There’s a lot of discussion right now about Ontario condo closings and the unexpected financial hurdles many buyers are facing. Some purchasers are discovering that, after waiting through long pre-sale periods and unpredictable delays, their units are now appraising up to 30% less than the original contract price. This means buyers are left scrambling to cover the difference, as banks will only lend on the current market value—not what was agreed upon years ago. With extensive gaps between signing and closing—thanks to everything from approval processes to labour shortages—a changing market can completely shift your plans. I’ve always believed in the importance of understanding every line of a contract and knowing your options. In Prince Edward County, I work closely with clients to anticipate these kinds of challenges, so you’re never caught off guard by the fine print or market surprises. Real estate should be about exciting new beginnings, not unexpected roadblocks.
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