slickpete83
Active Member
that's what some people are saying probably happened, maybe cheaper to pay fine for breaking realtor contract... then over pay for house
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- Thread starter simuls
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afransen
Senior Member
I think the buyer is liable for the difference if the deal doesn't close.
TheKingEast
Senior Member
It's not a fine, you're on the hook for the difference. Not smart to walk away
lenaitch
Senior Member
Yup. Many people don't realize it's contract law. Failing to stand up to their side of an Agreement of Purchase and Sale could see the potential buyer on the hook for owing the seller the lost difference, forfeiture of deposit or anything else the court decides if it gets that far. We don't really know what happened here.
Admiral Beez
Superstar
That's why when I sold my NB house I refused to sign a seller's disclosure form. AFAIK the house was in great shape, but there was no upside to signing that declaration, only downside in that I am assuming liability for things I may not understand, such as the wiring or plumbing, since I have no idea of its specification or condition, only that it worked fine for me. The buyer tried to push for the agreement but I was in no rush to sell. Instead I told them to send in their home inspector to check whatever they wanted to see, so that the inspector is liable, not me.
lenaitch
Senior Member
I have never signed a disclosure (Seller Property Information Statement) and no lawyer worth their salt would recommend that you do. I'm not sure whether a home inspector could be held liable for a deficiency. Any report I have read had so many boilerplate caveats and disclaimers that they are probably pretty much protected. I've actually one used one once. It was for a house built in the 1890s and we wanted a second set of eyes. In the end, he didn't tell me anything I didn't already learn from my visits. If you can get one willing to do it, you are better off using a licenced general contractor.
christiesplits
Senior Member
When do we start seeing a mass exodus to Buffalo and Western New York?
Spotted this listing, below, in Downtown Buffalo, a short walk to the bustling Allentown neighborhood.
Spotted this listing, below, in Downtown Buffalo, a short walk to the bustling Allentown neighborhood.
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Admiral Beez
Superstar
This is why in 2004 when we moved to Fredericton we kept the house in Toronto as a rental. Sure enough we returned to Toronto in 2007, evicted the tenants and have been here ever since.
www.thestar.com
Look, or test the waters before you leap, people.
We sold our Toronto home to be mortgage free, and ended up right back in the city’s red-hot real estate market
We planned to use the profits to buy a cheaper home in Winnipeg. But once there, nothing felt right.
www.thestar.com
Look, or test the waters before you leap, people.
afransen
Senior Member
slickpete83
Active Member
yeap, developers will just pass on the cost to buyers , thanks government for making it less affordable lol...
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Admiral Beez
Superstar
As much as I like having them close I will suggest to my two young adult children to seek their fortunes elsewhere other than Toronto. As a 25 y/o, recent uni graduate (studied int'l biz) back in 1996 I was able to get a decent $40k job as a global sales manager and by 1998 after steady pay increases, married and then bought our five-bedroom semi in Cabbagetown for well under $300K, or about four times our combined after tax income. My kids will graduate in 2025-26, and a similar job as mine will today start around $65-$70k, if they're lucky. If they marry or pair up a combined pre-tax household income of about $130k is probably reasonable. But at $1.5 million, a house like mine would be over sixteen times their after tax income! That's nuts. So, if they want to stay in the city and own their home they'll have to own a condo, or if they find work and leave the GTA they can afford land rather than a box in the sky. We'll see where they land.
evandyk
Senior Member
Yeah, I love Toronto and we can afford it because we bought our first place in 2009, but I'm not sure I'd recommend Toronto to a young person these days unless they are coming for a specific well-paid job. Even the condos are pretty out of reach at most income levels. And I have nothing against renting, but that is pretty expensive here too.
Not that it's a whole lot better in other parts of Ontario, though.
Not that it's a whole lot better in other parts of Ontario, though.
Admiral Beez
Superstar
Oh IDK about that. Here’s all the houses with 3+ bedrooms and 2+ bathrooms in Thunder Bay, Ontario under $350,000. Some of these look really nice. And here’s all the jobs in Thunder Bay paying $90k or more. Many look attractive to me. If you’re starting out in your career within a couple of years you’re making $90k and can afford a house. If it’s my kids I could fly from Billy Bishop to visit them throughout the year. Total airfare incl. tax Toronto-Thunder Bay return on Porter is $320. So, what’s the upside of Toronto?
evandyk
Senior Member
My dad grew up in Thunder Bay, so I'm not particularly against living there, but it's pretty remote.
Admiral Beez
Superstar
True, it’s a different kind of life, but with direct passenger rail and air links to Toronto plus the TransCanada highway there are lots of options for whetting any appetite for urbanity.
Edit, am I wrong about VIA going to TB?