Tuesday, 2 October 2012

Aura Construction Update - Oct 2nd 2012

Aura Construction Update

Here is the prototypical shot from Dundas Square in downtown Toronto. I caught it this afternoon and you can see how Awesome Aura is and its only about 40 Floors up so far. Another 8 floors until the next setback. 

Aura is being developed by Canderel Stoneridge out of Montreal. This developer is probably best known for the condo redevelopment and gentrification of the King West Strip. They have other projects in the Yonge and College area including the 460 Yonge Proposal. 

The Shops at Aura will open in the base of this tower by the weekend, so we'll be watching for that. Looks like the tower itself might take another year and a half to complete. Stores there include Marshalls, Bed Bath and Beyond, and smaller retail outlets.

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 Construction Update - January 2013

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.  
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Getting a Mortgage and Mortgage Insurance through National Bank Insurance 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 National Bank Insurance 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 National Bank Insurance 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. Currently investors are looking to increase their position in rental properties in Toronto, at the same time the federal government in co-operation with the financial institutions are making getting and qualifying for loans and mortgages more difficult

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