Here is a picture from the 29th, of September of the Aura Condo Tower which will when complete be the tallest condo tower in Canada at a height of 273 meters. It will reach a height of 78 floors and is being developed by Canderel Stoneridge. The Shops of Aura mall in the lower levels of the tower are set to open up on October 5th, 2012. The shops will be connected via underground to the College Park Retail Plaza and courthouse. The building is currently up between 39 and 40 floors with another 39 floors plus the mechanical levels which will be added on top of that. So a very long way to go. This building will tower over the surrounding buildings, by a huge margin, until other towers of at least 200 meters are built (and they are planned) in the next coming years.
The Building is located at the corner of Yonge Street and Gerrad, in the heart of downtown Toronto and just to the north of Dundas Square.
The Aura Condo Project:
Submitted to the City in 2006, as two towers the taller of which was 60 floors and over 200 meters, it was initially rejected by the city, for failing to respect the street and offer adequate ground level retail. It would have been a standard Bay Street condo, on the most important, or second most important (depending on your view of what makes a retail street) in the city of Toronto. The new project has close to 200,000 square feet of retail and commercial space, in building which is over 1.1 million square feet. Thus providing the downtown core with an alternate shopping experience in conjunction with the College Park Mall to which this project is adjacent.
 |
| Aura College Park - September 29th 2012 |
The Toronto Condo Boom
Toronto Condo Living has taken off over the last few years, and the redevelopment in North York Centre, Downtown Toronto, Mississauga and other areas has been nothing short of mind-blowing. Downtown Toronto and North York Centre might not be recognizable just due to the speed of the construction and development. Although there are some that are opposed to increased condo density, we can't discount the benefits many with regards to increased higher use of transit, walking biking and other alternate methods of transport as opposed to using the car. Toronto just might be a leader, outside of Manhattan (New York City) in this respect.
<!--[if !supportLineBreakNewLine]-->
<!--[endif]--> Getting a Mortgage and Mortgage Insurance through The Co-operators for financing a loan to purchase at FIVE Condos 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 The Co-operators 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 The Co-operators is actually one of the major financing costs on home loans. Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold.
No comments:
Post a Comment