Canada is now Building More Homes for Rent than for Homeowners - BONUS VIDEO
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- Опубліковано 20 сер 2024
- Data from CMHC showings the number of housing starts with the intended purpose to rent is now greater that homes for homeowners. We are literally a nation of renters. Townhomes are taking over many suburban cities due to land costs and investor demand but who really want these homes? 2024 Canadian real estate market.
I am 65, I finished school in 1982 with a civil engineering degree.
I will never buy anything that build in the past 25 years.
but you will buy a home thats filled with abesto's?
@@justinaldrich1719asbestos kills cancer.
Yep, you're right. The worst-built new homes are townhouses. Smarter to buy an older single detached home with a decent-sized lot.A neighbourhood that is established. You can update to newer windows, new HVAC energy-efficient natural gas heating, and more insulation.
@justinaldrich1719 ... you think asbestos was used in the 70s and 80s and 90s?
@@BwanaFinklestein Most new homes from mid 80s onwards won't have asbestos and obviously stuff from before mid 1950s won't have it. The late 50s to '70s homes pretty much all have it.
Asbestos was banned in most new construction in Canada starting in 1985 and it was declining in use before that as well. majority of homes won't have asbestos as it was only used mainly from the 60s-70s mostly. You can have lab tests done before you buy the house.
Of more concern would be Urea Formaldehyde Foam Insulation. During the 1970s, when concerns about energy efficiency led to efforts to improve home insulation in Canada, UFFI became an important insulation product for existing houses. Most installations occurred between 1977 and its ban in Canada in 1980. Most homes that had it installed have had it removed. There is a no UFFI clause in all purchase-to-sale
agreements in Canada. So the previous owner must disclose if the house had it or has it.
low productivity and stagnant wages since the only thing rich people do is buy properties to rent to newcomers.
Next, You bring in 10 million immigrants and pay them under minimum wage as uber drivers.
Slaps the top of the roof of said townhomes.
- You can get 15 International students in this bad boy!!!
15 only? try 25
15 or 51 😂
@@alexg9727 Come on man.... Be realistic......
@@alexg9727 Bbbbut that is the Kanedian Dream!!!!!
@@MustyBastard It's already reality, just ask the mayor of Brampton.
I hate the homes they are building in Canada. Because they aren't building them for us. Canada has colapsed. It's shameful and disgusting.
Yup, we have been thrown overboard to India... we are India's little offshoot. Fifth Estate exposed a mega immigration scam last night, owned and operated none other than by Indian in Bramptom. Makes me want to throw up. I hope viewers got a good look at the scam artist's luxury villa in Bramptom and will pay him a visit.
And just so we are all very clear, Pierre Poilievre will ve building the EXACT same homes, maybe worse. Because he is one if them! He's part of the conspiracy. Part of the globalist who have infiltrated this countries government. And all of the governments across the planet.... Makes you wonder if stories about a hidden continent for elitiest actually exists and its just becoming more obvious.
how can something collapse when it's not real?
it's a company town
Collapse.
Nonsense statement
Canada is becoming ghettoized, thanks for putting out this video. Especially in rural areas, all about property tax income and cluster housing. Government wants to bring in a million people a year, although we lack housing, infrastructure and dr’s having a shortage already. The street I grew up on had huge lots, nice homes all gone all clustered housing. This is no accident. And they are $700-800k no
Wonder Canadians are leaving.
$700-800k used to be a lot of money, and it still is in other countries.
@@jonathanandrew2909 in the Philippines you can retire on $500k. Houses cost $90k, and you live off the remaining at 4%. $2000/month can afford high end living there.
@@Autonomous15 Who would want to live there??
@@krisskross8985people who have 500k and want standard of living and services they can't achieve in canada.
Ok who's gonna take care of the elderly since everyone's becoming a landlord...
Ppl need to quit complaining and find a ninth job already
exactly proper communists love their servitude while owning nothing!!!!
My 2nd through 8th jobs are being a slumlord collecting rents on my mortgaged properties. I deserve a tax break from all the economic activity I'm providing.
Are you serious? A double professional incomes family can’t afford to buy a house today. How much you have to made to be in the market?
@@butwhytharumAre you serious? Or sarcastic? If you're serious, you're a PROBLEM!
