5800 Yonge St Condos
|Developer||Times Group Corporation|
|Address||5800 Yonge Street, Toronto|
|Neighbourhood||Yonge and Finch|
|Number of Storeys||44|
|Number of Units||1496|
About 5800 Yonge St Condos
Located on the west side of Yonge Street between Drewry Avenue and Hendon Avenue in the Willowdale neighbourhood, the site is well-serviced by public transportation and at present consists of a large 2-storey office building with surface parking formerly occupied by Toronto Hydro. Currently, the office building is used as a temporary Refugee Welcome Centre run by the City of Toronto.
Times Group is proposing to construct a new master-planned community consisting of 4 towers in two phases.
5800 Yonge St Condos Location
Purpose Built Rental Housing
- The proposed development includes a mix of housing tenure including purpose-built rental, which will support the need for rental housing in the area and the City.
- A new complete community would be fostered by providing a complementary mix of land uses, specifically, office, retail, residential, daycare, and a new public park.
- Increased housing close to public transit would be provided, making it convenient to get to various destinations.
- New opportunities for physical activity, recreation, and healthy lifestyles would be facilitated through the new public park, pedestrian-friendly roads, and cycling infrastructure.
- The site is approximately a 5-min walk to the existing Finch Subway Station, the Finch GO Bus Terminal and future stops for the Yonge Street Subway Extension, connecting people to destinations within the City of Toronto and beyond today and in the future.
- The new roads would provide better connectivity for drivers, pedestrians, and cyclists allowing easy travel through the site and the neighbourhood.
- Providing daycare space on site will make it easier for families who live, work and/or take transit close to the site.
- A new daycare space on site will contribute to the City’s vision to create more daycare space for children 0-4 years old.
Enhanced Public Realm
- The streets surrounding the new buildings will be lively and activated through street-level retail and streetscaping features such as street furniture, trees and plantings, all of which will maximize pedestrian activities.
- The new public park will provide an outdoor space for residents, employees, and visitors to enjoy.
- An additional public space that is owned privately will be an extension of the new public park providing additional outdoor space to enjoy.
Local Economic Benefits
- The new master-planned community would create about 418 new jobs related to the office, retail and daycare uses being proposed.
- Providing new and modern office space close to higher-order transit would make the site more attractive to companies looking for new space in the area.
- A mix of uses and proximity to transit services would benefit the existing and new local businesses in the area as it would increase foot traffic.
About the Developer
Times Group Corporation is one of the most successful real estate builders in the entire Greater Toronto Area. Their number one commitment is to quality, and it can be seen in everything they build. They have evolved throughout the years and in doing so have become one of the most decorated developers in the city, having won numerous awards. They are also a leader in building eco friendly developments and have taken significant strides towards a greener earth.
5800 Yonge St Condos FAQs
How do I reserve a unit in this project?
After you review the floor plans and prices, if you know what suites you are interested in, you may reserve a suite online using our online reservation worksheet form at https://truecondos.com/worksheet.
Does filling out the worksheet form mean I’m committing to buy a suite?
No it is not a formal commitment, it is an expression of interest and the first step you must take if you are thinking about getting a unit in this project.
What does it mean that Andrew la Fleur is a “Platinum Agent”?
Platinum agents are the top selling agents who get preferred status with developers and first access to new projects before regular agents and the public.
Andrew la Fleur has been a top-selling pre-construction agent since 2007, and during this time he has achieved platinum status with many of the top builders and sales companies in the Greater Toronto Area.
For more information on about Platinum agents see this article: https://truecondos.com/5-things-to-know-about-buying-a-condo-with-a-platinum-vip-realtor-real-estate-agent/
How does it benefit me as a buyer to work with Andrew la Fleur as my Platinum Agent?
Working with me as your Platinum agent gives you several benefits
- You get the highest level of access in the building
- You pay the lowest possible price for the unit (prices are typically increased significantly after the Platinum sales event)
- The best possible incentives
- I do not represent the builder. I represent you. You benefit from my expertise of being a top selling pre-construction agent and investor myself since 2007.
- Access to my personal network of mortgage brokers, lawyers, property management, HST rebate services, handymen and much more.
- My services to you as a buyer are free
Do I get a cooling off period? What is it for?
Yes, after you sign the contract to purchase a suite you will have a standard 10-day cooling off period. It’s 10 calendar days, not business days from the time you sign.
The 10 days are primarily for 2 things: 1) to have a lawyer review your contract with you if you wish and 2) to get a mortgage pre-approval letter
Do I need to have a lawyer?
You don’t need to have a lawyer at the moment that you sign the agreement, however I always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling off period.
Not sure who to talk to? Don’t worry – getting a lawyer is something I can help you with. Contact me for more details.
Do I need to have a mortgage pre-approval to buy?
95% of all builders will require you to provide them with proof of financing capability in order to purchase. This is not required before you sign a contract, but it is usually required within 60 days of signing.
Not sure where to begin? Don’t worry – getting a mortgage pre-approval is something that I can help you with. Contact me for more details.
Do the prices include HST?
If you are purchasing for yourself and plan to move in, then yes, prices include the HST and there is nothing you will have to pay at final closing.
If you are purchasing as an investment rental property, then you will have to pay approximately 7.8% of the purchase price as HST on final closing.
This money is remitted to the CRA and as an investor renting out your property you can apply to the CRA immediately to get this money back. It usually takes about 1 month to get your rebate back.
For more information on the HST, see here:
Contact me for more details.
What are my closing costs on a pre-construction condo?
Closing costs on a pre-construction condo will vary greatly depending on the actual purchase price of the unit you are buying, but it also depends on the builder, the city that you are buying in, and the type of unit that you are buying.
Roughly speaking in Toronto you can expect to pay approximately 3-5% of the purchase price in closing costs when purchasing a brand new condo.
Check out this article for more info on closing costs:
Contact me for more details
Are there any ‘hidden’ costs when buying a pre-construction condo?
No, there are no hidden fees when buying pre-construction condos because all fees must be disclosed in the agreement of purchase and sale. All purchasers have 10 days to review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need a lawyer to help you we can suggest to you to several expert law firms that will review your agreement in detail.
Is it possible to assign my condo? How much is the assignment fee?
Most condo builders do allow you to sell your unit before the building is complete. This projcess is called selling by “assignment”.
There is usually an assignment fee and a legal fee associated with selling. Costs can range from $1000-7000. Contact me for more details.