I live in Midtown Yonge Eglinton. I decided to move out. My landlord’s been struggling to find a new tenant. It’s a shoebox studio condo priced $1900 ... he has until july1st to find someone new.. I think he’s struggling so bad
One thing I noticed with these new condos is that almost none of them have parking anymore. Studios, 1-beds, 1+1s and even 2-beds don't include a parking spot. In a good area a parking spot will run you 100k+
The great thing about you is you present reality with clarity the new pre condos are 2 expensive for first time buyers and the numbers do not work for investors.
The last couple of years the population growth in Canada is largely driven by students and temporary workers. These individuals are unlikely to stay in condos where a one-bedroom unit rents for $2,500. Instead, many seek more affordable options, such as basement rentals in Brampton and Mississauga, which are in high demand product. However, new immigration rules are expected to slow the influx of students and temporary workers over the next couple of years.
@@divboo6284 This is a misnomer and led to extremely bad planning and the crisis we are currently seeing. Canada has typically allowed approx. 250k people per year. We’ve built our infrastructure around this. Trudeau has tripled and quadrupled (if you include students) that overnight, and has now announced 500-600K for each of 2025 and 2026!! They are not letting in only doctors, nurses or bricklayers. Use your common sense. Canada wide, we build 220-270K new housing dwellings last year. We’re getting that amount of new people in the Toronto/GTA alone! The math doesn’t work. The reasons why the hospitals and ALL other social services are in a crisis, is because of this! You let in a million people the last year, then your hospitals are going to be over burdened, leaving tax paying citizens with waiting times for surgeries over a year and a half! This does not include the undocumented, which have taken up all the homeless spaces and hotels and resulting in crime increases, and resulting in $1.3 Billion last year to house them. 90% are coming through airports, a federal responsibility. We do not need half a million people per year! We need 200,000 QUALIFIED and SKILLED immigrants per year. This Trudeau government has created all these crisis and needs to be voted out so that we can take a pause and stabilize.
Lol do you really think the PC party will put a end to this wage suppression? They are the architects of wage suppression. PCC is our only hope now as sad as it is to say.
There is a seeming boom in the rental market (GTA and especially outside/GTA+ area) for several reasons including CMHC/MLI Select Financing - would be interesting to compare that side to see if it's having a tangible impact on pre condo construction (ie developers potentially opting for a rental project compared to condo)
Realtor here. I have never represented a client who actually wants to buy a small new condo and live in it themselves. In 9 years. My clients that want to live in condos buy the old units in old buildings without amenities for the square footage. Developers need to take note. Investors are not incentivized to buy these now.
I'm curious if you have any idea why condo sellers refuse to reduce their prices? Supply and demand states that if you can't get a sale at a particular price, you need to reduce the price in order to sell. Are they all just losing money because they think lower interest rates will save them?
Folks there is lots of reach people that don't have to use line of credit to pay extra for mortgage paymemt or so. They're making big bucks every day. Most of people that making coments here are on base salary, can't afford to rent and waiting for crash to finally afford something. That's won't happen 😅
Many individuals have not had the chance to explore the world's most exciting and fast-paced cities like New York City, London, England, Hong Kong, and Japan. These cities are known for their world-class amenities, cutting-edge technologies, and diverse populations. However, owning a condo in these cities is a sign of affluence and wealth, and only a select few can afford to do so. Sadly, there are also people who value material possessions over meaningful relationships and personal growth, which can lead to a shallow and unfulfilling existence.
Its because the few who agreed to pay the higher price won’t qualify for mortgage if the seller has sold at lower price to someone else in the same building. Game of appraisal. Thats why they would rather give a ‘porsche’ and ‘goldbar’ as incentive than to lower the price
What about condos outside downtown T.O. which are not sub 700 sq ft? I never see this segment mentioned but they are a big part of the relatively livable space. P.S. Great video!
People laugh when the stock bubble chart were posted in 2022. We are now in Fear stage. Then Capitulation, Despair and Return to normal. Human emotions never change.
Interested to hear your take on the role of the Ontario Landlord Tenant Board in investors shying away from investing in the GTA and preferring to invest in Alberta.
So if developer costs are so sticky and profit margins already at a minimum, the only way for condo prices to go down more from here is something catastrophic like a mass bankruptcy of developers with inventory being sold at deep discounts in liquidation proceedings
If we do not have some crazy government policy - like rent controls - the market will come back when buildings can be rented at a price that rents to cover expenses !
