New Condo Buyers & The Latest Mortgage Rules !

Tue, 25 Oct by Ken MacAulay

With the recent changes to the mortgage rules in Canada recently , the Condo Buyers who wrote an accepted offered  and agreed on a sale price for their ” New ..to be built condos ” are finding out they must qualify for their mortgage with the new “Stress Test ” rules .. meaning they must come up with the extra $$ or loose their deposit … If they were smart enough to have a Realtor looking after their interest rather than the builders sales staff .. they could have written a Buyers condition stating ” the property must appraise at or above purchase price on possession day or the deal is nil & void ” .. if the builder did not agree and wanted the condition struck .. then it would be a good sign to walk,

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