Essence Homes
Mississauga, Ontario
Head Office: Mississauga, Ontario
Year Established: 2020
Umbrella Company: N/A
Discover Essence Homes, Ontario's fastest-growing luxury real estate developer, crafting innovative, luxurious, and distinctive residences tailored for you. Experience unparalleled family living and thriving communities. Find your Essence today.
Developer's Track Record At a Glance
The information provided here is for educational purposes only. For the most recent information, visit the Home Construction Regulatory Authority website about this developer at
0 Total Freehold Properties
in the last 10 years, updated as of Feb 27, 2023
0 Chargeable Conciliations
Occurs when Tarion determines that one or more items reported by the homeowner is warranted under the Ontario New Home Warranties Plan Act and the vendor/builder failed to repair or resolve the item(s) during the applicable repair report and no exception to chargeability applies.
0 Condominium Units
in the last 10 years, updated as of Feb 27, 2023
$0.00 Tarion Action on Behalf (TAB) of Vendor/Builder
Outstanding amount owing for claim case(s) where Tarion is fulfilling the warranty obligation on behalf of the builder or vendor. This may also include amounts owing as a result of chargeable conciliation fees charged to the builder or vendor.
0 Total Possessions
in the last 10 years, updated as of Feb 27, 2023
Buying a Pre-construction Property
How It Works
Step 1: Research and Select a Project
Before diving into pre-construction properties, conducting thorough research on various projects and neighbourhoods is crucial to find the one that aligns with your needs and preferences. Assess factors such as location, amenities, and future developments in the area. You can consult with a knowledgeable real estate agent, browse online listings, or attend developer presentations to gather essential information about prospective properties..
Step 2: Secure Financing and Pre-Approval
Once you've identified the perfect pre-construction project, it's time to arrange your finances. First, consult with a mortgage broker or financial institution to obtain pre-approval for a mortgage, which provides a clear understanding of your budget and the amount you can afford. This step is crucial as it ensures a smoother purchasing process and confirms your eligibility for financing when the time comes to close the deal.
Step 3: Reserve Your Unit and Sign the Agreement
After finalizing your preferred project and securing financial pre-approval, it's time to reserve your desired unit. You'll be required to sign an Agreement of Purchase and Sale (APS) with the developer, which includes crucial information about the property, such as the purchase price, deposit structure, and closing date. It's essential to have a real estate lawyer review the APS to ensure your interests are protected and to understand any additional terms and conditions.
Step 4: Monitor Construction Progress and Prepare for Closing
As your pre-construction property takes shape, staying informed about the construction progress and any potential changes to the closing date is vital. Regular communication with the developer or real estate agent can keep you updated on the project's status. Then, as the closing date approaches, finalize your mortgage, conduct a pre-delivery inspection, and prepare for the closing costs and adjustments. Once everything is in order, you'll be ready to take possession of your brand-new property in Ontario!
Overview
Residential Developer
Address
2345 Argentia Rd Unit 100, Mississauga, ON L5N 8K4
Phone Number
416-670-4510
Fax Number
N/A
Essence Homes
Two55 Condos
Discover Two55 Condos, an exquisite 14-storey development in Mississauga’s vibrant Cooksville neighbourhood. Offering a mix of 1- to 3-bedroom suites, this modern steel and glass structure is designed for urban living. Enjoy easy access to Toronto, nearby supermarkets, restaurants, and schools. Embrace the diverse, middle-income community that calls this revitalized area home. Register now to stay updated on the project’s progress.
Frequently Asked Questions
Welcome to the Residential Developers FAQ section! We understand that buying a new home or investing in real estate can be complex and overwhelming. That's why we have compiled a comprehensive Frequently Asked Questions (FAQ) section related to new pre-construction homes bought from residential developers. So whether you're a first-time homebuyer or seasoned investor looking to navigate the intricate pre-construction real estate market in Toronto and its surrounding areas, our FAQ section is designed to answer your most pressing questions, provide expert advice, and offer valuable insights to make your journey in the world of real estate as seamless as possible. So let's dive in and let us guide you through the exciting opportunities that await you in the thriving real estate landscape of the GTA!
