Why Didn't REAL ESTATE Prices Go to the MOON!
Вставка
- Опубліковано 29 сер 2024
- The June Real Estate Data is in from across Canada and it appears real estate prices didn't go to the moon after the first interest rate cut by the bank of Canada. Not only that but many boards are still reporting record low housing sales and rising inventory. This week I share statistics from across the country including BC, Vancouver, Calgary, Edmonton, Toronto, Hamilton, Ontario, Ottawa, Montreal, Quebec, Newfoundland, New Brunswick, and Nova Scotia. #realestateinvesting #homeprices #canadarealestate #interestrates #housingcrisis #housingbubble
Links/references:
fvreb.bc.ca/st...
www.vreb.org/m...
www.creb.com/N...
realtorsofedmo...
trreb.ca/trreb...
www.rahb.ca/ri...
financialpost....
globalnews.ca/...
![Lp. Сердце Вселенной #1 НАЧАЛО ПУТЕШЕСТВИЯ [Новый сезон] • Майнкрафт](http://i.ytimg.com/vi/380Q7gLWGvk/mqdefault.jpg)
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Finding financial advisors like Annette Marie Holt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Ann Marie strunk, has been an amazing experience.
I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ann Marie strunk 😊🎉
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
Prices hold and sales slide. Classic bubble scenario playing out.
Just sold and bought another home and the banks are seriously tightening lending. I needed to provide everything short of a DNA test so I think they are in trouble with the renewals so they are reducing lending in a big way.
Higher cost of capital, higher capital adequacy requirements, and provisions for credit loss for the next mortgage renewal period. Definitely bracing incoming real estate bubble popping
Government is buying the banks mortgages so the banks keep lending, they are providing the rope and mass immigration to keep the bubble going. Could be 2 months or 20 years before things get back to normal, if we ever see normal again.
They're also socking away billions to buffer them when the bottom falls out.
I really hope banks don't hold the homes to try to stop the full drop. But they will.
Yup, ATM only allow me to withdraw $400. Definitely something is broken!!!
We had a rate cut, no action, and homes in my small town have dropped 15-20% in a month.
They're still terrible shitholes that are priced double what a brain dead zombie would pay for them.
Are we in the same town? haha
Wonder what happens when the average Joe realize these homes aren't worth half the current asking prices....
@@user-lt9pq9fr5z I am 'average Joe' with above an average understanding of economics.
Dumbed down: Many people don't have a pot to piss in and more won't have that window to throw it out of, if they did have said pot.
That is what is driving rates lower.
Keep saying people who bought 1 or 2 years ago will never get that money back out of the home
@@thebluecat343 Agreed .
Bank of Canada should not cut the rates anymore. The only way to bring the real estate down is to keep the rates above 6%. If the home prices are down then the interest rates won't impact the affordability. The main problem is that people/investors are buying houses as how they buy stocks and now they crying about affordability. The interest rate increase will not affect anyone if the average house prices drop to $500,000 instead of $1,000,000. The bank should keep increasing the rates to keep the speculative buyers out of the market. Buyers are waiting for the price to drop.
40% of Trudeau's cabinet own multiple houses. House prices will not crash significantly..
@@ZanoniAgnew that cabinet is about to be sent home. They may just start packing now.
When the crash arrives the government can not stop it
If you see the sentiment has changed. Dramatically. We have not even called a recession yet and people have pulled out of the market. Under these circumstances for new buyers why would people put themselves through this stupid situation.
Buyers are waiting or bidding too low. Wait till this winter, if people think we've seen the bottom already
Am waiting for depression and -0.5% prime where banks will pay me to take a mortg. like in EU some years back lol
@@jay1645 that would be pretty nice
We just moved to a small town in southern Ontario. The new condo we moved in (rental) is struggling to rent out the units. Right next door there is 2 condo buildings that are empty 🤣 this area received a boom 4 years ago 😂
Brantford?
London ?
Smalltown Ville?
@@timeverson728lots of "luxury" units 😂
Why was the realtor in counseling? They couldn’t get closure. Things are only getting worse from here. If you ever feel like no one cares, miss a mortgage payment.
On the mark since I've been listening to you
Hard to enter the market when the banks won't lend knowing people can't afford the 3 to 5k monthly payment on the average Canadian family income of 80-90k per year. Half that goes to the groceries, the other to the car payment
Come to Brampton, we approve everything!
@@Jancan20peel region is a toilet bowl
@@retrogamer82your right but let’s face it….all of Toronto is a toilet. Canada isn’t far behind
@@swingbag12 Until you know the difference between "your" and "you're," your opinion is useless.
