The Buckingham Condo, Toronto

The Buckingham, Toronto

The Buckingham at Grand Central Mimico is about to make its mark in the ever-growing Mimico neighbourhood of Etobicoke. Part of a master-planned community by Vandyk Properties, Grand Central Mimico will be a transit-tailored community that has partnered with Metrolinx, and will bring spacious and modern residential suites and retail space to the area.

Phase one of the community is The Buckingham; a 751-unit condo featuring 3 towers, offering a variety of suite styles. As the first phase of the master-planned community, The Buckingham will serve as the beacon for Toronto’s newest and future transit-tailored community. 

Amenities at The Buckingham will include a co-working space, a 7,500sqft Wellness Centre featuring a gym, yoga studio, steam room, massage therapy room and lounge, and an outdoor landscaped amenity terrace with seating areas, cabana lounge, fire pit lounge areas, bbq stations and al fresco dining.

The Buckingham at Grand Central Mimico will be a 4 minute walk (350 metres) to Mimico GO Station. Need to head to Union Station in downtown Toronto? With quick access to the Mimico GO Station, you can be there in just 15 minutes. With all day services, trains running frequently, and the convenience of being located only two stops away from Union Station and one stop away from Exhibition Station (the future terminus of the Ontario Line), commuters can travel easily and faster to where they need to be.

In 2013, Toronto adopted an official plan amendment to regenerate Mimico. This means the intention for this area is to accommodate significant employment, create massive residential growth, build new density around major transit infrastructure (Mimico GO Station), and provide enhanced green spaces for future residential growth (new 12 acre park).

What will be a massive transformation, this is one of the best investment opportunities in the entire GTA to get in on! 




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.
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.
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
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.
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)
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.
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.
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.
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.
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.



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