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Durham - General For residents of and soon-to-be residents of Ajax, Oshawa, Pickering, Uxbridge, and Scugog


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  #21  
Old 2016-01-09, 05:59 PM
HomeSearch HomeSearch is offline
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Originally Posted by Jrcummings View Post
Mattamy never made mention that you needed to be "registered and need a ticket" to even be in line to buy a house. Insane. People were lining up from Wednesday evening.
I am little confused here. Did Mattamy send invitations to only those who were up in the registration list?
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  #22  
Old 2016-01-09, 07:40 PM
Jrcummings Jrcummings is offline
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In my opinion their approach to this was so unfair. They kept telling ppl to keep an eye out for the email that confirms when they are selling. Some ppl got wind of the sell date being this Saturday so ppl were lining up from Wednesday night. No where did the emails say you had to "register" and get a ticket to qualify to even buy a house.
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  #23  
Old 2016-01-09, 07:56 PM
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Oh I see! Sad. Thank to this crazy housing demand.
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  #24  
Old 2016-01-10, 08:23 PM
jonnyb jonnyb is offline
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"Crazy" is the word of the day.

The cheapest detached 30' house goes for $530k and the cheapest 36' for $620k...before adding any upgrades or lot premiums.

People buying now assuming that rates are going to stay this low forever are in for a big surprise. They are already creeping up and by the time most of these buyers close what they could get today will be a pipe dream.
I have a close friend who handles mortgages for TD and the stories she tells me are ridiculous. People coming in looking for mortgages on a $500k property while working part time making $20 an hour. The usual story seems to be larger families buying these houses together, pooling their money just to get in the door. What should be a 4-6 person house turns into a 6-10, just ridiculous.
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  #25  
Old 2016-01-13, 10:32 AM
smokinmike smokinmike is offline
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Quote:
Originally Posted by Jrcummings View Post
In my opinion their approach to this was so unfair. They kept telling ppl to keep an eye out for the email that confirms when they are selling. Some ppl got wind of the sell date being this Saturday so ppl were lining up from Wednesday night. No where did the emails say you had to "register" and get a ticket to qualify to even buy a house.
Speaking from the perspective of someone who has been through the process - to be fair, Mattamy is not the administrator of the list. Though I was not part of the past phases of this community, I'm sure others have caught wind of what has happened previously in other Mattamy communities and replicated it. i.e. private citizens, interested in buying, started a list at the Mattamy sales centre immediately after receiving the email, set up a roll-call requirement and handed over the complete list to Mattamy on the opening Saturday morning.

In our case, the emails were sent out on a Tuesday and I headed to the sales office immediately, only to find I was #40 on the list. By the time we got to Saturday morning, I moved up to #27 and there were over 800 people on the list for only 50 or so detached lots. They were not able to get all 50 processed before closing time, so I believe the last 20 were done the following weekend.

Why was this done? Previous phases included fist-fights and police involvement. Police were on guard for our opening as well, just in case. Security eventually started kicking out folks that were camping out in the sales office parking lot awaiting their roll calls (ours was every 4 hours, day or night).

All Mattamy is interested in is selling homes without any problems. I would think it's an easy choice when presented with the options of:

a) a battering ram of homebuyers rushing on the morning of;
b) a lineup of people on their property the night before, whom they are liable for their health and well-being;
c) hiring staff and incurring costs to administer a list; and,
d) a list created and handed over for easy administration.

Quote:
Originally Posted by jonnyb View Post
"Crazy" is the word of the day.

The cheapest detached 30' house goes for $530k and the cheapest 36' for $620k...before adding any upgrades or lot premiums.

People buying now assuming that rates are going to stay this low forever are in for a big surprise. They are already creeping up and by the time most of these buyers close what they could get today will be a pipe dream.
I have a close friend who handles mortgages for TD and the stories she tells me are ridiculous. People coming in looking for mortgages on a $500k property while working part time making $20 an hour. The usual story seems to be larger families buying these houses together, pooling their money just to get in the door. What should be a 4-6 person house turns into a 6-10, just ridiculous.
I can see the market being "crazy" as well. Though I also see the influx of overseas money fueling the housing market, seeing Canada as a safe haven (read on about housing markets in Sydney (Australia), California, NYC, the UK, Vancouver etc). As an added kicker, the interest rate argument (an issue in itself - rates won't be going anywhere for awhile) is less relevant to foreign buyers. They don't care as they're buying houses with cash.

How long have people been calling for a housing crash in Canada? Ask my buddy who's been renting for the last 11 years because he couldn't fathom real estate valuations back then and has been waiting for a correction ever since. Eventually he'll be right, but is he better off buying into an eventual crash (severity unbeknownst to anyone), having foregone several 100's of percent in appreciation?

The same advice has been reiterated over and over - buy what you can, live within your means, stay comfortable. There are those who will bend this to the extreme and some will win (e.g. Toronto/GTA homeowners) and some will lose (e.g. anyone with over-leveraged property in Florida, California, Arizona, Nevada, etc during the financial crisis). In the end, there will always be winners and losers. Stay educated, keep updated with current events and be ready to strike when the opportunity presents itself.
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  #26  
Old 2016-01-30, 11:22 AM
vithu9 vithu9 is offline
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Mattamy released another phase with towns and detached. I know of a person who purchased a 2600 - 2700 square foot house on a 36 foot lot. The house price was 710,000 (approx) but all the detached houses for 36 foot lot sat on lot premiums. The lot premium was 40,000 for a total of 750,000.

The prices are online, but it doesn't show the lot premiums and almost every lot has a premium. So take the online prices and add 20-50k and you'll have the actual prices.

All are firm closings, so no 10 day cooling off period. I'd rather wait for New Seaton with the three builders and Lebovic to offer their models and see their pricing.

The problem with the New Seaton is that it is very commuter heavy, there is no infrastructure for public transit and no community work opportunities. There is a Pickering GO terminal coming coming at Brock and Hwy 407 but it has not been developed yet.

*thanks johnnyb for the catch on the lot size, i thought i was told it was a 40, might've been a 36. updated to a 36 foot lot.

Last edited by vithu9; 2016-01-31 at 04:05 PM.
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  #27  
Old 2016-01-30, 06:26 PM
jonnyb jonnyb is offline
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Where are you getting the 40' lot information? The house for 710k that you are referring to sits on a 36' lot, not 40'.
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  #28  
Old 2016-01-30, 06:50 PM
SheriM SheriM is offline
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Nothing was released today, what are you taking about? I called the sales office, next release is spring
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  #29  
Old 2016-01-30, 10:39 PM
jonnyb jonnyb is offline
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Vithu9 is talking about the release a couple weeks ago that was s nightmare. Mattamy had an initial release of towns and then a second of towns and detached.
They are no doubt calculating how much they can jack up the prices for the next release.
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  #30  
Old 2016-01-31, 04:06 PM
vithu9 vithu9 is offline
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Yes this was I believe 2-3 weeks ago. They released an email the Friday, and the next day they were selling the units. But people were lined up from Wednesday taking their chances I guess.

Crazy crazy.
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