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ONE DAY ONLY SALE: OCTOBER 14TH

VIDEO #1: STORY OF REGENT PARK SO FAR

VIDEO #2:
WHY BUY DUEAST?

LISTEN TO THIS PODCAST INTERVIEW WITH THE DEVELOPER

TOP 5 COMMON OBJECTIONS FOR INVESTING/BUYING IN REGENT PARK

DOWNLOADS: FLOOR PLANS AND PRICES (SCROLL TO VIEW ALL FILES

IMAGES

FREQUENTLY ASKED QUESTIONS

When do sales begin for DuEast?

The One-Day-Only Platinum sales event for DuEast will be happening on Saturday October 14th.

 

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.

How do I get a suite allocated to me for the 1-day-only sales event?

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

I see some real estate agents promoting sales events that are before this date, what gives?

There are no sales events happening before October 14th.

 

Any event you see advertised would be purely an information event with no sales taking place.

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.

 

The Wyatt sold out in 1 day last year. Actually they had 3000 worksheets for just 300 units so they probably could have sold out the building 10 times over.

 

Demand is expected to be not quite as high this year but still even if they only receive 1000 worksheets instead of 3000, the 300 units will be gone very quickly.

What is the best advice you have for buyers to increase their chances of securing a unit?

  1. Be prepared to act quickly and send in your worksheet as soon as possible once the prices and plans are released
  2. Get your finances in order now, before you sign the contract (see more information about the mortgage approval required below)
  3. Be as flexible as possible on your suite selection. The more suites you are open to purchasing (as indicated by you on your worksheet) the greater your chances of getting a unit at the 1-day-only sale. If you only want 1 floor plan and it’s only available on 1 floor, your chances of getting that unit are extremely low. If you are open to purchasing 3-4 different floor plans and you are open to buying it on a higher or lower floor then you will have a much better chance. With that being said, only select suites on your worksheet that you would definitely purchase if given the allocation, don’t put suites on the worksheet if you are not actually interested in buying them

When will the floor plans and prices be released?

Some sample floor plans are available now (not all plans) on this page.

 

The full floor plan package for the entire building along with full price list will be available on October 4th and will be uploaded on this page.

What is the deposit structure?

$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.

 

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 early 2020, so the full completion of the building will probably be summer 2020.

 

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.

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 5-10 agents who have received special awards and recognitions from Daniels is being the “top of the top”. I am one of those agents.

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.
  5. 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 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 approval 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 October 14th, but you should get the process started with the bank before you sign as it does take several days usually.

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

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 now.

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.

 

Please contact me for the appropriate mortgage reps you need to speak to.

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 on the 14th of October.

 

If you are not available to be in Toronto on October 14th 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 from a Canadian bank.

 

Please email [email protected] to receive a POA form if you are in this situation.

Will there be subsidized housing in DuEast?

No. DuEast 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 contact me directly for more information or see the official flyer on the downloads section of this page.

Is DuEast 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 DuEast 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 DuEast are better than the finishes at many buildings downtown that are selling for $200 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 The Wyatt 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...?

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 DuEast 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 down the street (on Sumach) from where DuEast is going to be located.

For more information, check out this article:

http://www.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.

 

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?

Rental rates have steadily risen in Regent Park every year.

 

As of October 2017,

 

Studios rent on average for about $ 1550/month

 

1 bedrooms rent on average for about $ 1750/month

 

1 bed+dens rent on average for about $ 2050/month

 

2 bedrooms average about $2450/month

 

A parking spot on it’s own tends to rent out for about $100-150/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

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 20% 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:

http://www.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:

http://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 are capped at $5000 for 1 bedrooms or smaller, $6500 for 2 bedrooms and $8000 for 3 bedrooms

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.

LOCATION

Dundas St E & Sumach St

Walker’s Paradise

Explore Regent Park on Walk Score

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