As someone who supports clients through every phase of their real estate journey, I want to highlight a challenge many Ontario condo buyers are facing. Right now, some purchasers are discovering that their unit's value at closing is up to 30% less than what they agreed to pay—meaning they owe much more than the market says the property is worth. Because banks base mortgage approvals on current appraisals, this gap can leave buyers without enough funds to close, causing deals to fall through. This situation often comes from long stretches between signing and closing—think pre-sales, permits, approvals, and even labor shortages—where market changes can catch buyers off guard. In the hot seller’s market, developers sometimes canceled deals due to rising costs, leading to provincial scrutiny and calls for independent review. For buyers, the contracts are tough, with few options to exit: usually just a 10-day cooling-off period or the chance to terminate if occupancy is delayed past a specific date. My role is to help clients understand these complexities and navigate each step with confidence, so they’re prepared for what may come.
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