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Festival Condos

Address 1 Commerce Street
Developer Menkes/QuadReal Occupancy 2024
Area Vaughan Deposit 20%
Storeys 59 Maint. Fees TBA
Units 656 Prices TBA
Festival Condos True Condos

Festival Condos is a new condo in Vaughan developed by Menkes Developments and QuadReal Property Group currently in pre-construction at 1 Commerce Street, Vaughan, ON.

About Festival Condos

Festival Condos is a new master-planned community developed by Menkes Developments and QuadReal Property Group. Festival Condos is set out to be one of the largest community developments in Canada and will be the centre-piece to the new South Vaughan Metropolitan Centre.

Festival Condos is a mixed-development with a selection of townhomes and condominiums. The new community will feature open-air promenades, parks and gathering spaces, and retail space.

Festival Condos Community

Festival Condos Location

Festival Condos is located at 1 Commerce Street in Vaughan, Ontario. The new master-planned community will be a vital piece to the growing South Vaughan Metropolitan Centre (VMC).

Festival Condos’ new master-planned community is surrounded by main roadways in and out of Vaughan. Highway 7 is to the north, Highway 400 to the west, and Highway 407 to the south- all of which make travelling in and out of the city much easier.

Entertainment

As the South VMC continues to grow, Festival Condos will become a walkable and accessible place to live. Currently, the area is more car-dependent, but with a new development of retail, restaurants, and entertainment being built at the foot of Festival Condos that is set to change.

Transit

As mentioned, Festival Condos’ proximity to Highway 400, 407, and 7 act as great vessels in and out of Vaughan and also connect residents with the rest of the GTA. That said, with the extension of the Yonge-University TTC Line, there are also two new subway stations a short commute away from Festival Condos: Vaughan Metropolitan Centre and Highway 407 Station.

1 Commerce Street

Car-Dependent

Explore Vaughan on Walk Score

Nearby Festival Condos

• KPMG
• RBC
• Dave and Busters
• NCI Vaughan Iceplex
• IKEA Vaughan
• Goodlife Fitness
• Husky Petrol; and more

About the Developer

Menkes Developments

Menkes continues to raise the standard for outstanding quality design and superior value as a fully integrated, multidisciplinary real estate development company.

Elegant family homes that exude character and charm; exclusive luxury condominiums infused with stunning amenities; and highly coveted office and industrial space, all set in prime locations.

QuadReal

Headquartered in Vancouver, British Columbia, QuadReal Property Group is a Canadian real estate investment, development and management company operating on a global scale.

The company’s $24.5 billion portfolio spans 23 Global Cities across 17 countries. Owned by British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, QuadReal was established to manage BCI’s real estate investment portfolio.

Menkes Developments True Condos
QuadReal Developer Logo True Condos

Festival 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.

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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.

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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/

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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 pay the lowest possible price for the unit (prices are typically increased significantly after the Platinum sales event)
  3. The best possible incentives
  4. 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.
  5. Access to my personal network of mortgage brokers, lawyers, property management, HST rebate services, handymen and much more.
  6. My services to you as a buyer are free

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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

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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.

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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.

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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:

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

Contact me for more details.

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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:

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

 

Contact me for more details

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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.

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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.

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(416) 371-2333

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