Commentary
Imagine putting down a hefty deposit on a $1 million pre-construction condo only to find out at closing that your unit is now worth $800,000.
That’s a $200,000 shortfall. Since banks lend based on appraised value, you’re left with two choices: cough up the extra cash or walk away and kiss your deposit goodbye.
Canada’s housing affordability crisis isn’t just about rising prices—it’s about a broken system that can’t keep up with what people actually need.
This isn’t an isolated nightmare. In major cities across Canada, appraisals are landing 10 percent to 30 percent below contract prices. And it’s exposing a deeper dysfunction in our housing market….