Toronto U Condominiums | 183.79m | 56s | Pemberton | a—A

dt_toronto_geek said:
... (ever slimmer) March 16-30th Condo Guide.
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LOL ... you've noticed that too, eh !?!

I surmise that all those advertisal mags will be almalgamated back to their former self by the end of this year like before the break up to Condo Guide, New Homes and Condos, Condo Life, etc.
 
lochlyn said:
Weather shrinking the unit size is a successful strategy is yet to be test further, as U Condo has announced a grand opening on June 5 for its new URBAN DESIGN suite, which is a fancy name of tiny studio and one bed room. The smallest unit is a micro studio with a mere 325 sqf and asking for $219,000. That is $674 per square foot! I wonder if they can use "FROM LOW $200K" to attract any serious first time home buyer who have been sitting on fence.
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325 sq.ft. and asking for $219,000 = $647 per sq.ft. .... thats crazy !! maybe its time for Pemberton to wake up :confused:
 
I checked the place out not long ago. It's a little too expensive and I definitely do not like the fact that you have to crouch to use the microwave. Ummmm what if I'm heating soup?

Weird: There's a U Condos commercial on the radio as I'm typing this
 
Back to U,

While eating across the street from the site at whatever the bar is called across the street, I noticed that the billboards on this site have been updated to say that new suites are being released in June... I can't recall the date. The sign is red.
 
Back to U condos ...

now that Pemberton has uploaded the pricing and the new ''Urban Design" collection floor plans on to the website ... In summary: bad layouts + ridiculously expensive !!

Urban Design I (Studio)..... 325 sq.ft. ... East ........... $219,000 ... $673.85 / sq.ft.
Urban Design II (1B)......... 512 sq.ft. ... North East ... $327,000 ... $638.67 / sq.ft.
Urban Design III (Studio)... 442 sq.ft. ... West .......... $274,200 ... $620.36 / sq.ft.
Urban Design IV (1B+D)..... 680 sq.ft. ... West .......... $427,150 ... $628.16 / sq.ft.
 
Pemberton seems to be doing okay - U condos is one of the top selling condos in 2009 thus far (although that doesn't say much as many buildings in 2007 would have sold as many units in a day or over a weekend as U has sold in the last 4 months).
 
Solaris said:
Back to U condos ...

now that Pemberton has uploaded the pricing and the new ''Urban Design" collection floor plans on to the website ... In summary: bad layouts + ridiculously expensive !!

Urban Design I (Studio)..... 325 sq.ft. ... East ........... $219,000 ... $673.85 / sq.ft.
Urban Design II (1B)......... 512 sq.ft. ... North East ... $327,000 ... $638.67 / sq.ft.
Urban Design III (Studio)... 442 sq.ft. ... West .......... $274,200 ... $620.36 / sq.ft.
Urban Design IV (1B+D)..... 680 sq.ft. ... West .......... $427,150 ... $628.16 / sq.ft.
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That's just insane pricing.

As an aside, prices in the Hamptons, a Long Island beach town about 100 miles east of Manhattan for the rich and famous, have sold at $400 PSF.

http://www.bloomberg.com/apps/news?pid=20601214&sid=ara.OohrH91M&refer=invest
 
Solaris said:
Back to U condos ...

now that Pemberton has uploaded the pricing and the new ''Urban Design" collection floor plans on to the website ... In summary: bad layouts + ridiculously expensive !!

Urban Design I (Studio)..... 325 sq.ft. ... East ........... $219,000 ... $673.85 / sq.ft.
Urban Design II (1B)......... 512 sq.ft. ... North East ... $327,000 ... $638.67 / sq.ft.
Urban Design III (Studio)... 442 sq.ft. ... West .......... $274,200 ... $620.36 / sq.ft.
Urban Design IV (1B+D)..... 680 sq.ft. ... West .......... $427,150 ... $628.16 / sq.ft.
Click to expand...
I really hope these don't sell. Those prices are ridiculous.
 
