Sort of except that your prices off by a million dollars or more they're not life leases they're basically condo houses.
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COVID and the housing market
- Thread starter mimico_polak
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Yes that sounds very similar hers is in Guelph but same idea.
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ifiddles
Well-known member
@crankcall you sure of the name? I've been looking at similar communities and Cedar Springs is near Orangeville...I think the one you're talking about is called Lost Forest...
I've done service work in the Cedar Springs Community, Cedar Springs Road north on Burlington. Nice place if you can afford to get in. Referrals etc.
@ifiddles , it’s Cedar Springs , North Burlington off Cedar Springs road . They own about four hundred acres in there . Introductory seasonal house would set you back one point five mil or so . It is lovely, I was sledding up there yesterday afternoon before Super Bowl. They had their own ski hill back in the day but insurance killed that off. .
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Just north of the golf course? Friends grandma had a place there and when she passed away it was supposedly going to the grandchild…but we lost touch.
Looked beautiful and well maintained in that area.
Today's math question:
A million dollars pays for a family home just about anywhere in Canada. In the more expensive centres it could be a family sized condo or townhouse. In less expensive locations, a single family house.
There's a thousand millions in a billion.
The Justin Trudeau government increased the national debt by 600 Billion dollars.
How much is 600 X 1000?
How many homes is that?
How many homeless are there in Canada? Hint, a lot less than 600,000.
Canadian children typically begin learning multiplication concepts around ages 7-8 (Grades 2-3), starting with skip counting and repeated addition, and then formally learn their times tables and develop fluency by ages 9-11 (Grades 4-6), with formal assessments often occurring in Grade 4.
Obviously our MPs failed and dropped out at around grade 5.
A million dollars pays for a family home just about anywhere in Canada. In the more expensive centres it could be a family sized condo or townhouse. In less expensive locations, a single family house.
There's a thousand millions in a billion.
The Justin Trudeau government increased the national debt by 600 Billion dollars.
How much is 600 X 1000?
How many homes is that?
How many homeless are there in Canada? Hint, a lot less than 600,000.
Canadian children typically begin learning multiplication concepts around ages 7-8 (Grades 2-3), starting with skip counting and repeated addition, and then formally learn their times tables and develop fluency by ages 9-11 (Grades 4-6), with formal assessments often occurring in Grade 4.
Obviously our MPs failed and dropped out at around grade 5.
Some can do math. The only math they care about is how much personal enrichment they get. The rest of us are a piggy bank to be exploited.
Mattamy is obviously concerned about the lack of sales. They are now giving rebates if the price drops. Rebate is based on the base price of a similar house 30 days before closing. Easy enough to play with numbers so people feel secure but Mattamy is never at risk of paying out.
www.cp24.com
Canadian developer offering refund to homebuyers if the price of their house or condo drops
A Canadian developer is temporarily offering certain homebuyers a refund—that is, if they purchase a preconstruction home that drops in price before the closing date.
www.cp24.com
Mattamy is obviously concerned about the lack of sales. They are now giving rebates if the price drops. Rebate is based on the base price of a similar house 30 days before closing. Easy enough to play with numbers so people feel secure but Mattamy is never at risk of paying out.
Canadian developer offering refund to homebuyers if the price of their house or condo drops
A Canadian developer is temporarily offering certain homebuyers a refund—that is, if they purchase a preconstruction home that drops in price before the closing date.
From the fine print...
“Comparison Home” means a home or unit that meets the criteria below.
For multi-story condominium units, a Comparison Home must satisfy ALL of the following:
• Same model by name (e.g., C2DA, C3DB, etc.) as the Purchased Home, as identified by Mattamy to the Purchaser at the time of Purchase Agreement execution in the Sales Centre Price List attached to the Purchase Agreement; and
• Located in the same Phase as the Purchased Home.
For low-rise homes (single-family detached, semi-detached, townhouse, etc.), a Comparison Home must satisfy ALL of the following:
• Same model and elevation by name (e.g., the Maclaren Elevation B, the Pine Elevation C) as the Purchased Home, as identified by Mattamy to the Purchaser at the time of Purchase Agreement execution in the Sales Centre Price List attached to the Purchase Agreement; and
• Located in the same Phase as the Purchased Home.
Comparison Homes may or may not be available for sale by Mattamy at the time of sale of the Purchased Home; however, Comparison Homes shall be identified and set at the time of Purchase Agreement execution. Notwithstanding anything else, the Comparison Homes applicable to any particular Purchased Home are only those Comparison Homes identified and set at the time of Purchase Agreement execution. If there are no Comparison Homes remaining in the Phase at the time of Purchase Agreement execution, the Purchased Home is not eligible for the Price Protection Program.
