308 Palmerston Avenue PH07: common element condo for sale

$949,000

3 bedrooms, 2 bathrooms, Common Element Condo · Palmerston-Little Italy · near Palmerston Ave & College St

About this common element condo

308 Palmerston Avenue PH07 is a 3 bedroom common element condo in TRREB's Palmerston-Little Italy community in Toronto, listed for sale at $949,000. The listing shows 2 bathrooms and 1000-1199 square feet. The style is given as 2-storey. The unit faces north. It comes with 1 parking space, an underground garage and a locker (owned) according to the listing. The nearest main intersection given is Palmerston Ave & College St. The age is listed as 16-30 years.

These details come from the listing brokerage through TRREB's MLS® System. Room sizes, parking and locker ownership and what the fee covers should all be checked against the status certificate before an offer is firm.

Building amenities on the listing: bike storage, concierge, exercise room and party room/meeting room.

What it costs to buy 308 Palmerston Avenue PH07

At the asking price of $949,000, a buyer pays two land transfer taxes on closing: the Ontario tax and the City of Toronto's municipal tax. Both apply to every home inside the City.

The down payment figure is the federal minimum: 5 percent of the first $500,000 and 10 percent of the rest. A lender can ask for more. These figures use the asking price, so they change if you pay more or less. Legal fees, title insurance and adjustments are extra: ask your lawyer for a written quote. This is general information, not legal or tax advice. Confirm the figures with a lawyer or accountant. You can change the price in our land transfer tax calculator and our mortgage calculator.

What it costs to own each month

The listing says the maintenance fee includes water, common elements, building insurance and parking. That is before a mortgage payment, home insurance and any utilities the fee does not cover. Fees are set each year in the corporation's budget and can change. The status certificate shows the current fee, the budget behind it and the reserve fund.

What to check before you make an offer

1. Order the status certificate. A condo corporation must provide it within 10 days of a request and can charge up to $100. It shows the fee for this unit, any arrears, the budget, the reserve fund balance and any special assessment or lawsuit the corporation knows about.
2. Have a lawyer read it. The certificate comes with the declaration, by-laws and rules. Ask what they say about pets, renting the unit and renovations. The listing gives pets as "Yes-with Restrictions".
3. Confirm the parking and locker. The listing shows 1 parking space and a locker. Ask whether each is owned, exclusive use or rented. Get the unit numbers.
4. Check the reserve fund study. Ask when the last study was done and what it says about contributions.
5. Get your financing in writing. A lender looks at the maintenance fee and the property tax as well as the price.
6. See it in person. Photos do not show noise, light at different hours or the state of the hallways and elevators.

Our first-time home buyer guide and our page for buyers walk through each step. This is general information, not legal advice. Confirm the details with a lawyer.