Upside Down + Fuse Condos (Channington/Brownstone, 14s x2, 26s x2, Burka)

I got my letter today. Move in date is March 1. I'm on the 11th floor and bought in 2009.

Needless to say, I am bummed out about the 2.5 extra months I have to wait :/
 
I was one of the first people who purchased - in August 2008.

I'm on the 5th floor... no official move in letter as of yet.
 
hatfield said:
Did you get one a few months ago that says Dec 14th?
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Yeah. And I spoke to Amy today and was told that the Dec 14 (she said 15th) letter is my notice... that I will not receive any other letters... and they're working on getting me in for Dec. 15th.

I wish they could delay once more time... even just until after Christmas. Seems like a lot to deal with (lawyers, inspections, etc.) right around the holidays. Not to mention the whole moving thing. Though I live at the Standard Lofts (and have for 5 years) and it's not a far move at all...
 
Does anyone know about how the occupancy period works? Like how is the 'rent' that we pay determined, and do we have to get our own hydro accounts before moving in or is that included during occupancy?
 
hatfield said:
Does anyone know about how the occupancy period works? Like how is the 'rent' that we pay determined, and do we have to get our own hydro accounts before moving in or is that included during occupancy?
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I found this article a while back: http://www.ottawasun.com/2011/05/27/understanding-condo-registration which has some helpful info.

This is what it says about occupancy fee:
When you move in, you have to pay an occupancy fee to the developer until such time as the condominium
corporation is officially registered. This fee is determined by the interest portion of the balance owing on the purchase price (usually payable on the registration date) based on a one-year mortgage rate of the Bank of Canada, plus the estimated maintenance fees for the suite, plus its portion of the estimated real estate taxes.
 
Sangrael said:
I found this article a while back: http://www.ottawasun.com/2011/05/27/understanding-condo-registration which has some helpful info.

This is what it says about occupancy fee:
When you move in, you have to pay an occupancy fee to the developer until such time as the condominium
corporation is officially registered. This fee is determined by the interest portion of the balance owing on the purchase price (usually payable on the registration date) based on a one-year mortgage rate of the Bank of Canada, plus the estimated maintenance fees for the suite, plus its portion of the estimated real estate taxes.
Click to expand...

I also found this link helpful if you want a concrete example of how the math works so you can apply it to your own situation:
http://www.movesmartly.com/2008/12/interim-occupancy-fee-aka-phantom-rent.html

From the article:

"The largest part of the interim occupancy fee or ‘phantom rent’ is the interest on the unpaid balance of the price of the unit. As an example, if the purchase price for your unit is $300,000 and you have paid $50,000 in deposits at the time of interim occupancy, this means you still owe $250,000 to the developer to buy your unit. Roughly, interest at 6% on this unpaid balance will result in a monthly payment of $1,250. That amount is strictly interest on the unpaid balance owing, it does not include the estimated common expenses or the estimated realty taxes."


Now, interest rates are quite a bit lower since that was written (around 3.1% currently) so you could just about halve the amount in the example above to $645/month ($250k x 3.1% / 12 mths). When you add in condo fees (~$250/mth or $0.36/sq ft) and taxes ($200), you'd be looking at a total Occupancy Fee of about $1,100. This is just a guideline of course, but it gave me a better idea of what to expect.

Cheers!

Aw heck, while I'm at it, here's the City of Toronto property tax calculator: http://wx.toronto.ca/inter/fin/tax.nsf/tax?openform
 
It's annoying that when we purchased the condo fees were listed as $0.26/ft but now we are being told that they are $0.36/ft. I know condo fees can be raised, but before we even move in? Not fair. Is there any way to dispute this at all??
 
You will pay what is in your purchase agreement. It may have changed in 2009 vs 2010 vs 2011 etc. It is guaranteed for the first year of occupancy, and then it can be raised after 12 months.
 
hatfield said:
You will pay what is in your purchase agreement. It may have changed in 2009 vs 2010 vs 2011 etc. It is guaranteed for the first year of occupancy, and then it can be raised after 12 months.
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When having my interim occupancy fees estimated by the sales office they did the calculations at $0.36/ft. When I said that they were $0.26/ft I was told that back at signing only GST existed and with the new HST it makes it $0.36/ft. Mathematically that doesn't make sense.

Do you see your condo fee amount specified in your purchase agreement? If so can you please let me know which section? I skimmed mine briefly and don't remember seeing it there, which is a reason I figured that I'm screwed and have to pay the $0.36 (though will be talking to my lawyer).
 
MED said:
When having my interim occupancy fees estimated by the sales office they did the calculations at $0.36/ft. When I said that they were $0.26/ft I was told that back at signing only GST existed and with the new HST it makes it $0.36/ft. Mathematically that doesn't make sense.

Do you see your condo fee amount specified in your purchase agreement? If so can you please let me know which section? I skimmed mine briefly and don't remember seeing it there, which is a reason I figured that I'm screwed and have to pay the $0.36 (though will be talking to my lawyer).
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Section 9.01 (a) (ii) states the Occupancy fee information, but it does not contain specific reference to the common expense sq. ft rate. It does mention that the fee "...may be revised by the Vendor, from time to time..." Probably best to ask a pro.

And don't forget parking & locker mtce if you have those...that's another ~$40/mo. Zoinks.
 
Does anyone know whether everyone has to have moved into the building, and the building completely finished before the builder can get it registered? It's only once the building's registered that we gain possession.

Given that the second wave of tenants won't be moving in till March (possibly April?), does that mean that the building may not be registered till May/June?
Would appreciate anyone shedding light on that - thanks
 
I think the last wave is March 1 (I'm in the last wave). I believe first wave is Dec and is there a second wave floor 10 and below? If so, that is probably February.


Hey did anyone get a call about lawyer information?
 
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