Banks take a hard look at micro condos

Toronto Star

They are a big hit with real estate investors, but still a source of considerable concern for some lenders. As micro condos move into the Toronto market with a vengeance, some of the Big Five banks and other lenders still have rules on their books that restrict OK'ing mortgages on units under 500 square feet.  " I would say there is still some hesitancy around lending on micro condos,"  says mortgage broder James Laird, president of CanWise Financial.  "Up until recently, it would be a very odd and unusual condo that would be less than 500 square feet so it's not so much a 'No, we won't provide mortgages on them,' but it's a 'We need to figure these things out because we haven't seen them before."

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Michael James

Michael James

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CENTURY 21 Explorer Realty Inc., Brokerage*
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