Fairness for buyers of pre-construction homes

Same story with Brookfield in Aurora. The builder is not cooperative and as result is lost deposit.

buyers would close and Mattamy would of sold the rest of the project Why has Mattamy not sold the rest? Does that not tell you something- Do no attack the buyers as being greedy- if they are moving in and living there what is wrong with that If it is a flip= then that I can understand your greed comment

Bank of Canada Governor John Crowe raised interest rates to bring inflation down to the/his target of 2%...very, very quickly.....no different, really.

Fair enough..when government changes policies all existing buyers and sellers in todays market are getting affected. So in this case the Builder too should also face the impact..why is it that only buyers should be facing the brunt..

Government "intervenes" all the time with respect to interest rates. None of you were complaining when government "intervened" and had interest rates at all time LOWS making it "affordable" for everyone to buy "1Million dollar homes". You cant have it both ways. You gambled, took a calculated chance, and lost.. simple as that. Its about time the government did something to finally make prices somewhat more reasonable for the average joe working here.

Obviously you hoped to profit but your greed influenced the purchase. Houses are a commodity and prices fluctuate. The market has dropped - it happens...

I am horrified to read the plight of Mattamy buyers in Toronto Star.I will never ever buy a Mattamy home however good a deal they may give. Also, I will vote against the Liberals. A party which supposedly espouses the cause of the common man is raining ruin on middle class families. I feel the builder mafia is hand-in-gloves with the Liberals and hence getting away with daylight robbery.This is a middle class horror story.

What a bunch of selfish and entitled whining babies. You guys made a risky investment and miscalculated your own risk tolerance, own up and start finding a real solution. Should the government start bailing out people who lost in stock market because policies affected the market?

Up untill then there was an upward trend in the prices. The "bubble" that people are referring to had lasted for many years and wouldnt have burst had the government not intervened.

These people should have bought and sold in the same market. That was their only "guarantee" to have the money they needed to close their Mattamy homes. That situation may have been unreasonable in that would've meant they'd have to live with a family member or find alternate housing until their homes were built.... but that was the only guarantee they had to benefit from the high resale value of the home they were living in and be able to afford their new home in 2018. You really think a home appraisal would remain the same in a 1-2 year timeframe AFTER your purchase, especially since you knew we were in a "bubble"? You took a chance and it didn't work in your favour.

Huge Shiite community in that side of Oakville. Best to take on huge 800k debt and rent basement to family for 1500 a month to stay cash flow positive. Things shall go well in shallah Preserve Oakville Residents.

Nobody gambled. Most people took the plunge after doing complete research,I know of families that had their existing houses appraised by the Banks before proceeding with the booking. They were well aware of the values of their existing houses. The government had never warned it would be intervening or taking any measures. How are these people now expected to manage with the double whammy by the government? Their existing houses are no longer selling at the value from one year ago and with the mortgage stress tests they are finding it impossible to obtain the loan they need. How does Mattamy expect them to "honor" their commitment?

If I bought a house and it increased in value in a year or two I would not have to pay the builder back, simply because a) the builder would have already made profits on the house i had purchased two years back b) the builder would be selling the new houses (after two years) at a higher price( the prevailing price at that time) Builders are always at a profitable position

How is it the Buyer's own fault if overall market prices are increasing and the Buyer wishes to get into the market? Please do bear in mind that the situation is not a result of the natural market cycles or normal economics of demand and supply forces. The situation that these buyers are facing is only because of the harsh and irresponsible measures of the government- on the one hand they introduced taxes to cool off the market ..on the other hand they introduced stress tests to limit mortgage affordability. These measures were not in place when the Buyer purchased the house a year ago. There is no way the Buyer would have known or foreseen that these changes were to come. People were talking about the housing bubble but who would have known that the government would have taken such drastic measures over a small period of time? This talk of the housing bubble was going on for so many years. Why did the govt step in only now?

I am facing the same problem with a builder in Vaughan. We were trying to upgrade our house as our family has grown in size with the birth of my son. The new house will be 10% bigger in size but 40% higher in price (current market value) from our 9 years old house. The builder is moving so fast to finish the construction by August 2018 and shows little flexibility even on assignment sale (we have to go through their own agent and they are asking for assignment fee of $35000). Why shouldn't builders be impacted while buyers/sellers and renters? The only compromise for the current situation is to go with the appraised value of the house + some reasonable profit (5 to 10%)for the builder.

Extremely unfair to the Buyers. I strongly support this petition. Mattamy needs to take action since they knew fully well that they had taken advantage of the situation in early 2017. There has to be a limit to greed. And the Government needs to take responsibility since their intervention caused this catastrophic situation for so many innocent victims - the Buyers. To those crying out that the Buyers knew what they were getting into- sure they did .. but nobody knew Govt would be intervening and bringing out harsh measures. When that is done it is no longer a free market.

can you please let me know what did the government implement at that time? thanks

I strongly support what you advocate for. I'm also a victim of this Fair Housing Plan and this greedy builder.

You said they should of sold their home first- that is what I am reacting to In new builds it does not work like that because the builders first closing date is not always firm. In the resale, I would agree- sell your house first then buy- since closings are usually within months- with new builds it can be years. One thing I know- unless you are in the buyers position here- people may not understand the real stress people are going through right now

As I said, the builder priced for the future- they got it wrong this time Mattamy has not released the rest of the houses- doesn't that tell you something Why are they not selling at market level the rest of this project? They have not answered that