Real Estate

New Seaton -Aspen ridge

  • Last Updated:
  • Sep 19th, 2020 6:50 pm
Deal Guru
Jun 26, 2011
13531 posts
3637 upvotes
GTA
Dallas9 wrote: I've seen other posts saying this happened, but can't confirm myself.

Figure it makes more sense to drop the price, so people can qualify for their mortgages. While legally they may be able to keep deposit and sue, it looks bad if they push people out and then sell it again in a depressed market at a lower price, that they could have offered the original buyer.

I'd want to believe they'd prefer to keep a good reputation, so future buyers will trust them in uncertain times.
Sounds nice but I think most builders would just drop prices for new sales and tell the original buyers too bad.
Newbie
Dec 2, 2019
21 posts
6 upvotes
RolandCouch wrote: Sounds nice but I think most builders would just drop prices for new sales and tell the original buyers too bad.
Yes. 100% that what will happen. Legally we are to complete the sale otherwise we will lose the deposit money. They will asked us to close or drop the deal. They won’t sue us but just won’t return the deposit. They will our house to another buyer. That’s what happened in history in 2011 and 2018 price drops at many builders!
Newbie
Nov 4, 2019
50 posts
13 upvotes
Mith13 wrote: Yes. 100% that what will happen. Legally we are to complete the sale otherwise we will lose the deposit money. They will asked us to close or drop the deal. They won’t sue us but just won’t return the deposit. They will our house to another buyer. That’s what happened in history in 2011 and 2018 price drops at many builders!
Scroll to the beginning of this thread buyers got 200k off purchase price. In a slow market they will for sure do this.
Newbie
Dec 22, 2019
22 posts
8 upvotes
Chocobrownie wrote: Scroll to the beginning of this thread buyers got 200k off purchase price. In a slow market they will for sure do this.
He’s right, back in 2017, all 3 builders reduced 200k off the purchase price because the market fluctuated so much. You can confirm this in the bigger thread Durham Region Development mega thread
Deal Guru
Feb 29, 2008
12216 posts
7327 upvotes
Just a few months ago I can only imagine what the conversation was like at the sales center "This is a great time to buy. Prices are going up. Buy now!" Now builders are going to load up on incentives through the roof and last resort drop prices. Always be prepared when buying precon.
Last edited by JayLove06 on Mar 29th, 2020 6:49 pm, edited 1 time in total.
Newbie
Dec 2, 2019
21 posts
6 upvotes
BanushanS61737 wrote: He’s right, back in 2017, all 3 builders reduced 200k off the purchase price because the market fluctuated so much. You can confirm this in the bigger thread Durham Region Development mega thread
I understand prices were reduced back in 2017. Those houses were sold for over million dollars where similar house were sold around $880-$900 around 2016. It was justified to reduced house price for 2016 prices. People who are closing now actually brought houses for 2016 prices and little more. I doubt builders will drop the prices and they will just delay it as much as they can till market get back. I’m certain they can delay this as act of god. I belive market will come back to decent prices when people starts go back to work and everything back to normal.
Newbie
Nov 4, 2019
50 posts
13 upvotes
So everyone who purchased and is closing in 2021 let’s ALL negotiate with the builder! (Depending on if house prices drop). I’m sure the builder would not want to close on multiple homes. It comes to whether it makes more financial sense for the builder to sue the buyer and re-list the home during a recession. Or to drop the list price and close. Stay updated on this thread everyone! Also I believe everyone who signed the for the price correction needed to sign a non-disclosure so maybe that’s why you don’t hear about it as much.
Deal Guru
Feb 29, 2008
12216 posts
7327 upvotes
Chocobrownie wrote: So everyone who purchased and is closing in 2021 let’s ALL negotiate with the builder! (Depending on if house prices drop). I’m sure the builder would not want to close on multiple homes. It comes to whether it makes more financial sense for the builder to sue the buyer and re-list the home during a recession. Or to drop the list price and close. Stay updated on this thread everyone! Also I believe everyone who signed the for the price correction needed to sign a non-disclosure so maybe that’s why you don’t hear about it as much.
Not saying you shouldn't try it. I say go ahead...I'd try the same. But the builder is going to tell you to kick rocks.
Newbie
Dec 22, 2019
22 posts
8 upvotes
Will the unavoidable delay, if exceeds the firm closing date allow us to get compensated or is that an excuse to push beyond firm closing date with no compensation.
Newbie
Dec 2, 2019
21 posts
6 upvotes
BanushanS61737 wrote: Will the unavoidable delay, if exceeds the firm closing date allow us to get compensated or is that an excuse to push beyond firm closing date with no compensation.

This is consider unavoidable delay due to act of god and epidemic. So they don’t need to pay us any compensation. They can extend critical days to length of unavoidable delay without any compensation. I understand they need to inform us within certain daysotherwise firm closing is actual date. I’m curious anyone received any letter? I haven’t receive any yet.
Newbie
Dec 22, 2019
22 posts
8 upvotes
Has anyone emailed Aspen Ridge asking for more specific delay dates? I drove past the site a few times and noticed construction is still happening.
Newbie
Oct 7, 2019
5 posts
2 upvotes
I noticed a group on Facebook specifically for people in the seaton communities. Search them in FB GROUPS. I just sent a join request to see if I can get any scoop.


Join the Facebook Group called "New Seaton Neighbours Pickering (Aspen, Tower Hill, Brookfield, Mattamy)" . Looks like someone just opened one up. Spread the word so we can hear about what's going on with our closings!

Tough times, stay same everyone.

Btw.. when I went for my mortgage, bank did not require any appraisal (which was good to hear).

What phase , closing date is everyone on?
[OP]
Newbie
Jul 29, 2018
47 posts
13 upvotes
Cayley141 wrote: I noticed a group on Facebook specifically for people in the seaton communities. Search them in FB GROUPS. I just sent a join request to see if I can get any scoop.


Join the Facebook Group called "New Seaton Neighbours Pickering (Aspen, Tower Hill, Brookfield, Mattamy)" . Looks like someone just opened one up. Spread the word so we can hear about what's going on with our closings!


Tough times, stay same everyone.

Btw.. when I went for my mortgage, bank did not require any appraisal (which was good to hear).

What phase , closing date is everyone on?
My closing May 2020. Don’t know now when it will close.Hope there is a delay.
Deal Guru
Feb 29, 2008
12216 posts
7327 upvotes
kaj123 wrote: I can confirm towerhill did price adjustments. A family member bought with Towerhill and they have signed amendments for price reduction from the purchase price.
Incredible. How do some builders do it and others don’t? I mean they can just go after the purchaser and sue them.

I do hope we see an overhaul with new purchases. The buyer takes on an incredible amount of risk here. Builder can just cancel a project at a whim.
Deal Addict
User avatar
Dec 27, 2007
1208 posts
605 upvotes
Oshawa
Is the buyer not aware before signing on the dotted line?

I would assume if the houses increase in price between signing date and closing date you would be ok with the builder receiving the difference? I mean, fair is fair correct.

JayLove06 wrote: Incredible. How do some builders do it and others don’t? I mean they can just go after the purchaser and sue them.

I do hope we see an overhaul with new purchases. The buyer takes on an incredible amount of risk here. Builder can just cancel a project at a whim.

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