Is your Toronto condo worth less than your mortgage? What to do if you’re ‘underwater’

From bnnbloomberg.ca

It’s no secret — Toronto condo sales continue to tumble, plunging more than 30 per cent over the past year, adding further strain for those who bought at market peaks or hoped rental income would cover the bills. For a growing number of owners, the math no longer works — and some feel as if their financial life has “turned upside down.” As the city’s condo market sags under the weight of stagnant inventory and falling demand, many homeowners are finding themselves with negative equity — owing more than their property is worth. According to the latest figures from the Toronto Regional Real Estate Board ... (full story)