Sad for you, yes, but this is exactly what happened to us in the late 80's when we bought a builder house, and unwittingly we were the last price increase. We saw everyone around us making money on their houses appreciation and we wanted in on the action. And we wanted a nicer neighbourhood than the starter town home we had. Somehow, we got our deposits together, maxed credit cards, etc and closed the house that was worth less than when we bought. For many years, may I add. Oh and interest rates were 12 1/4%.
It was tough for a lot of years, a big lesson, but by no means were we ever thinking about a government or builder bailout. Never. If anything, it has made us very weary of all the greedy people that have lived off their real estate wealth and borrowing over their heads over the last few years thinking prices only go up. The news was talking bubble everywhere you looked. No bailout please and thank you. Not with our hard earned overtaxed dollars.
A
Anonymous
8 years ago
Just get the biggest possible loan from credit union not bank (not OSFI regulated so no stress test) and build out and rent basement for cash flow. This is all you can do for now. With GTA''s biggest mosque opening in Oakville soon should have no shortage of renters. Good luck
A
Anonymous
8 years ago
I agree with the comment that the market determines the price. But what we have seen is thd governmemt deciding what the prices should be by introducing measures to cool the market. As a capitalist system, government has no business in interfering in what the cost of goods should be. I want a lamborghini but will they ask that prices be reduced so I can buy one? I own a home and have seen a 20% loss in my investment in the past year even though I purchased my home years ago as an investment.
A
Anonymous
8 years ago
I purchased my home in Kleinburge summit closing in Nov 2018, and I am facing the same problem as others.
C
Charles Xavier
8 years ago
I suppose when government intervened and kept interest rates so low for so long it was ok then because then you could afford it? The bank of canada (government) dictates the lending rates to banks which have a huge role in the real estate market. Government intervened because the prices are outta control to protect those whom could no longer afford a basic starter home. Think about it. At the price levels they were do you really think it wad possible for young ppl starting out to EVER afford even a starter home? Crappy semi detached homes were selling for 750k ...like get real..
C
Charles Xavier
8 years ago
If all these things the builder did were not to your liking then why did you still buy?. No one had a gun to your head..honestly it was poor decision making on buyers part. You cant blame Mattamy for pricing levels that people were willing to pay..its called market level price.
C
Charles Xavier
8 years ago
No I have not. Nor would i agree to these terms and conditions unless i was a multi millionaire. These buyers did accept thesr terms and risks. This is the equivalent in the resale world where a buyer does not input a condition of financing in their offer. Unheard of in resale world but this is what these buyers have submitted.
If in the resale world someone waives their condition of financing then near closing cannot get financing, should the seller just return their deposit and not sue? I dont think so. These terms are put in contracts to make sure ppl are serious and honor their contractual agreement. These Matamy buyers ignored the risk and unfortunately it did not go their way. In the end it was their decision to ignore the risk and buy. No one else to blame but themselves. Sorry but the truth.
L
L
8 years ago
Charles= have you ever bought from a builder?
The reason people do not sell their home first is because the builder can delay numerous times, which has happened with other builders many times in Oakville and GTA.
C
Charles Xavier
8 years ago
Mattamy did not "push prices up" . If nobody was buying at inflated prices, they would have to drop the price. The price increased was simply because foolish people were willing to pay more. The market dictates the price, not the builder.
L
L
8 years ago
The builder priced for the future- they also got it wrong= so should correct it
The builder did not allow to negotiate
The builder did not allow any conditions
Going to any lawyer after the fact did not matter anyway
Mattamy released limited numbers of houses to control the market and keept pushing prices up after each release
They were supposed to release more houses in that project- they have not, they keep on moving the release date to keep control
If the market continued as everyone thought, including Mattamy- buyers would close and Mattamy would have sold the rest of the project by now!
Do not tell me Mattamy is not to blame! They know what they were doing.
I agree the government caused this- but Mattamy took advantage of buyers too.
Ask Mattamy why they have not released the rest of the homes!
