Does any one have any idea about the interest for occupancy fee, not sure if we lucky that builder signed for fixed rate?
 
Yixin88 said:
Does any one have any idea about the interest for occupancy fee, not sure if we lucky that builder signed for fixed rate?
Click to expand...
Looking online, it seems the builder is permitted to collect interest on the balance of the purchase price (remaining 80% in most cases). The interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of July 2024, the interest rate is 7.74%. It's awful, I know.
 
Would anyone know when we would be entitled to compensation because of the delayed occupancy date? My final tentative occupancy date is now Nov 11, 2024.
 
TorontoOwner said:
Looking online, it seems the builder is permitted to collect interest on the balance of the purchase price (remaining 80% in most cases). The interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of July 2024, the interest rate is 7.74%. It's awful, I know.
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This is insane, one year seems the highest which also doesn’t drop as much as the actual interest cut.
 
Yixin88 said:
This is insane, one year seems the highest which also doesn’t drop as much as the actual interest cut.
Click to expand...
TorontoOwner said:
Looking online, it seems the builder is permitted to collect interest on the balance of the purchase price (remaining 80% in most cases). The interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of July 2024, the interest rate is 7.74%. It's awful, I know.
Click to expand...
I heard that Every Builder do not charge BOC 1 year conventional mtge rate.
Is anyone read agreement of Line 5 condo?
 
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