also does anyone know what the occupancy rate it?? i assume its done at a per sq ft rate......
 
AMol said:
also does anyone know what the occupancy rate it?? i assume its done at a per sq ft rate......
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seriously? you bought a condo and don't know how the occupancy fee will be calculated?
read your PSA docs ... all outlined there.
 
AMol said:
also does anyone know what the occupancy rate it?? i assume its done at a per sq ft rate......
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According to our contract:

"The occupancy fee shall be equal to the maximum amount permitted in section 80(4) of the Act."
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Section 80(A) of the act states:

4) If the purchaser assumes interim occupancy of a proposed unit or is required to do so under the agreement of purchase and sale, the declarant may charge the purchaser a monthly occupancy fee which shall not be greater than the total of the following amounts:

1. Where applicable, interest calculated on a monthly basis on the unpaid balance of the purchase price at the prescribed rate.

2. An amount reasonably estimated on a monthly basis for municipal taxes attributable to the unit.

3. The projected monthly common expense contribution for the unit. 1998, c. 19, s. 80 (4).
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#1: I have read elsewhere (can't find the source right now, but it was forums for another condo) that the interest percentage used is that of the mortgage rate from the Bank of Canada. I looked it up, and this rate is currently 5.14% on a conventional mortgage, which is what we all have since we all had to put 20% down. If you aren't familiar with how this works, the 5.14% applies to the whole year, not per month, so just find 5.14% on the amount you owe and then divide by 12. That will give you the monthly amount.

#2: If we go by purchase price (as there is no appraisal yet), then you can use the Toronto Property Tax Calculator to find this number for you. The number will most likely be LESS than what the calculator states, as condos pay less in these taxes than houses.

#3. Common expenses is outlined in your condo rules book that we received on purchase. Just look up your unit # in there and add extras if you have a storage locker and/or parking spot.

Add all three together and there you have it!

I hope this helps!

**EDIT** So this site states that the formula is based off a conventional 1-year mortgage rate, which is actually 3.34% right now. Hopefully this is true, as that would save some money on fees.
 
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menoly said:
According to our contract:



Section 80(A) of the act states:



#1: I have read elsewhere (can't find the source right now, but it was forums for another condo) that the interest percentage used is that of the mortgage rate from the Bank of Canada. I looked it up, and this rate is currently 5.14% on a conventional mortgage, which is what we all have since we all had to put 20% down. If you aren't familiar with how this works, the 5.14% applies to the whole year, not per month, so just find 5.14% on the amount you owe and then divide by 12. That will give you the monthly amount.

#2: If we go by purchase price (as there is no appraisal yet), then you can use the Toronto Property Tax Calculator to find this number for you. The number will most likely be LESS than what the calculator states, as condos pay less in these taxes than houses.

#3. Common expenses is outlined in your condo rules book that we received on purchase. Just look up your unit # in there and add extras if you have a storage locker and/or parking spot.

Add all three together and there you have it!

I hope this helps!
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thanks that helps.... got the email about said meeting today....... lets see.....few weeks left
 
looks good. first pic i was like WTF?? no drywall... was are you inspecting?? haha... how are the small things??? how long did they give you?
 
AMol said:
looks good. first pic i was like WTF?? no drywall... was are you inspecting?? haha... how are the small things??? how long did they give you?
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:) yeah - hopefully people read the labels.

Only a few small nicks and paint touch-ups required. Wasn't too happy with the height of the bathroom ceilings and the access panels in said bathrooms. Bathrooms are a little dark as a result but nothing some wall fixtures can't fix. I was surprised by the amount of sprinklers (recessed, with little circular caps), and I'll have to reimagine some placement for built-in cabinetry...but better safe than sorry I guess.

Generally the workmanship is good - don't know if there will be falloff in quality as they get through the other units. Millwork that was implemented is not as complex as was in the demo suite, and slightly off-plan in the laundry room, but nothing that can't be changed. Power, data and fixture placement is generally good. I wasn't able to see parking or storage lockers.

Occupancy date is the 17th - I plan on moving in a little after that.
 
i booked my elevator for June. lets see if i keep the date. did u get plans for the upgrades like for the cabinets in the shower?
 
Was anyone at the presentation last night? I had to leave early and wasn't able to see the end of the Property Manager's presentation. Would anyone be so kind as to sum up the ending of the presentation for me?
 
nothing major that i can recall. it was about an hour over and was alot of the same stuff. they should have taken more questions.
main points that i can recall.
- the truck allowed is 26ft
- one parking fob per spot
- 2 copies of all keys
- temp mail location (email was sent)
- move in day elevator stuff was basically you have two hours they will work in if you need extra time depending on the situation
- get proper insurance for you unit including upgrades
- dont install your own light fixtures or you WILL void the warranty
- dont paint or wallpaper for one year
his stuff also include things about when the building closes we will elect a board of directors for the condo.

as i said a lot of the same stuff they others said just in a different way.
many people where upset on the glass wall situation and was i but what can you do.
 
Thank you! That is very helpful.

Yes, the glass wall is a bit of a surprise, as I know I asked about this repeatedly at the beginning and was told by the sales people that it would be a "frosted glass door". They mentioned nothing about a glass wall, nor that frosting could not be done to the glass. I had wanted a swing door (normal door) instead, and they said no as the glass door was needed as per code. I just wish they had made it clear that it was a glass wall as well. Nothing in any of the plans that I was shown had a glass wall, or signified that the wall was different than any other wall in the condo. You would think they would have marked that different in the plan some how...

Oh well. It was interesting to see future neighbours at least!
 
menoly said:
Thank you! That is very helpful.

Yes, the glass wall is a bit of a surprise, as I know I asked about this repeatedly at the beginning and was told by the sales people that it would be a "frosted glass door". They mentioned nothing about a glass wall, nor that frosting could not be done to the glass. I had wanted a swing door (normal door) instead, and they said no as the glass door was needed as per code. I just wish they had made it clear that it was a glass wall as well. Nothing in any of the plans that I was shown had a glass wall, or signified that the wall was different than any other wall in the condo. You would think they would have marked that different in the plan some how...

Oh well. It was interesting to see future neighbours at least!
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I got there late, what's the deal on the glass wall vs frosted glass thing? Not sure what anyone's talking about on that one?
 
junior43 said:
I got there late, what's the deal on the glass wall vs frosted glass thing? Not sure what anyone's talking about on that one?
Click to expand...

For those who have bedrooms that are recessed in their condo (so bedrooms that are not against the outside of the building and thus do not have windows) these bedrooms still need a "window" to constitute as a bedroom by code.

How this is being done in our condos is that the bedroom wall facing towards the exterior of the building has bas been made into a clear glass wall with a glass sliding door. This voids any privacy for that bedroom as people in the rest of the house have a full view of the interior entire bedroom.

For an example check out Perry's photos above. It is the room beside his refrigerator.

People are upset because the plans led us to believe it was going to be a solid drywall with a frosted glass sliding door, not a clear glass wall with a clear glass door that offers no privacy.

As well, if we frost the glass ourselves within the first year of occupancy, we will void the warranty on the glass.

People aren't happy about the glass wall not be explicitly shown from the beginning.
 
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