Questions About Residential Developers
Q: What is the role of a residential developer in the real estate industry?
Residential developers play a crucial role in the real estate industry by acquiring land, obtaining permits, designing, constructing, and marketing new residential properties. They contribute to urban growth, cater to housing demands, and create communities that enhance the quality of life for residents.
Q: How do I choose the right residential developer for my needs?
When selecting a residential developer, consider their reputation, track record, project quality, innovation, and customer satisfaction. Research their past projects, read reviews, and consult with real estate professionals to make informed decisions.
Q: Are there pre-construction opportunities available on NewDevelopmentForSale.com?
Yes, NewDevelopmentForSale.com offers a variety of pre-construction opportunities from top residential developers in Toronto and the Greater Toronto Area. These opportunities allow homebuyers and investors to secure properties at competitive prices and with unique lending options and mortgage assistance, such as the Down Payment Assistance Program.
Q: How can I stay updated on upcoming residential developments in Toronto and the Greater Toronto Area?
Stay updated on upcoming residential developments by visiting NewDevelopmentForSale.com regularly, signing up for our newsletter, and following us on social media. We provide the latest information on new projects, residential developers, and market trends.
Q: What types of residential properties do developers typically build?
Residential developers build various properties, including single-family homes, townhouses, condominiums, and apartment buildings. They may also create mixed-use developments that combine residential, commercial, and retail spaces.
Q: How can I find information on the amenities and features of a specific residential development?
NewDevelopmentForSale.com provides comprehensive information on each residential development, including amenities, features, location, and developer details. You can browse our listings and click on individual projects to learn more.
Q: Do residential developers offer any warranties or guarantees on their projects?
Most residential developers offer warranties and guarantees as required by law and industry standards. These warranties typically cover structural defects, materials, and workmanship for a specified period. Therefore, it's essential to review the warranty terms provided by the developer before finalizing a purchase.
Q: What is Tarion, and how does it relate to residential developers in Ontario?
Tarion, formerly known as the Ontario New Home Warranty Program, is a not-for-profit consumer protection organization established by the Government of Ontario in 1976. Tarion administers the province's new home warranty program, ensuring that residential developers adhere to warranty coverage standards and offering homebuyers protection in case of defects or non-compliance.
Q: How does Tarion protect homebuyers in Toronto and the Greater Toronto Area?
Tarion protects homebuyers by ensuring that new homes built by residential developers are covered under the provincial new home warranty program. This program includes coverage for deposit protection, delayed closing or occupancy compensation, protection against defects in workmanship and materials, and major structural defects.
Q: Are all residential developers required to register with Tarion?
Yes, all residential developers building new homes in Ontario must register with Tarion. This registration ensures that developers meet the licensing requirements and comply with the warranty coverage standards set by the province.
Q: How can I verify if a residential developer is registered with Tarion?
To verify a residential developer's registration with Tarion, you can visit the Tarion website and use their online directory to search for the developer. This search will provide information about the developer's license status and any potential claims or issues related to their warranty coverage.
Q: If I have a problem with my new home, how does Tarion help resolve the issue?
If you encounter a problem with your new home that falls under warranty coverage, you should first notify the residential developer in writing. If the developer fails to address the issue within a reasonable time, you can contact Tarion to file a claim. Tarion will then investigate the matter and work with the developer and homeowner to resolve it. In some cases, Tarion may provide financial compensation or arrange for repairs if the developer does not fulfill their warranty obligations.
Q: What is the new home warranty provided by Tarion?
By law, the builder provides a warranty for all new homes built in Ontario. Tarion's role is to ensure that buyers of newly built homes in Ontario receive the coverage they are entitled to under their builder's warranty. Coverage includes financial protection before taking possession and protection against construction defects after taking possession.
Q: How does the new home warranty work?
A new home built by a (Home Construction Regulatory Authority) HCRA-licensed builder/vendor is eligible for warranty coverage if it meets four criteria under the ONHWP Act: there must be a "home", "vendor", "builder", and "owner". The coverage begins when you sign the Agreement of Purchase & Sale and remains in effect for up to 7 years, even if the home is sold. Each warranty has specific limits and obligations for home buyers, owners, and vendors/builders.
