iLoft Condos (Camrost-Felcorp) - Real Estate -

[Fuu76]

I did not pay attention to the laminate.
The granite quote on my unit included the island. I will did up some HST literature later, but am confident that anyone who bought for less than 400G has no impact.
But not all bad news....
If you bought early in 2006 like me, you are eligible for a portion of both of the two GST cuts that we had since then. For me it will be a couple thousand. Plus no Toronto Land Transfer Tax if you bought before the implementation date last year. woo hoo!

Hi Dan,
Do you know the date of the cutoff for the Land Transfer Tax and/or the GST cut dates? I think I bought in April of 2007 - so does that mean I'm exempt from the new land transfer tax? If so, thats GREAT news

Also, I know this is a personal opinion matter, but how did you find the selection of the standard finishes? Was there enough there so that you didn't feel like that you had to settle for something just to save some money?
Cheers!

 

[Wooba]

You're exempt as you purchased before Jan 1st, 2008

http://www.toronto.ca/taxes/mltt.htm

 

[Dan]

The dates for the GST reductions are for the 7 to 6 % reduction -May 2, 2006, and for the 6 to 5 % reduction January 1, 2008. Purchasers that buy to live in their units alread have a 36 percent rebate factored in to the purchase price, that is why I said a partial rebate. An investor could see it as a full 2 percent additional rebate.

So if you bought in April 2007, you will see benefits from the second GST reduction and the land transfer tax. If you are a first time buyer, you would be exempt from both the city and provincial land transfer tax anyway.

The options are difficult to say, like you said everyone has different tastes.
They have four packages to choose from, they include, laminate, carpet, floor tiles and wall tiles. In addition you choose the laminate. If you change from one of the standard packages, you pay an extra fee. The basic packages will give you an reasonable quality, and the colours are co-ordinated well. It makes for a straightforward selection process.

 

[Towered]

 

[Wooba]

Some more pics from today.

 

[Fuu76]

The dates for the GST reductions are for the 7 to 6 % reduction -May 2, 2006, and for the 6 to 5 % reduction January 1, 2008. Purchasers that buy to live in their units alread have a 36 percent rebate factored in to the purchase price, that is why I said a partial rebate. An investor could see it as a full 2 percent additional rebate.

If you change from one of the standard packages, you pay an extra fee. The basic packages will give you an reasonable quality, and the colours are co-ordinated well. It makes for a straightforward selection process.

Thanks for the info about the taxes and the link to the city of Toronto page.
With regards to the GST rebate - I signed my rebate off to the builder: did everyone have to do this or were you able to negotiate to get credit for it? I'm new to home buying, so I'd like to know this for future negotiations when purchasing.(This is the first time I've gone through the purchase process, although I owned property in the past so not technically a first time buyer) I didn't enlist the help of a real estate lawyer at the time, so I know that I can't do too much about it now anyways. I'm happy enough that I don't have to drop another 3 grand or so for the municipal land transfer tax.

One more question for you Dan, if you don't mind. How much was the fee to change something from the standard packages?

 

[ducati0000]

anyone knows when the crane is coming down,it looks like its at its roof level.So what the rumors about whats going in west of this tower?...I sure hope its townhouses not a low level condo.

 

[Fuu76]

anyone knows when the crane is coming down,it looks like its at its roof level.So what the rumors about whats going in west of this tower?...I sure hope its townhouses not a low level condo.

Crane won't come down until all the glass is up? I assume it's being used to help put the windows in, so even if the roof is done, it will be there until early 2010. As mentioned previously, originally townhouses were supposed to be going in, but who knows now. Probably won't find out until California is well under construction.

 

[ducati0000]

Crane won't come down until all the glass is up? I assume it's being used to help put the windows in, so even if the roof is done, it will be there until early 2010. As mentioned previously, originally townhouses were supposed to be going in, but who knows now. Probably won't find out until California is well under construction.

Cali needs %65 sold to start the built,they are at %62 so in Spring hopefully Cali will start its construction.

