That beautiful new model home you signed up for with a deposit three years ago has now left you financially underwater as house prices continue to tumble across the GTA.

You have options to get out of your contract, but it will cost you — more than just your deposit.

There are three main stages to purchasing a new construction home or condo.

Buyers pay the first deposit — 10 to 30 per cent of the sale price — once the deal has been finalized.

There’s often another instalment required when shovels hit the ground, explains Cameron Forbes, general manager and broker at RE/MAX Realtron.

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