when the market was hot, didn't many people make loads of money by flipping or upgrading to bigger houses and selling their existing ones? now that the market is dead why should only these buyers be victimized. The sellers ( builders ) should also face the consequences of the government policies .
C
Charles Xavier
8 years ago
Who do you think sets the interest rates, which most buyers gauge to determine what they can afford?
Thats right, the government. Nobody was saying anything when "they" lowered rates to record low levels for so long...
C
Charles Xavier
8 years ago
The price drop was as unnatural as the price rise.
C
Charles Xavier
8 years ago
I agree wtih Rahul. Not that they were looking to make money , but they were way over extending themselves based on their perpertual equity they thought they had...
Y
You're all idiots who got what they deserve
8 years ago
You are all a bunch of whiners who should have stayed with the houses you had.
O
Online Petitioner
8 years ago
the price drop was unnatural and not due to normal market cycles or regular economic cycles. This crash was unnaturally created because the government decided to intervene with too many harsh policies in a reckless manner- totally uncalled for. Even if they wanted to introduce a fair housing plan- they could have also included clear measures such as -the stress tests are not applicable to contracts signed prior to Jan 1 2018
O
Online Petitioner
8 years ago
Do you realize , that most of these people were not looking to make money but just trying to upgrade their homes for their own families- is that a crime? The money they had put into this was hard earned income from their jobs. Had this been a bunch of investors doing the business of flipping homes- i would have agreed. But these residential properties were purchased by families trying to obtain something for themselves before the market got out of reach. They certainly got a poor deal for no fault of theirs
A
Anonymous
8 years ago
I live in a home that is 25 years old and paid. I would like to upgrade but unfortunately due to foreign buyers, moving up will cost me a extra 500K -600 K when 10 years ago it was 100K-200K. 15 years ago people used to oooh and aaah at a sight of a 1 million dollar home. Today it buys you a townhouse. That is the sad state of where we are. Diane Francis wrote an interesting article for the National Post in 2014 explaining how $200-$300K of the home price increases is due to corruption money. This year she wrote on how Canada should follow the New Zealand model and ban foreign ownership. Don't blame the government for allowing Mattamy to sell homes. Blame them for allowing corrupt money to enter the country. Houses should never have reached these levels. The people on this site got caught up in the hype. There were probably 10 other people behind you wanting to buy your property the day you signed. . I am sure you were very happy to beat out those other 10 buyers. Fact is they are sleeping at night and you are not.
R
Rahul
8 years ago
Don't give any sympathy to this people. They are the one who wanted to make money and because of them people like us never able to afford a home. They signed up for $1 Mn home and now complaining for no reason.
S
Saleh Mamtaz Mohyuddin
8 years ago
I am also affected. I put all my life saving in Preserve Oakville and now my finances are ruined. I blame greedy banks and developers. And government who only wants vote. I took on 3rd job as evening Uber Driver this still won't be enough. Government not happy until immigrant is homeless.
G
Gulab Sultan Suleiman
8 years ago
Build 2-3 bedrooms and rent basement!!
G
goo man
8 years ago
Hi Guys, I bought a bunch of stuff last year (iPhone 8, bicycle from Walmart) using my credit card but I just got laid off and don't have any cash to pay it off right now . can we include this in the petition. Apple dropped price of their phones already since I bought , so I should only pay market price at the moment. They make billions as it is, this should be nothing to. signed
G
G Miller
8 years ago
Agreed. Many new buyers to North Oakville are coming in at 600%++ Loan: Gross Family income. While the demographic in South and West Oakville is wealthier Oakville wealth is flooding out into Toronto, Thornhill and King City. Our historic downtown is in ruins as more stores close by the day.
A
Amir
8 years ago
No wonder....the government which is in the business of controlling milk and liquor supply could try to control anything. Government should not be in the business of controlling the real estate market. This is none of their business. However, if they want to run the country in this manner, they should control the pricing and supply in all areas to make it fair for everyone.
A
anonymous anonymous
8 years ago
Exactly. No one got bailed out after the income trust/REIT tax policy changes tanked those investments in 2005. It was so sad, too bad, figure it out yourself.
N
Nothing to see here
8 years ago
The demographic bleed from Brampton and Mississauga is rapidly impacting Halton - Milton and North & East Oakville specifically. My brokerage is seeing this trend at unfathomable levels and many buyers are stretching their budgets to the maximum. I anticipate a real estate crash in Oakville in the coming month's. Many buyers cashing out and moving to Central Toronto and York Region.
G
Gord Nixon
8 years ago
Losing your deposits is a blessing in disguise. You will all soon recover from the $200,000 loss. Better than a lifetime of suffering buying a home you could never afford. Remember the stress test is just a way of normalizing borrowing rates to perceived future levels - levels you could never afford on the homes you bought. When you use words like "levels of accountability" and "reckless" my dear that squarely falls on you!!
C
Charles Xavier
8 years ago
They are facing the impact as the now are selling the same homes they were at 20% less .It is not the builders responsibility to ensure you 100% can afford the purchase. There is no way for them to do so. The onus on this is the buyer. Its pretty simple knowing that you are committing to a price now, with plans to sell your home later, that alot can happen in a year, and prices could go down...
C
Charles Xavier
8 years ago
Agreed Art. Like the stock market analogy..its true. People were all caught up in the hype train of the market Always goes up.... The simple fact is they took a risk, that was known, and it did not pay off. It was their own risk to take.
