The Canadian Reset is Coming...
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- Опубліковано 14 чер 2024
- Canadians are suffering.. we delve into the current real estate market trends, discussing the decline in homeownership rates, the affordability crisis, and the impact of interest rate hikes on homeowners and renters in Canada. Vince Gaetano explores the significant drop in homeownership rates, especially in Ontario and BC, and the rise in property listings due to increased financial pressure on homeowners. He also highlights the challenges Canadians face with rising debt and credit utilization rates, emphasizing the importance of financial planning and budgeting. The episode features insights from Daniel Foch's market update, shedding light on changing family dynamics, housing needs, and the national housing strategy. Vince also introduces RPM Wealth Builders, a new real estate property management franchise, and offers practical advice for navigating the economic challenges ahead. Tune in to learn more about mortgage solutions, refinancing options, and the future of the housing market. Visit www.owlmortgage.ca for personalized mortgage advice and subscribe to our UA-cam channel for more expert insights.
Chapters:
0:00 - Canada Market Update
12:23 - Why do Canadians love debt? Supporting life through credit cards and HELOCs?
13:33 - Some economists think we'll see a mild recession in 2024. What are your thoughts on that?
14:33 - Inventory is going up & Homes taking longer to sell… is it possible A new trend will continue?
16:13 - If you currently hold a variable rate mortgage, what should you do?
17:26 - Have things slowed with interest rate hikes? How is your job different now than, say, one year ago?
19:55 - With affordability concerns is restructuring your mortgage the solution?
At OwlMortgage.ca, we’re reframing mortgages. Gone are the days of daunting contracts that laden you with debt. Our educational and empathetic approach considers your needs and wants from your home to make it work for you. We offer a helping hand regardless of your learning style or where you are in your home-buying journey. Whether you're self-employed, salaried, or retired, and looking for a first home, renewing, refinancing or consolidating your debt, the team is here to help.
📩 vince@owlmortgage.ca | (416) 613-5363
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#mortgage #mortgagebroker #realestate #housingmarket #canada #interestrates #politics #toronto #ontario #canadianeconomy
Prices are too high. With rates not subsidised in ’24 and mortgage still high , currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.
Affording our mortgage is tough as well. I have suggested cashing in, renting or relocating, and investing the rest in the stock market.
If you can afford to relocate, you should manage the mortgage.
if you are looking to invest in the stock market, I suggest you Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
Thats true, working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
this is all new to me, where do I find a fiduciary, can you recommend any?
Left seven years ago for the Bahamas. Best decision I ever made.
How are the Hurricanes?
If you’re doing so well, then what brings you to this channel ? I presume you’re not entirely content either, which is why you’re tuning into the discussions on this channel.
Left 34 years ago. Best decision ever
ws re buying a nice motorrhome and bank our money
Well done honestly. the people being snarky havent been hit by reality yet somehow. ive got quite a few friends and family who have left or are in the process of leaving the country. Even more rushing out of ontario specifically and heading to other provinces at the least. I want to do the same but have kids and blended families etc tying me down a few more years.
Homes are for living in. Things ended up this way because people treated them like the laziest way to retire/get rich. Young people don't want to raise children in 500 sqft, nor do they want to spend a million dollars on a "fixer upper's dream". This will be a country of immigrants and old people if things don't change.
Rich Dad poor Dad was the worst book for society
I think we are already there. The older generation is quite happy (apparently) to rob the younger. Disgusting. My parents paid $11k for their house on a big lot in Victoria, BC in early 70s. Mom didn't have to work. Dad made a very "average" living. They had cars, trucks, 5 kids, and zero debt (house was paid off in a few years). On one ordinary income. Their house (which would just be a tear down really) would now go for 1.5-2 million. Something is very, very wrong here.
It's been a ponzi scheme since Nixon took US off gold standard (same impact in Canada). Further, waste has been off the charts for decades.
I don't know why everyone is so upset. The Canadian majority ( over 50%) voted for the existing coalition 3x in a row. Here we are.....Whoever would have thought unlimited spending and unlimited immigration would have created a mess. Inflation is here to stay, don't count on rate cuts to save anyone.
Your percentages are incorrect; check them out.
Your data is wrong.