@@TT-fq7pl Please don't grammar police! It adds nothing to the discussion.
I live in Calgary. I didn't expect a change with the rate cuts. I am however very amused at the "price increases" that sellers are after. Lots of sellers are trying offload homes (specifically condos) for WAY higher prices than the units are worth IMO. I've already seen dozens of price decreases in the inner city area.
From the London and St Thomas Association: "June Stats Release currently not available". There was a statement for June, but no in-depth data was made public.
It seemed odd that they were the odd ones out. They're doing a big switch to the TRREB system which probably has something to do with it.
Must ,be shitty bad data, ...they want to massage the figures a bit more spin on it
There's plenty of so called "industry experts" aka real estate pumpers. Another "Like" for Jon Flynn
I'm a realtor and I've always said these prices aren't sustainable. Even if the rate falls by 0.5% more over the already 0.25% decrease, it's still not going to do anything. Prices are coming down and we haven't seen the bottom yet by far. Prices will fall even if they decrease the rates now.
Good call
You speak well sir. I've seen a lot of other UA-cam channels who're now syncing the line, but were adamant that the market can't fall. I've gone loggerheads with quiet a few of them in their comments section lol. I was the outcast. Now they're singing the same song but won't admit they were wrong. Even now won't admit to the scale of how wrong they were. We will know soon enough..
"The Toronto Condo Update
Condo inventory in Toronto has reached a record 10,688 units. Meanwhile, sales fell by 28% in June while this inventory rose by 16% and active listings shot up by 70%.
The people who are willing and able to look for a home right now can't live in a 1 bedroom condo with a max 600 square feet. This is the classification of the vast majority of the units available for sale right now. These units were solely built for investors to rent out because at the time it made economic sense for the developers, the investors and the city to collect their precious taxes. A money grab for all involved. No one ever thought about the end user that is currently in the market shopping for a livable condo right now.
Now that end users are calling the shots, hopefully developers will put all future efforts into building larger, more livable condos. "
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Thanks for the data on the Newfoundland market! Cheers from St. John's
Real estate agents lie. Oh my God
Yup always the best time to sell or buy is now. lol.
The problem with RE agents is they are kool aide drinkers who try and look like experts to their clients by just parroting what their brokerage tells them. Its extremely annoying and I find them impossible to deal with or talk to. I only met one that shut his mouth. I tell them all to keep their nonsense to themselves. This includes showing where they start the "imagine sipping your coffee here" etc.
I'm a realtor and I've always maintained these prices weren't sustainable. We're yet to see the bottom. Anybody who thinks otherwise, just wait till this winter. Even a 0.5% further decrease won't change anything. Watch out for this.. the biggest hit would be in Brampton.
Is it typical in your area to advertise properties in July with snow photos or is that just a thing your office does on a regular basis?
Can’t afford to take new photos with our cell phones.
@@jonflynn you should head on over to 5659 BYNG Avenue today to take new photos instead of complaining on X how you can't sell any houses. Or is that not something that discount brokerages like yours do?
My own prediction is that on average, homes will drop 45% (% change) from the peak. Call me crazy
Crazy!
I agree 45 percent maybe more depending on job losses
No, you are not. You are perfectly fine.
Max 40 % till November
Region dependent. Crappy condo's vs acreage in wine country.
Interesting how when rates were going up you always said that it takes a year or more for hikes to impact the market but the same does not apply to cuts I guess?
It wasn’t me saying the market was going to the moon the moment the first rate cut came though.
@@jonflynn but you did say it takes a year or more for rate hikes to impact the market. So does that not apply to rate cuts?
It will be difficult to do massive rate cuts considering US has yet to do their first. Despite loose lending policy , it will be hard to stimulate housing market.
Good point
Thank you Mr. Flynn. Your reports are excellent. Kind regards and God bless.
Thank you kindly
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” - Upton Sinclair
Interesting to see Woodstock is down the most lol, where I grew up. But I sold in 1998 and moved to BC. Here in Victoria BC house prices are flat and near the peak still, but inventory way up. The coast has a special relationship with single family homes, being in a perpetual and worsening 30 year shortage, and as a destination for folks with money seeking the best climate within Canada. Condos will fall substantially, houses will not but instead stagnate for 3 to 10 years with maybe a modest 10% drop. The solution is to fix our entire economy to be more productive with a smaller civil service and freer trade friendly to small business then we can produce more as a nation to be more prosperous, for families to have more buying power for buying houses. We'll have to train more tradesmen to build the homes of course, but that relies on the rest of the economy being more prosperous than it is now.
