An expansive community set in Vaughan’s new downtown core, featuring 4 striking condo buildings ranging from 50 to 60 storeys tall, over 100,000 SF. of retail/office space, a pedestrian mews with a central piazza and park, all steps to the GTA’s newest subway node, VMC station.
Steps to Vaughan’s new Regional Transit bus terminal, residents will have convenient access to any of the nine York Region Municipalities. Next to the bus terminal is VMC subway station which connects resident to Union Station within 43 minutes.
Vaughan is a major employment hub, within walking distance of Festival Condos we have the regional offices of KPMG, PWC, and Miller Thompson.
The largest University in Toronto, York University is a short 5 minute subway ride from Festival Condos, on the subway line residents will have convenient access to downtown schools including U of T and Ryerson.
festival condos location
Festival Condos is located at 1 Commerce Street in Vaughan, Ontario. The new master-planned community will be a vital piece to the growing South Vaughan Metropolitan Centre (VMC).
Festival Condos’ new master-planned community is surrounded by main roadways in and out of Vaughan. Highway 7 is to the north, Highway 400 to the west, and Highway 407 to the south- all of which make travelling in and out of the city much easier.
ABOUT THE DEVELOPERS
More than 60 years ago, Menkes Developments Ltd was founded by the visionary businessman Murray Menkes. He envisioned himself building single-family houses that are structurally sound, aesthetically pleasing, and would have a lasting value. Shortly thereafter, the company was already building master-planned communities until it became a multi-disciplinary and fully integrated real estate development company. The family-operated business is now being supervised by Murray’s three sons Peter, Steven, and Alan, and his grandsons
QuadReal Property Group is a worldwide real estate investment, development, and operating company based in Vancouver, Canada, with the purpose of building a working and living environment that enriches the quality of life of the people and community it serves. In Canada, QuadReal’s portfolio comprises 12,000 residential leasing suites and 40 million sq.ft. of commercial real estate which includes Ottawa’s World Exchange Plaza, Vancouver’s Park Place, and Northwoods, Calgary’s Fifteen 15, and Toronto’s Bayview Village and Commerce Court.
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.
How do we save you time and money?
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.
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.
How much money do I have to put as a down payment?
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
What are the closing costs?
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.
I'm an international buyer, what do I need to know?
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. 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.
When is the best time to sell my new condo?
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.
Get to know The Festival Condos
Festival condo is a new condominium that seeks to bring affordable condo apartments to investors and end users. In this article, we take a look at the project overview and why Festival condos might just be the perfect investment solution for your needs Festival condos are unbeatably situated just beside the TTC Subway Station (VMC Station) – meaning no longer have to go through the traffic-beating ritual most of your other colleagues face, and you might just get listed for that next promotion ;)What’s more? The subway station provides an alternative to always using your car. I mean, with the recent inflation in the fuel pricings, you can smile as you board the train, unlike your colleagues who are likely frowning right now on their trip to the gas station! A large bus terminal (York Region Bus Terminal) and 2 large highways (407 and 400) are also available for you to choose from; giving you high flexibility in your mode of transport. It just keeps getting better! Residents are positioned right in the center of all the benefits this neighborhood has to offer. From the beautiful, high-standard schools and universities for your kids, as a parent or guardian, you are just a driving distance away. And you get to save the transport costs of sending your kids to schools so far away. Your family is close to you, and spending time together is as easy as it gets. What more?The Parks in the neighborhood, are the perfect place to spend time with family, friends, and socialize with your neighbors and members of the community; there is nothing more magical than social events like dog walks, playing basketball or having picnics with our loved ones.In line with the benefits, the park also contributes to your healthy living where you can hike, jog and ride bicycles for recreation. Creating beautiful moments with loved ones, and giving your little ones a childhood they will always remember is the dream of every homeowner and parent, and Festival Condos is here to help you do just that.
Transportation Options available to Festival Condos Residents
The Vaughan Metropolitan Centre station is without doubt the biggest thing in Vaughan. Vaughan is the only centre in and outside of Toronto that has an award winning intermodal transit system and subway access. The VMC station provides an exceptional commuter experience by creating increased transit options in the area. The Vaughan Metropolitan Centre Station is among the new Line 1 stations of Toronto Transit Commission (TTC). The Vaughan subway operates on weekdays and Saturdays from 6 am to 1:30am with Sundays operating from 8 am to 1:30 am. It will take 43 minutes for residents of Festival Condos to ride from the Vaughan Metropolitan Centre station to the Union Station which is located in downtown Toronto. To ride to the York University Station from VMC, it will only take 5 minutes subway ride. Festival Condos will also have access to a brand new rapid bus terminal. The Viva bus rapid transit has also opened its operations to Viva (York Region, Ontario) as well as in Zum (Brampton). It was designed to provide seamless transit service in the York Region.Pedestrians can also opt to use the underground pathway that connects the vivastation, subway station and SmartCentres Place Bus Terminal in order to avoid the weather. Active transportation like biking and walking are part of VMC’s vision. Hence, the bike lanes and bike boxes are expected to expand as VMC grows. Currently, active transportation is in operation on Millway Avenue, Highway 7 and Apple Mill Road.
Meet the Builder : Menkes
More than 60 years ago, Menkes Developments Ltd was founded by the visionary businessman Murray Menkes. He envisioned himself building single-family houses that are structurally sound, aesthetically pleasing, and would have a lasting value. Shortly thereafter, the company was already building master-planned communities until it became a multi-disciplinary and fully integrated real estate development company. Because of their commitment to creating an innovative and high-quality living, the company has been continuously recognized since the early 1990s by a myriad of award-giving bodies including the BOMA Awards, Summit International Awards, and Tarion, just to name a few. Recently this year, the HOOPP leap has awarded the company with the Water Winner Award and 3rd place for Sustainable Achiever Award for the project 25 York and Sustainable Operator Award and Sustainable Achiever Award 2nd Place for 4711 Yonge project. The Project 5550 and 5570 Explorer Drive bagged the first place of the Sustainable Achiever Award. The Commercial Division of the company is in fact recognized for its perseverance to develop a sustainable green building with attractive architecture and effective and practical technology. That goes as well with the residential communities the company is developing.
One of Canada's largest master-planned communities
Festival Condos is a new master-planned community developed by Menkes Developments and QuadReal Property Group. Festival Condos is set out to be one of the largest community developments in Canada and will be the centre-piece to the new South Vaughan Metropolitan Centre.