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Abode Lofts Condos (Urban Fabric Developments) - Real Estate -

Has anyone experienced the process for cancelling the Home Buyer's Plan past the deadline? With Abode cancelling, I need to reinput to my RSPs to draw again for HBP later but the CRA and my RSP person are telling me different things in regards to being able to do that without a penalty. Any help would be appreciated!
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Hey gryffin,

I called the CRA today. From what they told me and from what I understand, it all depends on when you first withdrew your money.

If you first withdrew the money in 2007, you will have to cancel and reapply. You'll also have to file an RC4288 with the cancellation form explaining that the project was delayed and then cancelled so that the CRA doesn't penalize you (i.e., count your withdrawl as income for 2007). The CRA rep told me that since new homes and condos are delayed all the time, the CRA is quite understanding about this issue.

If you first withdrew the money in 2008, you will have until Dec. 31 of this year to buy a "replacement" property. If you don't, you'll have to cancel and reapply.

I hope this helps. Good luck.
 
Suzette13 said:
Hey gryffin,

I called the CRA today. From what they told me and from what I understand, it all depends on when you first withdrew your money.

If you first withdrew the money in 2007, you will have to cancel and reapply. You'll also have to file an RC4288 with the cancellation form explaining that the project was delayed and then cancelled so that the CRA doesn't penalize you (i.e., count your withdrawl as income for 2007). The CRA rep told me that since new homes and condos are delayed all the time, the CRA is quite understanding about this issue.

If you first withdrew the money in 2008, you will have until Dec. 31 of this year to buy a "replacement" property. If you don't, you'll have to cancel and reapply.

I hope this helps. Good luck.
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Thank you!!! No one else has given me this direction. This has been incredibly helpful.
 
gryffin said:
Thank you!!! No one else has given me this direction. This has been incredibly helpful.
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yes. great info. thank you. a friend also bought there and in the same situation.

has anyone who also bought at the Abode requesting interests on the deposit?

--- oh nevermind the question. the mutual release form does indicate accured interest to be covered.
 
Last edited:
Deposit?

Just wondering if anyone has received their deposit yet?

Cheers.
 
Deposits are ready

I just got an email from George announcing that the deposits are ready to be mailed or picked up.

Good luck everyone with your new purchases.

Cheers!
 
Suzette13 said:
I just got an email from George announcing that the deposits are ready to be mailed or picked up.

Good luck everyone with your new purchases.

Cheers!
Click to expand...

Thanks for the update. I haven't gotten the email yet. Did he mention the interests on the deposits by any chance?
 
Abode 2 not cancelled

Just came back from chatting with George. Abode 2 is still on if anyone is still interested.
 
someone i know just bought there recently, and i thought it was in phase 1, not phase 2. does anyone know what the story is? thanks.
 
smiles said:
someone i know just bought there recently, and i thought it was in phase 1, not phase 2. does anyone know what the story is? thanks.
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The Abode Lofts project originally consisted of two buildings. Building 1 at 59 Colgate and building 2 at 53 Colgate.
Building 1 unforutnately was cancelled but building 2 survived.

The project with building 2 (53 Colgate) has since been referred to as phase 1. I guess building 1 (59 Colgate) would be phase 2 if it gets resurrected.
 
I just spoke with Mr. Popper, as I had a client who was interested in buying into Abode.

Mr. Popper told me that the loft building is sold out. The second phase will begin to be promoted this fall but will be as he calls them "Townhome Lofts". Upon further digging, they basically sound like townhomes with a contemporary design. They'll have built-in parking and rooftop decks. 2 & 3 Bedroom towns will be available, with 2 beds starting "in the mid $400s".

Hope that update helps, for what it's worth...
 
www.myabodelofts.com

A sign has gone up for Phase 2 of this small project. The first building is close to finished and IMHO looks very nice. It looks like they've changed the design again, if GraceCondos was correct last summer, as it is now a 4-story 15 suite condo. This has been a great piece of cleaning up the streetscape on Colgate, but they still need the huge lot on Carlaw N of Colgate, and the parking lots south, to fill in. At that point, and given the new streetfront rental approach of 250 Carlaw, this will be a seriously happening corner. Still some work to do...
 
I moved my brother into his unit at Abode (53 Colgate) last week. Beautiful little bulding. As tc416 mentioned, the original plans for "sister" development at 59 Colgate were scrapped and it will now be a 9-unit Lofthouse development:

www.leslievillelofthouses.com

That lot on Carlaw N of Colgate across from the Printing Factory Lofts had some activity last week, too. There was a crew there beginning to dismantle the ancient sales office that has sat on that parcel of land for years, and they've erected what looks like the frame for a billboard. New development announcement soon?
 
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