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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

Also just got all my closing adjustments from my lawyer. I will post them tomorrow so you guys who haven't got them yet can have an idea. Too tired to do it now though.
 
Ok so here is a summary of my closing costs straight from the builder's statement,

Reserve fund 2 x your condo fees (which by the way went up $25 from what we were paying duing interim occupancy)
Realty taxes 98.90
Hydro/Gas meter installation 397.50
Transaction levy surcharge 53.00
Depist letter 159.00
Discharge fee 79.50
Electronic documents 132.50
Development/education charges 472.00

Plus I received $1,294 in interest on my deposits. Note that the interest rate we received from Apr1, 2009 to the date we moved in was 0.00%. I know this is a prescribed rate but I thought it was supposed to be roughly what the going 1 year fixed rate mortgage was at the time. I don't recall ever seeing a 0% fixed rate mortgage. Obviously this will differ depending on when you bought and how long your deposits have been sitting with the builder.

Also there will be a whole bunch of adjustments for your interin occupancy and partial payment of condo fees and such. And then there is land transfer tax and lawyer fees as well. Mine totaled just over $3,000 but of course this will differ for everybody.
 
GPalltheway said:
Ok so here is a summary of my closing costs straight from the builder's statement,

Reserve fund 2 x your condo fees (which by the way went up $25 from what we were paying duing interim occupancy)
Realty taxes 98.90
Hydro/Gas meter installation 397.50
Transaction levy surcharge 53.00
Depist letter 159.00
Discharge fee 79.50
Electronic documents 132.50
Development/education charges 472.00

Plus I received $1,294 in interest on my deposits. Note that the interest rate we received from Apr1, 2009 to the date we moved in was 0.00%. I know this is a prescribed rate but I thought it was supposed to be roughly what the going 1 year fixed rate mortgage was at the time. I don't recall ever seeing a 0% fixed rate mortgage. Obviously this will differ depending on when you bought and how long your deposits have been sitting with the builder.

Also there will be a whole bunch of adjustments for your interin occupancy and partial payment of condo fees and such. And then there is land transfer tax and lawyer fees as well. Mine totaled just over $3,000 but of course this will differ for everybody.
Click to expand...

Thank you very much for this! Very helpful!
 
Like I said interst is paid at the prescribed rate. The prescribed rate from April 1 2009 and on was 0%. So if you bought after this date you got paid no interest on your deposits. If you bought before April 2009 and had deposits sitting with the builder you will get paid some interest on those deposits. This is also taxable so you will get a T-slip for this come February.
 
GPalltheway said:
Ok so here is a summary of my closing costs straight from the builder's statement,

Reserve fund 2 x your condo fees (which by the way went up $25 from what we were paying duing interim occupancy)
Click to expand...

Thanks for the idea of what the closing costs are like. I hope I get mine all done today >_<

Holy moly... they raised the condo fees already?! Yeesh... whatever happened to "condo fees most likely won't go up, in fact there's a chance they may go a bit down by the time all 4 buildings are finished..." so much for what the sales staff said...

and dang... I need to buy those filters too... I've not changed mine since I moved in... thanks for the info!
 
thekroch said:
Like I said interst is paid at the prescribed rate. The prescribed rate from April 1 2009 and on was 0%. So if you bought after this date you got paid no interest on your deposits. If you bought before April 2009 and had deposits sitting with the builder you will get paid some interest on those deposits. This is also taxable so you will get a T-slip for this come February.
Click to expand...

btw I have two accounts for some reason, my work computer is logged in under this account I'm the same person as GPalltheway, just so no one is confused
 
coldstudios said:
Holy moly... they raised the condo fees already?! Yeesh... whatever happened to "condo fees most likely won't go up, in fact there's a chance they may go a bit down by the time all 4 buildings are finished..." so much for what the sales staff said...!
Click to expand...

Fees do not go down. If nothing else, inflationary increases are imminent.
 
thekroch said:
All things considering, the fees didn't go up that much, only about 5% for me. I was told they would go up at least 8% due to the HST so 5% was not as bad as I thought.
Click to expand...

Ah! It's the HST... totally forgot that condo fees would be affected by it.

BTW on a different note, for those interested - the website for the complex was updated with a link for potential vendors and it shows the possible layout of the retail space in buildings 3 & 4:

http://www.libertydevelopment.ca/metroplaceshops/index.html

I just hope the retail/office space doesn't all get taken up by useless things... but I have a feeling that's more likely the case with these residential/retail office buildings... :(
 
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