Your are a hard-hearted wretch. So what about all those who didn't vote for the NDP-Liberal coalition. I guess they are just along for the ride and are guilty of not sufficiently resisting the fickle tides of history.
take care
rwmccoy
@@mariadavis3797 6,588,403 voted Conservative and Peoples Party whereas 10,291,580 voted lib, bloc, ndp and green. Unless I'm missing how they tally or something, way over 50% of this country voted hard left. Turdo has been in power for almost a decade.
@@mariadavis3797You are wrong Ms. Freeland. Over 50% voted hard left. Enjoy your oatmeal comrade.
Our government lives in an alternate reality, look at how the unions responded when asked to return to three days a week. My sister in-law works for the Ontario government. She gets $400 a year for eyewear. Montly wellness expenses such as massages, 4 weeks off a year. She only been there 2 years. And she gets a generous pension. How many private sector people get that. The governments are out of touch and its costing you putting food in your childrens mouths
1 out of 4 people work for the government now. It’s bloated and we can’t afford this government.
@@ladyjade6446so do what we all did and get a job with the gov! I go for a free massage every 3 weeks. My pension is inflation proof. It's a good place to be during the storm 😊
@@ladyjade6446There are also a lot more unnecessary government workers. They "create jobs" and it makes the unemployment rate seem low.
@@Kimi_Bu_ When they create those jobs they also create red tape which just adds to higher prices.
Agreed. Could not have said it any better.
We don't need a rate drop we need a rate increase to bring prices down to an affordable range.I don't care if my home loses value ,at least the taxes can come down with that.The home value rising is only good for flippers and corporate buyers.
Screw the banks!
Municipalities will not lower property taxes. They have to keep paying ever increasing public worker wages / benefits for services that are questionable at best.
Correct once these municipalities get our taxes they are like pigs to the trough,and won't give them up ,they get addicted to it.They get used to more cash and never tighten the belt.
Making decision to immigrate to Canada back in 1991, that was 30 years ago), I couldn’t imagine that for our kids the Canadian Dream will turn into life-long rent of moldy basements or being forced to own a 450 sq.ft. Shoe box condo, for which they have to take $650K mortgage
Agreed.
That’s why more and more Canadians move to US.
Having kids require room and income to up bing them. Young people have no room and no income…
I see no rate cuts in 2024 which is a belief I've had all year. It's going to get uglier and the hyped up real estate market is an impending train wreck imo.
It's going to be hard for it to crash untill we get more inventory
Just buy a condo or 2
@@chriswhynder8311two things government could do:
1) lower permitting fees, land transfer taxes, etcetera
2) provide more support and encourage more cooperative and non-profit development.
Less needless taxes and fees would be a huge reduction and non-profit development corporations would provide a small reduction in cost.
@@nunol1554 worst advice, condo’s are the first to lose value during a price correction.
That’s great for investors. Buy low, sell high.
This quote is always miss used but let me miss use it one more time. Every time I hear, "we need to rethink our habits" and therfore be content with less, I hear: "you'll own nothing and you'll be happy about it". I know it's not what the WEF meant by saying this but it still feels like it applies...
The WEF meant every word of that. Klaus is a NAZI!
So many people I know are talking about leaving Canada. It's all about high housing costs relative to wages. It's a bubble and I can't afford to wait for it to pop.
Canadians are financially responsable you say ? ... read this from CTV News ...
"Canada has the highest level of household debt to disposable income of any G7 country .... debt-to-income ratio reached more than 180 per cent, beating the United States and Germany by a large margin. Both of those countries posted rates of 100 per cent....for every dollar Canadian households had in disposable income, they owed about $1.85....for contrast, in 1980, the rate was just 66 per cent".
"According to Trans Union’s Q3 2023 report, the average Canadian is carrying a balance of $4,265 on their credit card. This represents a 9% jump year over year....An Equifax report notes that credit card delinquencies rose by 15.8% during Q3 2023, with more than 20% of Canadians ages 26 to 55 missing a payment.
The percentage of cardholders making only the minimum payment rose by 3.4% during the same period, while the percentage of those paying their balance in full fell by 1.5%".
We get taxed so much it's impossible not to. Get rid of even half of the tax we pay and you'll see how that number drops.
According to Crystia Freeland, we're all doing fine. Please continue to vote Liberal folks for prudent financial policy. Heh heh.
