number of homes sold went up 0.9 per cent in October, led by the Toronto region and the Fraser Valley in B.C.
Full Story On TheStar.Com

 

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Top 12 Real Estate News Stories From Oct. 17 – Nov. 1, 2017 https://condonow.com/learn/top-12-real-estate-news-stories-from-oct-17-nov-1-2017/ https://condonow.com/learn/top-12-real-estate-news-stories-from-oct-17-nov-1-2017/#respond Fri, 03 Nov 2017 15:44:11 +0000 https://condonow.com/learn/?p=1726 Our CondoNow experts have narrowed down the top 12 real estate news stories from Oct. 17 – Nov. 1, 2017. From the introduction of Toronto’s first tech-focused neighbourhood to battling Canada’s homebuyers debt to the latest in condominium ownership trends, we’ve cultivated a list of the top 12 stories. Here’s the latest news! DEVELOPMENT UPDATES …

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Our CondoNow experts have narrowed down the top 12 real estate news stories from Oct. 17 – Nov. 1, 2017.

From the introduction of Toronto’s first tech-focused neighbourhood to battling Canada’s homebuyers debt to the latest in condominium ownership trends, we’ve cultivated a list of the top 12 stories. Here’s the latest news!

DEVELOPMENT UPDATES

 

Google Headquarters to Headline Toronto’s Plan For a High-Tech Waterfront Community

Toronto’s eastern waterfront will be home to a brand new high-tech neighbourhood called “Quayside”.
Full Story On GlobalNews.Ca

 

 
The Next Hot Neighbourhoods

There’s hope for non-millionaires who just want a half-decent house in a nice area with good schools. Our GTA-wide ranking of the top 20 places to buy now.
Full Story On TorontoLife.Com

 

Toronto-York Spadina Subway Extension Lures Crowds With Station Sneak Peeks

TTC holds open house at three of the new stations on the long-awaited Toronto-York  Spadina subway.
Full Story On TheStar.com

 

MONEY MATTERS

 

Why The Governor of The Bank Of Canada Worries About Your Debt

Bank of Canada Governor Stephen Poloz says, “While the economy is doing well, the ‘debtors club’ is growing…Mostly from first time home buyers taking on hefty mortgages”.
Full Story On CBC.Ca

 

Purchasing Your First Home Before January 1, 2018 May Immediately Be On Your To-Do List and Here’s Why

According to the Office of the Superintendent of Financial Institution (OSFI), tougher mortgage qualifying rules will take effect as soon as January 2018.
Full Story On CondoNow.Com

 

 

Bank Of Canada Caution on Rates A Mistake As Debt Swells, Dodge Warns

Former bank governor says keeping rates low only encourages Canadians to pile on more debt, putting financial stability at risk.
Full Story On FinancialPost.Com

 

FORECASTS & TRENDS

 

Fist-Time GTA Home Buyers Take To The Skies In Condos

Condominiums house more than 20% of Torontonians and 13% of Canadians, according to the latest census.
Full Story On TheStar.Ca

 

This Has Happened to GTA Condos For The First Time Since 2015

The unsold inventory of new condo units in the Greater Toronto Area has increased for the first time since the end of 2015.
Full Story On Repmag.Ca

 

 

Pre-Sales Of New Low-Rises In Toronto Take Steep Dive

Preconstruction sales of new low-rise homes fell 73 per cent in the Toronto area in September compared with a year earlier.
Full Story On TheGlobeAndMail.Com

 

 

Toronto, Vancouver Monthly Home Sales Up

Canada’s two hottest housing markets experienced above average home sales last month, according to local real estate board figures.
Full Story On InsideToronto.Com

 

 

Canada To Welcome Nearly One Million New Immigrants Through 2020

Nearly one million new immigrants will settle in Canada between 2018 and 2020, under what the immigration minister has labeled, “the most ambitious immigration levels in recent Canadian history”.
Full Story On CicNews.Com

 

One Last Gasp For The Canadian Residential Market As Rule Changes Cloud 2018 Outlook

Realtors are predicting a busy Christmas selling season as homebuyers rush to beat the latest deadline to further cool the market.
Full Story On FinancialPost.Com

 

 

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Purchasing Your First Home Before January 1, 2018 May Immediately Be On Your To-Do List and Here’s Why https://condonow.com/learn/purchasing-your-first-home-before-january-may-immediately-be-on-your-to-do-list-heres-why/ https://condonow.com/learn/purchasing-your-first-home-before-january-may-immediately-be-on-your-to-do-list-heres-why/#comments Sat, 21 Oct 2017 17:26:45 +0000 https://condonow.com/learn/?p=1719 According to the Office of the Superintendent of Financial Institutions (OSFI), tougher mortgage qualifying rules will take effect as soon as January 2018. Why is this so important? If you barely qualify for a mortgage now, you won’t in 2 months. The new OSFI minimum qualifying rate, also known as the “stress test”, will be …

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According to the Office of the Superintendent of Financial Institutions (OSFI), tougher mortgage qualifying rules will take effect as soon as January 2018.

Why is this so important?

If you barely qualify for a mortgage now, you won’t in 2 months.

The new OSFI minimum qualifying rate, also known as the “stress test”, will be a requirement for all home buyers, including pre-construction condos, resale, freehold, and others requiring a mortgage. Presently, prospective home buyers with down payments of 20% or greater are not required to purchase mortgage insurance, and therefore forgo any preliminary testing.

Come January, new home buyers who fall under the uninsured borrower umbrella will submit to the same assessment as insured borrowers, with the qualifying rate ensuring that new mortgages, regardless of the down payment size, will be able to pay the loan if interest rates become higher than they are today. Meaning that, borrowers will be tested at either greater than the five-year benchmark rate, or two percent higher than their actual mortgage rate- whichever one is higher.

This equivalent of a 2% rate hike will equate to a drop of approximately 15-20% in purchasing power.

By the new year, some potential mortgagees may no longer be able to afford buying real estate.

With the help of Ratehub.ca’s Mortgage Affordability Calculator, here is an example of how the numbers tally up now, versus just about two months from now.

OCTOBER 2017 Vs. JANUARY 2018

Example:

Buyer’s mortgage rate is lower than the bank of Canada’s five-year benchmark rate

Current Bank of Canada Benchmark: 4.89%

Annual Income: $100,000

Down Payment: 20%

5 Year Fixed Mortgage Rate of 3.09%

Amortized over 25 Years

Results:

October 2017 maximum affordability: $706,692

January 2017 maximum affordability: $559,896

 

*Noteworthy:  The new stress test rules will not apply to mortgage renewals as long as you remain a client of your existing lender.

 

Read More on how these new rules may affect your next home purchase.

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Construction is Well Underway at VMC https://condonow.com/learn/vmc-construction/ https://condonow.com/learn/vmc-construction/#respond Fri, 11 Aug 2017 15:21:36 +0000 https://condonow.com/learn/?p=1676 Photographs by CondoNow Vaughan is getting closer and closer to creating their new downtown: Vaughan Metropolitan Centre VMC  Here’s what Vaughan currently looks like featuring photos of the under construction TTC Vaughan Metropolitan Centre Subway Station,  KPMG, vivaNext Bus Rapid Transit, and Expo City Condos by Cortel Group. The VMC is becoming a huge transportation …

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VMC at Hwy 7 & Jane

Photographs by CondoNow

Vaughan is getting closer and closer to creating their new downtown: Vaughan Metropolitan Centre VMC 

Here’s what Vaughan currently looks like featuring photos of the under construction TTC Vaughan Metropolitan Centre Subway Station,  KPMG, vivaNext Bus Rapid Transit, and Expo City Condos by Cortel Group. The VMC is becoming a huge transportation hub that will transform the corner of Jane & Hwy 7. There is everything from new restaurants, shopping, hotels, convention centres, offices, and even a 9-acre Central Park that will create an amazing neighbourhood to live in.

