Sunday, November 13, 2016

Toronto's last housing crash

I remember every detail because it was so painful for me.  We had our starter house near High Park, with two kids and one almost popping out.  We wanted a bigger house and looked for months.  The price of our little house at the top of the boom was $265 thou.  No offers.  The big crash was in progress.  I kept reducing the price, knowing that the bigger houses were also crashing.  I aggressively reduced right down to $200, and got an offer from new buyers who were going to split the house.  With this in hand, we went after a house priced at $300, and had the agent nail them about the crash, and they hadn't sold in a year.

We made the deals and survived the crash.  On the other hand our investment guy decided to go all Kruger on us and dumped a rental investment on us that was worthless, and we lost a lot of money.  Got most of it back with a lawsuit, and income tax.  Yeah!  This was the life of a crash.

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