Did you read the Toronto Star article on April 7th about the Oakville real estate market? We certainly made the news. While it’s important to realize that sensational headlines sell papers, the message of shifting markets is accurate and the content is food for thought. They talked about the buyers who purchased new builds from Mattamy and now they’re facing ‘financial ruin.’ If you did not see the article, here is a link for you:https://www.pressreader.com/canada/toronto-star/20180407/281625305873710
While I sympathize with families who purchased new builds and are currently being impacted by falling home prices, I wouldn’t agree that the government or Mattamy Homes should bail them out. Market downturns are a fact of life. In real estate, the sure bet is to sell and buy in the same market. And if you’re among the thousands of homeowners that bought while prices were on the rise over the past decade, you probably made unexpected profits with prebuilt homes and would not be likely to share your profits with the government or the home builder.
One of our mortgage brokers made a suggestion that might help people ride out this correction. He said that financing one of the properties as a rental property might be a solution. You require a 20% down payment and your mortgage rates would be slightly higher than a CMHC insured mortgage, but it could be an option to solve the problem. If you have any questions about this option, give us a call and we can connect you with an experienced professional!
Please feel free to contact us if you would like more information about the current market in your area.*