And yet builders and developers keep building them…so the numbers must somehow work, otherwise they wouldn’t build. Also I wonder why so many single family houses are being demolished and new houses are being built, instead of just being renovated. Your comments?
The central bank raised interest rates 10 times between March, 2022 and July, 2023, bringing its benchmark rate to 5 per cent from 0.25 per cent in one of the most aggressive monetary policy tightening campaigns on record. It has held the policy rate steady at 5 per cent over the past six rate decisions. Condo prices have not declined in a way consistent with these increases. Could that be why new condo sales are so low. Should owners be reducing prices to sell?
The market is smarter than any one puny human. Sales are down, prices are down, rents are down but population is up. The market is telling you your predictions might be very wrong. Be very careful young man. Be prepared for the very unexpected. You youngies have no experience with a market depression.
Mass layoffs in union construction jobs. Low-rise sector. Heard of a drywall company that once had 200 employees, they are now at 40 and looking to cut more.
4:10 if anyone hasn’t realized yet that Trudildeau did this intentionally then I don’t know how to help you. Don’t worry, I’m sure BlackRock will swoop in and buy them to rent back to the public.
the greed of developers has finally caught up with them, we could stop building condos for 50 years and still have a surplus, they've over saturated the market with low quality, half empty buildings noone want to live in used as investment properties, they've focused on maximizing their profit at the expense of our city paying for the infrastructure.. maybe now they can build rental housing which is what our city actually needs, not cater to the small section of society who can afford to buy property..
Well lots of us can't afford houses on a single salary and the amount of people not getting married is larger so it's not like nobody buys condos to live in. I did not for investment but to live in and the reserve on my board is huge. People also buy with zero research.
What about current developments who’ve gone bankrupt? The condo tower near Yonge & Bloor “The One” which is left half built they defaulted on 1.2 billion in loans
Wait till you have a major issue in the unit and learn who pays for what. Or how quick the condo board wants to put a lien on your unit for excess expenses they charge to you because it’s your units fault.
Once interest rates goes up and these landlords can't afford their mortgages, I presume many will be forced to sell art low prices, opening up the rental market and reducing rent. Toronto has has artificially high prices since Ford ruined affordable housing. I hope all these greedy landlords file bankruptcy , after they banked on price gouging the working class. No one if going to pay more for these dumpy condos. People don't even want to pay the current market rates. Housing shouldn't be an investment, it's a basic need. Go invest in real technology or something else besides hoarding vital resources and inflating the price.
Justin Trudeau “we’re gonna build 3.9 million homes by 2031!” Housing industry “But HOW?? Interest rates sky high! Nobody’s buying, so we can’t build!” JT “Aahhhh, we’re gonna build 3.9 million homes by 2041!”
When prices are out of range for most people no wonder sales are lagging. Sell something that people want and affordable I bet it would be sold out instantly
Tiny floor plans with all square footage for amenities. You go to the apartment to sleep. They have bar, Libraries gyms, pools etc. Units built for single millionaires.
If the condo market is so bad why all these new buildings planning to be built? 9 building alone are going to be built in the Cloverdale mall area. I can’t see them all being sold. This is not including new buildings planning to be built along dundas from Islington to 427. Time to move to cottage life😊
Developers are putting a full stop as they cant get what they want per sq ft not the costs. Also like all these are over priced sboe boxes. Take most of Air BNB and see where supply goes.
The block apartments were 6-7 sq m per person You can’t even legally build close to that small in Ontario lol I know what you mean though, they get smaller every year
You’re only looking at numbers which while important only tell a part of the tale. Unlike Toronto’s population growth which is fueled by mass migration, Alberta’s influx is due to productive Canadians moving out of shithole Ontario.
Precon challenges and immigration trends should favour resale pricing and sales especially when interest rates slowly move down. Resale currently reflects rate impacts on highly leveraged investors. Price movement is plateauing. That’s it. Basic economics.
It already completely crashed in terms of gold. Problem is paper money also crashed so you don’t see it happening nominally That’s what massive money printing does
Canadas population growth compared to toronto retail market... Shouldnt we be comparing toronto population growth? If the majority of people are moving to another province that would effect demand
UBI (Uni Basic Income) will subsidize 50% of the Condo Rentals by 2028. Great plan, and a great restructuring of social democratic affordable housing for people with incomes lower than $60,000
I have 3 condos currently in Toronto. One of then used by my daughter attending university. Closing on two more within 2 years. I am living in Quebec City. All precon purchased.
