Broker on why mortgage troubles in Canada are just starting
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- Опубліковано 2 січ 2024
- Mortgage agent Nick Hill discusses the growing concern about Canadian mortgage debt and says things will likely get worse in 2024.
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Im here to let you guys know that real estate is not the only investment there is...
Please tell me more.
When i got fade up with mortgage percentage trouble/rea estate, I sort financial education and diversified my $400K portfolio across multiple market with the aid of an investment advisor. currently,I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Amazing! How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@AllenBrunghm Svetlana Sarkisian Chowdhury is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Just because one can afford to buy something does not mean that the item is worth buying. Residential real estate in Toronto has not been worthy of a purchase since 2003. If one needs to borrow a $1 million dollar mortgage for a $1 million dollar house, the purchaser is NOT a home owner, the mortgage lender is. The purchaser is a mortgage owner.
Brings to mind too many fall for getting a mortgage they are qualified for instead of what they can actually afford.
@@rps1689exactly. I was lucky to buy in 2009 but went 100,000 under my limit due to possible rate increases. Was 4.7% then and I wanted a buffer to 7%
unless I made $1million in equity since I bought back in 2016
Its been always like that even if you have 90%in the equity, in the eyes of the bank they still own your property!
Come on bro if you got in around 2003 you would be set already, don't hate the game
Lots of big city folk carrying million dollar mortgages. At 1.5% they were paying $15k/yr in interest. Now they are looking at $50 - 70k/yr in interest. Even if they are above average dual income no kids types, that is still going to hurt.
wow
Pump those rates !! No pain no gain!!
Probably many can’t do math, they have idea they’ll deal with it when it comes and it’ll all work out, they’ll be in for a shock when they renew they realize they cant afford it.
Ahh interesting..
It needs to
Everything points to a brutal year ahead. 2024 crunch time. The bill is due and the money is not there.
Fearmongering fearmongering fearmongering.
The bill is called foreclosure papers
@@MikeyPapernope it’s real just wait and brace for impact
@@MikeyPaperhow is your mortgage payment going? 😂
Vote for a drama major get drama
Two words, "PONZI SCHEME".
Yup, big scammers
The statement “For every $1 of disposable income for $1.82 of debt” makes no sense to me!
If I have debt, I don’t have disposable income or savings.
if you were to separate what you have vs what you owe, that's what the ratio would be
You may not get the definition correctly. Lol
Debt is leverage - using other people's money to make money. Just make sure you actually use the debt to make money through capital appreciation or plain cash flow; otherwise, you'll go bankrupt.
For example you have 200k mortgage… that’s debt
Technically he should have said after-tax income, but we get the gist 😊
The fact that you have to renegotiate your rate every 5 years in Canada is insane to me as an American.
With great wokeness comes great brokeness.
Sums up Trudeau perfectly!
hilarious name my brother
😂
bahahahah, thats the best line ive ever seen a canadian say other than aboot.
😅😅😅
Over 68% of Canadians don't want any more immigration.......stop that and let things settle, especially with our health care and re-evaluate....why so many coming in?
Tax to government. Cheaper Labour for mega corporations (government supporters)
Life will be also hard for the newcomers. They won't afford the high cost of living.
"Interest rates are at historic lows"
Justin Trudeau, June 2020
Higher interest rates are suppose to encourage saving and discourage borrowing and, in turn, spending, but that doesn't work that well when big companies and corporations can price gouge and hide profits by means of accounting gimmicks and schemes, which used to be illegal. Before the polices that stemmed from supply side economics took hold, when raising rates happened, companies usually increased their prices more slowly or even lowered them to encourage demand, which lowered inflation. But those days are pretty much long gone.
Just leave our country Canada
A SET UP.
Glen!
@@jayframes4967 😄
Hope this hits Toronto real real hard.
there is plenty of money to go around. Sale prices in the area have gone up.
Thats a bland take on it. Very uninformed you are.....@Dstinct
Karma will hit you harder for wishing ill on others.
Vancouver too...
Ya well you get what you vote for. @@fcf777
Liberalism, immigration and carbon tax. 3 huge factors
Translation: you are afraid that Conservatives are loosing ground to logic.
I have a simple solution for you, abandon Rush Limbaugh.