Ontarians are extremely irresponsible especially mortgage borrowers I refuse to call these losers homowners they have massive debt putting us all,in a worse position because of it.
Follow any local costco deal page and you'll see how FOMO is causing people to spend like they won the lottery.. every week there's a new "cabbage patch doll" moment and they rush out to buy the latest, greatest product..
do some research. most of candians debt is tied up in mortgages. we are in a housing crisis. we do have a credit/debt problem in this country for sure but it wouldnt be right to ignore that issue and its effect.
I think for me the real estate market is in a funk. We sold our house last year which closed in April and we’ve been renting. We had a huge property by city standards and wanted to downsize. When spring came everyone listed their properties and it went from 600 to over a 1000 properties for sale anticipating a hot market. This was evident by the pricing. The real estate salespeople also encouraged people to list their homes priced for a hot market. But at the end of the day nothing changed from last fall till now. Why are people asking almost a 25% increase in the same homes. This is perpetuated by the real estate industry. It’s great to see so many homes going on the market but if there not priced right they will sit on the market. Hence it takes on a depression atmosphere.
Agreed.
canada in depression now
Peoples can feel it
Thanks to Trudeau and it's party
Yup first modern depression.
So true, it is a mess
Liberals disagree
The bought off media will say otherwise
There should be no rate cuts until Unemployment hits 7 percent.
66% capital gains. Why would anyone invest here anymore?
Also, you say Canadians are meeting their mortgage payments. Probably because of extend and pretend. Extended amortization has kept payments low.
Correct on all fronts
66% inclusion rate on gains over 200k. That’s not the same as a 66% tax rate
@@joaocoelho2929 I thought it was 250K. Regardless, this is a tax increase. What was it before? Trudeau has been spending money like a drunken sailor and has no understanding of economics. He has to pay for his bloat of the government somehow. Someone has to pay for all those electric car factories and guess who it is - you and I. This constant money printing in the western world is destroying the middle class. Who can afford a house in a decent sized and robust city in Canada anymore? I'd love to own a house but it ain't ever going to happen unless I win a lottery or move to rural Saskatchewan.
@@joaocoelho2929on 2.5 million its around $200k extra in taxes. That's fuckin huge
@@gerhardschulzyit’s absolutely a lot of money, and I’m not even saying it’s a good idea. But a lot of people are getting the impression that it means %66 tax, and that’s not what it means.
I am not losing hope, i have already given up. If i had any money i would be leaving too.
We need to change if we want change.
1/ Govt needs to downsize and seriously cut programs in order to reduce our tax burden to help us cope with inflation and higher living costs. I want to see the size of the federal government reduced by 25%.
2/ The federal govt needs to stop intruding on provincial jurisdictions. We do not need redundancy.
3/ Canada has its own challenges to work on. We don't need to work on other nations challenges unless there is a substantial mutual net benefit.
4/ Canadians need to be more capitalist. Socialism in the extreme is just as bad as extreme capitalism. Give businesses a break as the owners take risk that benefit us all. Remember that Capitalists gave us the modern conveniences we all enjoy.
5/ We need to work smarter, therefore, we need to give our young people a better education. Speaking as an Ontario citizen, we need to bring back grade 13, cut out supporting two school systems and return to only one public system, and we need to subsidize the cost of our Universities and Colleges for our children. Education is more crucial than healthcare.
6/ We can't afford to tolerate criminal behaviour like we have been. We are not as rich anymore and we need harsher penalties for the crimes that cause the most physical and financial harm.
7/ We now live longer. We have a labour shortage. People should only be able to draw on a pension after age 65. In fact, the retirement age needs to be raised to 68.
I am sure there are other changes we should make. The point is that we need to change what we are doing to create change.
Where the argument re less space sort of weakens is the self storage locations popping up everywhere.
Bingo! Well said!
Thank you for advice. What about you, personally? Do you need your 3000 sq.ft house? Why don’t you downsize into 450 sq.ft box that don’t even have a kitchen?
He was not talking about himself. He was talking about you and I and other people who dont already owns houses.
I love calling out hypocrisy. You did it just right!
100% DISAGREE. We do not need to be squeezed into small homes. We have millions of square feet of land in Canada. We need to spread out to personally grow.
