As Toronto’s real estate market continues to struggle amid the Bank of Canada’s aggressive campaign to, some agents say that they are increasingly hearing from buyers of pre-construction condos who are worried about closing the deal.
“Everyone successfully closed, but it was a lot of work. … There was a lot of putting out fires,” he said, adding in some cases clients used private lenders to complete their deal. Like Scrinko, Ara Mamourian, a broker and the managing director of The Spring Team Real Estate, said some of his clients have also begun inquiring about how they can get out of their developer purchase agreements.
Mamourian said this especially applies to those in the Toronto market, where the average price of a home across all property types has now declined by 9.2 per cent year-over-year. Mamourian, whose firm does roughly 20 per cent of its business in pre-construction condos, said people who invested in the market with a long-term intention of holding, moving in, or renting it should be in good shape.
He said he wants to see changes made now to stabilize this segment of the housing market, including adjustments to the stress test.
Of course realtor/s won’t say to panic as they need people to still buy
They'll have to outright launder and buy into the pre-construction. No mortgage. Cash, no checks.
Wait a year
Best to not trust a realtor these days