Monday, 20 August 2012

Royal Military College Condos on University

RCMI Condo Rising on University
Residences at RCMI 

New Condos going in on University at the location of the Royal Military College between two existing towers. Very interesting to take in as I did last night while the sun is setting. No doubt there is enough variety in location and amenities in the Toronto market. This condo features no owner parking, and cars will be supplied by ZipCar. This is unique although I did notice that the excavation did go down about 4 or 5 floors, but because the building is on a narrow plot of land there was no room to ramp up, which would be required for cars to exit and enter the underground portion of the building.

The Toronto Condo Boom

The boom in the Toronto Condo industry which began slowly in the late 1990's and picked up steam in the early aughts (00's) has transformed the look and feel of the City. Highrises are sprouting from all areas of the city, mainly the downtown core, but other areas, such as Liberty Village, Etobicoke Shores, Scarborough, Mississauga City Centre and North York Centre are also experiencing rapid condo growth and densification. Part of it is the design of the provincial government, which wants to attain maximum efficiency of use out of publicly funded transit such as GO Transit, the TTC and regional lines. Plus heavy investment in infastructure such as the Airport Line, The Eglinton Crosstown LRT Line, as well as the Union Station Renovation project all of which will make getting into and out of the core far easier then ever before. At the same time providing a real lifestyle choice to those that decide they enjoy downtown living.

RCMI - Rendering

Getting a Mortgage and Mortgage Insurance through Allstate Insurance Company of Canada for financing a loan to purchase at Aura is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Allstate Insurance Company of Canada include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Allstate Insurance Company of Canada is actually one of the major financing costs on home loans.

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