@@bvictoria6605 huge sarcasm bro. I work with a few assholes who are leveraged like that tho. One got promoted to being the boss and got fired shortly after because he didn't know WTF he was doing and he holds like 6-7 mortgages that he had his kids sign for... Guy is a scumbag.
Slums in the making
Calgary is the same, big developments but no one really wants that crap.
No one living and working in Niagara Falls can own any of those places. Even renting them might even be an issue. With the salaries in Niagara good luck with that. Only a matter of time before before house of cards come crashing down
I don't think Niagara folks are the target market here. South east Asia written all over these homes.
@@markz1013 Yeah you are correct. Sad that people holding up the economy here will never be able to own a home. They only build three types of homes here. Condos, townhouses and monstrosity homes. No ranches/bungalows. It will happen though. Trust me. This is not sustainable
@@unimpressively_charmingThen you're a Prime candidate for the upcoming era of 15 minute cities, whereby your travel is restricted to the zone you live in. Enjoy!
@@bvictoria6605how long until this happens? I am 40 maybe have 40 years left. I could care less what happens to this shit hole country after that. Canada is ruined.
@@markz1013 the target market is for anyone with the money. There will be a diverse array of people living in these homes.
If you think that is bad, you should look at Richmond BC.. $1mil gets you a 50year old townhouse. $700k can only get you a 30-40 year old 2 bed apartment. A brand new townhouse costs at least $1.5mil
Move your Texas, London Ontario is still affordable.
It's called high density housing, being done everywhere in Ontario, although I can't speak for other provinces. It's all part of the mandate to make detached homes unaffordable and only investors buying these "garbage way to live" rental homes to bring in more riff Raff immigrants. It's no way for people to live. Over crowded, eye sore houses. Ruining the proper way to live, our culture and customs, being over run. Ruining family life. It's disgusting!
2:45, 700k and over a million for those crappy little boxes? Ridiculous. Look like jails and who can even afford that? And investors? More like great places for money launderers.
In 2021, the population of Canada was 38.3M. Last week, the population of this country went over 41M. A 7% increase in total population in 3 years. If you applied the same percentage say...to the United States that's an increase of 23 million people in 3 years. Pretty extraordinary. Any idea why now you see places built for rent. Directly across from where I live there is a 4 plex that is just being completed. I am certain that whoever rents these places doesn't even live in Canada yet.
WEF as per plan. You shall own nothing and be happy.
Ohhh there are plenty of owners. Just not the average guy anymore.
the gang only! the liberal one@@siriusfun
Or else.
@@arturmarques6480 sooooo the liberals are provincial governments? Hmmm Ontario is con Alberta is con, bc is ndp, sask.. con yet again... Like keep crying wolf when you vote for what you get.
Thank you for reminding all of that. Who will be the owner if no one wants them. The government. Thats who. What is insurance on these bad boys. How long before they burn to the ground.
Soviet Style Brother 😎 Soviet Canada 🇨🇦
guulag.. maple flavour...
@yvesgingras1475 not very appealing Architecture that's for sure
@@yvesgingras1475You have obviously never looked at Russian apartments. Gigantic 20+ storey slums where folks have at least three deadbolt locks in a steel entryway door. You really should get out more.
@@yvesgingras1475 ?
The Soviet/China/Canada trifecta! The only person making money here is trudeau.
this is a disaster, putting money on a condos and townhouses is not how you encourage people to solve population/birth rate problem. Canada needs to think about the future.
I dont want to raise kids in a small box with no money left for their development
And thank you so much for your work on reporting and the analysis!!
Thats the point! They dont want you to reproduce. They want to replace you.
Of course commie apartments will slow the CANADIAN birth rate but indian students and refugees will have no problem starting families in those places!
Same in Calgary. More townhouses than single detached being built. Unfortunately they are all 2 story and most seniors cannot climb all those stairs without an electric chair.
I was looking at moving there but changed my mind. A lot of those townhomes have condo fees. My townhome is about 1200 sq feet with a finished basement and freehold. I bought it in a suburb of Ottawa in 2008 for $214,000 brand new.
They should do up/down 3 story ones with level entry to both the top and bottom units. That'd give people a choice of say 950sqft (ground level) and 1900sqft (1st+2nd floor). There's a few like that nearby, and they don't look out of place. They built them on hills so that everyone has a view. More narrow and long in the design - rectangles.
