agree with Redroom and w.ll.am 100% per cent...right now you have a winning lottery ticket in your hand...why would you want to throw it away?
 
Pardath said:
That's a very bold statement for not even bothering to look up the numbers. I'm not saying I agree or disagree I just don't think its much of a sales pitch without numbers to back it up. Historically these towers are built largely on speculators that believe by the time years pass and the tower is completed it will be worth more then what they paid during construction.
Click to expand...

I see from your comment that you are new in town.
Welcome to Toronto.
If you are student of historical data then no doubt if you have done some research and are aware of the fact that this is the year 2010 and the year 2005 was 5 years ago. You are probably aware that virtually any project completed or in the process of being completed has increased approx.to ..

.. wait for it ...

about 80 -100% in that time period.
Granted, it could be argued some have done a little less, but others have done better. However, the days of 275- 300 /sq. foot have gone the way of the buggy whip.
Speculation? Absolutely! Life is speculation. Despite what you may have been told, it's not a dirty word. Drive down any downtown street and look up at all the new buildings. People LIVE there! If they are not happy about the fact they 'speculated' years ago and made the personal commitment to buy a their little place in the sky, then their landlord sure is.:)
 
Thanks all for your feedback. I did look at the original price psf and it was $512 psf. The newest prices I saw at the groundbreaking were in the mid $600's psf, so that's definitely a gain. I also talked to my real estate agent about it and he pointed out that he had got me one of the 'rare' west facing units with an unobstructed view of the CN tower which apparently sold out the first day (I bought the first day) and I also got a parking spot on the only day that parking spots were available for units as small as mine (630 sq ft). The next day they changed the policy so only units 700+ could buy parking. So he says I have a really rare and well position unit at a great price that you can't get anymore and I now think it would be stupid to send it back.
 
The price psf at M5V is 650 (I was just in the sales centre) and the Festival Tower is apparently at $850 psf. I don't know if there's really a comparable tower in St. Lawrence Market because L is significantly taller than the other condos and still is a pretty unique design, even without the toe.
 
riley said:
The price psf at M5V is 650 (I was just in the sales centre) and the Festival Tower is apparently at $850 psf. I don't know if there's really a comparable tower in St. Lawrence Market because L is significantly taller than the other condos and still is a pretty unique design, even without the toe.
Click to expand...

Attta boy Riley!
Glad to see you gave yourself a good shake.
As someone else above said, you do have a winning lottery ticket in your hands.
By the sounds of the description of your unit, you truly have gem. The west facing view is fabulous. ( hope you are higher than the Post Office building)
Hang tight. By the time the day arrives when you walk through your front door, you are going to be grinning from ear to ear.;)
 
Jaguar4u said:
You and I both :D

We really need to celebrate when we actually move in. I think we got the same unit :)

Sold out first day. Most popular 1+1 facing West. I am on the 50th.

Time is moving so slow now :( but I have a feeling when they finally get started, it will go up at a solid pace.
Click to expand...

Hey Jaguar, we should totally celebrate! I think we may indeed have the same unit, but you're higher than me, I'm on the 24th floor. the view from the 50th should be incredible.
Usually the digging and foundation seems to take the longest time, and then the tower part goes up fast. However if there's not underground parking for us, then maybe the digging part won't take as long. However, the tower part is also all curvy and the floors are different shapes and sizes, as opposed to the traditional rectangle towers where each floor can be replicated quickly, so that might drag it out a bit too. Anyways, it will be exciting to watch it go up.
 
Amendment of Purchase

Does anyone know if by signing the Amendment of Purchase and Sale document (required to amend the unit number as well as the Occupancy Date) the new HST provisions are triggered on closing?
 
tampabay said:
Does anyone know if by signing the Amendment of Purchase and Sale document (required to amend the unit number as well as the Occupancy Date) the new HST provisions are triggered on closing?
Click to expand...

I never received an amendment. My lawyer was sent a letter stating the new closing date, and when I asked him if I had to sign anything he said there was nothing to sign. In terms of the HST provisions, someone told me that they are triggered based on when you close, not on when you sign your paperwork, so we're stuck with it regardless.
 
Not on close
Generally, as part of the transitional rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
Click to expand...
(Source: truecondos.com)

Under the proposed grandfathering rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 (i.e., grandfathered homes) will not be subject to the provincial portion of the HST where both ownership and possession of the homes are transferred after June 2010.
Click to expand...
(Source: KPMG)
 
PinkLucy said:
Not on close
(Source: truecondos.com)

(Source: KPMG)
Click to expand...

Well that's a relief. But to reiterate tampabay's question, what if there was an amendment signed? Does the amendment date take the place of the original agreement of purchase and sale date?
 
Not sure about amendments.
Also, I was looking for this CRA info and found it in another thread (HST has been discussed a few times on this forum)
Where a written agreement of purchase and sale for a newly constructed or substantially renovated detached
house, semi-detached house, attached house, residential condominium unit or condominium complex was
entered into on or before June 18, 2009, the sale would generally be grandparented if both ownership and
possession of the housing transfer to the purchaser, under the agreement, after June 2010. In this case, the
provincial part of the HST would not be payable on the sale. Only the federal part of the HST would apply,
i.e., the sale would be subject to the GST at 5%.
While a grandparented sale of housing is not subject to the HST, the builder would be required to remit a
transitional tax adjustment if the construction straddles the July 1, 2010 implementation date and the
construction is less than 90% complete as of July 1, 2010.
Click to expand...
Source: http://www.cra-arc.gc.ca/E/pub/gi/notice244/notice244-e.pdf
 
Source: http://www.rev.gov.on.ca/en/notices/hst/02.html

Grandparenting
Written agreements before announcement of transitional rules

Generally, sales of newly constructed or substantially renovated homes under written agreements of purchase and sale entered into on or before June 18, 2009 would be grandparented, such that these sales would not be subject to the provincial portion of the single sales tax where both ownership and possession of the homes are transferred after June 2010.​

Thank you for your comments/responses. It is my understanding as well (see above) that the provincial portion of the HST is not applicable for purchase agreements entered prior to June 18, 2009.

However, my original question remains unanswered: "Does anyone know if by signing the Amendment of Purchase and Sale document (required to amend the unit number as well as the Occupancy Date) the new HST provisions are triggered on closing?" Has anyone signed and returned to the developer said document?
 
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