Forma Condos is a new condo in Toronto developed by Great Gulf, Westdale Properties and Dream currently in pre-construction at 266 King Street West, Toronto, ON.
|Developer||Great Gulf, Westdale Properties and Dream|
|Address||266 King Street West, Toronto|
|Number of Storeys||84|
|Number of Units||2034|
|Occupancy Date||Winter/Spring 2028|
About Forma Condos
Forma Will Be the Tallest Gehry-Designed Building in the World.
Developers Great Gulf Group, Dream, and Westdale Properties announce the name unveiling of their newest mixed-use, two-tower development designed by world-renowned architect Frank Gehry. The development, Forma, will be the first Gehry-designed new development in Canada and marks Frank Gehry’s homecoming to Toronto. What’s more, the development will feature the tallest Gehry-designed building in the world.
Forma, a mixed-use development, located at Downtown Toronto’s 266-284 King Street West, will feature two residential towers – one will be 73 stories and the other will be 84 stories with a total of 2034 condominiums – commercial and retail spaces and a new space for OCAD University.
Forma Condos Location
Toronto’s Entertainment District is already an attractive option for real estate. This is truly an urban enclave where everything is at your fingertips. From world-class entertainment at hotspots like the Princess of Wales Theatre and Roy Thompson Hall, to some of the city’s trendiest restaurants, bars and clubs, there’s always something to entertain, engage and inspire. The TIFF Bell Lightbox, headquarters for the Toronto International Film Festival – which also hosts screenings and A-list industry events all-year-round – is right down the street.
The location scores a near perfect 98 on its Walk Score and 100 for Transit Score, understandably, since it’s right on the 24-hour King Streetcar line and only steps from St. Andrew Subway station. For slower-paced days, it’s a fifteen-minute stroll to Toronto’s idyllic waterfront where you can grab a ferry and take a day trip to Toronto Island.
Homes in this district are coveted by a wide range of Torontonians, from students and young professionals, to executives who work in the nearby Financial District, even young families are choosing to live in the area, attracted by its proximity to almost everything. It’s not often you get a chance to invest in a project that will meet the needs of so many different communities and lifestyles.
About the Developer
At Dream, we believe that building a better community is bigger than our organization and the assets we own and develop – it encompasses society as a whole and the cities where we live and work. Through every aspect of our planning, investments and culture, we embrace the best practices in sustainability, promoting diversity, health and wellness in everything we do while generating attractive financial returns.
Great Gulf is an award winning builder and developer of new homes and condos in Toronto, Milton, Sharon Village, Bradford, Oakville, Whitby and Brampton.
For 40 years, this guiding principle has embodied the spirit of innovation within each of our 40,000 homes.
It’s why every Great Gulf house or condominium is built upon three core values. Design. Technology. Experience. These values have given our homes a higher resale value, better rental value, numerous awards and accolades, and best of all, 90% of our customers would recommend us.
For over 60 years, Toronto-based Westdale Properties has owned, managed and developed real estate across North America. As a family company with a unique vision for multi-residential real estate and an understanding of mixed-use development, we are committed to fostering positive experiences for the thousands of people who live in, work and shop at our properties.
Forma 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.