King Toronto Condo is a new condo development by Westbank Corp located at Spadina Ave & King St W in Toronto. This new development will be ready for occupancy in 2023 and have monthly maintenance fees of 90 cents per square foot. The building will contain 516 condos ranging in size from 484 sq. ft. to 1973 sq. ft.
Once King Toronto has completed its construction phase, which is set at 485 through 539 King Street West and estimated to be complete by 2023, will offer a unique and exceptional architectural design that only a few could rival. The project has an estimated cost of $700 million and will come with a pixelated design which will resemble four mountain-like peaks. They also plan to include foliage on the sides of the building. Overall, this project will take around 50,000 sq. ft. retail space along with 514 homes on the upper floors.
According to the groups involved in this project, King Toronto will place more emphasis on connecting the outdoors and indoors in the common areas. Specifically, they planned the ground floor to have a more urban appeal toward the city while having a more “green” approach to the building’s greenest areas. Various amenities will grant the residents a generous view of the city. The entire neighborhood will have a more industrial feel, with the lobbies showcasingcorrugated concrete panels in the elevator, for example. Needless to say, the King Toronto project is a well-thought-out one, and it rightly deserves the attention and excitement of the people not just from Toronto but from other parts of Canada as well.
The Bjarke Ingels Group, likewise known as BIG, is a famous Danish firm which was founded back in 2005. In just a span of over a decade, BIG was able to find its way to the international architecture scene. Not so long ago, they managed to find their way to the city of Toronto, and this is where things get really interesting. BIG, with the partnership of Toronto-based Allied Properties REIT and Vancouver-based Westbank, decided to develop a revolutionary architectural project known as KING Toronto which is designed to incorporate Danish architecture into the more urban-ish landscape of Toronto. The overall architectural design is said to be unique and intricate, especially when it’s integrated into a bustling city like Toronto.
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.
8901 Woodbine Ave. Suite 224
Markham, Ontario, L3R 9Y4
Filipp Kotlyar, Broker of Record
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