No55 Mercer Condos

No55 Mercer Condos, Toronto

What is currently the Second City Comedy Club is where the future No55 Mercer Condos by Centre Court will soon call home. This luxury 47-storey high-rise will be home to 543 condo units and coming in every size from studio units to three bedroom plus dens. The caliber of No55 Mercer’s style and design is that of a five star luxury hotel.

The amenities at No55 Mercer Condos, bearing the name the Mercer Club, will occupy 18,000 square feet of space over three floors. With luxury in mind they offer a two-storey indoor/outdoor fitness centre including an outdoor basketball court and Peloton Bike pods. For the entrepreneurs, they can work close to home in the shared co-working space and relax outdoors on the 8th floor rooftop terrace. No55 Mercer will even offer on demand valet service and groundbreaking Pfaff car share program for its residences.

The neighbourhood is the epicentre of Toronto, and with fewer and fewer downtown locations to build new residential towers in, No55 Mercer has hit the jackpot. Nestled between the vibrant King West stretch and the city’s Entertainment District, you’ll never run out of things to do. Residents of No55 Mercer Condos are close to all things cultural from TIFF Bell Lightbox, Roy Thompson Hall and the Princess of Wales Theatre. Walk or transit to nearly anywhere you need to be in no time. No55 Mercer is a short trek to the Art Gallery of Ontario, many of the cities best restaurants and bars and so much more. The building is also 150 metres to Toronto’s PATH system which can take you anywhere you need to go underground.

For investors, this area’s proximity to the Financial District and a growing “Tech District”, there’s an ongoing and ever growing need for rentals. The type of tenants you can expect in the downtown core are triple-A tenants who want the convenience and luxury of living close to where they work. It’s worth noting that rental rates in this area are much higher than the Toronto average.

This is 55 Mercer. A place, unequalled. In the heart of everything.

FLOOR PLANS

AMENITIES

GALLERY

PRE-CONSTRUCTION CONDO FREQUENTLY ASKED QUESTIONS

How Does The Process Work?

The process to buying pre-construction condos can be quite rushed. When you register with us for a project, we’ll reach out to you to get your specifics, so it’s good to know in advance the type of unit you’re looking for and your budget. If you register ahead of the sales launch and are serious about buying, we will get you to fill out a builder suite request worksheet.

You can see the full Steps to Purchase here.

If I Submit A Builder Worksheet Am I Guaranteed A Suite?

We are unable to guarantee that the suite you request will be allocated to you and your agent. Many pre-construction sales launches are extremely competitive and fast-paced. To increase your odds of receiving an allocation it is best to be flexible on the type of suite, floor and exposure that you have requested. You are also in no way obligated to purchase the suite you’ve been allocated.

Learn more about builder worksheets here.

How Does the Deposit Structure Work?

The deposit structure on pre-construction condos will vary from project to project but generally breaks down like this:

$5,000 on signing
balance to 5% in 30 days
5% in 60-90 days
5% in 120-270 days
5% on occupancy

Do I Need a Lawyer?

Getting a lawyer, preferably one who is familiar with pre-construction contracts, is never a bad idea. We would encourage our clients to have a real estate lawyer review their Agreement of Purchase and Sale during the Cooling Off period. If you need help finding a lawyer, we can introduce you to our lawyer who handles many of our pre-construction clients.

What Closing Costs Should I Budget?

On closing, which is three to four years after signing, you will need to pay closing costs. As with any property purchase you will have to pay:

• Legal fees (about $1,500-$2,000)
• Municipal & Provincial Land Transfer Tax (this will depend on the price of the property–use our Land Transfer Tax calculator )

In addition to these, pre-construction closing costs also include:

• Development charges (these vary per project depending on the unit type but can range from $5,000-$12,000)
• HST (for investors, which can be rebated back up to $24,000)

Why Do I Need to Fill Out a Builder Worksheet?

By submitting a worksheet, you increase your chances of getting your preferred suite. In essence, it is a suite request sheet. It shows the condo developer that there are interested buyers. Agents are then allocated suites based on the worksheets they submit.

Many pre-construction launches are fast-paced and extremely competitive with buildings selling out in 24 hours. In these launches a suite request worksheet submission is necessary to ensure that you actually have a possibility of receiving the suite you’d like (but this is never guaranteed).

You are not guaranteed to receive the suite you request and you are also in no way obligated to buy the suite you’ve been allocated.

Learn more about builder worksheets here.

What Advantages Do I Have Buying with Pierre Carapetian Group?

Pierre’s expertise in Toronto’s pre-construction condo market has earned him Platinum Broker status among Toronto’s top developers. This means that when you buy or invest with the Pierre Carapetian Group team, you have your pick of the best floor plans and the lowest pricing available.We represent you, not the builder and we will always guide you towards projects that we believe are a good investment and have great resale value.

Download our Pre-Construction Investment Guide to get better acquainted with the process.

Is There a Cooling Off Period After I Sign?

Yes. As we mentioned, the process to buying pre-construction can be quite competitive and rushed. After you’ve signed an Agreement of Purchase and Sale with the builder you are given ten days to look over the contract and ensure everything looks good for you. Keep in mind, the cooling off period is ten consecutive days, not ten business days.

Do I Need Mortgage Pre-Approval?

You won’t need a mortgage pre-approval right away, but it is always best to speak to your mortgage professional so that you fully understand your borrowing power.

You will however need a Mortgage Letter that states upon the building taking occupancy you will be able to afford and carry the property. Typically this is required within the first 30 days of signing. It is always a good idea to get a mortgage pre-approval in the beginning of your real estate journey so that you know how much you can afford.

Do I Pay HST?

This will depend on whether you are buying as an end user (planning to live there) or an investor. In Ontario, there are two types of HST Rebates in place for newly built properties.

If you are buying as an end user, typically the Ontario HST rebate is assigned to the builder directly upon closing, allowing the builder to essentially pay the cost of the HST from your purchase.

If you are buying as an investor, you must pay the HST upfront at closing and have your lawyer file for a full HST rebate, refunded 4 to 6 weeks later provided they have a one year lease in place.

A FREE GUIDE TO

INVESTING IN PRECONSTRUCTION

TORONTO CONDOS

Learn how to properly invest in Pre-Construction real estate. With over 500 investment properties, my clients have made millions by making smart real estate decisions. Now, it’s your turn.

No55 Mercer Condos