Second Mortgages

Rate Sale!

Second Mortgages!

9.99% – 75% LTV’s!

NO Income Requirements!

 (POORER CREDIT SCORE USED TO DETERMINES RATES)

Lenders commitment fees up to 2.5%

> Toronto & G.T.A.                         > Barrie

> Burlington                                    > Hamilton

> Ottawa & Suburbs                       > London

> Kingston                              > Peterborough

> Orillia                                            > Guelph

> Kitchener / Waterloo                            > Oakville

Most Other Ontario Locations

– Up To 75% LTV

Subject to pricing & LTV changes

 

Recently I have had many calls from past clients and others who were referred to me. Their question has been for financing regarding Financing Small Businesses. Below is a useful link to what is available from Industry Canada.

I hope you find this useful.

Thank you and kind regards

http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/home

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DEAR JOHN STREET: T.O. NEEDS YOU

Creating excitement in a culturally rich corridor that’s about to get denser By Jennifer Febbraro

Corridor
Continued from PH1
From stylized benches along tree-lined sidewalks to curbless paving techniques, John Street will be a pedestrian-friendly zone that welcomes and excludes traffic with ease, as required.
Christene DeGasperis, marketing director of aspen ridge Homes (aspenridgehomes.com) and developer of upcoming condo Studio, credits Mr. Vaughan for inspiring the building’s concept. Studio, which will be housed in a former OCAD building, will incorporate a public art gallery that features works by OCAD students, a café and 18,000 square feet of retail. “Adam brought our company together with OCAD,” Ms. DeGasperis says, “but the gallery theme will be phenomenal for condo residents as well as pedestrians exploring John street.” Studio intends to push back its first-level townhomes to complement the widened sidewalks.

With photos of tattoo art scattered throughout the condo, it’s clear studio is catering to a young, hip demographic. As such, the condo will divide its space into “we zones” and “me zones.” We zones include a gym, bar, media lounge, pool table and dining room. Me zones sport a yoga room, a meditation lounge with heated floor, and an outdoor hot tub (condo prices range from $330,000 to $900,000).

Mr. Vaughan emphasizes the John Street Cultural Corridor is not his baby alone, but a co-operative vision of the Entertainment District Business Improvement Association, whose master plan several years ago identified John street as a priority project. Recently, to generate buzz about upcoming changes, the BIA sponsored a design contest for the empty lot at King and John streets. See the winners at torontoed.com/johnst/vote.
The winner received $5,000 cash, a one-night stay at the Fairmont Royal York, dinner for two at Epic, two tickets to a performance in the entertainment district, and a two-year subscription to Azure magazine, the contest’s media sponsor. However, there is no guarantee the design will be used for said corner.
“The point is to get Torontonians excited about what John Street could be,” explains Harold Madi, a partner at the planning partnership, the urban group who work intimately with Mr. Vaughan and the BIA. However, when it comes to John Street’s revitalization, he says that condo developers are smitten. “Being a part of this project just makes the properties that much more appealing,” enthuses Mr. Madi. “Right now, it’s a hodgepodge area, but we anticipate that the population will more than double in the next five years, with about 9,000 residential units coming down the pipeline.”

While it’s true that even a pauper may enjoy the public art John Street will soon be famous for, a wide range of condos will be available. So far the most brand-recognizable franchise, the Ritz-Carlton residences (theresidencestoronto.com) bustle with the energy of last-minute cleaning and the screwing in of light bulbs. The 53-storey tower on Wellington street West, between Simcoe and John Streets, includes 267 hotel rooms and 135 luxury residences ranging from $1.6-million for 1,600 sq. ft., to more than $10-million for 10,800 sq. ft. and don’t bother asking the 10,800-sq.-ft. space has been snapped up by a mystery kabillionaire.

John Street will be a pedestrian-friendly zone that welcomes and excludes traffic with ease
“The Ritz exudes a regal presence out towards the north side of the street,” says Stephen Price, COO of Graywood Developments. “We anticipate this will be a big attraction for celebrity guests, especially around festival time.” But residents won’t necessarily bump into them. Condos begin on the 22nd storey and include a private lobby and amenity centre.
Graywood is simultaneously developing a more boutique-type establishment at the Mercer St. themercercondos.ca), just around the corner from the theatre district. “For this development, we’re definitely going for a Soho feel,” Mr. Price says” the Mercer is about developing the area, while maintaining the heritage value and character of buildings at the street level. ”Though still at the pre-sales stage, Mr. Price is confident the 415 units on this short, hidden street will move quickly. Begin at mid $200, 000s for 363 sq ft.
The Festival Tower (festivaltower.com), which juts above the Bell Lightbox, was just the beginning of an avalanche of development. So many people were disappointed the condo was sold-out that Niall Haggart, executive vice-president of the Daniels Corp., has launched a sort of satellite Festival tower — the Cinema tower Condos (cinematowercondos.com). “Residents will enjoy the same privileges as those at the Festival Tower,” Mr. Haggart says. “And each will automatically receive a membership to the Bell Lightbox.”
Steps from King and John streets, the 440 units in Cinema tower Condos are still being priced, but Mr. Haggart says the price point will ring in significantly lower than the Festival tower. “Both the Festival and Cinema Towers are a catalyst to draw people to the neighbourhood,” Mr. Haggart says. “So it’s critical to plan for how pedestrians will mingle with residents, how sidewalks should look, how traffic should flow.” Mr. Haggart crescendos with talk of dialoguing with the city and contributing to the community. There is talk of Artscape, a community-arts organization, being involved at the ground level.

