IT STARTED: Canadians Are Panic Selling - Massive Losses
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- Опубліковано 16 лис 2024
- Canadians are panic selling their homes, which means home buyers could find some seriously good deals in the coming months.
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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.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
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It's not a loss- because your house was never worth that much in the first place.
It's time for this massive correction to happen.
This!!
What about the person who bought a house in feb 2022 for 2.3 Milion AND recently sold for 1,590 Million, Where did the 600k+ go, maybe the back will say "Don't worry about it" and won't go after him?
@@sukhjitsingh8269it wasnt worth 2.3M in the first place. They bought a lie. And that sucks that they suffered a 600k truth.
exactly prices need to drop another 50 % lol
@@sukhjitsingh8269 If that person bought it for 2.3 million dollars, maybe that person doesn't actually face that much financial problem as most people
2 neighbors just left sold their houses and possessions one is going back to Portugal the other one is starting a new life in Mexico
smart people 😂‼
...I mean, more people is not the solution to our problem
@@KidGarden100 that doesn't solve anything. Portuguese guy is just going home. We have no home to return to.
Wise decision
Your neighbors are smart.
I bought a big class A motorhome that can handle winter and I'm banking money living in it full-time. I refuse to take part in the dismantling of Canada.
You never really own your home in Canada. Expect higher and higher property taxes. Canada is not worth planting roots down.
💯 agree. The government will turn the tax cattle into a pen called housing and then start the killing.
@@Bhgjjj My taxes have more than doubled in just 8 years. If they keep going up the way they have, they'll be over $50,000 a year by the time I'm 80. Local governments are out of control.
@@Bhgjjj never enough money for dictator Trudope and his WEF agenda?
@@alanj9978 Amen. Mine is going up another 8% next year. Criminal
@@alanj9978in Ontario wait for mpac to reset rates, 2-2.5 x current assessments, so, taxes will go up 2-2.5x. Some will be graduated, some will be immediate such as for new sales. Enjoy!
Houses are still overvalued. When a one bedroom 900sq ft home is going for 600k in a small city far outside of Toronto then we still have an issue. When this resets it will also drive down rental prices from criminal landlords
900 ft home? That's the size of my shed
The Canadian real estate market has been in chaos for 15 years.
The problem isn’t not it’s the years of cheap or free
@@Lpmeff I have no idea what you are trying to say.
9 years
@@missinginbc Prices increased a lot under Harper and even more under Trudeau, despite selective memory.
Under Trudeau it was increasing 10k a week
I havent seen any drop in rents or home prices in my area. In fact, they just keep going higher. Inflation rates are far higher than gov #'s. Their stats are pure fantasy. Canada is in serious trouble.
I got an ad today for a new appartement building near me 3 bed 2 bath 3800$ per month. Hilarious that anyone would even consider nearly 50k a year for an appartement lmao.
@@Vantaa815holy fruck
Yes I don’t think prices are going to go down because unlike the US we have an actual shortage of houses
Same prices are going up in my area. On the contrary there was bidding.
The problem is housing is not relative to wages anymore.
I was looking at toronto rental condos for the past month or so and the biggest issue with 80% of all of them is that they suck. They are building tons of poorly designed, with abysmal use of space and barely livable spaces for for resale (for the next person to rent) but who the heck wants to live in a crappy shoebox paying anywhre from 2k to 3k a month??
Stay away from Toronto real estate... even renting, as prices headed for massive downward correction...
The only panic sellers were the ones who used Nolan as they're mortgage broker advising them for a variable at record lows and Steve Karrasch as there buyers agent pushing them to bid as much as possible.
Totally remember Nolan pushing the variable. Blows my mind why he would want his client is financial distress.
The best part is how he says he never did that
@@donm2067 aha yep. Taking a commission on peoples poor fortunes
If you are a weak enough man to get pushed into bullshit that's your own fault
@donm2067 haha this totally happened! Word for word
Having a government telling you what to do or what not to do with your property or/and being taxed to death is not appealing at all. Canadian real estate has only one way to go now and that's down....
sadly it's still going up
nope if massive immigration keeps going on
Canada sounds like the biggest rip off
truly is. not just sounded.
And ironically It literally rhymes with "get fucked"
It is
lets not pretend any of these homes are worth that price even after a 200k+ correction. Most homes being built are selling for 600-850k which is idiotic.
