Sudden drop in housing market leaves Ottawa sellers feeling like they missed outAfter watching neighbours with similar homes sell for as much as $890,000, Robert and Natalie Hawkins say they hoped for something similar when they sold their house and moved to a larger one down the street. But after the market cooled, they ended up with a selling price of $740,000.
They've since finished the basement, landscaped the backyard, put in a fence, a deck, a patio, and stainless steel appliances. "Things went up too far. They went up too fast," explained Garth Turner, a financial adviser, author and a former member of Parliament.'You can't have an asset go up 30 or 40 per cent and stay there,' says financial adviser, author and former MP Garth Turner.show the seasonally-adjusted national Home Price Index dropped by 1.9 per cent.
Combined with exceptionally low mortgage rates — some could briefly be had for under two per cent — and an influx of government money through pandemic relief programs, this perfect storm caused prices to soar by 30 to 40 per cent, said Turner.
'We figure we lost about $150,000' They bought the house in 2015 for $350k and sold it this year for $740k. I wish I could lose money like that.
If you're playing around with 100s of thousands of dollars but don't bother to look up how interest rates affect prices, I don't have much sympathy. You've already made $390 k from bad governance that screws your kids over so...
No tears. Real Estate values are never guaranteed. In a comodity based system you always run the risk of price fluctuations. They tried to time the market & the market changed. That’s life.
They bought for 350,000 and sold for 700,000 3 yrs later and still think they lost 140,000 they never had...
If you bought a house in the last 10 years you think housing can only go up. Stocks can only go up. Crypto can only go up. What could possibly go wrong Bank of Canada? Justin Trudeau?
Let me guess… Justin suddenly becoming aware of monetary policy?
No one wants to sell cheap but no one buy expensive .. something has to give
lol, fuck me. Poor little snookums, did they only make nearly $400,000 in 7 years.
Every lesson we learn costs something.
There's an old joke that if your investment grows by 5%/year you should hold on to it, at 10%/year you should buy more, and at 20%/year you should sell it ASAP
This article is so dumb. They “lost out” on money when they sold, but what did they pay for the new house Did their purchase price also drop Cmon now…report the whole story.
Experts? 😂😂 Anyone who watches the market can see this. It’s going to get worse too
Imagine buying a house in 2015 for $350k, selling in 2022 for $740k then ending up on the CBC to cry about it
I am going to need a industrial microscope to see the violin I am going to play for these poor poor souls.
We need to do more to stem speculative buying and selling by foreign investors who have been doing market prices up
You don’t say!!!🙄
Unfortunately home owners would be happy if every home in the country was worth 100mil. But this would also be terrible for the country, obviously.
Cant believe anything you say CBC. Paid for by trudeau, Canadians are curious as to just how far you will stretch the truth. We can’t wait to see the day VassyKapelos returns to being the weather girl at Global Saskatoon and RosieBarton goes to …..
The best thing people who bought at the top of the housing market can do if can’t afford it, is sell and sell quickly. Take the loss. We still have a way to go downward.
They made $390 000 in 7 years! Pretty good return on their investment.
They'll be fine. The great reset is coming, government will be expropriating homes soon enough. Remember they said 'You will own nothing and be happy'
This story does tell you what went so wrong in housing. Buy something in 2015 for $350,000 and be upset that it only sold for $740,000 7 years later. The word that is telling is the word “earn”. Is there a gofundme for the poor souls?
The Liberals fixed inflation ahead of schedule. Great work, JustinTrudeau. Your party are the best economic managers since the Chretien years. Thank you!
Would it not be great if people took the initiative to understand basic Canadian economics? Learn how/why the Bank of Canada makes its’ decisions. Understand what increasing rates does to their families’ bottom line. A white, hot housing market will always need to be reigned in.
The asleep slowly snap out of their hypnosis and realize they support an authoritarian technocratic dystopian hell from an unelected WEF.
Must've quoted the Trudeau Liberal government who are obviously 'the experts' destroying the economy, livelyhoods & jobs.
Trudeau corrupt regime printed over 500 Billion Dollars in fake money. The budget will balance itself he said. Hyperinflation and high interest rates are his legacy. Blame Putin!
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Source: CBCOttawa - 🏆 68. / 51 Read more »