Toronto real estate: Condo buyers 'scrambling' to close deals

When they put the money down to buy the condos at the beginning of their construction, everything seemed to be fine, but now that the deal is closing and lenders are asking for more money up front than they originally were, and people have been scrambling to close the deals. Some are walking away, unable to meet the new pricing and some are borrowing money from family to meet the new rates that have jumped since their pre-approval because of tighter lending rules that have been put into place.

People that were previously pre-approved for certain rates found that those rates were not honored for various reasons such as a job not bringing in a steady enough income or household expenses going up so that they did not meet the new requirements. Some buyers have sought permission to put their new condos up for sale in hopes of selling them before the final payments are due.

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POSTED October 09 2013 11:21 AM

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