Emerald City Condos (ELAD Canada) - Real Estate -

[Lotus]

Just went to sales office, confirmed that daffodil's floor plan is changed (to unsold units only, sold units will not be affected).

Unit name is changed from Daffodil to Carnation, unit size remains the same, the only difference is now Carnation is a 2 bedrooms unit instead of 1 bedroom + den. Overall not much change in terms of layout.

Daffodil's floor plan:

Carnation's floor plan:

Hi everyone,
I'm new here.. found this forum to be very informative! The above post raises an interesting question for me. Does that mean anyone who bought a 1 + Den (where the den is a decent size) can spend a small sum of money to put up a closet and door in the den and then be able to legally market and sell the unit as a 2 bedroom? I always thought that there has to be a window also for it to a bedroom (building code or something)? I bought the Lotus model (which I believe has been sold out) but if this works, then it will be great to do for resale down the road. Anyone have any thoughts/info on this? Much appreciated...

 

[probey]

Although both units are technically the same, but don't you need to present your floor plan when you sell your unit? Even you hired a contractor to put up a closet and a door, the original unit floor plan is still a 1+den unit, but can be served as a 2 bedroom unit. Thoughts anyone?

 

[cdr108]

Although both units are technically the same, but don't you need to present your floor plan when you sell your unit? Even you hired a contractor to put up a closet and a door, the original unit floor plan is still a 1+den unit, but can be served as a 2 bedroom unit. Thoughts anyone?

i have not heard that it's necessary to present a floorplan when selling a unit ... many have done so without one if re-sale, but pre-construction is another thing.

regarding marketing it as 1+1 or 2 ... depends on how much of a RE bubble we're in and how gullible the buyer is.

 

[Grasshopper]

Additional amendments to the agreement of purchase & sales

Today is the last day of my cool-down period. I went to the sales office and signed additional amendments:
- cap the park levy and/or other contributions to $2000 => section 16(g)
- allow to transfer the agreement to any immed family member(s) before final closing at no additional cost

 

[probey]

Today is the last day of my cool-down period. I went to the sales office and signed additional amendments:
- cap the park levy and/or other contributions to $2000 => section 16(g)
- allow to transfer the agreement to any immed family member(s) before final closing at no additional cost

Good to hear that you have levies capped at $2000, but what about meter installation fee?

Anyways, it is already a great achievement to make levies lower, that's something I can never achieve. Congrats!!!

 

[Grasshopper]

Good to hear that you have levies capped at $2000, but what about meter installation fee?

Anyways, it is already a great achievement to make levies lower, that's something I can never achieve. Congrats!!!

Thanks probey! I read your post and I guess we have the same amendments:
- Section 16(a), cap to $1500+GST
- Section 16(r), cap to $3500+GST for 1 bedroom + den

 

[Grasshopper]

RBC Homeline Plan

Mortage loan variable @ 2.25% (prime rate). Last week, it was prime + 0.3%. I heard from Albert that it was dropped last Friday.

 

[probey]

Though I don't have much knowledge about mortgage rates, but this rate is much lower than my friend's. But there will be 3 years or so before tower 1 completes, can Albert cap the rate for that long?

 

[Grasshopper]

Though I don't have much knowledge about mortgage rates, but this rate is much lower than my friend's. But there will be 3 years or so before tower 1 completes, can Albert cap the rate for that long?

I got the "flyer" from the sales office on Oct 3, 2009. Variable rate prime + 0.3% for 4 years.

 

[newbuyer]

I got the "flyer" from the sales office on Oct 3, 2009. Variable rate prime + 0.3% for 4 years.

TD Bank is offering prime only (2.25%) on its variable rate as well, FYI.

Grasshoper, what are you saying about the RBC rate prime + 0.3%% for 4 years?
Are you saying they are are willing to hold the rate for you for 4 years?
Or, the 4 years is the term for the variable mortgage?
Can you please verify you post for me?

And, who is Albert btw?

 

[Grasshopper]

TD Bank is offering prime only (2.25%) on its variable rate as well, FYI.

Grasshoper, what are you saying about the RBC rate prime + 0.3%% for 4 years?
Are you saying they are are willing to hold the rate for you for 4 years?
Or, the 4 years is the term for the variable mortgage?
Can you please verify you post for me?

And, who is Albert btw?

Yep. I will get variable prime rate within 48 months for a 5-year term. According to Albert, the rate has dropped last Friday to prime (not prime + 0.3%).

Albert is a mortage specialist with RBC. Karen gave me his card as RBC partners with Emerald City. My agent also recommended him. I will upload the RBC flyer when I get home.

 

[Grasshopper]

Mortgage Rate

This is the flyer that I got from the sales office on Oct 3, 2009. It should have been changed to Prime now. Pls see the attached.

 

[newbuyer]

Yep. I will get variable prime rate within 48 months for a 5-year term. According to Albert, the rate has dropped last Friday to prime (not prime + 0.3%).

Albert is a mortage specialist with RBC. Karen gave me his card as RBC partners with Emerald City. My agent also recommended him. I will upload the RBC flyer when I get home.

Hold on. This sounds too good to be true. Are you saying that he will HOLD the variable rate for prime 2.25% for 4 years? You are saying that you CAN get the prime rate 2.25% let say 3 years from now when you move in ? Or, you will get whatever prime rate is in the future within 4 years? It can't be true! Who can afford to hold and give you prime rate 2.25% let say 3 years from now where the prime rate could be 3%-4% in the future?
Are you sure?? You got anything in writing? I'm going to call Albert Lee for sure.

 

[newbuyer]

This is the flyer that I got from the sales office on Oct 3, 2009. It should have been changed to Prime now. Pls see the attached.

The way I interpret the flyer, if you get RBC 4 years variable rate you get prime rate. It does not say that they will hold the rate until the building is finished.

 

[Grasshopper]

The way I interpret the flyer, if you get RBC 4 years variable rate you get prime rate. It does not say that they will hold the rate until the building is finished.

Yes. I have the same understanding too. It's cap to prime rate. The rate could be 4-5% when closing. But there is no obligation. We can always shop around and get the best rate before closing.