IT'S NOT LOOKING GOOD!
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- Опубліковано 8 жов 2024
- The real estate market is likely to face further challenges before we see any signs of recovery. Affordability remains a pressing issue, and unfortunately, the current government has yet to implement effective measures to address it. Recent TREB numbers have been released, and the statistics paint a troubling picture. Year-over-year comparisons reveal a significant decline, indicating that the market is in a precarious position.
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Buyers are waiting for lower prices and not rates.
They know! lol they just don’t want to say it! 🙄
Lower your price then😂😂
Gov has made everyone poor who can buy a house?
Liberal policies....government and friends are rich all others equally poor.
In 2023 - with rates maxed .. houses were selling better than now .. money launderers do not care about rates. But new attention due to the TD bank scandal as well as Canada"s tougher checks and no more house flipping has made Canada fall in the rankings of top places to launder. Dubai and Australia are still tops. Seriously when the average home is 10x average salary we have a huge issue. Newest worry is corporate ownership. All the excessive immigration will make Canada a very good deal for corp. landlords. Yup .. who can afford a house .. maybe ask who will rent it ?
The gov have been focusing on EDI and LGBTQ for the last 10 years, meanwhile the real inequality the whole time has been monetary inequality
Low interest rates are the real killer so much so I put most of my money into Mexico to earn double digit rates of interest at the time. The Peso also appreciated about 40 percent against the Canadian dollar since I shifted the money to Mexico.
Public workers. Aka white female nurses and teachers
we re not paying 900,000 fpr a 400,000 house its still the same damn house whos got 7000month for a stupid mortgage??
The Chinese can't put a value on anything they buy.
Common it’s not that overpriced
@@jodiekohut9443where do you live? Houses start at 1.3 million in the GTA
@@retrogamer82In 2016 that same house was worth $650k. Same house, ridiculous price
Your paying that because the currency is devalueing from printing money to finance govt deficit and debt. So it takes more dollars to buy the same house
"we need adults running this country" Graeat Quote!!!!
We need the price reduction at least by 30-40 % from here.
Ten percent, is he kidding?
Haha, I thought that was ridiculous too. 10 % is a joke. I guess that's to be expected by a mortgage broker or RE agent@@timothyirwin8974
Drop your price 40% and get the ball rolling😂😂😂
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Sharp Fall of Home and Land Prices will be on the horizon here in Canada as the inflation numbers will rise again due to ongoing geopolitical conflict in West Asia.
Geopolitical instability in West Asia (Mid-East) and high risks of long-term conflict will push the global economy back into another DEEP recession and possibly a Depression.
We are just at the beginning of a long hard slog in the Global Economy. (i.e. 1960 - 70's Vietnam era Inflation), everything is overleveraged and overpriced.
The Global Central Banks are losing control over the economy and running out of tools and options.
The sad reality is also that here in Canada, the Bank of Canada has LOST TOTAL CONTROL over the economy and especially its own created Inflation for the past 20+ years.
- HIGH Food Prices
- HIGH Oil/Energy Prices
- HIGH Taxes
- HIGH Asset Prices (Land and Home Prices)
- HIGH Consumer /Household Debt (Over $3 Trillion)
- HIGH Cost of Living and Expenses
- Bubble/ Debt based Economy
- HIGH Poverty and Homelessness
- HIGH Crimes rates
- HIGH Expectations by Consumers and Investors
- WIDENING Gap between 99% poor and 1% rich
- Growing Social and Economic Disparity and Inequalities created by the Bank of Canada
- Growing Social, Economic, Political and Security Crises in Canada
- Continuing Printing of Dollar/ Cutting Rates and Devaluation of Currency by the Bank of Canada
- Continuous Decline in Standard of Living in Canada caused by the Bank of Canada's inflationary monetary policies.
- and ...
All of the above factors have contributed to the current ongoing Dhilemas and Crises in the country with NO END in sight.
Given the current Global Geopolitical Situation and Canada's stand, we will see a STEADY and SIGNIFICANT DECLINE in ASSET prices in Canada in the coming months and years.
(C-R-A-S-H) plus (D-E-P-R-E-S-S-I-O-N)
Two half point cuts in the Bank of Canada rate this month and December while the Fed funds rate stays static will send the dollar down to 70 cents U.S. and drive the inflation rate here a lot higher.
