Toronto Aura at College Park | 271.87m | 78s | Canderel | Graziani + Corazza

dt_toronto_geek said:
With what is happening in the US and money becoming harder to borrow, I wonder if large projects such as this will be able to go forward.
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That’s not true here, there are now a lot of global financial institutions looking for stable places to invest their money since the old standbys are no longer available. A project like this, approved and largely sold - in a country where mortgages have to fit clear rules - is a pretty safe bet. If you want something safer, your only real option would be savings bonds.
 
Big Daddy said:
That’s not true here, there are now a lot of global financial institutions looking for stable places to invest their money since the old standbys are no longer available. A project like this, approved and largely sold - in a country where mortgages have to fit clear rules - is a pretty safe bet. If you want something safer, your only real option would be savings bonds.
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Canada's banks are in good shape thanks to strict regulations however that's not to say there isn't exposure to what is happening in the US.
 
If this development is to be build by a reputable company,approved and pretty well sold out why would it be canned?I have no doubt this bad boy will start soon.Most likely it will be the tallest condo in Canada.
With what is happening in the US and money becoming harder to borrow, I wonder if large projects such as this will be able to go forward.
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Once a building is over 70% your set financially according to the past developments.
 
lordmandeep said:
Once a building is over 70% your set financially according to the past developments.
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That is no longer the case today in Toronto - there are a number of projects well past the 70% mark that are having difficulty obtaining financing (i.e. Liberty Towers/Bliss and few others).
 
Any idea what the situation behind this building is Mike?
 
In todays condo section of The Star it states that Aura phase 3 of College Park is 90 percent sold and occupancy is scheduled for October 2011.Thats 3 years from now,which makes me think this baby is about to start construction.
 
I read that article too and it also said they're going to connect up with PATH. How exactly are they going to do that because I believe the northernmost section of PATH is at Atrium on Bay.
 
I'm not sure who was financing this deal, but there is some turmoil on a number of projects in Toronto that up until a couple of days ago had financing set up through AIG and the Lehman Brothers - so a few deals including a rather large project have fallen through this week. That doesn't necessarily translate to cancellations, but the situation is getting more difficult... Scotia and RBC have also significantly reduced their exposure to the residential market.
 
Mike in TO said:
I'm not sure who was financing this deal, but there is some turmoil on a number of projects in Toronto that up until a couple of days ago had financing set up through AIG and the Lehman Brothers - so a few deals including a rather large project have fallen through this week. That doesn't necessarily translate to cancellations, but the situation is getting more difficult... Scotia and RBC have also significantly reduced their exposure to the residential market.
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Ironically enough, if there are cancellations of new projects, that might actually help lessen the chance of a condo bust since there will be fewer units (ie. less supply) flooding the market in coming years.
 
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