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DOWNLOAD FLOOR PLANS AND PRICES

LOCATION

FREQUENTLY ASKED QUESTIONS

What is the difference between Artworks condos and Dueast condos?

Artworks is located just east of Dueast condos at the northwest corner of River and Dundas street. Just like Dueast, Artworks will consist of 2 towers (a taller tower on the east and a shorter tower on the west) connected by a podium.

Dueast launched originally in fall 2017 for the main west tower, Dueast Boutique (the shorter tower) launched in Spring 2018.

Artworks is expected to launch in October 2018.

When will floor plans and Prices be Released for Artworks condos?

Floor plans and prices will be released on October 10th, 2018. Because you have signed up with us, you will be first to receive them when they do.

You will be able to download all the files on this page, so bookmark it now, and check back often for more updates as we get closer to the release!

When do sales begin for Artworks condos?

The One-Day-Only Platinum sales event for Artworks will be happening on Saturday October 20th 2018.

 

This is your very first opportunity to purchase a suite in this building.

 

IMPORTANT: In order to purchase a suite on this day, you must have one allocated to you in advance and have your appointment time booked and confirmed for this day.

I’m interested in buying a suite at the Platinum sales event, what do I do?

The people buying suites at the Platinum sales event (1st event) will be those who have been pre-allocated a suite.

They will come on the sales day already know exactly what suite they are buying and what the price is. They will have a specific appointment time to come and sign.

In order to get a suite allocated to you, you must first submit a suite reservation form (“Worksheet”) by going here.

Note: Demand is very high. Not everyone who submits a worksheet will get allocated a suite. For tips on how to increase your chances of getting a suite, keep reading below.

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.

Will the building sell out in 1 day?

Probably yes.

For the previous 3 buildings that were released in Regent Park, everything that was released was sold out in 1 day.

How can I increase my chances of getting a unit?

  1. BE FLEXIBLE – have as many suite choices as possible. I recommend having at least 15 different possible units on your worksheet. So for example, if one floor plan is available on 5 floors, that is 5 potential units. If another is available on 2 floors, that is 2 more potential units. Make the units add up to 15 or more to increase your chances.
  2. BE PREPARED, make sure you know if you are qualified for this project. Talk to Ayaaz Merali from RBC before you sign the contract (see more information about the mortgage approval required below)
  3. BE COMMITTED, decide now that this is something you want to do, and stick to your decision. Be prepared to do whatever it takes to get the financing approval, and be prepared to select a different suite from your top picks if you are given the opportunity.
Also, we highly recommend you complete the Voluntary Financial Disclosure form which will also help. If you need a copy of it, just email us andrew@truecondos.com and we can send it to you

What is the deposit structure?

Daniels legendary gradual deposit structure is the most powerful reason to buy here!

 

$5000 on signing of the contract, plus the balance to 5% in 30 days after you sign the contract.

Then, it’s just $1000/month payments until you reach a total of 10% deposit, beginning 120 days after signing day.

Nothing further required by the builder.

Is the 10% gradual deposit only for first time buyers?

No. The 10% gradual deposit is available to all purchasers.

Important: please note that if you are an investor buying to rent it out then most likely you will be required to come up to a minimum of 20% total down payment by your bank or lending institution on final closing in order to get a mortgage for the remaining 80%. But this money is not required by the builder in the form of a deposit.

When will the building be completed?

I’m writing this before the official dates have been released so it could change slightly, but the expected occupancy will be starting spring 2021, so the full completion of the building will probably be summer 2021.

Daniels has a long and consistent track record of finishing their buildings in Regent Park right on schedule. I think the longest ever delay was about 4 months and that was only due to a trade union job action.

I see some real estate agents promoting sales events, what gives?

here are no Platinum sales events happening before the event on October 20th.

Any event you see any real estate agent advertising would be purely an information event with no sales taking place.

What does it mean that Andrew la Fleur is a “Platinum Agent”?

The top selling agents for Daniels are rewarded by Daniels with what is called “Platinum selling status”.

There are only about 30 Realtors in the entire city who have this status.

I have been a Platinum agent every single year for Daniels since 2010.

Amongst those 30, there are about 5 agents who have received special awards and recognitions from Daniels is being the “top of the top”. I am one of those agents.

I was most recently awarded the Top Selling Individual Agent award for Daniels for 2017.

