Couple ordered to pay $470,000 after reneging on Stouffville home deal
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This is a very interested case because the individuals involved in this case David Lea and Yixing Hu have children. So this is a very interesting precedence being set by the judge because the couple in this instance said when they get out of their current house they’ll be renters. This gives you an idea of the devastating economic effect this $470,000 will have on their family.
How this will change the way people view the Ontario housing market has yet to be proven, but it goes to show you that, the housing market in Ontario is already beginning to show signs of favoritism. The government is doing a lot of intervening in the housing market and this type of thing can spook investors. As I’ve said over and over again the housing market in Canada can’t become stagnant, the housing market in Canada can not decline, there can’t be less options for people to get into debt in Canada, if this happens it’s game over. The Canadian housing market can not withstand over 1 year of declines in debt creation. If this happens people will see a crash like they’ve never seen before and if the government doesn’t intervene which I think they will, they’ll be a collapse in the credit markets.
Interesting times ahead.
