The Sutton Place Hotel in Toronto is set to become a condo once the charity auction of hotel is goods is complete. The plan not only includes the conversion of the existing hotel, but also adding additional 7 floors to the tower. This is a true one of a kind project, although, I will admit I did like the way the exisitng Sutton Place looks, there is no holding back progress and advancement. So be it! The sales process has begun, and I'm sure as with most condos in Toronto this will likely have a fairly quick circle from the sales to construction.
Latest Update on Sutton Place as of September 2012
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.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.