PharmacistMD
New Member
That’s for sure. They can only cash out when it’s finished. But I think they also screwed up a lot especially with rezoning issue which delayed everything by more than 6 months. But hey, someone has jacuzzi now haha.
That’s for sure. They can only cash out when it’s finished. But I think they also screwed up a lot especially with rezoning issue which delayed everything by more than 6 months. But hey, someone has jacuzzi now haha.I would be guessing the delay is on the city’s side. I don’t think the developer gets paid until it closes.
Do you know where that information comes from?I heard from a friend in the building that it will likely be March.
All the charges are listed but at the bottom of mine there is a credit for the difference between the charges and the cap for around 25kHey everyone , this morning I noticed that final statement of adjustments has been posted. Did anyone get a chance to see these. I noticed being charged substantial amounts for development fees along with parks levy( a lot more than capped amounts stated in P&S agreement).
I have one bedroom so our total amounts will be different. I’m seeing being charged roughly 25k and being refunded 8k . Meanwhile P&S (schedule E) says that one bedrooms are capped at 5.5k and 6.5k for 2 bedrooms. I’m not a lawyer, but I do see discrepancies.All the charges are listed but at the bottom of mine there is a credit for the difference between the charges and the cap for around 25k
I have one bedroom so our total amounts will be different. I’m seeing being charged roughly 25k and being refunded 8k . Meanwhile P&S (schedule E) says that one bedrooms are capped at 5.5k and 6.5k for 2 bedrooms. I’m not a lawyer, but I do see discrepancies.
Just to confirm, despite credit being refunded, you’re also being charged substantially more than 5.5-6.5k amount ?
I reached out to my lawyer and she spoke to the lawyer representing the builder. Apparently the cap is for any increased portion from the time the contract was signed to closing. At the time the contract was signed, per the City of Toronto's website, " the development charges for a one bedroom unit in February 2016 was $16,746 and a 2 bedroom was $24,073.00".The credit makes up for the difference of what I am being charged and what is capped
I am not sure I understand - my cap amendment is a long list of charges and all these charges are capped - from development charges, parks levies, eduction etc.I reached out to my lawyer and she spoke to the lawyer representing the builder. Apparently the cap is for any increased portion from the time the contract was signed to closing. At the time the contract was signed, per the City of Toronto's website, " the development charges for a one bedroom unit in February 2016 was $16,746 and a 2 bedroom was $24,073.00".
Our development charges and other associated fees were ~$56K. Since we negotiated a cap on these fees of $18K + HST, we got a credit of ~$35K. We purchased a 3 bed unit.From my understanding , they only cap increases in development fees, parks levies etc. Any increase in cost after February 2016 is being paid by the builder and baseline is paid by us . That’s their explanation. Obviously more convenient to builder. I’m being charged 17k+HST for development fees and 5k+HST plus other smaller fees and refunded 8k. And that’s for one bedroom.
Are your numbers similar?
Our development charges and other associated fees were ~$56K. Since we negotiated a cap on these fees of $18K + HST, we got a credit of ~$35K. We purchased a 3 bed unit.
No they are not. I just closed on a pre-construction and my fees where $6K for a larger 2 bed DT.Wow, the fees are that high these days? I feel sorry for anyone who didn’t cap the charges.