Yonge City Square Residences, Yonge & York Mills

AND PRICING FOR

YONGE CITY SQUARE RESIDENCES

Overview:

Project Name: Yonge City Square Residences
Address: 4050 Yonge St, Toronto, Ontario, M2P 2G2
Developers: The Gupta Group
Completion Date: Early 2023
Number of Units: 526 units

Yonge City Square Residences By The Gupta Group, Yonge & York Mills, Toronto

Project Overview

After a gap of nearly 20 years – Hoggs Hollow – one of Toronto’s most desirable neighbourhoods is finally getting a new condominium. Developed by The Gupta Group – a real estate development group with over 40 years of experience – the project promises its residents luxury, comfort, opportunities to unwind, and most importantly: direct connectivity to the subway and Go Transit.

With condos, it’s often always all about location, location & location. Yonge City Square Residences checks the boxes – all three times.

Hoggs Hollow is surrounded by beautiful green spaces to escape to, you have Bedford Park, Willowdale, Lawrence Park, Bridle Path, and Forest Hill North – all within walking distance. Secondly, you’re literally steps away from the subway line / Go Transit. Consider yourself blessed with direct access to York Mills subway station. Highway 401 is just 2km away. Finally, if you’re new to Toronto or this part of Toronto, Yonge Street is an entertainment and cultural hub with a lot of fun things to do close by – from food to entertainment to arts.

As one of the few condominium projects in this neighbourhood, it’s going to be a relatively easy find at 4050 Yonge St, Toronto, Ontario, M2P 2G2. The condo has two towers – 28 stories and 14 stories high respectively. The towers overlook North York & Downtown Toronto offering spectacular views and roomy suites that guarantee luxury. There are enough indoor and outdoor amenities to keep everyone in the family hooked.

Why Invest In Yonge City Square Residences?

– Prime neighbourhood; green spaces, sporting & recreational facilities, and food & entertainment hot spots all in the vicinity
– Best transit connectivity: TTC subway & Go Transit a 2-minute walk away
– Luxury suites with large balconies

Neighbourhood

Reiterating our introductory stance – Hoggs Hollow is one of the best neighborhoods in Toronto. Personally, I am really bullish on this project because of the location: its rare combination of luxury and convenience that could appeal greatly to the new cohort of first-time homebuyers. It’s literally a luxury condominium that’s a 2-minute walk away from both – the subway & Go Transit line (York Mills Station).

A few additional local attractions around what could be soon your new neighourhood:

Parks & Physical Recreation:

Don Valley Golf Course (2-minute drive)
Toronto Cricket Skating and Curling Club (3-minute drive)
Bedford Park (5-minute drive)
Lawrence Park (9-minute drive)

Cultural Attractions:

Meridian Arts Center (8-minute drive)
Mel Lastman Square (9-minute drive)

Restaurants / Entertainment:

Auberge du Pommier, French restaurant (2-minute drive)
Miller Tavern, Seafood (2-minute drive)
Hazel’s Diner, Breakfast (3-minute drive)
Swiss Chalet, North-American (4-minute drive)

The two towers will also share a centrally-located lobby that will have pedestrian access from Dawes Road and a passenger drop-off/car entrance from Guest Avenue to the west. When it comes to public transportation, Dawes Condos is nearly unbeatable with its Rider’s Paradise Transit Score of 93. In just 8 minutes by foot, condo residents can walk to the Main Street Line 2 TTC subway station, allowing them to commute downtown in just 36 minutes.

Conversely, residents can also walk to the nearby Danforth GO Station in the same amount of time, allowing for downtown commutes of just 23 minutes.

And, other than use bus routes found throughout the neighbourhood, residents can opt to use a vehicle and drive downtown in just 22 minutes or the Beaches neighbourhood in just 11 minutes.

Wide-ranging in its influence, fully-encompassing in its convenience, awe-inspiring in its luxurious design — this east-end condominium has it all, making it the ideal home for new families and the ideal investment for savvy investors.

FLOOR PLANS (No Info)

AMENITIES

– Outdoor swimming pool
– Rooftop terrace
– Private party rooms
– Golf simulators
– Retail outlets on the ground floor
– Multiple parks and green trails integrated into the project

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.

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