answer to matthew's question: trudeau and his liberal minions totally screwed you and your fellow young canadians.. i'm 44 and i barely got in.. a detached house i bought in vancouver (2012) tripled in value since trudeau took over.. so if was born 10 years or so later and was in my early 30's like yourself, i would have missed the bus and totally got screwed too.. yes, it's unfortunate for the future generations but what can you do at this point? i guess all you can do is blame your fellow canadians for voting for a part time drama teacher to lead our country.
What RBC Governers doing ? He said his decisions r independent of politics then how can he be still RBC governer. Trudeau is useless so he should be more cautious but not he said "interest rates will be low for foreseeable future"
Those who will buy a detached home have to sell their condo first. Only 2%-3% of condos are selling. Therefore detached home prices is linked with high degree to condo market. They are not separate. Even if investors want to buy detached home, they have to sell their condo first. Condo prices will go down considerably before detached home markets picks up. You can't build fourplex anywhere in Toronto and good luck having this approved so real estate investors are not jumping into this business adventure. Real estate investor will not jump in the detached market because prices are not going to grow like crazy in the next 5 years so they won't get great return on their investments and they can't rent the house because many condos are going to be listed for rent for cheap monthly amount.
To the guy about Newmarket.. As boomers start flooding the market with inventory as they need to fund retirement it's going to cause a MASSIVE problem. Who is going to be able to afford all those grossly over priced homes? The answer is nobody. Homes that price don't pencil as investment/rental and younger generations won't be able to afford them.. The most likely outcome will be prices tanking and boomers not being able to fund retirement
I would suggest you to check the newest Liberal announcement who have dropped the down payment requirements and also allowing increased amortization. That's what will continue the wild cycle and upward movement. As JT says it housing should retain its value. The only folks who will win are realtors, mortgage brokers, banks, lenders and boomers! Boomers go out and vote. No party will jeopardize the key demographic.
The answer is whomever can fill that house with 10+ people, 3-4 per room. Mass immigration isn't just about surpressing wages but also bailing out the boomer voting base and propping up their overvalued homes.
Look at the economy, Canada needs growth, they are going to stimulate the economy. Housing is the Canada life line. They are going to avoid the deflection
govt needs to get out of the market. its distorting and destroying the real economy. all the malinvestments begin to blow up and they do more "stimulus" which is a fancy name for wasting taxpayer money to prop up the assets of speculators, flippers.. etc. the free market is what is supposed to protect the consume, not govt picking winners and losers.
Basically a big fat taxpayer bailout to builders who were sitting on the sidelines due to the popping of the housing bubble. It's an election promise and may not actually materialize if the NDP gain power again. We'll see.
wow that's insane. this is an emerging disaster where govt interference in the market to profit banksters begets more inteference with the bill being passed on to taxpayers, savers, wage earners, pensioners.
I had no idea I would need to pay taxes when I eventually move into my condo thats currently rented. I wonder if I can claim a loss since its gone down in value.
My understanding is that your condo needs to be valued/appraised at the date the use of it changed to personal use (a “deemed” disposition). Since it was an investment before that then you *should* be able to carry forward that capital loss to offset gains elsewhere (other properties, stocks, etc) as if you had sold it. Keep your receipts. And take my advice for what it is…a UA-cam comment.
My parents retired from farming full time with livestock (year round) last year. They were almost unable to close on their new property, a small ranch, in time to not be “homeless” themselves because the sellers of the ranch had a clause on purchasing a larger ranch for themselves and struggled a bit to get the necessary financing. My mom joked “we’ve lived cash poor most years but have always had a home and now we might be homeless millionaires!” They provided 300k in bridge financing to the “upsizers” they purchased from. My parents avoided homelessness and the other family is successfully continuing in their new, larger farm/ranch. Banks need to lend more to people/entrepreneurs growing the economy and less for overpriced homes.
Yes should consult an accountant when one rents to their child. Can be double-bad. CRA can assess the parent as if they rec’d fair mkt value rent and the child may not claim rent paid wrt Trillium credit.
In 2022 it was never coming down then ? So it will shoot up in 2025 summer. China just announced huge stimulus it's going to flood market with money Canada next cut .5%
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answer to matthew's question: trudeau and his liberal minions totally screwed you and your fellow young canadians.. i'm 44 and i barely got in.. a detached house i bought in vancouver (2012) tripled in value since trudeau took over.. so if was born 10 years or so later and was in my early 30's like yourself, i would have missed the bus and totally got screwed too.. yes, it's unfortunate for the future generations but what can you do at this point? i guess all you can do is blame your fellow canadians for voting for a part time drama teacher to lead our country.
