Haven on the Bluffs (VHL Developments) - Real Estate -

TheKingEast

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I have been preaching for years:
https://urbantoronto.ca/forum/threads/closing-costs-going-way-up-concern.20386/

I would not buy from ANY builder that wouldn't let me cap the fees. That would be a major red flag. Yes, people need to do their research but the problem is at time of purchase there is no way to know the $ of the fees. The city is charging an exorbitant amount for fees and it goes up each year.

Then they turn around and tell investors that their rents are capped. What a joke.
 

OneC

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I have been preaching for years:
https://urbantoronto.ca/forum/threads/closing-costs-going-way-up-concern.20386/

I would not buy from ANY builder that wouldn't let me cap the fees. That would be a major red flag. Yes, people need to do their research but the problem is at time of purchase there is no way to know the $ of the fees. The city is charging an exorbitant amount for fees and it goes up each year.

Then they turn around and tell investors that their rents are capped. What a joke.
So true. Read your post and I think it is great (and helpful). Agreed that I wouldn't purchase without a cap- it is essentially a blank cheque.

Time and time again we see these posts, media coverage, and online outrage towards builders and their "unfair fees" when it comes time for closing adjustments. I partly agree that the fees are high- but there is also a huge onus on the purchaser to complete their due diligence. You have the CBC coverage on VHL's 2150 site where people couldn't afford or didn't budget for closing costs- which essentially vilifies the builder.

Do I feel bad for the poor purchasers? No. Read your agreement of purchase and sale. Get a competent lawyer who is well versed in pre construction. Don't buy a condo until you have enough set aside for all the fees (current and future). Home ownership is not and should not be for everyone. Plus, the units were under market 100K- there is enough equity to sell and pay off your debts if you are really in a bind. They are lucky that VHL is still closing on these buildings as they've sold the units significantly under market.

Just my two cents.
 

TheKingEast

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Problem is some projects can take 6-7 years from presale to closing and even a good lawyer can’t predict the costs. The city could double the fees from 1year to the next, and there is no way of knowing how much that will be passed on to the buyer. So yea you know about the fees but don’t know how much. That part needs to be more transparent. I think some builders say it’s 2% of the purchase price which is BS and misleading.

I have been closing on new construction since 2009. The jump in fees is astronomical. Would not touch new construction. But I have been through this enough times to know what to do. Most are not as experienced and simply do not know. I went on a tridel site and they has closing costs at a few thousand dollars. Misleading. If builders disclosed that the cost would be an extra $40k How many would think twice about buying? Sorta like artificially low maintenenance fees only to have them jump 25% in the first 5years. They don’t tell you that either.
 

tripwire

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From the CBC article:
"Our closing is March 2, I got an email from my lawyer on Feb. 29 with this fee of $27,800,...."
Feb 29th? The last Feb 29th was 2016. I'm not sure if they mean Dec/Jan 29th, or Feb 28th. If Feb 28th then that really isn't a lot of time to get the funds ready. I had a friend who thought her land transfer tax was only going to be 5K - I really don't know where she pulled this number from, possibly from her magic dreaming hat. I told her to make sure and use the online calculators and yep, she was shocked. I have to admit that I was a total ass and lol-ing at her schadenfreude. (She was OK financially, and had time to make sure she saved enough and so it was still a happy ending).
 

Leesa

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My tentative date is in July, I email the developer to get confirmation but all they said was my date was " best current estimate" Has anyone with a July move in date received any confirmation that their date is confirmed and final?
 

OneC

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My tentative date is in July, I email the developer to get confirmation but all they said was my date was " best current estimate" Has anyone with a July move in date received any confirmation that their date is confirmed and final?
Our closing (scheduled for July) has also not been confirmed yet. The builder's lawyer replied that they intend on closing on that date, give or take a 10 day delay. There is still ~45 days remaining until closing, so they may adjust according to construction progress. If anything, have your lawyer send an email asking for when they will have a firm confirmation of closing date so you can plan your financing.
 

OneC

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My tentative date is in July, I email the developer to get confirmation but all they said was my date was " best current estimate" Has anyone with a July move in date received any confirmation that their date is confirmed and final?
Just caught this on their site. Has anyone started to receive final notices?
 

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OneC

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We got our final move in date, September 18th.
D- when did you get this? Does it make any reference to when we will “close”, or is this the occupancy date? I recall them mentioning move ins are starting in July.
 

nutsandbolts123

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I wasn't expecting that colour at the bottom. Looks fine now, but it seems it might get dirty looking really quickly.


Looking forward to it!
I wonder if it will be grey or is that the final colour? My closing is in September. Does anyone know if we can rent out a unit before the building is registered?
 

OneC

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I wonder if it will be grey or is that the final colour? My closing is in September. Does anyone know if we can rent out a unit before the building is registered?
They changed the colour. It was supposed to be grey. The lighter beige is the final coat.

What floor are you on? Usually you are not permitted to rent a unit prior to final closing, however there are provisions if you are renting to family.
 

nutsandbolts123

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I am on the 9th floor so hopefully the remaining floors will be completed shortly after and the building will be registered in a timely manner.
 

canazian

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I am on the 9th floor so hopefully the remaining floors will be completed shortly after and the building will be registered in a timely manner.
In regards to interim occupancy I received an email in response to my inquiry about the interim occupancy and they don't see the date changing too much. I am on the 5th floor the interim occupancy date is the end of July.

VHL provided this response:

"There were some changes made to the higher floors but it likely would not have affected your unit. Nothing else has changed and the PDI's will be starting shortly for the lower floors."
 

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