191 Parliament Street Est. Occupancy: 2022

OVERVIEW

191 Parliament Street
Queen & Parliament
New Corktown
The Sher Corporation & Downing Street
Completion: 2022
11 Storeys
29 Live/Work Lofts

Warehouse Lofts, Toronto

Introducing Warehouse Lofts, a complete reimagining of an urban live/work space, coming soon to Toronto’s Queen and Parliament intersection. A community full of residents and entrepreneurs, levels 2 to 5 will be dedicated to commercial space and levels 6 to 10 is where the spacious live/work lofts will be. Run a photography studio on the 6th level, a design agency on the 8th, and live large right where you work – there is nothing else like it in the city. Located in an up-and-coming neighbourhood, the essence of the Warehouse Lofts is its heritage design that is powered by innovation.

Warehouse Lofts, developed by The Sher Corporation and Downing Street, offers 11-storeys of modern live/work space that adds value to the architectural landscape. Ranging in size from 961 to 1,675 square feet, all units will have 10-foot ceiling, with industrial-style windows that retract completely to open up your space to the great outdoors. Striving for an industrial heritage vibe, Warehouse Lofts will be working with a team from 1925Workbench to a create a signature sliding wood door system, with a raw and industrial vibe exclusive to this project. Residents of Warehouse Lofts will also have access to the event space on the 11th level, which features an expansive terrace with jaw-dropping city views. Residents can also work up a sweat in the fitness centre or go soak up the sun on the outdoor terrace lounge.

Located at the corner of Queen and Parliament in New Corktown, you will be in the centre of a dynamic part of the city. A 15 minute walk from Yonge, and close to many amazing shops and restaurants in the Distillery and St. Lawrence Market, Warehouse Lofts makes an exciting place to live and work. Operating a business? Be inspired by your neighbours which include The WE Global Learning Centre, Coca Cola, The Globe & Mail, Scotiabank and George Brown College. With a perfect transit score, it will be incredibly easy to get around town. By choosing Warehouse Lofts, you have infinite possibilities.

FLOOR PLANS

Coming Soon
Ranging from 961 to 1,674sf

AMENITIES

Indoor Fitness Centre
Outdoor Lounge
Outdoor BBQs
Event Space
Pet Wash Station

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 WAREHOUSE LOFTS

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