You wish, however, life doesn't work that way
Agreed. The income tax burden alone is devastating the middle class!
100% building tiny homes on tiny land is not going to help the low fertility rates that's for dam sure.
@@drscopeify 100% Agree!
No multi-unit housing until the provinces get serious about building codes. You simply can't raise a family in these paper thin tiny shit boxes.
@@bassamatic Seriously. Dude probably owns a SFH already and wants to keep inflating his equity like every other homeowner... screw off and let us BUILD!
@@KrazeeCain Spoken like a lame who has never lived in newer single family housing. A lame who has no idea how the rules we already have in place are not even enforced. I have lived in plenty of multi-family housing and the build quality and overall product is worse now than it was before. Builders will do bare minimum. So either be serious with vetting the work or improve the building code. Biggest issue with multi family housing, too small/not practical and soundproofing.
@@bassamatic Government apologists are the worst. Do you even know how much money the gov makes on each home purchase? Wash your face.
@@JaBlanche
People can't buy homes and you're out here talking soundproofing. That's the only lame thing here.
@@JaBlancheyou are right,! We purchase a townhouse and when the neighbours kids run or jump out items falls and move. The builder Mattamy blames everyone else, says it meets code, bylaw don’t enforce crap, it’s nonsense
im 50, i no longer want to live here. feel depressed, im a truck driver and my work just slowed down. from ontario canada.
Reach out to family and friends. Just talking to others helps.
I know many people who’ve already sold their homes and left
Income taxes up, capital gains taxes up. ALL living expenses up. Thank trudope for that.
More people need to forget the big city dream where life is just too expensive, 7 years ago I moved to a rural town and have never been happier... Cheaper costing of living and all the basic services and there's town's all over Canada that need people to replace their aging population.
I lived in a small town in southern Ontario, raised my family there for 30 years.
Fond memories like you describe!
I am seeing that seniors who stayed in their starter home, throughout their family stages of raising their children and seeing them leave home, seem able to retire and stay in their homes. Seniors who bought up and up in house size, ended up renting eventually. Just what I'm seeing. What are other people seeing? Good luck to us all! 👍😊
I built a big house for my family, raised them, then sold and bought a small one floor single family home in a great older neighborhood in St Thomas ON. Priorities change, but I will NEVER live in a multiple unit. I shouldn't have to.
Due to responsible financial discipline. And nobody helped me with my down payment. Just scrimped and saved like crazy!
When are you moving into a multi-family residence, Owl? You go first.
I agree, give up what you’ve worked for and sell it cheap.
We are building them and adding rental units. Just doing my part to help.
he doesn’t have to he can afford a house it’s the people that have no other choice and it’s a good option for them
@@thewsonberry5352accept less peasants. Love that for Canada
We are drowning in Trudeau and freeland shit taxes and policies for the last almost 8 years
As soon as I can retire I’m leaving. Canada is done.
👍
Me too. Putting plans in place.
My parents did the same and what I've seen, the older you get the more you need free healthcare, so don't take it for granted. It's not as green on the other side as you think, some who have left are returning no matter how bad you think it is here, they say it's better here than anywhere else. Good luck
@@KLeon-bg9uc My mom is coming close to 65 and she feels more comfortable in Canada than going back to her home country in Thailand even though healthcare there isn't bad either? Lots of decisions for us!
Yes. Thats what we need.
A revolt
This is not the canada I know. My parents came here as immigrants in the 40's. I was born here first born canadian and very proud to be canadian and very proud to have a high education. I'm struggling as a senior to make ends meet.
I'm thinking of leaving canada as u should go where u r treated best😊😊😊
Well said Vince,would love to see a 200K drop in house prices for the next generation of kids.If not its more doom and gloom for this country.
Thanks for the comment
50% drop is needed
1/2 - 2/3 price drop is needed to bring us back to pre-pandemic levels. Even then it was outstripping wages, but at least it was possible to do, however it is fantasy now.
$200k would only be a start. It needs a lot more than that.
Do you guys think? If there was a 50% drop no one would own a home. Everyone would lose their homes except for the people who own them outright! Stop living under a bridge and be realistic! Gosh!