Wont high inflation cause realestate prices to continue to rise?
@@bill9716 Prices are set to DROP on average 65%. it will happen this time around like 1930s depression.
@@parkerbohnn More likely there won't be a cut or rush to cut rates. Inflation will be on the rise again.
Home prices has to come down 50% interest rate come down not going to make any difference because greedy investors around the world jack up the prices 60%.
😂😂 the Government of Canada is pound wise penny foolish.😂😂. They really have no clue about lives of average citizens. Most people are working 2 jobs just to keep a "roof over their head" that's some luxury for Canadian 😂
Its not the interest rates, its THE PRICES of houses too high !!!!!
We have friends here in BC that have had their $1.3 million homes on the market for a year now, not one showing, not one inquiry, not one.
Homes are still selling well in Markham as prices have risen the past month but not everything listed sells in a day or two.
Toronto condo market is dead, it was already overpriced to begin with and with high condo fees plus property tax units are sitting for 12 months nobody wants them
@woody 1509 That's because in Vancouver, RE is overpriced by 50-70% above what it should be. 1.5 million dollar house is worth 500,000-700,000 at the most
Family member has been trying to sell in Burlington (Roseland) since APRIL 2022- not a single offer! Started at 3.5M and they’ve re-listed multiple times. No takers. Some people are thick as planks.
The problem is that Government essentially had zero interest rates and people were paying 1.79% floating rate. If that wasn't bad enough they starting send people checks for sitting at home, covid relief. Houses went up to fast, and the rates were to low. So now houses need to fall in price more, because rates should never go down as low as they were. The government has screwed up the housing market, and then they created artificial demand immigrating over 2 million people.
How the heck a woman from Ukraine name Freeland become Canada Finance Minister its beyond my Imagination
I suggest you look into her family background you’ll be shocked
Canada , it’s officially a developed country in the G7 , but in regards to affordability it’s akin to a third world economy , I imagine if I were to move to Mexico I could buy a house outright and live comfortably on $1000 to $1200 a month . In Canada need $6000 a month to live and that’s not owning any real property, maybe a mortgage on a cheap condo and visit the food bank every week. What does that say about Mexico and other developing countries?
$6000 a month to live? Sure bud. Buy a van😂😂😂
What is the Poverty Income level ? $100,000 ... $120,000 ? Incomes drive affordability. Some households achieve that kind of Income & still cannot afford to own. Is it the debt they already have that is the problem?
I'd say right around where the old age tax credit is reduced 15 percent for every dollar above about $43,000 on last years income tax.
@@parkerbohnn $43,000 is survival income. If ur 65 on oas I hope you had other pensions, investments & already own a home. At this moment income does not equate w cost. Prices & rates will have to drop to allow investment ...& it will adjust eventually.
I have zero debt and I guess I could afford to buy, but at the top of the market? I'll be kicking myself if the price of my home dropped $100000. That would be a hard pill to swallow.
I don't care about resale value, I just wouldn't want to be paying an extra 100g
Habitat for humanity won't even look at you under $100,000 income.
@@datruth4766 agree. I would rather use the home as a long term investment strategy then pay for someone elses investment. Next year may be the opportunity to buy.
@@datruth4766I hear tents are affordable😂😂😂
Housing, food, energy, education, taxes etc is too expensive. Government employees (teachers, CRA, ministry of ......, municipal) are paid very well with great benefits and pensions no longer do their jobs. Always asking for help and pass policies and laws that make the citizens responsible for everything. It's just insanity and all they say is "we won't tolerate violence and foul language) ha what narcissistic bs
Work harder I guess😂😂😂
Yeah just get homeowners to drop prices (Good luck realtors!)
If they have to sell then they will because there’s no buyers
I have a two part question. As you mentioned in prior episodes, development fees and taxes on an average new condo are in the two hundred thousand range. What would they be on a new home priced in the two to three million range. Finally, do these fees and taxes apply to new rental units.
Depending on municipality, the DC vary on the size of home. In the city of Toronto, for example, DC's are based on # of rooms. The DC's apply to all new units, including rentals.
