in a generally negative article in today's Globe concerning the slowdown in Canada's housing market, some good news about Aura....
"During the slowdown, inexperienced developers that started their first projects to try to cash in on the boom are most likely to run into financial trouble, said Riz Dhanji, vice-president of sales and marketing at developer Canderel Stoneridge.
They may not be able to get financing, and could have to shelve projects that are still in the planning stages, he said.
Canderel has been in business since the 1970s and developing condos for 10 years.
It plans to break ground this summer on a 75-storey mixed-use retail and residential tower in downtown Toronto.
Despite the housing market decline, sales remain steady at the project, which is called Aura. Some 90 per cent of the units have sold, Mr. Dhanji said.
A sales strategy that includes requiring substantial deposits and putting limits on flipping of presale units has helped protect it during the downturn, he said.
“Less than 5 per cent of our buyers have put down less than 20 per cent. With a deposit like that, you are much less likely to try to walk away,” he said."
the rest of the article is here...
http://business.theglobeandmail.com/servlet/story/RTGAM.20090219.wrhousingnew20/BNStory/Business/home