Q: Who is protected by the new home warranty provided by Tarion?
The new home warranty provided by Tarion protects Ontario home buyers and owners of freehold, contract, condominium, and condo conversions under seven years old.
Q: Who is responsible for providing the new home warranty?
The vendor or builder pays the warranty enrollment fee to Tarion as a term and condition of an Enrollment Confirmation. For freehold homes, the fee is payable anytime before the start of construction. The fee is payable at least 30 days before construction begins for condominium projects.
Q: What are the coverage limits for the new home warranty provided by Tarion?
The new home warranty coverage limits depend on when the buyer first signed the Agreement of Purchase & Sale (APS).
- For APS signed before February 1, 2021, the maximum statutory warranty coverage available for freehold homes and condominium units is $300,000. For condominium common elements, it's $50,000 times the number of units to a maximum of $2.5 million.
- For APS signed on or after February 1, 2021, the maximum coverage for condominium common elements is $100,000 times the number of units, up to a maximum of $3.5 million. The maximum combined coverage for a condominium project (units and common elements) is $50 million.
There are also specific limits for warranted damage caused by environmentally harmful substances or hazards and coverage of septic systems.
About Our Services
Listing & Selling New Properties
Let us take care of the complexities of selling your property. Our experienced agents will create a tailored marketing plan, handle negotiations with buyers, paperwork and legal documents, and guide you through every transaction process. With our expertise and support, you can know that your property is in good hands. Contact us today to schedule a consultation.
New Home Search & Buying Assistance
Buying a new home can be confusing and overwhelming, especially if you are not too familiar with the details of the process. We aim to protect your interests by educating and informing you of the common pitfalls to avoid and opportunities to seize your advantage while you find your next new home. So let our expert real estate agents guide you every step of the way.
Property & Tenant Management
Our property management services can help property owners efficiently manage their rental properties. We address the pain point of dealing with problem tenants by handling tenant screening and taking prompt action on late rent payments or property damages. With our expertise and support, property owners can have peace of mind knowing that their investment is protected.
Relocation & Moving Services
In addition to our expert guidance in finding your perfect new home, we have screened a few trusted relocation companies in the local neighbourhood of your new home. These companies can assist with every aspect of your move, from packing and transportation, so you can focus on settling into your new neighbourhood. Enjoy our comprehensive relocation services, and you can have a stress-free and seamless transition to your new home.
Invest in Real Estate Investment Trust (REIT)s
Individual investors seeking to diversify their portfolio with real estate assets can invest in REITs as a solution. REITs offer a diversified portfolio of income-generating properties without requiring property management. With REITs, investors can gain exposure to the real estate market and the potential for income and capital appreciation while enjoying liquidity. It's a convenient and accessible way for individual investors to diversify their portfolios with real estate assets.
Bridge Financing
Explore the benefits of Bridge Financing for a seamless closing. Learn how this flexible, short-term financing solution can help you secure your dream property, overcome timing challenges, and ensure smooth transactions in your real estate journey. Discover expert insights and guidance on Bridge Financing today!
100% Pre-construction Financing
Discover the advantages of 100% Pre-construction Financing for your new home or property investment. Learn how this innovative financing option enables you to secure your dream home in new developments while maximizing your investment potential. Find expert guidance and support to confidently navigate the mortgage qualification process for 100% pre-construction financing.
Mortgage Pre-approval
Explore the benefits of mortgage pre-approval for a seamless property buying experience. Gain insights into your purchasing power, expedite your property search and strengthen your negotiation position with builders. Let our expert team guide you through the mortgage pre-approval process and help you confidently secure financing for your new home.
Down Payment Assistance Program
Discover our Down Payment Assistance Program, designed to help first-time homebuyers in Canada overcome financial barriers and co-invest in their dream home. Our program offers up to $250,000 in shared equity and supports many locations in the Greater Toronto Area and beyond. Experience a simple process, expert guidance, and flexible co-ownership options. So start your homeownership journey today!