689 The Queensway Est. Occupancy: October 2023

OVERVIEW

689 The Queensway
The Queensway
Urban Capital
Quadrangle Architects Ltd.
Completion: October 2023
9 Storeys
198 Units

Reina Condos, Toronto

A game changing condominium, this is Reina Condos.

Named after the Spanish word for queen, this first all-female development in Canada will be a complete reinvention of urban condominium living. Standing 9-storeys high, Reina Condos will be designed in a contemporary minimalist style but with a softer, smoother, more feminine feel. A breath of fresh air with its light colouring, meticulously manicured landscaping, and rounded balconies, Reina Condos will provide movement, contour and dynamic curb appeal.

The 198 units in Reina Condos will feature 9’-10’ high ceilings, floor-to-ceiling rolling doors, open-concept kitchens, wide-plank flooring, and many other finishes and features that create a softer take on modern design.

Spectacularly beautiful, Reina Condos will also foster a strong sense of community. With a wide range of multipurpose amenities, residents can connect, spend time together and make new friends of all ages. Reina Condos will feature 5,400sqft of retail space along The Queensway, and approximately 6,500sqft of exterior courtyard with BBQs, dining tables, a kids play zone, ample room to lounge in the sun or build a snow fort, and extensive planting. There will be 5,100sqft of interior amenities designed with all ages in mind. Designed to be an extension of your home, this space will include:

Sound(less) Room: A soundproofed room with a surround sound system, a piano, a big screen TV and lots of comfortable seating. Whether it be a music lesson, karaoke night, or guided meditation sessions, this will be the go-to-place.

Hobby Room: With a large industrial-style sink, huge work table and shared work bench, this will be the space for all ages to create.

Snack Shack: Open 24-7, this amenity will have a communal coffee maker, curated vending machines for quick snacks, late night cravings, and key essentials you may have run out of.

…and many more amenities!

All of this will be located on what is becoming one of Toronto’s great residential avenues – The Queensway.

FLOOR PLANS

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

AMENITIES

Gym
Yoga Studio
Community Room
Kids Playroom
Sound(less) Room
Hobby Room
Games Room
Library
Snack Shack
Parcel Room
Sharing Library
Pet Wash
Stroller Parking

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 PLATINUM FLOOR PLANS AND PRICING AT REINA CONDOS

YES I WANT ACCESS