What RBC Governers doing ? He said his decisions r independent of politics then how can he be still RBC governer. Trudeau is useless so he should be more cautious but not he said "interest rates will be low for foreseeable future"
Those who will buy a detached home have to sell their condo first. Only 2%-3% of condos are selling. Therefore detached home prices is linked with high degree to condo market. They are not separate. Even if investors want to buy detached home, they have to sell their condo first. Condo prices will go down considerably before detached home markets picks up. You can't build fourplex anywhere in Toronto and good luck having this approved so real estate investors are not jumping into this business adventure. Real estate investor will not jump in the detached market because prices are not going to grow like crazy in the next 5 years so they won't get great return on their investments and they can't rent the house because many condos are going to be listed for rent for cheap monthly amount.
the answer to the generation problem is to move to the States.
To the guy about Newmarket..
As boomers start flooding the market with inventory as they need to fund retirement it's going to cause a MASSIVE problem.
Who is going to be able to afford all those grossly over priced homes?
The answer is nobody.
Homes that price don't pencil as investment/rental and younger generations won't be able to afford them.. The most likely outcome will be prices tanking and boomers not being able to fund retirement
I would suggest you to check the newest Liberal announcement who have dropped the down payment requirements and also allowing increased amortization. That's what will continue the wild cycle and upward movement. As JT says it housing should retain its value. The only folks who will win are realtors, mortgage brokers, banks, lenders and boomers! Boomers go out and vote. No party will jeopardize the key demographic.
The answer is whomever can fill that house with 10+ people, 3-4 per room. Mass immigration isn't just about surpressing wages but also bailing out the boomer voting base and propping up their overvalued homes.
Look at the economy, Canada needs growth, they are going to stimulate the economy. Housing is the Canada life line. They are going to avoid the deflection
govt needs to get out of the market.
its distorting and destroying the real economy.
all the malinvestments begin to blow up and they do more "stimulus"
which is a fancy name for wasting taxpayer money to prop up the assets
of speculators, flippers.. etc.
the free market is what is supposed to protect the consume,
not govt picking winners and losers.
Corect combination of saving in homes and RRSP and tfsa will increase wealth
What do you think of BCs announcement to cover 40 percent of a purchase?? Most bizarre.
Basically a big fat taxpayer bailout to builders who were sitting on the sidelines due to the popping of the housing bubble. It's an election promise and may not actually materialize if the NDP gain power again. We'll see.
wow that's insane.
this is an emerging disaster where govt interference in the market
to profit banksters
begets more inteference with the bill being passed on to taxpayers, savers, wage earners, pensioners.
Willy..
Sell now, rent for a year and buy in summer 2025 for pennies on the dollar
Nice lady smile and discussion
I had no idea I would need to pay taxes when I eventually move into my condo thats currently rented. I wonder if I can claim a loss since its gone down in value.
My understanding is that your condo needs to be valued/appraised at the date the use of it changed to personal use (a “deemed” disposition). Since it was an investment before that then you *should* be able to carry forward that capital loss to offset gains elsewhere (other properties, stocks, etc) as if you had sold it. Keep your receipts. And take my advice for what it is…a UA-cam comment.
0:20 when you said "please leave (pause)" I was like okay, I guess, if I want to show support... 🤔
Im planning to sell my condo,is it time sell now or wait in spring to put it up for sale in the market ?
If there is a lot of inventory in market like yours, how you can differentiate yours from all those will decide if you will do well or not.
the realtors are sresponsible for all this......they told sellers they could get big prices for their houses and now everyone is stuck congratulations
My parents retired from farming full time with livestock (year round) last year. They were almost unable to close on their new property, a small ranch, in time to not be “homeless” themselves because the sellers of the ranch had a clause on purchasing a larger ranch for themselves and struggled a bit to get the necessary financing. My mom joked “we’ve lived cash poor most years but have always had a home and now we might be homeless millionaires!”
They provided 300k in bridge financing to the “upsizers” they purchased from. My parents avoided homelessness and the other family is successfully continuing in their new, larger farm/ranch. Banks need to lend more to people/entrepreneurs growing the economy and less for overpriced homes.
Yes should consult an accountant when one rents to their child. Can be double-bad. CRA can assess the parent as if they rec’d fair mkt value rent and the child may not claim rent paid wrt Trillium credit.
Try feeling optimistic about life and the future when you don’t own any property, no assets and no retirement plan.
Do you think all sectors will be busier in the new year?
🙌
The market will not pick up. 20,000 condos are coming into the market next year. Rent is coming down and all hell will break loose.
In 2022 it was never coming down then ? So it will shoot up in 2025 summer. China just announced huge stimulus it's going to flood market with money Canada next cut .5%
But the pumpers keep pumping
@@EricAlHarb Only until Justine gets kicked out of office and goes to hollywood.
Depends on what you need. If you are looking for semi, then you are ok. Also one buys to live in the house for 10-15 years will be fine