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

23:16  05 february  2018
23:16  05 february  2018 Source:   cbc.ca

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Poei and Fisher say they were "shocked" to find out that homes and lots very similar to the one they purchased are now on sale for ,000 less than what they paid . The answer , according to Mattamy Homes Canada president Brad Carr, lies in what was an unprecedented year of change in the GTA

Some Whitby home buyers are upset after neighbouring lots in a new development went on sale at much lower price. Poei and Fisher say they were "shocked" to find out that homes and lots very similar to the one they purchased are now on sale for ,000 less than what they paid .

a person posing for the camera: Astrid Poei, right, and her husband Sheldon Fisher purchased a home in Whitby's Queens Common community. They recently learned the same home is now selling for $75,000 less than what they paid.© Tina Mackenzie/CBC Astrid Poei, right, and her husband Sheldon Fisher purchased a home in Whitby's Queens Common community. They recently learned the same home is now selling for $75,000 less than what they paid.

Call it reverse sticker shock.

Planned homes in a new Whitby subdivision are on sale for up to $90,000 less than similar homes in the same development were a year ago.

Good news if you're house hunting now. Bad news if you bought into the development a year ago.

"It's painful," Astrid Poei said in an interview.

Last January, Poei and her husband Sheldon Fisher purchased one of more than 100 lots in Phase 1 of the new Queens Common community near Dundas Street West and Highway 412.

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Some Whitby home buyers are upset after neighbouring lots in a new development went on sale at much lower price.

What did the neighbours pay ? Whitby homebuyers just found out the answer : a lot less . Just as in the bond market, higher borrowing costs — with the prospect of further interest rate increases ahead — is bound to help take the heat out of the market.

Phase 2 of the Mattamy Homes project re-launched this month with the same sized lots and floor plans offered at lower prices.

Poei and Fisher say they were "shocked" to find out that homes and lots very similar to the one they purchased are now on sale for $75,000 less than what they paid.

Eventually — their closing date is February 2019 — the community should be full of new detached homes and townhouses, but right now it's just dirt.

For Poei, the rawness of the site makes the price difference hard to understand.

"There are no building materials on site, there is no foundation poured, so I don't understand how we are paying more than someone who bought a couple of weeks ago."

a group of people on a beach: Prices for homes in the Queens Common community in Whitby have dropped significantly since January 2017.© Tina Mackenzie/CBC Prices for homes in the Queens Common community in Whitby have dropped significantly since January 2017.

Builder responding to market

The answer, according to Mattamy Homes Canada president Brad Carr, lies in what was an unprecedented year of change in the GTA real estate market.

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Basically, this couple bought a pre-construction property in Whitby (a suburb of Toronto) last year and were shocked to learn that new people buying into the development right next to them were paying up to ,000 less than they did . But it can go the other way too, as this couple just found out .

What did the neighbours pay ? Whitby homebuyers just found out the answer : a lot less , CBC.ca. And this is just a tiny sampling of them. Here’s an article from MoneySense chronicling a whole bunch of these stories.

"Recently prices in the GTA have drifted downwards," Carr said in an interview. "Obviously we need to respond to be able to sell at prices purchasers are willing to pay."

Despite "short term ups and downs," Carr is confident the homes will appreciate in value over time, as has been the case historically in the GTA, and says buyers who are in it for the long run have nothing to worry about.

"Just like the buyers are extremely happy in a rising market, they have to appreciate that the same decision could go the other way," he said.

In the past year, both the provincial and federal governments have introduced measures intended to cool the housing market, including a foreign buyers tax and the mortgage "stress test."

Durham Region Association of Realtors president Dennis Roberts says the measures helped bring average prices in the area down from record highs last spring and the market has now "balanced out."

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21:52 14 february 2018 Source: reuters.com. What did the neighbours pay ? Some Whitby home buyers are upset after neighbouring lots in a new development went on sale at much lower price. Planned homes in a new Whitby subdivision are on sale for up to ,000 less than similar homes

What did the neighbours pay ? Whitby homebuyers just found out the answer : a lot less . CBC. Small-town Alberta councillor says she won't resign after assault.

"We saw a dramatic drop in price going into this year. It's now much calmer to buy and sell in," he said.

Asked about the reductions in price at the the Queens Common site, Roberts said: "Given the market conditions, it's not that unusual."

'That's not cool'

Still, Mattamy did try to help Phase 1 buyers with the price drop.

Those who could afford it were allowed to increase their deposits in return for reduced prices, but only up to $30,000.

For Dionne Thompson, who also bought in Phase 1, it's not enough.

"To come back a year later and see the same house that we bought is now $90,000 cheaper, that's not cool," Thompson, 52, said in an interview.

Thompson says she understands the market goes up and down, but believes Phase 1 buyers deserve more compensation from Mattamy because they were the first to buy into the project.

Astrid Poei says they'll have longer closing periods and have to endure more construction in the area.

"The new purchasers are standing on our shoulders. Let's respect the Phase 1 buyers who took a leap of faith when this was just dirt," she said.

But Mattamy does not appear to be budging.

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Life events. How to pay for college Career guide How much does a wedding cost? Finding the right neighborhood is just as important as locating the right house. Use this as another opportunity to scope out the neighborhood and your potential neighbors .

I work hard to pay for my house and I like it, why should I be forced out by such a rotten person? We own our home and have put a lot of effort into making it welcoming but these people will not let us live in peace. How Do I Find Out if Neighbour is a Sex Offender?

"It's paramount to calling your stockbroker when a stock goes down and saying, 'Hey, can you do something?,'" company president Brad Carr said.

He says some housing developments stall when the market dips and Phase 1 buyers should be happy Mattamy is pushing forward.

"That's a positive," Carr said.

It hardly feels that way for buyers like Poei and Thompson, who are not looking forward to meeting their Phase 2 neighbours, knowing they paid tens of thousands of dollars less for the same homes.

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  • 'Murder Mansion' will be demolished, owner says .
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    Source: http://ca.pressfrom.com/news/money/-62457-what-did-the-neighbours-pay-whitby-homebuyers-just-found-out-the-answer-a-lot-less/

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