{"id":46,"date":"2026-09-23T12:00:00","date_gmt":"2026-09-23T12:00:00","guid":{"rendered":"https:\/\/www.bernicemcnutt.com\/blog\/2026\/09\/23\/ontario-condo-closings-face-value-gap\/"},"modified":"2026-09-23T12:00:00","modified_gmt":"2026-09-23T12:00:00","slug":"ontario-condo-closings-face-value-gap","status":"publish","type":"post","link":"https:\/\/www.bernicemcnutt.com\/blog\/2026\/09\/23\/ontario-condo-closings-face-value-gap\/","title":{"rendered":"Ontario Condo Closings Face Value Gap"},"content":{"rendered":"<div class=\"video-zmyer\">\n<div class=\"video-frame-zmyer\">\n        <iframe loading=\"lazy\" width=\"640\" height=\"640\" src=\"https:\/\/www.roomvu.com\/agent\/embed\/bernice-mcnutt\/close-completing-purchases-1c5c\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><br \/>\n        <\/iframe>\n    <\/div>\n<div class=\"video-description-zmyer\">\n<p>Recently, I\u2019ve seen some Ontario condo buyers face an unexpected challenge: their new units are closing at up to 30% above current market value. The root of the problem? Many pre-construction condos were purchased at contract prices that no longer match the realities of today\u2019s market. When it\u2019s finally time to close, banks will only lend based on the current appraised value\u2014leaving buyers short on closing funds if the unit\u2019s worth has dropped since the deal was signed.<\/p>\n<p>These long stretches between signing and closing\u2014thanks to permits, pre-sales, and even labor shortages\u2014can completely upend plans when markets shift. I remember when, not so long ago, developers sometimes canceled deals midstream as costs rose, sparking provincial scrutiny and calls for more oversight. For buyers, the contracts are often tough to navigate, with few chances to back out after the 10-day cooling-off period, unless occupancy dates aren\u2019t met.<\/p>\n<p>After 27 years in real estate, I\u2019ve learned that buying a home\u2014especially a pre-construction condo\u2014shouldn\u2019t feel like a leap into the unknown. My approach is always about making things straightforward, honest, and as stress-free as possible, so you know exactly what you\u2019re stepping into.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Recently, I\u2019ve seen some Ontario condo buyers face an unexpected challenge: their new units are closing at up to 30% above current market value. The root of the problem? Many pre-construction condos were purchased at contract prices that no longer match the realities of today\u2019s market. When it\u2019s finally time to close, banks will only [&hellip;]<\/p>\n","protected":false},"author":57,"featured_media":47,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-46","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-posts"],"_links":{"self":[{"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/posts\/46","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/comments?post=46"}],"version-history":[{"count":0,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/posts\/46\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/media\/47"}],"wp:attachment":[{"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/media?parent=46"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/categories?post=46"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bernicemcnutt.com\/blog\/wp-json\/wp\/v2\/tags?post=46"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}