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News Roundup for November 19, 2024
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Westside Gallery Lofts (Urbancorp) - Real Estate -

I don't think you can say with any certainty that there are more flippers in this development than most, however I believe the delayed closing could be a significant factor. These condos went on sale in 2006, which is when I bought. A lot changes in people's lives in 6 years and the 2 year occupancy period certainly doesn't help. And I'm sure some people want to sell out of sheer frustration.

I left a message for Joanna Kimont with the city today. I'll let you know if I hear anything back.

Also does anyone think there is merit in contacting a show like Marketplace to investigate this case? Do you think it will have any positive results or is it best not to rock the boat?
My reservation would be that giving the builder a bad rap with ultimately make it harder for owner to sell their condos down the line and have very little affect on the builder.
 
I spoke to Joanna at the city office today. She was lovely and very helpful.
She was pleased to say that there is definite progress with the registration. The builder only has a couple outstanding criteria they have to meet. The other item she is waiting for is related to the extension of Sudbury st and that's a matter that's being processed by the city. She believes it is a matter of weeks now. I promised not to hold her to it and ask if end of May couple be a date to anticipates, and she said she certainly hopes so.
 
Karin said:
I spoke to Joanna at the city office today. She was lovely and very helpful.
She was pleased to say that there is definite progress with the registration. The builder only has a couple outstanding criteria they have to meet. The other item she is waiting for is related to the extension of Sudbury st and that's a matter that's being processed by the city. She believes it is a matter of weeks now. I promised not to hold her to it and ask if end of May couple be a date to anticipates, and she said she certainly hopes so.
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Thank you for the update. They are bleeding us with this phantom rent. If it doesnt register in the next couple weeks it's definitely time to escalate.
 
Registration

Any update on the registration date? I just bought an assignment in this building and I want to close soon and see what my total costs will be.
 
Wow, I had no idea this was going on. I had looked at some units in the building just under 2 years ago and ended up settling in Luna at Cityplace which had already registered and was closer to downtown. I remember the real estate agent pointing out that the building wasn't yet registered, but it would be soon. Good thing we didn't purchase there, as that would have ruined the experience of purchasing my first home.
 
The city met with Urbancorp earlier today. The building is set to register early June. Get your mortgages ready.
 
Some advise please

Hi All, I've seen a condo in WSL, which I am interested in buying. I am a Canadian citizen, but I live abroad, so it would be an investment property. Firstly, what do you mean by the 2 year occupancy minimum? Secondly, would you recommend buying in this project now that 'the dust has settled'? (or maybe it hasn't)?

Any advice would be very much appreciated. Thanks, Tara
 
Anybody know the number of the property management company? I'm moving in June 1st and wanted to ask some questions.
 
Patience said:
When is this building going to register? This is crazy.
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Tell us about it! We believe some people have been paying interim occupancy fees for nearly 2 years! Luckily we assigned our client's suite back in September, so the assignee has been paying since then. But our client doesn't get her funds until the building registers and she'd like that sooner rather than later!!!

We've seen this hold up affect the resale value. Hopefully, once the building registers, values will begin to rise again.
 
GraceCondos said:
Tell us about it! We believe some people have been paying interim occupancy fees for nearly 2 years! Luckily we assigned our client's suite back in September, so the assignee has been paying since then. But our client doesn't get her funds until the building registers and she'd like that sooner rather than later!!!

We've seen this hold up affect the resale value. Hopefully, once the building registers, values will begin to rise again.
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This is unreal. Urbancorp is a complete disappointment & the city is incompetent. I thought the role of the planners was to protect the tenants and the people of Toronto. Not sure how Alan Saskin and Urbancorp execs can sleep at night.
 
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