Panorama Condos (Concord CityPlace) - Real Estate -

does anybody know the final closing schedule

Does anybody know when will be the final closing for units in panaroma. By the way, their rush to build this building is to avoid HST.
 
Do builders have to pay the HST on the subcontractors even if the project was planned way in advance? That would seem counterintuitive considering the purchasers don't have to pay for it.
 
Hst will affect purchasers and since their prices was not including HST it mighy cause a lot of complications thats why the builder is trying to occupy everybody before july 1. Also, you dont need a lawyer fo r PDI but sure you want one for occupancy. Keep in mind that some builders require the buyers to let the them know about their lawyer one or two month before occupancy and if not they charge a penalty . I'm not sure what's in your contracts.
 
do you mean HST will affect those who have already purchased at Panorama? Because it won't ... if the agreement was signed before a certain time (June 2009?) there is no HST implication.
 
Hst will affect purchasers and since their prices was not including HST it mighy cause a lot of complications thats why the builder is trying to occupy everybody before july 1. Also, you dont need a lawyer fo r PDI but sure you want one for occupancy. Keep in mind that some builders require the buyers to let the them know about their lawyer one or two month before occupancy and if not they charge a penalty . I'm not sure what's in your contracts.

Hst will not affect any purchase and sale agreement entered into before June 18, 2009 (which would be the VAST majority for this project). It also doesn't affect any purchase and sale agreement that closes before July 1, 2010 - so this could potentially affect people who've bought in the last 10 months, but I would guess that's very few. It would, of course, help people with their closing costs as legal fees will come under the new tax but unless it's their own legal fees they're worried about, I would doubt the developer cares much for the legal fees of the purchasers.
 
simuls: i think it's the occupancy date and not the closing date that determines if you will be subject to HST or not (if you bought new in the past 10-months). can you confirm?
 
As per discussions in other threads, from CRA (http://www.cra-arc.gc.ca/E/pub/gi/notice244/notice244-e.pdf)
Where a written agreement of purchase and sale for a newly constructed or substantially renovated detached
house, semi-detached house, attached house, residential condominium unit or condominium complex was
entered into on or before June 18, 2009, the sale would generally be grandparented if both ownership and
possession of the housing transfer to the purchaser, under the agreement, after June 2010. In this case, the
provincial part of the HST would not be payable on the sale. Only the federal part of the HST would apply,
i.e., the sale would be subject to the GST at 5%.
While a grandparented sale of housing is not subject to the HST, the builder would be required to remit a
transitional tax adjustment if the construction straddles the July 1, 2010 implementation date and the
construction is less than 90% complete as of July 1, 2010.
 

Thanks PinkLucy, but what if the agreement was signed after the June 18, 2009 date and if the condo was interim occupied prior to July 1, 2010, would this unit (based on the occupancy) not be subject to HST? Or, does the Final Closing (title transfer) have to happen prior to July 1, 2010 for HST to not be applicable?

From my understanding, it is the occupancy of the unit and not the final closing of the unit.
 
"Where a written agreement of purchase and sale for a newly constructed or substantially renovated detached
house, semi-detached house, attached house, residential condominium unit or condominium complex was
entered into on or before June 18, 2009, the sale would generally be grandparented if both ownership and
possession of the housing transfer to the purchaser, under the agreement, after June 2010."

It must be ownership, possession doesn't count. If you bought after June 18 and do not have your final closing (meaning you have your mortgage and title to the property), then your unit will be subject to HST and this will probably be added to your closing costs. This is all completely moot if your unit is less than $400 000 as the HST doesn't really apply under that barrier.
 
yeah, I was forgetting that he was asking about purchasing AFTER June 18/09.
 
What do you think about Panorama as an investment? at $450 psf on the 7th floor facing north, no parking. the unit has 486 sq ft for $219k with locker. 9 ft ceilings, beautiful finishes. My only concern is the highway but you do not hear anything when you are inside the unit. thoughts/comments?
 

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