Real Estate

Mattamy Seaton - Mulberry - How to get deposit back?

  • Last Updated:
  • Dec 3rd, 2022 2:04 pm
[OP]
Newbie
Sep 7, 2022
3 posts
2 upvotes

Mattamy Seaton - Mulberry - How to get deposit back?

I am an existing customer of Mattamy in Seaton mulberry with lot number. I saw your recent pricing package and the prices have dropped drastically. Looking at it I am at a loss of 250 to 300k. I am wondering what Mattamy is doing to address price concerns of existing customers. I also recently paid 50k to get 100k reduction from mattamy side but I see new customers are getting less price and also less deposit being taken from them. I believe Mattamy is a builder with good reputation and I am not expecting unfair treatment for existing vs new customer. I have also concerns about pricing the lot beside me at a much lower price causing my home value to go down. Considering the recent price drop for new customers , this is unfair and stupidity who bought the houses in march 2022. Please advise how to get my deposits 430K back and I don’t want to go with them . Please advice Person With Folded HandsPerson With Folded Hands
49 replies
Deal Addict
User avatar
Feb 14, 2007
2270 posts
1668 upvotes
Nova Scotia
If by some miracle the value increased by double, would you be willing to pay more?
Jr. Member
Jul 21, 2015
185 posts
46 upvotes
You can't it's a binding contract.
Member
Apr 20, 2016
283 posts
262 upvotes
guthireddy wrote: I am an existing customer of Mattamy in Seaton mulberry with lot number. I saw your recent pricing package and the prices have dropped drastically. Looking at it I am at a loss of 250 to 300k. I am wondering what Mattamy is doing to address price concerns of existing customers. I also recently paid 50k to get 100k reduction from mattamy side but I see new customers are getting less price and also less deposit being taken from them. I believe Mattamy is a builder with good reputation and I am not expecting unfair treatment for existing vs new customer. I have also concerns about pricing the lot beside me at a much lower price causing my home value to go down. Considering the recent price drop for new customers , this is unfair and stupidity who bought the houses in march 2022. Please advise how to get my deposits 430K back and I don’t want to go with them . Please advice Person With Folded HandsPerson With Folded Hands
Nobody forced you to buy when you did. Prices go up, prices go down....what do you expect, prices only to go up?? You're lucky Mattamy is even providing some concessions to existing purchasers, they really don't have to do anything. It's not great for you, but over long-term it will be fine.
Deal Addict
Jan 5, 2018
1659 posts
1446 upvotes
unfortunately, you can't. I don't think they will take it back either since it's not a sold-out project, high demand, or a long closing date.

I myself am facing similar issues but not to the extent that some people are facing..bought in 2021...get "refitted" into a bigger unit which meant I had to pay 180k more.... Maybe around 100k more than market...~ but for a "premium" condo loft unit...and a 2026 closing date...again, "okay" is the word...
Last edited by jenneth on Nov 28th, 2022 3:19 pm, edited 1 time in total.
NOT A WOMAN. JUST GOT A WEIRD NAME. I AM A MAN. THANKS.
Member
Aug 22, 2012
436 posts
456 upvotes
Mark Town
To be fair, the "concession" is just a trap to prevent more people walk away
Member
Jun 24, 2016
482 posts
272 upvotes
Toronto
When the contract says "Firm" and no cooling off period then unfortunately you can't do much. You should think for the long term than the short term profit.
Member
Feb 10, 2021
358 posts
297 upvotes
GTA
I feel for you OP. Not an ideal situation but like any investment, sometimes they work out and sometimes they dont. Rest assured though, in the long-run you will more than likely come out on-top. Maybe not as much as your neighbour but thats not the best way to look at it. Have you tried contacting the builder?

Edit: Also, why is the deposit so high? I dont even remember the 2 mil + pre cons by Kylemore or Minto @ UV were that much I dont think
Newbie
Jan 17, 2022
65 posts
90 upvotes
Imagine taking out a 400k heloc and paying 2k a month in interest to service it while your new home dropped 300k and your existing home also dropped 300k and then dealing with transaction/closing costs. Some of these home owners are looking at over 750k in losses already… I feel for you.
Member
Jun 24, 2016
482 posts
272 upvotes
Toronto
ollywood wrote: I feel for you OP. Not an ideal situation but like any investment, sometimes they work out and sometimes they dont. Rest assured though, in the long-run you will more than likely come out on-top. Maybe not as much as your neighbour but thats not the best way to look at it. Have you tried contacting the builder?

