Time and Space Condos (Pemberton) - Real Estate -

MewMew said:
Thank you for sharing. I think many of us are just trying to figure out how much monthly rent will be. Do you know approximately how much each monthly cheque rent was for please? Was it $2000? $1500? Gives us an idea of what to prepare for. Yes, on top of the maintenance fee (this was already provided to everyone in their disclosures).
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This from Condo Authority of Ontario explains - you are NOT paying 'rent' PLUS maintenance fees. See: https://www.condoauthorityontario.c...condo/buying-a-condo/pre-construction-condos/

Interim Occupancy​

Interim occupancy occurs in pre-construction condo projects when the builder lets the buyer take occupancy of the condo unit before the declaration has been registered and the title can be transferred to the buyer. During interim occupancy, a buyer cannot make mortgage payments until the condo corporation is registered with the Land Registry Office. The builder will advise buyers of their interim occupancy date as the condo building nears completion. On the interim occupancy date, buyers may take occupancy of their condo unit, but they do not own it yet. Ownership of the condo unit can only be transferred once the condo corporation has been registered with the Land Registry Office.
During the interim occupancy period, the buyer will be required to pay the builder an interim occupancy fee, regardless of whether they move into the condo unit or not. The interim occupancy fee cannot be more than the total of:
  • The interest (calculated monthly) on the unpaid balance of the purchase price at the prescribed interest rate
  • The estimated monthly municipal taxes for the condo unit
  • The projected common expenses fees for the condo unit
 
MewMew said:
Thank you for sharing. I think many of us are just trying to figure out how much monthly rent will be. Do you know approximately how much each monthly cheque rent was for please? Was it $2000? $1500? Gives us an idea of what to prepare for. Yes, on top of the maintenance fee (this was already provided to everyone in their disclosures).
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To determine the monthly interest component of your occupancy fee, please follow these steps:

1. Calculate the balance due on final closing by subtracting the total deposits paid to date and the monies due on interim closing from the sale price: [Sale price - (Total deposits paid to date + monies due on interim closing)].

2. Multiply the balance by the interest rate and divide it by 12: [Balance due on final closing x interest rate / 12].

For example, let's say the sale price is $500,000 and you have paid 15% of the total amount to date. On interim closing, you will need to pay an additional 5%, making the total paid 20% (equivalent to $100,000). The remaining balance would then be $500,000 - $100,000 = $400,000. To calculate the monthly interest component, you would multiply $400,000 by the interest rate (6.34%) and divide it by 12, resulting in $2,113.33.

Please note that in addition to the occupancy fee, you will also be responsible for paying property tax, maintenance fees, and other charges such as internet and eddy system fees.
 
Kama said:
No. Did PDI. Quality is at the bottom.
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I guess builders reach out to everyone directly for PDI? Oh boy ... I had a feeling some corners would be cut since pandemic. Was it just poor workmanship or was the actual finishes and quality of material used terrible?
 
MewMew said:
I guess builders reach out to everyone directly for PDI? Oh boy ... I had a feeling some corners would be cut since pandemic. Was it just poor workmanship or was the actual finishes and quality of material used terrible?
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Both. They missed some doors in bathroom, some knobs, managed to spray paint on windows, outside, made a dent on dishwasher -- several dozen items all together.
 
Kama said:
Both. They missed some doors in bathroom, some knobs, managed to spray paint on windows, outside, made a dent on dishwasher -- several dozen items all together.
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As someone who walks past this 'complex' quite often, it is clear that the outside has defects (maybe not 'fatal' ones, e.g. oil-canned 'siding') ) so one would expect problems with details in the Units too.
 
Kama said:
Both. They missed some doors in bathroom, some knobs, managed to spray paint on windows, outside, made a dent on dishwasher -- several dozen items all together.
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When did they contact you for PDI? Our occupancy is in late August and have not received any notice not was contacted for PDI. Did they contact you directly or through your lawyer?
 
Peggy81 said:
When did they contact you for PDI? Our occupancy is in late August and have not received any notice not was contacted for PDI. Did they contact you directly or through your lawyer?
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Mine is on 3rd week of Aug (South east) but I haven’t received any call yet. I hope they will reach out ahead of time. Anxious how it looks like?
 
uk4evr007 said:
Mine is on 3rd week of Aug (South east) but I haven’t received any call yet. I hope they will reach out ahead of time. Anxious how it looks like?
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Yes ours is the same and have not received any calls or notices. Maybe they are finishing up the PDA for early august ones for now. Based on the comments above it looks like we might get disappointed:(
 
GTAConstruction said:
Hey, mind telling me which building and floor your unit is at? Thanks!
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They even missed some mirrors. Looks like both the workers and their manager were pretty stoned. The report with couple dozen items was submitted to the builder. What the point to copy it is here? We are moving in not selling this unit. No worries here.
 
Peggy81 said:
Yes ours is the same and have not received any calls or notices. Maybe they are finishing up the PDA for early august ones for now. Based on the comments above it looks like we might get disappointed:(
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Some things are pretty annoying but doable. Some, like paint splashes on windows outside would be very hard to clean. They managed to install such bathroom sinks that one could barely fit their hands in. As the building is under construction and in many areas there is simply concrete floor, one cannot use A/C because of dust. Obviously, no luxury should be expected.
 
Kama said:
Some things are pretty annoying but doable. Some, like paint splashes on windows outside would be very hard to clean. They managed to install such bathroom sinks that one could barely fit their hands in. As the building is under construction and in many areas there is simply concrete floor, one cannot use A/C because of dust. Obviously, no luxury should be expected.
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For the amount of "rent" we will be paying - not being able to use AC would render it non-livable for some. The other things you have mentioned are annoying but would not cause the unit to be unlivable.
 
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