Prices are quite resilient in the GTA so far. Given prices have increased 100 plus percent in last 10 years, so far correction in prices is tiny. There doesn’t seem to be any panic. People can just move to a 40 plus year mortgage and even if they sell the cost for rent is the same or more. Unless you can move to Hudson Bay, a tent, or leave the country - there is no opportunity to lower the cost of accommodation. I don’t see it yet, in fact many sellers are still asking peak or above peak prices. Seems there is still fomo.
If you take into account the inflation adjusted prices, the value of homes are actually declining. However, since wages increase aren't keeping up, no one is jumping to buy them
If we had non recourse mortgages like in the US, it would be a whole different look already.
We will own nothing and be debt slaves until death!
Great work Jon 👍 the bubble needs to deflate before the effects of dollar devaluation comes into play 🧐 I see assets in bubbles falling while necessities and commodities inflate?
So many houses for sale, and no one is biting. Greed, greed, greed.
Yep
It's not greed. The market is frozen because of the huge increase in the cost of real estate. In order to move, people need to get market value for their house, so they can afford an equivalent house where they are moving to. A starter home should cost $200k, but for $400k you can get a lot with a mobile home. Many can't afford this.
It's not like having a house worth twice what it was in 2019 is an advantage. If we had of sold our house pre 2020, our savings would have gone further to cover real estate fees, moving costs and land transfer tax. Now we are experiencing an erosion of our buying power.
When the banks printed money in 2021, it clearly went towards mortgages which inflated the value of real estate, possibly permanently.
Calgarys prices have been raising so rapidly. A lot of people that over paid are gonna get burned if supply ever evens out. Calgary has been in a sellers market for such a long time, and continues to do so
Everyone is SO focused on sales and purchases. Have you tried just looking at the rental prices? A 1 bedroom doghouse(500 sq. ft) is going for $2400(including utilities) WITH A WINDOW. YES, WINDOW is the highlight of the property, apparently. In and around Toronto
Once the condo market takes huge hits this summer and fall, the bigger outlook will be when then impact on detached RE follows the condo market
It’s obvious condos will get hit first but will detached and freehold take 3 months, 6 months or a year longer to follow suit
Time will tell
Curious if investors can delist again in Nov/Dec to keep listings down or if the financial pressure will be too much this year as interest accumulates and more renewals come due
All of the speculators bought houses 'before' rates fell, so once rates actually did fall, there were very few remaining speculators buying anything.
True
I live in Nanaimo and the amount of rentals that are being built is staggering. I am talking hundreds and hundreds of rental units for a city of 100,000 with no new businesses, restaurants, etc opening. There is definitely a rental bubble as well. A 3 bedroom apartment in a brand new building a few blocks from my house is asking 3200/month.....in rent! Insanity.
That's good news for renter's though. Rent should go down with supply added
Apparently Nanaimo could become a 15 minute city. From what you're saying they likely are already.
30 seconds in, this is the start of the “rate cutting cycle” NOT a meaningful “rate cut”. 25 basis points does nothing for someone who can’t qualify for a mortgage and isn’t able to enter the market *YET*
The story was, as soon as rate cuts happen the market will skyrocket.
Sold a year ago. Channels like yours Jon really helped me understand the market at that time. Thank you
Good stuff
Anyone who knows the business is saying the truth.
Not all brokers are the same.
My advice? Don't over leverage yourself. If you cannot afford a 10-15yr am on your mortgage you are over leveraged.
Sell now and downsize.
If you are "waiting," buy when it makes sense.
Game theory. Play out the worst case scenario (housing crash by 50% and 10% interest rates). If you can not weather that storm with your current strategy, you need to adjust.
Leverage is risk. Be ultra conservative with your family home.
10% would be an apocalypse
@markhoffman it would be the "worst case" scenario. Not very likely, but if you could shoulder that, then you will be fine if it's 5% that's my point.
It’s very tempting to build bad products during a hot market and sell it to greater fools, but eventually the music stops and someone has to hold the big bag.
Exactly
AI doesnt need to buy a house
Lots of companies making use of AI are large used to be well paying companies
Houses/condos have a way to fall
Theyll be turned into data warehouses once their value has dropped 80%
Hi I really like your analysis and I think it makes total sense. In this market which is a better option, buying a pre-con with move-in date in the next 6-9 months or a re-sale with a target of closing in the next 6-8 months? Please advise. Thanks.