Ok, I’ll say the potentially unpleasant. “If you had to choose between investors and immigrants, which would you choose?” I’ll even give the answer that should be deemed correct. Immigrants bring money into Canada in significant amounts and they also generally have high skill levels because of how our immigration works. Investors simply try to flip houses and when they do they cause the prices to inflate away from average Canadians. Laws control which you get: investors or immigrants or both or neither. The Five Eyes countries have allowed many more immigrants over the last 5 years, although the UK and Australia very recently are trying to pull back. The reasoning for all countries increasing immigration was to increase GDP. Flip the script and see what you get. Stop immigration. Let Condo inventory go to 15,000-20,000 and what do you think is going to happen. Interest rates will go down, and investors will come back? Who will the investors think that they are selling to? The premise that there are massive amounts of buyers on the sidelines waiting for some drop in the rates, and who are willing to buy at these “still inflated prices” is nonsense. Also, with the increasing debt loads of many of those on the sidelines, any drop in interest rates won’t stop them from merely treading water for a long time. Immigration keeps the Ponzi scheme playing more reasonably, than the investor Ponzi scheme, and ultimately there is a choice.
Population is a funny thing and ofc I'm no expert; however if you look at many countries inthe world, there are very aging populations; many large countries are going to be old people with few kids, cratering their production, cratering their economies, presenting all kinds of problems, over the next 20 years; it is commonly estimated that Canada is one of the few that might have a leg up here, due to a fairly large immigration of _young people_. So, it _is_ weird on a lot of fronts nowadays, but maybe it will pay off 10 years or more from now, we'll have to see. The problems come now, but the payoff comes later is the promise. Tough to swallow when our young today are screwed for jobs, screwed for homes, but .... we shall see :/
You get it. If you see what’s happening scrips the world with zero population growth (people not having children) you’ll understand why immigration is critical to the economy despite the political optics. We have to fix housing to keep up though.
The biggest scam extra money on necessary things like security pools mentenence fees up to 700 to 1000 for what so builders can collect money for nonsense the banks and government should step in and tell them max 300 per month and that is plenty.
You do realize that the builders only set the initial maintenance fees and after the first year or so the condo board elected by the condo owners takes over and can set any fees they want. Any complaints about the condo fees should go to the condo board who is elected by the owners.
@@davidhughes6048 ok, 1) I am a woman, 2) I'm not a conspiracy theorist, 3) my comment was neither tailored nor directed to anyone who didn't watch this video... Go away, troll... And take Trudeau and Freeland with you!
@@davidhughes6048 Let me clarify: I'm a woman, and my comment is specifically addressed to those who have watched and comprehended the video. If you haven't, disregard my comment.
I'm always amazed at people who work in relevant industries but don't take the time to research *why* we are allowing so many immigrants. It's not some "liberal takeover plan", it's a necessity with an aging population and no one to pay the taxes as they get older. Any country in the same situation as us (aging population) is doing the same thing. Just get used to it (it's a good thing!) and stop this rhetoric of a different government (conservatives) changing things when it comes to immigration. They need to keep immigration high regardless of politics.
Ok genius and in what magical housing do you propose we put these immigrants into? Also maybe we should force these immigrants to go to places that have lower housing costs. This country is giant, I'm sure other areas can easily build cheaper housing for them all. No need to try to squeeze them into the GTA anymore.
Tiny units with high prices and high maintenance fees in poorly managed buildings. That sums up the bulk of the Toronto condo stock.
If they built them to rent they 100% would build the units bigger and better.
These are not homes. These are shoeboxes nobody wants to live in for more than 6 months.
With high maintenance fees!!
Then maybe you should go rent one of those tents instead
Yup man made prisons
@@retrogamer82 aren't all prisons man made?
Thats the worst part this feedback rarely gets mentioned its horrible and it is not worth the price
I live in Midtown Yonge Eglinton. I decided to move out. My landlord’s been struggling to find a new tenant. It’s a shoebox studio condo priced $1900 ... he has until july1st to find someone new.. I think he’s struggling so bad
One thing I noticed with these new condos is that almost none of them have parking anymore.