I also have personally purchased 3 units in the Regent Park revitalization over the years with Daniels myself.

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

  1. You get the highest level of access in the building
  2. You are able to reserve a specific suite in advance of the one-day-only sales event
  3. You pay the lowest possible price for the unit (prices are typically increased significantly after the Platinum sales event
  4. You get the expertise of having someone on your side that has not only sold more condos in Regent Park than just about any other real estate agent in history, but also someone who has personally purchased 3 condos in Regent Park myself.

My services to you as a buyer are free.

If I submit a worksheet with multiple Platinum Agents does that increase my chances of getting allocated a suite?

No. In fact this may disqualify you for getting a suite in the building completely as the builder has in the past at their discretion thrown out all worksheets from buyers who submit with multiple real estate agents. DO NOT DO THIS!!

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 review your contract in detail if you wish and 2) to get a mortgage letter.

Do I need to have a lawyer?

You have the option of having a lawyer review your agreement of purchase and sale after you sign during your 10-day cooling off period.

This is always recommended to do, even though Daniels historically has not agreed to any changes in their contracts as they have a long track record of having one of the most fair contracts in the entire industry.

Do I need to have a mortgage commitment to buy?

Yes. You will need to have a firm mortgage approval in order to purchase. It is highly recommended you start the approval process before you sign the contract.

You will need to provide it during the 10-day cooling period.

You do not need to have it before you sign the contract on the Platinum Sales Day, but you should get the process started with the bank before you sign as it does take about a week to process on average.

Will Daniels accept a mortgage pre-approval letter?

No. Daniels will only accept a firm mortgage approval. Most builders will accept pre-approvals, but Daniels requires a firm mortgage commitment without conditions.

Note: purchasers can also show proof of funds (i.e. cash, line of credit, equities/investment account) instead of a mortgage approval letter

Will I qualify for the mortgage? How do I know what I can qualify for?

It is a lot harder to qualify for a mortgage now than it was a year or two ago. This is because of all the new mortgage rules now in place. It’s a reality that everyone has to deal with.

Your deposit is 10%, so that means you have to show that you qualify for 90% of the purchase price.

So if you buy a condo for $500k, you need to qualify for a $450k mortgage.

The rule of thumb is roughly you can qualify for 4X your household income. So to qualify for $450k, you need to show income of about $90k minimum.

What if I don’t qualify for the mortgage commitment? What other options are there to qualify?

Many people will find that they do not qualify for the mortgage at first try. This is due to the new mortgage rules in place since fall 2017.

Before you give up, there are other options you might consider.

These are:

  1. Get a co-signer. Add someone else (a friend, a parent, a partner) to the agreement. This will boost your income and therefore borrowing power.
  2. Show proof of funds/liquid assets. You can also show liquid assets like available line of credit, stocks, RSPs, cash, mutual funds, investment accounts, etc. to show that you have the necessary 90% of the purchase price
  3. Equity in other properties you own. If you have enough equity in other properties that you own, you may be able to use that as part of your application to show that you have the 90% of the price covered.

You may use these options in addition to a mortgage approval. For example, if you need to get a $450k mortgage approval, but you only qualify for $350k, you can show that you have cash or a line of credit for $100k plus your mortgage approval. $350k+$100k = $450k. That is acceptable.

What happens if I sign a contract to buy a unit but then I can’t get a mortgage approval?

The developer reserves the right to cancel the agreement and take the unit back from any purchaser who is unable to provide a mortgage approval or proof of funds.

The purchaser may also be in danger of losing their deposit.

For this reason it is highly recommended that you start the mortgage approval process early – before you sign.

Can I use my own bank or mortgage broker for getting the mortgage approval?

The mortgage approval must come from a bank or lending institution. It can’t come from a mortgage broker.

As of time of writing this, the only banks that will typically issue firm mortgage commitments on pre-construction condos are RBC and CIBC.

I highly recommend going to RBC first and Ayaaz Merali specifically.

Note: You will most likely be wasting your time going anywhere else because they will only be able to issue a mortgage commitment valid for 120 days. You need it for 24 months.

Save yourself time and headache.

Please contact me at andrew@truecondos.com for the appropriate mortgage reps you need to speak to.

If I get my mortgage commitment through RBC as you recommend, does this mean I am locked into using them for my mortgage in 2021 when the building is finished?

