A couple that bought a house in Sudbury, Ont., sight-unseen with no conditions says they got swept up in a hot housing market and now have major regrets.
But at the end of the day you're still trying to prove that the sellers knew about the issue beforehand and just didn't disclose it," Robert said. It might just continue going up and then we'll be priced out of the housing market forever," Keyes said. "Of course a lot of it is our responsibility. Keyes and Nakashima had been living in Vancouver for six years, and said buying a home there was out of the question due to high prices, so they started looking elsewhere. Keyes said they were advised by their agent that an offer with conditions was unlikely to be accepted, so they waived a home inspection. They're sharing their story as a cautionary tale to other would-be buyers on the importance of due diligence.
The most positive financial development of 2022 so far is the end of the housing frenzy. House prices went up too much, too fast. A lot of money has been ...
Skeptical voices on housing spoke out along the way, some of them in the real estate business. In Canada, every social cue tells young people to buy a house. A lack of supply was the problem. Housing hardly needed a cheerleading section, but it had one in a real estate industry that was masterly in how it explained away the fundamental problem of house prices rising far ahead of incomes. The home ownership imperative was also fuelled by the evolution of houses into a commodity to invest in, such as oil, metals or gold. Prices kept rising no matter how much people paid, so no deal was a bad deal if it got you into the market.