Prices will fall but not plummet. If anyone is waiting for a $1M home to drop to $0.5M they will not see it. Most people selling are exchanging houses. They can hold or wait. There are people with cash who will scoop up good deals when the conditions are right, not burst. There are investors and speculators who will lose money but they will not be the majority. This is where the buffer zone lies for the market. Everyone needs a place to live. Those who cannot afford today will need to continue to rent. This is what happened to most European cities. We are just at where Europe was decades ago. As yourself this question: Do you think a 4L jug of milk will ever go back to $1? It sure didn’t start at $5.
Jon, can you include North Bay in your data.
Thanks
@Jon I think you actually missed the story of the week, which is that active listings are way up - pointing to a major turning point coming in the coming weeks...
Rate cuts can’t happen until inflation hits 2%. Allowing rate cuts to happen prematurely will force more inflation which will cause more pain on the consumer and ultimately lead to hyperinflation like it did in Argentina.
People are in denial about the pandemic being the top.
And not seeing bigger picture.
When the central rate was 4 % the market was very hot In the gta. I sold a few listings over asking price.
There is no unlimited supply of sellers, there is no unlimited supply of buyers ... eventually market gets exhausted and takes considerable time to breath enough for next sprint... my cents
How will I unload my 5 pre-con condos 1mil each 😭😭
Shit😂
Rent them out to Hollywood stars dogs and cats when film crews flying in to town to shoot a movie
Or rent 8 hours bed shift spots to immigrants that like crowded rooms
@@JS-jh4cy😂 nice one
Great information and thank you for sharing
The government doubled the money supply,,,,ya, the only way I see interest rates going,,,,,is UP
Nope dead wrong. My place not down over 20% from the Spring 22 peak. Not even close. It is up about 35% from mid 2020 though 😂
Near 7% unemployment has got something to do with it. That and rates are still very high for the current prices. 😂
The current prices are too high for any rates… I think that’s what John’s pointing out here. Lol.
I just hope N.B. realtors et al got the memo that prices are declining
🎉🎉🎉🎉🎉🎉🎉
I'm seeing lots of for sale signs lately but not too many sold signs on the Bruce peninsula
thanks for the video Jon! :)
@JonFlynn, I really appreciate your videos. However, I find your "% change from peak" chart somewhat misleading. It creates the impression that there is a widespread decrease in prices across the country, while in reality, the majority of the red bars represent regions in Ontario. If you exclude these and compare similar units-such as provinces with provinces, or big cities with big cities-the picture looks quite different.
I also look at things nationally (next video)
Jon only cares about saying how bad things are for more clicks. Prices are flat to slightly up since they bottomed out in 2022 but Jon doesn't want to say that. The crash is always just around the corner according to Jon.
@@johnnylongstocking183 thanks for confirming there's been no gain for investors into RE since 2022. Flat is always good for business LoL
@@elim7228 if the property is cash flow positive I really doubt they care that much.
@@elim7228 actual real estate investors don't really care. They bought properties that cash flow from Jon's full time renter audience. Speculators depend on market appreciation.
Here in Edmonton, yes these stats are reflective of what we have going on! Seller's market even within an hour of the city. Pricing remains strong within the Greater Edmonton Area but prices are still creeping up in smaller towns, hamlets and villages as people are shifting out of the city!
Nice try there, Edmonton realtor. Soon you may need to look for alternative employment.
@@alexrubin5955just sharing my observations in the local market. Curious if you are witnessing something different and if so, where?
Hello Amy, nice to hear from you. Thanks for sharing
@@alexrubin5955clown
I was curious about my homes value. I tried a few tools from banks, real estate agents etc and the :value has not changed this year. Their online tools say my house is still the elevated value before the downturn.
Lol yea? List it at that price and see what you get 😅
Don’t trust the online tools made by offline tools that helped create this mess.
Rates in Canada dont get set by the BoC. They get set by the FED.
Nothing moves until the FED starts cutting rates and it looks like they're about to start based on latest press releases.
Expect late fall to be the spring market that wasnt.
^yep essentially correct although BOC ahead already
In every interest rate cycle in my lifetime, RE continues to fall for a year or 2 after the first cut.
Sold my coquitlam house last year. Put the Money in the S&P 500. Got a 20 percent return so far. Houses are not worth it.
Why not have both?
Depreciating asset right now
Rate cuts happen when economy sucks diminishing real estate values in affected areas. Unless artificially stimulative.