Immigration is one of several factors, but carbon tax has been too gradual over the years to affect inflation. As for liberalism, do you know what that actually is?
yeh only a fool would believe in it ...@@rps1689
lol@@Dam-a-fence
Climate change , inclusion and diversity are not major concerns for Canadians.
Trudeau thinks otherwise.
I am a Canadian and I care about those things. Don't be fooled by your own beliefs.
@@christopherboisvert6902 🐑
Climate change is awesome. I can work all year round. Bring on the climate change
Love it. Don't tax it. Gov gettin my hard working tax dollars because there's no winter
!!
@@huskavarnabandExtremely well stated!!! 👍
Inclusion of what exactly? If you’re trying to say the immigrants are taking everything - they’re making even less than you are.
Silence in the face of evil is evil itself.
*crickets*
He forgot to mention that this came about as the Bank of Canada kept stating that interest rates would start record low!
They were for over 15 years buddy
There needs to be some suffering to smarten society up. Prioritize, and live within your means.
Doesn't help that the government is the worst for spending beyond it's means.
At 4:13, even the squirrels are moving out of their homes because of the prices of rent and mortgage payments xD.
It would not be true to say he had retired from the firm, inasmuch as he still does a certain amount of work for them.
How much if this is manufactured so large property management companies can swoop in an buy house to rent for ungodly amounts?
House hold income of nearly 200K and we rent. House market can't be trusted and indont feel like paying over 3000$ a month for a wartime home. No thank you
STOP BRINGING NEW INTERNATIONAL STUDENTS IN CANADA. SAVE CANADA
Are you ok
Stop treating housing as investment - I am talking about you boomers who owns multiple properties
@SupaPinkix are you braindead?
It's easy to blame those who don't look like you, meanwhile a wolf in sheep's clothing stands right next to you. There's already a ban on foreign purchasing and they are taxed more heavily leaving less bidding competition for guys like Dylan Suitor and Ryan Molony of SID Developments to gobble up real estate (400+ properties, 1000s of tenants in Ontario).
@chrisl9809 record immigration during a housing shortage? Just the slightest bit of critical thinking is required here...
So we are struggling with building enough housing, but we are letting our borders be overrun with immigrants, and we wonder why there are housing issues. Building is a lot harder than denying access, so the easy solution is to reduce immigration to next to nothing. Maybe even less than normal, since we are running with much bigger numbers.
We have to remember that 2% mortgages were never real if you look at rates over a 50 year period. Remember when mortgages were 20% plus…
same last name in govt when we had double digit rates
@@egc04 Yes; TRUDEAU
20% with a 60k house.
@@HemiJB91 To think there was a time you could buy a house for the same price as an exotic luxury car.
@@rps1689 I remember in early 2000s, my parents deciding to move to the suburbs and buy a brand new house. They debated for weeks whether to settle for a 4 bedroom 2500sq ft model, or pay a whopping $50K more for a 5 bedroom 3500sq ft with 3 garages and a huge ravine lot. Yes, that was actually a tough decision back then. In the end they went for the 5 bedroom. Today, the difference in value between those 2 houses (on the same street) is $1.3 million vs $2.5 million!
Stop it with the immigrants. Enough already.
Foreigners are a drop in the bucket when compared to domestic Canadian Landlords.
Dylan Suitor Ryan Molony for example of SID developments own over 400 properties and are slumlords to over 1000 tenants in Ontario alone. It's easy to blame those who don't look like you, meanwhile a wolf in sheeps clothing stands right next to you blaming immigrants. There's already a ban on foreign purchasing and they are taxed more heavily leaving less bidding competition for guys like Suitor and Molony to gobble up real estate.
Blame the LuLu Lemons of the country. They want the foreign workers and threaten to leave if they don't get them. Follow the money.
Are immigrants to be blamed for buying things that you were not able to afford to begin with.
The Libs are leaving the Cons a huge mess
Remember, if you're worried about running out of cash to make your mortgage payment SELL. Sell before everyone else does! Assuming you have equity.
Have to wonder how many out there if they are forced to sell are underwater just in the last 6 months alone. If they sell with negative equity I can only assume bankruptcy is on the way in quite the brutal fashion.
Justin Trudeau is why, not hard to figure out
Yeah I will be here in about 3 weeks to feel even worse after renewal.
Our dollar is worth .62 cents on one American dollar. Find out why we sell our lumber(resources) cheap😮😮😮😮😮😮
Do we sell it to Canadians at the same value? As the rest of the world?