2017 Vaughan Condos Selling & Coming Soon

Charisma-Condos

Vaughan New Condos

CondoNow

Charisma Condos is just steps away from the ever so chic Vaughan Mills Shopping Centre and the world renowned Canada’s Wonderland.

Nord-West-Expo-4-Condos

Vaughan New Condos

CondoNow

A collection of 4 towers including Nord Condos & Expo City Condos by Cortel Group.

Park-Avenue-Place-2-Condos

Vaughan New Condos

CondoNow

Situated between Canada’s Wonderland & Vaughan Mills, Park Avenue Condos by Solmar Development brings you a luxurious experience with amazing amenities right outside.

Transit-City-3-East-Condos

Vaughan New Condos

CondoNow

Right beside VMC’s transportation hub you can’t live any closer than this! The first two towers of Transit City Condos sold out in just two weeks!

Cosmos-Condos-Phase-3

Vaughan New Condos

CondoNow

Cosmos Condos brings a futuristic vibe to Vaughan and has a total of 4 towers by Liberty Development Corporation.

Indigo-Condos-2

Vaughan New Condos

CondoNow

Indigo Condos 2 keeps you out of the downtown core in a location that provides a perfect balance between urban and suburban.

Explore our map search to see all the options Vaughan has here: Pre-Construction Vaughan Condos

 

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Finding Your Dream Home in Pre-Construction Condos https://condonow.com/learn/pre-construction-condos-dream-home/ https://condonow.com/learn/pre-construction-condos-dream-home/#respond Fri, 28 Jul 2017 15:30:16 +0000 https://condonow.com/learn/?p=1672 Why is pre-construction a great way to get your dream home? The answer is in customization! One of the most beneficial parts of purchasing a new condo is the flexibility of customizing your unit. From floor plans to wall colours and even the level you live on, you have a say in everything. Want a …

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Ten York by Tridel

Why is pre-construction a great way to get your dream home? The answer is in customization!

One of the most beneficial parts of purchasing a new condo is the flexibility of customizing your unit. From floor plans to wall colours and even the level you live on, you have a say in everything. Want a modern kitchen? Check! Want dark hardwood floors? Check! Want an open concept layout? Check! Dream home? Check! Remember, you are the master of your domain. The building is yet to be built, so there are a lot of options to choose from.

A Perfectionist’s Dream

If you are a perfectionist, buying pre-construction is like hitting the jackpot. The biggest advantages are the options to choose your floor plan and floor level. CondoNow gives you the ability to compare floor plans side by side, so you can see exactly what you’re getting.

Making changes later on, such as breaking down walls and adding additions to your unit will be costly and can only be done with a permit. Moreover, the only way to change what floor you live on is to sell your unit and purchase another one. A good rule to remember is that purchasing a unit on a higher floor is typically more appealing to potential buyers when you are looking to sell down the road. Not only that but you are less likely to hear the commotion on the street when you are higher up and just think about those spectacular city views. With pre-construction, you won’t have to compromise layout for floor level. It is a win-win!

Decide All The Details

Now, lets examine the other benefits you can reap from purchasing a pre-construction condominium. Most builders will have a list of different appliances and fixtures buyers can choose from. You will most likely be able to choose between different brands, upgrades and finishes. For example, if you like modern kitchens you will be able to choose stainless steel appliances. You will be able to choose other aesthetics as well such as wall colours, type of flooring and even cabinetry! There are also external features that you may want to review before locking in the deal, such as the number of lockers and parking you want.

Get Exactly What You Desire

Selection and customization is key when you are on the hunt for your dream home. If you wait until a home is built or try to find a resale property, your choices are very limited. With Toronto’s low real estate inventory, buyers can spend weeks trying to find the perfect place. On top of that, they will most likely be in a bidding war with multiple offers. Want a penthouse suite facing the lake with 2 bedrooms and 2 parking? Chances are you can get exactly what you want.

An amazing example of a condo that allows you to customize every detail of your home is The One Condos by Mizrahi Developments. This condo is pure luxury and the choices don’t stop at the basic selections you usually get to make; it gives you full options with no limitations! Sam Mizrahi said about The One Condos,“you as a home owner will come and be able to custom design your units to exactly the wishes that you want”. That definitely sounds like a dream home to us.

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5 Key Factors to Choosing the Right Neighbourhood for You https://condonow.com/learn/5-key-factors-choosing-the-perfect-neighbourhood/ https://condonow.com/learn/5-key-factors-choosing-the-perfect-neighbourhood/#respond Fri, 14 Jul 2017 18:18:04 +0000 https://condonow.com/learn/?p=1639 Location, location, location! Choosing where to live is one of the most important decisions when buying a home. From club districts to beautiful hiking trails, Toronto and the GTA has an array of eclectic neighbourhoods. With more than 140 in Toronto alone, it can be difficult to decide which area to call home. Whether you …

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Woman looking out at the cityscape

Location, location, location! Choosing where to live is one of the most important decisions when buying a home. From club districts to beautiful hiking trails, Toronto and the GTA has an array of eclectic neighbourhoods. With more than 140 in Toronto alone, it can be difficult to decide which area to call home. Whether you are a City Slicker or a Suburban Dweller, below are 5 key factors you should take into consideration before you begin looking for a new condo in Toronto and the Greater Toronto Area.

1) Neighbourhood Life Cycle Neighbourhood Icons

Growth, maturity, decline and renewal, these are the four phases of a neighbourhood’s life. During a neighbourhood’s growth it becomes well established and in turn increases the public’s demand for the area. There are exciting new possibilities like malls, schools and restaurants. Web based search tools, like this one from condonow.com allow you to easily find new and upcoming developments all over the GTA.

2) Transportation Options 

Public Transportation & Walking: Public transit plays a large role in the decision making process, especially for people who don’t drive or have a car.  Keep in mind that public transit tends to be more frequent in cities than suburbs. You should pay attention to bus timetables as well as the distance to work and other amenities.

You can search CondoNow based on a condos Walk Score & Transit Score!

Want to accomplish your daily needs while getting in all your steps for the day? All these GTA Condos have a Walk Score of 90/100 to 100/100: Condos with a Walker’s Paradise Score 

Sit back, read a book, and ride public transit basically everywhere. This is a list of GTA Condos that easily connect you to the whole city with a Transit Score of 90/100 to 100/100: Condos with a Rider’s Paradise Score

The CondoNow map search also outlines the major transit lines so you can see exactly where your future home will be.

Highways: Accessibility to major highways can be a huge bonus. Whether you are going to work or traveling for the holidays, being close to a major highway will shed minutes off your travel time and possibly increase the value of your home. However, highways can be tricky business; if you get TOO close, the value decreases and you might be dreaming about cars all night.

3) Amenities & Stores Nearby

A great way to decide if you like the area is by taking a visit! Take a walk or drive around the neighbourhood and take notes as to what’s around. Ask yourself, is there a grocery store around here? Where is the nearest hospital? Is there a grocery store or movie theatre? Do I want to spend more than 30 minutes driving or walking to these places? An awesome bonus to CondoNow is that in every project page,  there’s a neighbourhoud tab that shows you a map and tells you all the amenities that are around. Here is an example of how you can see the neighbourhood amenities for Theory Condos

4) Demographic

Buying a home is a huge investment and no one ever wants to make the wrong decision. If you are in your twenties and love to party, a neighbourhood where the majority of people are retired might not be your scene. If you are thinking about starting a family, you may want other young families around so your children will have friends to play with. Neighbours can become your lifelong friends and you certainly don’t want them to turn into your enemies! Some other factors to consider are religion and average income.

5) School RankingsEducation Iconds

If you are a young couple looking to settle down or are a family who is expecting/have kids, schools can be a deal breaker. The location of the school is important, as you may want your child/children to be able to walk to and from school. Your children’s learning experience is very important to you so having a good education and foundation is crucial. To check out school rankings, you can go to www.compareschoolrankings.org to compare different schools around the area. You may also want to research the types of schools that are available, such as religious, private, public, and French immersion.