No. It just means that you are approved and RBC will not check your credit or anything again before closing. At closing in 2021 you can go and use any bank or broker you want to get the mortgage.

I want to purchase but I’m not able to be there in person for the One-Day-Only Sales event, can I still buy?

All purchasers are expected to be available in person to sign the contract at the Platinum sales event day.

If you are not available to be in Toronto on this day for the One-Day-Only sales event, then you can still buy if you assign a POA (power of attorney) to sign on your behalf and if you provide deposit cheques or a bank draft for $5000 from a Canadian bank.

Please email andrew@truecondos.com to receive a POA form if you are in this situation.

Will there be subsidized housing in Artworks?

No. Artworks will be a 100% condominium building. This is the same as for every other condo building that has launched in Regent Park since 2009.

In Regent Park there is no mixing of apartment types within the building. Each building in the new Regent Park is either 100% rental, or 100% condo.

What is the Boost Program?

The boost program is for first time buyers who are moving into the unit themselves (not investors).

It allows purchasers to get a government backed loan of 10% of the price.

It is considered an interest free, payment free loan, however some conditions apply and you must pay it back when you sell.

Please note: due to the new mortgage qualification rules it means that basically 90% of buyers will not qualify for the boost program.

Please contact me directly for more information or see the official flyer on the downloads section of this page.

Is Artworks built by a good developer?

Daniels is known as one of the top condo developers in the GTA for many decades.

They have built all the buildings so far in Regent Park successfully and always on time. This is 5 completed condo buildings so far since 2009.

Their after sales service and warranty is at the top of the industry. When you buy with a builder like Daniels, you really don’t have to worry.

They were recently named High Rise Builder of the Year by Tarion Warranty Corp.

Are the units good quality?

One of the things that surprises people new to Regent Park and Daniels the most is the quality.

I guess people assume that since it’s priced much less than other projects downtown the quality must be bad – quite the contrary!

Daniels is known for their quality and amazing customer service.

So many people including myself are repeat Daniels buyers for a reason! Both the common areas and the suites themselves offer a very high standard.

Just go ahead and compare the finishes in Artworks with anything else being offered downtown right now and you will quickly see that this is absolutely the best deal in town if you are looking for something well built, in a central location for a great price.

The finishes at Artworks are better than the finishes at many buildings downtown that are selling for $200-300 per square foot higher.

Is this a good location?

This is prime downtown Toronto.

You can walk to everything you need when living here.

The neighbourhood itself offers a fantastic lifestyle with parks, arts and culture, grocery stores, cafes and restaurants, recreation and sports facilities, schools, medical offices and so much more right in the community itself.

In addition, you can walk to all these places in 30 minutes or less:

-Eaton Centre and Dundas Square -Ryerson University

-College Park

-Financial District

-Distillery District

-Hospitals

-Cabbagetown neighbourhood

-Riverside neighbourhood

-Canary District and the new Corktown Common Park -Don Valley trail network

If you own a car, this is a great place to live downtown. You can be on the DVP in 30 seconds from Artworks or on the Gardiner in 5 minutes.

Transit access is second to none with the Dundas Streetcar literally at your doorstep. But you also have the Gerrard and Parliament streetcars to choose from as well.

I thought Regent Park was a bad area...?

Regent Park today is nothing like the Regent Park of 20 years ago.

Back then, Regent Park was considered a bad area. The original design of Regent Park was a total failure.

The city recognized this failure and committed to rebuild the neighbourhood into something completely different.

Today in 2017 we are nearly 10 years into the revitalization process and the neighbourhood is amazing.

The new amenities, public facilities, transit access, and retail in Regent Park are some of the best of anywhere downtown.

More than half of the neighbourhood has been rebuilt, and another significant portion has been torn down and construction is underway.

There is only a small fraction of the original neighbourhood still standing, and within the next few years it will all be gone.

It’s a very unique situation where you have basically a brand new neighbourhood in the heart of the existing and historic downtown Toronto street grid.

Is Regent Park a safe area?

This is a question that I often get and it is because of the former stigma attached to Regent Park.

It’s true that Regent Park was once an area with a reputation for crime.

Today, Regent Park is one of the best and most family-friendly neighbourhoods downtown.

In fact, I have several clients who work for the Toronto Police, and many of them have told me that there is hardly anything for them to do in Regent Park any more. They do not spend time there now, whereas 10 years ago, they would spend all of their time there.

