Toronto - The Week in Skyscrapers

This has been a crazy week in skyscrapers for Toronto. So I thought I should write about it because I'm a self described skyscraper geek. So first off let's start with David Mirvish and his plans to revitalize the Entertainment and Theatre District. I didn't see this project coming, but it apparently has been in the planning stages for over a year, and with the input of Adam Vaughan, this one should sail through council. At least let's hope so, as it will hand over studios and galleries as public space, starting with contribution s to the OCAD design university, for student galleries and learning centres. To top that off David Mirvish will display his vast personal collection of abstract art in one of the galleries - total floorspace 60,000 square feet. Works in Mr. Mirvish's collection include Frank Stella. The project will be topped off with various retail opportunities in addition to the 3 marvelously developed condo towers ranging in height between 275 meters to 290 meters, the towers will be designed by Frank Gehry. This project is so huge that the entire block between Sim OE and Duncan and King to Adelaide will have to be razed. The project has a timeline of close to 10 years. So it will likely not be subject to the whims of the condo market. That is a good thing as this is a landmark project and should not be rushed. Lots of thought and planning went into the design and it will have a major impact on the city of Toronto. Particularly the downtown core. The project, by Projectcore will have their major press conference tomorrow. At that time we should get more information regarding the project.

Other projects released this week include IQ Tower 1 - at 175 meters, and IQ Tower 2 - also at 175 meters. Another project that flew under the radar was 599 Yonge at 163 meters.

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.