Frequently Asked Questions
When I buy a loft, what am I actually getting?
Ownership of a loft (condominium) means that you get 1) separate ownership and title of your home; and 2) shared ownership and costs of maintaining and repairing the common elements; these costs are shared by all homeowners.
What are common elements?
Common elements are areas of the building that homeowners own jointly, like the parking garage, roof, hallways and recreational areas. They are paid for through maintenance fees and administrated by the condo corporation, which is run by an elected board of homeowners.
Are the lofts I see on this website already built?
That depends on the project, but most of our buyers purchase during the pre-construction stage or during construction, when they have the most choice (of floor plans, décor customizations and locations in the building) and can save the most money.
What if I want to move into my new place right away?
If you want a new loft that’s available for immediate occupancy, please contact our Streetcar sales representative to review your options.
What are maintenance fees?
Maintenance fees, which are also referred to as common area expenses or condo fees, are a monthly charge homeowners share to pay for utilities, maintenance, management, administration and insurance of common elements. These fees vary depending on the building and loft size and are outlined in the budget statement that indicates the percentage for which each loft is responsible.
Why would I buy pre-construction?
1. Personalization: You get to choose your design finishes – such as your flooring, tiles, faucets, cabinets, countertops – to suit your style.
2. Lower maintenance costs: A new home is clean, energy-efficient and requires far fewer repairs (if any) than your average “resale” home.
3. Appreciation in value: Buying pre-construction offers a greater opportunity for appreciation in the value of your home.
4. Peace of mind: You get warranty coverage from TARION, a government-regulated organization that licenses developers in Ontario.
Do I need a real estate agent to buy a loft?
An agent is not required. Professional sales representatives are onsite to answer any questions and walk you through the process.
Do I need a real estate lawyer to buy a loft?
Although it’s not required, we advise you have a lawyer review your contract during the 10 day “cooling off” period. You will require a lawyer at the time of occupancy and closing.
Can I buy additional storage or parking spaces?
Sometimes, depending on availability. If you let us know you want an additional parking space or locker, we can contact you if/when they become available.
TARION licenses and regulates Ontario’s new home builders and vendors and provides you with extensive safeguards, including the following:
- A one-year all-purpose warranty against defects in workmanship/materials.
- A two-year “power train” warranty covering electrical, plumbing and heating.
- A seven-year warranty covering major structural defects.
Visit Tarion.com for complete details of warranty coverage and limitations
What’s a PDI (Predelivery Inspection)?
A PDI is when you inspect your home prior to occupancy and record any deficiencies or incomplete items, which are noted on TARION’s Certificate of Completion and Possession. At this time, we also show you the building’s features and how to use things in your loft, like the electrical break panel and the water shut-off.
What’s a condo corporation?
Created under the Condominium Act, a condo corporation administers the operation, maintenance and repair of the common elements and assets of a condominium. Condo corporations are run by homeowners elected as the Board of Directors to manage the reserve fund (money set aside for repairs) and to serve the interests of the condominium.
What’s an Interim Occupancy Date?
The Interim Occupancy Date is the estimated date of when you can move in to your new loft. This date depends on several factors, like the location of your loft and the level of sales to allow for construction to start. You obtain the land title later, once the loft is registered. Interim occupancy is the period of time from occupancy until final closing, at which time you receive title of the property.
Will my Interim Occupancy Date change?
It’s a possibility and happens due to unexpected circumstances. If we do need to extend the occupancy date, we provide formal written notice advising of the delay and the new date. All dates are outlined in the agreement of purchase and the extension terms are governed by Tarion.
When can I move in?
After you successfully complete Interim Closing, you’ll receive a Closing Package that contains your keys, access card and an owner’s manual. Usually, you’ll pick up this package at the building or the corporate head office of Streetcar, however your lawyer will advise you on where to collect it.
How does moving day work?
Reserving the elevator is coordinated by property management, by contacting them they can assist with scheduling your move. During the move-in process, some corridors and lobby areas stay unfinished to avoid any potential damage to the final finishes.
When do I get my keys?
You get your access card when you take possession after successfully completing Interim Closing. Your Closing Package also contains owner manuals for your appliances. Usually at the building or the corporate head office of Streetcar.
Registration is a two to nine month process starting with Streetcar’s submission of the required documents and plans to the necessary government authorities. This can be done once the building is substantially completed. The submission is then reviewed and approved by the government authorities resulting the registration of the building in the land titles office. Each registered building is given a Toronto Standards Condominium Corporation number.
What are occupancy fees?
Occupancy fees are monthly payments you make for living in your home prior to Final Closing. It’s made up of an estimated monthly maintenance fee; estimated monthly realty taxes; and an estimated monthly interest component.
What’s Final Closing?
Final Closing is the date when you receive the title to your home, which usually happens four to six weeks after the building has been registered. Your lawyer receives a statement of adjustments from Streetcar that accounts for occupancy fees, realty taxes, common expenses, etc. as outlined in your agreement of Purchase nad Sale. Your lawyer provides the deed/transfer of title to your home after you pay the outstanding balance of the purchase price.
What if I change my mind after buying?
You have a 10 day “cooling off” period to change your mind after the Agreement of Purchase and Sale is executed and you’ve received the disclosure statement. The disclosure statement is a summary of the significant features of the proposed condominium and the condo documents. If you choose to rescind your purchase within the 10 days your deposit cheque is returned with no penalty.
Do I need house insurance?
Yes. You will need condo homeowner’s insurance that covers contents and betterments, which the condo corporation does not provide.
What’s an Amendment?
An amendment is a document changing your original Agreement of Purchase and Sale. It usually covers things like parking spaces and storage spaces. Both the purchaser and Streetcar need to accept the Amendment.
When do I choose my design finishes?
For pre-construction units you will have an opportunity a few months after you sign a purchase agreement. Streetcar will contact you to schedule a design meeting appointment where you will meet with our designer to choose your colours and finishes (flooring, countertops, backsplash, etc.). This is also a great time to customize your space with a variety of upgrade options.
Am I Allowed to Have Pets?
Yes, but please refer to your condo documents for the specifics of your building.