Studios, 1-beds, 1+1s and even 2-beds don't include a parking spot. In a good area a parking spot will run you 100k+
That’s bcuz you will own nothing and be happy
yup insanity, the building will let a parking company come and have paid parking
It is ridiculous, people can't afford homes, they have to turn to condos but they don't have enough parking...
The great thing about you is you present reality with clarity the new pre condos are 2 expensive for first time buyers and the numbers do not work for investors.
The last couple of years the population growth in Canada is largely driven by students and temporary workers. These individuals are unlikely to stay in condos where a one-bedroom unit rents for $2,500. Instead, many seek more affordable options, such as basement rentals in Brampton and Mississauga, which are in high demand product. However, new immigration rules are expected to slow the influx of students and temporary workers over the next couple of years.
Slow, but not stop!
@@blackduckfarmcanadaCan’t stop. Canada needs immigration so bad..
@@divboo6284 This is a misnomer and led to extremely bad planning and the crisis we are currently seeing. Canada has typically allowed approx. 250k people per year. We’ve built our infrastructure around this. Trudeau has tripled and quadrupled (if you include students) that overnight, and has now announced 500-600K for each of 2025 and 2026!!
They are not letting in only doctors, nurses or bricklayers. Use your common sense.
Canada wide, we build 220-270K new housing dwellings last year. We’re getting that amount of new people in the Toronto/GTA alone! The math doesn’t work.
The reasons why the hospitals and ALL other social services are in a crisis, is because of this! You let in a million people the last year, then your hospitals are going to be over burdened, leaving tax paying citizens with waiting times for surgeries over a year and a half!
This does not include the undocumented, which have taken up all the homeless spaces and hotels and resulting in crime increases, and resulting in $1.3 Billion last year to house them. 90% are coming through airports, a federal responsibility.
We do not need half a million people per year! We need 200,000 QUALIFIED and SKILLED immigrants per year. This Trudeau government has created all these crisis and needs to be voted out so that we can take a pause and stabilize.
Lol do you really think the PC party will put a end to this wage suppression? They are the architects of wage suppression. PCC is our only hope now as sad as it is to say.
Fuck he’s back… there goes my subscriber growth trend
Buy something he is selling in Port Rico , this way he is distracted there and we can enjoy our growth in GTa 😂
I really love the honesty! Resale condos are also down btw.
I enjoy the insights you provide
There is a seeming boom in the rental market (GTA and especially outside/GTA+ area) for several reasons including CMHC/MLI Select Financing - would be interesting to compare that side to see if it's having a tangible impact on pre condo construction (ie developers potentially opting for a rental project compared to condo)
I'm here for the comments.
Crash, bang, boom, amirite?
Not enjoying that sweet sweet 6% per annum return on investment on your capital gains? 😂
someone's been busy, Precondo 3D is amazing
Thanks Jordon !
Thanks for the this video. It should be interesting to see how things will play out in the next 6 years from now.
Hats off..... ❤
For your very honest forecast
Hey love your content! I was wondering if you've ever done similar analyses for the Quebec housing market?
Good to have you back
Realtor here. I have never represented a client who actually wants to buy a small new condo and live in it themselves. In 9 years.
My clients that want to live in condos buy the old units in old buildings without amenities for the square footage. Developers need to take note.
Investors are not incentivized to buy these now.
Great video! Missed you.
The investors going to Calgary aren’t necessarily Toronto locals, flight difference doesn’t matter.
Welcome back.
People will leave Canada. Simple as that.
Correction: they are leaving…in droves. I will be too…soon!
And this is a problem ?
@@ag-om6nrWrong people are leaving.
I'm curious if you have any idea why condo sellers refuse to reduce their prices? Supply and demand states that if you can't get a sale at a particular price, you need to reduce the price in order to sell. Are they all just losing money because they think lower interest rates will save them?
Yup, they are all using line of credits and credit cards to pay the monthly bills, it'll take a few years for their cash runs out
They think it will come back in 6 months when rates are cut. Unfortunately it will not come back ever to the way it was. I see 6 years of flat pricing
Folks there is lots of reach people that don't have to use line of credit to pay extra for mortgage paymemt or so. They're making big bucks every day. Most of people that making coments here are on base salary, can't afford to rent and waiting for crash to finally afford something. That's won't happen 😅
Many individuals have not had the chance to explore the world's most exciting and fast-paced cities like New York City, London, England, Hong Kong, and Japan. These cities are known for their world-class amenities, cutting-edge technologies, and diverse populations. However, owning a condo in these cities is a sign of affluence and wealth, and only a select few can afford to do so. Sadly, there are also people who value material possessions over meaningful relationships and personal growth, which can lead to a shallow and unfulfilling existence.
