King West Life in Liberty Village (Plazacorp) - Real Estate -

shlammed said:
My wife and I are about to be raped with land transfer taxes
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Everyone pays this except first home buyers who get a break. It is the double LTT (Toronto's on top of the Ontario which makes it so high). On the other hand, if you are not a first time home buyer, you have had considerable equity from your previous home increase so that makes it a bit less painful I guess.
The other thing is that while prices are higher in Toronto, the tax rate is lower than the 905 area by about 15-20%...and the tax rate is an ongoing expense whereas the LTT is a one off event for at least that home purchase.
My son who is going to live at KWL is a first home buyer.....less land transfer tax for him at least.
 
interested said:
Everyone pays this except first home buyers who get a break. It is the double LTT (Toronto's on top of the Ontario which makes it so high). On the other hand, if you are not a first time home buyer, you have had considerable equity from your previous home increase so that makes it a bit less painful I guess.
The other thing is that while prices are higher in Toronto, the tax rate is lower than the 905 area by about 15-20%...and the tax rate is an ongoing expense whereas the LTT is a one off event for at least that home purchase.
My son who is going to live at KWL is a first home buyer.....less land transfer tax for him at least.
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Yeah, I'm just curious to see what my property tax will eventually be assessed at compared to my house in the 905.
 
Have you not closed as yet? What floor are you on?

The building has promised me that when I close in October I can go straight into mortgage...
 
I suspect you will be assessed at the value you paid, especially since I believe you bought relatively recently.
In any event, the price paid I think will be close though if you bought in 2008 like I did it may be worth more. However, I think the price will be the price paid until MPAC reassesses it in the future.

Work on approximately $0.85 mill rate / $1000 valuation x cost so if 400K taxes would be around $3400.
 
interested said:
I suspect you will be assessed at the value you paid, especially since I believe you bought relatively recently.
In any event, the price paid I think will be close though if you bought in 2008 like I did it may be worth more. However, I think the price will be the price paid until MPAC reassesses it in the future.

Work on approximately $0.85 mill rate / $1000 valuation x cost so if 400K taxes would be around $3400.
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Ignore my post...totally missed the bottom part of your reply.
 
soaddictive said:
Have you not closed as yet? What floor are you on?

The building has promised me that when I close in October I can go straight into mortgage...
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yes you will because the building registered in July. If it hadn't registered, you would have had an "interim" closing where you basically pay rent to live in your unit until it registers and title can be transferred to your name.
 
shlammed said:
yes you will because the building registered in July. If it hadn't registered, you would have had an "interim" closing where you basically pay rent to live in your unit until it registers and title can be transferred to your name.
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That is what I thought! So confused...when do I pay the LTT? I thought it was on closing, which is why I asked if you had closed...
 
soaddictive said:
That is what I thought! So confused...when do I pay the LTT? I thought it was on closing, which is why I asked if you had closed...
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you pay LTT on final closing as that is when everything is transferred into your name.

During interim closing you don't pay anything aside from occupancy fee

My final closing is a tthe end of this month so I paid a few months of occupancy (I moved in in May)
 
soaddictive said:
That is what I thought! So confused...when do I pay the LTT? I thought it was on closing, which is why I asked if you had closed...
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Shlammed is correct.
The building is registering in early September so you will be doing your iterim and final occupancy at the same time. You will pay the LTT. Your lawyer will have arranged for payment and it will be in the adjustments.
 
interested said:
Shlammed is correct.
The building is registering in early September so you will be doing your iterim and final occupancy at the same time. You will pay the LTT. Your lawyer will have arranged for payment and it will be in the adjustments.
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Ok thanks! Makes sense Shlammed as you have yet to close!

I know the amenities are mostly all done...anyone know if the roman gardens and etc are also finished? Also, are the lobbies all done because when I went to 85 2 weeks ago, it was all under construction still with just a part of the lobby finished. The hallways to the elevators etc still needed painting and carpeting etc
 
interested said:
Shlammed is correct.
The building is registering in early September so you will be doing your iterim and final occupancy at the same time. You will pay the LTT. Your lawyer will have arranged for payment and it will be in the adjustments.
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it's already registered as of July 19th. All 3 buildings registered as one condo corp.
 
soaddictive said:
Ok thanks! Makes sense Shlammed as you have yet to close!

I know the amenities are mostly all done...anyone know if the roman gardens and etc are also finished? Also, are the lobbies all done because when I went to 85 2 weeks ago, it was all under construction still with just a part of the lobby finished. The hallways to the elevators etc still needed painting and carpeting etc
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85 lobby is done

the only amenity still closed from my knowledge is the bowling alley.

Both courtyards are opened as well.
 
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