Go to a home builder and get a quote for building a 2500sf house. You will eat up that 600k even with cheap finishes, never mind the cost of the land, driveway, landscaping, etc
People have been saying this for the past 30 years. Look where we are now.
A lenders are banks. B lenders are not banks. B lenders are financial companies such as
Citadel Mortgages, Neo Financial, Rocket Mortgage, etc.
Yeah. So weird for him to call banks B lenders.
Don’t use “B” lenders. Use me an actual B lender. Lmao wut? This guy
Wrong. B lenders are home trust , first national , cmls financial
That’s what I thought too.
Okay, hear me out. If you can get a mortgage at a company like first national or Neo, but you have to be better qualified, it has the same rate, but lower penalties and a lifetime lower cost of borrowing as a result, and you grade on a scale of A-F, the best mortgage option being A, where does that put banks. B at best.
Then add in fixed payment variables, higher lock in rates, no accountability to the client, and you can’t really call a bank an A lender. Maybe an A- at best.
Bottom will be in 2-3 years after a bloodbath. As a future buyer I am patient and can't wait to buy when homes are back to normal and maybe on 6-7x annual household income vs 12x
People have been saying this for 20 years
@@joelmcneney5366 the government has been bailing people and the economy out but it can no longer keep propping the marker up with increasing immigration as people will revolt and get more violet as jobs are non existent for youth now. this time is different. we also have so much federal debt that government can't bail out banks and individuals. i've had my eye on a property in BC for 1-2 years and it was listed 2 years ago at 899 this week it was slashed again from 699 to 649. people are hurting and it is a bloodbath
In which basis you expect that? Please ?
@@Romio666 history of the yeild curve and past peak to trough numbers in Canada. look at RE prices in the 90s and 70s and the drops
@@rachelk8368you didn't have buyer demand and high population growth like back then. We also had more housing starts relative to population growth
Condo strata fees right now is so high. From $400 u p to $1000 a month depending on the area.
They don't even do maintenence anymore just pocket all the money and let the properties rot
@@horriblypinkDo you know how condos are managed?
@richardb.3808 Do you???
$1000/month condo fees sound like robbery to me
@MMK86 $1000 is a scam that's renting a property you paid full price to own.
Some people have abused and sold their houses 5 times the value. This was bound to end at one point
I wouldn't call this an abuse. I mean who wouldn't sell their house 5x the price if someone is willing to pay? I would
@@zoozoo1362 it' s not because people were willing to pay tgat amount it' s because they had no choice if they wanted a house.
We started with TD 5 years ago and just found we have so much flexibility in payments. Can put down extra or pull back without fees. We renewed at 5.4 fixed for 4 years. Found out I was pregnant 2 weeks after renewal and we're okay with that we'll have a couple years left after the 4 year term to pay it off.
What kind of culture/society would turn the children into debt slaves
North American
It’s more like they’ll make others children into debt slaves for their own kids they’ll pass on the property.
Our Canadian Communist country of course.
Our Liberal government has done this to the entire country.
Liberals.
I remember my dad telling me he purchased our 5 bedroom home for 23,000 $ and that was just 50 years ago.
Did he buy it in the middle of the prairies where the nearest gas station was 10 km away?
@@amineaiffa no it was in annapolis valley nova scotia on 100 acers of farm land
My parents bought their first house for $34K in 1973. They paid it off in 5 years.
My parents bought their first in DT Calgary in 1971 for $15K. They paid it off in 3 years. They bought their next home in 1984 for $72,900, when interest rates were 16-19%.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
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Good. Maybe then I’ll be able to get a mortgage with a reasonable interest rate and monthly payment. $3500+ monthly for a house similar to what I’m renting now for $1600 is mind boggling
That’s a crazy good deal.
The most likely scenario is that your rent will increase faster than the mortgage payments will decrease. If we're being realistic.
Not with rent control. @@Joe-mz6dc
@@Joe-mz6dc rents only gone up $100 in the past 6 years
@@Joe-mz6dc if the landlord isnt one of these new fangled "investors" they arent relying on the tenant to pay the mortgage of their 10 rental homes...
Honestly, those who are panicking and selling at a crazy low price are the same who panicked at the chance of not getting their dream home and overbid hundreds of thousands... that's the first wave that was unavoidable.
Market in Toronto will be 20-30 percent lower in two years
@@bpd9660 Not really. The only properties that might do that are those that were built for investors and that are not that interesting to own long term. For example, those small condos that have crappy layouts like having to sleep in a bunk bed, or have no storage. The price of those condos is already down substantially.
