u/eye_wizard13

First-time home buyer looking for advice

I purchased a pre-construction condo at Design District by Emblem in Hamilton, ON for $740,000. It’s a mid-floor, 2 bed/2 bath unit, approx. 650 sq. ft.
With the current condo market, I’m worried the appraisal will come in significantly lower than my purchase price.

Has anyone recently had an appraisal or sold a similar unit in this area? Would you close and hold, or consider walking away and taking the loss?

Also interested in hearing from anyone who has defaulted on a pre-construction condo in Ontario and what the financial/legal outcome was.