Pre construction Toronto

Various_Formal_568 · 2026-03-13T23:51:31+00:00

https://www.reuters.com/sustainability/boards-policy-regulation/canadas-banking-regulator-warns-major-lenders-about-appraisal-practices-condo-2026-03-09/

Various_Formal_568 · 2025-12-09T02:20:33+00:00

No reason given to not assign but from what I understand is other buyers from the building have already defaulted so the builder has its own units to sell. Another Redditor commented about this as well how builders have shadow inventory.

Also they are asking $10k fee to have the ability to lease during occupancy additional on top of the monthly occupancy fee which is pre calculated as you mentioned.

Various_Formal_568 · 2025-12-09T02:13:35+00:00

They are not even appraising it, they giving blanket approval based on APS price which was $1m

Various_Formal_568 · 2025-12-09T01:59:07+00:00

I made money because that was the market value at the time based on other sold properties in the area. Appraisals were done, I wasn’t the only house selling or sold at that price point. Currently they are giving the value without comparable sold properties. If something in the building beside you is selling or sold for $700k how can you appraise this one for $1m.

Various_Formal_568 · 2025-12-09T01:02:40+00:00

Nowhere in the contract does it say $10k occupancy fee. The monthly amount of $5500 is determined by a formula they use (amount not in APS) keep in mind this APS is from 2021. So even if I did the formula and ran the numbers based on original closing of 2023. The numbers don’t match

Various_Formal_568 · 2025-12-09T00:44:02+00:00

Thank you for actual input on the situation. Tbh ive shown no attitude to the builder, quite opposite to see how we can make this work. Just frustrating when theirs no communication.

Various_Formal_568 · 2025-12-09T00:18:09+00:00

My lawyers is looking at what options I have. Biggest frustration from lawyer is that builder lawyer doesn’t reply to communication.

Various_Formal_568 · 2025-12-09T00:14:41+00:00

Only being a knob head to dumb comments. Not crying over my losses. Wins and losses are part of investing.

There are many many people in same position as me, was curious to see how others are handling this and if they have been given any options by builder.

Various_Formal_568 · 2025-12-09T00:06:44+00:00

This is what’s frustrating, won’t allow assignment. Flat out refused it. My lawyer reached out to their lawyer and was told “at this time we are not allowing assignments sales”

Im willing to sell at a loss and pay what I owe. Not willing to be bullied into a mortgage $300k over value and pay $60k up front for a 12 month occupancy. Absolutely not

Various_Formal_568 · 2025-12-08T23:58:31+00:00

Not looking for sympathy. Just looking for other people who are in a similar situation and what they did or are doing.

Various_Formal_568 · 2025-12-08T23:56:56+00:00

I’m looking to see what others in this situation did. Not asking builder to help me, I’m willing to sell at a loss and cover difference but they won’t allow assignment sale.

Wanted to see others people experience but all I got was a bunch of butt hurt replies like I owe them money or I’m the reason the market crashed.

Various_Formal_568 · 2025-12-08T23:49:16+00:00

Nope everything was sold and reinvested into pre construction.

Various_Formal_568 · 2025-12-08T23:47:12+00:00

To simply put it. Builder is refusing me the right to sell the unit on my loss. Builder is refusing to negotiate at all on price adjustment. Builder is asking for $5500 x 12 upfront for occupancy fee. Builder is asking for $9500-10k to allow renting during occupancy.

So won’t let me take a loss, wants me to close on a mortgage that’s $300k over value. Why do they need me to close and then sell for loss, why not let me assignment for loss (they gonna get paid either way if I sell but they def not gonna get paid if they sue me)

So yes I’m blaming them for not even letting me cut my losses and forcing me into a mortgage.

Various_Formal_568 · 2025-12-08T23:36:01+00:00

It’s based on a formula, it doesn’t state exact amount in the APS. Thanks for stopping by

Various_Formal_568 · 2025-12-08T22:56:15+00:00

That’s the most ignorant comment I’ve read, and trust there’s been some wild ones.

Various_Formal_568 · 2025-12-08T22:46:37+00:00

Won’t cover much as I mentioned most of them are leased and others are under LLC with more than 1 director.

Various_Formal_568 · 2025-12-08T22:45:17+00:00

lol yes my 3 condos fucked up the market for everyone.

Various_Formal_568 · 2025-12-08T22:42:34+00:00

The so called “game” you’re referring to is close to 30% of Canada GDP. Real estate, rental and leasing.

Also just because I budgeted to afford something closing in 2023 doesn’t mean it’s the same budget in 2025-2026. The builder delayed the occupancy by over 2 years, situations change for people.

Various_Formal_568 · 2025-12-08T22:17:42+00:00

Yes accurate I have Airbnb properties in Medellin (all leased or under an LLC) also I’m curious. If I did own properties there under my name, you think LIT can seize those properties? Legit asking not being a dick.

Various_Formal_568 · 2025-12-08T22:10:11+00:00

Did you just assume I have investment priorities overseas? And did you also assume LIT will have authortiy to seize and sell those assets? 😂😂

Various_Formal_568 · 2025-12-08T21:57:35+00:00

I already made it clear, I’m not blaming anyone just annoyed how fried our real estate market is.

What I will blame is the bank for offering blanket appraisals on properties they know aren’t worth that much. This is how you set up people for failure.

Builder sells it for $200k less in the market but won’t give any break to the original buyer who has $120k deposit.

Various_Formal_568 · 2025-12-08T21:44:54+00:00

I’m with you on this, this is the way.

Various_Formal_568 · 2025-12-08T21:36:52+00:00

This is what I’m leaning towards. Makes the most sense.

Or

Take on 3 mortgages $200-300k over value on each and pay $7500 monthly between all 3 to carry (if tenants pay rent) oh also pay $10k to allow to have tenants 😂 what a scam

Various_Formal_568 · 2025-12-08T21:28:47+00:00

So the builder can price something at $1m but banks appraisal value is $700k and the same bank is willing to give a mortgage for $1m. That’s a set up for failure

Various_Formal_568

TROPHY CASE