Real Estate

[GTA] Durham Region Developments Mega Thread

  • Last Updated:
  • Oct 20th, 2017 9:31 am
Newbie
May 8, 2016
27 posts
2 upvotes
Highly doubt it. But would depend when you purchased. If you bought on the last release (July 15) I think it's worth contacting them and creating a stink. At the very least they should be able to offer you a comparable credit towards upgrades. If you bought in the earlier phase, although I don't think there were any rear lanes released, that would be more challenging.
trekkie500 wrote:
Jul 21st, 2017 10:02 am
Can you get that reduced price now? Seems slimy of them to do this to the early investors.
Member
Jun 12, 2017
335 posts
330 upvotes
Huzzbuzz wrote:
Jul 21st, 2017 12:25 pm
Highly doubt it. But would depend when you purchased. If you bought on the last release (July 15) I think it's worth contacting them and creating a stink. At the very least they should be able to offer you a comparable credit towards upgrades. If you bought in the earlier phase, although I don't think there were any rear lanes released, that would be more challenging.
That's unfortunate. I did not buy btw.. just meant that it was slimy to developers to do this to those who did. Hopefully they will offer upgrades as you stated to offset some of the price difference.
Sr. Member
User avatar
Dec 27, 2007
957 posts
298 upvotes
Oshawa
How is it slimy?
Their product isn't selling so they have to reduce prices. Would you expect them to just keep things as is to make previous purchasers feel better about buying at the high point?
trekkie500 wrote:
Jul 21st, 2017 12:28 pm
That's unfortunate. I did not buy btw.. just meant that it was slimy to developers to do this to those who did. Hopefully they will offer upgrades as you stated to offset some of the price difference.
Member
Jun 12, 2017
335 posts
330 upvotes
jonnyb wrote:
Jul 21st, 2017 2:02 pm
How is it slimy?
Their product isn't selling so they have to reduce prices. Would you expect them to just keep things as is to make previous purchasers feel better about buying at the high point?
I meant without any sort of incentives as it is sort of punishing those who invested early. You're right though, I guess slimy is not the right word.. just odd that early investors are screwed this way. I suppose everyone is an adult and knew what they were buying.
Deal Addict
User avatar
Sep 8, 2007
4716 posts
2746 upvotes
Way Out of GTA
trekkie500 wrote:
Jul 21st, 2017 2:09 pm
I meant without any sort of incentives as it is sort of punishing those who invested early. You're right though, I guess slimy is not the right word.. just odd that early investors are screwed this way. I suppose everyone is an adult and knew what they were buying.
The term "investors" is in itself annoying. It suggests that these were bought by investors to rent out. In that case why did they buy at the higher price? Not slimey of the builder at all. Some may consider it slimey of investors to suck up new inventory that could have been for a first time buyer and investor demand had pushed prices out of their reach. That seems more slimey to me.

Such that if 'investors' are screwed, theres zero sympathy.
Deal Addict
User avatar
Sep 8, 2007
4716 posts
2746 upvotes
Way Out of GTA
Huzzbuzz wrote:
Jul 21st, 2017 9:56 am
Looks like it's a minimum of $20K reduction. The model I purchased has been reduced by $30K. I wonder how the people that bought at the higher cost feel. Interesting tactic though, as usually the builders would offer greater incentives, not reduce prices. Times must be tough.
First reductions I've seen by a builder. And agree that usually you see incentives offered first. Perhaps the builder knows they are making a killing at the higher or slightly​ reduced price so they just want as much sales at these prices now. When there's no crazy lineups there's no competitive tension to get buyers to buy right away. Buyers start to balk and take their time wondering if prices go down another $20k....Which even if it did was well above where the prices were last year.

What issues would those that paid higher have? They wanted or needed to buy it when it was higher. When I fill up my car at $1.05 and then it gets reduced the next day to $.99/l I don't go back asking for a refund or free topup.
Newbie
May 8, 2016
27 posts
2 upvotes
But I imagine you would go ask for a refund or "price match" if you bought an item at a retail store and suddenly saw the price drop within a week. This is why most retail stores have a price guarantee. I'm sure most people wouldn't have an issue if there was a price change, up or down, months later, but to have it within a week is drastic in my opinion.