There is no simple answer on how to find the perfect neighbourhood.

Sometimes it’s hard to check off all your boxes yourself and understand exactly what you need. Working with a realtor can often make your search easier! That’s why CondoNow has provided a list of qualified and experienced real estate agents that can listen to you and help guide your condo search. But as always in Real Estate, every home and neighbourhood has its own distinctive features. By evaluating different factors and exploring necessities, you can make a comprehensive decision on which neighbourhood is the right fit for you.

Keep in mind with pre-construction condos and townhomes it usually means that new amenities are coming soon to the area like shopping plazas and grocery stores. There may be new transit options like LRT lines planned for the future that will increase your Transit Score or it could be the whole neighbourhood is going through a redevelopment which leads to huge changes for the future. The more you research and know before hand, the better your decisions and the happier you’ll be in your new home.

Happy Condo Hunting.

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Top Reasons to Live at Edge Towers https://condonow.com/learn/top-reasons-live-edge-towers/ https://condonow.com/learn/top-reasons-live-edge-towers/#respond Wed, 31 May 2017 17:01:10 +0000 https://condonow.com/learn/?p=1571 Edge Towers is a 3 tower masterplan community coming to Mississauga at Hurontario & Central Pkwy. Here are the Top Reasons to Live at Edge Towers HURONTARIO LRT just steps away SUITES MADE FOR LIVING spacious and thoughtfully designed layouts SOLMAR has been creating elegant communities for over 25 years with only the highest quality …

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Edge Towers in Mississauga

Edge Towers is a 3 tower masterplan community coming to Mississauga at Hurontario & Central Pkwy.

Here are the Top Reasons to Live at Edge Towers

  • HURONTARIO LRT just steps away
  • SUITES MADE FOR LIVING spacious and thoughtfully designed layouts
  • SOLMAR has been creating elegant communities for over 25 years with only the highest quality craftsmanship
  • POTENTIAL CASH FLOW POSITIVE INVESTMENT
  • PERFECT FOR STUDENTS Sheridan College & Mississauga UofT nearby
  • ENDLESS SHOPPING Ontario’s largest shopping mall Square One
  • MISSISSAUGA’S EXCITING DOWNTOWN beautiful culture with the Living Arts Centre, Art Gallery of Mississauga, and Mississauga Celebration Square
  • FAMILY FUN Sky Zone Trampoline Park, Playdium, and the Cineplex Cinemas near Edge Towers.
  • SUPERB FOR FOODIES so many different kinds of restaurants from Alioli Italian Restaurant, to Border MX Mexican Grill, & Canyon Creek Steakhouse Restaurant
  • MISSISSAUGA’S GROWTH there are numerous developments coming to the area & the Mississauga City Centre is expected to see a huge increase in population
Register Now for EXCLUSIVE VIP Access Event

Edge Towers will have wonderful amenities and beautiful design. In total there will be 1367 units.

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Grant claimed a $500 IKEA Gift Card + More in Rewards – BottomLine https://condonow.com/learn/bottomline-rewards-program/ https://condonow.com/learn/bottomline-rewards-program/#respond Thu, 06 Apr 2017 21:17:58 +0000 http://condonowblog.wpengine.com/?p=1388 Congratulations Grant Martin, our most recent BottomLine Rewards Program recipient! Pictured is Grant Martin with his CondoNow Certified Agent Daniel Liu (on the left) and CondoNow CEO Frank Guido (on the right). At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their …

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BottomLine Rewards Recipient Grant Martin

Congratulations Grant Martin, our most recent BottomLine Rewards Program recipient!

Pictured is Grant Martin with his CondoNow Certified Agent Daniel Liu (on the left) and CondoNow CEO Frank Guido (on the right).

At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their GTA condo search on CondoNow, to their interaction with a CondoNow Agent, and finally, to the finishing touches on their new home.

After meeting Grant and presenting him with his rewards, we asked him how his whole experience went:

“Everything was great. Daniel was a pleasure to work with and Courtney along with the whole CondoNow team were very pleasant. I’m very happy with how the process went and I would absolutely use CondoNow again.” – Grant Martin

Grant was eligible for the $500 IKEA Gift because he purchased a home using a CondoNow Certified Agent. He is also eligible for an additional $3750 in Rewards & Savings.

CondoNow is working with some great companies to help Buyers save on everything from furniture to window coverings to legal fees.

Learn more about the BottomLine Rewards Program and how you can benefit from purchasing, or selling through a CondoNow Certified Agent.

 

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Top Reasons to Live at Bloor Promenade – Islington Terrace 3 https://condonow.com/learn/bloor-promenade/ https://condonow.com/learn/bloor-promenade/#respond Fri, 31 Mar 2017 17:05:55 +0000 http://condonowblog.wpengine.com/?p=1334 This is your third & final chance to live at Tridel’s hot project Bloor Promenade at Islington Terrace. View the Islington Terrace Magazine to see all the exciting things around Bloor Promenade! Here are the Top Reasons to Live at Bloor Promenade: Islington Terrace & Bloorvista have been incredibly successful Developer: Top Toronto condo builder Tridel Steps away …

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This is your third & final chance to live at Tridel’s hot project Bloor Promenade at Islington Terrace.

View the Islington Terrace Magazine to see all the exciting things around Bloor Promenade!

Here are the Top Reasons to Live at Bloor Promenade:

  1. Islington Terrace & Bloorvista have been incredibly successful
  2. Developer: Top Toronto condo builder Tridel
  3. Steps away from Islington TTC Subway Station
  4. Over 50,000 sq.ft. of indoor & outdoor amenities
  5. Wonderful outdoor terraces and greenspaces
  6. 10,000 sq.ft. of ground level retail
  7. Lively & Historic Kingsway Neighbourhood
  8. Endless eateries, shopping, and entertainment all around
  9. Amazing golf courses nearby
  10. 97 Transit Score, 90 Walk Score, 83 Bike Score

Register Now for VIP Access to Bloor Promenade

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In with the New – Spring 2017 Launches https://condonow.com/learn/spring-2017-gta-condos/ https://condonow.com/learn/spring-2017-gta-condos/#respond Sat, 25 Mar 2017 15:08:10 +0000 http://condonowblog.wpengine.com/?p=1265 There are well over 30 GTA Pre-Construction Condos & Townhomes launching and it’s that spring cleaning “out with the old in with the new” mentality that makes Spring Launches highly desirable and so successful. Here are developments from all over Toronto & the GTA that you’re going to want to keep a close eye on. …

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Toronto Lake Shore

There are well over 30 GTA Pre-Construction Condos & Townhomes launching and it’s that spring cleaning “out with the old in with the new” mentality that makes Spring Launches highly desirable and so successful.

Here are developments from all over Toronto & the GTA that you’re going to want to keep a close eye on.

View the projects on CondoNow and Register & Follow to receive updated notifications about the Launch Dates, Floorplans & Pricing, and much more!

Daniels Waterfront Condos Lighthouse East Tower by The Daniels Corporation 

Queens Quay & Lower Jarvis St, Toronto

Here’s another exciting addition to Daniels Waterfront –City of the Arts. Perfect for creative minds, living at the East Tower makes you a part of an inspiring community of arts and culture. The design takes its inspiration from Lake Ontario and brings breathtaking views of the lake. Daniels’ masterplan includes wonderful residential suites, garden plots, outdoor & indoor amenities, retail space, offices, as well as the community environments The Yard and Sugar Beach North.

Daniels is fully transforming this space not only into a place to live but a place to stretch, play, have fun, and grow.

