The Wingham real estate market is one of the toughest in Canada, and it’s about to get much worse. The root cause is North Huron council refusing to uphold section 224 of the Municipal Act and hold department heads to account, resulting the in the highest tax rate in Ontario.
It is not only families that are fleeing Wingham, area investors are planning exits to cut their loses and pursue viable real estate investments in the “city”. If all these investors dumped their properties on the market at once, property values would plummet. It would be a financial disaster that would destroy countless more families as they would owe more on their home than it is worth. This means banks won’t refinance and they will lose their homes, accelerating Wingham’s real estate crash.
Countless families and investors have lost their life savings in the Wingham real estate market. Morally bankrupt real estate agents have lied to families in order to close the deal and get their commission cheque. They will surely burn in hell.
One of the biggest lies they will tell you is that “real estate is real estate” and it always goes up in value. They will tell you that a $100,000 Wingham home is a great deal, because the same home in Listowel would cost $170,000. They won’t tell you that it will take years to sell your Wingham home, and 5-10 years if you want show a profit after commission fees. It is normal for zero people to show up to an open house in Wingham, seriously. In K/W homes sell in hours/days and property values have been soaring. In Wingham they will probably change your lawn sign several times due to sun fading, we have all seen it.
The real estate market is so bad, Wingham’s motto could be, “if you buy here, you die here”.