Real Estate

What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less

  • Last Updated:
  • Apr 8th, 2018 2:03 pm
[OP]
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Sep 8, 2007
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Way Out of GTA

What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less

Bitter peak price buyers...mad because Mattamy lowered the prices in the next phase in Whitby.

Funny, these people had no problem if the neighbours paid MORE than them. But when it goes the other way.......whaaaaaaaaaaa...

The reality is if they bought to live in for the long term it shouldn’t be a big deal. But if a pre con assignment flipper...their dreams are dashed!

http://www.cbc.ca/news/canada/toronto/v ... -1.4501010
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112 replies
Deal Fanatic
Feb 9, 2009
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99% of people In Whitby have still bought lower than even that 2nd phase of Mattamy.

Like you said if they plan to own for a while they will come out ahead.
Newbie
Aug 22, 2016
14 posts
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No pity from me sorry. You are adults, you wanted to buy the place and this is part of the process. Since they bought at the peak I assume that these people are probably the desperate ones who wanted in so bad and feared missing out or were worried about being priced out or any of the other things we have heard about housing. Whatever their motivations and feelings at the time they bought it and it went down. I did not but because I thought it was over priced so fine I can't feel their pain but it is no different than getting in on a stock and them losing money on it. This is what happens in life. Learn from your mistake and move on. They are extremely lucky that they have the chance to get $30K back, Mattamy is being far more generous than they need to.
[OP]
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Sanyo wrote:
Jan 24th, 2018 7:03 pm
99% of people In Whitby have still bought lower than even that 2nd phase of Mattamy.

Like you said if they plan to own for a while they will come out ahead.
I’ll betcha last year when they “won” the house with all the line ups, they were on cloud 9. “We got one, you didn’t, oh well, maybe you can get one in Phase 2”
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Deal Addict
Nov 27, 2007
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They are winning, next year it will be $180k less, good news is they have shelter
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Feb 9, 2009
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Engi-Nir wrote:
Jan 24th, 2018 7:20 pm
They are winning, next year it will be $180k less, good news is they have shelter
Another engi-nir classic Smirking Face
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Dec 23, 2010
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Moon
People should have the right to sue the government for compensation if government regulations impact their net worth negatively. These regulations were created to lower housing prices and such regulations should be illegal. How would investors like if the government decided that to lower investor demand for stocks they will now enforce capital gain on RRSP and TFSAs? **** the government.
[OP]
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Applesmack wrote:
Jan 24th, 2018 7:37 pm
People should have the right to sue the government for compensation if government regulations impact their net worth negatively. These regulations were created to lower housing prices and such regulations should be illegal. How would investors like if the government decided that to lower investor demand for stocks they will now enforce capital gain on RRSP and TFSAs? **** the government.
The government is worried about people having a place to live, not about their net worth. Everyone told these people a year ago it was insane pricing but they still went thru the line ups and mayhem anyways. They have no one to blame but themselves and in fact by buying in the mania contributed to the high prices. If these people or other similar idiots had any discipline and said "this market is unbalanced I'm going to hold off" prices would have not gotten so insanely high in a short time. They knew what people were paying for similar houses only 1 year earlier.

And yes the government has taken capital gains on taxes on stocks up and down over the years. If there's reason to be critical of the govt is that they sat on their hands while this madness was percolating and happy not to do anything until last spring when the top blew off. Had they been more proactive with some regulation the effects of this adjustment wouldn't be nearly as painful.
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Dec 23, 2010
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cartfan123 wrote:
Jan 24th, 2018 7:48 pm
The government is worried about people having a place to live, not about their net worth. Everyone told these people a year ago it was insane pricing but they still went thru the line ups and mayhem anyways. They have no one to blame but themselves and in fact by buying in the mania contributed to the high prices. If these people or other similar idiots had any discipline and said "this market is unbalanced I'm going to hold off" prices would have not gotten so insanely high in a short time. They knew what people were paying for similar houses only 1 year earlier.

And yes the government has taken capital gains on taxes on stocks up and down over the years. If there's reason to be critical of the govt is that they sat on their hands while this madness was percolating and happy not to do anything until last spring when the top blew off. Had they been more proactive with some regulation the effects of this adjustment wouldn't be nearly as painful.
So if you are about to retire and the government decided that you must now pay capital gains on all your retirement savings that you previously owned and you have no ability to refuse to do this by selling now as legislation is now active before it even gets approved that would be cool with you? You believe that the government should have the right to attack the net worth of Canadians and make them poorer without the people having any recourse? This country is some bad joke. There is always some ******* in government looking how he can screw over the hardest working Canadians for votes from the masses. This is exactly why nobody invests their money here outside of real estate.

Canada is a very big place... The government has no reason to worry about Canadians needing a place to live. If Canadians can't afford Vancouver they are free to move this is a free country.
Last edited by Applesmack on Jan 24th, 2018 7:54 pm, edited 2 times in total.
Deal Addict
Jan 17, 2006
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Toronto
Sanyo wrote:
Jan 24th, 2018 7:03 pm
99% of people In Whitby have still bought lower than even that 2nd phase of Mattamy.

Like you said if they plan to own for a while they will come out ahead.
People don't need to hear about those 99%, they are happy that one couple is suffering.
Another cherry picked story for those who thought they are smarter than others and sold their houses 5 or more years ago or hold to purchase to time the market, both groups are now priced out of the market.
Well, anything will do to cheer them up.
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Jan 17, 2003
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These are the choices you make in life, not sure why it’s anyones fault but their own. If they were up $90k would they say, well Mattamy should lower phase 2 prices back to what they paid.
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Apr 29, 2017
275 posts
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The social dynamics in these neighbourhoods will be funny. Certain price points sticking together forever pissed off at their neighbours.

"We took a leap of faith and built this neighbourhood out of dirt, blood sweat and tears and they come in and take advantage!!!"
Last edited by Mitts87 on Jan 24th, 2018 8:57 pm, edited 1 time in total.
Penalty Box
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Jul 11, 2008
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Away from RFD idiots
Is this what they call 'millenial entitlement'?

Those people look to be in their 40s.
..
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Oct 23, 2003
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Applesmack wrote:
Jan 24th, 2018 7:37 pm
People should have the right to sue the government for compensation if government regulations impact their net worth negatively. These regulations were created to lower housing prices and such regulations should be illegal. How would investors like if the government decided that to lower investor demand for stocks they will now enforce capital gain on RRSP and TFSAs? **** the government.
The government created the inflated housing market by propping it with the illegal and anti-free market CMHC, and with 0% down and 40 year mortgages, not to mention artificially low mortgage rates. I'm suing the government for market manipulation since 2008. Wahh wahh wahh
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Dec 23, 2010
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Buggy166 wrote:
Jan 24th, 2018 9:02 pm
The government created the inflated housing market by propping it with the illegal and anti-free market CMHC, and with 0% down and 40 year mortgages, not to mention artificially low mortgage rates. I'm suing the government for market manipulation since 2008. Wahh wahh wahh
If it wasn't for the government 0% down and 40 year mortgages would be allowed. CMHC sucks I'd greatly prefer the US PMI system since that can actually be cancelled.

Also it is funny you think I'm whining. My stance is solely one of principal. Government forcing Toronto and Vancouver house prices down only benefit me as I don't live in Toronto nor in Vancouver and house prices in my city continue to hit new records. House prices in my city just increased by the largest amount they have had in 6 years.

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