C
Charles Xavier
8 years ago
The buyers falsely assumed prices would go up. Its a mistake they made. Agreed it happens. Why didnt the buyers think about the simple question "what happens if I buy this and the price drops?" They most likely did, but thought highly unlikely..these are the know risks when buying a home with such a far closing date. To act surprised is to naive
Mattamy has most likely not sold the rest as many people are sitting on the sidelines to see what the market does. Also there are many buyers now being affected by the stress test for mortgages (120 quotes expiring), and cannot afford the homes even at these prices. They may have to drop prices further....
when the market was hot, didn't many people make loads of money by flipping or upgrading to bigger houses and selling their existing ones? now that the market is dead why should only these buyers be victimized. The sellers ( builders ) should also face the consequences of the government policies .
Who do you think sets the interest rates, which most buyers gauge to determine what they can afford? Thats right, the government. Nobody was saying anything when "they" lowered rates to record low levels for so long...
The price drop was as unnatural as the price rise.
I agree wtih Rahul. Not that they were looking to make money , but they were way over extending themselves based on their perpertual equity they thought they had...
You are all a bunch of whiners who should have stayed with the houses you had.
the price drop was unnatural and not due to normal market cycles or regular economic cycles. This crash was unnaturally created because the government decided to intervene with too many harsh policies in a reckless manner- totally uncalled for. Even if they wanted to introduce a fair housing plan- they could have also included clear measures such as -the stress tests are not applicable to contracts signed prior to Jan 1 2018
Do you realize , that most of these people were not looking to make money but just trying to upgrade their homes for their own families- is that a crime? The money they had put into this was hard earned income from their jobs. Had this been a bunch of investors doing the business of flipping homes- i would have agreed. But these residential properties were purchased by families trying to obtain something for themselves before the market got out of reach. They certainly got a poor deal for no fault of theirs
I live in a home that is 25 years old and paid. I would like to upgrade but unfortunately due to foreign buyers, moving up will cost me a extra 500K -600 K when 10 years ago it was 100K-200K. 15 years ago people used to oooh and aaah at a sight of a 1 million dollar home. Today it buys you a townhouse. That is the sad state of where we are. Diane Francis wrote an interesting article for the National Post in 2014 explaining how $200-$300K of the home price increases is due to corruption money. This year she wrote on how Canada should follow the New Zealand model and ban foreign ownership. Don't blame the government for allowing Mattamy to sell homes. Blame them for allowing corrupt money to enter the country. Houses should never have reached these levels. The people on this site got caught up in the hype. There were probably 10 other people behind you wanting to buy your property the day you signed. . I am sure you were very happy to beat out those other 10 buyers. Fact is they are sleeping at night and you are not.
Don't give any sympathy to this people. They are the one who wanted to make money and because of them people like us never able to afford a home. They signed up for $1 Mn home and now complaining for no reason.
I am also affected. I put all my life saving in Preserve Oakville and now my finances are ruined. I blame greedy banks and developers. And government who only wants vote. I took on 3rd job as evening Uber Driver this still won't be enough. Government not happy until immigrant is homeless.
Build 2-3 bedrooms and rent basement!!
Hi Guys, I bought a bunch of stuff last year (iPhone 8, bicycle from Walmart) using my credit card but I just got laid off and don't have any cash to pay it off right now . can we include this in the petition. Apple dropped price of their phones already since I bought , so I should only pay market price at the moment. They make billions as it is, this should be nothing to. signed
Agreed. Many new buyers to North Oakville are coming in at 600%++ Loan: Gross Family income. While the demographic in South and West Oakville is wealthier Oakville wealth is flooding out into Toronto, Thornhill and King City. Our historic downtown is in ruins as more stores close by the day.
No wonder....the government which is in the business of controlling milk and liquor supply could try to control anything. Government should not be in the business of controlling the real estate market. This is none of their business. However, if they want to run the country in this manner, they should control the pricing and supply in all areas to make it fair for everyone.
Exactly. No one got bailed out after the income trust/REIT tax policy changes tanked those investments in 2005. It was so sad, too bad, figure it out yourself.
The demographic bleed from Brampton and Mississauga is rapidly impacting Halton - Milton and North & East Oakville specifically. My brokerage is seeing this trend at unfathomable levels and many buyers are stretching their budgets to the maximum. I anticipate a real estate crash in Oakville in the coming month's. Many buyers cashing out and moving to Central Toronto and York Region.
Losing your deposits is a blessing in disguise. You will all soon recover from the $200,000 loss. Better than a lifetime of suffering buying a home you could never afford. Remember the stress test is just a way of normalizing borrowing rates to perceived future levels - levels you could never afford on the homes you bought. When you use words like "levels of accountability" and "reckless" my dear that squarely falls on you!!
They are facing the impact as the now are selling the same homes they were at 20% less .It is not the builders responsibility to ensure you 100% can afford the purchase. There is no way for them to do so. The onus on this is the buyer. Its pretty simple knowing that you are committing to a price now, with plans to sell your home later, that alot can happen in a year, and prices could go down...
Agreed Art. Like the stock market analogy..its true. People were all caught up in the hype train of the market Always goes up.... The simple fact is they took a risk, that was known, and it did not pay off. It was their own risk to take.
The buyers falsely assumed prices would go up. Its a mistake they made. Agreed it happens. Why didnt the buyers think about the simple question "what happens if I buy this and the price drops?" They most likely did, but thought highly unlikely..these are the know risks when buying a home with such a far closing date. To act surprised is to naive Mattamy has most likely not sold the rest as many people are sitting on the sidelines to see what the market does. Also there are many buyers now being affected by the stress test for mortgages (120 quotes expiring), and cannot afford the homes even at these prices. They may have to drop prices further....