Your Guide To Buying A Condo At Dwell City Towns
Last Updated on
How much do condos cost at Dwell City Towns?
For the first release, condos at Dwell City Towns are starting from $299,900 for a 643 square foot unit and go up to $449,900 for a 1303 sq ft. For future releases, there will be larger units up to around 1700 square feet which will of course cost more. For a full price list, simply complete the form below at the bottom of this post.
When will Dwell City Towns be ready to move in (occupancy date)?
Dwell City Towns are estimated to be ready for occupancy in September 2015. In reality most developers are delayed and so if you said Fall 2015 it would probably be more realistic. That said, Menkes is the developer and they have a great track record.
Who is the developer behind Dwell City Towns and can I trust them?
Menkes is the company developing Dwell City Towns. They are one of the biggest and best known condo and home developers in Toronto. They build what they sell (unlike many developers who contract out the building of the properties). Menkes has been building in Toronto for decades. I have dealt with Menkes on several different projects over the years with my clients and their buildings are top-notch as well as their customer service.
How much of a down payment do I have to put down for a condo at Dwell City Towns?
At the first release stage the deposit (down payment) structure is as follows: 5% on signing, 5% after 90 days, 5% in 180 days, 5% on occupancy. So when you move in the unit you will have a total of 20% deposit (down payment).
How much are maintenance fees going to be at Dwell City Towns?
Maintenance fees are going to be $0.15 per square foot PLUS each unit owner will pay all utility bills separately (water, hydro, gas).
What amenities will Dwell City Towns have?
Dwell City Towns will not have any amenities at all. This is very typical for a stacked condo townhouse project like this and this is also the reason why maintenance fees are about 30% of what they would typically be in a high-rise condo. There is no gym, pool, concierge, pet spa, bowling alley etc which all contribute to higher maintenance fees. Â The common areas will still be maintained by the condo corporation (the common areas meanign the underground parking garage, the walk ways, the landscaping etc.).
Where can I see the floor plans for Dwell City Towns?
If you would like to see the floor plans for Dwell City Towns, simply complete the registation form below to receive them.
What kinds of features and finishes will there be at Dwell City Towns?
The finishes will be very nice but nothing extravagant. Smooth ceilings throughout, four stainless steel appliances in the kitchen, laminate counter tops in the kitchen, stacked white washer and dryer, laminate flooring for living and dining rooms, carpet in the bedrooms, central air conditioning, carpet stairs with oak handrails.
Also, if you buy during the first release the developer will be including a free upgrade to granite counter tops in the kitchen.
Is parking included at Dwell City Towns?
Yes. 1 parking spot is included with in the purchase price of every unit.
Are lockers included in the purchase price at Dwell City Towns?
No. Lockers must be purchased separately at $4500 each. During the first release the developer is offering lockers at a reduced price of $3500.
What will Dwell City Towns Rent out For?
If you are considering Dwell City Towns for an investment, the smaller units will probably rent out for approximately $1500/month and the larger units could be as high as $2000/month but it is hard to say because this type of condo style is new for the area.
Is Dwell City Towns a Good Investment?
Yes, I believe that Dwell City Towns will be a good investment because of a few key reasons: 1) the prices are excellent and offer great value for the money. 2) the maintenance fees are incredibly low, keeping your cost of ownership down. 3) The developer is one of the best in the city to buy from and you can trust their track record. 4) the property is centrally located close to shopping, TTC, the airport, highways, and parks.
What kind of perks or incentives or promotions are available for Dwell City Towns?
At the first release stage, the following incentives are available to purchasers: 1) First selection of units 2) best possible prices, 3) 2 years free maintenance (credit on closing), Free upgrade to granite kitchen counter tops, Capped development/educational levies at $5000, capped utility hook up costs at $1000, Free assignment (no charge assignment included in your contract should you decide to sell before occupancy)
What are my closing costs going to be at Dwell City Towns?
Your closing costs will vary depending on many factors, but it is important to know that the largest closing costs when buying a new condo are the development and educational levies which are capped at a maximum of $5000 at Dwell City Towns. And another big cost at closing can be the utility hook ups which Menkes is capping for you at $1000. Both these caps are considered typical for a new condo in 2013 in Toronto.
Do I need a mortgage approval to buy a condo at Dwell City Towns?
Yes, you will need a mortgage pre-approval letter to buy a unit. This is a condition of your contract and is required during the 10-day cooling off period.
What if I sign a contract and then I change my mind after the fact? Can I back out of the deal?
Yes. Because Dwell City Towns are condominiums, by law you have a 10-day cooling off period during which if you change your mind and decide not to proceed with your purchase you will be refunded your deposits 100% with no penalty.