Development charges (Is there a standard calculation Method)

[Rocky]

Hello all, I was reviewing these links and it based on this information I am assuming that they have a standard development charge already pre-determined for each type of residential dwelling - Is that correct or am i confusing things.

http://www.toronto.ca/finance/pdf/dc-pamphletapr2011.pdf
http://www.toronto.ca/finance/pdf/dev_charges_sched_feb_1_2013.pdf

I have my condo coming up for closing and am wondering for something that i purchased in 2008 - would the developmental charges that i would be subject to (my closing is not capped) be based on the latest 2011 developmental charges or would that be something that the builder started building the first phase as the website says

Timing of calculation and payment
Generally, development charges are calculated, payable and collected on the date an above grade building permit is issued.
source: http://www.toronto.ca/finance/dev_charges.htm

Please correct me if i am totally out to lunch.. I am wondering 10K per condo would be a considerable amount of development charge - isnt it ?

 

[blahblahblah]

No that is the development charge all right. I have never bought a condo but the developer should have paid those at issuing of building permit. I don't think that is your cost. Well it is buried in the price of your cond.

Hello all, I was reviewing these links and it based on this information I am assuming that they have a standard development charge already pre-determined for each type of residential dwelling - Is that correct or am i confusing things.

http://www.toronto.ca/finance/pdf/dc-pamphletapr2011.pdf
http://www.toronto.ca/finance/pdf/dev_charges_sched_feb_1_2013.pdf

I have my condo coming up for closing and am wondering for something that i purchased in 2008 - would the developmental charges that i would be subject to (my closing is not capped) be based on the latest 2011 developmental charges or would that be something that the builder started building the first phase as the website says

Timing of calculation and payment
Generally, development charges are calculated, payable and collected on the date an above grade building permit is issued.
source: http://www.toronto.ca/finance/dev_charges.htm

Please correct me if i am totally out to lunch.. I am wondering 10K per condo would be a considerable amount of development charge - isnt it ?

 

[Rocky]

No that is the development charge all right. I have never bought a condo but the developer should have paid those at issuing of building permit. I don't think that is your cost. Well it is buried in the price of your cond.

I thought (and may be i am confusing things) that builder passes that cost over to the buyer - I am attaching a snap of the purchase agreement which has been a significant cause of concern for me as i did not put a cap on my closing cost - may be my question should be if i should be worried about seeing a statement of adjustment worth 10's of thousands of dollars upon occupancy ?

 

[blahblahblah]

Right. So the developer has paid the DC's and looks like you are liable for any increase if an increase occurred. It is a bit confusing the clause but I guess if the DC's were paid later than June 1, 2008, and had increased, you are responsible for the increase. So you can check: when the building permit and as such the DCs were applied for and paid respectively. And you can check the increase from 2008 to put you mind at ease. It can't have gone up much. $1000 or so. So breath. You have paid for your DC's in the cost of your unit.

I thought (and may be i am confusing things) that builder passes that cost over to the buyer - I am attaching a snap of the purchase agreement which has been a significant cause of concern for me as i did not put a cap on my closing cost - may be my question should be if i should be worried about seeing a statement of adjustment worth 10's of thousands of dollars upon occupancy ?


View attachment 14927

 

[Rocky]

thanks for the reassurance. It helps in the meanwhile until i see my closing adjustments