Toronto The Village by Main Station | 45.41m | 12s | Options for Homes | IBI Group

I received a flyer for this in the mail today. Says it will be a 12 story/277 unit building. I guess it is being built on the vacant lot at the south end of Trent, adjacent to the rail corridor.
 
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I saw advertising for this on a subway train. Had me scratching my head on where it would be.

Holy misleading advertising! It looks like a 750-metre walk from the edge of the property to the doors at Main Station! And 900 metres to Danforth station - shame there isn't a back entrance to Danforth Station, as the crow flies as it's about 150 metres or so.

I'm not sure how they have the gall to advertise a 5-minute walk. A 5-minute walk to the back fence on Barrington Avenue if you walk very quickly perhaps, and are willing to hop the chain link fence. Though I suppose with the lack of ethics that most condo developers have, that's probably how they get into the subway ...

Is this the piece of property - http://www.toronto.ca/involved/statutorynotices/archive2010/oct/surplus_land_102910.htm on Trent?
 
^hopping that fence is fare evasion and illegal, as the bus loop is a fare paid zone.

for houses that start at $135k, I don't think the people here should be complaining about a 7 minute instead of a 5 minute walk. These are attractive because they are cheap and still on the subway, even if it is a bit of a walk.. (though still completely within walking distance)
 
RC8 said:
Indeed, it's not as bad as some other projects:

https://maps.google.ca/maps?saddr=T...VPNF-w&t=h&dirflg=w&mra=dme&mrsp=0&sz=16&z=15
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Aren't the Condos at the bottom of Trent Street bordered by the tracks? And the subway is north of Danforth. That's a 9-minute walk - https://maps.google.ca/maps?saddr=T...DvJF-w&t=h&dirflg=w&mra=dme&mrsp=1&sz=17&z=17

And perhaps fine to say it's walking distance, but to call it "Village at Main Station". That's like building a condo at the corner of King and Yonge and calling it "Village at Dundas Square".
 
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innsertnamehere said:
750 meters is around 8 minutes in my experience.
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Yeah, I'd agree with that ... though you can stand a long time at Main and Danforth waiting for that light to change.

That's also an odd neighbourhood ... last time I walked between Trent and Main I had to slow down, because I was being heckled by a fat old women in a minivan on a summers day because the baby I was carrying had no socks on (the sock was in my pocket, as it had fallen off, and landed in a puddle). Not sure the locals can all waddle 750 metres in 8 minutes.

But still ... would you call a development at University and King "Village by St. Patrick station"?
 
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no because there are closer neighbourhood markers to associate the development with. the subway stop is the closest landmark in the area, and, of course, it helps sell the condos.
 
Options is a great developer. They build affordable housing to high standards and with a regular condo ownership model so that people get a true real estate asset. But in terms of their marketing exaggerating proximity to some amenity, they also called their Junction condo development "Village by High Park" in spite of the condo being a 15-20 minute walk from the eastern edge of High Park yet at the heart of the Junction. The condo corp renamed it "Heintzman Place" to commemorate the Heintzman piano factory that once stood in its place.
 
Hi all,

I have reserved a suite in this development and waiting for the legal papers. Any other purchasers here? I have been told that I should put down 20k for my deposit when I sign the papers and that will be my downpayment. Before closing (2016) I have the opportunity to put more towards my downpayment. I just don't understand why I have to put down 20k immediately...I'd feel more comfortable paying in increments. But I asked my rep and she said the 20k is my actual downpayment and that I should not pay more than 20k due to their insurance unable to cover more than 20k.

I read on a document that I can put either 5% deposit and get a capped rate from BMO OR put 20k deposit. So if I put 5% that means my mortgage will be higher? ...but they say I can add to my downpayment before closing. I'm confused.

I have asked my rep but she keeps saying it's my actual down payment.

Is it just me or does this make any sense to you guys?
 
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I reserved a unit a month ago. I'd love to see if the plan for the lower floors are more detailed now. Did they give you an idea of how long it will be before the legal papers are ready?
I am not an expert by any means, so talk to a lawyer. But as far as I know there are two different reasons a down payment and thus two sets of rules that apply.They need a certain amount of people to put down cash to show they are serious in order to get project financing to start construction. That is the payment to be made now which is capped at 20k. It is held to be applied to the purchase that will not close for a couple years. This secures the project financing telling the bank there are actually people who want to move in and the bank will not be stuck with an empty building.
Then, close to the time of move in there will be a closing date. At this time the developer has largely completed their work and it becomes the job of the new owners to finance their units. If you have cash you can pay cash and there is no issue. Most people will get a mortgage, but there is no reason you need to mortgage the whole thing, if you have savings you can use some of that and get a smaller mortgage. Even if you get the pre approval from BMO, you are not obliged to get a mortgage with them, they are just offering the capped rate so they know the prospective buyers have decent credit, giving themselves assurance the project financing is low risk.
I thought we could make the deposit in increments too, but I looked at a couple other projects and they accepted the deposit in increments over say 90 days, but the total deposit was much bigger.
At the end of the day they need some money to get the project financing and 5% or 20k seems to be it, for now.
Maybe we will chat in person some time.
 
Warren said:
I reserved a unit a month ago. I'd love to see if the plan for the lower floors are more detailed now. Did they give you an idea of how long it will be before the legal papers are ready?
I am not an expert by any means, so talk to a lawyer. But as far as I know there are two different reasons a down payment and thus two sets of rules that apply.They need a certain amount of people to put down cash to show they are serious in order to get project financing to start construction. That is the payment to be made now which is capped at 20k. It is held to be applied to the purchase that will not close for a couple years. This secures the project financing telling the bank there are actually people who want to move in and the bank will not be stuck with an empty building.
Then, close to the time of move in there will be a closing date. At this time the developer has largely completed their work and it becomes the job of the new owners to finance their units. If you have cash you can pay cash and there is no issue. Most people will get a mortgage, but there is no reason you need to mortgage the whole thing, if you have savings you can use some of that and get a smaller mortgage. Even if you get the pre approval from BMO, you are not obliged to get a mortgage with them, they are just offering the capped rate so they know the prospective buyers have decent credit, giving themselves assurance the project financing is low risk.
I thought we could make the deposit in increments too, but I looked at a couple other projects and they accepted the deposit in increments over say 90 days, but the total deposit was much bigger.
At the end of the day they need some money to get the project financing and 5% or 20k seems to be it, for now.
Maybe we will chat in person some time.
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That's great to hear from someone that also reserved a suite. My rep said we will receive the papers this month. How much are you going to put down? I was told to put 20k but it I don't see why I can't just put 5% for now and hang onto my cash until closing to pay the rest of the 20k. What do you think?

I hope I get a detailed floor plan and more info on my suite too. All info available is in the purchase manual. We are al getting stucco ceilings which I don't prefer. Hopefully that can change.
 
I got a call to go in and sign. I think I'm putting down 5% or 18k so it's pretty close. I don't really remember the details of the different options. I followed the calculations but didn't remember everything.
 
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