Now for those that don’t believe me. Let’s look at the stats from Statcan.

In the 2011 census, the Toronto CMA had a population of 5,583,064

In the 2006 census, the Toronto CMA had a population of 5,113,149

That’s a growth rate of 469,915 people in 5 years (or an average of 93,983 people a year).

If  93,983 people are moving into the Toronto CMA a year, we need well over 35,000 new units a year to satisfy that growth

— we make the assumption that there are 2.5 people per household (not everyone is going to live in your mom’s basement apartment) —

So let’s take a look at how many units are being delivered per year from our new construction market.

According Realnet

Almost spot on eh!!!! 35,000 units delivered to the 94,000 new people in the Toronto CMA

The thing we need to focus on is how much money an investor will make buying a condo today.

Remember to make some cash, take a disciplined approach to buying and do your research

When you compare the differences between buying a new condo and a resale condo, you’ll quickly see that you need to consider a lot more than just the pre-construction financing options. On top of that, you’ll also have to pay a land transfer tax, legal fees, a home inspection fee and more. Some closing costs are specific to new developments and our goal with this post is to leave you prepared for all of them, so you’re not surprised by any on closing day. Here are some of the closing costs you can expect to pay on a new condo in Toronto:

Home Inspection

Even though you’re buying a new condo, that doesn’t mean you should skip the home inspection. Your builder will provide you with a walkthrough before you take occupancy, but a Toronto home inspector can sometimes find things that you may not even know to look for. For example, your appliances may not be hooked up, hot and cold water lines could accidentally be switched, or sometimes an electrical outlet or two may not work. An experienced home inspector could charge up to $500 for an inspection, but this fee could save you time and money down the line.

Legal Fees

You might think that because your condo is brand new and comes with a number of warranties that you may not need to work with a real estate lawyer. Well, that’s not exactly what a real estate lawyer does. A Toronto real estate lawyer will oversee the entire transaction, ensuring that your rights are protected and that you understand each and every part of the agreement you are signing. Your lawyer will register all documents in your name, get title insurance in place, and facilitate the financial transaction on closing day. You should expect to pay at least $1,500 in legal fees and disbursements.

Land Transfer Tax

Whenever you buy property in Toronto, you are subject to not one but two land transfer taxes. First, you’ll have to pay Ontario’s land transfer tax. Then Toronto has it’s own municipal land transfer tax, which you will also have to pay for. Your land transfer taxes are calculated as a percentage of your new condo’s purchase price and can add up to tens of thousands of dollars. Fortunately, first-time homebuyers may be eligible for a full or partial refund of the tax.

HST

In Toronto, not only do you have to pay HST on services, such as your legal fees, you’ll also have to pay HST on the purchase price of your new condo. HST is 13 per cent in Ontario, so you can see how quickly this amount can add up. For example, if you buy a new condo for $425,000, you’ll have to pay an additional $55,250 for HST ($425,000 x 0.13 = $55,250). Before you worry about having to save up that amount on top of what you’re paying throughout construction, check with your builder to see if HST is included in the purchase price.

New Home Warranty Enrolment Fees

When you are buying a new condo, your occupancy date likely isn’t for several months after the date you decide to purchase. A new home warranty can protect you between the time you put down your first deposit and your occupancy date. In Ontario, special insurance providers offer warranties on new homes. The enrolment fee ($500-1,000) protects you from having to pay for any repairs, should your builder fail to build something to standard. Some builders will offer to include the enrolment fee in your purchase price, but many others don’t, so it’s a good idea to do your research before you move ahead.

Closing Thoughts

These are just some of the closing costs you can expect to be faced with, when you start looking at new condos in Toronto, but there are still others to consider, including development and educational levies, utility hook-up fees and more. No matter what closing costs you have to pay for, it’s important to do your due diligence and find out which ones your builder is including in the purchase price of your unit. Once you know that, you can begin to calculate what your final costs could be on closing day and budget for them ahead of time.

The Ten York pricelists will be out soon and the builder will be taking worksheets after Saturday.

Pricing for VIP is similar will be lower than what Maple Leaf Square are trading right now for resale and the buildings the same walkscore.

Look for the end user profile being executives and professionals working in the area. Maybe they are looking for a second residence close to work after they are pulling the late nights or someplace they could have their guests stay at. Your tenant pool will most likely come from executives looking for a hotel alternative.

So we have the following in favour of the project:

Cheaper than resale (some units at Maple Leaf Square on trading higher)

1. Great location
2. Lots of stuff to do around
3. Lots of employers in the area
4. Highly walkable area
5. 400 m away from the subway

If you are interested in this development, register with Inside Toronto Condos using the contact form below.

For those wanting a vibrant street life, the Church st corridor is home to an electrifying array of shops, restaurants and bars.

Development Potential: Medium

Development will mainly occur on the East-West Streets (Bloor, Charles, Wellesley) and on Church from Bloor to Charles in the Village. These buildings 15-35 storey towers, taller as you get closer to Bloor. Along Jarvis will be higher density as developers can build up to a 35 Storey tower on most of Jarvis going south almost to Adelaide.

Demographic Indicators

Market Information

Neighbourhood Vibrancy Factors

Restaurants

East Bloor Village has a lot to offer especially if you are looking to find great places to dine. Below you will find a table compiling all of the nearby restaurants you can expect to find while living in East Bloor Village

Sources 

Photo: Wyliepoom

18 Yorkville was completed in 2005 (started 2003), 18 Yorkville single-handidly turned a run down section into a place people now want to be. The buildings form a complex includes a splendid public square designed by landscape architect Janet Rosenberg.