As a result, many people who work for the Police are now purchasing condos in the area for themselves or for investment to rent. They more than anyone perhaps understand how big the change has been in Regent Park.

How far is Artworks from the proposed subway stop for the Downtown Relief Line (DRL)?

The proposed Downtown Relief subway line route has been finalized and if it is built there is to be a subway stop about 600 meters (7 mins walk) down the street from where Artworks is going to be located.

For more information, check out this article:

https://truecondos.com/top-5-condos-to-invest-downtown-relief-line/

What is the deposit structure for non-residents?

The deposit structure for non-residents is 35% instead of 5%.

Contact me directly for further details.

Can I buy a second unit in Artworks condos if I already bought in previous Regent Park buildings with Daniels?

Yes, there is no restriction on buyers if they bought in other buildings. You can only buy 1 unit per person in Artworks though.

How does the builder define non-resident?

Generally speaking, in order to qualify for the 10% deposit structure, you must have a valid piece of government ID that shows you have a Canadian address.

The most common form of ID is a valid Canadian drivers license. You must also have a Social Insurance Number.

How much do condos rent for in Regent Park?

2 things to know about rental rates in Regent Park:

 

1) Regent Park offers some of the best rent: price ratio in the entire downtown core. Great if you are an investor looking for value and cash flow potential, and

 

2) Rental rates have steadily risen in Regent Park every year since the first building in 2009.

 

As of September 2018,

 

Studios rent on average for about $ 1700/month

 

1 bedrooms rent on average for about $ 1900-2000/month

 

1 bed+dens rent on average for about $ 2100-2300/month

 

2 bedrooms average about $2600-2800/month

 

A parking spot on it’s own tends to rent out for about $125-150/month

 

A locker on it’s own tends to rent out for around $50/month

*Note: at this time, there are not enough recently recorded leases of 3 bedrooms units to accurately say what they would rent for, but most likely in the $2900-3500/month range

 

For the latest rental rates please contact me directly at andrew@truecondos.com

Will my condo appreciate in value?

No one has a crystal ball, so it’s impossible to know what will happen in the future.

That being said, looking at the past in Regent Park, there has been consistent appreciation from the original building launched in 2009 until today.

The original One Cole condo building was launched at $400 per square foot, and each subsequent building has been sold at progressively higher pricing.

Most recently, the appreciation rates both for rentals and for resales have risen dramatically. Rental rates are up approximately 10% in the last year alone!

Resale prices are up around 15% in the last year.

As of October 2017, median days on market for rentals is only 4 and median days on resales in Regent Park is only 11!

Bottom line: condos in Regent Park are performing as good or better than anything else in the downtown core.

Do 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:

https://truecondos.com/tag/hst-rebates/

What are the closing costs?

One of the biggest perks for buyers in Regent Park is to be able to take advantage of Daniels “No Hidden Fees” closing costs program.

Daniels does something very unique for all purchasers whereby they bundle several of the usual closing costs into 1 all-in-one fee and the fee is much lower than what you would typically pay if you paid for everything separately which saves you thousands on closing and gives you certainty of costs.

Check out this article for more info on closing costs:

https://truecondos.com/5-things-to-know-about-closing-costs-when-investing-in-a-pre-construction-condo/

Are there any ‘hidden’ costs?

No! That’s the whole point of the “No Hidden Fees” program.

Other than the No Hidden fees closing cost amount which is payable on final closing, you will also have to pay for the same items that you always pay for when buying a new condo – i.e. legal fees, land transfer taxes, etc.

How much are the closing cost Caps?

For the 1-day-only sales event, the closing costs will be capped. The exact amount is unknown at this stage but we are expecting the cap to be similar or slightly higher than Dueast condos which was at $5000$10,000 range depending on the unit.

Is it possible to Assign my unit? How much is the Assignment fee?

Yes it will be possible to get an assignment clause in your contract giving you the ability to sell your contract (with certain conditions) before the building is fully completed.

The fee required to pay to Daniels to do an assignment is $5000.

VIDEOS FROM THE ARCHIVES

2016: Regent Park Drone Tour for The Wyatt

2017: The Unicorn of Toronto Condos

2017: Stop Missing Out on Regent Park

PODCASTS FROM THE ARCHIVES

2014: One Park Place South Tower

2016: The Wyatt Condos

2015: Bartholomew Condos

2017: Dueast Condos

2017: 5 Objections