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The real estate market in Ontario, Canada, is facing significant changes, according to real estate lawyer Eli Antel, and with change often comes legal issues such as people trying to get out of contracts due to lower appraisals or to make more on a sale. Antel says that while prices have dropped in some markets, the expected "big drop" hasn't happened yet, causing sellers to hold off and buyers to wait for an affordable home. The fear of high interest rates, which aren't as high as those in the past, is making buyers hesitant to enter the market. Pre-construction buyers are especially struggling, as these contracts are difficult to get out of and many entered the market in 2021 with a different rate budget. Antel suggests buyers speak with a lawyer to review contracts during the cooling-off period and negotiate to cap levies or make the assignment process easier.

Read the full article on: REAL ESTATE MAGAZINE