The house prices have nowhere to go but down. I have a large down-payment and I would NEVER buy a house at these prices, even with a zero percentage interest rate. Only a total fool would deploy their savings into the real estate market. Very low chance of making 1 % and extremely high chance of losing 40%. Not for me thanks! Renting at any price is a better option. Take that money and put it into a guaranteed investment
The latest U.S. jobs report didn't help people listing their homes on mls in Canada.
My house tax went up 9.5% rediculous....small home 6600.00 per year
Me too paying $7500.00 in White Rock.
I never heard anyone say fall market was gonna pop off. When the policies kick in Dec 15 with a couple more rate drops things will change fast
Thanks for being honest and thanks for great videos
I think its time to start naming these morons. Realtors. On you tube spinning the bullshit.
I think we have all had enough of this reckless behavior that is clearly biased. They eat what they sell.
And they aren't eating.
Tom Story etc all need to be named.
It's rediculous now. You would have to be an idiot now. Buying a house or a condo. And if you are sitting on a property with the assumption this is going pay off. You have a rude awakening coming.
A low-rise condo just sold above asking here in Kits, Vancouver. So happy 😊
You will own nothing and be happy
There is no chance rates will reduce by 50%. Not in a year and not in 5 as their are other macro economic factors that are here that were not in the 2020 and 2021. Goodbye 2.5% mortgage rates for the foreseeable future. I mean years. Which means peeps won't be buying cuz they just can't afford the mortgage payment. It's a great time to have cash parked and no debt :) deals galore coming our way...
Hope your right cause I got some parked
The solution is simple... foriegn ownership of residential land and residential homes taxed at 25% of value yearly retroactive. New canadians can't own until they've contributed to the tax base for 10 full years as citizens. Developers and citizens hording vacant land get taxed at full current value or price paid (whichever is higher) zero breaks for "vacant land". No person or corporation can own more than 3 homes or 10 condos at once.
Totally abolish fair value tax assesment for only single families and return to tax on original price paid to give those invested in their home and community long term a tax shelter and to discourage flipping out and up for profit. Lower development fees .
Thank you for telling the truth about the real-estate markets with no hype.
My pleasure. Thanks for your support and comment.
Quote: 'We need adults running this country ' haha so true. Sadly we have to wait a year. And Freeland .. only qualifications are journalism and university degree in Russian history. Trudeau's team building skill. Go back to drama.
I like your outlook and real talk. Thanks from Vancouver. “ MORTGAGE “
I don't understand. If builders aren't building new houses, wouldn't that lead to a shortage of new homes coming into the market? Wouldn't that create a supply issue in the next few years? If we have low supply wouldn't that drive up prices of existing homes? If so wouldn't that screw up affordability even more? If the answer to any of two or more of my questions are "YES" wouldn't that mean today's prices may be as low as they get? WHAT AM I MISSIMG?
great video and to the point: - unless we get new leadership in place, competent leadership, things will continue to sink. Why is it taking so long to bring down this useless federal government ?
I just want a house man. I'm a software developer and my girlfriend works for the federal making good money at via rail and we can't justify buying a small 2-3 bedroom home that isn't completely falling apart and that's in New Brunswick. I can't imagine in Ontario.
Your gf works for the government... Shocking 😂😂😂
A software developer job doesn't sound very secure in the long run.
How? New Brunswick has lots of houses for less than 500k
@@thebolbiggity We qualify for 300K max. At 250k you get a house that's in such disrepair, you need to invest 50-150K to make it liveable. Or you get a decent 700-1200 sq ft one at 300k but that would make us house broke and I can't justify it. Our wages here are much lower than in Ontario. I would make 3x more in Ontario. The houses I'm looking at went for half the price just 3-4 years ago and my wage increased 1.25% since. It's too much. It's like buying a rock for the price of a gold nugget.
What is the best 5 year fix today
House listed on my street sold quickly, got asking price. Houses are selling, sometimes a little slower but certain desirable areas will always sell.
This is true, in high demand areas with fully upgraded houses they do sell at asking the only difference is they don’t sell in 1-2 days like before
Appreciate the insights on the latest TREB numbers!
lol Part Time Finance minister - love it. Mortgage !!! your content is great man
Part time with zero qualifications and education in economics and finance.
Thanks for the comment.
