{"id":49,"date":"2026-10-09T10:00:00","date_gmt":"2026-10-09T10:00:00","guid":{"rendered":"http:\/\/blogs.room-vu.com\/visaproperties-com\/2026\/10\/09\/ontario-condo-closings-face-value-gap\/"},"modified":"2026-10-09T10:00:00","modified_gmt":"2026-10-09T10:00:00","slug":"ontario-condo-closings-face-value-gap","status":"publish","type":"post","link":"https:\/\/www.visaproperties.com\/blog\/2026\/10\/09\/ontario-condo-closings-face-value-gap\/","title":{"rendered":"Ontario Condo Closings Face Value Gap"},"content":{"rendered":"<div class=\"video-zmyer\">\n<div class=\"video-frame-zmyer\">\n        <iframe loading=\"lazy\" width=\"640\" height=\"640\" src=\"https:\/\/www.roomvu.com\/agent\/embed\/joann-visaretis\/close-completing-purchases-1c5c\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><br \/>\n        <\/iframe>\n    <\/div>\n<div class=\"video-description-zmyer\">\n<p>Current Ontario condo closings left some purchasers owing up to 30% above a unit\u2019s market value, as proposed units had fallen below their contract prices.<br \/>\nMany purchases could not close because banks based mortgage advances on current unit value, leaving insufficient closing funds when contract prices exceeded appraisal.<br \/>\nLong gaps between signing and closing came from pre-sales, approvals, permits, contractor agreements, and labor shortages, giving falling markets time to upend buyer plans.<br \/>\nIn Ontario\u2019s earlier seller\u2019s market, developers sometimes canceled deals when costs surged, prompting provincial scrutiny, proposed penalties, and calls for independent reviews.<br \/>\nPurchasers faced complex contracts with limited escape routes: usually only a 10-day cooling-off period, or termination if occupancy missed the outside occupancy date.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Current Ontario condo closings left some purchasers owing up to 30% above a unit\u2019s market value, as proposed units had fallen below their contract prices. Many purchases could not close because banks based mortgage advances on current unit value, leaving insufficient closing funds when contract prices exceeded appraisal. Long gaps between signing and closing came [&hellip;]<\/p>\n","protected":false},"author":505,"featured_media":50,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-49","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-posts"],"_links":{"self":[{"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/posts\/49","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/users\/505"}],"replies":[{"embeddable":true,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/comments?post=49"}],"version-history":[{"count":0,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/posts\/49\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/media\/50"}],"wp:attachment":[{"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/media?parent=49"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/categories?post=49"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.visaproperties.com\/blog\/wp-json\/wp\/v2\/tags?post=49"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}