Edit: Also, why is the deposit so high? I dont even remember the 2 mil + pre cons by Kylemore or Minto @ UV were that much I dont think
Looks like a premium lot
Jr. Member
Sep 24, 2012
190 posts
95 upvotes
Ontario
21ghost wrote: Imagine taking out a 400k heloc and paying 2k a month in interest to service it while your new home dropped 300k and your existing home also dropped 300k and then dealing with transaction/closing costs. Some of these home owners are looking at over 750k in losses already… I feel for you.
while we are imagining things,

imagine taking out an even larger heloc and paying even more in interest to service it, and both your new and existing home fell in value, and your stock/rrsp portfolio is down too, the company you work at is losing money, you need a new car because your existing car is breaking down, your pet dog requires surgery, you and your spouse are going through a divorce, your bank is on the brink of calling your loans, and rolex you thought was a good investment turned out to be fake

now you may ask, what my point is, and i'll ask you what yours is
Jr. Member
Nov 23, 2014
152 posts
476 upvotes
Richmond, BC
Crispers wrote: while we are imagining things,

imagine taking out an even larger heloc and paying even more in interest to service it, and both your new and existing home fell in value, and your stock/rrsp portfolio is down too, the company you work at is losing money, you need a new car because your existing car is breaking down, your pet dog requires surgery, you and your spouse are going through a divorce, your bank is on the brink of calling your loans, and rolex you thought was a good investment turned out to be fake

now you may ask, what my point is, and i'll ask you what yours is
Please delete this. You're not allowed my post every detail of my personal life. My lawyer will be in contact.
Member
Aug 22, 2012
436 posts
456 upvotes
Mark Town
Those who bought houses at the height will be under water for five years , if not for a decade or more.

It is amazing that the BoC head who lowered the interest rate to zero, encouraged people to borrow as much as they can, still remain on the position.
Deal Addict
Jul 6, 2005
4291 posts
1894 upvotes
Toronto
lol.... why is the OP's post written like the President of Mattamy is a member on RFD and reads all posts about his company?
Deal Addict
Feb 19, 2019
1819 posts
2800 upvotes
Stouffville ON
Yes it sucks when the investments don't pan out in the short or long term.

Unfortunately, there are quite a few poeple in the similar situation, you actually are lucky the builder allowed for $100K price reduction, they didn't have to do it and if they didn't it wouldn't do anything to their reputation.

Long term it will do well or break even, it is just a question of how long.

Last thing you will want to do is breach the contract, if you are considering it you could start with reading this thread.

https://forums.redflagdeals.com/15-exam ... #p36805634
Last edited by senasena on Nov 29th, 2022 10:41 am, edited 1 time in total.
Full Time and Full Service Realtor
Sr. Member
Aug 20, 2019
505 posts
324 upvotes
Were people really jumping into the market in March 2022?

Jesus. I went to Seaton Mulberry around that time and thought the prices were ridiculous.

More reasonable now but more downside than upside at this point.
Let the hoarding begin.....
Deal Expert
Feb 29, 2008
19377 posts
17845 upvotes
Tarrana & The Ri…
sherwoodRFD wrote: Those who bought houses at the height will be under water for five years , if not for a decade or more.

It is amazing that the BoC head who lowered the interest rate to zero, encouraged people to borrow as much as they can, still remain on the position.
Don’t worry, Tiff will have to go into hiding when all is said and done.
Deal Expert
Feb 29, 2008
19377 posts
17845 upvotes
Tarrana & The Ri…
Johntheshopper wrote: Were people really jumping into the market in March 2022?

Jesus. I went to Seaton Mulberry around that time and thought the prices were ridiculous.

More reasonable now but more downside than upside at this point.
This is why saying things like what Tiff did is very dangerous. Because even when they start the hikes people may think they won’t go up further “because tiff said 2023!” That was a colossal mistake that honestly should cost him his job. And trust he doesn’t feel responsible at all. He doesn’t care.

I’m just glad I was too busy dealing with other shit to not go buy another income property because I’d be nervous right now.
Deal Guru
Feb 22, 2011
13066 posts
16669 upvotes
Toronto
Johntheshopper wrote: Were people really jumping into the market in March 2022?

Jesus. I went to Seaton Mulberry around that time and thought the prices were ridiculous.

More reasonable now but more downside than upside at this point.
Yes they were, people were saying you'd be lucky to get a lot.

It was priced the same as resale but it's brand new.

Problem now is that resale was inflated then and has come down to earth now.

But people who bought resale are in the same boat, people just have a company to complain to when it's precon.

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