Realtors and lawyers in Toronto and Vancouver say they have noticed buyers looking at what options they have to get out of a purchase and sellers hoping to ensure one goes through because conditions have shifted dramatically from the previous highs and frenzied pace.
“With today's real estate prices, there's really no option but to go all in and if you're going all in, and then suddenly you're realizing that perhaps you made a bad bet and there's a way out of that bet, you're going to do whatever you can to get out,” said Mark Morris, a Toronto real estate lawyer.
He thinks the exception to this pattern came in 2020, when the COVID-19 pandemic broke out and people wanting out of transactions had so many unknowns on their side. In cases where the buyer has put money into a seller's trust account, that money can only be released with a court action, the closing of the deal or a mutual agreement not to pursue the sale, said Morris. He's seen buyers agree to give the seller the money, if the seller mutually agrees to end the deal.
"A lot of those people are thinking, 'Is the market going to be able to justify this price or keep up with the price I paid and can I get this money back if I want to sell in a year?" she said.
Oh no. Rich ppl regret buying their 7th rental property? What ever will they do?!
Poor babies
It’s all relative there is only remorse if you sell at the wrong time or forced to sell because you got in over your head with mortgages and expenses.
This was bound to happen...the real estate market is way out of control!! But history shows that while there are dips prices overall continue to rise.
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