[Seesus]

Looking for input from UT users especially for those who did not cap their meter installation and other related charges !? Any one who got ripped off at the time of closing only for not putting a CAP at the time of signing agreement of purchase ? All input will be appreciated ? thx

 

[newbuyer]

I did cap mine. I'm not sure what would happened if you did not cap it.

 

[Seesus]

I did cap mine. I'm not sure what would happened if you did not cap it.

Thanks newbuyer, Great you got that capped, I am hearing this from quite a few new owners however the question stays as it is, Should you not have capped it, what risk are you exposed to. responses from buyers around who didint cap it would be interesting - i mean, how much of a difference are we talking by not capping? just to understand that capping @5000 (for instance) versus what amount ?

 

[AKS]

I don't know about the caps. I didn't realize metre installations cost that much? I paid $145+GST at closing for my unit at westone for metre installation. Has it risen that much?

 

[newbuyer]

Thanks newbuyer, Great you got that capped, I am hearing this from quite a few new owners however the question stays as it is, Should you not have capped it, what risk are you exposed to. responses from buyers around who didint cap it would be interesting - i mean, how much of a difference are we talking by not capping? just to understand that capping @5000 (for instance) versus what amount ?

Now you need to know that it is not $5000. $5000 is consist of 2 installation. I remember on my agreement there are 2 cappings. One is for water meter installation and the other one for something else. one is capped at $1500 and the other one is capped at $3500. Total of $5000 capping. I believe the water meter fee is capped at $1500 and the development charges is capped at $3500.

 

[Seesus]

Now you need to know that it is not $5000. $5000 is consist of 2 installation. I remember on my agreement there are 2 cappings. One is for water meter installation and the other one for something else. one is capped at $1500 and the other one is capped at $3500. Total of $5000 capping. I believe the water meter fee is capped at $1500 and the development charges is capped at $3500.

what would development Charges include ? and who controls the cost ? is it the builder ? if so wouldnt they have to explain to the buyers if different buyers will be charged seperately. I think there has to be a consice way to measure the cost allocation for development charges

 

[probey]

Now you need to know that it is not $5000. $5000 is consist of 2 installation. I remember on my agreement there are 2 cappings. One is for water meter installation and the other one for something else. one is capped at $1500 and the other one is capped at $3500. Total of $5000 capping. I believe the water meter fee is capped at $1500 and the development charges is capped at $3500.

For me and newbuyer, $1500 should be for water meter, hydro meter, and gas meter (not sure about that one, does condo use gas?). $3500 is for levies and other development charges. Keep in mind that these charges will all be subjected to the extra HST in the future, chances are the new tax will probably boost these number quite high.

I found a definition of levy from here, http://www.articlealley.com/article_511711_33.html which says:

"Development & Education Levy". This is often payable by the NEW homebuyer on closing. Development charges include things such as the collective cost of various neighbouhood features such as damaged sidewalks, installing new roads or street signs. Education Levy is sometimes imposed to help with the costs of neighbourhood schools, etc. These costs can range from $0 to upwards of $10,000, depending on the project. Be sure to consult with your lawyer to be sure these are “capped” at a specific amount to ensure a builder or the city does not unexpectedly raise it before closing.

Personally I don't think the levy will be that high, but having it capped will definitely give you a peace of mind.

 

[Josef]

I capped any charges that would occur from the city to $1900 dollars.

 

[AKS]

I capped any charges that would occur from the city to $1900 dollars.

wow that's really low. I paid a little over $2000 in development/education charges and closing was a few years ago. I think the charges would be higher than that in a few more years?