Bought a house when the market was hot and now regret it? You’re not alone

Tired of waiting for a break in Toronto’s hot pandemic market, the real estate broker bought a four-bedroom bungalowNow, the realtor of 12 years is looking enviously at theas he approaches his June closing. Other bungalows in the area are now going for $1.1 million.

Another who bought a house for $1.3 million saw bigger homes sell in the same neighbourhood for $1.1 million. “I’m feeling stressed and wanted to get out of this deal though I have no option left other than forfeit my deposit,” the buyer wrote in a post shared by a realtor on Twitter.when homes and condos were selling for $1.33 million on average. But with rising interest rates and an injection of new listings, sales have been plummeting this spring in what is normally prime real estate season.

Mary Sialtsis, a mortgage broker at Concierge Mortgage Group, says she’s concerned about anyone who bought before the April 13 interest rate hike whose closing is at the end of May or later, because values are dropping. The buyer, faced with the bank lending significantly less than the purchase price, was then left with few options: to turn to family and friends to borrow money, or to alternative or private lenders.

With further interest hikes looming, realtors and mortgage brokers offered a few tips for recent and futureFirst, don’t panic. If you bought a house and feel you could have purchased a better one for less, it might not be true. You might be comparing apples to oranges because the lot size or other features could be different, Sarvaiya said. Or, a seller of a neighbouring home might have accepted a low offer out of desperation, not market forces.

Whatever happened to buying a house because you want to live in it?

Lol

dmrider Good riddance.

Alliston is not in the GTA..lol

( Skip to 4:35 - 4:50 ) 'M$ Bu$h money aint everything there r many things that money cannot buy' - 1911-1914/2010 RDR1 $econd Game

Can’t say I’m at all sympathetic when they contributed to the craziness of the market with off the chart bids

Sounds about right

Lol

this is too funny !

I thought prices were rising 30% a year because there was no supply. This article says prices are dropping and lots of listings. So maybe, just maybe, it was all bull. Speculative bubble from cheap rates

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