Many Can No Longer Afford To Sell Their Toronto Houses Or Condos

August 12th, 2009 by admin

During this economic downturn and declining values in many real estate markets many home owners have been forced to sell their Toronto houses or condos simply because they can not longer afford the payments or because they want to take advantage of lowering their expenses and buy a cheaper home in a different area.  Some home owners are learning that they could end up owing money if they do sell.  This is because it has become normal for Toronto buyers to purchase a property with only five percent, or even nothing, as a down payment.  This means that if your home dropped in value by ten percent you would still be on the hook for the other five percent to the bank.  This can be a substantial sum of money and some can now simply not afford to sell.

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