A boutique Toronto law firm serving
clients across Canada since 1987

Aug 11, 2017

Did Your Real Estate Deal Fall Through - First in a Series of Three

The Toronto and GTA real estate market has taken a turn for the worse. Why is the local housing market in turmoil? Throughout 2016, and the first few months of 2017, the GTA residential real estate market was booming at an unprecedented rate. Listings begat multiple offers begat bidding wars. Home prices were sky-rocketing. Low interest rates and readily available home mortgages were fueling demand; as were foreign investors who saw value in our real estate market. First time buyers were being shut out of the real estate market as entry - level homes became more and more expensive.

But the times, they are a-changing. The Ontario government imposed a tax on non-resident (foreign) home buyers in April. The Bank of Canada's July interest rate increase sparked mortgage rate hikes across the board. And CMHC's new minimum qualifying requirements for mortgage insurance have all played a hand at lowering consumer demand for homes.

This 'perfect storm' intended to cool the super-hot GTA real estate market appears to have been successful. But with every 'success', there is always the fallout suffered by those who were caught in the wrong place at the wrong time.

Have you been caught in this rapidly changing market? Did you buy during the boom and now have to sell when the market is no longer 'hot'? Have you lost money in this real estate market fluctuation? Did your buyer fail to close on the sale of your home? Are you stuck with two homes now? Or do you have a purchase about to close and you have not yet been able to sell your old home? Or do you have a purchase about to close - but you think that you may have overpaid?

If the answer to any of these questions is YES - you may need the expert real estate legal representation that Papazian | Heisey | Myers can offer. To speak to a lawyer who knows how to stick handle around a real estate transaction that has soured, contact Papazian Heisey Myers at 416-601-2701.