Register & Follow

Bianca Condos by Tridel

Bathurst St & Dupont St, Toronto

Coming to Dupont Street Tridel lets you choose the perfect suite for you with over 200 unique floor plans! Contrary to Toronto’s recent trends, Bianca Condos at 420 Dupont will have a large amount of incredibly spacious suites 1000 sq.ft. and higher allowing you to grow in your home and claim it as your own.

With the astonishing growth of Toronto, Dupont Street brings an exciting opportunity to invest with many revitalization plans, 2 subway stations, and proximity to the downtown core yet still having its own character and charm.

Receive Notifications

Artists’ Alley Condos by Lanterra Developments

Dundas St & University Ave, Toronto

Surround yourself with vibrancy and eclectic style in Toronto’s Grange Park neighbourhood. Artists’ Alley Condos is right in the middle of creativity and innovation with OCAD University, the AGO, and the Four Seasons Centre for the Performing Arts all within walking distance. Artists’ Alley Condos will reflect the endless art galleries, high fashion, hip cafes, and trendy boutiques along Queen St W & Dundas St W by creating a pedestrian friendly community, with park space and retail that will contribute to the neighbourhood.

Located by St. Patrick, as well as Osgoode TTC Subway Station, this three tower master plan development, is an impeccable home for young creatives, students, and those who strive off of inspiration.

Stay Informed

The Lofthouse by Grid Developments

Logan Ave & Gerrard St E, Toronto

The Lofthouse really stands apart from other Toronto condos by offering large bedrooms that provide the perfect space.

Right in the mix between Riverdale and Leslieville, The Lofthouse is surrounded by historic character, quaint streets, and delightful culture. Many lovely parks nearby bring residents a place to relax and play such as Withrow Park and Riverdale Park East. A wonderful neighbourhood for those who love Arts & Culture at The Danforth Music Hall, The Opera House, numerous art galleries, and theaters.

Register & Follow

Bloor Promenade Islington Terrace Condos 3 by Tridel

Islington Ave & Bloor St, Toronto

This is the third & final chance to live at Tridel’s Islington Terrace. The community has 50,000 sq ft of amenities indoor and outdoor that are just perfect for families. A Basketball Court, Splash Pool & Children’s Play Zone are just some of the amenities that children can enjoy (as well as adults).

Steps away from Islington TTC Subway Station, Islington Terrace Residents can venture into their neighbourhood and enjoy delicious eateries, shopping, and entertainment all around Etobicoke and Toronto.

Stay Informed

The Plant Condos by Curated Properties & Windmill Development Group 

Dovercourt Rd & Queen St W, Toronto

A rather perfect condo for a spring launch. The Plant Condos is a 10 storey boutique condo that allows and encourages you to live with a green thumb. This Queen Street West Condo brings freshness and clean air to your lifestyle and cut through the busy Toronto streets and concrete surrounding your every move. The Plant lifestyle focuses on self-sustainability, urban agriculture, and local growth. Residents will be part of a community that enjoys greenery and especially food

There are so many exciting and wonderful area amenities for entertainment, parks, culture, and an exciting lifestyle on Queen St W.

Never Miss an Update

Time & Space Condos 2 by Pemberton Group

Front St E & Lower Sherbourne St, Toronto

Wonderful location, a wide array of floorplans to choose from, and an amazing development team make this condo so desirable. You can enjoy over 67,000 sq.ft. of amenities, a perfect Transit Score of 100/100 and a Walk Score of 99/100!

Neighbouring communities like St. Lawrence Market and The Distillery District bring charm and culture to the area. Toronto’s downtown core all along Front Street is a quick walk away with even more nightlife and entertainment surrounding Time and Space Condos

Stay Informed

The Bluffs Condos by Skale

Kingston Rd & St Clair Ave, Toronto

The Bluffs Condos is as beautiful and striking as the Scarborough Bluffs they reflect. Whether you like to hike, swim, sail, or relax at the beach, living Cliffside at The Bluffs Condos puts all these options in your backyard. Skale Development has joined with RAW architecture and Figure3 to bring you a space that meets your every need. A balance between functionality and modern design leaves neither compromised.

At the intersection of Kington Rd & St Clair Ave E., there are many delicious eateries, shopping, and entertainment all around. The Cliffside neighborhood is quaint and family friendly.

Now Selling! View Floorplans & Pricing Create a free CondoNow Account to view pricing.

M City Condos by Rogers Real Estate Development

Burnamthorpe Rd & Confederation Pkwy, Mississauga

The highly anticipated first condo in this 10 Condo Master-planned community is here! M City will be a wonderful community to live in with amazing amenities and vibrant culture. Award-Winning Interior Design Company Cecconi Simone Inc. will bring high class and luxurious interior design spaces. This first phase will include 784 units with Rogers Smart Home Technology. M City provides a two-acre public parkland that adds to Mississauga’s Downtown21 Master Plan City Redesign.

Intertwined public transit, proximity to SquareOne, awesome family friendly venues, and being right by Mississauga Celebration Square makes M City such an amazing place to be a part of!

View Floorplans & Pricing

YongeParc Condos by Pemberton Group

Yonge St & Hwy 7, Richmond Hill

Living at YongeParc Condos brings you to the perfect location in Richmond Hill. A balance of friendly neighbourhood charm and endless area amenities surrounds you. YongeParc will have a striking design with designer suites that you just cannot wait to call home.

Pemberton’s SkyCity & SkyCity 2 just down the street SOLD OUT quickly from high demand of their quality work and the numerous parks and area amenities.

Register & Follow

You can view the Full List of Spring Condo Launches Here

Don’t forget to Register & Follow to receive notifications on exciting updates and create a free account to view the pricing once available.

Happy Condo Hunting

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Tarion & Why You Cannot Afford to Be Without It https://condonow.com/learn/tarion/ https://condonow.com/learn/tarion/#respond Fri, 03 Mar 2017 21:20:46 +0000 http://condonowblog.wpengine.com/?p=1227 With all the commotion around purchasing a home, it is easy to get lost in the endless amount of paperwork. One piece of document you cannot afford to overlook is your Tarion coverage. There is so much excitement around a pre-construction development that sometimes it’s easy to get blinded from your shiny new investment. It’s …

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With all the commotion around purchasing a home, it is easy to get lost in the endless amount of paperwork. One piece of document you cannot afford to overlook is your Tarion coverage.

There is so much excitement around a pre-construction development that sometimes it’s easy to get blinded from your shiny new investment. It’s brand new with a fresh coat of paint, never before used appliances, and the latest infrastructure.

How can anything go wrong!

Well the truth of the matter is sometimes things do. Without Tarion Warranty, a few hiccups like retouching the walls or an unexpected leak, can cost you a lot of money that you never expected and might not have after just purchasing.

Created in 1976, Tarion is warranty coverage for homeowners on new condominiums and freeholds. It is a contract between purchasers and builders where the primary purpose is to protect homeowners. This warranty covers homeowners up to 7 years from the time of occupancy.

Tarion states their purpose is to:

-Examine homeowner warranty claims
-Resolve warranty disputes amongst builders and homeowners
-Offer deposit and late closing protection for new home buyers
-Prosecute illegal builders

Tarion assists homeowners with the transition into their new home and serves in, ‘Ontario’s public interest by enhancing fairness and building confidence in the new home buying experience’.

If your Builder has Tarion Warranty, you can be protected from the following:

-Unsuitable construction for habitation
-Water penetration through basement or foundation walls
-Defects in the electrical, plumbing, and other systems
-Major Structural Defects
Etc.

However, there are a lot of restrictions and limitations within the warranty. Tarion is extremely strict and will not accept any claim received after the deadline. Many homeowners fail to recall guidelines and as a result cannot claim deficiencies found in their homes (even if it’s the builder’s fault).

To ensure you are taking full advantage of Tarion and its coverage, below is some key information you should know.

