Is 2024 a good time to buy a home in Canada?
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- Опубліковано 1 січ 2024
- After nearly two years of interest rate hikes, some experts believe reprieve is on the way in 2024. Melissa Duggan speaks with an economist from Desjardins on the challenges Canada's housing market is facing, and when is a good time to buy.
It’s never a good time to buy a home in Canada. Way too overpriced and loans are unaffordable too. Plus extremely high fees and taxes.
Exactly why I'm buying in Texas. Better prices, better climate, and less taxes.
Homes that were literally not even $200,000 in 2004, are now worth and selling for sometimes even over a million. Meanwhile you could get a large house with a decent amount of land in nearby US States like New York, Pennsylvania and Ohio for not even half a million Canadian dollars. Canada is insanely Expensive.
@@jsr5773 Suuuure blame the baby lol
90 % owners are not even Ever visit Canada 😮😮😮😮
Exactly said.. what is the solution for this... Some 100+ year old haunted homes are selling for 700K+... Something seriously wrong here...
Homes in the Gta double every 10 yrs in price. 40 yrs they have. So that being said by 2030-2033 range a 1M dollar home may be close to 2M
@baseline6786 thanks.. how about the people's purchasing power.. will that also double like this... ????
Recessions always create lower interest rates. Remember folks recession is when your neighbor loses their job, depression is when you lose your job and economic recovery is when Justin Trudeau loses his job.
great . Justin need 100 year vacation
The depth of this problem and the breadth of its implications on absolutely every aspect of peoples lives and future planning has hardly been grasped by the Canadian media/government. People are earning enviable wages, saving diligently, and doing everything “right,” while still being unable to even consider owning a family-sized home. IN THE SECOND LARGEST COUNTRY ON EARTH. This is remarkably, some may even say astonishingly, horrible and unnecessarily exorbitant. At many levels, this problem has been deliberately generated to turn profits, for both private individuals, the banks, and the government.
The answer is .....NO!
The home and condo prices are way overpriced in the gtaa. It makes no sense with wages not increasing but taxes including the payroll and carbon taxes going up in 2024.
you can say that for a lot of places not just here and overpriced is subjective just because its overpriced to you doesn't mean thats not the market value
no !
After thousands of people lost their life savings selling at major losses to make up for government spending, how much of this optimism glosses over the damage done?
can you think for a second before make assumptions?
Who could have lost money?
People who bought before 2021 boom, if they sold it this year, they still made lots of money because RE price almost doubled in 2021.
People who bought on 2021 rush, they are still on 2021 rate so there is no reason to sell.
Only people who bought on/after 2021 at variable rate would be having trouble paying mortgage, but for one, they should have never assumed free borrowing will last forever, should've had back up plan incase rate increase. Two, if you can't afford 6~7% rate, that means you borrowed too much to begin with.
Selling at lost, because you can't pay 4% higher, you gotta be kidding me, never buy a house again.
@@andg5194 say that to the tens of thousands of people who signed up for pre-construction homes that the government was pushing to be built
@@goylanddefree80 ok fair enough, let's say someone in 2021, bought pre-sale condo or detached, is now complete. Rate in 2021 2% vs 2023 6%? Difference in monthly payment is $1000 per $500k borrowing.
If someone is making enough income to qualify for $500k mortgage, they sure can spend less somewhere else and come up with extra $1k a month, if someone is qualify for $1M mortgage on detached home, they sure can come up with extra $2k a month. Also doesn't matter what the rate is, everybody since 2018 has to pass stress test at minimum rate of 5.25%. Someone makes enough income to qualify for 5.25% but not 6%?
I know it's hard for everyone but no one is selling at a lost because they can't make monthly payment. Saying tens of thousands people are force to sell their homes at lost because they can't make payment is simply not true.
No way no one can bringing down in housing markets.
Too late ask Justin Trudeau
Why he did it to canadians.?
Did you not hear the Bank of Canada. They are raising rates this year again... This guy knows JACK.
For me Taxes are very high, this is a bigger issue. in Montreal Taxes on salary + Taxes on houses + 15% Taxes on everything you buy = 60% taxes on your income, this is crazy.
I don't believe him.
Debt for the rest of your life, for a house? nope!
First of all interest rates didn't go up just because of food inflation, the real reason behind was because of over priced unaffordable home prices. If these home prices don't come down by 40-50% the interest rates will remain high. Sorry this is the reality. You as a realtor got to face the truth.
Hope your correct! I need to purchase a home!
