Thread for those interested in purchasing at University Suites, a condominium by PRK Developments aimed at investors looking to rent to Queen's University students in Kingston.
University Suites Kingston (PRK Developments) - Real Estate -
- Thread starter interchange42
- Start date
Fuu76
New Member
Anyone have any info on this project yet? Slated as an investment property - which is something that I'm not as familiar with. Basic premise is that carrying costs (mortgage/maint fee/prop tax) is covered by rent. Done some simple math on properties in GTA, where it works out fine. How would this work in Kingston with a much lower rent, even with slightly cheaper units? Or am I wrong in assuming rents are cheaper - figured students can't afford to pay $1500 a month.
neuhaus
Senior Member
Looks like this project maybe cancelled due to the delays, even though they recently had the appeals overturned by the OMB and got the go ahead to move forward.
neuhaus
Senior Member
Another one bites the dust.
This is from PRK/University Suites:
This is from PRK/University Suites:
"We regret to inform you that University Suites North Ltd. will no longer be continuing with the condominium project located at 495 Princess Street in Kingston, Ontario. The agreements of purchase and sale were conditional upon University Suites North Ltd. receiving by May 1, 2018, all of the required municipal approvals necessary to construct the building. As of this date, we have received some, but not all of the aforementioned approvals.
As a result, we are regrettably terminating all of the agreements of purchase and sale in accordance with the terms of the said agreements and the Early Termination Condition set out in the Tarion Addendum which forms part of the said agreements. Enclosed is the Tarion Notice relating to the termination of the agreements of purchase and sale.
In order to ensure a smooth and efficient process to return the deposit monies, we have instructed our lawyers to arrange a full refund of the deposits that you have paid to date which will be available for pick up at their office by appointment only. Please be advised that no interest is payable upon the return of the deposits, as the interest rate pursuant to the regulations under the Condominium Act, 1998 has been, from the date of payment of the deposits to the date of their return, NIL percent...
Yours very truly,
UNIVERISTY SUITES NORTH LTD."
As a result, we are regrettably terminating all of the agreements of purchase and sale in accordance with the terms of the said agreements and the Early Termination Condition set out in the Tarion Addendum which forms part of the said agreements. Enclosed is the Tarion Notice relating to the termination of the agreements of purchase and sale.
In order to ensure a smooth and efficient process to return the deposit monies, we have instructed our lawyers to arrange a full refund of the deposits that you have paid to date which will be available for pick up at their office by appointment only. Please be advised that no interest is payable upon the return of the deposits, as the interest rate pursuant to the regulations under the Condominium Act, 1998 has been, from the date of payment of the deposits to the date of their return, NIL percent...
Yours very truly,
UNIVERISTY SUITES NORTH LTD."