Teska develops Plans of Subdivision that create building lots in desirable rural areas in Ontario. Lots vary in size depending on the requirements of the Municipality and the layout of the land. Roads are built to Municipal standards. Utilities are often buried in the roads. Some developments are well treed, other close to water; all have park-like settings and feature amenities such as children’s play area, horseshoe pit, BBQ and picnic area. Our concept provides a financial plan that will greatly assist customers in getting construction financing.

After you have selected a lot and settled with our Sales People on the price, Teska offers you a Reservation Agreement. The Terms are 10% of the lot purchase price at the time of signing the Reservation Agreement. The Customer then has one year (the choosing period)to decide on the house they want and the builder they want. Teska has several builders that we can recommend, however, customers can engage their own builder should they wish. A one year extension can be provided for a fee.

At end of the choosing period Customers convert their Reservation Agreement to an Agreement of Purchase and Sale and a closing date is determined. Customers would provide a 25% down payment upon signing the APS (the Reservation Fee is converted and forms part of the down payment thus requiring the Customer to provide only another 15% to close. Upon closing Teska will provide a VTB, Vendor Take Back, mortgage for the balance of the Sale, 75%.

This VTB will contain provisions for Teska to postpone the mortgage in favour of your construction financing company. This means that you are providing the full value of the lot as equity towards your home, which will reduce or eliminate your requirement to provide additional cash toward your home construction. Customers can assign the lot to the builder and Teska will wait to have VTB paid out until completion of the home and you move in. Usually paid out from the finished home mortgage.

Should a Customer wish to retain the lot for future building, Teska will hold the VTB for two years with no interest. An extension (after the first two years) on the VTB can be up arranged for up to three years at 4% per year, with monthly, interest only, payments.

The project is located at 493 Warner Bay Road, Tobermory, in the Municipality of Northern Bruce Peninsula, Ontario. Our over 25 acre site is treed and is close to Lake Huron, Cape Hurd and Alvar Bay Nature Reserves.

The property is close to both summer and winter recreation activities. Lake Huron nature areas are close by and the Village of Tobermory offers boutique shopping and dining. The village, airport and Bruce Peninsula National Park are five minutes away. Sable Beach, the second longest freshwater beach in the world, is just short drive.

Teska proposes to develop 36 estate lots, each a little over 1/2 of an acre. A single road will service the community with a cul de sac at the Northeast end. Lots are serviced by wells and a community sewage treatment facility. A park with children’s play area and structures will provide a community meeting area with horseshoes, half basketball court, and a Gazebo with BBQs and picnic tables.

Outstanding homes will be built by S&S luxury homes Homes. A visit to the Gallery or Models at MSignatureHomes.ca showcases the selection of fine homes. Owners can choose a lot with most models available to be built on most lots.

Attached please find a preliminary site map, and artist sketches of the exterior elevations. Lots will be available for reservation summer of 2024 infrastructure once plan of subdivision is approved construction could start in the early 2025.

For further information from MSignature Homes please contact Mr. Alex Wolfes (613 627 2770) at MSignatureHomes.ca or email sales@MSignaturehomes.ca For further information at Teska please contact Mr. Tim Siva (647 762 1740), Mr. Said Mohammadi (416 565 3008) or Mr. Amandeep Toor (613 864 9799) at teskadevelopment.com or call our main number at 647 424 2233.