@@treaty8631 Only time will tell. Just don't buy homes when rates are high. Unless if you offer 30-40% less of the asking price for a home that's not selling.
We saw this game in the 70's and 80's. Central banks dropping rates too prematurely causing an even larger inflationary rebound effect. I think the BoC is definitely keeping this precedent in mind.
Personally I'm not sold on the idea that interest rates are coming down this year, or definitely not as aggressively as investors are predicting. Inflation is ticking back up so why would BoC lower rates? My money is on the idea that BoC will keep rates steady at least until they hit or get very close to target inflation. It's simply just too risky for them not to proceed with caution and be conservative.
*You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months sometimes lesser and now they are multi millionaires.*
*I pray that anyone who reads this will be successful in life* ✊🏻❤️
Only God knows how much grateful i am. After so much
struggles I now own a new house and my family is happy once again everything is finally falling into place!
I can't thank you enough Mrs Angela Mae McClain!
I think l've come across a broker that goes by Angela McClain but I didn't think she'd be that good that someone would testify of her work on UA-cam.
Please how can I contact her? I'd love to see for myself
You'll surely reach her
she's always active on Whats'akp👇🏾
NO
Even if u can afford one, the property tax, carbon etc is just makes it insane
If they lower the interest rate, inflation will rebound to above 4 if not 5 percent.
If you dont own a house by now, forget it. You will never.
Canada. Over priced, over hyped, over populated.
Impressive if you live in sub saharan africa like places only .. apologies to folks there for the comparison lol
Overpopulated? You haven’t been to Europe or the US then
@@jesssandhu9432 yea but consider the entire population is practically sardined in south of canada
I bought a beautiful house in Edmonton for $299,999, it has a basement as well which I rented for $1200, and pay very less mortgage. Its time for Canadians to move away from Ontario or BC and start focusing on the huge land available elsewhere...
Well many sit and just complain and watch home values trend up. Now we have hit a bottom again. Ppl will just watch in 5 months values start to trend up as rates fall. And some like to wait to compete for prices and not take advantage of these slower times n
Low employment is gonna help with affordability. The more you know.
Long term:
Rent only goes up. 10 yrs of rent=360k
Home values go up.
Home costs come down as u pay down a mortgage.
So where do u want to be in 10 yrs?
Do ppl 20 yrs down the road ever say, i wish i rented in toronto and didnt buy that house.. as they paid in 2024 1.2M and in 2044 its near 3M and stayed renting at 5k a month..
The GTA and Durham are a living nightmare now
😅😅😅 omg this guy's advice makes no sense. Average Canadian household income is around 100k a year with both of the parents working not including income tax. If the mortgage goes up to $6k a month, how will they save for lumpsum of payments? He doesn't know what he is talking about, absolutely clueless.
so if now isn’t the time then when is?
changes will be coming in the Cdn real estate market a class action lawsuit is in the works in Canada against the practice of the seller having to pay the buyers agent commission a similar class action lawsuit in The USA was won by plaintiffs so hang on a while and see how this plays out instead of paying agents roulette of 4/5/6 % you could be paying 2%
when is it a bad time to buy a home?
The bank made it clear that rates would not come down this year if inflationary pressures ensue and considering the wars in the middle east and eastern Europe, the rates are NOT coming down this year.
It could be after the entire sector is bankrupted and washed out. Start all over again as the rackets have been going on for 20 years or so ? Prices should be at most 3.5 times median income and taxes to match imo
2010 was the last good time to buy a home in Canada. 2024 is basically financial suicide.
It’s a good time to buy a house for rich people. The rates will go down because election is just around the corner.
If you have to ask, the answer is no.
In other words nothing has changed for a new home buyer!!!
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value.
@KlausAlbrecht1 Oh that sounds good but how do i reach out to Alice Marie Coraggio ?
@KlausAlbrecht1 I will give this a look, thanks a bunch for sharing.
Houses in Canada and United States and Uk and Sweden and Denmark and Iceland and Norway and Austria and Australia and Italy needs more houses 🏠 by 2030
Houses are for rich people not for you
Production ideas
MPAC Values vs Asking or Resale. Estimated Differential is $500,000.00 on a property of 750k.
Great for equity building over 10, 20, 30 years. Those looking to speculate or flip for a quick buck, this market has consequences. Same for those that bought in with low interest at the peak. Real Estate has been treated like a safe haven investment, but has fallen victim just like the short sell stock market investors and crypto. You can argue it’s land costs or materials or labor shortages, that’s just the speculators making excuses to hype their position of “ it is what it is “. You didn’t see real estate brokers or agents offer reduced commission incentives during the frenzy peak or during this downturn.