Its because the few who agreed to pay the higher price won’t qualify for mortgage if the seller has sold at lower price to someone else in the same building. Game of appraisal. Thats why they would rather give a ‘porsche’ and ‘goldbar’ as incentive than to lower the price
What about condos outside downtown T.O. which are not sub 700 sq ft? I never see this segment mentioned but they are a big part of the relatively livable space. P.S. Great video!
Thank you so much! This was GREAT!!
One of few who are willing to highlight the current market…honestly.
People laugh when the stock bubble chart were posted in 2022. We are now in Fear stage. Then Capitulation, Despair and Return to normal. Human emotions never change.
Condo market looks pretty dead here in Montreal too
There need to be new laws for management standrds that guarantee pools and things are properly serviced, like food, random inspections and big fines
You're back
Very interesting video. Loving the 3d model!
Interested to hear your take on the role of the Ontario Landlord Tenant Board in investors shying away from investing in the GTA and preferring to invest in Alberta.
Great point
Great breakdown
That’s okay. With all the buildings still going up, it will mean a drop in prices.
Thanks for this video!
So if developer costs are so sticky and profit margins already at a minimum, the only way for condo prices to go down more from here is something catastrophic like a mass bankruptcy of developers with inventory being sold at deep discounts in liquidation proceedings
If we do not have some crazy government policy - like rent controls - the market will come back when buildings can be rented at a price that rents to cover expenses !
Can they just build units to RENT? Condos are a terrible investment and they are too small to actually live in. Just a waste for all involved.
It's impossible to evict bad and non paying tenants
Maybe they could move some of these units if prices drop 50-60%.
New ghettos all over Toronto now
in your opinion, is this a good time to invest in the toronto condo market or is it better to wait since there is such a bear market going on?
And yet builders and developers keep building them…so the numbers must somehow work, otherwise they wouldn’t build. Also I wonder why so many single family houses are being demolished and new houses are being built, instead of just being renovated. Your comments?
The central bank raised interest rates 10 times between March, 2022 and July, 2023, bringing its benchmark rate to 5 per cent from 0.25 per cent in one of the most aggressive monetary policy tightening campaigns on record. It has held the policy rate steady at 5 per cent over the past six rate decisions. Condo prices have not declined in a way consistent with these increases. Could that be why new condo sales are so low. Should owners be reducing prices to sell?
The market is smarter than any one puny human. Sales are down, prices are down, rents are down but population is up. The market is telling you your predictions might be very wrong. Be very careful young man. Be prepared for the very unexpected. You youngies have no experience with a market depression.
Just normal depression, before conscription.
Mass layoffs in union construction jobs. Low-rise sector. Heard of a drywall company that once had 200 employees, they are now at 40 and looking to cut more.
However preconstruction has also had very little supply..
4:10 if anyone hasn’t realized yet that Trudildeau did this intentionally then I don’t know how to help you. Don’t worry, I’m sure BlackRock will swoop in and buy them to rent back to the public.
the greed of developers has finally caught up with them, we could stop building condos for 50 years and still have a surplus, they've over saturated the market with low quality, half empty buildings noone want to live in used as investment properties, they've focused on maximizing their profit at the expense of our city paying for the infrastructure.. maybe now they can build rental housing which is what our city actually needs, not cater to the small section of society who can afford to buy property..
great content
Well lots of us can't afford houses on a single salary and the amount of people not getting married is larger so it's not like nobody buys condos to live in. I did not for investment but to live in and the reserve on my board is huge. People also buy with zero research.
What about current developments who’ve gone bankrupt? The condo tower near Yonge & Bloor “The One” which is left half built they defaulted on 1.2 billion in loans
While listening to this video, all I could think is condos are overvalued. I think they decrease around 10-15% more across the board.
20-25 more like it
Wait till you have a major issue in the unit and learn who pays for what. Or how quick the condo board wants to put a lien on your unit for excess expenses they charge to you because it’s your units fault.
Same with Kitchener Waterloo I’d assume?
