bank is one of the lenders that is willing to finance a larger proportion of developments now that the risk of “meltdown” has eased. The bank’s VP of real estate Chris Milne told a conference in Toronto: “There is a hole that the banks are looking to fill. The regulators were really pounding them a year and a half ago and now it’s quiet.” Scotia
bank is now prepared to lend up to 75 per cent of a development costs the Financial Post reports despite CMHC no longer insuring such projects. Read the full story.
Big banks are increasing the level of funding for condominium developments viewing them as a lower risk than before.