Another quick update on the Sutton Place Restoration Project. Looks like some of the exterior work is beginning, you can see the scaffolding is being installed on the corner and work looks to have begun a bit sooner, than even I expected, just weeks after the charity auction that sold off the interior fixtures of the hotel.
From my previous blog posting:
Conversion to the Britt Condos - Lanterra Developments
The Sutton Place Hotel in Toronto is set to become a condo once the charity auction of hotel is goods is complete. The plan not only includes the conversion of the existing hotel, but also adding additional 7 floors to the tower. This is a true one of a kind project, although, I will admit I did like the way the exisitng Sutton Place looks, there is no holding back progress and advancement. So be it! The sales process has begun, and I'm sure as with most condos in Toronto this will likely have a fairly quick circle from the sales to constructionSutton Place - Condo
Toronto Rental Properties
From the August 18th Blog on the Sutton Place Conversion to Britt Condos 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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