Well we are a fascists country. What’s to be happy about. Can’t afford to eat a well balanced meal let alone have a home. But we all got the jab , lined up at the grocery stores 6 feet apart, left our families to die alone because if you didn’t get the jab you were harming your neighbour while the government wants you to hate your neighbour . Wake up and stop being selfish . We are all hurting, young and old.
Lol you all got the jab, me and my family were prepared for the mess and we got through just fine.
The main problem is people in society want the gubmint to do their thinking and assume all responsibility.
@@donm2067 Bloody oath. Those who took the jab can now suffer
We never took the jab. We prepared.
@@surprisek3918I’ve had the jab 5 times, everyone I know has. Absolutely zero health issues so far and no deaths from Covid. My extended family didn’t get it and a few of the older ones died of Covid.
My parents, siblings, wife, kids, best friends, none of us took that thing. We all knew better. The didn't force us to take it, they forced us to stand up for ourselves. I was in Ottawa from day one. I got no problem standing up for my beliefs. Wife lost her job, pension, benefits, I almost lost mine Too. Was all worth it though 😊
I will give me 2 cents of free advice...DO NOT speculate on rates going down or home values going up. Buy a house because you need one and can afford it...period. Don't think you'll strike it rich.
Well, most of us purchased because we could afford it and were told by the governor that rates will stay low for a long time and now our monthly payments doubled while our salary didn't move. Thanks for your free advice
@@shawnabc9477 another 2 cents...don't vote for money printers like Trudeau.
Love this comment
@@lgmnowkondo938I’m not a fan of Trudeau at all. But let’s be real; we’d be in this situation regardless. The whole world is dealing with some form of post-pandemic economic chaos.
@@ronjohnson3621 thats because they all printed money. Japan's inflation rate is only 2.4 and it never had a huge peak like ours did. THis is money printing...not post pandemic malaise. Trudeau can convince people of all kinds of nonsense. If we didn't print 600 billion and continue to run huge deficits to this day, inflation would be a lot lower.
It’s a misconception to believe that all individuals are dissatisfied and expressing complaints. It’s indeed a period where those who have overextended their financial commitments may face losses, which understandably leads to their frustration. However, individuals who have made prudent financial choices and lived within their means are faring reasonably well.
I (a millennial) like having collectables but there's an expression that "three moves is a fire" - which basically means you loose the same amount of stuff by moving three times as if you had a fire. As a renter I've had to downsize every move. I have no space for collectables.
My last contract with the provincial government was 2000. It was painfully obvious that the governments only concern was to GROW the organizational chart despite hiring more consultants. The issue was always dealt with by the "narrative," more government intervention, making decisions for the citizenry was prudent.
Reminded me of law enforcement culture. US vs. THEM, mentality. The feeling of civil servants now became the " law" if you will.
With such a financial burden put on the private sector, just a matter of time before all CITIZENS affected. Governments have, in my view, now responsible for the social issues of the day.
Stay safe❤
I have always felt Canadians are tough. They will endure these hard times though many dreams will be shattered.
So I will come out of the closet a little bit.
1. I have no credit card debt because I have no credit card.
2. I own a computer and a back up but no cell-phone.
3. I own no land or house, but I have in the past.
4. I believe in the maxim, 'The more you own, the more it owns you.'
5. I love to use cash for purchases. I am an inveterate luddite when it come to hiding my info from banks who might want to sell such data.
The question is, 'Am I so special?', or since I am not counted, 'Nobody sees me.'
take care
rwmccoy
Very smart
Gonna be hard for you as canadian banks are begining to stop use of cash.. companies will ban cash next... followed by government banning cash completely
@@user-rs6vc1xe5s Got news for you, people just invent what they want to use for cash. There is this belief that governments control everything when they control very little. As I have said many times 'Government efficacy has been highly exaggerated.'
@@user-rs6vc1xe5s No one is going to ban cash relax mr conspiracy head. CBDC is not replacing cash it is only giving you access to cash you already own with a card so you can do cool things like buy a used car from some dude on Facebook even on Sunday when banks are close it allows the economy to operate more, get more transactions going which is good for the economy, think about it, your cash is stuck in a bank account that is super annoying to deal with, CBDC solves all those problems letting you make a trans action with cash when banks are closed and not have to carry around large quantity of cash like buying a used car from private seller
This is interesting...for years and years..the 5 year was the most popular by far...and during all those years, rates trended down. Now that most people are picking shorter terms...you can almost bet for sure that rates will trend upwards. That's how things work for the masses.
