Festival Condos

1 Commerce St
Featured

Overview

  • Condo
  • Property Type
  • 2023
  • Year Built
    • Address: 1 Commerse St
    • Neighbourhood: Vaughan Metropolitan Centre
    • Estimated Taxes: 1 %
    • Major Intersection: Hwy 7 & Jane St
    • Maintenance fee: 65 cents / sq. ft.
    • Occupancy Date: 2024

Description

Festival Condo is a new condo development by Menkes Development located at Commerce St & Interchange Way in Vaughan. This new development will be ready for occupancy in 2024 and have monthly maintenance fees of 65 cents per square foot. The building will contain 1300 condos ranging in size from 497 sq. ft. to 699 sq. ft.

Since becoming a full-fledged city in 1991, there have been many plans to transform Vaughan into something far greater. It was only in 2010, however, when then city mayor Maurizio Bevilacqua set in motion plans that followed a distinct vision allowing condo developments such as, Feastival Condos to become a reality.

Overall, the vision for the Vaughn Metropolitan Centre revolves around two ideas. The first is the subdivision of the area into distinct districts for all the essential needs of the city: residential, commercial, and office. The second is the integration of critical green components like parks, squares, and open spaces. All of this being carefully laid out in a clear and cohesive grid pattern.

VMC Goals

Numerically, the idea is that—by 2031—there would be 12,000 residences and residential units, 750,000 square feet of retail and shopping spaces, and more than 1.5 million square feet of commercial employment spaces. Festival Condos will be one of the tallest high rise towers standing.

Underneath all these key spaces are several underlying principles that guide the whole condo development. For one thing, they want VMC to be more focused on the utility of public transport as well as overall walkability—the better to lower carbon footprints. For another thing, they’re also aiming for diversity not just in design, but in the employment and entertainment opportunities to Festival Condo residents. Fastival condos will be set upon a background of beautiful, natural vibrancy, and a wholly “green” mindset.

The Districts

In order to better differentiate the key functions of each region, the VMC has been segregated into twelve distinct yet overlapping districts.

The Core: This is the benchmark that will define the overall character and personality of the downtown area. It’s the centerpiece that unites the different elements together.

Central Park: As the name implies, this is the natural center and intended focal point for any tourism efforts. Apart from the clearly green layout, it’s intended to also encouraged to have multiple uses.

Central Park North: One of the proposed residential districts, this offers residents both living amenities and access to the transport hub to the rest of the region.

Entertainment District: This district is intended for all-year fun and enjoyment and is envisioned to host museums, cultural centers, and even sports venues.

Creditstone Corporate: When it comes to employment opportunities, this is the prime place to be. It’s the perfect urbanscape for the working person with all the work chances available.

Avenue Seven South: This is one of the mixed use areas that will include residential spaces, retail services, ample employment opportunities, and even entertainment areas.

Business Enterprise Park: Intended for high-end popular brands, this enterprise park sits close to both Highway 400 and 407 and it envisioned to be the central hub of the VMC’s business activity.

Corporate Innovation Corridor: World-class and innovative offices are designed to be in this area. It’s meant to attract professionals in a range of innovative fields.

South Community: Straddled between the Enterprise Park and Innovation Corridor, this is mixed use with a mainly residential slant and features a fully operational campus.

The Mobility Hub: This area features the Bus Terminal, Subway Station, and South Millway districts, and is meant to serve arrivals into the VMC as well as those seeking to explore the other districts.

Edgely Pond: This is intended to be the heart of the community and will feature the ecological and environmental principles that guide the vision of the VMC.

South Black Creek: Finally, this area forms the other end of the VMC’s green corridor and will feature promenades, plazas, and parks, as well as the area’s access to open water.

To learn more about Vaughan’s newest preconstruction condo development, Festival Condos, register today for priority Platinum VIP access.

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Frequently Asked Questions

Many first time new condo purchasers mistakenly believe that registering on the developer’s site is the best way to get access to the project at the lowest price.

The Toronto condo market has matured into the most advanced in North America over the past decade. With the release of thousands of new condos, the staggered release process has been adopted as the best practice.

A staggered release usually follows this format:

(1) Release to Platinum brokers
(2) Release to VIP agents
(3) Release to developer’s registrants list
(4) Release to public

With over 20,000 new condos being sold per year, a special breed of realtor has arisen. Platinum agents are realtors who have sold a large volume of suites with a particular builder. Once an agent has reached the Platinum status, the developer will invite them to exclusive events and release the pricing and floor plans to them before the public and regular agents.

Over 20% of the units sold in new condos are sold by a handful of Platinum agents before most people are even aware the condo is available for sale.

The benefits of being a part of the Platinum buying group are that you get first choice of suites at the lowest initial pricing. There are also typically special promotions made available to the Platinum buying group to help build momentum of sales at the crucial launch phase of the project.

Our team has achieved Platinum status with the largest and most respected developer’s in the GTA.

Register on this page to receive your full Platinum access to this development.

Our team does a large volume of pre-construction condo sales with the most respected developers in the Greater Toronto Area.

