Toronto sellers frustrated with buyers’ demands
Some home sellers in Toronto are finding the buyers of their homes are trying to renegotiate the deals just days before closing.
In this rapidly cooling real estate market, some buyers seem to be regretting how much they agreed to pay back in the hot spring sales season. In other cases, buyers aren’t able to secure financing because the home they are buying is not worth the price agreed when they signed the deal.
Greater Toronto Area benchmark detached home prices peaked in April and have fallen 8 per cent since then. Home resales in the GTA have tumbled too, dropping 40 per cent in July compared with the same month last year.