Capital gain exempt is only on the primary shelter. So People have to reach the top of the property ladder to get the maximum profit. That's why we see two people live in the 5000 sqft home. Basically it is not the living arrangement, It is a financial adjustment.
Hey the immigrants want to stay. It's only us Canadians that can't afford it. Thanks Truduea.
You forget they live 8-10 in one house that’s how they afford it
@@retrogamer82 I'm paraphrasing. him: "i only live with 30 other people because it helps me save money and your jealous"
me: what are you saving? you own nothing, and if you want to save money the higher-intelligence thing to do would be to make more money instead of living with 30 people no?
him: no response
Canadian dollar will be the mexican peso if they try and save all the over leveraged home owners. Already lost.25% against it. Put interest where it should be canadians will all go broke. Apparently mexico thinks 10% interest is enough to cover inflation there.. here it needs to be 15% easy
Thanks for not sugarcoating it all, like many in the real estate business. I'm thinking this reset will be much worse than 2008 and when the dust settles, many boomers will be in long term care.
Thanks
And that will be another problem! They are not being pro active on that.
Boomers would be concerned that the generation they crewed over will be the ones largely responsible for their care 😮
The 30% increase in capital gain will hurt the young generations the most, those that can't no longer afford a house. It has the effect of taking a big bite of a family inheritance. It's funny that most politicians claim to be seriously concerned about unaffordablility for younger people.
When they say something invert what they say.
Al. Bring the Porsche index back please!
Price of home is still not declined.
it wont. too many people will lose money. housing prices will never truly come down again because the demand has been driven insanely high with the out of control immigration and our building has actually slowed. it costs too much too build so no one wants to invest.
Canada and "revolt". Lol. More like get another booster when told to, and get a timmies on way home.
😂 sad but funny
Absolutely right!
I went to Ottawa January 29th, 2022. One of our country's finest moments when 10,000 citizens showed up to call out a little potato head tyrant!
Life's good with no mortgage, rent or debts and very low costs. The 'mansion', a van in a Walmart parking lot, and elsewhere, is the way to save. Plus, Costco dogs for breakfast and other cheap eats. Clothing at Goodwill, free TV, movies, and phone over free WiFi spots. I'm saving a ton while bringing in a veteran income plus stock dividends and capital gains. My van is my base and my bike is how I mostly get around. LOL, no costly bus pass for me! Hopefully, we get a nice housing crash so I can scoop up a bargain.
developers are already building 300 sq.ft shoe box condos and trying to sell it for 700K in Canada.
In Durham region many places for rent are now “micro apts” yup 250 sqft
We need a severe economic shock to shake us from our collective apathy.
Signifiant RE price drops loading.
Coming... Ohh it's here.. we're in year 1 of a multiple year decline. Maybe Canadians will wake up one day.. we have Thelma and Louie driving the ship
Aleister Crowley and Madame Blavatsky
The exemption of capital gains taxes from your principal residence is what encourages people to take on maximum debt to buy large homes. And then encourages boomers from moving out of their homes. Because that home is a tax free investment. This is why i think the government may change the tax rules on primary residences in the future
Canadians are not responsible. Far from it. Canadians should not have been paying ridiculous RE prices. The fundamentals have never supported these prices. The only reason they haven't defaulted is because of negative amortizations. In the 80's negative amortizations were not a thing. Let interest rates continue to increase. This is the only way to bring down house prices. The inclusion rate should be 75 percent, like the 80's. Stop complaining about 66 percent.
Most Canadians are responsible. The same cannot be said for the gov. When the (fed) gov comes up with policies that specifically encourage certain behavior, over a prolonged period of time, then line between responsible and not-responsible becomes very blurry.
If we like you say go into more condensed or multi level purpose units. What would be the appropriate price of that. Hard to judge value for $$$. That been said price for privacy. More people renting less control over long term affordability. For everyone. Rich get richer. Not good. The mortgage may not be the issue. But the price of owning. Bills taxes insurance is the bigger problem
If you are 45 years old living in Canada you have never really witnessed real estate collapsing or even pricing on homes dropping. Everyone in this age group thinks owning homes is the ultimate investment. I think they are going to be in for a surprise.
