Ahwil said:
If you received the document, is it true that they wint delay anymore?
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I think so. My lawyer asked me to prepare the bank draft (it includes First month's prorated occupancy fees). And also 12 post-dated cheques payable to Ivy starting from Mar 1, 2024.
 
Can anybody get inside the building to take some pictures of the lobby and other facilities? Thanks!
My occupancy is on Feb 15th but I am highly suspect if everything is completed and ready for use.
 
Hi folks and some of you future neighbors...

I'm occupying on Feb 20, so see y'all soon.

choudan said:
My "FIRM" occupancy date has been delayed from January 26 to February 15.
I highly suspect that it will be delayed again, because the building and the public space inside it appear far from completion.
What do you guys think?
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Typical scenario for new builds. Common areas/elements and amenities won't be ready at occupancy. Be prepared for lots of ongoing construction and trades over the upcoming months. I believe they won't bother even putting in finishing (wallpaper, carpet, etc) until the trades are all done - in case of damages during the occupancy/deficiencies phase.

Lambda1221 said:
12 post dated cheques. Does that mean one-year for the closing?
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Standard practice to ask for 12 cheques - they will finish occupying the building (from bottom to top), and then register the building. When that is complete, they will prepare for the final closing. Based on my occupancy and the floor I'm on, I suspect they'll probably be the early summer when they finish occupancy and then add three to six months for final closing. But from what I understand, builders are somehow incentivized (if anyone has an explanation, I'd love to hear the theory) to get their final close done ASAP. To your comment - it can be a year, or more or less. Hopefully sooner than later. (If they go past the 12 months, they'll send you a request for more cheques). Totally out of our control at this stage.

Lambda1221 said:
Lobby pic. It was taken on Feb 5th when we did our PDI.View attachment 538884
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Already looks better than when I did my PDI mid Jan.

wayne2023 said:
My monthly payment is monthly common expenses +realty Taxes + interest on Deferred purchase monies = over $ 3000😰
What about you guys
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Think I'm around $2400. The posted 7.84% rate is killer. Monthly common expenses are really high as well - 88 cents psf. Way different from back in the day where builders advertised at 65 cents psf. Still waiting to see the builders budget statement - they were delayed at my signing session with the lawyer. And this is (probably) not including the recently announced property tax increase. Plug in a better interest rate (5 year variable instead of a 1 year for example) and you'll get an idea of your future carrying cost.

Cheers

PS: I just went back to my price sheet when I bought the project in 2017, and it was quoted for 0.56 psf... lmao
 
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