319 Jarvis St Est. Occupancy: 2022

OVERVIEW

319 Jarvis St
Downtown Core
Centre Court Developments
IBI Group
Page + Steele
Completion: 2022
45 Storeys
579 Units

Prime Condos in downtown Toronto

Rising 45-storeys above Toronto’s East Core will be a new mixed-use high rise known as Prime Condos. This 579-unit condo will have an air of luxury both inside and out. The simple but elegant exterior of Prime Condos, designed by IBI Group Page + Steele Architects, will be a stunning and sleek mix of stone, steel and metallic cladding surrounding large rows of reflective glass windows.

Pairing perfectly with the exterior finishes is the lobby with high ceilings, white tile, gold accents and rumoured to be furnished by high end designer brand, Versace. The design is nothing short of luxury, though starting prices of the 579 units expected at Prime Condos are in the high $300s. Floor plans here will range from studios to two-bedrooms plus dens.

Residents of Prime Condos will have access to an array of thoughtfully designed amenities located in the condo’s podium. Amenities will include a sun-filled fitness centre, large business centre, wrap-around outdoor terrace and a 24-hour concierge.

Prime Condos will also be home to new retail, a must in Toronto’s downtown core. With a walk score of 96 and transit score of 100, the location is highly desirable. Only a short walk to Ryerson University, the shops of the Toronto Eaton Centre, Loblaws, Allan Gardens and so much more.

FLOOR PLANS

Studio
1 Bedroom
2 Bedroom
2 Bedroom+Den

AMENITIES

Gym
Concierge
Party Room
Meeting Room
Rooftop Terrace

REGISTER FOR PRIME CONDOS PRICING AND FLOOR PLANS

YES I WANT VIP 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.