This has created many job opportunities for young professionals and artists in media, high-tech and design businesses who have moved into this growing urban core to live and work.
Its strategic location adds value to the neighbourhood and the core reason why everybody loves to be in Liberty Village.
There fore, this person who bought on assignment would have to come up with a down payment of the $300,000 purchase PLUS they would have to come up with $100,000 cash to the seller for the difference.
As you can imagine both of these situations could be a very scary experience for most realistic buyers out there today.
They will either say: “The square footage of that unit is too small”.
Or they will say, “we can only finance your new purchase based on the original purchase price and not the new assignment purchase price”.Experience the largest off-campus housing community for BYU students. One of the most social apartments conveniently located just two blocks from Brigham Young University!We decided to turn it over to a pro named James Harrison (mortgages.ca), a mortgage broker with Dominion Lending, who gave us some insight into what is happening and what can be done: With all of these condos coming on the Market in the next 2 years the main fear and reality people are finding is that financing for small units (under 500 square feet) is extremely tough to find.Most of the Big banks and lenders now will NOT finance any units under 500 square feet. Another great concern is the units that have been sold on Assignment.There are two new realities for those who have bought are or thinking of buying condos in Liberty Village: There are a lot more condos in Liberty Village than there used to be and financing a condo purchase is a lot harder than it has been in recent years.The first reality is pretty obvious and is contributing to the 2nd reality.Meaning, the original purchase price was 0,000 say 2 years ago, and now that client is selling this same unit today on assignment for 0,000.Most lenders will only finance the original purchase price (i.e.: 0,000).E-mail us at [email protected] or call us at 416-520-0779.Liberty Village is a vibrant neighbourhood in Toronto with a unique urban feel.