A lot of sob stories in here. Lame people.
“Imagine, you have 15 minutes to look around the property before making an unconditional offer and putting up a $20,000 deposit. The biggest decision you ever make, and you have minutes to make it,” he said, noting the “buyer’s remorse” kicked in the minute the papers were signed.
He said they have been asking themselves if they paid too much, and what happens if the market crashes. “To add to that, interest rates started rising. We have endured two interest-rate increases already, and we have not even made our first mortgage payment yet.”
Another would-be buyer, Cathi McGillivray, said she is angry and frustrated at the price jumps over the past two years. “My dream of buying a little house, gone; a townhouse, gone. Even a condo now, gone,” she said. “I could barely breathe as things changed and just kept going up.”
McGillivray said she was being outbid in some cases by tens of thousands of dollars and cash offers. “I don’t know how young people will ever afford to buy in Victoria without help from parents or an inheritance. How do we expect to keep them here?”
Stella Garcia is renting but has been trying to buy for more than a year, only to see the price of condos jump from $330,000 to $498,000 in a year. She has been outbid several times. “Never in my life did I think I’d try to purchase a condo for $450,000. I am a widow in my 50s and $450,000 is beyond my budget. But what choice do I have? I have no choice but to spend beyond what I can afford, or leave the province.”
Suck it up, people.
Edited by Victoria Watcher, 02 June 2022 - 02:53 AM.