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MARCH, 5

【Condo BB Class 7 - Interim and Final Closings】

Do you know why there are 2 different closings for pre-construction condos? Do you know that you do not actually "own" the unit until Final Closing? Do you know...
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【Condo BB Class 7 - Interim and Final Closings】

When you are dealing with pre-construction condos, you often hear the terms “Interim Closing” and Final Closing”. Why are there 2 different closings involved? When you signed the Agreement of Purchase and Sale to purchase a pre-construction condo unit from a developer, you do not actually own the unit as of yet. You are just purchasing the right to own a unit. Typically, you would have to wait 3- 4 years for the condo to be built.

Interim Closing (Occupancy Closing)

When the developer believes that the construction has reached the occupancy state, meaning that the condo units and amenities are in a safe and habitant state, the developer will request for a government inspection of the building. Upon satisfactory inspection, an occupancy permit will be issued. The developer will then inform the purchasers about the firm occupancy date for each of the units. Units on lower floors may have earlier occupancy dates than units on higher floors. The occupancy date refers to the date that you gain your right to occupy your unit (no ownership at this point). You would have to complete the Interim Closing (sometimes refer to as Occupancy Closing) procedure at your lawyer’s office a week or two before the occupancy date. Since you do not own the unit, you would not need a mortgage for occupancy. In return, you would be paying Occupancy Fees to the developer.

Occupancy Fees

The Occupancy Fees consist of the monthly condo fee, property tax and the interest of the remaining balance owing to the developer. The Condominium Act prohibits developers from making any profits from occupancy fees. Keep in mind that you do not have to carry a mortgage during the Occupancy Period, so your monthly carrying cost during the Occupancy Period is actually less.

Occupancy Period

The length of an occupancy period varies from 3 to 8 months. Larger buildings may have a longer occupancy period than smaller buildings. Furthermore, it is to the best interest of the developer to proceed to Final Closing as soon as possible because the developer’s lawyer would not release any money from the trust account until Final Closing.

Final Closing

The Final Closing is often referred to as the unit transfer date. It is the date when the developer transfers the title/ownership of the unit to you, so you would have to pay off the remaining balance of the purchase price to the developer on this date.
floor plan

MARCH, 6

【Assignment - Downtown 2 Bed $520,000】

Location: Dundas & Jarvis
Size: 570 sq.ft. 2 bedroom
Current Market Rent: $2,400
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【Assignment Sale - Downtown 2 Bedroom $520,000】

Project: Dundas Square Garden Condos
Address: 200 Dundas St E (Dundas & Jarvis)
Price: $520,000
Locker: Included
Size: 570 sq.ft. 2 bedroom
Occupancy: Mid 2019 Current Market Rent: $2,400
Developer: Easton's Group
Why? The Dundas and Jarvis intersection is undergoing major transformation and it is only 8 minute walk to the Eaton Centre!

Check out the Dundas Square Garden Assignment Page for project details.

MARCH, 7

【Sugar Wharf Condos at Toronto's Waterfront】

The Sugar Wharf Condos will be part of the large new mixed-use Sugar Wharf waterfront community developed by Menkes Developments. The development will consist of...
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【Sugar Wharf Condos at Toronto's Waterfront】

The Sugar Wharf community will be a new mixed-use waterfront community developed by Menkes Developments. It will be located on an 11.5-acre land at the northeast corner of Queens Quay East and Freeland Street, one block east of Yonge Street. The Sugar Wharf development will consist of an office building, 5 condominium towers, retail space, a new public elementary school and a new 2-acre public park. Currently, the site is occupied by the Liquor Control Board of Ontario (LCBO) with three buildings, a retail store, a four-storey office building and a warehouse facility.

The prominent location offers both the exciting lifestyle benefits of being on the waterfront, as well as convenient access to all the amenities of the downtown core. The Sugar Wharf community will have direct indoor access to the Union Station and the PATH. The Financial District is simply within a 10-minute walk.

The Sugar Wharf Office Building

The ground-breaking ceremony for the Sugar Wharf office building at 100 Queens Quay East was held early January 2018. Mayor John Tory was at the ceremony, remarking that “This development represents confidence in our city. I want to thank Menkes and partners for helping reimagine Toronto and build up the city. Dynamic developments like this make Toronto attractive for jobs and investment and reaffirms why we’re the best place in the world to live, work, play, and invest.” The office building will bring 690,000 square feet of commercial space to the site when it opens in 2021, with approximately 615,000 square feet for offices and 75,000 square feet for retail. LCBO is confirmed to be an anchor tenant and will occupy approximately 200,000 square feet of office space, while at street level a 25,000 square feet flagship LCBO retail store will replace the store currently occupying the west end of the redevelopment site.

The Sugar Wharf Condos – Phase 1

Phase 1 of the Sugar Wharf Condos will be located at the quadrant of land behind the office building (refer to site plan). There will be 2 condominium buildings currently proposed to be 64 and 70 storeys.