“SOLD BELOW ASKING” & “ NOT COMING SOON” are the new banners on their signs.
Invest wisely.
2024 still expensive and we’re broke
If u want to buy a house in 2024 it will cost u $1 million or over u need a spouse both of u guys have to be making $75k job both to pay off mortgage in 25 yrs.
@@allentam5754 oh 25years is long working 7 days a week and holidays off work
whats wrong with the audio ? why only one channel ?
I know, its the same issue with most of their videos. I don't have this problem with any other channel on UA-cam. Ridiculous! I'm giving up on CityNews.
NEVER NEVER NEVER
High levels of immigration will stop housing/rents from crashing in Canada. Interest rates in Canada will come down when the US Federal Reserve starts lowering rates not before. Canada is not a leader, it is a follower. So expect interest rates to drop in the second half of 2024 and continue dropping into 2025. Renters may get some relief if builders build more purpose-built rental housing but as interest rates drop house prices will rise. Renters that are protected by rent control will stay put as moving would mean a $1000-$1500 increase in their monthly rent costs. Those who have the financial means will buy houses. The liberals are encouraging builders to build purpose-built rental housing with some tax incentives. That will increase rental stock but with high immigration that will be absorbed.
Even with a housing shortage building permits were down 7.7% in Canada in 2023. That tells you developers are not fully confident and let's face it building anything in Canada is onerous. Special interest eco groups fight nearly all development. Some municipalities are not all that interested in the expansion of affordable housing. They realize that they would have to invest in new expensive infrastructure and existing voters don't want new development. Governments talk a lot about "plans" to encourage building but actually getting shovels in the ground is slow. There is a lot of bureaucracy in building anything in Canada and we are painfully slow at accomplishing projects. For example, the last Trudeau liberal affordable housing plan was to build 164 new homes. They actually built only 12 homes over 8 years.
Immigration has nothing to do with it. These international students can’t afford to buy homes either. Blame Trudeau
The answer is not lower rates it is a big decline in the over inflated cost of houses. This guy is just a spin doctor for the banks.
He never answers the questions
Houses r over price.
Offer ability 😔🤔
People these people only want high commission.
Look at all these brokies. I'm Andrew Tate student and i'm considered in the upper class now.
Its not coming down. The banks will make dam sure every renewed mortgage in 2024 2025 pays piper. Drop interest rates😅😂😅😂 I say maybe .25 lol
Oh not in Toronto 😂😂😂😂😂😂
Absolutely no
Lump sum payment? Everybody is in debt!
💵💵💵💰💰💰💯💯💯🤑🤑🤑
Keep bringing in immigrants Canada needs fresh blood and people that work hard....not the complainers they can move to Mexico
Unless libs end the carbon taxes, and all that stuff no. It’s not a good time until that stuff is over.. and the bubble has to pop
Ha ha haaaaa
Homebuying in canada is a financial scam
Canada house 🏠 Rooms very small 😢😢😢👎👎👎 king bedrooms 🛌 😴😴🤮🤮🤮
Yet you voted Liberal 😂
More like 2034.
I live in Canada, its an overpriced pile of Garbage, Dont move here if you want to be in debt till you die period
Is this guy delusional.
If you can’t afford a home go sleep in a tent, I’m not talking to you
What a simplistic dishonest opinion
I think 2024 is going to be a good time to buy a house for Eve a woman and I
You can't afford an extra can of soup, how will you buy a house??
No female eve woman lady girl would ever come close to talking to a lonely worthless troll like you
@@DontDelete-fp8oy🌈🎻
@@williamterrymasters1934 pathetic fool
As a man who owns two homes, even I think house prices in major cities are getting ridiculous. I'd love it if house prices drop in half. Average people can afford homes and (selfishly) I can trade up to a 8 bedroom 3 car garage mansion.
I know. I own three homes, and I can barely own a fourth.
Slavers from 🇮🇳🇨🇳 villagers welcome to 🇨🇦👎👎👎
if you're rich lol. we're in late capitalism folks, things are only gonna get less affordable
All bullsit predictions, all just wishful thinking.
why would you buy hyper bubble property in icy cold socialist communist country when you can get 10 houses instead one in a nice, friendly and warm country 😂😂😂
because i have family and business over here and everything and everyone i know is in canada. i wish it was that easy