Charlie Munger described bitcoin as similar to fox hunting "the pursuit of the uneatable by the unspeakable". He should have added Toronto condos! 🙂
Influx of properties for sale because the deadline to meet the capital gain tax inclusion rate of 50%. Reaching max inventory soon.
The muppet boiler room condo flipping market is dead 😂. Unbelievable but true
Yep
You should also do a chart of all these that shows at what point in the past (most likely pre-Covid) was the price at the same level as today. Because what you call as a “loss” at 6:52 is simply a correction. Once you chart the long term prices, it will resemble an inverted U chart.
2021, last 6 months of 2022, 2023 and 2024 are all the same price points. Were no pre covid prices yet
@@jonflynn So that means that we’re not in a “loss” position as yet, right?
Imagine if you bought in Brampton/Mississauga in 2022 and realizing now you could have saved $250,000
A quarter of a million dollars. 💵 💰
I have a friend who bought in Brampton in 2013 for $250,000 roughly.
Many people did purchase there at that time and are royally screwed.
@@jonflynn What do you think the average mortgage in GTA is (Brampton, Mississauga)?
There are so many mortgage fraudsters now homeowners who are sort of surviving by turning their bedrooms and basements into slums with 7-10 renters living in them. Banks and other watch dogs don’t care either. It’s a Free country….to commit crimes and frauds now with no legal consequences.
@@jonflynn Jon, I wish more & more Realtors and Mortgage brokers should have the integrity and courage to share data & facts with their clients just like how you have been doing for a long time now! Keep up the great work, thanks for sharing! 👍🏽🥂
Some will hand keys over. Owe more than house worth soon.
Trust index - from the bottom:
- con artist / fraudster
- used car salesman
- politician
- real estate agent
.... haha - exception
John Flynn 🎉
.. be wise be safe.
You forgot - UA-cam Commenter.
I’d put a real estate agent above a politician, then again politicians often work (get bought off) with developers anyhow😂
There is still someone below real estate agent... The public health official
@@davidhughes6048 the ones who are real estate agents?
haha, nice
Hi Jon, love the channel and honesty but some feedback.... would be great instead of just reading headlines and charts ( that are produced by the people who do not want the truth out ) why not present the real deals happening out there. I am in Mississauga.... friends all over and for the past 12 months... massive 6 figure losses all over the place. Brantford to DT TO. Would be great for you to show people real numbers, not filtered charts that are averages which in our vast country really does not show what is happening. Just some feedback.... keep up the good honest work.
and how many owners have dipped into that house equity to make a bad situation worse
Tons of them, many to give their kids money to buy into the market also
Who is going to buy?
The number of 'For Sale' signs in my area are giving the number weeds on my lawn a run for their money 😆
Big change from 2-3 years ago
I can't waste time watching the video after reading that stupid title and description. If you expected that to happen after a 0.25% cut, it says something about your IQ, not about the market.
Jon does these click bait videos because he needs the ad revenue to support his failing real estate company. He has lost half his staff in the past two years and now spends most of his day complaining online about how slow his business is.
Looks like we found the bagholders 😂
And the bag licker
My neighbour and his wife are each making 20 bucks an hour and living in a 750k home they bought just 2 years ago. Went and mowed his lawn because he couldn’t even afford a lawnmower or furniture in his house . Go figure. And yes they are immigrants.
How did they get a mortgage?
My son mows a lawn for a teacher and she wants to sue him for $45 because it didn’t grow even. She has too many varieties of weeds for it to grow even
When was peak pricing ib canada? 2022 0r 2023
Check out David Rosenberg’s economic analysis. We’re already in a recession. Government spending and housing have propped-up GDP. Sooner or later, reality has to kick-in.
I like his reports
Glad to say we just bought a house. Sad to say I think it’s going to be a while until we see equity and definitely don’t expect the ROI that the boomer generation just experienced.
With the amount people are charging for rent even in Northwestern Ontario, it doesn’t make sense to continue renting. Our mortgage is less than what people are charging for rent.
Rent is a major issue with Canadian RE. Should be regulated to where people can’t charge more than their expenses.
I know people who are renting houses that are completely paid off for $2500 + utilities.
We’re not someone’s pension plan. The behaviour of home owners is pathetic
You contributed to the problem by FOMO'ing. Rental lease is a 1 year commitment. Mortgage is 25 years plus property taxes, repairs, etc.
Then rent out the basement of your new home for a $1. See who comes knocking
@@apprenticephil649 LOL! Wow brought out all the idiots with my comment.
