Legacy, Ultra, Yorkland @ Heron's Hill Condos (Monarch Homes) - Real Estate

Hst

newbuyer said:
I don't understand what is your question.

Good that they are willing to cover the HST. I gotta ask for it to have it covered when I bought mine at Emerald. Sometime you just gotta ask.
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Isnt HST only for new home over $400k?
eg. If your home is 200k, then you pay no HST
If your home is $500k, then you pay HST and have 75% rebrate on the first $400k and pay HST with no rebrate on the rest.

Is my understanding wrong?
So for the 270k units, there should have no HST?
 
Price of Ultra

Hi newhomebuyer,

If you compare the price of ultra when you buy your home last year, how much did it went up this year? I mean how much more I pay when I buy it now compare to when you buy.
Let's say the 665 16 - 21 floor. It is like 265 - 270k now with 20k off. How much was it back then?
 
albertwong1 said:
Isnt HST only for new home over $400k?
eg. If your home is 200k, then you pay no HST
If your home is $500k, then you pay HST and have 75% rebrate on the first $400k and pay HST with no rebrate on the rest.

Is my understanding wrong?
So for the 270k units, there should have no HST?
Click to expand...
no. you got it wrong albert.
Everything is still up in the air right now, like what probey said.
The latest update is they are going to give you 75% rebate for new homes under $400k.
Whether they are going to give you an instant rebate like how land transfer tax for new buyer, or you pay first then they give you a rebate, that is still up in the air. Or, they could just simply exempt new homes under $400k. Nobody knows what is going to happen.
New homes over 500k pay full HST.
Go to CRA website if you want to check it yourself.
 
albertwong1 said:
Hi newhomebuyer,

If you compare the price of ultra when you buy your home last year, how much did it went up this year? I mean how much more I pay when I buy it now compare to when you buy.
Let's say the 665 16 - 21 floor. It is like 265 - 270k now with 20k off. How much was it back then?
Click to expand...
I didn't buy at Ultra nor Legacy.
I bought a unit at Emerald City. The price went up by $20k when I checked on Sunday.
 
newbuyer said:
no. you got it wrong albert.
Everything is still up in the air right now, like what probey said.
The latest update is they are going to give you 75% rebate for new homes under $400k.
Whether they are going to give you an instant rebate like how land transfer tax for new buyer, or you pay first then they give you a rebate, that is still up in the air. Or, they could just simply exempt new homes under $400k. Nobody knows what is going to happen.
New homes over 500k pay full HST.
Go to CRA website if you want to check it yourself.
Click to expand...

When I look at this site
http://www.suttonrealty.com/blogs/s...ct-new-and-resale-housing-in-toronto-gta.aspx

"The Cost for "New" Housing (not applicable to resale):
Under the new proposal, all price ranges would receive a 75 percent rebate on the provincial portion of the single sales tax on the first $400,000. up to a maximum rebate of $24,000.
For new homes under $400,000 therefore would not be subject to this additional new tax."
 
I just bought a unit at Ultra 1.5 weeks ago. At that time, they said they would be over 65% if everything from the previous 2 weeks sticks (noone cancels within 10 days).

It is 10 calendar days from the day the executed agreement is received (signed by the builder and purchaser receives a copy).

Schedule "T" of the agreement states that HST is included in purchase price as long as any government rebate is assigned to the vendor

The shuttle is for rush hour only as albertwong1 has indicated
 
Jin-N-Juice said:
I just bought a unit at Ultra 1.5 weeks ago. At that time, they said they would be over 65% if everything from the previous 2 weeks sticks (noone cancels within 10 days).

It is 10 calendar days from the day the executed agreement is received (signed by the builder and purchaser receives a copy).

Schedule "T" of the agreement states that HST is included in purchase price as long as any government rebate is assigned to the vendor

The shuttle is for rush hour only as albertwong1 has indicated
Click to expand...

does that mean the construction is a full go?
 
construction

When I was in the sales office. The sales told me that the construction of Ultra have not been started yet. All I see is a big hole on the ground.

So Jin and juice, when you got the unit 1.5 week ago. What kind of sales agreement did you get? I noticed some builder will ask the buyer to pay for the meter installation fee. However, I do not recall the sales (RoseMary) told me anything about it. So I assume it is included.

Do you think it is possible to ask for a delay in the last 2 installments for may be a month?

Also, I am interested in getting an assigment, just in case I need to sell it before the closing day. Did you get that?


Since you got the unit 1.5 weeks ago. I think you are subjected to the HST as well. I wonder how much cheaper is it to buy before June, 2009.
WHat unit you got? I am interested in 665. It got 20k off. I think it is a good deal. Do you got a locker as well? They said it worth $2500.



I just got a reply from the Sales Office. It is as following:
Me: I know some builder will ask the buyers to pay for the meter
installation fee, but I don't recall you mention anything about this to me.
So are those included already?


Them: IT IS IN THE AGREEMENT, SCHEDULE 'B', YOU WILL PAY
FOR THE INSTALLATION FOR THE METERING. THE BUILDER ASKS YOU TO
GET LEGAL REPRESENTATION TO REVIEW THE DOCUMENTATION FOR YOUR
UNDERSTANDING AS SPECIFIED IN SCHEDULE "D".