Once interest rates goes up and these landlords can't afford their mortgages, I presume many will be forced to sell art low prices, opening up the rental market and reducing rent. Toronto has has artificially high prices since Ford ruined affordable housing. I hope all these greedy landlords file bankruptcy , after they banked on price gouging the working class. No one if going to pay more for these dumpy condos. People don't even want to pay the current market rates. Housing shouldn't be an investment, it's a basic need. Go invest in real technology or something else besides hoarding vital resources and inflating the price.
Justin Trudeau “we’re gonna build 3.9 million homes by 2031!”
Housing industry “But HOW?? Interest rates sky high! Nobody’s buying, so we can’t build!”
JT “Aahhhh, we’re gonna build 3.9 million homes by 2041!”
Just like he promised in 2015
"It's a little odd" haha
When prices are out of range for most people no wonder sales are lagging. Sell something that people want and affordable I bet it would be sold out instantly
Ngl the 3D map of the city would be dope art/merch to sell! I would blow up - frame and put it in my stu! 😁
East Durham non-boutique new build over 1100/sqft…let’s watch.
Tiny floor plans with all square footage for amenities. You go to the apartment to sleep. They have bar, Libraries gyms, pools etc. Units built for single millionaires.
I'm sure people will buy them if the prices are reasonable
If the condo market is so bad why all these new buildings planning to be built? 9 building alone are going to be built in the Cloverdale mall area. I can’t see them all being sold. This is not including new buildings planning to be built along dundas from Islington to 427. Time to move to cottage life😊
Prediction: the pre construction market in Canada will not have a meaningful sustained rebound for 20 years.
economy class to Calgary, let's go!
Developers are putting a full stop as they cant get what they want per sq ft not the costs. Also like all these are over priced sboe boxes. Take most of Air BNB and see where supply goes.
I work in these installing plumbing system's. Some of them are absolutely tiny inside. Rediculously small. Making USSR commie blocks look generous!
The block apartments were 6-7 sq m per person
You can’t even legally build close to that small in Ontario lol
I know what you mean though, they get smaller every year
Done!
You also promod calgary heavily..
where are all the new immigrants moving into? Serious question...
You’re only looking at numbers which while important only tell a part of the tale.
Unlike Toronto’s population growth which is fueled by mass migration, Alberta’s influx is due to productive Canadians moving out of shithole Ontario.
More and more renters need to share a place. Dog-crate condos are too opulent for Canada's renters.
What is your solution
Precon challenges and immigration trends should favour resale pricing and sales especially when interest rates slowly move down. Resale currently reflects rate impacts on highly leveraged investors. Price movement is plateauing. That’s it. Basic economics.
maybe if they all did not look the SAME SLIDING DOORS in a BEDROOM! HORRIBLE KITCHENS ETC ETC ETC
Welp, that was depressing.
How about Vancouver
Come to Guatemala. Invest here. Precon Market is very steady
Housing has been stagnant during massive inflation. It's already crashing by 20-30%.
When will we see the real price crash of 40-50% of the housing market in the GTA?
Is that what you want? People to lose their homes.? Loser
Not in your lifetime.
Never
It already completely crashed in terms of gold.
Problem is paper money also crashed so you don’t see it happening nominally
That’s what massive money printing does
Never ever due the current government policies artificially inflating demand
2 bed condo market not too bad. 1 bed market is stale
Condos is not investment in Ontario ever. You might even loose in the long run. Its all part of the conservative plan of Ontario.
Ali express money pits. Ford’s legacy for cutting the red tape to build.
I warned you that U.S. stocks were a better investment than Canadian dirt. Sorry you all got rekt. 😂
Correction coming… stop thinking “it’s coming back”, when it hasn’t corrected yet.
Canadas population growth compared to toronto retail market... Shouldnt we be comparing toronto population growth? If the majority of people are moving to another province that would effect demand
GTA grew by 233K people after accounting for outflows from July22 to July23, making it (still) the fastest growing area in Canada by population
UBI (Uni Basic Income) will subsidize 50% of the Condo Rentals by 2028. Great plan, and a great restructuring of social democratic affordable housing for people with incomes lower than $60,000
Will things change tomorrow after the BoC changes its tune?
I have 3 condos currently in Toronto. One of then used by my daughter attending university. Closing on two more within 2 years. I am living in Quebec City. All precon purchased.
ur daughter is fortunate.
Only God can help you.
you are fine...do not fall for this nonsense
@@kulveersehra1674 D'ont think so.
