We are approaching a buyers’ markets with no buyers: CIBC’s Benjamin Tal
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- Опубліковано 11 гру 2023
- Looking ahead to Canada's housing markets in 2024 and beyond, Benjamin Tal, Deputy chief economist, CIBC says, housing market activity will continue to deteriorate and won’t rebound until early to mid-2025.
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When I was working in real estate in 2007, I saw people acquire new homes from builders with the purpose of selling them to a new buyer before the end of escrow for a profit. I remember seeing a lot of these condos foreclosed on with the builder plastic still on the carpet because the crash was so violent and rapid.
You are correct. With the help of an investing coach, I was able to diversify my 450K portfolio across markets, and I was able to create a little over $830K in net profit by using high dividend yield stocks, ETFs, and bonds.
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Buyers who can’t afford a mortgage is not a buyers market.
Lol exactly
Not the mortgage the prices, many pay cash.
@@parkerbohnn Must be stupid money for the prices of Real Estate.
Monthly payments are at a record high. That is still a sellers market just the banks started taking a bigger cut of the profits.
the prices of the houses will have to drop.
My heart breaks for the real estate agents, said no one ever 😂
😂
You know it's a bloodbath out there when Realtors go door knocking to "introduce themselves"
GROSSLY overpaid. It should not cost $45,000 to sell a house.
They've had it easy for many years
I feel like before the internet became common, the real estate agents actually had to be resourceful and well connected, actually doing footwork. and back then the houses were not so pricy so the fee actually made sense. Now any monkey can do a search of real estate listings and find out. They definitely do not deserve to be paid 4% of a 1mil house, which is common place now. My realtor is getting paid 23grand for submitting paperwork to reserve a unit in a preconstruction condominium, ridiculous! I literally never met the guy, exchanged like 10 emails over 2 weeks, that's it.
Housing is a story in Canada 365 days a year.
The Great Canadian Obsession 😂
@@nicktw8688 Of course its a mess because the Trudeau big policy is letting in 200,000 thousand and more immigrants years after year and not building 200,000 housing units. It's absolute insanity.
I like this Bloomberg host. Her questions are concise and don't take forever. I avoid the host in the mornings - her questions take longer than the answers sometimes. People want to hear the guest - not the host so much.
Much better than the US version of Bloomberg....which stick to softball questions
All these speculators who bought in 2020 & 2021 at 2.00% interest rates will now face almost 8.00% interest rates upon renewal or closing. The sellers will start to capitulate and settle for the amount of the mortgage that is owed. There will be blood on the streets in about 6 months. Even if the Bank of Canada starts to cut interest rates it won’t be fast enough.
Nah the amortisation will be extended to whatever is affordable as monthly payment.
@byerdikhankhizmyet1248 😂good luck with that...
@@Berdihan_outdoors 200 year loans sound good to me.
Even if they sell tho 2020 and early to mid 2021 buyers still aren't underwater equity wise right now. The 2022ers are different story lol
@@navenram5441the banks are letting everyone do that now they're scared if they foreclose they'll be out if money on the mortgages they gave ppl
It’s pretty simple. If you’re already living in a home with a fixed rate mortgage, the best thing to do right now is nothing, just ride that fixed rate to its renewal date.
It's not the best thing it's the only option for them they can't afford the mortgage that's why we have to extend these idiots amortization....maybe next time don't commit mortgage fraud....then the stress test would have worked
Ride prices down and renew at much higher rates
@@Cutlerypotato it will be region dependent. Alberta Sask Manitoba will not be riding anything down. Ontario and BC is different story
@@jaymar1615 Interest rates have gone up by around 400% in one year. You don’t need to be someone “who can’t afford their mortgage” to feel that hit. This has never happened before.
@@Berdihan_outdoorsmy thoughts exactly, we're in Edmonton, COMPLETLEY different market
Let's make the real-estate brokers, normal workers again...
Find a real job
@@jsr5773Let's see him do it now.
buy or sale, a real estate agent always wins.
