Tijana Martin/The Globe and Mail
Meanwhile, some buyers are turning to him for advice because they are suddenly finding their financing in peril just before they complete a transaction. In another instance, he knows of a buyer who signed an agreement to purchase a condo unit preconstruction and is now walking away from his $5,000 deposit. The 10-day cooling off period had expired, Mr. Langschmidt says, but the buyer is gambling that the developer won’t pursue him in court.LLP, says he is seeing some buyers who are not even facing a problem closing trying to negotiate what he is dubbing a “COVID discount” because they speculate that sellers will be desperate to close.
While the consensus in the real estate industry – from the regulators on down – is that agents should avoid a “business as usual” mindset until the health crisis has passed, some homeowners do need to sell, Mr. Lusink says.Mr. Lusink sees signs that prices are softening as fewer bidders compete for the properties that are listed.
At mid-April his brokerage had 1,425 listings, which is only a small dip from the same time last year, he says, but adds the caution that April, 2019 was also a slow month for listings.
Not to worry / when things get back to some resemblance of normalcy and hundreds of thousands of new Canadians start rolling in again they'll have to have somewhere to live
At this point, most Chinese people will stay in China as it is much safer from a covid point of view
We rented out our downtown 1 bedroom condo, because our family grew, and had to rent elsewhere for way more. We put money down on a development, and our family grew again. If we take too hard a hit, we will lose the down payment and never afford to own a home we can live in.
🙌 There’s hope to get into the market after all