I was told 2 years ago to wait to buy my house and that was probably the best advice I ever had in my Life..!!!..my dream house will be 60-70% cheaper in the next 2 years..!!!!...patience is on my side..!!!
Which province/region are you talking about? You realized that once you buy that dream house, you will have to flip your mindset 180-degrees and join those that call for *increasing* house prices.
"Price under the comparables" is excellent advice. 2024/25 will be a great time to buy a condo in Vancouver and Toronto if you're an end user holding the property for 5+ years. Now is also an excellent time to sell a single family home and take your gains before the government starts to tax your primary residence.
No.. its headed lower by at least 25 %
Family’s need houses to raise family not a shoebox
You can thank feminism for all of this.
For new canadians , We started in sod huts 150 years ago, then log cabins. We are going back to sod huts. Dirt is free! Enjoy!
@@user-ld6wo4rv8hTechnically yes. More available workers, more exploitation of citizens taxes.
@@user-ld6wo4rv8h Feminism? How so?
@@user-ld6wo4rv8h how did feminism cause this? I guess you would rather blame women rather than the men (like Trudeau and Harper) who have been in charge of this country
As a foreigner I am shocked by the fact that in Canada unlike other countries, real estate prices are pretty much uniform, regardless, wherever you go the prices are high. It is the biggest mystery for me. How the hell the small s@#t holes 300 hundred kilometers away from basic municipal services dare to ask 70% of the price of a similar house located in major cities. In Europe this house would cost a fraction. 20-30 percent at most. How the heck is it possible??
Because small sh-holes in rural communities are awesome places to live for quality of life reasons.
Corruption
You should travel more. You'll see much lower prices outside of Ontario, such as in Manitoba and Newfoundland.
It just means the projected costs are higher than the losses of the sale.
That means there is no market for speculative ownership.
How is it a loss if it was already inflated out of reason. It’s a correction at best. Leaders and the public should constitute a home program where a property is attainable at prices that match the median income x 10 years. So if median is 4000 a month then a median home should be 480,000. If that is not happening then primary factors have to be regulated properly ie: property taxes, land permit development, interest rates, immigration rate, support birth rate, lower government expenditures. And it’s the people who have to fight for that, means writing to leaders, placing the right governors or lead yourself.
The price of homes in Atlantic Canada is still silly high and a big correction is due but they keep going up.
I thought prices would not drop. Stick or go back to pre pandemic highs?
Royal LePage said so!
You'd think condo and townhouse home insurance would be more then a single family home with having the risk of your neighbor burning or flooding your home.
Nothing compared to what's happening with the property market here in Perth, Western Australia.
Treating your home as a retirement fund seems so socially irresponsible. My grandparents didn’t buy their house expecting it to be worth over 1.5 million in 40 years. They’re going to live in that house until they’re dead. Living off a real retirement plan that doesn’t involve monopolizing a human right.
My relatives in Canada are planning on moving south. Possibly Panama, costarica, or El Salvador
I bought a townhouse in 1980 for $21,000. At that time I earned $8.00 per hour. After all these years, of buying, selling and renting homes the only real difference to me is the value of the dollar has shrunk steadily.
So 1.25x your yearly wage.
Now it's 12x
Your gross income was like $15k. Your home price to income was like 1.4. It is now 14 in Vancouver, 9 in Toronto
The town house is now a million dollars but wages are $15/hrs.....
It depends where you are…in Brampton ON, I am hearing that there are houses in the 1.5M to $4M range that are losing 30% to 40% of their peak in 2022…
who would want to live anywhere near that town? they should pay canadians to live there
@@rachelk8368If you know you know Toronto is going to be next. Wealthy investors aren't finished plundering landowners to feather their nest
brampton? don't you mean Indian part 2
Ain't no way. Bought at 699 sold in Brampton last yr at 1.9 😁 thank God I'm done with that town.
Not an opportunity because the buyers will wait for a bottom, then a frenzy will push prices back up and first time buyers won’t have the mortgage credit they had a few years back. The best properties will be won by those with homes already and who have cash to get a home for their kids cheap.
Wait until all these fraud mortgages get found out and the ppl who use them grab all the cash and run
I'm renting...went up $150.00. I'm on disability, so I'm losing over $1000.00 pa. So spending food is cut dwn that much too!😮
So you can't even spell out per annum and just expect everybody to understand what pa means? Get bent.
