I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@SantiagoWyatt- The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@@dsab381 lmao live there for the rest of your life then and have that $600 plus mortgage on you. at this point everyone should be paid 120 k right after university, everyone at grocery stores should be $25/ hour, anyone that owns million plus house should have house hold income of $500k to $600k. i think only thing this country actually done in last 8 years with trudeau is actually legalize weed lmafo. yup lets see where that got everyone. voting for white boy to legalize weed, i rather vote for the cartels
"The main thing they are waiting for is lower rates". The people who seriously think that the low selling is caused by the interest rates and not the insanely overpriced 1 bedroom shoe box in a shooting-infested city need their brains checked.
Higher interest means less new construction because less people qualify for mortgage. So they stay renters which equals more competition on rent price, so higher rent price. Less inventory means higher price. High interest equals higher inflation.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about a market rally and said that stocks would be experiencing significant growth this period any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
I took charge of my portfolio but faced losses in 2022. Realizing the need for a change, I sought advice from a fiduciary advisor. Through restructuring and diversification with dividend stocks, ETFs, Mutual funds, and REITs, my $1.2M portfolio surged, yielding an annualized gain of 28%.
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Melissa on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
@@johncrow5552 a lot more costs come with housing then just mortgage payments. I bought a house 2 months before the pandemic and sold it two years later because someone offered me double what I paid for it. That house was nowhere near worth the money people were offering me (nowhere near). I recently spoke to our agent that house wouldn’t sell for anywhere close to that today. There is a reason the big banks have set aside 4.3 billion dollars so far this year, to cover bad loans (double what they set aside last year and 11x what they set aside in 2022). People are buying homes that are not sustainable with prices rising everywhere else and the banks know it’s catching up to everyone. We will have to wait and see what happens in the next 1.5 years when all these mortgage renewals start coming. A majority of Canadians haven’t seen the impact of the interest rates because of fixed rate mortgages and 3/4 of all mortgages are coming up for renewal, people who got historic low interest rates but not this time. Even variable rate mortgages aren’t safe, people who have variable rates with FIXED PAYMENTS are about to get hit hard as hell at renewal because their payments don’t go up when prime goes up. These people will just be paying interest and they will drown in lifelong debt. When they renew some of these people could see their payments go up by 60-80%. Listen I hope that I am wrong I really do. Housing collapse is bad for homeowners but will hit all of us. People are spending 65-75 percent of their income on homes…not sustainable.
@@-X-Pixel-X- The problem with that is the government won't allow that to happen. We could see 50-100-year mortgages if necessary. Thats how bad it is. When will it end? I don't know but they will keep trying to protect the artificial housing market. If it gets really bad, might have a generational mortgage transfer of up to 200-300 years.
Matter of time the housing bubble will burst. People are just fear of missing out! Inflation and high cost are getting to people who depend so much on borrowing tend to default when debts piles up!
All this thing is screw up by Bank of Canada, ‘“Our message to Canadians is that interest rates are very low and they're going to be there for a long time,” and then suddenly started to increase rates. So, whether you have Variable/Fixed Rate, you have to pay it in maximum interest, minimum principal or sell it with high penalties or file bankruptcy. Hope in February 2025 spring time brings some relief for housing market. 🤞✌️
Questions should be asked as to why there are money lending practices in effect for some but not others. Why are some people forced to pay interest on loans and mortgages while other groups of people are not?
It should be illegal to make stupid money from residential properties. Because the government allowed this to happen, the whole world got into our real estate market for many many years and now the damage has been done. There are ways to eliminate the artificial housing price to true market value but it's gonna cause a lot of pain and suffering but it's necessary for long term health of the housing market
@@mycharles3340 No, I feel ashamed that I have to play the game. I made so much dumb money in real estate but at the same time, I give back. I'm at a point where I'm too big to fail now.
It's funny, recently there were 27 listing up by Elgin mills and Leslie 3 months ago for sale also for rent ,specified no one live in before which means mainly they were just flipping or investing, not really shortage supplies, lots of builders already start offering 100k free upgrades or free finishes basement. Interest rates around 6 or 7% is not too high, back in 1981 interest rates was 21% later drop to 12 or 13 % for more than a decade
Global News is FAR MORE INTERESTED IN THE HOUSING MARKET and the problem of people flipping condos and houses, who have a problem with buyers deterred by higher mortgage rates, than it has for families with two parents working full-time jobs who cannot find an affordable apartment. Don't care about AFFORDABLE HOUSING, eh? Let's all cry for these rich folk.
It's a common misunderstanding. Interest rates don't effect fixted term mortgages, they're based on the bond market. Banks, builders, investors and foreign buyers have all abandoned Canadian real estate, leaving very few local buyers. Prices should come down by 20% by year end, so hold tight if you really need a home, otherwise you're better off investing elsewhere for the next 10 years.
Lmfao There is no reason for house prices to b ridiculous high . This is coming from an American comment. We see similarities in both countries. A house shouldn't be 200k - 1,000,000,000,000 dollars . a house should b 35k tops.
