Emerald City Condos (ELAD Canada) - Real Estate -

I bought a unit 1 bedroom + den facing North East for $267,400. It's 627 sq feet. Parking and locker included. What do you guys think?

I also have a question. Do you think is common for builder to pass on development fees, water installation, hydro meter installation fee to buyer? They are all to be included in the closing cost. She said it will be about 3%-4% of the purchase price plus GST.

The condo's expected occupancy date is December 2011. When the government plan to combine GST and PST together, will I have to pay more taxes even though I signed the purchase agreement on before the HST takes effect? Will the closing cost be effected as well?

congrads newbuyer ... thats a great floor plan and a great unit (price is not bad either given subway access, but of course being next to Parkway Forest rental community had a major factor in the pricing) ... that was one of the best layouts created after the units were 're-jigged' at Emerald City

I think those closing costs are typical, but you should definitely run that by a real esate lawyer (+ to look over your deal) before the 10 day cooling off period expires ... and you should also ask for an amendment to "cap fees / closing costs", this is a typical amendment to the purchase + sale agreement that a builder should NOT deny

with respect to HST ... you should talk to your RE laywer about that

newbuyer said:

I also have a question. Do you think is common for builder to pass on development fees, water installation, hydro meter installation fee to buyer? They are all to be included in the closing cost. She said it will be about 3%-4% of the purchase price plus GST.

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Unfortunately that's pretty standard stuff. As Solaris mentioned, have a real estate lawyer look over the agreement. In the case of my condo, our lawyer put caps on all of the fees to which the builder signed off and agreed to.

Solaris said:

congrads newbuyer ... thats a great floor plan and a great unit (price is not bad either given subway access, but of course being next to Parkway Forest rental community had a major factor in the pricing) ... that was one of the best layouts created after the units were 're-jigged' at Emerald City

I think those closing costs are typical, but you should definitely run that by a real esate lawyer (+ to look over your deal) before the 10 day cooling off period expires ... and you should also ask for an amendment to "cap fees / closing costs", this is a typical amendment to the purchase + sale agreement that a builder should NOT deny

with respect to HST ... you should talk to your RE laywer about that

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Thanks to The Professor and Solaris for the replies.

I did get the amendment for the capping on the fees. I also get the 3rd deposit extended. Instead of in 210 days, I get them extended half of it in 240 days and the other half in 360 days.
I will definetely get my lawyer look at the whole deal. Aside from the $15,000 off, I also got 1 year free Metropass. In regards to the rental units by the area, I read from this forum that they will demolished and moved some of them and renovated the rest. Is that true? How much appreciation I could expect 5 years from now in a ball park figure?

Guys, have you ever heard the goods and the bads about the builder? It's El-Ad Group Canada Inc. One of their major projects is The Plaza hotel in New York. I checked under Tarion website, and it came out clean. I am a first time home buyer, and the thought of the builder goes under is making me nervous. How much deposit does Tarion cover for new condo development? Is it $20k or $40k? Thanks.

I also purchased a 1+1 unit called Daffodil, 735sf + 118sf balcony facing west for under $290k. We have been living around the area for 15 years and this unit is for my soon retire parents since the stairs at home are killing their knees. Can anyone give me some comments for the unit (especially for seniors)?

I also have an amendment to cap for costs of water, hydro/gas meter, sewer service, and development charges under $5k. Is it normal that these costs will usually stay under this amount? And is there a great chance for a huge bump on those?

For HST, does it apply to houses/condos purchased (i.e. sign agreement) before 2011 or houses/condos register after 2011? I am a first time buyer, still a bit confuse about terms like "buying", "registering".

To newbuyer:
What I heard for the rental units is that replacements will first be built (next to the y-shape towers), then the brown ones will be taken down and then tower 1 will be built. For the existing Y-shape rental towers, their exteriors will get a face lift to make them fit with tower 1. However I have no idea about the town homes mentioned in the concept art.

good that you got the amendments to 'cap the fees' ... certainly by extending your deposit timelines that a big PLUS as a first time buyer ... I see you got quite a SWEET deal with the $15,000 discount ... now who said you can't find deals in TO ??