My rent went up from 800$ to 1350$ since covid in the Maritimes. It's insanity.
@@user-ld6wo4rv8hmove on idiot
We are on a Trudeau diet!
@user-ld6wo4rv8h grow up. If you don't know what that means, get a dictionary. Use your brain for once before you open your mouth and nothing but babbles erupt.
Nothing it’s lost until you sell it!
Or until you renew and can't afford it...
I did a ten year fixed in 2022 for 3% roughly. Didn’t want to think about rate changes and renewals for a while
Buying into the "market" we consent to the never ending debt and slave society that people don't know how to escape. Homes are a right
Houses are wildly overvalued. We are looking at houses that should be worth 10%-20% of current value maximum.
WEF: “You will own NOTHING and you will be happy.”
Shhh tinfoil hat man
@@Sogger2Agahimsadly that is becoming a reality
@@milo-qh7cv
There is a difference between saying it's a plan and the fact that the world is becoming poorer.
It ain't true, who said we are happy.
Canada GDP per capita as been going down for 10 years.
We are sinking fast.
All because of boomers wanting to make a shit load of money selling their cardboard boxes.
The reality is, none of this properties actually worth their peak value. I live in BC there’s townhouses next to our building, I know several people who live there. So one owner told me that less then 10 years ago they bought it for 450k$, month ago they sold it for 1.2mil to realtor who immediately put it on sale for 1.5mil, and since then it’s just sitting there empty and they didn’t even once had a viewing. The fact is it’s not worth it, even owners original asking price (995) is too high for what it is. Making 100-200k over 10 years is a fair deal, but people need to stop their bs, artificially raising the prices 2-3 times of the original, which affects both private ownership and rent.
WOW. Nolan. Your work is amazing! I'm not in the market nor intending to be, but the way you deliver your stats is very dynamic, invaluable and informative. A lot of your data stood out, but the one that hit home for me was your comments that "home ownership builds wealth"; "higher net work retirees - are home owners vs. renters", and "people won't be able to build wealth - if we are building the wrong type of properties (Rental vs. single family).
As a Pre-Retiree, renter, and someone who lives in Vancouver, your assessment provokes more questions than it answers. I'm not sure single family ownership is the only way, and the way of the future - especially in Vancouver; to explain.
For over the last 50 years, much of the problem in Vancouver has been based upon the fact that approximately 80% of the zoning was historically fixed for single family dwellings (blame the city for our present prices and rental shortages?). It's only more recently (the last decade?), that the city has finally moved forwards with more progressive zoning that has had an impact on moving the needle - hopefully providing more relief for renters and buyers alike.
But it's still not enough! Single families don't have to live in zoning that is restricted - to Single family residences, they can live in duplexes and fourplexes as well - depending on their affordability and resources availability. Rental units, and home ownership of Condos seem to be an invaluable, stepping stone for those who intend on moving up the investment/savings ladder, but those prices and options, need to be sustainable and accessible. Progressive zoning plays a critical role in meeting the needs and existing challenges of an accessible, thriving market. Why can't there be more creative zoning that encourages developments that can focus on Micro Apartments, Tiny Homes, and SRO's? I'm sure there's room room for mortgage or two - in there!
If Canada is to maintain a sustainable population growth (via immigration?), your pathway of "building wealth" via "home ownership" is clearly one of the most important and greatest priorities. My only caveat is that it be based on an accessible, adaptability model (zoning?), that can cater to both the choice of renters homeowners alike.
We bought a 50 000 $ fixer upper 100 year old house in halifax region during covid.. its still the cheapest home sale in years in the area 😂😂. It was falling apart thougj
Yep! Lost $200k☝️
Bought my house in alberta 10 years ago for 360, just sold it for 525 in 4 days.
Smart ones sold now at a small loss... later ones will sell at a big loss... esp Toronto which is recognized ized as the biggest bubble in the world, massive downward prices headed in the months and years to come ...
Property Values are grossly inflated beyond what they should be at ,A market correction was bound to come sooner or later but they can't keep going up as you don't have a population to support the increase , Take pick ups which are 80,000 dollars plus .This can't sustain it self and housing is no different .
83% of the time variable rate mortgages come out ahead, my real life Monte Carlo has proven it. The amount I saved with rock bottom mortgage payments through COVID was insane. I recently re-upped for another 5 yr variable and lo and behold I'm paying less today than I would be if I had chosen that 5 yr fixed! Variables are prime MINUS some percentage, while fixed are always prime plus a percentage - the math doesn't lie.
