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Old 2015-06-13, 11:18 PM
utopianbl utopianbl is offline
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Default Thoughts on buying a house with a closing not until spring of 2018?

Some new build sites (like the Seven Oaks) are not scheduled to have their closing till late winter 2017. Any advice on whether folks would consider buying properties this far out?
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Old 2015-06-14, 12:22 AM
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GregS GregS is offline
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It's not unheard of and pretty common actually.
Especially if you are buying a condo apartment you are waiting a minimum of 2 years if you are first in.
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Old 2015-06-14, 09:36 PM
WellThatsLovely WellThatsLovely is offline
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I would (and have several times)... You can purchase the new home at "today's" price and hope your existing home goes up in value during those two years.
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Old 2015-06-16, 11:53 AM
jonnyb jonnyb is offline
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Not only that but the builder will likely increase their prices as well.

The development we were looking that had a preview weekend, then a grand opening weekend. Over that two week period prices increased by up to 30k on some properties. If there is demand for a certain location and lots are selling fast builders are going to squeeze out every penny they can.
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Old 2015-06-16, 03:04 PM
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gerapau gerapau is offline
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I guess this could, in theory, go both ways. If prices rise you will profit from both your current home (if you have one) as well as your new home. But if we were to ever have a crash you could in fact be contracted to buy a home which may now be worth substantially less than you have to pay and your current home, if you have one, would be worth less too. This could mean you no longer qualify for financing for the home you are contracted to buy. This could in theory happen even with closer build dates though.
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Old 2015-06-16, 09:36 PM
WellThatsLovely WellThatsLovely is offline
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Quote:
Originally Posted by gerapau View Post
I guess this could, in theory, go both ways. If prices rise you will profit from both your current home (if you have one) as well as your new home. But if we were to ever have a crash you could in fact be contracted to buy a home which may now be worth substantially less than you have to pay and your current home, if you have one, would be worth less too. This could mean you no longer qualify for financing for the home you are contracted to buy. This could in theory happen even with closer build dates though.
Technically true... but for now the government has a plan lol... Canadians and their incomes have been exhausted but they're now allowing in extra foreigners with lots of liquid cash to fill the gaps and keep real estate flowing. After that we'll have some dead baby-boomers in Toronto which will free up some inheritance money... but after that, we're all screwed lol
Hopefully our new foreign investor friends will be settled in enough to not want to go home and take all their money with them
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