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By RenaissanceWatcher (registered) | Posted July 09, 2012 at 18:37:01
The new federal rules on residential mortgages take effect today. The maximum mortgage amount a Canadian home buyer can get is 80% of the value of the home and he or she must make the remaining 20% down payment. http://business.financialpost.com/2012/0...
Today, Hamilton city council voted without discussion to loan and grant Vrancor 27.3% of the estimated value of its $36 Million Homewood Suites project. Is the remaining 72.7% of the value of the project is being financed through a commercial mortgage? Or is Vrancor actually paying some money up front on its Homewood Suites project? The city staff report is silent on this point. http://www.hamilton.ca/NR/rdonlyres/F525...
While the appearance of momentum in Hamilton downtown residential development is necessary and welcomed, one hopes that Vrancor’s financing of its Homewood Suites development is not the equivalent of Leon’s “don’t pay a cent event”.
Comment edited by RenaissanceWatcher on 2012-07-09 18:56:14
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