Your gas analogy doesn't make sense as it is apples and oranges. It is well understood the retail price of gas is influenced by multiple factors such as, oil price on the open market, currency exchange rates, refinery capacities, etc. not to mention you aren't talking about pennies in this scenario. I highly doubt much, if at all, has changed for the builder in the last 6 days since they launched at the higher price. The only variable, which they miscalculated, was the demand, and for that they are pretty stupid considering they should be able to gauge the appetite better since it's not their first rodeo.
cartfan123 wrote:
Jul 21st, 2017 3:10 pm
First reductions I've seen by a builder. And agree that usually you see incentives offered first. Perhaps the builder knows they are making a killing at the higher or slightly​ reduced price so they just want as much sales at these prices now. When there's no crazy lineups there's no competitive tension to get buyers to buy right away. Buyers start to balk and take their time wondering if prices go down another $20k....Which even if it did was well above where the prices were last year.

What issues would those that paid higher have? They wanted or needed to buy it when it was higher. When I fill up my car at $1.05 and then it gets reduced the next day to $.99/l I don't go back asking for a refund or free topup.
Deal Addict
User avatar
Sep 8, 2007
4716 posts
2746 upvotes
Way Out of GTA
Huzzbuzz wrote:
Jul 21st, 2017 3:46 pm
But I imagine you would go ask for a refund or "price match" if you bought an item at a retail store and suddenly saw the price drop within a week. This is why most retail stores have a price guarantee. I'm sure most people wouldn't have an issue if there was a price change, up or down, months later, but to have it within a week is drastic in my opinion.

Your gas analogy doesn't make sense as it is apples and oranges. It is well understood the retail price of gas is influenced by multiple factors such as, oil price on the open market, currency exchange rates, refinery capacities, etc. not to mention you aren't talking about pennies in this scenario. I highly doubt much, if at all, has changed for the builder in the last 6 days since they launched at the higher price. The only variable, which they miscalculated, was the demand, and for that they are pretty stupid considering they should be able to gauge the appetite better since it's not their first rodeo.
Perhaps a little bitter? Salty tears.

Go ask Amazon for price protection. Lol. See how that works from the largest retailer.

Truth is builders aren't a repeat business for the most part and they don't give an F if you paid more. Same bitterness we see from resale buyers who bought in spring at ridiculous prices often bidding against themselves. Now they want to walk away from deals.

It's funny though when builders are taking prices up the same day the early buyers are all cool with intraday price changes. Now when they take it down all of a sudden all these tears from the first batch of buyers. You also got lot and model preferences and the late buyers​ have to take what they can get.

It's a good lesson, buy if you feel the price is appropriate for what you are getting not because you simply fear it will sell out. A house should be a long term view on buying...Than is unless a scummy pre con flipper bidding prices up and just looking to make a quick buck...Who I take lots of joy seeing holding the bag.
Newbie
May 8, 2016
27 posts
2 upvotes
As a matter of fact, Amazon has a thirty day return policy where they will issue a full refund. So in essence, a price guarantee, as if you told them you will return the product and just re-order at the lower price, chances are they will credit you the difference. A little education helps.

To put you at ease, I'm not bitter at all. I actually paid far less than what the price is even with the reduction. But seems like there might be some bitterness coming from your side as you take joy in seeing other people "holding the bag." Having a hard time getting into the market I take it. And whether home buying is a long, medium, or short term view, I think that's best left to the individual and their objectives. That's what's called a free market. Some people will jump in while others will watch from the sidelines and try to impose their views.

Regardless, this thread isn't about your views, bitterness, or amazons return policy, so let's stick to the topic.
cartfan123 wrote:
Jul 21st, 2017 4:03 pm
Perhaps a little bitter? Salty tears.

