Pre-Construction Controversy is a Lesson in Investing Wisely

All’s Fair in Love and Real Estate: Pre-Con Controversy is a Lesson in Investing WiselyNo matter what you invest in or where, real estate is a gamble, and a number of investors in a pre-construction development in Oakville have found themselves with some serious buyer’s remorse.

In a statement to STOREYS, Brent Carey, Vice President of Communications for Mattamy, confirms that sales in the Preserve West developments are indeed continuing at a discounted price, and says that the reductions are in line with the broader housing market.The median selling price for single-family homes in the Oakville-Milton area was down close to 27% in January compared to the year prior, according to the. Similar realities can be observed throughout the GTA.

He adds that, had the buyers locked in their financing at the time of purchase, they could have mitigated some of the grievances being aired today.also reports that some buyers are considering walking away from their purchase agreements, but the ramifications of doing so could make a bad situation worse., most real estate transactions in Ontario do not have a “cooling-off period.”

The one exceptional scenario pertains to newly-built condos, which are subject to a 10-day cooling-off period.

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