Other buyers have also been hurt by the cancellation of their purchases, some having to take out loans for rental properties after they sold their homes, wanting the condos for retirement plans, said Brennan.
“Rentals are expensive, and the longer this takes the worse it is as housing is just getting more expensive,” he said. “To pay 25 per cent more means they have to go back to borrowers and may have to increase the deposit. It’s prohibitive. My clients have been broadsided by this.”