M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

[col. forbin]

good thing for anyone who bought before HST was announced, it will not apply on the purchase of your place. I bought in March of 2008 so HST does not affect me

 

[Joe Camel(Toe)]

although the sales staff who closed the deal with me kept trying to reassure me that it's not a ridiculous amount (whatever the heck that's supposed to mean....)

The sales staff have no control. Id love to see their face if you came back and said "well, you told me it wouldnt be a ridiculous amount" - they would send you to the lawyers and the lawyers would say "its in the purchase agreement, too late"

Whats a ridiculous amount? Probably less for you than a guy who makes couple million a year, right? Just my assumption.

Another instance where the sales staff blew smoke up peoples butts just for a signature on the agreement.

 

[Joe Camel(Toe)]

good thing for anyone who bought before HST was announced, it will not apply on the purchase of your place. I bought in March of 2008 so HST does not affect me

+1

 

[Joe Camel(Toe)]

Realtors are starting to dump investments - this is the second one Ive seen on MLS

http://www.realtor.ca/propertyDetails.aspx?propertyId=9332757

 

[I-Need-To-Know]

Bummer for me.

 

[I-Need-To-Know]

What comes standard in the bedroom? Carpet or hardwood?

 

[Joe Camel(Toe)]

What comes standard in the bedroom? Carpet or hardwood?

Why is it a bummer?

Carpet is standard in bedrooms. Laminate otherwise.

You still havent chosen a unit INTK?

 

[coldstudios]

My understanding is that the HST will apply to pretty much everything after July 1st of this year.

If you're in the lower floors and you move in before July1st you'll probably be lucky enough to avoid the HST affecting your closing costs. But anytime after that apparently everything from legal fees, to maintenance fees etc; will be affected by HST.

I did see a paragraph about the HST affecting purchases in the agreement as well. I think most purchases already included the GST, but not HST so unfortunately I have a feeling it will affect us closing after July 1st... However, there are rebates for purchases that are less than $400,000 so I recall my lawyer saying that it shouldn't be that drastic if your purchase is below this amount. But alas, this is all new so who really knows....

 

[coldstudios]

Yeah - this is the only thing that's really bugging me right now. You mentioned that you were able to get a cap? If you don't mind me asking, were you able to get a cap of a specific monetary value?

The 'existing levy' thing is so vague.... this coupled with the HST and mortgage rates rising is making me want to hurl. On the one hand, I can't wait to move in, but on the other hand I'm getting nervous about all of these unknown closing costs...

 

[gendercolonfemale]

Hi all!

I've been lurking around for a bit since I am very interested in purchasing a condo in this area. I am looking for 2 bedrooms with 2 washrooms. Does anyone know if there's any available suites left?

Thanks.

 

[Joe Camel(Toe)]

Hi all!

I've been lurking around for a bit since I am very interested in purchasing a condo in this area. I am looking for 2 bedrooms with 2 washrooms. Does anyone know if there's any available suites left?

Thanks.

Welcome, and LOVE the name, ha.

There is plenty available, but you need to look at when you want to move, price point blah blah blah. Have you gone into the sales office to speak with them?

 

[Joe Camel(Toe)]

Yeah - this is the only thing that's really bugging me right now. You mentioned that you were able to get a cap? If you don't mind me asking, were you able to get a cap of a specific monetary value?

The 'existing levy' thing is so vague.... this coupled with the HST and mortgage rates rising is making me want to hurl. On the one hand, I can't wait to move in, but on the other hand I'm getting nervous about all of these unknown closing costs...

I have no clue what the numbers are, Im sure I have it at home, but I do remember going back and forth between my lawyer and theirs regarding capping items.

 

[GPalltheway]

Hey guys. I'm new to the forum and have given this thread a quick read through. I just recently bought an 8th floor unit in M1, but I didn't buy from the builder directly. I bought from someone who had already bought from the builder. I don't think they were investors, I think they just couldn’t come up with the cash to close and had to sell.

The original P&S agreement with the builder states that the price is inclusive of GST and that the GST rebate that the purchaser is entitled to must be assigned to the builder, and if the purchaser is not entitled to it (i.e. they’re an investor) the purchaser must pay the builder this amount upon closing. I’m still trying to figure out if I would qualify for this rebate as I’m not the original purchaser. Has anybody come across this situation and knows whether I would qualify? My lawyer doesn’t think so but the original purchaser’s lawyer thinks I would. Also, did you guys have to apply for the GST rebate when you signed the original P&S agreement?

Thanks for the help!

 

[GPalltheway]

Also, HST will not apply to anyone who enters into a purchase agreement prior to July 1, 2010. You get grandfathered in and will only have to pay 5% GST, not 13%, regardless of how much you are paying for your unit. This is just for GST/HST on the purchase of the condo, all other costssuch as lawyer fees, etc., will charge HST.

See http://www.grantthornton.ca/resourc...nal_Rules_for_the_Housing_Industry_July_6.pdf.

 

[Joe Camel(Toe)]

Hey guys. I'm new to the forum and have given this thread a quick read through. I just recently bought an 8th floor unit in M1, but I didn't buy from the builder directly. I bought from someone who had already bought from the builder. I don't think they were investors, I think they just couldn’t come up with the cash to close and had to sell.

The original P&S agreement with the builder states that the price is inclusive of GST and that the GST rebate that the purchaser is entitled to must be assigned to the builder, and if the purchaser is not entitled to it (i.e. they’re an investor) the purchaser must pay the builder this amount upon closing. I’m still trying to figure out if I would qualify for this rebate as I’m not the original purchaser. Has anybody come across this situation and knows whether I would qualify? My lawyer doesn’t think so but the original purchaser’s lawyer thinks I would. Also, did you guys have to apply for the GST rebate when you signed the original P&S agreement?

Thanks for the help!

You apply for the rebate at closing, your lawyer should have that info. They are trying to charge me an extra 200 to fill it out for me.