One thing that affects the housing market almost immediately is population growth " immigration" Beyond that it takes years of planning, permitting, financing and construction. Ironically, investments have slowed significantly last two years and this will menafist itself after a few years depending on the rate of immigration.
NOT a hope.... even three or four more BoC rate cuts ain't gonna do SQUAT for affordability which is the MAIN problem.... and that ain't being 'fixed' by rates.... Full Stop ! Lower valuations as the speculators lose their rears is most assuredly going to fix things..... and nobody with 2 bee-bee's rolling around between their ears is gonna Buy into this falling knife !
A lot people talk about this. It is quite simple. Housing market is not as sensitive to interest cut as equity. However, housing market in the long run is definitely beating inflation rate. Housing is a good and stable long term investment, 5 to 10 years. As long as no material imbalance between supplies and demand,like China, it should go up due to the scarcity nature of land supplies. Anytime,if you have money, buying a Housing for residence is the first investment for your money. No need to argue on that.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@SantiagoWyatt- That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@Richardnnabuikediyoke My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
@@SantiagoWyatt- The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Lmao people ain’t waiting for rates. There waiting for prices to actually become affordable
I'm waiting for lower rates. It makes a big difference on your mortgage payment.
@@dsab381 lmao live there for the rest of your life then and have that $600 plus mortgage on you. at this point everyone should be paid 120 k right after university, everyone at grocery stores should be $25/ hour, anyone that owns million plus house should have house hold income of $500k to $600k. i think only thing this country actually done in last 8 years with trudeau is actually legalize weed lmafo. yup lets see where that got everyone. voting for white boy to legalize weed, i rather vote for the cartels
@@dsab381yes sure. If they raise even more you will cry your life with the insane price. Rly not good. China could invade Taïwan etc.
@@dsab381 a bungalow fixer upper is not worth a million dollars no matter what rate it’s at
@@peej91 Oh, so you're against capitalism, I see. Just don't buy one then.
"The main thing they are waiting for is lower rates". The people who seriously think that the low selling is caused by the interest rates and not the insanely overpriced 1 bedroom shoe box in a shooting-infested city need their brains checked.
You don't understand what he said.
Higher interest means less new construction because less people qualify for mortgage. So they stay renters which equals more competition on rent price, so higher rent price. Less inventory means higher price. High interest equals higher inflation.
@@qifridek High interest lowers inflation. That's the main reason they do it.
@@dsab381
High interest lowers new supply which increases prices of supply which makes more people rent.
@@Plumber60423 But it lowers inflation.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about a market rally and said that stocks would be experiencing significant growth this period any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
I took charge of my portfolio but faced losses in 2022. Realizing the need for a change, I sought advice from a fiduciary advisor. Through restructuring and diversification with dividend stocks, ETFs, Mutual funds, and REITs, my $1.2M portfolio surged, yielding an annualized gain of 28%.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Melissa on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
nobody should by these homes...these houses are not worth this money. People are literally going to go bankrupt when this all blows up.
But when rent costs are as high as repayments, peeps prefer repayments and the security of having a home.
Unless they can literally afford them
Rents are dropping @@johncrow5552
@@johncrow5552 a lot more costs come with housing then just mortgage payments. I bought a house 2 months before the pandemic and sold it two years later because someone offered me double what I paid for it. That house was nowhere near worth the money people were offering me (nowhere near). I recently spoke to our agent that house wouldn’t sell for anywhere close to that today. There is a reason the big banks have set aside 4.3 billion dollars so far this year, to cover bad loans (double what they set aside last year and 11x what they set aside in 2022). People are buying homes that are not sustainable with prices rising everywhere else and the banks know it’s catching up to everyone. We will have to wait and see what happens in the next 1.5 years when all these mortgage renewals start coming. A majority of Canadians haven’t seen the impact of the interest rates because of fixed rate mortgages and 3/4 of all mortgages are coming up for renewal, people who got historic low interest rates but not this time. Even variable rate mortgages aren’t safe, people who have variable rates with FIXED PAYMENTS are about to get hit hard as hell at renewal because their payments don’t go up when prime goes up. These people will just be paying interest and they will drown in lifelong debt. When they renew some of these people could see their payments go up by 60-80%.
Listen I hope that I am wrong I really do. Housing collapse is bad for homeowners but will hit all of us. People are spending 65-75 percent of their income on homes…not sustainable.
@@-X-Pixel-X- The problem with that is the government won't allow that to happen. We could see 50-100-year mortgages if necessary. Thats how bad it is. When will it end? I don't know but they will keep trying to protect the artificial housing market. If it gets really bad, might have a generational mortgage transfer of up to 200-300 years.
lowering the interest rate is nothing.. increase wages and you won't have problems
Matter of time the housing bubble will burst. People are just fear of missing out! Inflation and high cost are getting to people who depend so much on borrowing tend to default when debts piles up!
