Developers Pushing Heights to New Records in Toronto

Holt Renfrew Tower Proposed

Developers are betting big on residential skyscrapers, building them at record-breaking heights—with record price tags to match. Changing the skyline in Toronto , the tallest new residences will stretch over 83 stories, and prices to match the skyhigh hieghts. - 

- Historically, many of the world's tallest buildings, like the First Canadian Place and Scotiaplaza, were built to house offices, at a time when people weren't accustomed to living in high rises, and later when many city dwellers were heading to the suburbs. Very-tall residential high rises began growing in popularity in Toronto in the past 15 years during the midst of the massive and unpresidented condo boom.

- The subsequent downturn and credit crisis resulted in many empty buildings and halted construction in the United States. However in Canada prices were only impacted moderatly have more recently stabilized, particularly on the high end, and an influx of foreign buyers has absorbed empty inventory in many cities. Now, building tall is taking off again, with the news that Morguards Holt Renfrew Tower could become the tallest residence ever built in Canada. Also an increasing number of skyscrapers, including residences are under consideration in the city's exclusive Yorkville Shopping District.  Due to the cost of land, the price of going up is actually cost effective.

- Living at high alittude has it drawbacks, mainly living at these hieghts may mean residences will have to forego the outdoor balconies that can accompany residences in buildings built at less than 50 floors.

Lets see if the trend continues...

Getting a Mortgage and Mortgage Insurance through Aviva Canada 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 Aviva 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 Aviva Canada is actually one of the major financing costs on home loans.