Before you Decide to Buy a Yorkville Condo Check out demographic information here

18 Yorkville is comprised of three buildings: a 36-Storey Tower at the corner of Yonge and Yorkville, a 7Storey building on Scollard St, the Janet Rosenberg park and the historic Yorkville public library.

Designed by one of the best design build teams in the city (Great Gulf – Builders, Peter Clewes – Architect, and Cecconi+Simone – Interior designers), 18 Yorkville is a solidly built quality building. It’s no wonder it has had one of the fastest appreciation rates in the city.

General Condominium Information

18 Yorkville by Great Gulf Developments s is a Toronto high rise project and is part of the chic Yorkville neighborhood in Toronto

Developer	Great Gulf Homes
Address	18 Yorkville
District	C02 - Annex
Completion Date	2005
Maintenance Fee/ Sq. Ft.	$0.63
Approximate Price/ Sq. Ft.	$808.96
Interior Designers	Cecconi Simone
Architect	architects Alliance

Inside Toronto Condos will keep on updating this page and new information becomes available.

If you are interested in 18 Yorkville, register with Inside Toronto Condos using the contact form below

Desolate during the day with evenings from Thursday to Sunday jammed with drunken revelers made the area an inefficient use of valuable city land.  The city and community groups made a concerted effort to make lives difficult for club owners and encouraged other kinds of development in the area. Today the entertainment district is more diverse with new Residential, (Festival Tower, M5V, Boutique), new office space (The Score TV studios), and new daytime entertainment (Bell Light Box), and a lot less clubs.

Future Development Potential: High

The area is going through a massive redevelopment, one of the biggest in Toronto.  No parking lot is going to be safe and every property will be considered for a high rise development. The focus for the neighbourhood would be to create a mixed use community that is pedestrian friendly vibrant  (the area will be modeled after Time Square in New York and the Magnificent Mile in Chicago).  Since there are many historic and character buildings in the area, development in the Entertainment District will be tempered to keep these elements.

The Entertainment District revitalization is not just limited to redevelopment of buildings. The master plan calls for more public spaces, tree-lined streets,  pedestrian friendly sidewalks, better street lighting, in fact, John St (from David Pecaut Square to Dundas) will be known as Toronto’s cultural corridor.

Future development will be high as some sites allow for 25 to 60 storey towers

Demographic Indicators

Market Information

Neighbourhood Vibrancy Factors

Restaurants

Entertainment District  has a lot to offer especially if you are looking to find great places to dine. Below you will find a table compiling all of the nearby restaurants you can expect to find while living downtown.

Sources 

Photo: Wyliepoom

Future Development Potential: High

With little green space, The Bay St Corridor is open for the most intense development in the City. The neighborhood centres around University Ave, Bay St and Yonge St, streets where the city already has many of its tallest buildings. There are a number of intersections on Bay St and University Avenue that have no limits on heights (most protected areas in this neighborhood are the historic buildings on University Ave, City Hall and Old City hall on Bay St).

Demographic Indicators

Market Information

Neighbourhood Vibrancy Factors

Restaurants

Bay St Corridor has a lot to offer especially if you are looking to find great places to dine. Below you will find a table compiling all of the nearby restaurants you can expect to find while living in Bay St Corridor.

Sources 

Wyliepoon

Redevelopment plans and studies are being done on Yonge from Gerrard to Dundas and includes the work already done by Ryerson at the former Sam the Record Man site and Maple Leaf Gardens.

Future Development Potential: Medium

Cost of land and fragmented ownership will limit developers from assembling parcels to build upon, but expect projects that go in this corridor to be tall (i.e. 55+ Storeys)

Demographic Indicators

Market Information

Neighbourhood Vibrancy Factors

Restaurants

Church and Yonge has a lot to offer especially if you are looking to find great places to dine. Below you will find a table compiling all of the nearby restaurants you can expect to find while living downtown.

Sources 

Photo: DBKING, Loozrboy, John Vetterli

The Massey Tower pricelists are out and the builder is now taking worksheets.

Pricing for VIP is similar to what College Park is trading right now for resale and the buildings the same walkscore. Since Massey Tower is located at  197 Yonge  having a walkscore of 98 is more meaningful. Yonge St is the retail/tourism hub of Toronto and there is lots to do. Located near Ryerson, the Financial district and the Discovery District, owners who buy a unit in the tower will have no trouble renting their units out (furnished 1 bedroom apartments without parking at College Park rent for $3000 month).

Look for the end user profile being executives and professionals working in the area. Maybe they are looking for a second residence close to work after they are pulling the late nights or someplace they could have their guests stay at. Your tenant pool will most likely come from executives looking for a hotel alternative.

So we have the following in favour of the project:

Cheaper than resale (some units at College Park on trading higher)

1. Great location
2. Lots of stuff to do around
3. Lots of employers in the area
4. Highly walkable area
5. 400 m away from the subway

If you are interested in this development, register with Inside Toronto Condos using the contact form below.

Future Development Potential: Medium

The area will be considered more of a luxury area; as a result, future development will be pricier relative to other areas in the city. Density will be decent and will have 20-45 storey towers depending on the site.

Demographic Indicators

Market Information

Neighbourhood Vibrancy Factors

Restaurants

Yorkville has a lot to offer especially if you are looking to find great places to dine. Below you will find a table compiling all of the nearby restaurants you can expect to find while living in Yorkville

Sources 

Matthew Burpee,Wyliepoon, Sifu Renka