The Official Plan 😮
The City of Toronto has “An Official Plan”. It is a policy framework that directs and manages physical change. It establishes a vision for the the future of the city and details policies to shape the social, economic and natural environment to ensure the City of Toronto’s continuing success as an urban place.
Zoning 🤔
Zoning is the way governments control the physical development of the land and the kinds of uses to which each individual property may be put. Zoning laws typically specify the areas in which residential, industrial, recreational or commercial activities may take place. More specifically, zoning laws place restrictions on land use and the size, height, location and use of buildings and structures.
New Development 🚧
The expectation of the city planners is that developments will conform to The Official Plan and to the Zoning By Laws of the day. Developers’ submissions to the city are reviewed by city planners for compliance prior to being given the go ahead to start construction. This process involves a number of steps including town hall meetings and consulting with local residents. This process will ultimately determine what the built form will look like. Once the zoning approval has been granted, the developer will submit for a site plan approval and construction will begin. The timeframe for this process can take several years.
Construction 🏗
Most projects, depending on the scale, will take approximately three years to complete.
Pre Delivery Inspection 👷🏻♂️
At some point prior to occupancy, one will have the opportunity to do a pre delivery inspection. This is essentially an inspection of the unit that you have purchased to ensure that it is to your satisfaction and to point out any deficiencies that may exist. Erika & I are happy to be part of this process.
Interim Occupancy 🤷🏻♂️
Once your unit is ready and you are given the go ahead to move in, you enter a period of interim occupancy. Interim occupancy is the period of time between the day you occupy your unit (move in) and the day you take ownership (close). One of the reasons for interim occupancy is to allow the builder to focus on the sold suites and some of the common elements before the building is registered. This period can be anywhere from three to eighteen months.
Final Closing 🍾
The final closing occurs once the developer is ready to register the condominium and transfer ownership to the individual unit purchasers. At this point, interim occupancy ends, the building is registered and homeowners can secure a mortgage, rent or sell their suite. The property management company will also take over at this time.
