The Goode Condos in the Distillery District

The Goode Condos

The Goode Condos – Distillery District, Toronto

Coming to one of the most sought-after locations in Toronto — The Distillery District — The Goode condos at 33 Parliament St. E will be the first building to launch in the neighbourhood in over a decade. This 32-storey, 540 suite building in the heart of Toronto’s most picturesque neighbourhood has everything you could need at your fingertips. The Goode in the Distillery District offers over 20,000sqft of indoor and outdoor amenities including an outdoor swimming pool, two outdoor terraces, BBQs, pet spa, bike repair station, coffee bar, an indoor/outdoor fitness centre, a 94% walk-score and a perfect transit-score.

Located in the Distillery District, a hub of culture and creativity and one of Canada’s most sought-after destinations for art, culture, entertainment, dining, and retail. Steps to many Distillery District and local favourites.

Toronto’s east is undergoing a ton of revitalization and development including the addition of a new subway line, East Harbour which will bring 50,000 new jobs, East Harbour Transit Hub, Ontario Subway Line, and the billion-dollar Portland redevelopment which includes a new Toronto island.

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.