Vancouver & Toronto Real Estate Market Update January 2024
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- Опубліковано 1 лип 2024
- What to expect in the year ahead for these two markets? Twenty-year low in sales. Is Market sentiment starting to shift? Is the debt bomb about to blow? Everything you need to watch for the year ahead in the Vancouver & Toronto Real Estate markets.
Timestamps:
0:00 Intro
Recap Toronto Market in 2023 01:30
Recap Vancouver Market in 2023 03:44
What’s Next in 2024? 17:28
Canada’s Debt Bomb? 30:15
Canada Cities Cheaper Than US? 40:52
Delays Due to Zoning Confusion? 54:22
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It’s a buyers market with no buyers
I am pretty sure there is zero circumstance anyone on here would say the housing prices will crash. Even in a depression. :)
If John or Steve can’t decide in their own brain if government intervention is good or bad then nobody better take them to seriously
Has anyone seen how much to maintain your house has gone up? Materials at Home Depot costs more, labor rates for HVAC maintenance has gone up. Older Condos and Townhouses built before 1990 now need new windows and probably already had the roofs done.
Ah yes, thanks for adding timestamps to your content! Much appreciated!
love this series as always 😊
This guy doesn’t understand what happens when there is no liquidity in the market. It doesn’t matter how much equity you have in your property when banks are tightening up lending and there are no buyers! You will not be able to tap into that equity in a liquidity crunch.
Ppl can qualify by fixed rate with low 4% very likely in late spring
Sorry John, but there is a lot Pierre can do to help relieve the debt of Canadians without creating a nanny state. For one, he can get rid of the carbon tax, which will reduce the cost of living for all Canadians, making debt more manageable. He can stop with inflationary deficits, which are pushing interest rates high, making debt harder to manage. That was a dumb comment you made.
He's a mid 50s Torontonian. Libbed out no matter what
@@dirtyburger7528 Yeah thats very clear lol
Where is the Money coming from within Canada's barely ~$2 Trillion GDP.... in order to "service/maintain the Payments" .... on not just the current now ~$3 Trillion combined Mortgage/Consumer DEBT, much of it "renewing" over the next 3 years at FAR hihgher rates than when initiated much of it still increasing loan balances by Negatively Amortizing....
but also,
where the money coming from within than now shrinking $2 Trillion GDP..... to "service/maintain Payments" on even MORE DEBT pbeyond the $3 Trillion renewing at even higher payments ?
Forgive me here...
but seems 'pushing on a string' when you don't have enough "GDI" or Incomes" Canadians can derive from $2 Trillion GDP to "service/Maintain payments" on even current $3 Trillion DEBT let be even MORE Debt to keep the Real Estate market afloat ?
20 year bull market and people think 2022/2023 stagnation was the crash... wow
Most people dont make money on their home - property taxes, add ons, renos, improvements, financing cost, helocs are used.
why the re-upload?
But ppl need to buy the house , a lot of ppl are renting now. Do you think they will not buy and want to pay high rent?
"Housing bull run starts when rate comes down." I hope so.
Haha they drop rates when the recession is here... meaning job loss. The crash has only just begun.
With the Trudeau Government's unlimited immigration, the supply of homes/condos/townhouses for sale will go down.
Homes values will stop dropping first rate cut. Will increase when rates continue to drop. And it will trend up fairly quick when we hit 4% boc rate.
We are just entering the FEAR stage of the bubble.
@@OffTheBeatenPath_ fear in market doesn't last too long.. ppl realize prices arnt dropping further and then a rate cut prevents it shortly after/ Or the data shows rate cuts coming soon.
@36:54 if low interest rates and quantitative easing cause inflation, wouldn't it make sense to normalize interest rates and stop printing money?
It would. But the issue is that normalization will cause pain. Sadly there is little to no incentive in the short term for policy makers and politicians to take the blame for the pain so we trundle on.
A house is a place to live not an investment Iam buying right now in Calgary because I want to live here no other reason
38:08. Sorry. The bomb did go off. Cost of living will continue to increase. Wages will be forced to go up, tax funded jobs will be the first to get there raises, trades will demand the increase through services or don’t get anything fixed, fix it yourself at your own parreoll. Have fun trying to let Ottawa figure this out. The way out is to go back to 80’s and have a stay at home parent that fixes everything and maintains lifestyles through smart living, cooking all meals and preparing for the short term. Long term mentality needs to remain strict when it comes to government spending. Furthermore when looking at how dumb the average person is when it comes to understanding anything really is declining. The average person feels entitled to everything and will vote stupidly until the handouts become UBI. I am optimistic that education will change this as times get tougher. But I have already hedged fully towards being self sufficient over government help. Voting is dead in my opinion.
