Can't Close on Pre-Construction - Please help
I got myself in kind of a predicament. I bought a pre-construction condo a few yrs back and closing is coming relatively soon.
My career didn't work out as planned and I ended up with a much smaller salary than I imagine it to be. I don't have the financing to qualify for a mortgage. Unless I somehow convince a company such as (Google, Facebook, etc) to hire me, I don't see how I would qualify for a mortgage.
Is there any way I can close? Since it is downtown it can possibly be cash flow positive. I was hoping if somehow I can close then I would be saved. I thought about CMHC and that would just decrease the deposit but I would already have to put 20% down based on the developer's requirements.
If I can't find a way to finance would be forced to sell and I would be hit with (*hst on deposit, *hst on gain, *tax on cap gain).
Edit: I am also such an idiot for buying parking for like 60k.....fml
Purchase Price: 730k