Happening in BC as well.
About time.. renters are broke. Keep building them.. more the better. So everyone has a home and cheap. Prices will have to drop in the rental market.
Scarborough here, detached houses are being destroyed to make room for townhouses and condos. Its a very disturbing sight to see. Planning on leaving Canada soon unfortunately.
Bye!!! Good riddance!!!
You know there are places in Canada with cheaper real estate, you do not need to leave the country.
But no jobs there
@@Deira854 places with cheaper real estate have jobs, just not enough.
but its not even that cheap, for example I am looking at places 4 hours from Toronto, the houses still cost 600-800k average. This is more then what you pay in many major American cities @@nogreatreset8506
It makes me pretty sad when i see furnished basements for rent. Who wants to live in a fancy cold hole and pay like a whole residence price?. Also, considering split your house and have strangers living below your floor inside your property for cost savings is not normal all over the world.
Depressing.
Great video, I like the boots on the ground approach. Nice to change it up once and awhile.
BeReal is a Chinese owned and based company with an office in Toronto.
Density is a need in many areas of Canada especially in cities. just because we have lots of land doesn't mean it should all be paved over for housing. the housing needs have changed in many years due to many factors including divorce and families needing smaller places because they can 't afford or what the large house for half the family to live in. Many young people are not planning to have children and also don't want massive home for two people. More rental housing normally keeps house prices at more affordable rates as people don't need to buy if they can rent for an affordable price. rental housing is also needed more as people move around more in todays world then they did in the past.
You should see the townhouse crap they are building on Reid Ave. in Hamilton.
Same in Vancouver! Townhomes everywhere ! They are demolishing houses to build this expensive "fancy" condo.... Very bad move :(
Bro, i worked for 3 years staright building nothing but apartment complexes, we were were turning them out every 2 months, all the same. The company we worked for said they had the next 12 years secure building the exact same complexes, its disgusting!!
Why do I always see those stupid Ontario advertising paid for with my tax?!?
Oakville Ontario started becoming townhouse/row house central about 5 years ago. It's all they build now and they are always building a lot. Mississauga same plus tons of condos in the core. The density in the GTA west has grown out of control. Can't imagine the roads in another 5 years. its already a disaster.
Same is starting out east - Pickering, Whitby, Oshawa is basically turning into Brampton of the East, Clarington is expanding and Cobourg - what a change for the worse. Such once great Canadian small towns are turning into a nightmare.
@@user-tr5zk8dj3tPlus little Cobourg is having so much trouble with the homeless drug addicted. Same with Belleville. They can’t keep up with the overdoses. These once nice towns are ruined.
It’s soooo sad what has happened to our towns and cities - ruined within a few years. Mental health, crime, social cohesion are not easily fixable, and all of this new immigration is killing us. A lot of young south asians who are coming over only want to bring their culture here and have zero interest in integrating. The ones able to put money together figured out fast how to snatch up houses, rent them, then rinse and repeat. There is nothing in pace stopping them and its getting worse all the time. Canadian families cant buy a house because a newcomer is renting it out to 20 guys. And not paying taxes either, getting richer and richer. I see it every day in my neighbourhood. I don’t see any way of ever recovering back to the pre-Trudope years.
So many rental units are foreign owned - nice way to launder money. Make any owner or corporation or tax shelter pay income taxes and business taxes on earnings anywhere in the world - like the US does. Ban residential ownership by corporations and non-citizens - audit their earnings around the world.
You nailed it. Ponzi scheme continues.
Can't audited because those are part of the criminal agenda.
London Ont. Townhouses and condos in the northern end. Very few single detached.
Uh if disagree with this
There's more townhouses, but there's also lots of homes being built but they're starting at a mil for a house that's only worth any 500k max
I work in development in London
Lot costs at $10k plus per ft (frontage) has pushed the envelope. Take a drive through new developments and look at the single family homes sitting empty. Its shocking! Builders are sitting on inventory waiting for the market to come back
but the ratio has changed hugely. And at the north end (everywhere actually) SFDs are being knocked down and replaced by high density - rental.
@@BwanaFinklestein 100%
@@pistnbroke65 builders buying with cash or leveraged buy out? If it's a leveraged buy out those empty homes will start hurting their bottom lines.