Very realistic and truthful. Thanks
Current rates are still low by historical standards.
I'm not invested in Canada at all. Sold all Canadian stocks & ETFs. Dont own a home. Rent is 25% of my my after tax income in downtown Toronto. Honestly, leaving whenever I can for greener pastures abroad. Im a pretty positive guy and love my country but I think this place is beyond repair.
Trudeau ruined this once great country.
Loved your content until you said "we need to build smaller". Yeah .. that killed it.
FJT
Oh come on he's such a lovable guy!
@@makerKID5 he has such a punchable face, it's not even funny.
He’s a wanna be dictator
Love your content. I am in real estate, so good to get this info. One point to help you improve your content. Please edit the video down to less than 10 min and narrow down to main points.
everyone is leaving
It’s the honesty for me, love your show, love you
I hope the people getting handouts aren’t complaining. Where did you think the money came from to pay you for not working?
Where did you get that TSHIRT!!!???? Its the best!!!
on a more serious note. Yes people are being beaten down, overworked overtaxed, there should be a revolt of some kind
As long as Canadians bend over and accept the current political parties and setups then they should not complain at all. It is democracy.
I don't know about other millennials, but I definitely don't plan to have a dedicated dining room ever. A traditional house has 2 different tables for no reason.
On a related topic, I've nearly paid off my dog crate condo.
Canada is moving to a wrong direction. Here people consider their homes as a stocks. This is bad. You need a house to live. Never consider it as a asset.
My primary home is not a real asset. My other two rental properties are.
You have to have what you enjoy, even if it’s a dining room.
Nowadays a condo is a room that is your bedroom bathroom dining room and living room in kitchen all-in-one
After COVID, i dont think Canadians will ever revolt. We will just keep our heads down and keep paying. I personally think things will just go stagnant for a few years. If they do drop interest rates, then things will get worse in general for society
We did have the truckers. I haven’t lost all hope in but you are correct about how many are just do whatever tv says types
Let prices fall another 20 percent, in addition to the 20 percent which has already fallen since February 2022. Despite the fact that I own multiple rentals, I want my kids to own their own home which was earned with their sweat and tears.
Well it’s not gonna happen budy😀
Remember next year prices as March 2022 in GTA. Don’t worry be happy about your kids😀
@7min its because we have been told family is bad, too many people in the world, etc. And they have turned off people wanting families!
Maybe no cut at all this year.
40% of all new Canadians are planning their exit within 12 months of arriving. Most get landed status, a passport then hit the road. The reason : The cost of shelter in the worlds coldest country.
They will keep rates higher for longer to flush out the sheep who took out enormous mortgages last 3 years, for garbage houses thats wasnt worth the prices
Gen X here... What on earth is wrong with 1900 sq. ft.?? We raised 3 kids, all of whom prefer land and house space, but will never be able to afford it at this rate. Two are still living at home!! Sorry Mr. Owl but I disagree that condensed living is the way to go - it is subjective and all I hear is "own nothing and you will be happy". We have enough usable, viable land in Canada so people don't have to live that way. Most importantly, some people love dense city living, some love the suburban subdivision lifestyle, and others love acreages. Nobody should be forced into the first slot (or any slot) to conform to the elite's agenda but, unfortunately, the overlords are hell bent on eliminating the so-called middle class. The last 4 1/2 years of global madness has all been BY DESIGN, and opening the borders to immigrants has ruined this country (and the US) and that's what they want.. Sorry, not sorry!
Look, I still have 150K of principle mortgage debt OK? So please, please more inflation OK? Just make it that much easier for me to be able to pay off my mortgage. I know it makes prices higher, but it makes debts easier to pay off you know? So that's the plan then, OK? When my mortgage is paid off, then stop the inflation deal? I'm just worried about that, and then we're done (clearly self-serving huh?)
Interest rates are way too high... food prices are insane... gas... everything went up high to the sky and damaged from pandemic it made most of us lose our minds...
If you take a 50 year average on interest rates we are currently below that average, did you think that interest rates would stay at 2% forever.
@barrymantei7795 no... but it came all in once... to many issues, and many we didn't have to have...