Exactly. Mattamy would have to royally screw up to be exposed to any downside here.
The calculations for building changes and extras are eye opening. Adding a given sized window could be $5,000.00. The credit for eliminating the same size window could be $500.00 or even a surcharge, a negative credit. Upgrades aren't likely on the price diet plan either.
They are not. That is clear. Base house only, no inclusion of lot premiums, upgrades, other phases, etc. Easy to manipulate price of base house down through incentives during a sale. If things looks like they are going sideways, mattamy can ensure that no houses with that model and elevation are available 30 days before closing and therefore there is nothing to compare to.
How many will assume the rebate is based on the overall market? If one other builder discounts their price by 10% it tanks the whole market. Getting a mortgage for a Mattamy home at the prebuild price could be difficult.
Shoppers Drugs have a seniors day on Thursday with 20% off all regular priced merchandise. If they don't want to sell a $20 bottle of beauty product for $16, they discount it by 25 cents and it doesn't qualify.
Interesting view into condo market. A "luxury" condo in Hamilton started process in 2016 and pulled building permit in 2022 with expected construction value of $77M. 313 units, 258 sold, 43 failed to close. Builder is now insolvent as they needed money from units closing to pay obligations. Liens mean they can't easily sell those units now. They owe more than $30M and have no cash on hand.
Article isn't clear if some units are occupied but I suspect 258 are closed (and could be occupied). 55 units are unsold as well as some lockers and parking.
Builder has applied for restructuring. I wonder how that affects the 43 buyers that failed to close? Do the lawsuits against buyers get filed as part of this process as they are essentially accounts receivable? That would drag out process by years though. Could a creditor take those liabilities as payment and file the lawsuit themselves? Do the buyers get off lucky as the company they stiffed got restructured and therefore cannot come after them?
www.thespec.com
Article isn't clear if some units are occupied but I suspect 258 are closed (and could be occupied). 55 units are unsold as well as some lockers and parking.
Builder has applied for restructuring. I wonder how that affects the 43 buyers that failed to close? Do the lawsuits against buyers get filed as part of this process as they are essentially accounts receivable? That would drag out process by years though. Could a creditor take those liabilities as payment and file the lawsuit themselves? Do the buyers get off lucky as the company they stiffed got restructured and therefore cannot come after them?
Stoney Creek condo developer granted creditor protection to restructure
LJM Developments (Hamilton) Inc. is working to restructure in the face of mounting debts.
www.thespec.com
A bit of a hijack but relates to how the courts see things.Interesting view into condo market. A "luxury" condo in Hamilton started process in 2016 and pulled building permit in 2022 with expected construction value of $77M. 313 units, 258 sold, 43 failed to close. Builder is now insolvent as they needed money from units closing to pay obligations. Liens mean they can't easily sell those units now. They owe more than $30M and have no cash on hand.
Article isn't clear if some units are occupied but I suspect 258 are closed (and could be occupied). 55 units are unsold as well as some lockers and parking.
Builder has applied for restructuring. I wonder how that affects the 43 buyers that failed to close? Do the lawsuits against buyers get filed as part of this process as they are essentially accounts receivable? That would drag out process by years though. Could a creditor take those liabilities as payment and file the lawsuit themselves? Do the buyers get off lucky as the company they stiffed got restructured and therefore cannot come after them?
Stoney Creek condo developer granted creditor protection to restructure
LJM Developments (Hamilton) Inc. is working to restructure in the face of mounting debts.
Many years ago a trucking company in the USA went bankrupt. The receiver found that the ICC, Interstate commerce commission, set rates and the SHIPPER was obligated to adhere to them. It turned out that the trucking company had been discounting their rates and the courts ruled that the shippers had to come good for years of underpayments.
In some cases that meant bankruptcy for the shippers for years-old transactions. Private equity found that some trucking companies could be purchased for less than what could be invoiced against under-invoiced shipments from ages past. The domino effect was sickening.
Mad Mike
Well-known member
I remember building my house in Holland Landing in the early 90s. I asked and paid for a few upgrades - 9’ ceilings on main floor and basement, circular stairs, and a roll up door in the back of my garage to make it pass thru. To my surprise, the roll up door was $1000 cheaper than framing and bricking the back of the garage - the builder credited me for that.
I think it was a surprise to him too - but after that he offered it as a no charge upgrade to new buyers, everyone on the street took the upgrade.
Damn. That builder was unusual. Normally the actual cost has almost nothing to do with the price of the substitution. I know one subdivision where standard kitchen cabinets cost builder ~$25K. If you wanted kitchen without cabinets, you got a $1k credit. If you wanted upgraded cabinets, it was easy to get a six figure bill for upgraded cabinets.