The Sugar Wharf Condos – Phase 2

On the quadrant of land behind the public park will rise the phase 2 of the Sugar Wharf Condos, as well as the public elementary school. The phase 2 condos will consist of 3 towers currently proposed at 77, 87, and 90 storeys.

Coming Soon

The first Sugar Wharf Condo will be launching for sale in April. Stay tuned for floor plans and price lists!

MARCH, 8

【Wyatt Condos Construction Update】

The Wyatt Condos in Regent Park is now going above ground! Occupancy is expected to take place in another year, in January 2019…
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【Wyatt Condos Construction Update】

Wyatt Condos is the first phase 3 condo in the 5-phase Regent Park Revitalization. Historically, Regent Park was a “stay-away” community in Toronto. The Daniels Corporation was chosen to partner up with Toronto Community Housing to redevelop the 69-acre Regent Park. We are now 12 years into the redevelopment and are about mid-way through the phase 3 revitalization. The image of Regent Park has changed from “stay-away” to “must-invest”. In the past couple years, every time there was a condo launch in Regent Park, it would cause craziness in the investor community. Regent Park is physically very close to the downtown core, only 2 km from the Eaton Centre; however, the condo prices in Regent Park are still $250 per square foot lower than condos around the Eaton Centre. The price gap between Regent Park condos and the core downtown cores should narrow as we get further along with the revitalization. We are only half way into the revitalization so there is still a lot of room for appreciation. Unlike investing in the earlier stages, you can now actually go and see the solid “proofs” of the success in Regent Park. For a look at today’s Regent Park, watch the DuEast Condo video.
DuEast Boutique Lobby

MARCH, 9

【DuEast Boutique Regent Park - Coming May 2018】

The DuEast Boutique condos will be launching for sale in May 2018! There were so many disappointments on getting units in the DuEast Condos (Phase 1) last October…
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【DuEast Boutique Regent Park - Coming May 2018】

The DuEast Condominiums consist of 2 buildings connected by a podium. The first building is called the DuEast Condo West Tower and is a 29-storey building. It was launched for sale October 2017 and the demand for units significantly exceeded the supply. We know that many of you have been waiting for the 2nd building to become available. It is called the DuEast Boutique Condo East Residence and is only 11-storey. The sale is set to occur in May 2018. If you would like to get a unit in the DuEast Boutique Condo, you must act fast! Please check out the project details and draft floor plans here.
Sugar Shack TO

MARCH, 10

【Sugar Shack TO 2018 March 10-11】

Celebrate the last days of Winter with the annual Sugar Shack TO event at the Sugar Beach! Enjoy the finest maple taffy, ice activities, winter marketplace, live entertainment…
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【Sugar Shack TO 2018 March 10-11】

Don’t miss out on Toronto’s winter waterfront event, Sugar Shack TO! It will be held on March 10-11 at Sugar Beach from 11 am to 5 pm. Sugar Shack is an annual fun-filled event with the finest maple taffy, ice activities, winter marketplace, specialty bar, warming station, live entertainment and admission is completely free!
When you’re at the event, take a look at the LCBO site on the northwest direction. That’s where the new Sugar Wharf Community will be. The Sugar Wharf will be a large new mixed use community with an office building, 5 condominium towers, a 2-acre park and a new elementary school at Toronto’s waterfront.
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MARCH, 13

【Hong Kong Canadian Series EP4 - 15% NRST】

The Ontario government introduced the 15% Non-Resident Speculation Tax (NRST) in April 2017. Does it apply to Canadians living in Hong Kong who have declared...
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【Hong Kong Canadian Series EP4 - 15% NRST】

The Ontario government introduced the 15% Non-Resident Speculation Tax (NRST) in April 2017. Does it apply to Canadians living in Hong Kong who have declared non-residency for tax purpose?

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The Ontario government introduced the 15% Non-Resident Speculation Tax (NRST) in April 2017. Does it apply to Canadians living in Hong Kong who have declared non-residency for tax purpose? The answer is NO. If you or your spouse is a Canadian, then the NRST does not apply to you regardless of your place of residency. The NRST really applies to foreigners who are not Canadians. The term non-resident in the name NRST often causes confusions as by non-resident, it is actually referring to the immigration status and not the tax status. In my opinion, it should really be named Foreigner Speculation Tax instead.

For Canadians living in Hong Kong, the NRST does not apply to you since your non-resident status is merely for tax purpose and as far as immigration is concerned, you are a Canadian and not a foreigner.
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MARCH, 28

【April 1-7 See You in Hong Kong】

I'm excited to let you know that I will be in Hong Kong from April 1 to 7! During this time, I will be taking private appointments... Watch the video
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【April 1-7 See You in Hong Kong】

I'm excited to let you know that I will be in Hong Kong from April 1 to 7! During this time, I will be taking private appointments so that I can spend quality time with you and your family & friends if you would like to know more about the real estate market in Toronto! If you are interested in booking a time, please feel free to WhatsApp me anytime at +1 647.629.3838!