Housing bubble on top of a debt bubble, Its coming...
Still housing price in Canada is very expensive thank you REAL ESTATE AGENTS.
Housing costs ten times what it should in a 1940's economy. We are being shafted that badly.
Don't lower the rates! 5% is low!
PUMP BABY, pump!!!!! 😆😆😆
raise capital gain tax and then scare pple to sell
Communism? 😂
Trudeaus spending has finally caught up with us.
All this thing is screw up by Bank of Canada, ‘“Our message to Canadians is that interest rates are very low and they're going to be there for a long time,” and then suddenly started to increase rates.
So, whether you have Variable/Fixed Rate, you have to pay it in maximum interest, minimum principal or sell it with high penalties or file bankruptcy.
Hope in February 2025 spring time brings some relief for housing market. 🤞✌️
The cat that has 999,999,999+ diseases trying to get my attention at 3:00am.
Noooo Way probably for like investors people who own like 4-6-7 houses no way it’s like for individuals families
Questions should be asked as to why there are money lending practices in effect for some but not others. Why are some people forced to pay interest on loans and mortgages while other groups of people are not?
Same thing happened in 82 I believe. Eventually, the house parties will have to come down and so the interest rates so just get it moving now.
It should be illegal to make stupid money from residential properties. Because the government allowed this to happen, the whole world got into our real estate market for many many years and now the damage has been done. There are ways to eliminate the artificial housing price to true market value but it's gonna cause a lot of pain and suffering but it's necessary for long term health of the housing market
You sound a tad jealous.
@@mycharles3340 No, I feel ashamed that I have to play the game. I made so much dumb money in real estate but at the same time, I give back. I'm at a point where I'm too big to fail now.
“Senior Economist” from CREA 😆😆
It's funny, recently there were 27 listing up by Elgin mills and Leslie 3 months ago for sale also for rent ,specified no one live in before which means mainly they were just flipping or investing, not really shortage supplies, lots of builders already start offering 100k free upgrades or free finishes basement. Interest rates around 6 or 7% is not too high, back in 1981 interest rates was 21% later drop to 12 or 13 % for more than a decade
This tinkering does nothing to solve the problem. Housing will continue to be less affordable as long as we bring in millions of newcomers every year.
Global News is FAR MORE INTERESTED IN THE HOUSING MARKET and the problem of people flipping condos and houses, who have a problem with buyers deterred by higher mortgage rates, than it has for families with two parents working full-time jobs who cannot find an affordable apartment. Don't care about AFFORDABLE HOUSING, eh? Let's all cry for these rich folk.
It's a common misunderstanding. Interest rates don't effect fixted term mortgages, they're based on the bond market. Banks, builders, investors and foreign buyers have all abandoned Canadian real estate, leaving very few local buyers. Prices should come down by 20% by year end, so hold tight if you really need a home, otherwise you're better off investing elsewhere for the next 10 years.
Housing crisis: Far too many people chasing far too few homes.
Interest rates can't fix that.
Lmfao There is no reason for house prices to b ridiculous high . This is coming from an American comment. We see similarities in both countries. A house shouldn't be 200k - 1,000,000,000,000 dollars . a house should b 35k tops.
Welcome to the money laundering capital of the world 😂😂😂😂
One thing that affects the housing market almost immediately is population growth " immigration" Beyond that it takes years of planning, permitting, financing and construction. Ironically, investments have slowed significantly last two years and this will menafist itself after a few years depending on the rate of immigration.
OBVIOUSLY house prices will GO UP if you cut interest rates! The only way to reduce house prices is to increase SUPPLY of houses.
When rates go down, more people can afford a mortgage, increases demand for housing and prices go up.
I don't think lots people will buy houses at 700k, even if the interest rates are low... The future is gloomy for Canada..
NOT a hope.... even three or four more BoC rate cuts ain't gonna do SQUAT for affordability which is the MAIN problem.... and that ain't being 'fixed' by rates.... Full Stop !
Lower valuations as the speculators lose their rears is most assuredly going to fix things..... and nobody with 2 bee-bee's rolling around between their ears is gonna Buy into this falling knife !
A lot people talk about this. It is quite simple. Housing market is not as sensitive to interest cut as equity. However, housing market in the long run is definitely beating inflation rate. Housing is a good and stable long term investment, 5 to 10 years. As long as no material imbalance between supplies and demand,like China, it should go up due to the scarcity nature of land supplies. Anytime,if you have money, buying a Housing for residence is the first investment for your money. No need to argue on that.
No.... people don't have money. .
No.
If your mommy and daddy will help you
Wise up !
Everybody quit compaining jesus, THESE are the new housing prices and deal with it.
Can you build houses from burnt black timber?
No it will not, Canada housing market is expected to crash in the coming 5 years
A townhouse in Ottawa west is 650+ grand. Canada is doomed
God bless the bank of Canada
There is no God.
Money laundering capital of the world 😂