Oxford Debates Whether To Build The Tallest Skyscraper in Canadian History

Oxford is Debating Building the Tallest Skyscraper in Canada


So it's not a done deal, yet....

But still I'm optimistic. Interesting note, is that Oxford may be planning the residential as rental and not condominums. Well that's a change.

apartment for rent

Oxford Debates Building Tallest Tower in Canada

A downtown casino proposal tentatively includes two office and residential towers that would be the tallest skyscrapers in Canada. The two towers would be 1,070 feet tall — 92 feet taller than the country’s current tallest building, First Canadian Place, according to the Council on Tall Buildings and Urban Habitat. The towers would be 70 storeys each — 40 for office space below and 30 for residences above, which would more likely be rental apartments than condominiums. But the residential component may be abandoned entirely if demand isn’t thought sufficient, said Michael Kitt, Oxford Properties Group’s executive vice president for Canada.

“We want office as part of this project, and we’re committed to the office component of this project. The residential on top of the office, that’s something that we’re debating,” Kitt said.
Oxford, owned by the Ontario Municipal Employees Retirement System pension fund, has projected two hotels on the site at 836 and 605 feet. The former would be taller than all but five buildings in the country. But these figures are also mere estimates, Kitt said, and may change when a hotel company comes into the picture.

The $3 billion Front St. W. proposal may never become reality at any height. Kitt said Oxford will abandon the entire plan if council rejects the casino component. Even if council approves a casino, it may choose another location rather than the heart of downtown.
Businessman David Mirvish has proposed three condominium towers of 80 to 85 storeys each for King St. W., a short walk from the Oxford site.




Getting a Mortgage and Mortgage Insurance through Empire Life 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 Empire Life 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 Empire Life 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

Empire Life : What is Condo Insurance?
Condo Insurance is required to protect your personal contents from theft or fire damage in your condo if these unforeseen events should happen you should make sure that you have adequate protection. Some items in your condo are will also be protected by your condo association insurance policy which covers the general building. The events that are covered by condo insurance include Fire, as well as Lighting. Other weather related causes such as Windstorms, and Hail are also covered. The major one that most people worry about is theft which is covered by condo contents insurance policies.

Toronto Condo Market Report – February 26, 2014

Toronto Condo Prices continue to trend upwards, as sales also move up with general improvement not only in the Toronto economy, but the nation as a whole. Condo sale prices have not increased to the same degree as detached family housing, due to new supply coming onstream. However fears of a condo bubble, have not proved accurate, as trends move to the upside. Average Home prices are still up in Toronto, and look like they will continue to rise for the remainder of 2014. Year over year, detached housing prices increased by over 14%. Just amazing.

What to Expect for Home and Condo Prices in 2015 in Toronto and the Greater Toronto Area

The latest reports on the Toronto Real Estate market predict that the condo prices if left unsupported will fall, due to oversupply. However, this prediction has been the case for over 10 years now, and nothing has come to pass with regard to any major price drop even with predictions of a correction coming from the world’s largest and most respected financial institutions.

Toronto is on the verge of becoming a high end retailing mecca, and this will force up home prices as well as condo prices in the central core. Word that big US retailers like Saks, Nordstorms and Target are moving into the Canadian Space, and primarily within the downtown Toronto core is likely to increase the desirability of those areas with the best access to high end shopping experiences.