Menkes Set to Develop Office Tower in Southcore
South of the Air Canada Centre and Maple Leaf Square sits a vacant lot which is currently being used as a parking lot. Little do the passerbys realize that this is the home of a monster development call Harbour Plaza and One York which will be developed by Menkes and Oxford Properties. The development will consist of two residential towers spiralling 70 floors into the sky and a 35 floor office tower which is currently in sales. The condo residences are in registration mode as the names list fills to meet pre-construction financing numbers. This is not the only tower going up in Southcore at least with regards to office, there is also Bremner Tower and RBC Tower not to mention endless residential developments on the go.
South of the Air Canada Centre and Maple Leaf Square sits a vacant lot which is currently being used as a parking lot. Little do the passerbys realize that this is the home of a monster development call Harbour Plaza and One York which will be developed by Menkes and Oxford Properties. The development will consist of two residential towers spiralling 70 floors into the sky and a 35 floor office tower which is currently in sales. The condo residences are in registration mode as the names list fills to meet pre-construction financing numbers. This is not the only tower going up in Southcore at least with regards to office, there is also Bremner Tower and RBC Tower not to mention endless residential developments on the go.
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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