Further south, Blue Jays Way is receiving its own hotel-and-condo combo, Bisha (bisha.com), on the former site of the diesel playhouse and Leoni’s, a restaurant fondly remembered by Baby Boomers. With 100 hotel rooms and 332 condo suites, this boutique build uniquely incorporates one floor of affordable housing, which will be available to hotel employees.

In collaboration with ink Entertainment, Brian Brown, vice-president of Lifetime Developments, says the joint investors have been searching for the perfect location for Bisha for more than a decade. “Now we’re glad we waited,” Mr. Brown says. “Thanks to Adam Vaughan’s hard work, we’re happy to be part of his larger vision of John Street.” For its exterior, Bisha will maintain the heritage façade built in the 1800s. With two restaurants, two bars, a 7,000-sq.-ft. rooftop patio on the 41st floor and an infinity pool with city views, Mr. Brown says it will likely be a focal point for TIFF soirees. “We’re going for the younger demographic,” he says. “To draw this group, we’ve made sure Bisha is just as much about luxury as it is about affordability.” Condo prices range from the mid-$300,000s to approximately $1.5-million.

There’s just one remaining portion of John Street that no one’s claimed, says architecture critic Christopher Hume in a video tour of the future cultural corridor. Mr. Hume points to the corner of John and Front streets, at the mammoth exit to an underground parking garage. “I think this is the part that needs the work. The John street corridor would end kind of ignominiously at a parking garage. But this is an occasion to do something interesting.” that’s a siren call, as far as Mr. Vaughan is concerned.
National Post

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Should I Stay (Fixed), or Should I Go (Variable)?

Douglas Porter and Benjamin Reitzes

The age-old question of whether to lock into a longer-term fixed mortgage rate or stay in a variable rate has become an increasingly complex and important issue recently, with short-term rates at extreme lows and pressure likely to build for higher rates in the year ahead. Historically, there is little debate which has been the better option: typically borrowers save money by staying in variable products, and riding the rollercoaster of fluctuating rates. In fact, fully 82% of the time since 1975, the cost effective route for borrowers was to stay variable (Chart 1). And, if anything, the spread between 5-year fixed mortgage rates and variable rates has been widening further in recent years, and is now close to an all-time high (Chart 2). However, there are a number of important caveats to point out, before rushing to assume that the variable option is again the hands-down winner.

We have been in a long-term declining rate environment, almost without a break, since the early 1980s.
The Bank of Canada’s overnight rate is now as low as it can go, so there is simply no further downside for variable rates. The surprises by definition can only be to the high side from here.
Posted rates do not tell the whole story, and the actual rates that borrowers negotiate have made the call much closer between fixed and floating in recent years than the headline figures would suggest.
Fixed rates were advantageous during only two recent periods—through the late 1970s and briefly in the late 1980s; in both cases, ahead of a period of rising interest rates, as is the case now.
The Case for Staying Fixed
A conventional fixed rate mortgage can mitigate a number of risks. Inflation hasn’t been a problem in Canada since the Bank of Canada adopted inflation targeting, averaging precisely 2% since 1991. However, there is an outside risk of an inflation flare-up as global central banks keep the pedal to the policy metal, and amid record government deficits. These efforts risk sparking inflation, especially if the global economic recovery is stronger than expected.
Either of those potential scenarios could force the Bank of Canada to raise interest rates aggressively, driving variable mortgage rates higher, but leaving fixed rate choosers unscathed. Another reason fixed rates are attractive in the current environment is that short-term rates are already as low as they can go—rates are only going to move higher from here as the economy recovers. Considering the likely upward trend in interest rates (similar to the late 1970s and 1980s) as the economy is emerging from recession, this may be one of those rare periods when a fixed rate turns out to be the superior choice. Further illustrating the potential rationale for going fixed is the near record low “real” 5-year rate (Chart 3). Finally, a fixed rate may ultimately prove more expensive, but you get certainty, and that certainty is worth something to many.
The Case for Going Variable
The clearest advantage to a variable rate mortgage is that it has been consistently less costly than its conventional counterpart over time. There have only been a small handful of occasions in modern history where a variable rate was the less favourable option. And, the current outlook for inflation remains benign, with significant excess capacity in both Canada and the U.S., which will likely keep price pressures at bay well into 2011. The soaring Canadian dollar is putting additional downward pressure on prices, reducing the near term need for the Bank of Canada to raise rates. There even remains some risk of deflation south of the border. Low and steady inflation, taken with a fragile global economic recovery, points to the Bank keeping its commitment to hold rates steady through June 2010 (conditional on the inflation outlook). There is also some risk to locking in as fixed rates could fall if the economy performs worse than anticipated.
Even as rates start to rise, one can always lock into a fixed rate at a later date. But with BMO’s 5-year variable rate at a record low 2.25% (matching the prime rate), the extra 2.29 percentage points on the special 5-year fixed rate offer may simply be tough to swallow for many (Table 1).

The verdict: The decision really does depend on the individual, for those who don’t have a lot of financial flexibility, and would run into difficulty from a pronounced upswing in interest rates (typically first-time buyers), the moderate extra cost for peace of mind may be a price worth paying. And frankly there is a reasonable scenario where fixed rates may actually prove to be a cheaper alternative at this point. In fact, mortgage pricing is relatively efficient and the fixed rate is usually a good approximation of expectations of the variable rate. However, our core view is that the most likely economic and interest rate outlook will ultimately again slightly favour the variable rate option, and that’s particularly the case given BMO’s current rate of 2.25%—but it’s a much closer call than usual.

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