Homebuyers in Canada, particularly in Toronto’s condo market, are facing challenges as property values decline. Vitor Almeida, who committed to a pre-construction condo for $675,000, now finds the unit appraised at $590,000, preventing him from securing a mortgage. With the average condo price in the Greater Toronto Area dropping over 25% since 2022, buyers may lose their deposits and face legal repercussions if they can’t cover the price difference, with few options available to mitigate their losses.
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