Now doctors popped up again to get power and money and came up with new varient of COVID and asking people to go and take the shot but except artificially smart people no one is going😂😂😂😂
The real problem is overprice not rate. Why we buy a resale house that need a lot of renovate esp for energy efficient bill and design not suitable for modern life style at all. The price that driven by FOMO generater cannot be sustain.
exactly i dont want to buy a 600k 800 sq ft appartment, i would much rather buy the same appartment for 350k and pay a mortage of 2500$ a month, and im just a tradesmen
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.
Thanks, I just googled her I'm really impressed with his credentials. I reached out to her since I need all the assistance I can get.
Why would we buy overpriced flimsy houses?? Canadians are in for a big surprise if they think that they're wooden boxes are worth more than $300,000....
Yeah but you did not add land price which is way more than the cost of a house 😀
Building materials have gone up. Labour wages have had to increase as well. This adds to the cost of building a new house. Real estate will stay expensive.
land, labour and materials say otherwise
@@indianmilitary Even factored in, a house should not be worth that much....
My house was built in 1997, I bought it in 2012 for 350k. It’s in a nice upper-middle class suburb within the city. I sold it in 2019 for $680k. It was a Chinese buyer who didn’t even bother coming to Canada to get a tour of the house. Chinese buyers are much more in terms of numbers and wealth compared to Canadians. Of course the Canadian real estate agents didn’t give a fk about selling overpriced houses to people who have money coming out of their pores and who don’t even care about seeing the house before buying. Idk who in their right mind would’ve bought my house for that insane price, but since everyone in my neighbourhood was selling a similar price I went along with it. Little did I know real estate agencies were selling out pieces of Canadian land to the highest foreign bidder. The reality is that sellers need to realize their houses are overpriced and they need to accept the reality that they need to come back to earth and sell their prices at a normal price. Housing Inflation isn’t supposed to hike up 200% every year. The Canadian economy shouldn’t crumble because of greedy sellers and real estate agencies. They got us in this mess, now they need to pay the price to get us out of us.
Maybe agents will actually work for your business now. Instead of the inside deals and scams they benefitted from during the pandemic
It's not a buyers market when the prices of all homes are so overpriced that barely anyone can afford to buy anything. House prices need to drop by about 50% for it to become a real buyers market.
It's on its way there.
@@alessandroc47 Let's hope so. I am a homeowner, and recognize I will lose value on my home if it drops in value. The benefit to the average Canadian, and especially young Canadians trying to buy their first home is worth more than what I may personally lose.
@@alessandroc47 Not in the GTA. I bought my 5 bedroom sauga house in 2016 for $650K. I guarantee it will never drop below $1 million...and that's being generous. Right now it's valued at $1.3 million
Lol, average price for a detached in Sauga has now breached 2020 price levels whilst continuing its decline (-25% from peak) as per Housesigma. @@kuruptzZz
Condos fees and are way too high insurance on homes are too high. Our new Canadians are stealing cars. Our insurance is gone sky high on cars people cannot sustain this
New Canadians or the already existing ones who are poor, frustrated and lost hope?
the only real way to insure supply and demand is to make it as easy as possible to build more houses, and make the phrase "I don't want my property value to go down", or at least the mindset that causes that to go away.
I think the government and investors intentionally make it difficult to build more houses to keep demand and costs high.
It doesn’t help that those same government politicians are probably investing in real estate and have no insensitive to lower those prices.
@@theincredibleone the other problem is business owners not understanding that if their employees can't afford to buy things, the business owners will go out of business, it won't just be the people who got laid off who lose their income. they should also have an incentive to vote for people in all levels of government that want to do things that enable more customers to buy more, not just fewer customers that can spend more.
but instead, people just vote red or blue, they don't actually care what the person their voting for is trying to accomplish.
Only solution is to make residential housing unprofitable!!! When investors leave this market it will become much more profitable. Houses(residential) should be for living not for business .
@@oleksandrshyiatyi6826 the problem is, when it does become unprofitable, housing prices will go down till they are affordable, then the investors will buy all the houses and they'll become unprofitable again... endless cycle...
Make regulations so people can afford things... greedy people get angry, and over time get rid of the regulations, greed abounds till the resources run out again, and the cycle repeats...
It's an endless cycle of concentration of wealth till it blows up in the wealthy peoples face, laws get passed to stop that from happening, then people get rid of the laws till it happens again.
@@oleksandrshyiatyi6826 If home building is unprofitable, then no one would build anything and tenants will have to live on streets.
