'Distressed Deals' Piling Up in Canada's Real Estate Market – Bloomberg

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#CanadaRealEstate #CanadianRealEstate #TorontoRealEstate

Canada’s Real Estate market is seeing ‘Distressed Deals’ pile up as buyers look to back out of purchase agreements with home values falling. In one case in Toronto, the buyers saw the value fall by $180,000 in a little over two months, with the appraisal values coming lower and lower over the period.

As Canada’s housing market continues to plunge lawyers are seeing a major uptick in the amount of buyers and sellers wanting to know what happens when a deal falls apart. Toronto Lawyer Greg Weedon sees buyers in breech becoming his main practice area for the foreseeable future.

Both buyers and sellers may need to think about re-evaluating how they purchase homes in the current market, with buyers almost needing to have an appraisal condition, and sellers not being able to rely on selling their home quickly in order to fund the purchase of their next home.

LINKS:

See the Full Report – Distressed Deals Pile Up in Canada’s Once-Booming Housing Market:

https://www.bloomberg.com/news/articles/2022-06-17/distressed-deals-pile-up-in-canada-s-once-booming-housing-market#xj4y7vzkg

Couple ordered to pay $470,000 after reneging on Stouffville home deal: https://www.thespec.com/business/2018/04/16/couple-ordered-to-pay-470-000-after-reneging-on-stouffville-home-deal.html?rf

Ontario to spend $72 million to tackle courts backlog, hire court staff:

https://www.cbc.ca/news/canada/toronto/ontario-court-backlog-1.6229951

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