28 Eastern Ave Est. Occupancy: Summer 2024

OVERVIEW

28 Eastern Ave
Corktown
Alterra Developments
Teeple Architects
Completion: Summer 2024
12 Storeys
379 Units

28 Eastern Ave, Toronto

Coming to the charming neighbourhood of Corktown is 28 Eastern Condos. Alterra Developments, who brought you Wonder Lofts and RUSH Condos, now brings this boutique 12-storey condo to Toronto’s east end. Along with the 379 condo units, there will be approximately 17,000 sq.ft of indoor and outdoor amenity space for all residents to enjoy. There will also be 115 parking spaces and 338 bicycle parking spaces, with a handful reserved for the retail space at grade level.

The location of Corktown puts 28 Eastern Condos between three sought after neighbourhoods: Leslieville, Distillery District and the St. Lawrence Market. Explore the historic streets of the Distillery District with all of its many shops and galleries or spend the afternoon outdoors at Corktown Commons. Need some fresh produce? Head over to the famous St. Lawrence Market for local meats, cheese and so much more.

For investors, there are big developments coming to this area with East Harbour and the potential Toronto Smart City which means the demand for rental properties will be high. East Harbour will bring digital innovation, entertainment, fun, parklands, and OVER 50,000 jobs to some of the most well-known companies in the world. With a walk score of 96 and transit score of 100, residents at 28 Eastern Condos will have no trouble getting around. The King Streetcar is a 1min walk from 28 Eastern Condos, and a 2min walk to the future Corktown Station on the future Ontario Line – talk about connectivity! Close enough to downtown and yet just a hop, skip and a jump from the DVP or Lake Shore Boulevard. 28 Eastern Condos is full of conveniences!

Read Is Corktown Toronto’s Best Kept Secret for why you ought to know this up-and-coming neighbourhood

FLOOR PLANS

Studio
Junior 1 Bedroom
1 Bedroom
1 Bedroom + Den
2 Bedroom
2 Bedroom + Den
3 Bedroom
3 Bedroom + Den

AMENITIES

24-Hour Concierge
Party Room
Billiards Room
Fitness Studio
Co-Working Space
Pet Spa
Courtyard Terrace
Outdoor Private Workpods
Rooftop Terrace with Sun Deck,BBQs, Dining and Lounge Areas
Conference Room
Bicycle Parking

REGISTER FOR FLOOR PLANS AND PLATINUM PRICING FOR 28 EASTERN CONDOS

YES I WANT PLATINUM ACCESS

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.