Go ask Amazon for price protection. Lol. See how that works from the largest retailer.

Truth is builders aren't a repeat business for the most part and they don't give an F if you paid more. Same bitterness we see from resale buyers who bought in spring at ridiculous prices often bidding against themselves. Now they want to walk away from deals.

It's funny though when builders are taking prices up the same day the early buyers are all cool with intraday price changes. Now when they take it down all of a sudden all these tears from the first batch of buyers. You also got lot and model preferences and the late buyers​ have to take what they can get.

It's a good lesson, buy if you feel the price is appropriate for what you are getting not because you simply fear it will sell out. A house should be a long term view on buying...Than is unless a scummy pre con flipper bidding prices up and just looking to make a quick buck...Who I take lots of joy seeing holding the bag.
Newbie
Jul 14, 2017
35 posts
8 upvotes
All of these are very strange.

They only reduce the price for the back lane townhouse, no reduction in the village home. Since they only sell a few rear lane townhouse, they may give you a break. One thing you have to remember is it is a firm contract, it works both way. I would argue that you cannot go back one or two years later when the townhouse is finally built and if the market value drops, you can get a reduction; by the same token, they would not ask you to pay more. Hence, you cannot go back one week later and ask for reduction.

Of course, on paper you cannot, but one may be able to get some kind of incentive. I would assume if you brought a village home and want to upgrade to rear lane, they would probably let you.
Sr. Member
Apr 5, 2009
792 posts
57 upvotes
trekkie500 wrote:
Jul 21st, 2017 2:09 pm
I meant without any sort of incentives as it is sort of punishing those who invested early. You're right though, I guess slimy is not the right word.. just odd that early investors are screwed this way. I suppose everyone is an adult and knew what they were buying.
This comes back to understanding the investment if you want to think of the purchase as an investments.

Investing Early (no matter how early) comes with its Pros and Cons. One of them is being locking in a price point and securing the investment therefore getting rid of the risk of inventory running out as you had secured it.

Investing in later stages, runs the risk that inventory may not be available, as well as you are exposed to price volitility since you have not purchased. In the past, this would usually mean an increase in price, however there was always the chance of a decrease which is apart of the reward in this case.

I don't feel the developers owe anyone who bought early anything, aside from completing the home, as those who purchased should understand this concept already. Its a bad feeling to have that some may have bought at a premium, but understand this means they have already secured their home, at a price point they were already comfortable with.
Deal Addict
Feb 22, 2011
1675 posts
1475 upvotes
Toronto
JeanMarc40 wrote:
Jul 24th, 2017 1:03 pm
Just an update on GTA house falling price:
Image
Lol how do you mess it up when it's in the title? This isn't houses, it's average sale transaction for all types. Condos are selling like wildfire now while houses are slow so average is lower. More condo sales, average lower. This is also why King Average is $1.6m but Toronto is $760k, not like King is more expensive.

If you think the average house is $760k in Toronto I hate to break it to you but it's actually $1.3 million.
Newbie
Apr 20, 2017
41 posts
5 upvotes
Sorry Rig4235. I'm not an expert in "words"... but if you follow (which i think the case of this mega thread) the "housing" market you should understand. The title of the chart is TORONTO HOME ....

I don't need your explanation in average. i can give you classes in statistics if you need. ;) .... we talk about GTA average than median price in most of the articles.
Jr. Member
Feb 12, 2008
141 posts
110 upvotes
Toronto
JeanMarc40 wrote:
Jul 24th, 2017 7:37 pm
Sorry Rig4235. I'm not an expert in "words"... but if you follow (which i think the case of this mega thread) the "housing" market you should understand. The title of the chart is TORONTO HOME ....

I don't need your explanation in average. i can give you classes in statistics if you need. ;) .... we talk about GTA average than median price in most of the articles.
Here's a better idea... STOP thread jacking...your post has nothing to do with new builds in Durham Region.. If you need a better explanation, read the first few pages of this thread, or save that market is crashing statistic for the other 80 threads.

Ugk.

Top