C
Charles Xavier
8 years ago
No sympathy here. This is the buyers own fault. Proper planning dictates you should have sold your home FIRST, then looked at what you could afford. No one else to blame but yourselves. Everyone knows that there are NO guarantees in terms of pricing going up or down. You just geussed up (wrong) The regulations introduced were to cool pricing, which they have for the majority of GTA. Despite what is being said here, this is a positive for the vast majority of the population whom could not afford to even buy a starter home. Homebuyers whom got caught in this scenario are a small subsection of the population whom are actually in favor of cooling the housing market.Those complaining about needing help, simply were aspiring beyond there means. As said above, if youve lived in a basement for 7 years, you have no business looking at 1 million dollar + homes...Its people like this whom caused the pricing to go up thinking they can afford it because interest rates were so low..
S
Sam Smith
8 years ago
If you bought a house and it increased in value, would you pay the builder back? Would you appeal to the province to pay them part of your earnings?
Why does anyone think they "deserve" to be reimbursed for a bad investment? Why should the builder be held accountable when the buyer willfully entered a contract at the agreed upon price? And why should tax payers be held accountable for your bad decision?
If you signed a contract and agreed to a price, be an adult and deal with the repercussions. Sob stories about wanting a better life for your kids doesn't register. We all want that - but it doesn't mean everyone else should pick up the pieces when you make a mistake.
G
Garry
8 years ago
I am sorry for your losses but do blame Mattamy. They are a business and sell on supply and demand fundamentals. Your mistake was that you should have sold your home when you bought. There were plenty of articles on the internet warning of a bubble but you still bought. Some of the blame should be directed to the MLS who hid the fact that houses were being sold with Ipad's to foreign buyers. The propaganda they spread about housing shortages as being the reason for the real estate boom is BS. Half of Toronto can't afford a home. Reality is that our youth cannot afford to buy a house in Toronto. There is no such thing as a starter home anymore. Those type of buyers no longer exist and have been wiped out. The average wage in GTA cannot support these prices. The days of just putting a For Sale Sign up and its sold next day are over. The market is still over priced. There is still more pain to come. The other variable that lead to the upswing was the US dollar. During the frenzy it was at 1.35 to 1.40. Foreigners do not bank CDN dollars they trade in US dollars. If the CDN weakens they can easily make up the 15% tax. In the last year the dollar has strengthen. Mattamy knows this and have adjusted their prices to reflect less buying activity from foreign buyers. Thus not only has the government put a 15% tax but the CDN dollar has strengthen 10-15%. And lastly Donald Trump. He opened up America for business and where do you think the money is flowing? As a home buyer you needed to understand what you were getting into. Real estate has doubled in the last 5 years. At some point it had to end. In 1989 real estate crashed hitting bottom in 1993. If this falls in same pattern we are still 2-3 years out from a bottom. Good Luck.
J
Jane Wang
8 years ago
Brad Carr is just the messenger. Peter Gilgan is the Founder and CEO, and the one to take full responsibility for this unethical and abusive selling tactic, ripping off the average Canadian homebuyer by increasing their deposits, and pocketing such astronomical deposits when the buyer is unable to close due to unforseen circumstances. #DonotBuyMattamy, #PeterGilgan=DonaldTrump
please also consider making the Mary Lake King City Community aware. There are many homeowners there feeling exploited by the builder.
A
Anonymous
8 years ago
https://www.youtube.com/watch?v=cgAlw-dveHw
I wish Mattamy cared about its customers as they say they do
D
Donald Trump
8 years ago
Fake news'!!! Mattamy is a foreign owned corporation. Check their Web site. They should pay the foreign buyers tax like the rest of us!
J
Joe
8 years ago
In all fairness, this is not the fault of Mattamy or any other builder for that matter. This is the fault of the provincial Liberal government introducing the foreign buyer tax. They are the ones that have now created an artificial market, in hopes of getting votes. Did you know that Ottawa is exempt of the foreign tax. Maybe because lots of foreign diplomats and their families live there. Also those multi million dollar cottages in the muskokas. I guess we know whose whispering in Kathleen Wynne ear
A
Anonymous
8 years ago
Gimme a break!!! This is complete BS.... Had you of bought before the bubble and made money, would you be complaining and giving that money back in fairness? You got sucked into the hype and the market, and you got burnt. It's not my responsibility to cover your stupid gamble.... you gambled, you lost. No business or government should bail you out of your gambling issue....
