Time and Space Condos (Pemberton) - Real Estate -

[Hua-er]

I have a question here. As developer is holding our deposit. Those deposit will generate interest since last year we have much higher interest rate. I know those interest we earned will count into our closing process, however, should we receive T5 for this interest as we are claiming 2022 tax right now .

 

[Kama]

For the Occupancy period before Closing, it looks like there's a Interim Occupancy Fee charged that's comprised of a few things, one being the interest on the unpaid balance. Does anyone know what interest is typically used? Is it based off of the prime rate?

I asked Pemberton about charges during the interim occupancy period, and they told me that the payment schedule is not ready yet.

A related question.

Is it possible to put extra cash against the principle at the firm occupancy date? Beyond forth installment of the 20% deposit that has to be paid by the contract?

 

[Kama]

I asked Pemberton about charges during the interim occupancy period, and they told me that the payment schedule is not ready yet.

A related question.

Is it possible to put extra cash against the principle at the firm occupancy date? Beyond forth installment of the 20% deposit that has to be paid by the contract?

More on this topic:

• The interest rate on unpaid balance is usually close to the 1-year Mortgage interest rate posted from Bank of Canada (according to the Internet too)
  
  
• The balance could be paid in full (according to the Internet too)

 

[DSC]

A fairly large number of Units in T&S are now starting to appear for sale on MLS.

 

[Kama]

A fairly large number of Units in T&S are now starting to appear for sale on MLS.

30-year mortgage at 3% of 500K, as in 2018, will cost 759K.

30-year mortgage at 7% of 500K, as now, will cost 1198K or 439K extra

If Pemberton did not unload its apartments, more to come.

 

[Szbjsh]

30-year mortgage at 3% of 500K, as in 2018, will cost 759K.

30-year mortgage at 7% of 500K, as now, will cost 1198K or 439K extra

If Pemberton did not unload its apartments, more to come.

I think those are assignment sales by private purchasers, not Pemberton. It's normal that lots of assignment sales go onto the market before final closing for pre-cons.

 

[Kama]

I think those are assignment sales by private purchasers, not Pemberton. It's normal that lots of assignment sales go onto the market before final closing for pre-cons.

One would need a permission from the builder to do an assignment sale. This must an indication that Pemberton indeed sold all units. Interesting, how successful all these assignments sales would be under the current economic conditions.

 

[Electrixsun]

One would need a permission from the builder to do an assignment sale. This must an indication that Pemberton indeed sold all units. Interesting, how successful all these assignments sales would be under the current economic conditions.

They may not be as desirable as you think right now. It is far costlier to complete an assignment sale since May 2022 when a new assignment rule came into effect. These new assignment sales are subject to HST in Ontario. Sellers are likely listing at a discount because of this. Prices will likely go way up on units after condo registration to reflect this assignment tax.

New Assignment Rule 2022 – 13% HST in Ontario​

New Assignment Rule 2022

New Assignment Rule 2022 Pre-construction assignment sales of homes or condos are now subject to 13% HST in Ontario.

condopundit.com

 

[CDH]

Is anyone else on this forum an owner of an Electric Vehicle? I have been trying to figure out why Pemberton is making it so hard for me to install Level 2 charging in the Time & Space parking garage. Their last quote to me was over $16K!!!!. I am also trying to figure out how & where to get my Software Updates, since that typically requires WiFi access.

 

[CDH]

Another question... Is anyone else pissed off with the recent announcement of eliminating visitor parking within the Time & Space garage? Now our visitors have to use nearby paid parking.

 

[Kama]

Another question... Is anyone else pissed off with the recent announcement of eliminating visitor parking within the Time & Space garage? Now our visitors have to use nearby paid parking.

Converting visitor parking spaces into a private garage sounds like a reason for a lawsuit. Pemberton claims it is not a “material change”.

 

[DSC]

Converting visitor parking spaces into a private garage sounds like a reason for a lawsuit. Pemberton claims it is not a “material change”.

You should talk to the City as the construction permits and approvals normally specify exactly how many visitor parking spaces one must have.

 

[DSC]

Is anyone else on this forum an owner of an Electric Vehicle? I have been trying to figure out why Pemberton is making it so hard for me to install Level 2 charging in the Time & Space parking garage. Their last quote to me was over $16K!!!!. I am also trying to figure out how & where to get my Software Updates, since that typically requires WiFi access.

The answer is simple. Because they can do this, you are at their mercy. It MIGHT be cheaper once the Condo Corporation is established as the Condo Act sets some rules.

 

[DSC]

Another question... Is anyone else pissed off with the recent announcement of eliminating visitor parking within the Time & Space garage? Now our visitors have to use nearby paid parking.

I checked this with the Councillor's Office and it appears they have NOT eliminated all Visitor Parking.

Under the approval by-law they were (and are) obliged to provide 58 visitor parking spots.

They initially planned to have 107 but have now reduced this to 91. Not as many as advertised but more than the minimum required.

Hope this helps (and is correct!)

 

[CDH]

I checked this with the Councillor's Office and it appears they have NOT eliminated all Visitor Parking.

Under the approval by-law they were (and are) obliged to provide 58 visitor parking spots.

They initially planned to have 107 but have now reduced this to 91. Not as many as advertised but more than the minimum required.

Hope this helps (and is correct!)

It does. Thanks.