So did they tell you how much you are going to pay for the metering?
 
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argos said:
does that mean the construction is a full go?
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I sure hope so, but I dont know for sure because I didnt ask... Is there a certain quota they have to meet before they start? They were quite busy when I was there, there were a couple of agents there. Some people left disappointed because 557 was soldout.
albertwong1 said:
When I was in the sales office. The sales told me that the construction of Ultra have not been started yet. All I see is a big hole on the ground.

So Jin and juice, when you got the unit 1.5 week ago. What kind of sales agreement did you get? I noticed some builder will ask the buyer to pay for the meter installation fee. However, I do not recall the sales (RoseMary) told me anything about it. So I assume it is included.

Do you think it is possible to ask for a delay in the last 2 installments for may be a month?

Also, I am interested in getting an assigment, just in case I need to sell it before the closing day. Did you get that?
Click to expand...
I got a pretty standard agreement. Meter installation fee is in the adjustments section, amongst a bunch of other adjustment requirements. Meter installation fee is a requirement on other condo buildings my friends bought so I assume its a pretty standard requirement.
I only asked for a delay on the 2nd deposit, and got a month extra. Im sure you would be able to delay the last 2 deposits by a month no problem.
Monarch doesnt do assignment clause, so I couldnt get one.
 
metering fee

Hi Jin and Juice. Do you have an idea of how much the metering fee will be?
I think it is a good idea to put a cap on those charges.

The sales sales person said something about having to pay some HST if you are investor.

Me: About the HST. I remember you told me it is going to be taken care
of by the builder. So is it included in the price already? Do I need to do
any rebate afterward?


Them: IT IS THE RESPONSIBILITY OF THE BUILDER TO PAY HST.
IF YOU ARE AN INVESTOR THE HST IS NOT INCLUDED COMPLETELY. THERE
WILL BE MORE INFORMATION ABOUT ONTARIO'S NEW BUDGET IN TIME.
PLEASE REVIEW SCHEDULE 'T' WITH YOUR LAWYER.


What do they mean by HST is not included completely if you are investor. How to define investor or not? If I rent the unit to someone else, is it consider to be investor?
 
albertwong1 said:
Hi Jin and Juice. Do you have an idea of how much the metering fee will be?
I think it is a good idea to put a cap on those charges.

The sales sales person said something about having to pay some HST if you are investor.

Me: About the HST. I remember you told me it is going to be taken care
of by the builder. So is it included in the price already? Do I need to do
any rebate afterward?


Them: IT IS THE RESPONSIBILITY OF THE BUILDER TO PAY HST.
IF YOU ARE AN INVESTOR THE HST IS NOT INCLUDED COMPLETELY. THERE
WILL BE MORE INFORMATION ABOUT ONTARIO'S NEW BUDGET IN TIME.
PLEASE REVIEW SCHEDULE 'T' WITH YOUR LAWYER.


What do they mean by HST is not included completely if you are investor. How to define investor or not? If I rent the unit to someone else, is it consider to be investor?
Click to expand...

I believe there is a cap included in the agreement already for the meter. I cant remember what it is.

Schedule "T" says that HST is included in the purchase price if you assign any govt rebates to the builder. I cant answer your investor question. Im not an investor. Im planning to live there as my primary residence. Maybe that is how CRA determines if you get rebate or not.

You should probably go in and talk to Rosemary 1on1 and figure out what you can and cant work out. Then if you sign, definitely take it to your lawyer. Remember, you have 10 calendar days from the day you receive you executed copy of the agreement, which for me, is more like 2+ weeks. You would have alot of time to review the agreement with your lawyer.
 
Jin-N-Juice said:
I believe there is a cap included in the agreement already for the meter. I cant remember what it is.

Schedule "T" says that HST is included in the purchase price if you assign any govt rebates to the builder. I cant answer your investor question. Im not an investor. Im planning to live there as my primary residence. Maybe that is how CRA determines if you get rebate or not.

You should probably go in and talk to Rosemary 1on1 and figure out what you can and cant work out. Then if you sign, definitely take it to your lawyer. Remember, you have 10 calendar days from the day you receive you executed copy of the agreement, which for me, is more like 2+ weeks. You would have alot of time to review the agreement with your lawyer.
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How do you get the 2+ weeks?
10 days are not even 2 weeks....
I wish I have longer too. But they are asking me to pick up the executed copy already...
 
please note that the 10 days cooling off period starts counting only after the purchaser picks up the fully executed agreement from the sales office
 
Jin-N-Juice said:
Took a week to get the fully executed copy back
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I see. So after I asked for the 1 month delay in the last 2 installments. They will have to make another copy and it will take a week before I get it back. :)

Should I find a real estate lawyer to have a look at it? Or it is fine as is. Because my budget is tight :(

I just have a look at Emerald City's Floor Plan. I think the 1+1 is much better than that of 665 I am interested in.

My guess is if the subway is not extended, the Emerald City will appreciate faster than that of Ultra. Providing that Emerald City have direct access to Subway and 9' ceiling, $15k off.

However, the 665 have 20k off too, it is a great plus for my tight budget.
Also, it is further away from the rental apartment. I think it is going to be easier to rent the unit out too.

Any thoughts?
 
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