Completely crazy pricing. They're totally just trying to take advantage of ignorant buyers. Anyone who buys here would be crazy to pay what they're asking. Just insane.
 
Well, we'll see whether the "ignorant" people are willing to pay or not, but as Mike points out, this project has been relatively successful so far.

Agreed, the price per square foot is high, but ... location, location, location!
 
Re: "Insane Pricing"

Ontario and more specifically Toronto has some of the highest tax rates in North America on new housing - and will have the highest tax rates once HST is implemented. These prices are not "insane" and are a reflection of the tax environment, land supply, labour and materials.

If you think these prices are bad, wait until the HST comes into play next year and Toronto's new development charges increases (bascially doubling) are phased in over the next couple of years once the freeze is lifted.

For many new homes and condos in the Toronto the sales tax alone would be:
13% HST
2% Provincial Land Transfer Tax (phased in rate)
2% Toronto Land Transfer Tax (phased in rate)

On a $500,000 new home/condo (basically a downtown middle class two bedroom condo) the sales taxes would cumulate to an additional $77,200 in sales/land transfer taxes.

That of course doesn't include various other taxes, charges and fees that are embedded into the price such as:
  • Development Charges (Municipal, Regional, Education & GO Transit)
  • Storm Water Management Fees
  • Topsoil Removal Fee
  • Regional Water Meter Fee
  • Engineering Design Review and Inspection fee
  • Public Art Charges (1% of construction costs in Toronto)
  • Engineering Fees
  • Parkland Dedication Fees (Cash-in-Lieu)
  • Building Permit Fees
  • Planning Fees (Various Development Application & Processing Fees)
  • Plan of Subdivision (singles and row houses)
  • Plan of Subdivision Registration/Review
  • Site plan approval fees
  • Plan of Condominium fess
  • Ministry of Environment Engineering Review
  • Land Registry Closing Fees (Title Registration)
  • Conservation Authority Fees
  • Electrical Permit - Electrical Safety Authority
  • Legal Fees
  • Costs associated with municipal by-laws
  • Additional costs due to recent building code changes
  • Toronto's Green Development Standards
  • Toronto's incoming green roof by-law
  • WSIB Premiums (Home Builder Rate Group) + WSIB Premiums passed on to builders by trades
  • Surcharges imposed by trades to cover potential Ministry of Labour safety fines
  • Tarion Registration Fees
  • Tarion Enrolment fees

And the list could go on... yet people still wonder why housing is increasingly becoming unaffordable...
 
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Mike in TO said:
Re: "Insane Pricing"

Ontario and more specifically Toronto has some of the highest tax rates in North America on new housing - and will have the highest tax rates once HST is implemented. These prices are not "insane" and are a reflection of the tax environment, land supply, labour and materials.

If you think these prices are bad, wait until the HST comes into play next year and Toronto's new development charges increases (bascially doubling) are phased in over the next couple of years once the freeze is lifted.

For many new homes and condos in the Toronto the sales tax alone would be:
13% HST
2% Provincial Land Transfer Tax (phased in rate)
2% Toronto Land Transfer Tax (phased in rate)

On a $500,000 new home/condo (basically a downtown middle class two bedroom condo) the sales taxes would cumulate to an additional $77,200 in sales/land transfer taxes.
Click to expand...

Mike has made a valid point, we need more solid comments like this one to help us rationalize today's market.

Speaking of HST, I believe 13% is the tax you paid, but you can also get some GST credit back if you are a first time home buyer...although this credit will be completely phrased out once your purchase price above $500,000. Am I right?

As well, land transfer tax 2% is another tax you pay, but you can get $750 back from government as per 2009 New Federal Budget announced by Jim Flaherty. Am i right, may be it's $1,500 or even higher.
 
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Re: GST Rebate

It isn't based on first time home buyers (That's an LTT rebate). The GST has two thresholds that reduce the GST payable from 5% to 3.5% for homes valued at $350,000 or less and is gradually phased out up to a $450,000 threshold.
 
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