I really need to get back out to the entertainment district and get an update of all the development that is going on out there. It's getting hard now for me to keep up with the updates as the darkness sets in quite early now that winter is here, and unless I get a new camera can't get proper nighttime updates. Even if I wanted to and could, probably not the best light to catch projects by. Really wish I could focus on the blog full time, but like most of you all, I've got other commitments too. So I'll have to find a work around for this issue, until spring, because, I want to bring you construction updates even in the dead of winter.
This is one of my photos of the Daniels Cinema Condos project. Really all this project is, is a pure density builder, or density play in the entertainment district. It's bringing the area to critical mass, where it might be possible for this sector of the city to function at almost non-stop 24/7 pace. Obviously we're not there yet, but this project is symbolizing we likely don't have much further to go to reach that goal.
Toronto Condo boom is backfiring on Renters
Looks like even as sales slow down, renters apparently can't get enough of Toronto's new condo market. Most condos as we know are rented out when purchased by investors, either domestic of international. In fact it is renters that keep the sales market moving, as if there were no renters there would be no investors. One problem has been that the steady stream of people into downtown is forcing up rents, just as the construction market is slowing down. To make matters worst for renters, projects often take 4 years from the time the contract for the sale is signed to when the project construction schedule has been completed. That means for the forseeable future.. there might be a significant backlog in rental condos available to serve this growing and somewhat affulent rental market.
Condo Purchasers Shed Possesions to move Into Downtown Digs
Soem purchasers of downtown condos in the city, have been forced to choose between the prized momentos and the lifestyle choice of being downtown in likey a cramped 650 square foot condo, which doesn't allow for you to bring all the furnishings you might have become accustomed to living in a house or living in a larger rental apartment. This Toronto Star storey takes us through the process with a few condo purchasers as they debate what to keep, what to get rid of and what to put into the mulititude of storage locations across the city.
Getting a Mortgage and Mortgage Insurance through Empire Life 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 Empire Life 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 Empire Life 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 Empire Life : 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. What to Expect for Home and Condo Prices in 2015 in Toronto and the Greater Toronto Area The latest reports on the Toronto Real Estate market predict that the condo prices if left unsupported will fall, due to oversupply. However, this prediction has been the case for over 10 years now, and nothing has come to pass with regard to any major price drop even with predictions of a correction coming from the world’s largest and most respected financial institutions.
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