 

[Dan]

I don't think you made any errors with assigning the rebate to the builder, it is a standard procedure. I think there is confusion between the standard rebate that the federal gov. gives for new home purchases. For this the builder will have a purchaser sign the rebate over to them. It is my understanding that this applies only to the standard rebate, and that the governements wants the gst reduction rebates to go directly to the purchaser. I think we are still entitled to those rebates, and will need to file a seperate document with our lawyers at the time of closing.
This website discusses the various rebates, and note the statement that the reduction rebates can't be assigned to the builder. We are going to have a lot of closing costs, it will be good to have this money on closing.

http://www.welchllp.com/publications/9aca7c28b42a1dc591094878a7ba8a8f/GST_Reduction.pdf

During selection, if you upgrade there is no additional fee, but if you want to switch an option that is not an upgrade, there was a 500 dollar charge. It made more sense to then upgrade to avoid the charge.

I think Camrost may move the crane directly over to the California Tower and start that project this winter.

 

[Fuu76]

Cali needs %65 sold to start the built,they are at %62 so in Spring hopefully Cali will start its construction.

I agree with what Dan and others have said before: they'll finish iLoft and start on Cali right after. What I meant is that they probably won't do a release until Cali is under construction.

It is my understanding that this applies only to the standard rebate, and that the governements wants the gst reduction rebates to go directly to the purchaser. I think we are still entitled to those rebates, and will need to file a seperate document with our lawyers at the time of closing.
This website discusses the various rebates, and note the statement that the reduction rebates can't be assigned to the builder. We are going to have a lot of closing costs, it will be good to have this money on closing.

http://www.welchllp.com/publications/9aca7c28b42a1dc591094878a7ba8a8f/GST_Reduction.pdf

During selection, if you upgrade there is no additional fee, but if you want to switch an option that is not an upgrade, there was a 500 dollar charge. It made more sense to then upgrade to avoid the charge.

I think Camrost may move the crane directly over to the California Tower and start that project this winter.

Thanks again for the info Dan, I'll take a look at that PDF you linked. Like you said, any help in the form of rebates to get back some money for closing will be welcome.

I guess I'll have to bring my checkbook when I go in. I have a feeling that I'll need to throw in some upgrade money.

 

[Wooba]

anyone knows when the crane is coming down,it looks like its at its roof level.So what the rumors about whats going in west of this tower?...I sure hope its townhouses not a low level condo.

Typically it comes down after the roof is done and any large items that go on the roof have been delivered (generator, air handling units, etc).. in theory it could come down days after the final concrete pour is done although no doubt it won't be anywhere near that quick.
It's not needed for windows as they bring those up with the skip hoist.

 

[rbt]

Typically it comes down after the roof is done and any large items that go on the roof have been delivered (generator, air handling units, etc).. in theory it could come down days after the final concrete pour is done although no doubt it won't be anywhere near that quick.
It's not needed for windows as they bring those up with the skip hoist.

They came down quicker when there was a shortage of cranes. Seems to have lots at the moment and the crane owners are just as happy storing them on a work site as in their yard.

 

[ice]

I bought one of the condos on the 8th floor in 2006. I finally went in last week to pick colours. The upgrades are very expensive! They also wanted me to sign a form extending my tentative occupancy date to August since occupancy will be over 24 months past my original date. Anyone else in the same situation? If I sign, does that mean they can extend for an extra 24 months after August?

 

[Wooba]

I bought one of the condos on the 8th floor in 2006. I finally went in last week to pick colours. The upgrades are very expensive! They also wanted me to sign a form extending my tentative occupancy date to August since occupancy will be over 24 months past my original date. Anyone else in the same situation? If I sign, does that mean they can extend for an extra 24 months after August?

Do not sign anything until you have spoke to your lawyer!!
I think you are correct, you would be giving them an extra 2 years, plus whatever time between your original date an August.
Several years ago friends had Tridel try to get them to sign a document like that. Their lawyer advised them not to sign it.

I stress, do not sign anything without speaking to a lawyer.

I'm glad you informed us all of this. Please let us know the outcome.