Meanwhile a bungalow in my area (Ottawa) listed at $575k just sold for $650k 💀
Yup. Ottawa still has bidding wars. Prices are on the rise and for 650K you don't get much. Nicer houses start at 800K.
The high cost of property and development of said property means there is little to no money in building single family homes when few can afford that style of housing anymore. Its obviously much more cost effective and profitable to put several stacked condo or apartment "homes" on an acre lot than just four, besides Governments want higher density housing anyways. Urban area subdivision lots of the last twenty years are so small you're already stacked on top of each other, so it might just as well be fourplex or more. Glad Im in a 70s build.
GTA & Vancouver property markets ARE NOT Canadian Property Markets!!! Plenty of other cities are around or going over their ATHs.
Way to early to think about buying. It's way too expensive vs renting and invest the difference, plus prices still have to fall, which will happen soon. People that want/have to sell will have to lower the price, what alternative do they have?
There is no worse way to live than in a condo. I pity condo owners/renters its a sad way to live
My house is paid. Property tax was 4k last year. This year 3k. They can puck off
I never saw the point in buying a house at an inflated cost.
same!! i feel like one of the only ones oddly
@@Diatom1k I guess it's not a bad thing to miss out on haha
Drops arent happening. Only in very few select markets due to supply and demand. I could care less personally, i bought a home because rent is stupid expensive.
I wouldn't purchase and move into a condo downtown any major city in Canada no matter what the price.
Love it. It’s only going to get worse for “investors”
Keep dreaming
@@pascalilboudo6399 the matrix isnt a dream. its happening. wait till the international students stop paying rent.
And everybody else.
Everyone gets hurt not just investors
@@TDRE88 elaborate.
Leveraged property investors gonna be hurt the most. I'm not seeing any difference in my day to day life.
So how am I gonna feel the squeeze from leveraged debt when I dont have any to begin with?
Entry level homes (not condos) are all selling. Land in GTA is scarce. North of Toronto it's all owned by developers.
Don't make the mistake that Vancouver has any correlation to 'Canadian' market conditions. Yes, Vancouver does get hit with the shit stick like the rest of Canada BUT, the bounce back in prices is very fast, no where else in N America can beat it. That's why investors love the place.
Best time to.buy is after the collapse
Its not that no one wants to.build SFH its just that the market is so small since no1 can afford them
Has anyone noticed that pricing is far higher in the Canadian ports of entry for immigration? I am all for immigration as long as it’s responsibly done, but this upward pressure has been caused in large part by way too much demand and not enough supply, and this demand isn’t necessarily because it’s the best city, it’s sometimes because it’s the city they arrive in. This has made it hard for immigrants trying to get a start as well since irresponsibly high levels of it makes it harder in everyone including other immigrants trying to establish themselves. This is the law of unintended secondary consequences to some significant Liberal Policy that they themselves have admitted is an issue.
Air bnbs, for profit housing is the root cause of ALL inflation it’s not complicated AT ALL. People are over extended and these defaults and the coming slow down are ENTIRELY necessary.
It’s only really a loss if you over paid for the home.
People have been told that there's a bubble in the Canadian housing market for at least a decade now.
At this point in time, if they don't do anything about it, that's on them. No sympathies.
it goes so much deeper than that. your lack of progress, and your self indulgence, means India and Russia and China are so much stronger than you or anyone in your family. BRICS runs the west. god bless.
Please stop calling banks “B” lenders. It’s like fingernails down a blackboard to anyone in the business. B lenders do subprime. Banks are A lenders. Please stop. Please. Thanks.
Well if banks are allowing negative amortizations, the mortgage has technically become subprime. Therefore they have become B lenders.
@@seanyoung5397 B that as it may, that’s not the reason he is calling them B lenders. The banks have their place in lending. Scotia Step is a great product. Can’t get that at a mono line.
Nolan's an "economist" he thinks he knows finances, but in reality has never picked up a real book in his life.
Canadians don't really have "sub prime" but I get what you're saying. And him calling banks b lenders is confusing
“Millennials leave a condominium lifestyle and try to get into a single family home lifestyle” whoever does this wake up. Suburban lifestyle is hell. Your kids are gonna be confined to your house because there is just no public transit. Living in a city is way better
So wierd condos here in winnipeg keep going up. Probably cuz they are set up in desireable areas
And they are more affordable
Except we have literally thousands of vacant homes starting on fire by themselves. People stealing from goodwill. It's nasty.