Before you move in: Pre-Delivery Inspection or PDI

The PDI is generally done 1-2 weeks prior to closing and is a crucial step in the process of purchasing a pre-construction condominium. The walk through is the first time you will see your home in its finished state. You will need to pay special attention and report any items that are damaged, missing, incomplete and not operating in good condition on the PDI form. Small damages like chipped paint to larger problems such as malfunctioning fixtures need to be reported immediately.

It is critical not to skip this step; if you report a deficiency after your PDI, the damages may not be covered and the repairs will be at your own cost. For example, if you report chipped paint after moving in, Tarion can dispute that the process of moving in as a plausible cause.

After you move in: Warranty Claims

In your first year of moving in, you have two opportunities to file a warranty claim: a 30-Day Form can be submitted during the first 30 days of occupancy and a Year-End Form during the last 30 days of your first year’s possession. Both forms should report any unresolved items from your PDI walk through and any new items that have come up. It is important to remember that you cannot submit multiple forms for your 30-day and Year-End form. Only the first form submitted will be accepted, so it is crucial to ensure all the information on the form is noted and correct.

In your second year of possession, Tarion will cover any items listed under the Two-Year or Major Structural Defect warranty and thankfully, you can submit more than one form! However, after your second year of occupancy, Tarion will only cover major structural defects up to the end of your seventh year of possession. Homeowners need to note that every warranty form covers different items. For example, a deficiency you discover in your second year of occupancy may not be covered under the Two-Year warranty but may have been under the 30-Day or Year-End warranty.

Patience is a virtue when dealing with Tarion. After a warranty claim form is submitted it can take up to 120 days for it to be fixed or resolved. If the problem is still not fixed within the 120 days, you have 30 days to contact Tarion directly and request a conciliation inspection. REMEMBER IT IS YOUR RESPONSIBILITY TO FOLLOW UP WITH YOUR CLAIMS. If a conciliation inspection is not requested within the 30 days, the claim will be considered resolved. Dealing with Tarion can be a headache but looking at damaged items is a bigger eyesore. You want your new condominium to be a good investment and the last thing you want to deal with as a homeowner, is to pay out of your own pocket for pre-existing damages.

Always Research the Builder

It is so important to look into the builder’s warranties and reputation of dealing with major problems so you can rest assured that your new purchase will be in good hands. Reliable builders like Tridel always make sure their residents are taken care of and so a Tridel Condo has Tarion Warranty on every suite.

Be proactive and do your research first.
Visit tarion.com to learn more.

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Staying Sane While Investing in Toronto’s Condos https://condonow.com/learn/staying-sane-investing-condo-toronto/ https://condonow.com/learn/staying-sane-investing-condo-toronto/#respond Fri, 17 Feb 2017 20:08:11 +0000 http://condonowblog.wpengine.com/?p=1205 Are you looking to purchase a new condo in Toronto right now? To put it simply, you aren’t alone. The market is busy these days, and it seems like everyone wants to buy.The shopping process can be stressful, competitive, and exhausting. Here are four tips to help you keep your sanity while you make your way …

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Two people discussing their condo options.

Are you looking to purchase a new condo in Toronto right now? To put it simply, you aren’t alone. The market is busy these days, and it seems like everyone wants to buy.The shopping process can be stressful, competitive, and exhausting. Here are four tips to help you keep your sanity while you make your way through Toronto’s condominium market.

1. Do Your Research Before You Start Looking for Specific Properties

One of the biggest mistakes you can make in shopping for a Toronto condo right now is to start seeing condos and get attached to something without knowing much about the state of the market. The fact is that Toronto’s condo market is very hot right now. With foreign investors taking a new interest in the market and plenty of locals looking to buy as well, condo prices are high—particularly in hot neighborhoods like Yonge-Eglinton or Casa Loma. In other words, you can start looking at the Toronto Life map for the best neighborhoods to live, but don’t get attached to anything until you’ve started researching condo prices in those areas. Depending on what your budget is, it may well render certain parts of the city unaffordable for you.

2. Figure Out Your Budget

Speaking of affordability, it’s incredibly important when it comes to buying a condo in Toronto. Would you rather try to live beyond your means in one of the city’s top neighborhoods or live comfortably in a slightly less sought-after (but still beautiful) area? If you want to keep your sanity, your answer will always be the latter option. Figure out your budget and pair that information with your research on different neighborhoods and prices. If you can’t afford housing in Forest Hill, focus your search elsewhere. You’ll save time and avoid the heartbreak of having to walk away from a dream condo that just happens to be $50 thousand out of your price range.

3. Get an Agent

Yes, there are a lot of resources online right now that can help you find condos in Toronto. Not all of them however also help you find a really good agent. CondoNow has a great resource for viewing and finding an agent that just right for your needs.  A great agent will help you to find a condo that fits your lifestyle, wants and needs, meshes with your budget, and that (hopefully) is close to your optimal location.

Our CondoNow Agents are more tapped into the market than you can hope to be, and will point you toward new listings, or off-the-beaten-path listings, that you might not have known about otherwise. The Agent you get matched with will also be able to stay in the loop on which properties have bids, which can help you strategize on where to make your offers. Of course, you can still do research on your own and send listings to your agent if you want to see a property, but having an agent to steer the process will keep you from falling behind the rest of the buying crowd.

4. Avoid Bidding Wars

When you find a property that you want, the hope is that you can make an offer and win the bid before any other potential buyers get involved. In a situation where there is another interested buyer, though, be sure to think carefully before you dive into a bidding war. The Toronto condo market is a battlefield right now, which might convince you that you need to double down and up your bid if you get challenged over a dream condo. However, the vibrancy of the market also means that new developments are popping up every month and that you can almost surely find another dream condo if you hold out for a little longer. Weighing these options is important since getting into a bidding war could cause you to make the kind of rash or emotional decisions that push people way over their budgets.

Conclusion

Ultimately, your budget should be your one unbreakable rule. Knowing what you can afford and keeping that figure in mind at all times will help you zero in on the right properties. Avoid ill-advised decisions, and come out on the other end of your condo shopping process with your mind and wallet intact. Just be ready for the possibility of disappointments and false starts: in a market this busy, they are next to inevitable.

 

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New Condo Launch… There’s now a new way to buy. https://condonow.com/learn/developer-direct-from-condonow/ https://condonow.com/learn/developer-direct-from-condonow/#respond Wed, 25 Jan 2017 20:58:53 +0000 http://condonowblog.wpengine.com/?p=1181 Developer Direct from CondoNow puts buyers at the front of the line. If you have never purchased a pre-construction condominium in Toronto you may not be aware of the subtle differences that exist in the buying process, especially as it compares to buying resale. Buying a resale condo is pretty straightforward. You search and find …

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Developer Direct from CondoNow puts buyers at the front of the line.

If you have never purchased a pre-construction condominium in Toronto you may not be aware of the subtle differences that exist in the buying process, especially as it compares to buying resale.

Buying a resale condo is pretty straightforward. You search and find a suite you like, make an appointment to see it, put in an offer and if accepted, the sale is complete.

With pre-construction, the process is a little different.

Firstly, with a pre-construction condo, to buy at its launch you have to work with a licensed real estate agent to initiate a purchase.

Today however, you now have an additional choice, the option to buy direct from the developer, which, until now was only offered well after a project’s initial launch.

An important secondary variable to understand as part of this process is something known in the industry as suite ALLOCATION.

Before you are given the chance to buy a suite in a pre-construction condo, you must first ASK the developer for the

PRIVILEGE

to buy your suite of choice. This is done via the submission of a form called a worksheet, done as soon as the floor plans and pricing are made available, usually lasting 1-2 weeks.

Once worksheet submissions are closed, the developer then reviews all the worksheets submitted and grants permission to those they feel worthy to buy the units requested.  In other words providing ALLOCATION, at which time the chosen buyers can then move forward with the purchase.

But here’s the catch.  With the old “agent only” process the allocation of units is heavily PRIORITIZED.

Developers don’t do unit allocations on a first come first serve basis. Many consumers end up being the first to submit a worksheet and the last to receive an allocation. Meaning they will not get the suite they want, at the price they want.