How are you guys not talking about huge losses for existing multi residence lot holders? Their scarce land just became common shit.
8:20. When you look at immigration numbers, anyone could predict that. No? People need to sleep somewhere no? Not being a smart ass here but what did you actually think would happen. Affordability plus banking lending standards slow the buying and selling or speed it up but housing will always go up in cost. To think that the overal payment for housing would ever go down is insanity. You can maybe buy a home for less price, but common most have to borrow that money. Therefore only the ultra rich will benefit from now on. No middle class has been the goal since day one. Hope you guys are doing well. Much love from Ontario. Have a great week guys.
Most ppl who are 🐻 ish.. usually just want to purchase a house at a cheaper value. Bias mindsets lead to missing out.
Ya they feel entitled to a 2 story detached downtown Toronto for 200k
Worst thing I did was not getting FOMO and overextending in 2016
Need to force investors to sell.. there is no supply issues when prices drop 50%
Y'all haven't seen anything yet
The "average buyer" is reading CP 24 and seeing people getting smoked to the tune of $650,000K on a house and saying-probably not wise to step in front of a bus. When prices drop (as they are) humans are not as stupid as you portray them to be.
Sorry dude. The prices won’t drop enough to justify waiting.
They dropped on that house $650k in a year and housing is dropping 1-2% per month now. Month on month.
@@justinjones5281the drop hasn’t even began my friend. It’s going to get ugly
@@northernpatriothope your right. So I can buy more houses. I doubt it though. Right now is a good time to make low offers. I have been on top of this for that last 29 years. I got many people involved in real estate 2010-2018. Told everyone to sell extra homes in 2021 even the podcasters cannot argue this fact. They can go back in my comments and see just that.
@@justinjones5281 this is the end of a 40 year cycle. The last 10-15 years do not paint an accurate picture of what’s about to come. You need to look at the 80’s for the last time a strong correction happened. And IMO, this will be much worse because of the ridiculous run up that has taken place in the last 30 years.
Housing is in Canada is Poker game. Everyone waiting on who is going to fold first.
My guess is the people holding the cards (aka debt).
@17:09 we have twice as many female ancestors as male ancestors.
If you can wrap your head around this, you can begin to understand fomo imo.
@10:10 "people in the comments say that Realtors talk about the things that create fomo thinking" (squirms in seat)
"Yes, maybe. That's how people think"
Yes Steve, when you disproportionately talk about things that cause fomo thinking, you are not helping them. You are manipulating them. You become part of the problem.
You editorialize (in general) what do you say to make sales, not to help people. Obviously.
In general this is what realtors do. In general this is what used car salesmen do. Obviously.
You don't have to own it, but it's obvious and of course people are going to point it out.
Maybe if you gave a more balanced view people would be less inclined to point out your lack of moral triage?
He built a channel to try to educate people on the subject, expanded with Keith and Rich to hit more sides of the economy to educate us more, then with move smartly to hit more markets. Yes this results in more people knowing about him and his company and using his services to then generate more money, which is obviously part of his goal but he also truly enjoys this field and learning and educating. So is he part of the problem? I think you are far better off watching all of this content and being at least somewhat educated before going and buying a house. My exp with real estate agents is they are useless and dont listen to you at all, i have never used steve for this so i cant judge how he would be but id find it very hard to believe he would do a poor job. Saying someone is going to say what they have to, to make a sale, versus say what they should to help people... this is never black and white and ultimately is the decision of the buyer to make and take this big risk so i dont really know if you can make these judgments about him if you've never used his services. I dont know what you mean by a more balanced view either? His view is very much balanced based on whats going on in the market.
Yes, he will tell ppl that should not buy in high price but he tell ppl to buy in Calgary house as he bought done condo in Calgary, that why he wants to push the market . He says do not buy in Vancouver as he tries to show he is helping them and manipulate to buy in other places that he wants them to buy.
Pasalis was never bearish....what a joke. He's always subtle bullish. Always.
Ok guys now back to the government intervention question Iam pretty sure neither of you wanted to stick your neck out and make the obvious opinion so I will do for you and Steve I think rich will call you out on it if he listens to this podcast anyway every time the government does anything and I mean 100 percent of the time it turned into a money pit bondoggle and if it’s policy or regulations it ends up doing the opposite of what they were trying for so just say it