Sad for you, yes, but this is exactly what happened to us in the late 80's when we bought a builder house, and unwittingly we were the last price increase. We saw everyone around us making money on their houses appreciation and we wanted in on the action. And we wanted a nicer neighbourhood than the starter town home we had. Somehow, we got our deposits together, maxed credit cards, etc and closed the house that was worth less than when we bought. For many years, may I add. Oh and interest rates were 12 1/4%. It was tough for a lot of years, a big lesson, but by no means were we ever thinking about a government or builder bailout. Never. If anything, it has made us very weary of all the greedy people that have lived off their real estate wealth and borrowing over their heads over the last few years thinking prices only go up. The news was talking bubble everywhere you looked. No bailout please and thank you. Not with our hard earned overtaxed dollars.
Just get the biggest possible loan from credit union not bank (not OSFI regulated so no stress test) and build out and rent basement for cash flow. This is all you can do for now. With GTA''s biggest mosque opening in Oakville soon should have no shortage of renters. Good luck
I agree with the comment that the market determines the price. But what we have seen is thd governmemt deciding what the prices should be by introducing measures to cool the market. As a capitalist system, government has no business in interfering in what the cost of goods should be. I want a lamborghini but will they ask that prices be reduced so I can buy one? I own a home and have seen a 20% loss in my investment in the past year even though I purchased my home years ago as an investment.
I purchased my home in Kleinburge summit closing in Nov 2018, and I am facing the same problem as others.
I suppose when government intervened and kept interest rates so low for so long it was ok then because then you could afford it? The bank of canada (government) dictates the lending rates to banks which have a huge role in the real estate market. Government intervened because the prices are outta control to protect those whom could no longer afford a basic starter home. Think about it. At the price levels they were do you really think it wad possible for young ppl starting out to EVER afford even a starter home? Crappy semi detached homes were selling for 750k ...like get real..
If all these things the builder did were not to your liking then why did you still buy?. No one had a gun to your head..honestly it was poor decision making on buyers part. You cant blame Mattamy for pricing levels that people were willing to pay..its called market level price.
No I have not. Nor would i agree to these terms and conditions unless i was a multi millionaire. These buyers did accept thesr terms and risks. This is the equivalent in the resale world where a buyer does not input a condition of financing in their offer. Unheard of in resale world but this is what these buyers have submitted. If in the resale world someone waives their condition of financing then near closing cannot get financing, should the seller just return their deposit and not sue? I dont think so. These terms are put in contracts to make sure ppl are serious and honor their contractual agreement. These Matamy buyers ignored the risk and unfortunately it did not go their way. In the end it was their decision to ignore the risk and buy. No one else to blame but themselves. Sorry but the truth.
Charles= have you ever bought from a builder? The reason people do not sell their home first is because the builder can delay numerous times, which has happened with other builders many times in Oakville and GTA.
Mattamy did not "push prices up" . If nobody was buying at inflated prices, they would have to drop the price. The price increased was simply because foolish people were willing to pay more. The market dictates the price, not the builder.
The builder priced for the future- they also got it wrong= so should correct it The builder did not allow to negotiate The builder did not allow any conditions Going to any lawyer after the fact did not matter anyway Mattamy released limited numbers of houses to control the market and keept pushing prices up after each release They were supposed to release more houses in that project- they have not, they keep on moving the release date to keep control If the market continued as everyone thought, including Mattamy- buyers would close and Mattamy would have sold the rest of the project by now! Do not tell me Mattamy is not to blame! They know what they were doing. I agree the government caused this- but Mattamy took advantage of buyers too. Ask Mattamy why they have not released the rest of the homes!
