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Showing posts from February, 2016

Financing a Condo

Written by Jeff Teed, Mortgage Agent with Dominion Lending Centres and member of the Ontario Condo Group…. The word “condominium” conjures up several images. You may be considering a high rise in a metropolitan area, close to amenities that include entertainment, city centre access, ease of transportation which might include any form of transit routes. Alternatively, you may be seeking a “bungalow” style condominium, affording you a one level style of living. Whichever type of condominium you are seeking there are a variety of choices for financing which take into account the considerations of both type and style. When a condominium purchase is being looked at, the type of financing required should also be given careful consideration. Financial institutions often have different criteria for the purchase and financing of a condominium versus a traditional detached house. Condominium fees must be included as part of the calculation of affordability when financing is required. The qu

The Merits of Apartment Condos

Many of us living in large urban centres visualize a condo as an apartment in a high rise building. In fact, only 31% of Canadian condominiums are of this type. The majority are apartments in low rise buildings which are defined as less than four storeys. Many people in smaller cities and less populated centres are more familiar with townhouse style condos which currently make up 22% of the Canadian market.    As the population in our major urban centres grow so will the number of high rise condominiums. This type by far will out pace any other as we go forward. Urban growth requires our neighbourhoods to be more dense. Immigrants are often comfortable with higher density living than many Canadians. They have often learned the advantages from a life lived in a country with fewer resources. Apartment condos are attractive to a newly developing buyer type - single people (at any age) and female buyers. Condo towers make good use of land resources and are favoured by urban planners.

Could you live in 350 square feet?

Micro- condos Could you live in 350square feet? These very small apartment condominium units have been popular in Europe for many years but they are just now starting to be built in Canada beginning in the west coast. Municipal planners are starting to study the benefits and we may see zoning changes to encourage builders to move forward. These types of new builds will help increase density in targeted areas, take pressure of the transportation system and generally change neighbourhoods.  For those wishing to live in the ideal urban neighbourhood or to live as environmentally conscious as possible they are quite appealing.  Builders and decorators are having fun thinking about how they can make these tiny shelters as efficiently designed as possible. An entirely new range of appliances and furniture may become available to help us make the space comfortable but in the meantime most of us are not accustomed to living so compact.  The lower initial purchase price may help fi

Article: Hamilton Ready for Post Steeltown Boom

Well detailed article spelling out Hamilton's positioning for the second wave of Torontonians looking for lower shelter costs, jobs and culture..... and great restaurants....

Where does the creative class live and work in Hamilton?

Where does the creative class live and work in Hamilton? Cobalt Connects created a study, sponsored by the Hamilton Community Foundation, to track patterns. A fascinating subject and a great help to those hoping to move to Hamilton and find a home within a community of artists.