@@zippyustar6350that's a no
Why would bank of Canada start to decrease the interest rates down if the home prices are still unaffordable? And once the drop of the interest rates the home peices will start going up even through the roof. Are we heading to be a 3rd world country?
Because the only ones buying are those borrowing. And high rates with a high borrowed rate is recipe for defaults.
This is a third world country
Give it time. Canada is going to apply for a loan from the world bank lol
The BOC's mandate is to manage inflation, not home prices.If we want homes to be affordable we have to build more homes.
Yes
Be proactive
I lived within my means and renovated my house myself. Paid off my mortgage 4 years ago and it's smooth sailing.
And you are now senior 😂😂😂
It begins
Yup
I propose a solution: individuals who have acquired multiple properties, demonstrating excessive greed, should sell them at a financial loss.
Probably save them a lot of headache in the long run tbh
They will be forced to
Tax those houses that are not primary residences out of the speculative market.
Break up the realtor system.
Exactly. I have heard a lot of these mom-and-pop investors claim all of their homes as primary residences. Not sure how they do this though. Like, buy each building in each family member's name? The system is a joke now. @@rps1689
Welcome to Trudeau's and Singh's Canada 😏
😅😂😅❤..
Polivere will be the same just wait and see
@@palestinelucas wrong
@@palestinelucas
Keep getting pounded by Trudeau daddy then. 😜
Its not going to change regardless of who is in power. This country is fundementally set up to benefit wealthy landowners. Its not going to change. They are on both sides
"Be pro-active about it"? what the f*** does that mean?
I believe he's talking about wishful proactive thinking here.
Original French meaning of mortgage is death pledge.
Oh, put me in the very concerned group
Will the houses Trudeau is promising be built by SNC, Trudeau Foundation Housing, Inc, and/or Frank Baylis Housing Ltd? 🙃
we charity
Conservatives are in the same bed with SNC - its not just a liberal problem. Go back to Brian Mulroney- look at relationships there, Stephen harper- cons also had huge relationship's with SNC. Problem is Canadian Constitutional British Parliamentary system - BNA act. both Liberals and conservative are part of the problem. just look at the conservatives last Party Election, did you see any solutions brought up by party leaders at convention?
How about you don't buy a house you can barely afford?
Problem is too many get a loan on what they are qualified for instead of what they can really afford in the long run.
short term markets are supersaturated，because the interest rate ⬆️ increase was operating on light-speed as if the feds is being hunted by Vader on a star-destroy across the galaxy. Simply put, most mortgages issued during the four years pandemic are all underwater. B20 regulations from OSFI had Mitigated some risk, however, the increase in mortgage rates have Wiped out all the safety margins the B20 regulations were designed to instate. As homeowners struggle to pay their mortgages, they have to find creative ways to increase their income. Politicians hear me, Short term rental is not the sickness, is the symptom. 😂
Higher interest, lower new house building, lower supply, higher the price, higher immigrantation, more demand, limited supply, higher price.
Higher interest driving cost and scarcity was more impactful and hurting than inflation itself that we tried to prevent.
Inflation was like 3 or 4%, but mortgage that eat most of families budget was like +20%.
It's fun to see my bag of chips not getting too much inflation, but what i care... Got hiked the most with the interest rate
What about all the profit taking on Houses? in BC our provincial government has not Prosecuted one Money laundering case. read David Eby's report on what went down in BC. go to the epicenter - whistler BC - 1993. in just two years real estate in whistler doubled. Just Bre X money alone pushed construction of multimillion dollar homes. party politics vs Ward systems is part of the problem. Property owners have rights and reg citizens voice is an eco. The USA has had at least three corrections since then , West coast had a small one, drop 15% then had a huge increase way above previous price. Our Banking systems- RSSP funds has made huge money on Real-estate- a collapse of Real- estate will affect our retirement funds and profit taking.
Bag of chips at Walmart was $0.97 now $1.47 that seems more like a 50% increase to me!
Canada property price is in huge bubble
Just another day in the basic Trutatorship.
I see a lot of folks on here dancing on the grave of folks in these positions. I am not one of them. I got a very manageable mortgage and projected to be able to afford my payments at 8%. So i planned ahead. But a lot of folks who bought did because life dictated they do. They had children, their job was in the city, and on and on. Folks will hurt and the economy will suffer. Everyone will feel it. It wasn't just rel estate speculation that caused this.
