Condo Buyers Beware - Canada's National Newspaper
Till now, many naive buyers have been motivated by this overhyped market. The Canadian Urban Institute meeting had provided necessary information for purchasing new condos. The meeting was held at the Ryerson Ted Rogers School of Management, Dundas St. W. on 28th of September 2012. “Density Redux: Can Condo Communities Avoid the Fate of Toronto Towers?” was the topic in the forum. The condos had flourished from 1950 to 1970 but they were rental in nature. Frank Lloyd’s comment “New York is a great monument to the power of money and greed...a race for rent” makes a lot of sense in this case.
Ottawa witnessed its first condo in 1967. The originally constructed towers are now growing old. Material as well as management problems are increasing in most of these aging towers. Community development is an important aspect where condos have failed to deliver. These problems are being raised now in the center town area where new towers with numerous condos are coming up. “Condo Ownership Facts” is one of the prime topics that is being discussed in several media channels. Actually, after the condo purchase is completed, the developer walks away. Then, he shoulders the responsibilities with all the necessary documentation procedures to a volunteer condo board which is elected.
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Canada's National Newspaper
L Tower Update - November 13th 2012
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| L Tower - Toronto (Construction Photo) |
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.
Toronto is on the verge of becoming a high end retailing mecca, and this will force up home prices as well as condo prices in the central core. Word that big US retailers like Saks, Nordstorms and Target are moving into the Canadian Space, and primarily within the downtown Toronto core is likely to increase the desirability of those areas with the best access to high end shopping experiences.
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