Sales Trouble at E Condos - Yonge and Eglinton

Sales Trouble at E Condos Bazis

The latest word on the internet is that there may be some sales trouble at E Condos. Word has spread that Bazis and Metropia are having a hard time selling units in the largest ever condo project to be built at the corners of Yonge and Eglinton in the midtown area of Toronto.


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The city is in the midst of a massive condo boom, some real estate experts believe that the Toronto market is starting to cool, and some recent developments launched this spring and summer have had issues with sales. Yet other projects like Massey Tower, 88 Scott, and INDX seem to be doing fine and hitting their targets and even selling out.

This project is so large in it's scope it is bound to by its sheer size change the feel of Yonge and  Eglinton into more a part of the core of the city. Toronto is maturing and these larger developments add gravitas to certain intersections.

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Yonge and Eglinton will be home to the Crosstown LRT underground transit system which will traverse the mid portion of the city, and above ground in the suburbs. The Yonge Subway line is already the busiest subway line in Canada and one of the busiest subway lines in North America, so this is a very important transit hub for Toronto. The word on the slow sales thus seems kind of surprising, but time will tell, it's possible Bazis overpriced the units for more than the market could bear. Back to the drawing board...

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