With respect to rental units in the area, basically they are going to demolish 2 blocks of the rentals and building new rental buildings by filling in GAPs between existing rental building to be retained (see plan below, colour = new bldgs, grey = existing bldgs to be retained, purple outline = rental replacements) ... any existing building would be reovated as well ...... details can be found in the City of Toronto Planning Staff Report found here (http://www.toronto.ca/legdocs/mmis/2007/ny/bgrd/backgroundfile-4691.pdf) ... there's plenty of info also in this thread in conjuction to this staff report, its good bedtime reading ~

In regards to the rental units by the area, I read from this forum that they will demolished and moved some of them and renovated the rest. Is that true? How much appreciation I could expect 5 years from now in a ball park figure?

Its a risk you are taking given El-Ad has no other demostrated experience with new condo development in Toronto ... but based on my impression the builder appears to be creditable

I believe Tarion covers deposits up to a maximum of $20 K

Solaris said:

"Parkway Forest Redevelopment Urban Design Guidelines" provides loads of information: http://www.toronto.ca/legdocs/mmis/2007/ny/bgrd/backgroundfile-4953.pdf

City Planning final approval staff report (June 2007) is very informative as well for those considering a unit in this development: http://www.toronto.ca/legdocs/mmis/2007/ny/bgrd/backgroundfile-4691.pdf

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newbuyer said:

The condo's expected occupancy date is December 2011. When the government plan to combine GST and PST together, will I have to pay more taxes even though I signed the purchase agreement on before the HST takes effect? Will the closing cost be effected as well?

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Any purchase and sale agreements signed after June 18, 2009 were subject to HST (unless the unit closes on June 30, 2010 or earlier). A Ministry of Revenue bulletin #2 outlines disclosure requirements for builders - essentially the builder is required to fully disclose to you whether or not the HST is included in the purchase price (this info will be contained in a clause within the purchase and sale agreement).

Most builders have adjusted their pricing to reflect the new tax, but you should double check as your unit is going to be closing well after the implementation date for the tax.

Mike in TO said:

Any purchase and sale agreements signed after June 18, 2009 were subject to HST (unless the unit closes on June 30, 2010 or earlier). A Ministry of Revenue bulletin #2 outlines disclosure requirements for builders - essentially the builder is required to fully disclose to you whether or not the HST is included in the purchase price (this info will be contained in a clause within the purchase and sale agreement).

Most builders have adjusted their pricing to reflect the new tax, but you should double check as your unit is going to be closing well after the implementation date for the tax.

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Someone said the HST only effect any purchase price $400k and over.

Any opinions?

newbuyer said:

Someone said the HST only effect any purchase price $400k and over.

Any opinions?

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Google a bit on this, it seems like the first $400000 will receive a 75% rebate. However, HST is also applied to lots of other fees (i.e. legal fees and inspection fee) which the amendment does not cover.

On Tarion website it says:

"Condominium purchasers are protected for the loss of a deposit up to $20,000 because they already are covered for deposits above this amount by the trust and excess deposit insurance provisions of the Condominium Act, 1998."

What the underlined means?

Thoughts on the 'Poppy' Suite

newbuyer said:

I'm still in the 10 days cooling period with Emerald city. What's bad feedbacks have you heard? Anyone else care to inform me before my 10 days cooling period over? I'm going to check out Legacy and Ultra as well this weekend.

What do you guys think of this 627sq feet 9' foot ceiling 1 bedroom + den layout for $267,400(after $15k credit) 1 parking and locker included? It's facing North east on the 8th floor. I think it's a great layout. Could you analyze this for me in all aspects, Solaris and Alex S? You guys are great!

http://www.emeraldcitycondos.ca/flash/assets/pdfs/floorplans/poppy.pdf

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for the price you are paying there are some great features you are getting (direct subway connection, parking, great finishing including 9' ceilings, floor to ceiling windows, slide in range ... do you get quartz counters and under cabinet valance lighting too?)

given the attractive pricing vs features of this project there is always a reason (builders don't under price themselves just to be nice), and in this case it is because of the predominantly rental apartment nature of the Don Mills + Sheppard area (which is very different than Don Mills + Finch, which contains a fair number of high end condos in the Skymark area)... I can't say there's specific major problems since I don't live in the Don Mills + Sheppard area, but the stigma associated with a neighbourhood containing primarily rental apartments will definitely have a negative implication on the property value

newbuyer ... as I mentioned before I think this is by far one of the best suites that resulted from Emerald City's partial redesign, it is very rare to find a corner unit in a 1 bedroom or 1 + den suite ... for that I give this unit 2 thumbs up

here's my 2 cents worth on the floorplan:

PROs

1. once you get past the intial 'bottleneck' at the entrance of this suite, the unit opens right up through the open concept den and kitchen which would be a lovely, open sightlines are always desired IMO to achieve a sense of space (and false perception of larger sq.ft.)
2. again, being a 1B+D corner suite is outstanding, great corner windows connection to very functional and private balcony is a big PLUS

CONs

1. zig zag entrance hallway makes the unit 'feels' smaller upon initial entry (the whole first impression thing)
2. den is sort of integrated with you hallway, making it slightly less functional with only 2 useable walls
3. I am uncertain if the furniture shown by the builder's floorplan is to scale, given the living/dining room is only 12'1" x 13'2", I can not imagine / believe how you can fit 2 loveseats, 1 coffee table, and a rectangular dining table for 4 (however I thing this furniture layout would work if you dropped the loveseat on the right and replaced it with a chair)
4. considering you are on the 8th floor, the existing Y-shaped rental apartment to the east (bldg 'A9' in above Master Plan) will likely be blocking a part of your view

hope this helps, and good luck with finding your first home !!

Solaris said:

for the price you are paying there are some great features you are getting (direct subway connection, parking, great finishing including 9' ceilings, floor to ceiling windows, slide in range ... do you get quartz counters and under cabinet valance lighting too?)

given the attractive pricing vs features of this project there is always a reason (builders don't under price themselves just to be nice), and in this case it is because of the predominantly rental apartment nature of the Don Mills + Sheppard area (which is very different than Don Mills + Finch, which contains a fair number of high end condos in the Skymark area)... I can't say there's specific major problems since I don't live in the Don Mills + Sheppard area, but the stigma associated with a neighbourhood containing primarily rental apartments will definitely have a negative implication on the property value

newbuyer ... as I mentioned before I think this is by far one of the best suites that resulted from Emerald City's partial redesign, it is very rare to find a corner unit in a 1 bedroom or 1 + den suite ... for that I give this unit 2 thumbs up

here's my 2 cents worth on the floorplan:

PROs

1. once you get past the intial 'bottleneck' at the entrance of this suite, the unit opens right up through the open concept den and kitchen which would be a lovely, open sightlines are always desired IMO to achieve a sense of space (and false perception of larger sq.ft.)
2. again, being a 1B+D corner suite is outstanding, great corner windows connection to very functional and private balcony is a big PLUS

CONs

1. zig zag entrance hallway makes the unit 'feels' smaller upon initial entry (the whole first impression thing)
2. den is sort of integrated with you hallway, making it slightly less functional with only 2 useable walls
3. I am uncertain if the furniture shown by the builder's floorplan is to scale, given the living/dining room is only 12'1" x 13'2", I can not imagine / believe how you can fit 2 loveseats, 1 coffee table, and a rectangular dining table for 4 (however I thing this furniture layout would work if you dropped the loveseat on the right and replaced it with a chair)
4. considering you are on the 8th floor, the existing Y-shaped rental apartment to the east (bldg 'A9' in above Master Plan) will likely be blocking a part of your view

hope this helps, and good luck with finding your first home !!

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Hello Solaris, can you also comment on Daffodil pls? Thx!!!

newbuyer said:

On Tarion website it says:

"Condominium purchasers are protected for the loss of a deposit up to $20,000 because they already are covered for deposits above this amount by the trust and excess deposit insurance provisions of the Condominium Act, 1998."

What the underlined means?

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Solaris or anyone, do you know what does the underlined means?

What do you guys think of the Azalea unit? I was interested in that, but I think most of the them are gone from 20th floor and under.

animatrix said:

What do you guys think of the Azalea unit? I was interested in that, but I think most of the them are gone from 20th floor and under.

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I think it is a great unit. This unit was one of my target back then but I finally picked Daffodil. I am going to do a "Solaris-style" pros and cons

Pros:
1. den is pretty big, can be used as a second bedroom if necessary
2. good storage space in washer/dryer room
3. extra cabinet at sink area (I heard that it is a upgrade for other projects)

Cons:
1. unit is facing south, although will have plenty of sunlight, but also mean that view would be blocked by tower 3
2. common balcony area separated by not so private privacy screens (if you purchase unit 3, there will only be 1, not 2)
3. some area in bedroom closet taken by that "L." thing, can someone tell me what is it?

Just my 2 cents for this unit, hope that helps.