[BBURN]

How are Development and Levy Fees calculated for condos purchased pre-construction in Toronto when the building registers?

 

[AKS]

How are Development and Levy Fees calculated for condos purchased pre-construction in Toronto when the building registers?

development and other fees that are charged to the builder are already built into the cost of your unit when you purchased.

However if you mean condo closing costs. There are quite a bit.

occupancy fees
common expenses
reserve fund
performance audit
reserve fund study
site review
realty taxes
educational development charge
increased development charges
installation of meters
deposit administration fee
tarion warranty
status certificate
LPIC

 

[BBURN]

development and other fees that are charged to the builder are already built into the cost of your unit when you purchased.

However if you mean condo closing costs. There are quite a bit.

occupancy fees
common expenses
reserve fund
performance audit
reserve fund study
site review
realty taxes
educational development charge
increased development charges
installation of meters
deposit administration fee
tarion warranty
status certificate
LPIC

Thanks. Yes, this is what I was referring to. I am thinking of buying pre-construction, but how do you calculate all these costs?

 

[AKS]

Thanks. Yes, this is what I was referring to. I am thinking of buying pre-construction, but how do you calculate all these costs?

you don't. The builder's lawyer will do it at the end and give the invoice to your lawyer to bill you.

 

[BBURN]

you don't. The builder's lawyer will do it at the end and give the invoice to your lawyer to bill you.

Really? This doesn't seem fair to be a surprise at the end. How much are these fees typically? Is there a rule of thumb, like a percentage of the selling price?

Thanks.

 

[AKS]

Really? This doesn't seem fair to be a surprise at the end. How much are these fees typically? Is there a rule of thumb, like a percentage of the selling price?

Thanks.

looking at my documents, some fees are divided among the number of units.

For example:

reserve fund can be any amount between 1 to 3 months of your maintenance cost.

The following are a percentage of the number of units shared. The following numbers are examples. Each building will have different costs and cost might vary depending on cost charged and number of units and size of your building.

performance audit (eg. Purchaser' share 0.1662% of $22,050)
reserve fund study (0.1662% of $5,513)
site review (0.1662% of $78,306)
realty taxes (0.1662% of 225,333.24)


I don't know how the following are calculate:

educational development charge
increased development charge
deposit administration fee
tarion warranty
LPIC

Hydro meter cost $145+GST (this price might change)
Status certificate $100