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.
“Purchasers are looking at the existing crisis, and in the best of times, they feel they overpaid, but now they have objective proof that they've done so because markets have started to pummel and fall and really shows no signs of slowing down,” said Morris.People get “spooked” every time the market turns and explore what they can do about deals they signed, but few end up walking away because it's hard to get out of such transactions, said Phil Sopher, CEO of Royal LePage.
“Is a seller really willing to pursue a buyer that has no assets? Is the seller really going to go through three years of courts only to find that they have a judgment that can't be pursued?” he pondered. “Are they really ready to put up the amount of money that it will take to pursue this to the ends of the earth if they're ableto resell? Perhaps not.”
While Tirajeh Mazaheri hasn't seen legal action in Vancouver, the Coldwell Banker Prestige Realty agent has seen buyer's remorse and worry crop up among investors who purchased pre-construction homes a few years ago but have yet to take possession of them.
Although it seems like the prizes cooled but the interest in housing remains the same as past 12 months still..
Strange there was never any talk of sellers remorse for the last ten years
We've been thinking of selling and renting until the market crashes then buying something for cash. I'm not crazy enough to buy anything in this market.
No one was forced to overpay for a house, the buyers ran the prices up by grossly overbidding on them causing the panic buying, Real estate agents didn't force anyone to overbid they just played the hype and the sellers are obviously going to take the highest offer they get.
Could you not run these stories until after my closing next week? Please?
A Realtor's work should be to facilitate selling and buying of houses. Not hoarding houses to make profit later. Realtor's still trying to fool people and some are still falling for it.
hellocvgypsy
I trust the media versus reality, for sure 🤡 Home prices are not decreasing. Market is “cooling” as in not many people are listing their homes and they would rather wait for the dust to settle (media pumping out articles about prices decreasing etc drives that demand).
Bubble
Still better than renting 😏
The only thing a house sells for is market value unless its an inside deal (no agent) or lack of marketing which is an agent failure. An agent cant directly increase a house value. At the end of the day you decide what you offer.
Maybe we need an OPEN buying process, like eBay ? 👀 So everyone knows what the bids are, instead of agents playing games to drive prices up. TheReal_TRREB RECOhelps onpoli
That’s what happens when you let chinese & foreign companies manipulate the market from abroad by purchasing blocks of ‘investment properties’ at a time with no intention of stepping foot in the country
I can’t wait for Canada’s housing market to crash once people decide to sell instead on resigning their mortgage that they got at 2% for 5-8% especially if they value has decreased. Just remember 41% of the housing in Ontario is owned by investors & 33% of Canada is investors
Real estate agents created all this hype....great sales tactics, but It should be illegal for agents to speculate on the market and drive up home prices. I can't recommend or speculate equities and stock market moves as it's market manipulation.... Same as what realtors are doin
There's no remorse you need place to live. Otherwise you will be paying my mortgage. Just because of short dip in the market.
Can we do something about ridiculous real estate commissions, buyers who flip homes within 2 years without a solid excuse, investors buying homes to rent & or flip?
Real estate agents are the bottom feeders doing the dirty work for the banks and gov. Start selling private you don't need them all you need is your lawyer and inspector. What other purchase in life do you need an agent who takes that big of chunk of your $$ for opening the door
8months of winter a year, wouldn't doubt it, dummys could move to alot warmer country's and buy 2 houses for what they paid
There are many other ways to stabilize the house prices, but the only thing i hear is manipulation with interest rates wins as only idea coming from experts. Please convey the below ideas free of charge: 1. Ease land financing for end users. More in my following tweet
Cry me a river.
Foreign buyer policies, interest rates, immigration in terms of population and need for housing and regulatory standards of practice in the real estate transaction all play a role in the current crisis NOT Realtors, that's like blaming the gas attendant for the rise in gas prices
There are two many agents doing bad things. You see a potential good deal and call. And the agent said 'the price was set low to incite a bidding war.' The industry must be regulated. There are just too many bad apple that must be plucked.
There are enough homes in Canada. The bubbel was driven by greed and speculation, not by housing shortages.
People bought in a panic as foreign money destroyed our housing market. 90% of people can't afford to buy a house and people thought that was sustainable? Blame yourselves. Houses are over priced by 2.5x
Well... The prices of the condos in the areas I'm looking (DT) at haven't dropped that much, are stable or increased!! Just look at the numbers yourself. Situation might be different for houses in the GTA that people overpaid for. And yes realtors have some responsibility too
It is a temporary blip. Maybe it last 3 months or a year but it will end and continue to rise
If you are in it for long term 5 years or more you will be fine
Housing prices only go up. This is fake news.
You can blame the realtors, the media, or the government….but the bottom line is, the buyers are the ones feeding this frenzy by willingly over paying.
One lawyer said that! CP24 building hype and reporting lies again. Prices are not coming down and there is no remorse. Buy high, sell high it's all relative. Inventory has increased, less multiple offers but prices remain sky high.
Honestly if the Canadian Government didn’t increase their Immigration quotas as well as taking in all the refugees from the Middle East over the past 5 years, we probably wouldn’t be in this situation with the lack of supply and now the huge demand for housing.
The 'Sold Over Asking' was the tag line for greed. Even if it sold $1 over that sign would go up. The pure greed and desperation . Buyers got played. Replies ignored
Stop printing money and the market will adjust as well the workforce will come back.
There is no way prices could continue to rise. The market was overheated and it was going to eventually crash.
About time.
The people that panicked and lost their minds and paid WAY too much for a house must be the same people that panicked and went kookoo buying toilet paper.
Zero sympathy.
Houses are still selling for over asking! Maybe price have come down a bit but not that much. Also depends where you live. Never take a headline and think it applies everywhere.
There’s a dip in the market for sure due to rising interest rates but home prices will continue to increase over time as they always have.
Peaks and valleys. Wait til CMHC starts taking houses away from those in over their heads
Canada’s housing market is not the same across all provinces and even within a province there are major differences per cities
So it had nothing to do with low rates and the bank of Canada encouraging spending along with printing a whole bunch of money? Realtors have that much power?
Explain it any way you want. Bottom line the realtors created the frenzy by their lousy sales tactics. They used the media to sell and it did. This is the aftermath. I have been waiting for it.
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