River and Fifth Condos

River and Fifth Condos, Toronto

River and Fifth Condos Toronto by Broccolini Developments is where nature and the city meet. 5 Defries St., along the west side of the Don Valley River, nestled between Dundas and Queen Street East will soon be home to the 37-storey River and Fifth condo residence, the tallest tower in the neighbourhood.

On the corner of Defries Street and Labatt Avenue will be an 11-storey mid-rise volume which will house, in part, the interior amenities. The 12th floor of River and Fifth Condos will include both indoor and outdoor amenities and serve as the base of the tower which will contain the majority of the 580 condo units.

The River and Fifth Condo amenities will span 25,000 square feet and appeal to young professionals and families alike. From an expansive fitness centre with boxing gym to a rooftop beach style baja pool with breathtaking skyline views. Also included is a kids playroom, a hobby room, even a beautifully designed co-working space. The finishes throughout River and Fifth Condos are modern, warm and sophisticated and are aimed to fulfill the needs of its residents.

River and Fifth Condo suites will range from studios to three bedroom two-storey penthouses or family-sized suites with large terraces. Designed in collaboration with Toronto’s most sought-after design firm U31, the interior finishes are high-end and livable.

River and Fifth Condos Toronto Neighbourhood

The location of River and Fifth Condos at 5 Defries St is close to so many of Toronto’s best neighbourhoods. Shop the many boutique stores and restaurants in Leslieville, take in glorious city views from Riverdale Park or take the kids to visit the animals at Riverdale Farm. A short stroll will take residents here to charming St. Lawrence Market or even the historic Distillery District.

Investing in River and Fifth Condos Toronto

The Riverside neighbourhood, being nicknamed the Lower East Side of Toronto, where River and Fifth Condos will call home has seen some incredible development in recent years and has far more in the works.

The biggest commercial development in Canada, East Harbour, is coming to Toronto’s old Unilever site and will be part of Toronto’s tech-industry boom. East Harbour will become Toronto’s new Employment District and a major transit hub for the city. The promise of this development has already been positively impacting real estate prices in the area.

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.