Lawyer paid 2.5M for TWO pre-construction homes at the market peak and are now worth 1.8M. Can't close and wants out.
- Thread starter dirtyharry555
- Start date
I accidently deleted my post but echoed this women's sentiments
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Let's be clear he bought 2 homes so he Playing with stock market Now he's crying. He was irresponsible and a bit stupid. Can you swim with the big boys you better be able to swim
According to law, if the buyer refuses to close, in past decades the legislation and the courts will allow the builder to resell the unit and the former buyer is on the hook for the builders loss between the first sale and what he now gets for it.
Perhaps Mattamy might very well take the proceeds from this law suit and give it to a food bank, homeless shelter or a hospital.
How about it Mattamy?
Show the real estate hyennas how a class act functions.
Perhaps Mattamy might very well take the proceeds from this law suit and give it to a food bank, homeless shelter or a hospital.
How about it Mattamy?
Show the real estate hyennas how a class act functions.
I heard of situations where the builder doesn't want to close if the house appreciates in value.
Real estate like any other is an investment, there's always risk involved.
Imagine going to a high stakes poker game, Tiff Macklem is sitting at the table. Tiff can change the rules of the game anyway he pleases, be careful and know your risk.
Imagine going to a high stakes poker game, Tiff Macklem is sitting at the table. Tiff can change the rules of the game anyway he pleases, be careful and know your risk.
We are just at the thin edge of a very messy wedge that is going to develop around housing in the next 6 months or so.
I don't feel sorry for speculators who pile up losses.
I do feel for the young families that are going to loose all equity as they are forced to sell and move out of their first house, when the mortgage renewal cost is going to be too much for them.
I don't feel sorry for speculators who pile up losses.
I do feel for the young families that are going to loose all equity as they are forced to sell and move out of their first house, when the mortgage renewal cost is going to be too much for them.
Blaming the media. omg this generation that we raised are nothing but a thin skinned, participation trophy winning, group of plankton.
Don't forget to look up from your device when you cross the street, the big shiny thing with 4 wheels may hurt you if they hit you or even kill you.
I spoke to my banker a couple of weeks ago and he said they are trying to keep the monthly payments the same but applying more of it to interest and less to principal.
I hope you mean sentiments.
Sediments are the bits left over after the liquid is squeezed out.
I hope this was phone autocorrecting and not how you view anothers' thoughts
Well put it this way, I was so drunk I actually somehow deleted my original post. Hope that gives you an indication...lol.
Pardon my repetition but:
1) The housing market has mostly transformed from actually housing to just another monetized asset class starting from just after the Great Recession.
2) 70 - 75% of all new condo pre-construction sales are gobbled up by investors, not end users.
3) Yes, there are issues with foreign buyers/investors, but the vast majority of these investors are homegrown.
Pardon my feelings towards these vulture investors, but:
1) Good riddance.
1) The housing market has mostly transformed from actually housing to just another monetized asset class starting from just after the Great Recession.
2) 70 - 75% of all new condo pre-construction sales are gobbled up by investors, not end users.
3) Yes, there are issues with foreign buyers/investors, but the vast majority of these investors are homegrown.
Pardon my feelings towards these vulture investors, but:
1) Good riddance.
Fuck 'em...like any other investments there's risks involved...you have money kicking around...invest it on SPs and massages....the best investment with high returns....
In other words, some people may spend much longer than the usual 25 or 30 year period to pay off their mortgage.
I have seen this cycle time and time again. Unfortunately he bought two homes at the height of the market in an area, Oakville, where prices increased more than usual but thinking by time closing came around, the market would have increased another 10 to 20% not thinking it would go the other way. Eventually the prices will be where he thought they would be but it will take time. All he has to do is figure out a way to close the properties on his own instead of blaming others. If he cannot, he will have learned an expensive lesson.
He speculated. He lost. Move on and if he put all his eggs in one basket then too bad. He probably wants to sue Tesla also as the MSRP prices of the cars have been reduced - twice in past year I think. Will be hilarious to follow up in ten years to see where he is at. He will do it again and might be a winner at that time. Lets see Toronto Star profile him then…
