Toronto King West Life Condominiums | ?m | 25s | Plaza | Gabriel Bodor

Urban Newbie said:
Just about any area of Toronto looks bleak at this time of year and shooting on the fringes of LV guarantees crapulence. Your shots are actually all on the fringes of LV, from Shaw and Strachan, not in the nabe proper. You should head into the older parts to do it real justice.
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haha tell me about it...i was there in the summer and it was very nice!

This is a case of the OP painting a picture the way they want the area to be shown....
 
Agent Commissions

Hello,

Is the builder paying out agent commissions a sign of a project going forward. Does the payment of the commissions declare confidence from the builder that the project will be completed...

Or is it mainly irrelevant?

Thanks...
 
Gooner said:
Hello,

Is the builder paying out agent commissions a sign of a project going forward. Does the payment of the commissions declare confidence from the builder that the project will be completed...

Or is it mainly irrelevant?

Thanks...
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I think it's irrelevant.

Builders have to attract buyers to meet a certain threshold of % units sold for financing and construction to begin. That means paying agents commissions.

AFAI, agent commissions from builders are paid in installments based upon downpayments and the remaining paid out on closing.
 
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Thanks CDR.

Would the builder not hold out on paying commissions (as this is lost money if the project does not go ahead) if they are unsure if they can sell enough to get financing?

I am concerned that this project will get canceled and looking for any positive sings, guess this may not be one....

If the project does not go ahead, the agents still keep their commission, correct?
 
Gooner said:
If the project does not go ahead, the agents still keep their commission, correct?
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Sorry Gooner, I don't know that answer but I assume they would since the agent has done the 'work' getting a unit sold.

As previously noted, the commissions are paid out in installments so it's not like the agent would get the full 3%+ commission once the PAS agreement is signed.

If any RE agents on the forum could kindly shed some light, it would be appreciated.:D
 
I am not a real estate agent, but based on what I've seen at several 'new construction' development site launches, the 3% agent comission is paid out at the following stages:

  • One percent (1%) ninety (90) days after the expiry of the rescission period provided any Purchaser’s conditions have been satisfied and the Vendor is in receipt of all of the following:
    [*]A fully executed copy of the Agreement of Purchase and Sale together with all post-dated cheques, purchaser’s mortgage approval and all purchaser’s information.
    [*]Deposits totaling not less than ten per cent (10%) of the Purchase Price, (cheques to have cleared Vendor’s Bank);​
  • One percent (1%) upon completion of the roof stage of construction of the building, and
    provided the required deposits have been received in accordance with the Agreement.
  • One percent (1%) upon final closing of the Unit.
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based on the above, if a proposed condo launches but gets cancelled, I would think the builder will still be obligated to pay out the first 1% of comission to the representing agent, but not the latter 2%
 
Sales @ 60% - Phase 1

Hello All,

I have been informed that sales are 60% for phase 1 (very good imo) and phase 2 should be launching in the spring.....
 
I'd buy that figure...but it doesn't mean it's going to get built as all three phases are to be built together and that means at least another 650+ units to sell...which isn't going to happen anytime in the next 3-5 years. Just wait. When phase one purchasers are asked to extend their EV date next year, people will bail by the tonne. This is a non-finisher imho...and while I'd like to see Liberty Village completed asap, I really didn't like the design of this building at all. Far too cumbersome and monolithic for the area. It would've dwarfed the neighbourhood.
 
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