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Farmers Bring Their Demands to Athens as Costs Surge

Greek farmers with their tractors rally in front of the Greek parliament, over unsolved issues after weeks of blockades. Greek farmers converged on Athens in a powerful display of frustration over rising production costs that they say are pushing them to the brink. Driving tractors, carrying banners, and gathering in Syntagma Square, they demanded stronger government support to keep their farms viable. The protesters argue that soaring fuel prices, higher electricity bills, and increased costs for animal feed and fertilizers have made it nearly impossible to sustain their livelihoods. Many also want long‑term structural reforms, including better access to water resources and more predictable subsidies. Government officials have acknowledged the pressure on the agricultural sector and signaled willingness to negotiate, but farmers insist that previous promises have not been enough. Their message in the capital was clear: without meaningful relief, Greece risks losing a vital part of ...
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Toronto Pre-Construction Condo Buyers Facing Financial Challenges

 


Toronto's pre-construction condominium market is presenting significant challenges for buyers, with many units now appraised below their original purchase prices. This situation has left numerous purchasers grappling with financial implications as they approach closing dates.

Market Dynamics and Financial Implications

Several factors contribute to this downturn. Rising interest rates have increased mortgage costs, leading to a slowdown in the housing market. Consequently, many pre-construction condos are now valued less than their initial purchase prices, creating a financial gap for buyers. For instance, a buyer who purchased a unit for $2.2 million in 2020 may find its current market value at $1.6 million, resulting in a substantial loss. 

Developer and Lender Responses

In response to these challenges, some developers are collaborating with financial institutions to assist buyers. For example, Gairloch Developments partnered with the Royal Bank of Canada to offer a "blanket appraisal" program. This initiative allows buyers to secure mortgages based on the original contracted price, potentially alleviating the financial burden of market value declines. 

Broader Market Trends

The issue of pre-construction condos losing value is part of a larger trend in the Greater Toronto Area (GTA). Recent data indicates that 80% of existing condos sold in December 2024 went for less than their asking prices, reflecting a cooling market and increased buyer leverage. 

Conclusion

Toronto's pre-construction condo market is currently challenging for buyers, with many units appraised below their original purchase prices. While developers and lenders are implementing measures to support buyers, the situation underscores the importance of thorough market research and financial planning when engaging in pre-construction real estate investments.


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