Must be a lot of employment opportunities in the falls to support all the building.
Oh yea , fur sure , fur sure !?!? And the criteria for working here is , drum roll please ....... Work for $20/ hr , supply your own tools , immigrant or non- Canadian , don't speak or understand English , don't know Canadian standards , I can go on and on , and my opinion is based on over 50 years in the trades myself .
Hahahahahahahahahahahahahahahahahahahahahahahahahahahaha
lmao...
@@kevinsloan5570 buddy you need to know at least sufficient English or French to work in Canada or else how would people be able to understand what you are saying. By the way I see both Canadians and newer immigrants working in the country. I personally do not mind seeing new immigrants working because it helps with Canadian productivity. I think your just prejudice toward certain immigrants who want to make a life here.
Approaching Welland from Victoria ave (not my regular drive) I was shocked at the new builds there. So depressing.
Building a few single homes in Cornwall Ontario however there are not many jobs paying over $16.00 an hour to support home ownership. Property taxes are over $4000 a year for average home. They moved in 4,000 refugees/asylum seekers from Quebec to Cornwall over the last two years that we are supporting.
Lived in Cornwall a few years in the 80’s . Was struck how , back when, the ( town) was a blue collar enclave, living off the factories. I was a city boy, who experienced my rite of passage there . Never went back since, because all friends and acquaintances I knew there, have since moved or passed away!
When I drive by occasionally , driving to Montreal or back to Toronto, I wonder about the present fortunes of a town that most probably only exists in my memory. Maybe I haven’t gone back because I don’t want to stain such precious memories.
Wonder if catering to ( refugees) is a new economic opportunity there ( at least for a few ) most probably at the detriment of the many!
Sending my best regards!
I went to falls, I'm not from their, but i went to checkout some of these and just as John says I was so confused by why are they building this!? Who the heck would buy that!… but it's very possible that people in their 30's or newcomers may want them. to think 700k+ is an investment. What do they know that I don't? Inflation in my pay/sales needs to catch up.
I install fiber optics in these subdivisions. Not one person living there is from Canada. Nobody speaks english
They all look absolutely in dream land here. Says a lot about where they came from
My question though is how they obtained mortgages
They will house refugees.
@@alexg9727Possibly through those Center's for Newcomers?
I see lots of adds on public transport. Even business loans with nothing down.
I literally just went past these homes I was astonished that there were actual homes being built.
East Ottawa is littered with at least a dozen condo towers under construction. Sounds like many of those projects were bailed out and now converting to rentals. We don't see many workers on those sites lately either.
Also, few divisions with townhomes .. built in the "middle of nowhere" - one needs to drive 10km to get to the nearest bus stop or park-n-ride. Good thing there is OCTranspo - it will catch up with new residential areas in no time ;)
Wow.. how hideous
A lot of 10 20 year old builds in Surrey bc are already looking old. It’s row housing in a lot of places, now, costing upwards of 750k. Madness . In my most humble opinion a lot of these places are just future crime ghettos. Some would say, it already is.😢 lifelong lower mainlander, leaving to live on the coast of NB.
There's supposed to be legislation to stop foreign money from flowing into the country. Either that's not working, or it's money from within Canada, or it's from Canadian based holding companies. That also needs to be legislated to ensure that doesn't take over the rental markets for non-apartment style buildings.
Condos should have a floor or area for textile industry. Work in the building and have no commuting.
Lol, like China?
Yep same in kelowna. We are q smart city. Moat cranes in thr sky ever and condos townhomes going up all over.
all for rich wakandans who don't work real jobs
Totally agree. Apartments and condos are being mostly built in Calgary too.
Thank you Jon! You must be showing the so called affordable homes that our beloved government so must brag and invest on, Chow, Ford and of course the one that loves our country the most the Trudeau gang. Thanks again for your bravery.
On the builder side - it’s nearly impossible for builders to find/buy land to build houses on in the cities where people actually want to live. So whatever land they do manage to get - they have to cram as many units onto it as possible to make enough money to cover the cost of the land purchase. Large homes on an acre of land for example are a thing of the past - builders can’t make enough money to sustain that type of development anymore.
Density is more profitable for the municipalities, too. Increases the property tax revenue per piece of land. Need to reset their goals from profit maximization to quality of life.