How the allocation process actually works is that developers give privileged or first allocation to a select group of the top selling condo real estate agents in the city, often known as platinum agents.

The problem with this process is that it limits true choice for the consumer.

With true choice to be valid, there needs to be a 2nd option available.

Developer Direct, from CondoNow allows the consumer to buy direct from the developer, at launch, with an even higher allocation priority then that of Platinum agents. Placing you at the true front of the line for suite allocations.

With this priority allocation now available at the consumer level, not just the agent level, the consumer is now put back on an even playing field avoiding the previous roadblocks of privilege and preference.

The difference now, whether a consumer chooses to work direct with the developer or an agent, true choice is now back at their disposal.

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Exclusive Interview with Tridel’s Jim Ritchie and Samson Fung https://condonow.com/learn/exclusive-interview-tridels-jim-ritchie-samson-fung/ https://condonow.com/learn/exclusive-interview-tridels-jim-ritchie-samson-fung/#respond Thu, 19 Jan 2017 20:30:45 +0000 http://condonowblog.wpengine.com/?p=1115 We recently had the privilege of having an exclusive interview with Jim Ritchie, Senior Vice President of Sales and Marketing, and Samson Fung, Director of Strategic Marketing at Tridel. Jim and Samson discuss Via Bloor, which is sure to be one of the hottest new pre-construction condo projects of 2017. We sat down with these …

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Via Bloor Condos

We recently had the privilege of having an exclusive interview with Jim Ritchie, Senior Vice President of Sales and Marketing, and Samson Fung, Director of Strategic Marketing at Tridel. Jim and Samson discuss Via Bloor, which is sure to be one of the hottest new pre-construction condo projects of 2017. We sat down with these two key Tridel executives and spoke about their vision for Toronto’s newest Bloor Street address! We also asked their feedback on the current state of the pre-construction condo real estate market in Toronto.

You can learn more about Tridel’s Via Bloor and Via Bloor 2. Read on for the latest insider details.

“Your newest project for 2017 is Via Bloor, quite a prestigious new Bloor Street location; you must be excited about starting off the year with such an exciting new project?”

Samson: This new community is located at the corner of Bloor and Parliament, part of a four city block revitalization. It’s a site that Tridel is very excited about, with fantastic view lines over the city, as well as to the north into the Rosedale Valley and Rosedale Ravine.

Via Bloor is a two tower project. Phase One is a 38-storey tower, comprising of 372 suites, and Phase Two is a 46-storey tower, with just under 400 suites. Right now we’re launching Phase One which we’re very excited about and looking forward to.

Jim: I think this project, and what makes it exciting for us, has everything to with what it is, and where it is. The what, Samson has articulated. As for the where, today anything in downtown Toronto particularly, goes to the front of the line simply because of its downtown location. But this site specifically is exciting because of its advantage being right in the middle of two subway stations on Bloor and those view lines that Samson talked about.

“Has the address of Via Bloor actually being on Bloor Street created an opportunity for Tridel to really impact this key downtown community in a positive way?”

Jim: Definitely. Living on Bloor Street holds a coveted address that excites people. This site has the advantage of being a short walking distance to Yorkville, but without Yorkville prices, which I think is a big benefit.

But I like where Samson was going in terms of the revitalization of that part of the city, starting at Parliament Street. We were attracted to the fantastic location; we really love the fact that it’s situated between two subway stops, and next to the ravine. Our Via Bloor development will dramatically change this corner – the two towers will sit atop an expansive retail base, and we are redeveloping the streetscape with pedestrian-friendly, widened sidewalks and parks to extend Yorkville to the east. That together with an outstanding architectural design from architectsAlliance, we think we have a winner.

“Would you say there is a specific real estate investor or first time condo buyer that Via Bloor will appeal to?”

Jim: As with the majority of Tridel projects, we design a building that will appeal to a large demographic group. The building is not designed for a specific segment of the marketplace, but we try to touch all of the bases. So of course we have one, two, and three bedroom suites. We think there’s something in this product mix that would appeal to a wide range of buyers, whether they’re buying specifically for investment or they’re looking for a quality built home downtown Toronto. That’s the common denominator with a Tridel home.

“Are there any special amenities for Via Bloor that stand out?”

Jim: You take it for granted that in a building of this size and scope, there is going to be a wide range of amenities, which there is. The amenities take up almost the entire fourth floor, together with an outdoor amenity that pops out on the fifth level. So really, it’s the full gamut of amenities here, including an outdoor pool and large party rooms.

Samson: At Via Bloor we used the internationally-renowned interior design firm II BY IV to design the amenity spaces as well as the lobbies. There are two separate lobbies for each of the two buildings. The fourth floor amenity space is approximately 17,000 square feet of interior amenities – which is a generous amount of space for a downtown project these days- but on top of that, part of our redevelopment process will involve us creating two outdoor parks. One directly on the corner of Bloor and Parliament and a second on the south side of Howard Street. So that’s all part of the master planned community, as well as retail on the base.

Jim: I think the amenity offering on its own is a big attribute to the community. In addition, there will be just over 16,000 square feet of ground floor retail that will front on to Bloor on the north side of the project, and onto Howard Street to the south, including an additional independent retail pod directly on Bloor.

Via Bloor’s Amenities and Retail Space. North Side of the two towers on Bloor Street.
Via Bloor Amenities

“Is there anything that you have done new or differently with Via Bloor, compared to what you have done in the past?”

Jim: The nice thing about buying in a Tridel community is that we’ve been doing this for a long, long time. Having an organization that has built over 80,000 homes over the last 80-plus years, gives you broader breadth of experience. So what we like to do is take lessons learned and improve. In this particular application, all this knowledge got rolled into this new building with the latest technologies, state of the art finishes, and we are using very, very accomplished consultants. We think the overall package is outstanding. It’s done to a very high level of finish.

Samson: There are a few things that are relatively new, even for us, being done on the technology side. One thing that we’re doing is “future proofing” for the smart home technology going into condominiums. For example, we have an internet package deal with Rogers where we can get 100 megabit service with unlimited usage to each and every individual condo, with the cost included in the maintenance fees.

Jim: We treat the Internet as a utility in our buildings. Everybody understands the importance of Internet access, so that’s why it’s done in that manner. It’s a big benefit to the residents there, plus it fits together with the wide ranging smart home technology we are incorporating into the building

Samson: There will be at least one Tridel Smart Home wall pad in each of the suites that help enhance security in terms of video and access controls. As well, there will be a licence plate recognition system that provides access to the garage. If the resident’s vehicle is registered in the system, it will automatically read your licence plate and open the door for you, similarly to how the 407 works. It also has a system in place for visitors so that residents can register their guests.

Jim: Couple that with state of the art energy efficiency. The building itself is designed to achieve a LEED® Gold status.

“Parking is becoming more and more of an issue for condo owners, is there a sufficient amount of parking available for Via Bloor?”

Samson: We will have an approximate 60 percent parking unit to suite ratio, which is reasonably high for a downtown project. That will allow us to provide parking to all of the two and three bedroom suites, as well as to the vast majority of the one-plus-den suites, and potentially an opportunity for the smaller suites.

“Are there timelines in place yet for Via Bloor?”

Jim: We are going to release all of the sales information on the weekend of January 21, and we’ll be in a position mid-February to commence contracts. The scheduled completion date for Phase One is early 2021.

“What are your views on the current state of the condo real estate market?”

Jim: We just ended our best year ever at Tridel, so I guess we’d agree with you that the market is good. Clearly the real estate market is robust and that in combination with the very high cost of single family homes in Toronto in particular, makes condo living a more compelling and affordable alternative for home ownership in the city. I think there’s a direct correlation between the cost of housing, the more typical detached housing, and what’s affordable today in a condo. Also, the low interest rate environment is a big factor. I don’t think that this year we’re going to see much difference from what we experienced in 2016.