@@joebachmeier6747I grew up in those areas as a kid but I bought a house far from there. Houses there only go down in value stay far away from there folks!
B-lender means secondary lenders outside of the big 5 banks...
Home ownership puts you at the complete mercy of inept governance. Both local and federal.
Not worth it.
That graph is insane and disturbing. People don’t appreciate home bad this is. We are basically going into a depression.
Where can we find such properties?
the end goal of these prices and all the taxes over them "84% taxed corporation rate", is to impose a total recall of all funds that the government previously issued of businesses thru startup grants etc. their repetitive failures set forth the ongoing extremely high housing costs that don't even include the tax holdover of needing to pay someone else to grow poorage for breakfast. grass just grows as long as they don't take it but that's relevantly $5 tax for every handful of gains. "HOA: home owner association, cult led appreciation or lack of it and inflated to obesity over the least of anything they do, not to be given a tax form... stuck under common law partnership's, no money only what the other feels like giving them... to see if anything comes of that what would other wise be totally thrown away into a pile of rejected sin (the dump lord, wedding master smasher... WMS)". filthy rich, as everything shows up for free.
Housing prices doubled in the past 5 years, now in greater vancouver they are flat to 2% down, and everybody screams “great deal”. 😅 An extremely hard pass on the deal:):):):)
House prices would have to come down 30-40% to start making sense again.
Well you can own the home but never the land under it, it all belongs to the crown.
Seriously? Is that the rule in Canada?
@@RajendraCanyup! All you get it a title that you have to continue to pay property taxes on.
You mentioned that housing is now affordable. Canadian housing is not affordable when you have home price to income ratios of 8+
Agreed the market is in chaos but why the opportunity to buy is now. If Canadian economy goes into recession, unemployment increases, will there not be better opportunities down the road. Why Mortgage brokers and Realtors want to create FOMO and want the people to purchase now when houses are still unaffordable. Is there any issue in advising people to wait for prices to decrease at which point sales will happen automatically and Mortgage brokers/Realtors can get their commission from sale or facilitating a mortgage.
The point is simple. You can't predict the future. So no, no one should be advising anybody on whether they should wait or buy now based on what they think the market is going to do in the future. Respectfully, the assertion that there is going to be a recession and unemployment is just as reckless as the realtors who tell everyone to buy now.
ScotiaBank has the best mortgages? Thats a sweeping generalization if I ever heard one
This! I think scotia bank has one of the highest interest rates! I was surprised to see him say that in the video!
We will continue to be a rental nation. The expectation to own a home should be tempered. Europe has been that way for decades. Most people just accept the fact they will be lifetime renters. Home prices may come down a bit more, but they will recover. There's simple no supply. Immigration will continue as we need to offset our aging population. Just a new reality for us.
It is interesting that the "affordability index peaked in 1989, just before the massive housing downturn
Gold and house prices are identically valued the same as it was 100 years ago and they also are the 2 commodities they don’t make more of
Huh houses are made every year, gold isn’t as it’s a fixed amount that the planet holds, the major problem with house prices are supply and demand issues
Gold for the Win... FiAT is scrap!
@@brandonstapley9251 land you dummy
I hope the market would crash very hard so that I can afford a lakefront cottage, I don’t care if my house lose half of its value, I won’t be selling it.
Buyers' Market is still get better. do not rush.
6:45 and that’s the ndp housing platform. Turn Canada into a renters place
I don't know in which location he's talking about, but where I live, it's only going up again.
Why not include Atlantic Canada (Nova Scotia) in "Changes in home sales y/y"
Good question. Not sure why he doesn’t include then
Price have to literally drop by half and even then its still too high
It doesn’t help Canada is allowing hundreds of thousands of immigrants in each year. That drives the housing price up like crazy
so if we are becoming a renter nation what does a homeowner do to leverage that?
These days, people are just lucky to raise a family in a condo let alone a single family home.
how many shameless plugs can you insert into one video?? You know damn well this is a terrible time to buy. Stop the BS
No one is forcing you to watch the video. Don’t like the content? Go watch someone who supports your narrative.
Why is Manitoba not included in the one chart
Not sure, they aren’t my charts but I’ll inquire.
Hope investors lose their shirts and pants… I’m retired with less than $2.00 in my savings. So glad to hear people are losing …