Where are all the cars going to plug in?
Bike lanes
Plug into Niagara Falls. They thought it all through.
Great field trip! Thanks for the video.
Glad you enjoyed it!
And since they refuse to lower prices sufficiently enough, most people can afford to rent, but not to buy. I live in this area. The house we are renting now for $3000 per month including utilities, would have cost us $6000 per month if we were to buy it. Who can afford it?
Pay you carbon tax or we’ll freeze your bank account.
Is that part of Justin Trudeau's dystopian future
Very good point! The construction volume of townhouses and high rise buildings at Trafalgar & Dundas in Oakville looks scary!
Why would any investor buy these homes? These homes won't pay their own bills. You can't get enough rent to cover the costs. Not to mention the fact that ontario is extremely tenant friendly, if your tenant stops paying or trashes your home good luck getting them out in any hurry.
Imo, we don't need mansions and towns/smaller homes are not an issue. We just need rapid and affordable housing developments so everyone can have their needs easily met without selling their financial future to the bank.
Joke's on you though because the smaller they make these homes, the higher the price per square foot you'll be paying for them.
If that was the case, why is there just as many homes per capita now as there was in the year 2000?
If your intention is not to raise a family, then you are on the right place, soon you will made a slave of the system. You are part of our beloved prime minister gang!! welcome
@@Cici1791exactly! Paying more for less!
In my city (Atlantic Canada) , we used to have some of the most affordable housing in the country. An average bungalow sold for 150,000 $ . A two bedroom apartment rented for just under 1,000 $ a month. Fast forward to 2024. A new bungalow goes for 450,000 $ , that’s if you can find one. New apartment buildings are going up everywhere and a two bed goes for 1,700 to 2,400 $ a month. Virtually no single detached houses are going up. What’s being built are semi-detached, row housing and apartment buildings. Canada is no different from most G7 countries. We are merely joining other Western nations in the race for fewer resources and struggling to create generational wealth. It’s become a fact of life. I have no idea how young folks even get a 600,000 $ mortgage after mom and dad hands them a 200,000 $ cheque. INSANE. Now imagine what happens to your monthly payments if interest rates start going up. It was better before because they were granting low, low, low interest loans. I remember years ago when my wife and I celebrated because we renewed at 10.75 % !!! Can you imagine today’s real estate market at 11% interest.😂😂😂😂😂😂😂😂
Folks can’t make a decent living anymore. I won’t even get into money laundering on a multinational scale.
Thanks for the info and comment.
Crazy, second biggest country on the planet with land a plenty and thus the stuff should be for pennies.
But the government has taken a leaf from the Chinese and that means local governments get so much money from huge development fee and such.
This is not going to end well.
Detached will have a new level of desirability soon. Townhouses all over Durham Region as well.
Edge funds playing the big game buying all the single family homes now that they ain't building them anymore
The housing market in Canada is a disgrace. Total mismanagement of the economy and residential capital controls leading to completely over inflated housing costs.
Canada really blew it.
yep
Moved from a 130 year old 2br house that was falling apart with poorly constructed additions, modest lot with a detached two car garage to a brand new interior unit 3br townhouse with 18ft ceiling, a 2nd story loft, hundreds more interior square feet, but a smaller lot for $100k more. It's all perspective and where you're coming from. I'm single and medium-low income so I have to be an investor to survive, and getting a better quality asset is a big part of that, even if it isn't as flashy as a detached home.
In Penetang, 140 NW of Toronto, a builder build an apartment with 21 rental units. But it's not been rented, it's for sale for 7.5m. No buyers. . In this area, there are so few rentals, as most rentals are older buildings and few builds in the past 30 years. Then a builder makes a built but no one wants to be a landlord. By the way, in this area, most people live in detached houses.
There is one street in my city of detached. They have been for sale at 2.5 for the last three years. Otherwise it's just endless 2-3 bed townhomes for over a million. Rent averages 1200 per person so the numbers don't make sense without a large down payment
Growing up and living in Brampton until 2018, the McLeod and kalar area developments have the same suburban hell scape feel. A friend from Brampton lived in the area, and joked about how he basically didn't move. The layout is the same, and the demographics are getting there too. It's Springdale circa '05
All about profit margins. Townhouses maximize the land value. Good question on who would buy a $800k plus TH in the Niagara region…
Illegals will get them for free, paid for by Canadian taxpayers.
