New Townhouse Development 8 Wellesley Residences
Coming soon to
8 Wellesley Street West, Toronto, ON
Prices starting on low $500’s
|Address||8 Wellesley Street West, Toronto, ON||Occupancy||2025|
|Beds||1 – 3 Bedrooms||Suite Size Range||
315 – 1300 SqFt
|Average Price per Sqft||TBA||Starting Prices||
8 Wellesley Residences is a new condo development currently in preconstruction at 8 Wellesley Street West, Toronto. The development is scheduled for completion in 2025. 8 Wellesley Residences has a total of 599 units. Sizes range from 315 to 1300 square feet.
With a specialized design that allows for several outdoor amenity terraces, this tower will offer an elevated living experience overlooking one of downtown’s most vibrant and eclectic neighbourhoods.
8 Wellesley Residences on Yonge is proposed as a 55-storey condominium structure, with a 50-storey tower anchored by an expansive five-storey podium. Both Chicago-based bKL Architecture and Toronto’s own Rafael + Bigauskas Architects are behind the striking design.
The site is currently occupied by a series of two-storey retail and restaurant units, some of which are designated as heritage structures. The proposal moves to restore the heritage facades and incorporate them into the podium, for a look that is modern, yet reflects the area’s rich, historical roots.
599 residential units are proposed, with a mix that includes studios, one-bedrooms, two-bedrooms and three-bedroom units. Residents will have access to over 20,000 square feet of indoor and outdoor amenity space in total.
Indoor amenity space is proposed for floors 4 and 40, while outdoor amenity terraces will be incorporated on floors 4, 40, 54, 56, 57 and 64. The tower’s unique massing allows for multiple terraces, mostly offering south and west exposures.
Three levels of underground housing will include 47 visitors parking spaces. The project’s podium will contain retail at street level to preserve the active pedestrian culture along Yonge, while the residential lobby will be accessible from St. Nicholas Street, a quiet side street on the property’s western edge.
This gives the condominium multiple benefits; an intimate and exclusive entrance, while still incorporating all the benefits of the thoroughly urban location is occupies.
LOCATION & NEIGHBOURHOOD
Church and Wellesley condos are in high demand. This vibrant downtown neighbourhood offers plentiful urban amenities paired with a friendly vibe. Restaurants, shops and entertainment options line the stretch, while an increasing number of modern condominiums are being built and proposed
Many of these new condos incorporate historic facades, making for a unique stretch that’s equal parts iconic and modern. Units here command some of the city’s highest rental rates, a reflection of the area’s desirability with a wide range of professional tenants and homeowners.
It’s no surprise the area attracts a significant number of professionals, as it’s a short commute to high-density employment districts like the Bay Street Corridor and the Financial District, as well as the Discovery District, which is home to many medical and science-related headquarters. Both Ryerson University and the University of Toronto are within walking distance.
Wellesley station is just across the street – connecting you with the subway’s line 1 – while the bustling intersection of Yonge and Bloor is just a few minutes’ walks away and provides subway access in all four directions.
As the Church and Wellesley district continues to urbanize, 8 Wellesley Residences On Yonge is not only a great place to call home, but a fantastic option for investors.
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We strongly recommend you as the buyers to be accompanied by a RE/MAX Team Paliwal REALTOR® on the first time when entering a New Home/ Condo sales centre. We as builder’s preferred agents get paid a small fee by the builders BUT our services are absolutely free for you. While on the other hand if you go directly – the sales staff at builder sales centre is looking after the interest of builder – NOT you and they do not disclose many points those may not be in your best interest. We as your agents will guide you through the selection and the purchase process and negotiate with the builder on your behalf, we will also recommend and introduce you to the top professionals such as lawyers and mortgage agents, Banks.
We are Independent Realtors, part of RE/MAX Realty Specialists inc., Brokerage. We do not represent the builder, we represent you! We gain first VIP Access, Pricing & Incentives to many pre-construction developments throughout the GTA. This offer is not available to Buyers currently working with a Realtor and is not intended to solicit buyers currently under contract.
All renderings, incentives, pricing are subject to terms & conditions and may change at any time without notice – see sales representatives for more details.
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.
How do I reserve a unit or lot in this project?
Click on “Request Information” – Fill out the form and send us, We will send you more details so that you may select the suites or Lots you are interested in.
What does it mean that RE/MAX Team Paliwal -Gyanesh Paliwal is a “Platinum Agent”?
Platinum agents are the top-selling agents who get preferred status with developers and first access to new projects before regular agents and the public.
How does it benefit me as a buyer to work with RE/MAX Team Paliwal as my Platinum Agent?
Working with us as your Platinum agents give you several benefits
- You get the highest level of access in the building or in the new home project.
- You pay the lowest possible price for the unit or new home (prices are typically increased significantly after the Platinum sales event)
- The best possible incentives and terms.
- We the agents at RE/MAX Team Paliwal do not represent the builder. We represent you. You benefit from our expertise of being a top selling pre-construction agents and investors since 2007.
- Access to our personal network of mortgage brokers, lawyers, property management, HST rebate services, handymen and much more.
- Our services to you as a buyer are free
Do I get a cooling-off period? What is it for?
Yes, after you sign the contract to purchase a suite you will have a standard 10-day cooling-off period BUT only in case of high rise Condo units or Condo-Townhomes NOT when you buy Freehold homes. It’s 10 calendar days, not business days from the time you sign.
The 10 days are primarily for 2 things: 1) to have a lawyer review your contract with you if you wish and 2) to get a mortgage pre-approval letter
Do I need to have a lawyer?
You don’t need to have a lawyer at the moment that you sign the agreement, however, we always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling-off period when you buy a Condo unit.
Do I need to have a mortgage pre-approval to buy?
95% of all builders will require you to provide them with proof of financing capability in order to purchase. This is not required before you sign a contract, but it is usually required within 30 to 60 days of signing.
Not sure where to begin? Don’t worry – getting a mortgage pre-approval is something that we may help you with. Contact us for more details.
Do the prices include HST?
If you are purchasing for yourself and plan to move in, then yes, prices include the HST and there is no HST you will have to pay at final closing.
If you are purchasing an investment, rental property, then you will have to pay approximately 7.8% of the purchase price as HST on final closing.
This money is remitted to the CRA and later on, we may help you and guide you as to how you can apply to the CRA immediately to get this money back. It usually takes about 1 to 3 month to get your rebate back.
What are my closing costs on a pre-construction condo or house?
Closing costs on a pre-construction condo or house will always be much higher than buying similar property under resale or existing ones. The closing cost of a brand new house or Condo will depend on the actual purchase price of the unit/house you are buying, but it also depends on the builder, the city that you are buying in, and the type of unit/house that you are buying.
Roughly speaking in Toronto you can expect to pay approximately 3-5% of the purchase price in closing costs when purchasing a brand new condo or house.
Contact RE/MAX Team Paliwal for more details
Are there any ‘hidden’ costs when buying a pre-construction condo unit or home in Greater Toronto, Canada?
No, there are no hidden fees when buying pre-construction condos or houses because all fees must be disclosed in the agreement of purchase and sale. All purchasers must review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need a lawyer to help you we can suggest to you to several expert law firms that will review your agreement in detail.
Is it possible to assign my condo or house? How much is the assignment fee?
Most condo or house builders do allow you to sell your unit/lot or house before its occupancy by you. This process is called selling by “assignment”.
There is usually an assignment fee and a legal fee associated with selling. Costs may range from $1000-10,000. Contact us for more details.