With our Platinum status we can help you save time and money because the developers provide us with special access to their projects. Here are some of the ways you will save time and money:

Access to the initial release of suites at the lowest pricing
No waiting in lines
In depth authoritative analysis of each project and neighbourhood market stats
We cover a lawyers review of the purchase and sale agreement
Immediate cash savings with Platinum VIP incentive programs
Deferred deposit structures
Consultation on the selection of your ideal suite layout
Waived listing fee for first time rental of your suite (optional)
Experienced consultation during pre-delivery inspection of your suite (optional)
Not being represented properly or working with the developer unrepresented can be one of the biggest mistakes you can make in a pre-construction condo purchase.

Our brokerage is paid a commission by the developer upon successful completion of your transaction, you are not responsible to pay any commissions for our services that save you thousands. When you can get all of these valuable benefits and actually save money, it makes sense to work with professional pre-construction condo specialists.[/toggle][toggle title=”Why should I work with a pre-construction specialist?” open=”no”]Working with a Platinum status pre-construction condo specialist will save you thousands of dollars, countless hours of time, and make your service experience significantly better.

Our experience and volume of sales with the most respected developers equates to money in your pocket.

Working with a specialist makes sense in almost every area of your life.

For example, when your family has a new baby you would visit a pediatrician because your baby will get the best care with their specialized knowledge and experience of a newborn’s needs. If your car needs servicing, you would take it to a mechanic who is trained and experienced in servicing your brand of vehicle.

Working with a specialist makes sense because you get better service. Don’t take the chance of working with a friend who happens to be a realtor or trying to go at it alone, this is literally the #1 mistake in pre-construction condo investment!

Register on this page to receive your investment package and to get in contact with us.

For residents the deposit structure is:

$5000 on signing
Balance to 5% in 30 days
5% in 120 days
5% at 370 days
5% at 540 days

Buying a new condo has some additional expenses you should budget for including:

(1) Land transfer tax
(2) Legal fees
(3 )Development charges and educational levy
(4) Park levy
(5) Tarion warranty enrollment
(6) Bank appraisal fee
(7) Two months of condo fees
(8) Law society of Ontario fee

The amounts will vary depending on how expensive your condo is and the location. Don’t be scared about the closing costs, everyone who buys a new condo has to incur the same costs this goes into their budgeting when they decide on a selling price. By being a part of Platinum group of buyers, you will have access to the lowest initial pricing and will have a positive buffer to work with compared to the typical purchaser at the project.

Consult a sales representative for more details and to calculate your approximate closing costs and consult experts when you are planning your investment.

Our team has extensive experience working with international purchasers from around the globe including Asia, Africa, Europe, South America and Australia.

International purchasers will need to provide:

(1) Deposits totalling 35% of the purchase price.
(2) Two forms of government issued photo ID.

With increased scrutiny on the transfer of international funds, the developer may request additional documents to confirm the source of the funds.
Our Sotheby’s International network can provide you with white glove service in over 49 countries around the world. We can help you manage your investment as a turn-key service, with full rental and property management services available at your request.

Contact a sales representative for more details.[/toggle][toggle title=”When is the best time to buy a new condo?” open=”no”]In a typical pre-construction condo launch the best time to purchase is during the Platinum launch. The prices are the lowest and the availability is more open because the building just started sales.

In some cases, if the project is between 60-70% sold, the developer may choose to make a push to reach their construction financing targets (typically 75% of the project should be sold before a bank will finance the construction). In this scenario, the developer will offer a few Platinum brokers access to these special incentives for their clients to reach their financing target.

Working with a Platinum agent has significant benefits in either scenario, if you aren’t in the know you will miss out on these opportunities.

Every purchaser has their own strategy and goals when investing in real estate but they all fall into one of three categories:

Short term investor: Will sell before final closing via an assignment or shortly after final closing. This investor does not want to be a landlord or deal with maintaining condos and are usually interested in established neighbourhoods and projects where they can see appreciation on their deposits that are above what they would get by keeping their money in the bank or in mutual funds.

Medium term investor: Will buy pre-construction and rent the property for a few years before selling the condo for a profit. This takes a bit more management and patience but will allow you to get a higher return on your money. The renter will pay your mortgage for a few years and put some additional equity in your pocket while the market value of your condo appreciates further. Most investors fall within this category.

Long term investor: Will buy pre-construction and rent the property indefinitely with no plans to sell. This type of investor is thinking about condominiums as a way of building wealth over the long term. Their portfolio of condos are being paid off by their tenants and are increasing steadily in value over time. With this method, a long term investor will eventually have several paid off properties that are generating cash flow for them.
The beauty of pre-construction condos is that you have the time and flexibility to adapt your strategy. We typically recommend a medium to long term approach to investing in real estate because that is the safest and most reliable way to build your wealth with a cash producing asset.

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Filip
  • Fillip Kotlyar

CONTACT

8901 Woodbine Ave. Suite 224
Markham, Ontario, L3R 9Y4
Office: 416-613-1033

Filipp Kotlyar, Broker of Record
Direct: 647-227-6906

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