The chart was in shares or percentages because they don’t want to show the absolute numbers which tell that Canadians cannot afford homeownership with declining income.
good point
I live in the Durham area and the same is happening, new condos and townhomes everywhere with very few detached. Not surprising though given the current rate environment and affordability concerns people are facing.
Thanks for the info
Have heard rumours that the government currently have incentive programs for builders to complete multi-family units. With land prices inflated, high interest rates & federal incentive. Multi-family units are the only type of housing investors, builders & people can afford to purchase.
The data indicates that in most major cities, new builds are largely for immigrants.
Same here in calgary
Good 3 and 4 storey stackers and 20 townhomes in a row folks need a home giddyup on the density and door volume
You do realize building detached single family homes for everyone is not sustainable. Suburban sprawl is expensive. As long these are decent sized 3 beds (and reasonably priced) this is fine.
Not sustainable? We're the second biggest country in the world. Tell that to Singapore.
@Gary-fn4ui under current Canadian taxation system not sustainable. If you know a way to convince 65+% people who are homeowners to triple their taxes on property to pay for urban sprawl it would be. It can be done if we all pay more. Otherwise accept smaller lots and higher density. Btw, sfh in Singapore are basically non-existent. Comparison should not be with the state of Singapore and the whole country but with region of x (in this case Niagara) and Singapore. Land is not only limited but expensive to develop. Heck, in Toronto, where I live, we can barely maintain what we have of infrastructure, education, and healthcare already. Imagine if we built out...and our density is higher than Niagara.
if your not a Milionaire in Canada, you will just need a Full time job + a Afternoon job and a weekend job to keep up with bills and live the American dream. I currently have experience and its Painful
No privacy either. All the windows Looking into eachother
In London ON we've been building row/town houses like crazy as well. Only for us its a step closer to more of that missing middle housing we all need.
There are always blowhards saying no one wants an 800sq ft condo for 150k but then repeatedly small units and appartment condos always sold, especially among retirees. Hopefully the market corrects and we see such types of units return.
... for 150K? More like triple that.
Also in London area… I can’t believe how crappy these neighborhoods are… poorly built, poorly maintained, garbage everywhere, mostly renters… this is what 750 to million buys you wUt…broken
@@BwanaFinklestein its true, but imagine if we added another 3k-4k units and had them built cheaply. So many families would benefit.
Canazuela is rapidly deteriorating.
Much of the world is deteriorating. The globalists want the collapse of civilization.
It's not who wanted them but the only thing people can afford. But in London area most are sold. I install kitchens and our main thing keeping us busy is towns and single condos.
I live in Calgary and it is insane how many townhomes are going up here!
it's ok when they're close to a major city and walking/transit is an option but in suburban areas they're not well suited or desirable
Why not large, multibedroom condos, with 2-3 units per floor, up to 12~ stories, with a shopping mall/shops at the bottom, next to mass transit in a walkable neighborhood with lots of green spaces and community centres?
Nahh.
Several cities are also selling non freehold homes as well which is not preferable. These style homes are not attractive especially attached to maintenance fee.
I am in downtown Mississauga. All high-rise condos being built around here.40 storey high and up!
The local economy does not support the local home prices.
1.2 million for an average detached home? Not a lot of people earning 100 - 200k/yr to be able to afford that.
Even the town homes at 700 - 900k is unsustainable. Townhomes were historically supposed to be affordable for the lower middle class. Today you'd need at least 100k/yr income to get into a townhome.
The average Canadian makes 60k, but the median income is more like 40k. The average gets dragged up by all the wealthy. The median is more honest, half of Canada makes less than 40k/yr, and half of Canada makes more than 40k/yr.
If half of Canada makes less than 40k/yr, then half of Canada can't even afford rent, let alone ownership of anything, not even a dog house.
Median Income in Canada is around 68,000 dollars, average makes nearly 60,000 dollars. I do agree though these prices are unsustainable regardless.
There's loads of land in Canada. But you're not allowed to build on it by the Stasi. You have to buy inside the gulag zone.
Go to small towns and you will see next to endless fields, buildings 6 stories high.
> oh except for those 50 fields were outa room we gotta build up!
It's artificial scarcity. They're farming people.
