But the broader downturn is beginning to catch some out across various developments.
Those who bought at the peak need to find a buyer fast or come up with the full amount to pay the developer. With banks in some cases assessing units lower than the contract price, buyers hoping for a loan may face a shortfall. "There are no assurances right now," says Adil Dinani, a realtor with Royal LePage—some sellers may be lucky just to break even.
There have always been buyers who overextended and needed to sell quickly.
“But the difference is earlier, we were able to help them because the market was going up,” says Sonny Bhinder, a realtor who’s received calls from half a dozen clients seeking to sell assignments since the start of the year. “The job of the real estate agent has become much tougher now.”
This article was provided by Bloomberg News.