I have some exciting news for all of the anxious buyers and sellers regarding Lumiere: in only a few more short days the building will be officially registered!
This marks an important landmark for Lumiere as it transitions from the construction to post-construction phase. More importantly, this signifies a transfer of ownership from the builder to the purchasers as they receive their ownership and are registered in the Ontario Land Titles database as the true owners of the suites.
This is important in different ways for both buyers and sellers. Here is what I mean:
Buyers: Up to this point, you have probably only seen suites advertised for sale on Craigslist or Kijiji. This is due to a freeze on the ability to post suites for sale on the MLS based on the builder’s restrictions. Thankfully, you will now be able to see the vast majority of available suites all at once on www.MLS.ca to make your search less tedious and likely more complete with information.
Sellers: The difficulty of selling up to this point has been caused by the control of the builder. Even if you were able to assign the agreement of sale to another purchaser (if you were lucky enough to find a good match for the property!) there was likely a transfer cost charged by the builder in the thousands of dollars to be able to do so. What changes for you now is the ability to post your suite on the MLS, where it will be thoroughly exposed to the approximately 30,000 Realtors in the Toronto Real Estate Board, as well as to the public across all of Canada on www.MLS.ca
So, when exactly is this all-important registration date that I’ve been talking about? Well, it may vary for different suites, but it is safe to say that the date will be anywhere around and between May 24th to May 27th.
Expect to see a lot more of Lumiere in the future. This building is an amazing investment and a terrific place to live!