Blog Article

Friday, 19 April 2024

By Leahs Mortgages

Leah Zlatkin quoted in the Toronto Sun: ‘Coming up short’

Like many new condo purchasers in the city of Toronto, they find themselves in the “inconvenient experience” of buying during a market peak and closing during a market dip, a scenario that forced them to get creative with financing, says mortgage broker and expert Leah Zlaktin.

“They wanted to move in on occupancy but the finances didn’t add up,” said Zlatkin, explaining that their property was appraised lower than expected upon completion, putting their mortgage approval in jeopardy.

“I suggested they get a renter in right now … and work towards the closing cost and the ability to close while waiting for the property to get title,” she added.

Comparing Toronto Real Estate Board data from fourth quarter 2023 to fourth quarter 2021, when home prices surged, Zlatkin points to a more than 50 per cent drop in condo sales, a doubling in the number of days on market and a decrease in average price – all of which adds up to a current trough in the housing market even as it continues on a general upward trajectory.