10/12/2026
Ontario Condo Closings Face Value Gap
Having worked with buyers and sellers across Southern Ontario for nearly four decades, I’ve seen how shifting markets can catch even the most prepared purchasers off guard. Right now, some Ontario condo buyers are finding themselves facing a value gap at closing—owing up to 30% more than their unit’s current market value. This happens when the appraised value at closing comes in lower than the original contract price, and lenders will only advance mortgages based on today’s valuations, not what was agreed upon years ago. Long delays between pre-sale agreements and actual closings—caused by everything from permit approvals to labour shortages—have only made things more unpredictable. Earlier, in a stronger seller’s market, developers even cancelled deals when costs spiked, resulting in increased provincial oversight and calls for more protections. For buyers, the contracts offer little flexibility: aside from a 10-day cooling-off window, or a missed occupancy deadline, there aren’t many ways out. If you’re navigating the condo market, experience and a steady hand can make all the difference in helping you understand and protect your position in these complex situations.