How can you say that the housing prices is going to drop when building new houses now is too e pensive with labour costs and materials
The politicians are just trying to buy time ... to get elected one more time .. and then "who cares".
It certainly costed money to pull oil from the ground, but yet oil companies were paying their customer to take oil away during Covid. When people can't pay the bills and need to bail en mass, the deck of housing cards will come crashing down.
The real challenge is government spending the capitol gains tax increase as a result of excessive government spending, which is occurring at every level. Governments around the world are afraid to allow recessions. Why because if there’s a recession stock market will go down housing prices will go down. At the same time, putting in this capital gains tax increases a positive thing because it will reduce the level of speculation, and Real Estate, which is a must keep in higher interest rates will also help reduce that speculation in May, in fact, lead to some price reductions. This will take a while, but with condo sales slowing down, and a glut of condos on the market that’s where things will first start to fall, and they need to fall by quite a bit, and that will lead into single-family wallets next
This stuff is so basic. Nobody takes their evenings to read books on history. They watch Netflix instead and so they don’t have any understanding of how the economy (and economic history and variations thereof) work. Next shoe is unemployment rates shoot higher (don’t need to worry about your budget then, you’ll be foreclosing). There is no deflation coming (other than crisis). There has been some disinflation, but your only compounding the massive inflation rates of the last couple years. Rates going lower would be a response to a crisis and would be terrible (just look to the past). They would almost instantly create more inflation bc nothing has been fixed underneath. CLO market and AAA starting to crack. Lots of gating. Yield curve inverted for longest duration in history (just look to the past). You need to understand the 100-500 level dynamics, but experience and history are the teachers. None of this should be surprising. Don’t expect rare cuts this year. The yellow and red flags have been piling up for 5-10 years now and you needed to prepare along the way.
Tourism Canada aiming for 160 billion this year in tourism...last year they made 140 billion ....then they raise my property tax...
Who tours dump canada?? 😂😂😂
Apparently some do.....not sure why. @@That90sShow
Niagara Falls is popular with China. The mountains out West, where the Chinese get to close to the edge taking selfies.
People are being tired of being chemtrailed
Ah camon, it's for the greater good
We have an entire generation who has tied up a lot of their retirement funding in home ownership (boomers), in retirement age now...and youre surprised by the amount of homes on the market? Cmon dude...
Hope you get a corner unit in your future Soviet row homes nirvana that will replace single family houses. Tougher ride for the next 12-18 months! Try 3-5 years.
People love Debt... because government loves Debt... simple
Why do you not have data in real numbers? What a diatribe of nothing.
its brick and mud. a place to live. a house is not an investment or bank machine nor lottery.
Yes, you have such an amazing country and terrible government that makes the simplest decisions painful.
Does anyone i. Hamilton area know of a group of people .oving out of Canada. A group where we can all assist each other
Another few million immigrants should improve things. Slow and steady is a foreign concept.
Is that Bruce Lee as a DJ?
Yup!❤
Hope? It has forsaken these lands...
If you want to connect the dots with regards to family formation, take a look at the family law and the education system. The government has subverted the raising of children. Canada looks outside of Canada to find qualified people instead of incentivizing Canadians to train for these positions. Canadians are encouraged to mutilate themselves and become addicted to opioids. Thanks to the Liberal-NDP party we can only expect more of this.
Facts... i remember cbc running segments in the late 2000s talkimg about lack of good jobs or education opportunities for millenials due to glutt of boomers staying in workforce... and sayimg "millenials will just need to wait a little longer to pwn a home or start a family".... fast forward 15 years, boomers still in workforce and government never invested in that younger generation... passimg them over to import forign students and workers instead.
This is what NIMBYism and a lack of business development gets us.
Many people work from home. That impacts the required ‘living space’.
We have to thank Jagmeet Singh and his 3 million cousins for the current state of Canada
Blame Indians? Do you have a learning disability?
The great reset has already started
Unemployment and bankruptcy would cause the Bank of Canada to reduce the interest rates.
Those stats of 2 people per house hold must have been don3 in white neighborhoods ..where i live in surrey bc most my neighbors have 15 or more people indo canadians live with big families
greed from sellers and realtors got us here congrats
Imagine getting paid to do Uber eats while working as a auto parts delivery guy using the company car and company gas