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The Fifth at Charisma | 8960 Jane St The Fifth at Charisma | 8960 Jane St

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M3 is a pure sculpture. It eschews the typical built form. It stands on its own. A monument at 81 soaring stories. Some will call it art. Others will call it home. Everyone will be captivated by its evocative form.

M3 is iconic in the truest sense of the word. 81-stories of clear glazing wrapped in sawtooth balconies, punctuated by white and black banding in a zig-zag configuration that draws the eye upwards to the sky.

Architecture as art. An elegant, sophisticated form that twists convention and culminates at its dramatic peak. M3 engages a sense of perpetual movement. A metamorphosis of insight, function, beauty, and brilliance.
Hurry before it's too late! Call me at 416-417-0763 and reserve your suite today! Talk soon!

What are occupancy periods and occupancy costs?
Since you are buying an unbuilt condo unit, the developer needs time to finish the project. You receive ownership of the unit when the building is completed and registered with the city, but you can move in about 3-6 months before this date. This period is called the occupancy period or the interim-occupancy period.

The occupancy period starts when your municipality declares the building as “fit for occupancy”. During this period, you live in the unit without owning it. With the builder’s permission, you can also rent this unit out to tenants. The occupancy period typically lasts for 3-6 months but is shorter if you live on higher floors since these units are constructed last.

During the occupancy period, you will also be required to pay occupancy costs or interim occupancy fees, which are monthly payments to your developer. You are effectively renting the unit from the developer until you receive ownership. You can use your tenants’ rent to cover this fee if you rent the unit out. The Condominium Act prohibits developers from profiting using this fee, but you can still profit by collecting rent payments. Any interest earned on this fee is paid back to you and taxes are calculated after consideration for any amount repaid. Generally, you can expect to pay an occupancy fee close to interest payments on a mortgage plus any municipal taxes or condominium fees.

Advantages of Buying Pre-Construction Condos

Since you are buying the condo before it’s built, your condo unit is brand new. It will be equipped with advanced technology and building systems that make your living experience more comfortable.
Extended Deposit Structure: The deposits for a down payment are spread over several months.
Discount: You can get discounts and incentives at the Platinum Stage and the VIP Stage.
Today’s Prices, Tomorrow’s Value: The condo unit is priced using today’s market value. However, during construction, your condo may appreciate in value.
Flexibility: Typically, you can select between different unit packages. Some developers also allow customizing the unit with different finishes or upgrades, however, these are much more expensive.
Urban Location: Pre-construction condos are usually located in dense cities with plenty of opportunities. Condos are the only way to reasonably live in these areas and pre-construction condos get you a premium spot.

How to sell pre-construction condos
There are two ways to sell your pre-construction condo unit. The method that you use depends on the timing of your sale.

1. Sell the Condo Assignment
Before you own a condo unit, you enter into an agreement that gives you ownership when the building is completed. At this point, you do not own the condo unit, but you are given a unit assignment (future ownership of a specific unit). You can sell this to another home buyer, which gives them the future ownership and payment obligations associated with the condo unit.

2. Sell the Condo After Taking Ownership
When the occupancy period ends, the developer will register the building with the city. Date and time are then set that determines when you can transfer ownership of the property. The key difference is at the time of sale, you own the property and are selling a personal asset.

Depending on how you sell your unit, you may have to pay more taxes or you may be eligible for a tax rebate. If you have any questions regarding HST taxes, Capital Gains taxes, or Selling Your Unit, speak with your real estate broker.

What if pre-construction condos are canceled?
In rare cases, a developer might not finish the condo project even though you have already bought a pre-construction condo unit. If this happens, your deposit is partially protected.

Tarion Deposit Protection