Ok, I’ll say the potentially unpleasant. “If you had to choose between investors and immigrants, which would you choose?” I’ll even give the answer that should be deemed correct. Immigrants bring money into Canada in significant amounts and they also generally have high skill levels because of how our immigration works. Investors simply try to flip houses and when they do they cause the prices to inflate away from average Canadians. Laws control which you get: investors or immigrants or both or neither. The Five Eyes countries have allowed many more immigrants over the last 5 years, although the UK and Australia very recently are trying to pull back. The reasoning for all countries increasing immigration was to increase GDP. Flip the script and see what you get. Stop immigration. Let Condo inventory go to 15,000-20,000 and what do you think is going to happen. Interest rates will go down, and investors will come back? Who will the investors think that they are selling to? The premise that there are massive amounts of buyers on the sidelines waiting for some drop in the rates, and who are willing to buy at these “still inflated prices” is nonsense. Also, with the increasing debt loads of many of those on the sidelines, any drop in interest rates won’t stop them from merely treading water for a long time. Immigration keeps the Ponzi scheme playing more reasonably, than the investor Ponzi scheme, and ultimately there is a choice.
Btw, the Calgary “immigration” makes the point.
Population is a funny thing and ofc I'm no expert; however if you look at many countries inthe world, there are very aging populations; many large countries are going to be old people with few kids, cratering their production, cratering their economies, presenting all kinds of problems, over the next 20 years; it is commonly estimated that Canada is one of the few that might have a leg up here, due to a fairly large immigration of _young people_. So, it _is_ weird on a lot of fronts nowadays, but maybe it will pay off 10 years or more from now, we'll have to see. The problems come now, but the payoff comes later is the promise. Tough to swallow when our young today are screwed for jobs, screwed for homes, but .... we shall see :/
That's a good point but they didn't have to be so extreme in the numbers.
Unfortunately we will pay the cost for now.
You get it. If you see what’s happening scrips the world with zero population growth (people not having children) you’ll understand why immigration is critical to the economy despite the political optics. We have to fix housing to keep up though.
The biggest scam extra money on necessary things like security pools mentenence fees up to 700 to 1000 for what so builders can collect money for nonsense the banks and government should step in and tell them max 300 per month and that is plenty.
You do realize that the builders only set the initial maintenance fees and after the first year or so the condo board elected by the condo owners takes over and can set any fees they want. Any complaints about the condo fees should go to the condo board who is elected by the owners.
Trudeau wants civil unrest. I agree with you, "unhinged" is the perfect word re: immigration vs supply
What an odd comment.
@@davidhughes6048 why don't you watch the video, I'm quoting his direct comment. If you actually watched it, you'd understand.
@@hssu9076 I just came to see what the tin foil hat types had to say. Sir, you performed as expected. 🤣 Trudeau is clearly an anarchist. 🙄
@@davidhughes6048 ok, 1) I am a woman, 2) I'm not a conspiracy theorist, 3) my comment was neither tailored nor directed to anyone who didn't watch this video... Go away, troll... And take Trudeau and Freeland with you!
@@davidhughes6048 Let me clarify: I'm a woman, and my comment is specifically addressed to those who have watched and comprehended the video. If you haven't, disregard my comment.
😈
finding deals now is the best time for this. Rent will go up with high immigration.
You people need to stop talk about high immigration! 97% of those people coming to Toronto are refugees and student you know the rest
Hi sir my name is Blackstone I would like to buy 1000-2000
I'm always amazed at people who work in relevant industries but don't take the time to research *why* we are allowing so many immigrants. It's not some "liberal takeover plan", it's a necessity with an aging population and no one to pay the taxes as they get older. Any country in the same situation as us (aging population) is doing the same thing. Just get used to it (it's a good thing!) and stop this rhetoric of a different government (conservatives) changing things when it comes to immigration. They need to keep immigration high regardless of politics.
Ok genius and in what magical housing do you propose we put these immigrants into? Also maybe we should force these immigrants to go to places that have lower housing costs. This country is giant, I'm sure other areas can easily build cheaper housing for them all. No need to try to squeeze them into the GTA anymore.
No more CCP $ coming in
Canada needs to build up its tech and oil and gas sectors and stop relying on real estate to grow its GDP
The 3D map is not accurate. It is unhinged.
how so ?
@@Precondo where’s Nobu!?!
@@adamnarbeaux5898 oh crap
@@Precondo Lol. Haha. I tried and tried to find the two towers, and thought maybe I went back in time! Closing on two units in July.