Wednesday, July 3, 2013

Toronto City Council Proposes to Increase Development Charges, What does this Mean for Buyers?

If city council goes ahead with the proposal to double the developement charges, the extra costs are likely to affect condo buyers. As in most of the codominium contracts, explain that the buyer will be responsible for any increased charges that the developer incures after signing. Some buyers who didn't take note or have a lawyer look over their documents could have themself in a situation that could cost them on average $7, 671 for a one bedroom and $10,624 for a 2 bedroom. Many real estate lawyers have managed to negotiate a cap on any increases from the builder to ensure their mortgage approval costs are accurate, but others have simply chosen to take the risk. As mentioned here in the article from The Toronto Star on June 27th