Recent Buyers Face Problems Due to Rapid Price Drops in Some of GTA - ‘The Situation’ Consumer Q&A

[@ingridmueller3291]

When I bought my first home the real estate agent bullied us with a high offer ... telling us this is what you need to pay and didn't offer us any data to back it up. The house was listed at 160,000 and we paid 225,000! Hearing what you said makes me think we should have used a better agent! Thanks so much for the insight :D

[@svc2461]

What year did you get a house for that price! Good for you. You probably made 10 to 15× already on it provided you're still holding it. Btw, to your point, never overpay unless it makes very good sense, houses are not unicorns.

[@mrbbqlvr4274]

Expensive education.

[@john_pasalis]

Thanks for the feedback Ingrid. I'm glad you found the video informative

[@saty.7]

John spent 15+mins to answer a viewers question in such detail, everything aside that effort and care needs an appreciation

[@john_pasalis]

Thank you Satya, I'm glad you enjoyed the video!

[@deltaskyhawk]

First question: You will have to take the builder to court! Same happened to my Dad. Took years to resolve.

[@Relaxlifeisshort2]

Well said John you said it exactly correct. About over paying for a home but know what they are doing. Because knowing the value of the neighbourhood and wanting to be in that home and neighbourhood long term is an educated decision. But crazy over bidding ina home that doesn’t warrant that crazy over bid price. Is a crazy decision. And also knowing they can handle to payments and are committed to long term in that home.

[@mahanrazagh]

I suggest to move to the next question in a faster paste than asking same question for example talk to your lawyer couple of times! You signed the contract with builder directly so go to a lawyer and read all the clauses!

[@RodeoRanger]

Only a complete idiot would buy a house that hasn't been built yet. All the rules are in favor of the builder and what you pay for is not what you will always get. I went through the same thing several years ago and simply walked away from my Deposit before losing everything. Too many people trust Builders and Real estate agents. They are both out to get as much money from you as they can and this is how prices have been driven up. A Decent 3 Bedroom home should sell for $425,000.00 and paying 1.2 Million for a house like that is insanity. I have now bought 7 houses and everyone was already finished for me to have inspected. The market has been driven up to this huge bubble by greed and greed alone!

[@cawbrown]

Most Realtors are dirt bags basically

[@stephanienguyen6992]

Don't Listen To Any Real Estate Agents. Agents Only Want Your Commissions.

[@jessefaw]

Prices are still unaffordable

[@mhow7024]

when the market it hot, no builder will even touch a conditional offer. This is Ontario we are talking about.

[@parthppatel28]

Lol looks like builders is paying for the house. Buyer must take what builder throws at them? I rather not live in Ontario than face this. Freaking bottom of the barrel.

[@rdefacendis]

All well and good to have a lawyer review... but, if the market is strong the builder will NOT entertain any changes to an Agreement of Purchase and Sale. So the most a lawyer is going to do for you is to alert you as to what you are liable for upon closing.

[@kerrytoby7041]

The kinds of pressures and pitfalls in the economy and financials for anyone buying a first house is the reality. It is really unacceptable. Even selling and buying another house in this market can suck big time. Spending so much of ones future income shouldn't be like that. The government does need to pay attention and help take away the pressures. Start with too much immigration is just bad. Too much foreign buying is also bad. Plus all this speculation and competition at these land values versus wages is bad for prices. The drive to own rental properties will always drive up the too high prices.

[@Hoser584]

Realtors don't care they go there money

[@TheGreatLockdown]

How much do you want to bet the viewer that is in a panic over their house going down in value bought a car at some point in their lives. A car that immediately loses value as soon as you drive it off the lot and likely has a higher interest rate than a mortgage. A car that isn't going to cost thousands of dollars in agent, lawyer and real estate fees to sell. Think people, think!

[@akdomun]

I'm sorry - where is the price rapidly dropping in the GTA?

[@MoveSmartly]

Good spot @akdomun While our video Qs included buyers outside of the GTA, John wrote about GTA area drops in his report last month: www.movesmartly.com/monthly-report-march-2023#4 and he is hearing from buyers with similar questions in GTA too even though prices are up again in some areas. And more media headlines about a few such pre-con buyers just out again today: www.theglobeandmail.com/real-estate/toronto/article-looking-for-blood-condos-nearing-completion-with-mortgage-appraisals Thanks for watching! ~ Urmi

[@sobeit712]

Bidding war is the cancel of real estate industry. For those who bid way over asking, shame on you as you are the problem and the cause of affordability issue, when you let your fear and emotion take over. Blaming on agent is cowardly. You are a fully grown adult. Make your own decision and own up to your mistakes!

[@JIELI-j6g]

Hello, is there a real estate group? Can I be invited? Thanks.

[@davidkania3720]

She did not make a good decision and should totally feel bad for it. Quit making this kind of behavior accepable. Moronic move and i hope you learn your lesson

[@hermandhillon6518]

I don't feel sorry for any of them 😂😂

[@davidkania3720]

Hahahhaa sachin wouldnt be upset if it was worth 800k now. No mercy looser carry that bag now. Its just gonna get alot worse too 😅

[@oldmansgoldenwords]

What sorry and what sudden move? Inflation is very high for 2+ years. BoC was playing with people and fire saying it is transitory. I can give you list of authoritative figure who said interest rate will rise significantly. People always looks for information on internet what confirms their opinion instead of thinking in possibilities. All this speculator could not take the fact their friends who has less income than them were getting lot wealthier. They wanted to speculate on real estate's next dogie coin.