No sympathy here. This is the buyers own fault. Proper planning dictates you should have sold your home FIRST, then looked at what you could afford. No one else to blame but yourselves. Everyone knows that there are NO guarantees in terms of pricing going up or down. You just geussed up (wrong) The regulations introduced were to cool pricing, which they have for the majority of GTA. Despite what is being said here, this is a positive for the vast majority of the population whom could not afford to even buy a starter home. Homebuyers whom got caught in this scenario are a small subsection of the population whom are actually in favor of cooling the housing market.Those complaining about needing help, simply were aspiring beyond there means. As said above, if youve lived in a basement for 7 years, you have no business looking at 1 million dollar + homes...Its people like this whom caused the pricing to go up thinking they can afford it because interest rates were so low..
If you bought a house and it increased in value, would you pay the builder back? Would you appeal to the province to pay them part of your earnings? Why does anyone think they "deserve" to be reimbursed for a bad investment? Why should the builder be held accountable when the buyer willfully entered a contract at the agreed upon price? And why should tax payers be held accountable for your bad decision? If you signed a contract and agreed to a price, be an adult and deal with the repercussions. Sob stories about wanting a better life for your kids doesn't register. We all want that - but it doesn't mean everyone else should pick up the pieces when you make a mistake.
I am sorry for your losses but do blame Mattamy. They are a business and sell on supply and demand fundamentals. Your mistake was that you should have sold your home when you bought. There were plenty of articles on the internet warning of a bubble but you still bought. Some of the blame should be directed to the MLS who hid the fact that houses were being sold with Ipad's to foreign buyers. The propaganda they spread about housing shortages as being the reason for the real estate boom is BS. Half of Toronto can't afford a home. Reality is that our youth cannot afford to buy a house in Toronto. There is no such thing as a starter home anymore. Those type of buyers no longer exist and have been wiped out. The average wage in GTA cannot support these prices. The days of just putting a For Sale Sign up and its sold next day are over. The market is still over priced. There is still more pain to come. The other variable that lead to the upswing was the US dollar. During the frenzy it was at 1.35 to 1.40. Foreigners do not bank CDN dollars they trade in US dollars. If the CDN weakens they can easily make up the 15% tax. In the last year the dollar has strengthen. Mattamy knows this and have adjusted their prices to reflect less buying activity from foreign buyers. Thus not only has the government put a 15% tax but the CDN dollar has strengthen 10-15%. And lastly Donald Trump. He opened up America for business and where do you think the money is flowing? As a home buyer you needed to understand what you were getting into. Real estate has doubled in the last 5 years. At some point it had to end. In 1989 real estate crashed hitting bottom in 1993. If this falls in same pattern we are still 2-3 years out from a bottom. Good Luck.
Brad Carr is just the messenger. Peter Gilgan is the Founder and CEO, and the one to take full responsibility for this unethical and abusive selling tactic, ripping off the average Canadian homebuyer by increasing their deposits, and pocketing such astronomical deposits when the buyer is unable to close due to unforseen circumstances. #DonotBuyMattamy, #PeterGilgan=DonaldTrump
https://www.theglobeandmail.com/real-estate/the-market/how-ottawa-has-become-a-real-estate-market-to-watch/article37789699/
please also consider making the Mary Lake King City Community aware. There are many homeowners there feeling exploited by the builder.
https://www.youtube.com/watch?v=cgAlw-dveHw I wish Mattamy cared about its customers as they say they do
Fake news'!!! Mattamy is a foreign owned corporation. Check their Web site. They should pay the foreign buyers tax like the rest of us!
In all fairness, this is not the fault of Mattamy or any other builder for that matter. This is the fault of the provincial Liberal government introducing the foreign buyer tax. They are the ones that have now created an artificial market, in hopes of getting votes. Did you know that Ottawa is exempt of the foreign tax. Maybe because lots of foreign diplomats and their families live there. Also those multi million dollar cottages in the muskokas. I guess we know whose whispering in Kathleen Wynne ear
Gimme a break!!! This is complete BS.... Had you of bought before the bubble and made money, would you be complaining and giving that money back in fairness? You got sucked into the hype and the market, and you got burnt. It's not my responsibility to cover your stupid gamble.... you gambled, you lost. No business or government should bail you out of your gambling issue....