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Home buyers beware, builders can jack up prices

Soaring home prices and higher expenses mean the new home you bought before the pandemic could cost you a lot more.

A Barrie, Ontario developer found itself in headlines after demanding a buyer pay an additional $100,000 or the deal would be cancelled. Even an Ontario Premier Doug Ford weighed in.

"Developers stop playing your games, you signed a contract you better build that damn house at that price because we aren’t going to let you off, simple as that." said Ford during a news conference.

We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home.

Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada.

They talked about the rules around builders raising prices and how to avoid being on the wrong end of it.

If you have questions, email them to jessybains@yahoofinance.com and John or Steve will answer them on the next episode.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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