Tuesday, October 29, 2013

DNA3 Condos: October 2013

With DNA3 Condos looking to occupy sometime next year in 2014, it is no surprise that purchasers are starting to question whether they want to assign their unit, rent out their unit or occupy their unit as with any pre construction condo purchase.  It is our opinion that no matter what options purchasers of DNA3 Condos decide to choose, they will have success. With the recent announcement that Loblaws will be occupying the commercial space located at the base of DNA3 Condos, there is no question that the value of these units will increase even more. There is nothing like a solid triple AAA tenant in a condo building to solidify the presence and value of a condominium building.

In regards to assigning any condo unit in Toronto, there are a few things that purchasers will have to verify and confirm before taking these steps. The first step that all purchasers have to take when considering to assign their condo unit is to make sure that not only do they have permission to take this step, but they comply and abide by all the rules outlined in their assignment amendment by the builder. At no time can purchasers take the initiative to assign their unit unless all the conditions have been met by the purchaser to the builder with the number one issue being to get permission from the builder. This will not happen until the builder decides it is an appropriate time to allow assignments. With this being said, everyone who is planning to assign has to be patient with the process. Permission will be granted at some point- when the builder sees fit.

Another option that investors of condo units look into is renting out their unit. With the rental market being very strong in Toronto, this is often a favourite choice for investors as rental rates continue to climb steadily. If this is an option that is being considered, make sure that you speak to your lawyer regarding HST tax implications and the rental rebate program. These are key issues that need to be understood fully before taking the step to rent out your unit.

Like all of you, we are eagerly waiting for DNA3 Condos to make it's presence in King West. With a strong commercial tenant in place and solid construction team, there is no doubt that this condo will be the landmark condo in King West.

Keep checking in with us regarding DNA3 Condos. For more information on buying and selling Toronto Condos, click on Toronto Condos.


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