212 Dundas St E Est. Occupancy: TBD

OVERVIEW

212 Dundas St E, Toronto
Menkes Developments Ltd
Downtown Toronto
Dundas St E & Jarvis St
Garden District Neighbourhood
Completion: TBD
41 Storeys
495 Units

Elektra Condos, Toronto

Elektra Condos is vibrant, energetic, and unique, just like the downtown Toronto neighbourhood it calls home. Surrounded by the best transit, shopping, entertainment, employment, and educational institutions, this new high-rise residence is connected to everything the area has to offer.

The developer recently purchased Filmores Hotel, and based on the renderings they plan to keep the existing property and build onto it, merging the elements of old and new. Soon this underused property will be transformed into a vibrant condo building.

The residents will enjoy the convenience of living close to some of the downtown core’s most prestigious post-secondary institutions including Ryerson University and George Brown College. With thousands of students calling this area home and a lack of on-campus housing to accommodate them all, Elektra Condos is poised in the perfect location to provide off-campus housing for them while they complete their studies.

Boasting a perfect Transit Score, residents of Elektra Condos will have immediate access to world-class transit options right at their fingertips. The heart of downtown Toronto is just minutes away with easy access to TTC streetcar and bus routes just mere steps away from the front door. Dundas subway station is also conveniently located within walking distance of home. Toronto’s underground PATH allows residents to walk anywhere within the downtown core no matter the weather.

FLOOR PLANS

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

AMENITIES

24-Hr Concierge
24-Hr Indoor Fitness Centre
Sound Studio
Gaming Hub
Garden Cafe
Fireplace Terracee
Yoga Studio
Party Lounge
95/100 Walk Score
99/100 Bike 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 ELEKTRA CONDOS

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