Aura Looking Up Yonge Street - Oct 2012

Aura Condo Project - Construction Update 

• Aura Looking Up Yonge Street
• Looks about 42 to 43 floors up in this shot
• Aura is being developed by Canderel out of Montreal
• Retail space on Yonge will provide new sales opportunities for hundreds of retailers to get onto the strip
• All the shops will be individually owned - like retail condos
• The back of the retail will open up onto an open plaza in a public urban park with fountain and skating rink.


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.

The Toronto Condo Boom

 Toronto Condo Living has taken off over the last few years, and the redevelopment in North York Centre, Downtown Toronto, Mississauga and other areas has been nothing short of mind-blowing. Downtown Toronto and North York Centre might not be recognizable just due to the speed of the construction and development. Although there are some that are opposed to increased condo density, we can't discount the benefits many with regards to increased higher use of transit, walking biking and other alternate methods of  transport as opposed to using the car. Toronto just might be a leader, outside of Manhattan (New York City) in this respect. 

Aura Construction Update - January 2013

 

Getting a Mortgage and Mortgage Insurance through Economical 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 Economical 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 Economical 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

Economical Insurance : What is Condo Insurance?
Condo Insurance is required to protect your personal contents from theft or fire damage in your condo if these unforeseen events should happen you should make sure that you have adequate protection. Some items in your condo are will also be protected by your condo association insurance policy which covers the general building. The events that are covered by condo insurance include Fire, as well as Lighting. Other weather related causes such as Windstorms, and Hail are also covered. The major one that most people worry about is theft which is covered by condo contents insurance policies.

Toronto Condo Market Report – February 26, 2014

Toronto Condo Prices continue to trend upwards, as sales also move up with general improvement not only in the Toronto economy, but the nation as a whole. Condo sale prices have not increased to the same degree as detached family housing, due to new supply coming onstream. However fears of a condo bubble, have not proved accurate, as trends move to the upside. Average Home prices are still up in Toronto, and look like they will continue to rise for the remainder of 2014. Year over year, detached housing prices increased by over 14%. Just amazing.