I think immigration policies over the next year or two will mostly determine where houses prices go. People that struggle to pay a high mortgage currently have the often to rent a portion of their house for an exorbitant fee, to take a bit of pressure off their bills. If immigration dies down drastically and rents fall, the ROI on any given house will drop and therefore lose its appeal to investors.
no we just need the bubble to pop, meaning prices come down 40%
Good luck with that.
Unfortunately the gov said it wants the houses to retain their value so it's not their goal to have a bubble pop. :/
ALL of the MPS, ALL Of them own properties, it is not in their best interests to see any price drop. But unlucky for them, there ain't muchmore they can do to control the market.
The only 'hope' is if local governments allow 'tiny homes' (188 square feet and up) in more and more places. A small lot cost $500,000 after you add in the cost of the lot and the development fees. Once you pay that you'll be lucky if you have $50,000 left to put up a garden shed (that's the 'tiny house'). A garden shed is not much, but it's better than a condo. As for me, I've totally given up on Canada, my plan is to move to Portugal or Mexico and live my retirement years there where the cost of living is only 1/3 of what it is in Southern Ontario.
We need a qualified economist running the country not a drama teacher and his cluless side kick journalist
since this is the best real estate channel i will have to subscribe to Owl Mortgage with my other YT profiles
thanks for the shoutout!
Every year the real estate
Market dips towards the winter, every year people click bait and say the market is going
To crash. It’s just all nonsense.
Mortgage
"Our part time finance minister", good one!
That women hasnt a breeze!
In the 2-years timeframe do you think housing will drop?
Mortgage is a scam
Don’t get one then. Pay cash
Mortgage
38977 thousand condo for sale in Toronto like jail house for sale not a single one sold yet.
I feel that most people that already have a house don't get it. And frankly, they don't really care.
Only 10%??????
Still, everything coming on the market seems to start at over one million plus. Clearly lots of people thinks it’s all good
I own my house free and clear from any bank and far far away from any metropolitan area. But what I can see locally is everyone building and spending , certainly no homeless and such.
10% reduction? I live in Vancouver, we need a 40% reduction at the very least.
10 % seriously....30 % drop at least
What do i win?
I paid $1900 last year in property taxes and thought that was highway robbery.
We are also at a point we can't build homes and profit... so don't expect price correction either.
Then I guess builders lose too. Oh well😂😂😂
Not sure why that's funny but whatever....
House prices will go down in next 3 months by 1.5 % to 2% then prices will takeoff. Starting after April 2025 prices will go up significantly.
Yes …. It is getting worst every single day passes 😢
Government doesnt care ...thank God I have a house I bought one to raise my family because I needed it....but seriously people use the realistate as a stock
GTA is full of pos tiny box condos, no one can live in these things
Mark Carney is the Full-Time Finance Minister?
Mortgage 🏡
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We can do it put that guy in jail JT
Mortgage ❤
Plus almost 2 Million people will leave Canada by the end of 2026
Cost to build is in the upper hundreds of thousands. If builders can't build and profit then resale of older homes will not drop. The days of sub $500K homes is long past.
Speak for yourself. Builders don’t even build single family homes anymore. This idea that cost to build is high is a lie.
That’s not necessarily true if ppl can’t sell investment properties at current price points nor afford mortgage payments at renewed rates and rents. Price discovery is just beginning.
Make sure you have a strong team. Lawyer, broker/mortgage specialist, financial advisor. Canada is Lindros with his head down and the market is Stevens Coming east/west full speed along the blue line.
we can live anywhere everywhere😆even in Amazon Brazil uncivilized land!haha😂
mortgage
Mortgage!
Vinny put some more people in the sub=prime market. LOL
or was it the stress test! LOL
Place where i live . Houses are selling like hot cakes
How hot are the cakes?
@@wiseoldowlshow in Regina prices are up like 100K . Selling detached home for 600K and duplex for 490K (1500 Sqft )
great mortgage advice
Mortgage rates in Canada need to drop, to make homes affordable. 💯
prices need to drop
You can tell when youtubes aren't business but simply political sites. Housing is a private market. Bitching about house prices going up, then bitching when they start going down. Cant afford a house in Toronto? No kidding, you cant in Palm Springs either, its called a 'market'. It doesn't exist for people who can't afford shit. Move to the maritimes, cheap housing prices all over, even in cities.
Why do you talk so damn slow
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