Why Buy a Condo?
What, exactly, is a condo?
Condominiums are a legal form of shared ownership, where the owner of a condominium purchases the title to her/his individual home, and a shared interest in the building and grounds common elements. The true advantage to condo ownership lies in acquiring the financial benefits of home ownership with the freedom of leaving the chores of property upkeep and maintenance to property managers. There is also the benefit of sharing longer-term building expenses between all owners, creating efficiency and cost-savings. Residents purchase their condo, and pay a monthly condo fee to fund all shared common area expenses.
As a condo owner, what role am I expected to play in the condominium?
The condominium will be run by a property manager who will be hired by and work for the condominium's board of directors. As an owner, you have voting rights in the condominium corporation. Each year, an annual general meeting of all condo owners will be held to review the business of the corporation. If you would like to participate in the management of the project to a greater extent, you can choose to stand for election to the condominium corporation's board of directors.
Will The Lexington on 9th be an age-restricted condominium?
Will pets be permitted?
The condominium's board of directors will be responsible for the by-laws and rules of the condominium; however it is expected that owners will be allowed up to two cats or two dogs, or one of each, each weighing no more than 35 lbs., permitted that they are well-behaved and quiet, not causing a nuisance to the other residents.
Will smoking be permitted?
In accordance with provincial by-laws, smoking is not permitted in any of the common areas.
Can I purchase a condo and rent it out?
Yes, you may rent your condominium provided that you and your tenant follow all of the rules and regulations of the condominium, the same as any other resident.
What is the timeline for this condo building?
Construction will begin in fall 2018, with Phase I completion in spring/early summer 2019, Phase II completion in late fall 2019, and Phase 3/4 completion in late 2020. Condo owners will be kept up-to-date with completion schedules as they approach.
Who is the contractor?
Hive Development Group Inc. is the general contractor.
Is my condo covered under warranty?
Yes, the condos have a comprehensive 1-year warranty on all materials and workmanship, and a 5-year warranty on major structural elements through the New Home Warranty Program of Manitoba.
What type of parking is provided?
Each condo unit comes with 1 outdoor parking stall included in the purchase price. Additional outdoor parking stalls are available for rent from the condominium corporation. There will be ample outdoor visitor parking spots on site as well.
Sustainability is important to us. There will be ample bicycle parking as well - bike downtown instead of taking your car!
Will this building have an elevator?
No, this building will be a walk-up style building.
What type of soundproofing will there be?
Between each of the residential floors there will be engineered floor joists filled with 2 layers of roxul (sound and fire resistant insulation), 2 layers of 5/8" fireguard gypsum, and a gypcrete topping underneath the flooring systems. Underneath the gypcrete topping will be an acoustic sound mat designed for that purpose. On top of the gypcrete will be another sound mat designed to go underneath the flooring. Between each of the residential units a double wood stud wall system filled with insulation, in addition to a sound-deadening air gap and Buffalo Board, will provide soundproofing.
What type of fire protection will there be?
The Lexington will be equipped with a comprehensive fire/carbon monoxide alarm system throughout the building. Emergency exit lighting and emergency stairwells are in place at either end of the building. Each landing will have a fire extinguisher.
What type of foundation and building structure will be used?
The building will have an engineered concrete foundation. The residential floors will be wood framed. Engineered floor joists with insulation, fireguard and gypcrete topping separate each floor. Double wood stud walls and insulation separate units. Engineered roof trusses will support the roof, which will be covered in asphalt shingles with a lifetime warranty.
What type of materials will be used on the exterior?
The exterior will be cladded with an aesthetically pleasing combination of James Hardie board, cedar siding, metal and stucco finishes. The balconies will have aluminum railing systems and exterior vinyl decking.
What type of heating/cooling system will be used in my condo?
Each condo will be equipped with a high-efficiency forced-air electric furnace, air-exchange unit and central air-conditioning.
Can I choose my own finish details in my condo?
Owners who purchase their unit before construction will be able to select from a variety of flooring, cabinetry, countertop and paint colour finishing details. After a certain point in construction, the developer will select the finishings for any unsold units.
How do I buy a condo at The Lexington on 9th?
Please call or message our sales team to make an appointment to review all of the necessary information and paperwork. We will be happy to meet with you to ensure you have all of the details you need to be confident in choosing The Lexington as your new home!
Is a deposit required?
Yes, a 10% deposit and accepted purchase offer is what is required to buy your condo. The remainder of the purchase price is required at the time of title transfer. New condominium buildings can take several months after construction completion to be registered with the Land Titles office. As a result, finalizing the purchase can actually take place after you have moved in.
Is GST included in the purchase price?
Yes, net GST has been included in the purchase price. The new home GST rebate is initially paid out by the builder and subsequently credited back to them. If you are purchasing this condo as an investment property and not as your primary residence, an additional 1.8% GST will be added to the purchase price.
Are appliances included in the purchase price?
As a pre-construction special, an appliance package containing a stainless-steel refrigerator, dishwasher and smooth-top range is included as a bonus when you purchase your condo early!
Condo Fees & Taxes
What are condo fees?
Condo fees, or common element fees, are monthly fees paid to the condominium corporation to cover your share of the common element upkeep expenses. Your condo fee is calculated based on your pro-rated share of the building.
What will the condo fees cover?
Condo fees will cover all of the common elements of the building (shared costs), including (but not limited to): property management, common area heating, common area janitorial services, snow removal, grounds keeping and landscaping, building insurance (owners require their own contents and improvements insurance), garbage/recycling/compost removal, lights and power in the common areas, in-suite and common area water and sewer, building maintenance, reserve fund contributions, reserve fund studies as required, accounting services, legal services, and entrance intercom system. Residents pay separately for telephone, in-suite hydro, TV, "condo package" insurance and property taxes.
How much will the condo fees be?
The condo fees will be adjusted as required/determined by the condominium's board of directors from time to time. The initial rates are available on request.
What will my property taxes be?
Property taxes are determined after construction is completed. Provincial property assessors determine property assessments, and then municipal tax rates are applied. Estimates based on other properties are available - please feel free to contact us for estimates based on the condo unit you are interested in purchasing.