8 Elm St, Toronto Est. Occupancy: TBD

OVERVIEW

8 Elm St
Reserve Properties
Yonge St & Gerrard St
Downtown Toronto
Bay Street Corridor
Completion: TBD
68 Storeys
800 Units

8 Elm Condos, Toronto

8 Elm Street is the newest addition to Downtown Toronto Skyline, located at Yonge St/ Gerrard st W. The proposal is highlighted by the slender design which creates a tall thin tower. The renderings depicted show the body of the tower rising above a compact base, and supported by cantilevers above the heritage structure. Along with the tower levels, a greenscaped terrace is also visible.

8 Elm Street Condos perfect Walk Score of 100 out of 100. The transit score is 100 out of 100. This location is in the Bay Street Corridor neighbourhood in Toronto. Nearby parks include College Park, Joseph Sheard Parkette and Larry Sefton Park.

The residents of 8 Elm Condos will be just steps from Dundas Square and the newly-renovated Eaton Centre, one of the city’s major shopping destinations. Dundas Square is a major urban hub, lined with restaurants and office space, while the square offers festivals, live music and other attractions all year round.

This condominium is also extremely well-served by transit:

  • Perfect 100/100 on its Transit Score.
  • Steps from Dundas station,
  • Two 24-hour streetcar lines running east and west.
  • Ryerson University is just across the street and the University of Toronto and OCAD University are minutes away by public transit.

Downtown areas like this command high rental rates and are unceasingly popular with some of the city’s top tenants, thanks to their proximity to world-class shopping, dining, transit and high-density employment districts. If you’re looking for an investment property in one of the city’s most buzzing pockets, this could be your ticket.

FLOOR PLANS

Studio
1 Bedroom
2 Bedroom
3 Bedroom

AMENITIES

24-Hr Concierge
24-Hr Indoor Fitness Centre
Balconies With Stunning Downtown Views
Roof-top Lounge
7,814 sqft Amenities
Spectacular Outdoor Terrace
469 Bike Lockers
99/100 Walk Score
100/100 Transit Score

PRE-CONSTRUCTION CONDO FREQUENTLY ASKED QUESTIONS

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.

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.

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.

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.

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

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.

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.

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.

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)

Read more on the nuances of Closing Costs here

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.

You can read more on the HST Rebate here.

REGISTER FOR FLOOR PLANS AND PRICING AT 8 ELM CONDOS

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