“Quality has always been a key pillar for Tridel. We heard there was a bit of an issue over the holidays with a water leak at one of your new buildings. Are you proud of the way Tridel handled this situation?”

Jim: That’s absolutely true. Sometimes these things happen, but it is how you deal with them that makes a difference. Our teams spent an incredible amount of time and effort over the Christmas holidays to make sure that we could help the residents in that particular building. We have very experienced and supportive Construction and Customer Care teams, and our commitment to customers doesn’t stop at the original point of sale.

“Any advice for a Toronto pre-construction real estate investor or a first time condo purchaser?”

Jim: Well I think we always tell people to have due diligence and to do their homework. I think it’s important that with such an expensive undertaking on behalf of the individual, that they’re working with a development partner or a reputable builder who has experience and can deliver a quality product. You know that the market is hot, I understand, but I don’t think people should rush into decisions unless everything has been checked very carefully, including their own financial affairs and of course again, their builder.

Thank you Jim Ritchie and Samson Fung for your insider details! Wishing you the very best for Via Bloor; a condo development we’re sure will be a key contribution to Bloor St.

For more information about the project, pricing, and floorplans, please visit Via Bloor Condos and Via Bloor Condos 2

Via Bloor North Side with views of the Rosedale Ravine(left). East Side(middle). South Side(right)Via Bloor Model

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Counting Down the Top Ten 2016 Condos https://condonow.com/learn/counting-top-ten-2016-condos/ https://condonow.com/learn/counting-top-ten-2016-condos/#respond Sun, 01 Jan 2017 17:05:32 +0000 http://condonowblog.wpengine.com/?p=1077 Welcome to CondoNow’s 2016 Top Ten Countdown decided by you the viewer! 2016 was a year where the Condo Market was on fire. We saw a lot of community growth this year and plans that came into fruition making this year’s top ten list rather surprising. Compiling the total impressions, total visitors, and time spent …

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Condo

Welcome to CondoNow’s 2016 Top Ten Countdown decided by you the viewer! 2016 was a year where the Condo Market was on fire. We saw a lot of community growth this year and plans that came into fruition making this year’s top ten list rather surprising. Compiling the total impressions, total visitors, and time spent on each project on CondoNow, we’ve discovered which developments really stood apart from the rest. We also decrypted what helped these projects claim their spot on our Top Ten Condo Developments in the GTA list.

Starting our Countdown at the Number Ten Spot is…
Cosmos Condos Phase 3 Exterior

Liberty Development Corporation.     Occupancy: September 2020

This master-plan community launched 3 phases this year! With a total of 1,162 suites, Cosmos Condos had our viewers spending a total of 897 hours on this project, or an easier way to say it, 37.5 days. So what made Cosmos Condos so desirable? How about the Community Improvement Plans Vaughan is working on. Cosmos Condos brings everything from the necessities of shopping and fitness, to luxurious nightlife and entertainment. Cosmos defeats other condos in the area such as MET and Nord East because of its high end amenities, spacious suites, and futuristic design. The Vaughan Metropolitan Centre’s (VMC) vision will bring huge expansion to Vaughan creating a downtown core with the addition of a pedestrian shopping and restaurant area, new job opportunities, and a mobility hub including the TTC VMC Subway Station (opening end of 2017). 2017 will be a year of tremendous growth for Vaughan.

Super Cool Feature: Cosmos Condo Tower B has an Astronomical Observatory Lounge

Form Condos Exterior

Tridel.     Occupancy: Fall 2019

A simply striking condo that used strong lines and geometric form to catch everyone’s attention is our number 9. Located on the ever desirable Queen Street West at McCaul Street, the excitement and vibrancy here never ends. We’re positive countless shopping options and close proximity to Queen Street Warehouse, Ballroom Bowl, and Queen Mother Café, stole the hearts and the stomachs of many. At Form Condos you are right in the middle of creativity and innovation with OCAD University, the AGO, and the Four Seasons Centre for the Performing Arts right down the street.. As well as unlimited transit options and walking distance to many universities, Tridel brought us a project perfect for those who are true to themselves and strive off the vigorous and eccentric style that is Queen Street West.

Mind-Blowing Fact: Our total visitors spent enough time to go to the moon & back TWICE (10 days)

Halo Condos Exterior

Cresford Development Corporation.     Occupancy: Nov 2019

Now who wouldn’t want to live in a restored Firehouse Clock Tower. Well everyone because it’s Sold Out and it Sold Out fast. Halo has kept the beautiful history and architecture while contrasting with modern design to bring us a stunning condo in such a desired area. At the corner of Yonge & College this is a perfect place for students and professionals. With cute cafes and restaurant options one after another, there’s always a new place to discover like Banh Mi Boys, Carmen’s Steakhouse, and Burrito Bandidos. Residents will never be bored as there are limitless shopping options and Toronto Eaton Centre is just down the street.

Historical Fact: The Firehouse Clock Tower was built in 1872

Downsview Park Towns Exterior

Stafford Homes Ltd.     Occupancy: Fall 2018

Downsview Park Towns comes in at our number 7 spot (yes we know this is not a condo). This collection of bold townhouses really struck interest with families of all sizes and the mention of Freehold Towns especially persuaded those interested.  Minutes away by foot, car, and even bike are shopping boutiques, excellent restaurants, and endless parks. With Downsview Station close by, a downtown commute is only 30 minutes. The Downsview Hub is pretty spectacular by itself; with all the activities and events such as Downsview Park Merchants Market, Food Truck Festival, and Family Fun Events, it’s perfect for everyone.

Amusing Fact: Downsview Park is home to the largest circus school in Ontario, Toronto Circus School of Arts.

Exchange Condos Exterior

Concord Adex.     Occupancy: Spring 2018

Hopefully you didn’t decide to sleep in on the day this project launched because it Sold Out in just ONE DAY. Exchange Condos positioned itself as the connection to all your desires which brought 6,000 visitors to CondoNow to learn more about this exciting project. Located at Bathurst St. and Fort York Blvd, Exchange is in the perfect cultural hub of artistry, architecture, and fashion for successful millennials. It provides only a 7-minute walk to the Marina that interested purchasers were sure to be excited about. Exchange is part of the master-planned community that is Concord CityPlace. This offers amazing neighbourhood amenities and with the 2017 development of Project: Under Gardiner, a 10-acre 1.75km trail/park under the Gardiner Express, Exchange Condos will be right by the Market Hub and Passive Hub that residents are sure to enjoy.

Distinctly Awesome Amenities: The Prisma Club in Exchange Condos has a Dance Studio, Art Studio, Music Studio, Photo Studio and more.

Aquabella at Bayside Condos Exterior

Tridel.     Occupancy: Fall 2020

This is Tridel’s second time on our top ten list with the third phase of the Bayside Community Aquabella!  It took just 2 months to sell over 70% of one of the city’s most luxurious projects of the year with the average units starting at over 1 million dollars. Not a single ounce was held back for this phase which peaked everyone’s interest with a total time spent of 582 hours on the project page. Top Appliances, gorgeous soaker tubs, and remarkable design will be in every suite. Right in the hustle and bustle of Toronto, Aquabella brings its residents a permanent vacation. The rooftop terrace provides an outdoor pool, Cabanas, and simply mesmerizing view of the lake that surely persuaded everyone that this is the place to be after a long day’s work. The charming Distillery District is less than a 10 minute walk away and Cherry Beach is easily commutable. Walk outside Aquabella and be directly on the waterfront where you can enjoy the relaxing atmosphere and unique cafes that surround you.

Perfect Location: Steps away from the lake shore. 100 Transit Score 87 Walk Score.

