Fairness for buyers of pre-construction homes

How come Mattamy sold a townhouse at $ 880K, and after 4 months drop the price to $ 700K. I bet Mattamy made lot of profits, and then dropped the price to kill its competitors, and at the same causing an artificial crash that affected these families.

Rajesh - learn to write one correct sentence in English. Please.

People like you ruin home ownership for others. Shame.

This the beginning for end of .Oakville. I knew I should flipped in Thornhill and Richmond Hill. No $$$ here. Big mistake. I lose money on two properties here. I don't care. Make monies on 3 property Upper Thornhill Estate. Business as usual in York.

I wish Mattamy should help the buyers since there motto is to build families and provide affordable housing and not ruin them

I agree these buyers probably went over their heads but the real culprits is the Liberal govt imposinh the foreign buyer tax which drove prices down in the grrater horseshoe area. The govt punctured the so called bubble all to get votes. I couldnt afford to.live in the GTA so I bought a home an hour away. My commute is longer but it is what it is. Try buying a home in New York or London. Untouchable. Demand is what drives prices there. Toronto is a world class city in the best country in the world. Let foreigners come and buy homes. We need their investments. Please Doug Ford, reverse everything that Wynne's Liberal government has imposed on the hard working Ontarions. Say no to the health tax, no to the carbon tax, no to emission testing, no to high hydro prices, no to free tuition to those families making under $50k. Free tuition is for all students under 21 years of age. MAKE ONTARIO GREAT AGAIN!!

Go cry me a river. You gambled and lost. Housing doesn't always go up. Anyone who was truly watching the markets would've seen this. Middle class is not 7 figure homes. Morons.

These comments are mean. Builder is trying to make people pay real money for these houses.. Govt should step in and force builder to discount the price to what these ppl can afford.

As an Oakville resident, I have followed this story with a lot of interest. In my opinion, these buyers who are unable to close should not have purchased a $1,2m+ home in the first place. They ignored repeated warnings from everywhere (assuming they read newspapers, blogs, etc.) stating GTA real estate was in a bubble that was going to burst anytime. Let’s be honest here - they probably thought prices were going to continue to go up 10-30% per year and by the time they close, their $1.2m home would be worth close to $2m. They took a gamble, a very big gamble, and lost. A $1.2m home is NOT for middle class families. Unless your family has $200k or more in income, don’t even think of buying a house with 7 figure price tag. My recommendation to these unfortunate people who are unable to close is to talk to Mattamy one on one. They have said they are willing to work with individual buyers. What is the need for this petition? If you can’t come to an agreement, lose your deposit and move on. Life isn’t fair. Money and houses are not everything. Rebuild your finances, invest in your health and family. You will be happier that way than living paycheque to paycheque in a million-dollar house you truly cannot afford.

You got greedy, gambled with your family house equity and lost.

Take responsibility and stop blaming everyone except yourself. You are greedy, plain and simple.

Every investment comes with a risk. Cant blame others for your loss!

“Yes We Can...Make Oakville Great Again.” Dear, “Distressed” Preserve Buyers requesting Government intervention for a bail out of their “impossible” situation. Do yourselves and Oakville a favour. Please sell your homes and move elsewhere where you can better afford a home based on your financial situation. Your presence will only make our community dumber and greedier. Fact: Based on average Fixed Mortgage Rates in Feb. 2017, a buyer would need an annual household income of at least $200K and a down payment of $250K to adequately afford the minimum price quoted for a single detached Preserve house at $1.2 million. Fact: An average household income of $200K is 235% the Ontario Median Household Income of $85K. To have any government intervention in this situation would be outrageous. Resources must not be used to bail out these greedy folks who speculated, spent beyond their means, and suffered a short term loss. Wasting the Mayor’s and Governments time on this issue is ridiculous and unwarranted. Based on this group’s logic, perhaps investors in Blackberry who speculated in 2008 and bought its stock at a peak of $148 should ask for Government intervention to cover their losses when it tumbled to $48/share because the government’s economic policies did not support RIM/Blackberry enough and did not foresee that Apple’s iPhone would soon change the smartphone market. Commenters who solely blame “foreign buyers” for this mess are xenophobic, ignorant and misinformed. The vast majority of “foreign buyers” want exactly what most Canadians have - safe, liveable communities and good schools/healthcare for themselves and their families. A house is worth what the market is willing to pay. Sorry guys, because your new house value dropped 20%, you might have to drive around town in a 4 year-old Dodge Caravan instead of the latest Tesla or Audi SUV that you had planned for. This is capitalism, folks.

hey jokers what are you saying, I support the beautiful hard working people here! Govt messed up big time! What a dumb law, John Tory should resign

The government needs to stop meddling in the economy -

Do you not understand- if they made money they would of been able to close on the house with Mattamy! & Mattamy would of sold the rest of its lots in that project Mattamy had control and still does People tried to buy because they wanted to upgrade, or get in the market ? Please attack Mattamy as well- why are they not selling the rest? What do you think? They have protected themselves and are holding off sales-

We request a solution to this highly uncertain situation. Closing in these conditions are not possible. Banks not willing to offer the loan and getting alternate finance is not possible.

Why are all minorities commenting on this forum empathetic whether they bought into community or not...and everyone with Anglo sounding names so cruel? Clearly Donald Trump is a sign of a wider broader problem seething within..

If people lose money on bad stock market decisions, should the government pay them? Of course not, especially as all taxpayers eventually pay the bill! These people made bad decisions and now they add "sob stories" to make the public feel bad- Grow up, you hoped to make money on this bad investment and you failed-miserably! There is a good chance the market will fall much more- get more "sob stories" ready.

Idiots! If you had made money would you be insisting the government or Mattamy take that from you??