Sellers caught out by price drops as housing market cools ottnews ottawa
Robert and Natalie Hawkins are packing up their belongings to move out of their first house. Rapidly-changing market conditions forced them to sell for far less than they had hoped.
They've since finished the basement, landscaped the backyard, put in a fence, a deck, a patio, and stainless steel appliances. "Things went up too far. They went up too fast," explained Garth Turner, a financial advisor, author and a former member of Parliament.'You can't have an asset go up 30 or 40 per cent and stay there,' says financial advisor, author and former MP Garth Turner
Combined with exceptionally low mortgage rates — some could briefly be had for under two per cent — and an influx of government money through pandemic relief programs, this perfect storm caused prices to soar by 30 to 40 per cent, said Turner.
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