Exactly the same in Kelowna, BC. Everywhere you look. And they're not cheap. Essentially the same price as new single-family homes, at least on a per sq. ft basis.
It's being driven not just by formerly low rates but new laws in BC that eliminate single-family zoning. So now developers can pay top dollar for houses on a street and slap up a cheap apartment, condo building or townhouses. Say goodbye to the neighbourhood.
Thanks for the info
Recently I’m my hood we been getting flyers from investors wanting to buy houses with cash. It’s sad when that’s their goal. To buy low and increase greatly their sale in a hood where it shouldn’t be expensive.
So you’re against people making money? That’s capitalism. Alternative is Argentina or Venezuela poverty.
"Containment" living.
Easy to control you..
Rent for life.. you're all done.WAKE UP PEOPLE.
Own Nothing, Be Happy
so they wish!
Thank you Mr. Flynn for the effort you put into keeping us up to date and educated. Do you know if they are making any provision to charge all the electric cars they want us to have? Kind regards
Thank you for doing this John! Don’t you love all the trees and parks too?
There are a lot of people out there who have made tons of money in real estate over the last 20 years, and there are a lot of foreigners who are willing to launder money into Canada (though immigration, studies etc). Real estate (speculation) has become the national obsession and it is directly being supported by government policies - the federal government in particular.
Bringing in over 1M newcomers a year (at a time of housing crisis) even after the reduction in the number of foreign students (this includes 500,000 immigrants + temporary foreign workers + foreign students) - these people have to live somewhere. The government inflates the demand side and the supply cannot possibly catch up. That is where the speculators come in. An unsurprising outcomes of a policy driven by ideology and endless virtue signaling. On the other hand, one cant expect much/better from a high school drama teacher and a former journalist.
Real estate agents upset they can’t gouge anymore.
Great video, houses are really only for the rich and super rich. Rich people around Niagara are putting additions on their already big houses and building out buildings. There is still lots of land to build on although the speculators have probably bought up a lot of the better land
Yep the speculators land bank and sit on it waiting for the next boom
Thumbnail could be the glue-and-sawdust dumps at the top of MileHill Road in Paris... or the glue and sawdust dumps in the near-industrial north end of Paris... with four 10 YO 'luxury' cars parked in the d/w and two more on the road, and two more in the 24-hour fitness club parking lot across the street. Enough, already.
Appreciate the updates. We’d like to see that pie chart by dwelling type here in lower mainland, BC
I live in an older neighbourhood with not many new builds around, but the ones we have are all condos.
The rental market around us has definitely changed tho. Three houses on our tiny court in the North were sold between 2020 and 2022 and all of them were snatched up by investors that could afford them at the height of the market. All three are now rented out to students instead of families. They each have at least five tenants.
My company is bidding to provide the heating and cooling for the second site you showed (builder from Toronto) in this video. Lots of changes in how we heat and cool our homes, all because of Trudeau. Not sure if it is a good or bad thing, time will tell.
Land is scarce and townhouses attract a bigger audience cause more people can afford them. Nothing wrong with it .
How is land scarce in Canada?
@@GotoHere green belt. Can’t build on it where I’m from Ontario . Land is scare where people wantttt to live. I’m not talking about land is scarce in Canada . We all know Canada has lots of land. It’s where people want to live where the land is scarce .
A " realtor shark " knocked on my door today after ringing the bell " TWICE ". So I told him " yeah sure you can buy my house for $10 Million. !!! He walked away being insulted by my underhanded insult.
Another aspect is that IF you can afford to buy the $1M townhouse, you'll have all kinds of lesser caliber neighbours to contend with, who don't tend the properties, leave garbage about, don't handle their pets well, park everywhere, etc., etc.
People asked for more homes and the government delivered. Government gave low interest loans to developers to build tens of thousands of rentals. Did you really think the government was going to buy you a home? Government would be creating a even bigger bubble if they gave low interest loans to first time home buyers.
This is reminding me of the scene in the Big Short when they go to all of the abandoned development projects lol.
In Scarborough, all the rental buildings are being torn down for condominiums. Facts
i would rather grow hair on my chest than ever relive a townhouse experience. These will sit vacant.
Under normal circumstances I agree but this isn't normal. Don't you know, the 3rd world will pile into them.