😮 regarding immigration, now not the time to help others abroad when clearly we need to clean up our back yard badly. Buckle down way to many homless,way to many addiction issues here way to many waiting and waiting for heath care ,
Realtors create this problem and still on the lose running scams yet. Injecting 60% profit by default every time. Jail for this guys.
Homeowners have it easy compared to renters in Canada!
Everyone told me real estate was easy money?
Sucks to suck. I paid off my mortage very aggressively and am done now ( age 39)
Thank Justin FF Trudeau for this mess!
Even more so the fat cats who run the banks that we beg for loans as they hmm & haaa over our ideals to carve out a better situation/ unfortunate Trudeau has a desire to please the loudest opposition/ like Palestine who starts a war & now scream peace peace when Palestine learns to be peaceful it will come/ stay on the side that values women & children (not using them as human shields)& you can never be wrong/ DEMOCRACY
2.5 million mortgages renew in the next 23 months..... WOW.
my mortgage started at 12% 12 years ago
Ok Grampa back to the senile ward. My mortgage rate in 2012 was 2.7%. 2016 3.7 2020 1.67 2026 _______
That's some bad credit. I was paying 5%.
Who carried your loan! The mafia?
@@jayframes4967 mine was around 3 in 2012 and my credit was dismal. Sub 650
Anyone that just bought in the past 3 years are fucked
And I do not feel sorry for them one bit; they gambled.
@@rps1689most it wasn't a gamble. It was a need. Rates change all the time. Sucks for everyone because homes will not be affordable for a long time.
@@robertbolzicco9995 Then they were naive to thing those rates were going to stay that low. Problem is too many got mortgages they were qualified for instead of what they could afford in the long run.
After loosing your business, they are now commung for your homes and jobs😢
How exciting 😊
Yeah totally dude
The great real estate market collapse is starting. Just imagine prices dropping 500% to 1000%. Then recovery comes and those who never own a home suddenly buys it very dirt cheap.
I see your point and that might have been the case say 10 years ago, however, the cost of all other major necessities to live vis a vis cost of living will double and triple from here very soon. If you can't afford to eat and heat you won't be pursuing a house. And property taxes will skyrocket along with everything else.
Prices dropping to zero is a 100% loss. It’s the way math works…. Can’t drop 500-1000%, I’m afraid. Those numbers only occur on the upswing
Jagmeet got himself a nice Rolex...
You mean Trudeau? He made $100 million from this
and of course no word on "on why mortgage troubles in Canada are just starting"
We need a new BoC governor who knows what they are doing.
Freeland economics at work!!
You are looking at canadas housing bubble going to burst equivalent to usa in 2008
What is a mortgage?? I live in my parents basement. There house is paid off and I save money and make 36% annually on my returns doing options every day. I dont use credit cards, I dont have loans my car is paid off and I got plenty of money sitting in my accounts. I would still never buy a house in this country. That is the new reality. live in your moms basement. forget owning a house.
Enjoy not getting laid or ever getting independence. If you’re over 35 and still at home you’re a loser .
Do Canadians know how many immigrants came to Canada last year compared to the norm? And I guess that number might not include refugees.
Not fixed and have to adjust to a higher rate? oh they're f'ed.
Only 1/3 of Canadian homeowners have a mortgage.
So only 22% of Canadians then!
"uh, yeah, totally.."
As long as they have money for ti hortons and mcdonalds then too bad
Thats typical for the poor, its not often things get better.
I talked to somebody that has at least SOME money, they want to buy real estate to flip, and point out the high interest rates mean less competition for real estate, so he figures he'll save more money on lack of competition than the interest rates, and since the property will be rented, that just goes into rent because its a landlords market.
Then shouldn't there be a policy to temporarily hold off allowing multi-home ownership so that supply can catch up?
Sunny ways
We have a triple AAA credit rating 😂😅which means we can borrow more money to put our children's future's in more debt, right on Freeland 🇨🇦👍🇨🇦
Remember, you will not own anything and be happy - while you freeze and eat bugs.
he looks broke, just saying
Everyone looks broke these days. We are more dowdy in our appearances than ever before, and more depressed too.
you need mawr powa!@@EnnVee959
‘You'll forgive me if I don't think about monetary policy' - Justin Trudeau 2021
$0.58 cents of evey dollar is tax for the working class. There will never be affordable housing in Canada
32% of income is deducted for expenses, CPP, EI, Tax. 13% of my purchases pay for tax.
