This short client story serves as a reminder to us all in both the best of times and the worst of times to protect your downpayment!
Last week one of our listings had an offer that was due to remove subjects – the home inspection had taken place, the documents had been reviewed, everything was good to go… but the buyers requested a financing subject extension. Apparently there were some challenges with the downpayment funds. On the day that subject removal was due it was revealed that sadly the buyer had kept their funds in oil and gas stocks, hit particularly hard by concerns over coronavirus. Their downpayment fund took a huge hit, almost overnight.
If you’re even considering using some of your savings to purchase a home, please make sure they’re in a safe investment vehicle, or even in your chequing account – obviously you may be missing out on some interest, but is the exposure really worth it? Something to think about at least!