Having spent decades guiding clients through Ontario’s ever-changing real estate market, I’ve seen just how challenging condo closings can become—especially in today’s conditions. Recently, some Ontario condo buyers have found themselves in a tough spot: their units are appraising up to 30% less than the original contract price, leaving a significant gap to cover at closing. This happens when banks base their mortgage approvals on current property values, not what buyers agreed to pay during the pre-sale years ago.
With long stretches between signing and closing—due to pre-sales, permits, and even labor shortages—market values have had time to shift, upending even the most careful plans. In past seller’s markets, I remember seeing developers cancel deals entirely when construction costs soared, which prompted tighter provincial scrutiny and calls for more consumer protection.
The reality is, condo contracts can be complex: most buyers only have a 10-day cooling-off window or an out if the occupancy date is missed. I always advise clients to review every detail, understand the risks, and be prepared for unexpected changes. My goal is to ensure buyers and sellers are protected and informed at every step, drawing on my experience and commitment to putting clients’ interests first.
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