That is 46%, not 58%.
It would be 58% if I was a slave, making enough to be in the middle tax bracket.
I presume you equate working class with middle class.
Class is unconstitutional. I'm your equal, neighbor. I make minimum + a buck and a bit, because I want to.
@@Dam-a-fence the hell you yammering about slave?
Yes that economic characteristic is on par with "developing" countries.
On my paystub yesterday my gross was $3550. My take home was $1990. Income tax was $790. CPP was $290. EI, LTD, Health insurance, etc. You can see how quickly $1560 disappears and where most of it goes. $1080 right back to the government.
@@icouldjustscream government size increased by 40% under Justin. 😡
For Nick Hill; in 1981 I went through a much more extreme mortgage interest hike. Rates hit at least 17.5%. Please broaden your outlook by knowing a little bit of the history of your profession.
How much was the average mortage in 1981? The monetary value certainly doesn't equate to today's valuation of our pathetic currency. This is going to be far worse than the 80's. Your dollar back then went a hell of a lot further than what today's dollar gets you.
He was probably born in ‘81
Don’t fall off your high horse. Wow
Bought a nice brand new semi in Waterloo ontario for around $45 thousand @@brandodevil
Houses were much cheaper then so many could hold onto their homes, plus if you had to sell, you still had a decent vacancy rental market with affordable rents for all income levels.
Nick Hill
I'm resting 😂
Who takes these polls seriously?
What a viper
I own my 4800 sq foot home so don’t care 😂😂😂😂 owe nothing
American here, looks like you guys are going into recession
Housing crisis for sure will continue, but so far the country’s overall economic health is not bad enough to have caused a technical recession… yet.
Yup we are all feeling the squeeze from hell up here
😆
housing markets dump. Banks buy for pennies 😂 seen this before. Cash on hand and ready
Trump for PM!
TAXWHORES cause DESPAIR
solutions??!!! Yes! Lower the fkng rates!!!!!
5% obvious trolls or living on welfare.
PIERRE POILIEVRE FOR PRIME MINISTER 🌊 🩵 🍁 🇨🇦 👌 😎 🌊 🩵 🍁 🇨🇦 👌 😎 🌊 🩵 🍁 🇨🇦 👌 😎 🌊 🩵 🍁 🇨🇦 👌 😎 🌊 🩵 🍁 🇨🇦 👌 😎 🌊 🩵
😂😂😂
Slavers from 🇮🇳🇨🇳 villagers welcome to 🇨🇦👎👎👎
You have no right to call them slaves when you’re from Ukraine 😂😂😂
You clown use my hard earned tax money to fight Russia so i expect more respect from you ,beggars are not choosers.
Why is the Bank of Canada, being allowed to raise interest rates, so aggressively? I think some of their laws need to be changed.😭😭😭
Why was the liberal government allowed to create 40% of our gdp in 2020 out of thin air..cause and effect.
@@user-bk2iz4yt7j Cause they can, and in a higher rate environment, banks raise annual percentage yields on savings accounts to attract new customers interested in investing.
Higher interest rates are suppose to encourage saving and discourage borrowing and, in turn, spending, but that doesn't work that well when big companies and corporations can price gouge and hide profits by means of accounting gimmicks and schemes, which used to be illegal. Before the policies that stemmed from supply side economics took hold, when raising rates happened, companies usually increased their prices more slowly or even lowered them to encourage demand, which lowered inflation. But those days are pretty much long gone. Small businesses during "real inflation" experience getting squeezed in regard to competing, but the problem is nowadays large monopolistic corporations and their conglomerates don't.
Unfortunately we have two classes in Canada now, those that own property and those that don't, and because of this we are seeing a large segment of our society getting tired of the welfare for mortgagers we have seen for over ten years - homeowners with mortgages have been stealing from renters and savers since 2008 with their cheap money and inflation when interest rates were insanely low for too long.
To fight inflation
I’m a new immigrant and reaping the free benefits of this country. You guys are very generous. I’ll be voting for the Liberals for sure!
Government only cares about immigrants bringing in massive crime
he lives in brampton, target identified, launching predator missile.
😂
Hahaha.
What free benefits are you taliking about? Everyone pays tax which a disproportionate amount is spend on the world most expensive yet useless healthacre system