Saturday, 15 September 2012

Aura Construction Update - September 2012

Aura Condo under construction at Gerrard and Bay. 


The Shops at Aura are set to open on October 5th, (obviously in hindsight this didn't happen) and work seems to be progressing around the clock to ensure that the deadline is met. (which it wasn't - delay, delay) There may be penalties if the developer is late in getting the mall open by the set date. (And penalties will be paid)  Stores set to open in the new retail include Marshalls from the US, along with Bed Bath and Beyond, Bank of Montreal and a string of smaller stores and restaurants. There will be a Pacific Mall style shopping experience in the lower concourse that connects the new tower to the existing College Park retail. The Aura Tower will continue under construction for the next year and a bit while the retail is open to the public. The tower will be the tallest condo ever built in Canada


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.


August 18th 2012 - Aura Update





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.

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