@@apprenticephil649 why even charge $1? Why not just let people live for free?
I’ll start my own neighborhood shelter house.
The problem is that we cant simply look at the demand side, we need to grow supply for the type of homes that are affordable but livable as well not shoe boxes built for investors in the short term rental market.
Trick question.
Prices are already on the moon.
Never, ever trust industry predictions. Ever.
June statistics show Fraser Valley 3 years average home prices increased by about 10% that’s from peak year 2021. Where does John see prices falling 😂
You should check your numbers
@@jonflynn you should stop misleading with yours.
@@jonflynn fvreb.bc.ca/statistics/Package202406.pdf look at home prices.
Jon I would be happy to see prices drop so I have my children to buy something but in 15 years living in BC prices go up and up
2:40 I'm not clear i you're being sarcastic here, my kids here in Vancouver will never own a home until the inherit the money they get when I die. That's my definition of "to the moon".
A lot of homes being built around airdire and Calgary quicker than I’ve ever seen . It’s like they wanna get them built and sold before it’s too late.
You’ll complain either way
Yep
Interesting, all those places that are slightly up like Newfoundland, Quebec, ect are all pretty cheap markets compared to the GTA, GVA, anyhow.
Watch in the future investors will go around the country jacking up house prices and when they are done with that market they will go into another market and do the same thing across the country.
@@10mudpuppy They're doing it in Alberta right now.
Don’t bite this last meat and pay the whole bills
Prices DID go to the moon... what do you think they did the past 10 years.
As always the Flynn reality check!! Real Estate and all other assets are priced to perfection with nowhere to go but ........flat or down 🎉! Gold, anyone!?
Love gold, only thing that will keep the world honest
Only problem is making sure my neighbors are not watching when I bury it in my back yard😂!! And remembering where I buried it 🤪, Lol!!
Best investment I did was to buy a house in 2008
It was listed in Aug for 1.2m and in November I bought it for 845k
Just wait when my South Asians start working 6-7 jobs at once, things will improve lol.
Finally the crash has started.
Yep
and rents started falling....
Beware of expert, live within your mean.
Didn't go to the moon, prices because no moonbase to flog for higher pricing
This is what nobody's talking about Edmonton. Property taxes just went up by 10% and will go more higher in the next coming years, The city is going to implement the 15 minutes city where u live, work shop, eat within 15 minutes because woke liberal controlling the city. Crime rate is one of the highest in Canada. Unemployment rate is creeping up in the city, lots of homeless people everywhere, everytime there has been oil price crash there has been a big recession in Alberta especially in Calgary and Edmonton. Good luck finding a good high paying job here. Think very very well before moving here. There's a reason why house prices has been that low for so long. I am myself selling and moving to somewhere better. Good luck moving to Edmonton!
I wouldn’t live there that’s for sure
I thought Danielle Smith was intent on turning things around for Alberta.
@y.v.g.b.4306 Not everything. She shouldn't have put ads to call for moving to Alberta. This was like adding fuel to fire. She hasn't fixed the Emergency wait times in hospital. Wait times are upward 3 hours minimum. And by inviting more people to Alberta, this is putting more pressure on health care. The municipalities are still running wild, making it more and more expensive to live. Now lots of people are regretting moving here now. They didn't think about the cons before moving here, like smokes everywhere, very hot and dry summer, very cold winters. No snow clearing in neighborhoods. Lots of parking bans during winter, homeless people everywhere, very high property taxes, lots of shootings including arms robbery, take a look what happened with the water situation in calgary and so on.
My best friend (mid-40s) finally bought his first place ever in Coquitlam about a year ago. He has the absolute WORST investment luck, always without fail whatever he buys it's at the peak, always. I am somewhat ashamed to say I sold my house last year. It's worked out pretty great for me, not so much my buddy and many other folks so far, but he's always got first dibs on the second bedroom in my rental.
No one in Calgary is going to learn a lesson we are lapping Canada especially Niagara Falls with 3000 active listings.
You’ll be my gardener soon Jon…
Highest unemployment. 8.5%
Active listings going up in Calgary. It will be a disaster in a year from today (July 2024).
@@alexrubin5955 doubt it we didn’t have your ridiculous run up “Brampton loans”
@@alexrubin5955 doubtful we didn’t have the same “Brampton loan” run up you guys did.
@@alexrubin5955doubtful we didn’t have the same “Brampton loan” run up you guys had.
These so called experts my foot
Spéculation immobilière and pot-de-vin.