63 Montclair Ave Est. Occupancy: TBD

OVERVIEW

63 Montclair Ave, Toronto
Parallax
Westdale Properties
St Clair Ave W & Spadina Rd
Forest Hill Neighbourhood
Completion: TBD
21 & 23 Storeys
634 Units

South Forest Hill Residences, Toronto

South Forest Hill, one of Toronto’s most beloved and sought-after neighbourhoods, will soon be home to a South Forest Hill Residences. The site is on the southeast corner of Montclair Avenue and Lower Village Gate in Forest Hill neighbourhood on the major intersection, Spadina Road & St Clair Avenue West. Forest Hill South area is within walking distance to some of Toronto’s luxury neighbourhoods where larger mansion-style homes prevail. 

Forest Hill is known to have some of the country’s top schools, including private schools such as Upper Canada College for boys and Bishop Strachan School for girls. This neighbourhood offers a lot of charm and character to the city where some of Toronto’s wealthiest reside. Also, South Forest Hill Residences residents, will enjoy living an 8-minute walk away from St Clair West Subway Station. Casa Loma and Spadina Museum are a 5-minute drive away for a day out. Royal Ontario Museum is 11 minutes away for more entertainment options. University of Toronto -St. George Campus is 10 minutes away for staff and students. This project also has an 84/100 transit score and is a short commute away from Downtown Toronto.

Apart from living in the prestige of a world-class education right around the block, this development will be a once-in-a-lifetime opportunity to live in Forest Hill. Some of the location highlights of this project are:

  

  • Short walk from St.Clair West subway station
  • One streetcar ride to St.Clair subway station
  • Easy to travel east to West or South to North
  • Friendly neighbourhood
  • Short walk distance from Casa Loma
  • 2 minutes to Heath St. Subway Entrance
  • 8 min subway ride to UofT

FLOOR PLANS

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

AMENITIES

24-Hr Concierge
24-Hr Indoor Fitness Centre
Meditation Garden
Party Room
Screening Room
Hotel Inspired Porte Cochere
Kids Playroom

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 SOUTH FOREST HILL RESIDENCES

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