St. Lawrence Condos Exterior

Cityzen Development Group & Fernbrook Homes.     Occupancy: November 2019

Just shy of third, St. Lawrence Condos is a superb development that really plays off of the culture and characteristics that is the St. Lawrence Market. In just 2 weeks this development became 70% sold. The branding of St. Lawrence Condos is young and hip, it also tries to exude a sense of exclusivity. This place is one of a kind and the building had 70 different floor plans. St. Lawrence is a place for the adventurer, the DIY enthusiast, and the connoisseur.  The market is over 200 years old and provides phenomenal food options to residents and visitors.

Impressive Fact: St. Lawrence Condos has 10 floors of amenities bringing ultimate convenience and fulfillment.

Central Park Ajax Condos Exterior

Lemine Investment Group.      Occupancy: Winter 2019

Entering the Top 3 we have Central Park Ajax! Central Park Ajax brings a breath of fresh air and the spark that Ajax has been waiting for. The excitement and interest from you all makes this project our number one. It is the largest Ajax condo development and the area is expecting massive population growth with a focus on young families. This 18-acre master-plan is located right at the Ajax Plaza where there are numerous eateries, the Harwood shopping mall, and many schools. The revitalization will bring even more restaurants, jobs, retail spaces, and nightlife entertainment! Numerous parks and trails surround you and just a 7 minute drive away is the Town of Ajax’s spectacular waterfront. Families and investors couldn’t wait for this opportunity.

Fun Facts: Central Park Ajax has amenities from a chic bar and lounge area to a outdoor green roof terrace. The fitness centre has a rock climbing wall and there’s even a fun outdoor mini golf zone.

75 on The Esplanade Condos Exterior

Canterra Private Equities & Harhay Developments.  Occupancy: 2020

75 on The Esplanade is the perfect candidate for our runner-up spot. Maybe it was the secretiveness of this project that made us twitch and want more but 75 on The Esplanade drove insane results with such little details. We’re giving the success of this project to location. The Esplanade is perfect for commuting, schooling, and especially lifestyle. A Foodie’s heaven, 75 on the Esplanade brings options right to your door. With a line-up such as the Biermarket, The Loaded Pierogi, and St. Lawrence Market just minutes away, you’ll never be without a fabulously tasteful Instagram post. This charming and exciting location is just a few minutes walk to Union Station.

Sweet Features: Interior Design by Award Winning Firm II by IV Design.

And in the #1 CondoNow Award as viewed by you goes to…

The Wyatt Condos Exterior

 The Daniels Corporation.    Occupancy: Q1 2019

A project that flourished because of the revitalization of the Regent Park Community. With such regrowth, investors and first-time buyers alike saw the huge potential this community has and so a total time of 1847 hours was spent by all visitors on The Wyatt’s project page. This is the longest amount of time spent out of all the projects on CondoNow.  The Wyatt immensely deserves this spot selling out in such a limited time. Located at Dundas Street East and Sumach Street it’s near the new MLSE Athletic Grounds and Regent Park Aquatic Centre which is a perfect place for family. With the new addition of Daniels Spectrum, Regent Park is becoming a new and exciting art and cultural hub.

Awesome Award: Regent Park was honoured with the award “Best International Neighbourhood Renewal Program” by the International Journal of Neighbourhood Renewal.

There you have it! CondoNow’s 2016 Top Ten Condos in the GTA. And the top reason for buying this year? Location, location, location. People are excited to see the growth of an area and can’t wait to indulge on all the new amenities their community has to offer. We hope 2017 brings you good health and fortune.
Stay tuned for our Tuesday Buyline featuring all 2017 Upcoming Launches.

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Renting Out Your Condo In Toronto? Here’s What You Should Know! https://condonow.com/learn/renting-condo-toronto-heres-know/ https://condonow.com/learn/renting-condo-toronto-heres-know/#respond Fri, 14 Oct 2016 19:46:27 +0000 http://condonowblog.wpengine.com/?p=1048 Investing in an income property is a great solution to help you pave your way to a mortgage free home. What’s better than making money on a rental while having your mortgage paid off? Whether you are thinking about renting a new or resale unit, below are a few things you should know before diving …

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Investing in an income property is a great solution to help you pave your way to a mortgage free home. What’s better than making money on a rental while having your mortgage paid off? Whether you are thinking about renting a new or resale unit, below are a few things you should know before diving into the condo rental game.

As a landlord, there are corporation guidelines you and your tenants must follow. For instance, when you find a tenant, you must notify your condo corporation in writing within 20 days of the tenancy starting. You should let the corporation know: your intentions on renting out the unit, your current residing address, amount of rent you will be charging and your tenants’ full legal name/s. The same rule applies when you decide to stop renting out your unit. Again, you will need to inform your condominium corporation within 20 days of the tenancy ending.

In most cases, leases are for a 12-month period and after that are considered to be on a ‘month-to-month’ basis. This means that they don’t need to renew their lease but are required to give 60 days notice prior to moving out. Tenants also have many rights in Ontario, with one of them concerning pets. Although you can refuse to rent to someone who owns a pet, you can’t evict an existing tenant for having a pet. Of course, these are just a few of the many guidelines you and your tenants will need to follow.

Renting out your unit and learning all these rules can be a severe headache, but using a real estate professional can often help with the process. Realtors know the in’s and out’s of leases and can lead you through rental guidelines. Although most realtors charge 1 month’s rent for commission, they will assist you in drafting up legal documents, posting your listing on MLS and help you determine a realistic rental price for today’s market. They screen potential tenants and do all of the grunt work like obtaining credit checks, employment letters and references too. CondoNow has an extensive list of qualified and experienced agents, located all over the city.

It is important to note that renting out a resale unit compared to a unit in a brand new building is very different. One thing you should be aware of is the HST rebate. In 2010, the HST rebate was introduced with the purpose of discounting a percentage of the HST for first time homebuyers. This being said, every new condominium sold in Toronto has an HST rebate built into it.

With the HST rebate, there are 2 scenarios that can occur.

1) The buyer as the ‘end user’

The first scenario is that the buyer purchased the condo with the intention of it being their primary residence. This means that the buyer will be the ‘end-user’ and they are buying it to live in rather than renting it out. If this is the case, the buyer will qualify for the rebate and upon closing the builder will collect it on their behalf.

Finally! You received your rebate and now you can rest easy. Wrong! Even after you receive your HST rebate, you still need to abide by ongoing conditions in order for you to avoid having to pay back the amount PLUS interest. If you decide to sell the property or rent it out within a year of occupancy, the rebate must be repaid. It is only after a year of occupancy that there will be no further repercussions made in regards to the rebate.

2) Investors

This leads us to the second scenario where a buyer or investor is planning to use the unit as a rental property. In this case, the buyer will have to pay the HST prior to closing which will significantly increase the price of the unit. This being said, it may be a better option to wait a year into your occupancy.

There are a lot of rules and regulations to think about when renting out a unit in a condominium and even more to consider when renting out a pre-construction unit. Readers must be aware that these are only some of the many restrictions condominium corporations have for rentals. The intent of this article is not to be read as a form of legal or tax advice, but to be read as an informative piece. Renting out your unit can earn you big bucks and have many benefits but it is always important to consult a Real Estate Lawyer to avoid any legal complications.

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Video: New and Exciting Rewards Program! https://condonow.com/learn/video-new-exciting-rewards-program/ https://condonow.com/learn/video-new-exciting-rewards-program/#respond Fri, 26 Aug 2016 14:29:42 +0000 http://condonowblog.wpengine.com/?p=984 Introducing the BottomLine Rewards Program from CondoNow. With the purchase or rental of your new property, BottomLine gets you up to $4250 worth of rewards and discounts. Watch our video below for more information! CondoNow BottomLine Introduction from Aareas Interactive on Vimeo.    

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Introducing the BottomLine Rewards Program from CondoNow. With the purchase or rental of your new property, BottomLine gets you up to $4250 worth of rewards and discounts. Watch our video below for more information!

CondoNow BottomLine Introduction from Aareas Interactive on Vimeo.

 

 

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