Se interest rates to 10 percent and you will see a housing transformation of lower prices and more humble realtors this housing has a long way to go 🙉
Its hilarious they call this a look at the Canadian market and only talk about Toronto. Could anyone on these shows name three Canadian cities without mentioning Toronto and or Vancouver?
pretty clear prices will be dropping further.
is it me, or is housing the most unaffordable its ever been, and no ones doing a thing about it?
It has always been unaffordable. It's done on purpose. Governments want us to move out of densely populated areas and move out into the middle of nowhere.
There is always a buyer. Big money will turn Canada into a rental country. Few will own after this reset.
Everyone will leave
@@donm2067They already are. I am looking to leave this shit hole country called Canada. The socialist continuation that is happening will destroy Canada
Exactly correct.
Or we build out of it? Where is any optimism
@@mjtommasi24 There is none with this fascist regime and Trudeau as its dictator. What has he and the liberals done that the majority of Canadians want? Where is the electoral reform promised in 2018? That was never going to happen because that means the Liberals wouldn’t be in power? From Climate Barbies 54 billion in the investment bank unaccounted for, the current green slush fund debacle, SNC Lavalin, WE, almost 70 billon just to support these liberals? We didnt want or need a carbon tax that is absoulty destroying this country for 1.5% of emissions? Mass migration of uneducated non conforming third world people? No Canada will implode sooner than later
In the mean time, immigration in Canada is forcing scarcity of renting property, which is driving the price of rent and housing higher. If you add inflation to the equation, you understand that prices will not fluctuate much.
Immigration will own everything. Government are snakes.
Canadians will have to move out of canada
Government wants the new immigration to own everything and control the rent. Canadians will have to move out of canada... this is the beginning
But what if u have a rental, say a townhouse in Langley, currently a $2000 mortgage payment, but rented out for 2300.
Now u have to refinance, your payment goes to$2850.
What do u do?
U sell.
Or try too.
But u never kick the tenant out while it's on the market, that would b dumb.
Fraser Valley in BC were I live is already down over 20% from the peak.
Will drop 10 more in 2024, and 10 more in 2025.
Interest rates are driving rents as landlords are cash negatives, not a few people immigrating.
Look around, there's more stuff for sale than you can shake a stick at. Plenty of housing.
So instead of making it easier for developers to just build the types of houses people actually want to live in (which is what caused this problem), they're going for the Soviet solution of copy-and-pasted multi-residential buildings. Notably none of the pre-approved designs are going to include detached houses. We have far more space/capita than any other developed country (aside from maybe Australia), yet our government wants us to live in 600 sqft boxes on top of one-another. We are so far along the socialism trajectory it's not even funny, and most people haven't caught on yet.
Yep "pre-approved" 600sqft homes that cost over $400.00 sqft to build on a 500k lot... because they wont address labour shortages, mass immigration, all the other red tape financing etc... this won't help anything. More government is not going to fix an issue big government created.
You'll own nothing and be happy. That statement wasn't a joke.
WEF recommends everyone live in pods.
The size of canada is misleading. The entire northern half is basically unusable. And our infrastructure is like a 3rd world country compared to the US. Everyone wants to live near our handful of big cities, because that's where all the jobs are
@@kuruptzZz you obviously dont work on a mine, or a rig, in the lumber or forestry sector at all, or long haul truck, or well on trains, or heck even have remote jobs.. sure a lot of people like cities nothing wrong with that. But if we opened land up and removed red tape lots of areas of canada are still super attractive. A lot of the south is not developed yet or underdeveloped.
Throughly enjoying the early days of the bursting of Canadian res property bubble. Not sure which is world's biggest bubble, either Canada or Australia, Canada might actually be on top.
Canadian real estate is much higher compared to Australia, across board Australia is about 10 % cheaper compared to Canada, on the weather and income much better😂. Australia is desirable compared to Canada, they don't have immigration nonsense, incapable leaders and a economy only depends on US. You can get a hint of what Australia like by watching UA-cam walking tours.
@@robertdmci Well my co-worker moved to toronto from australia, and he said overall it's much more expensive to live in australia
A buyers market has to have buyers! if not, its not a buyers market ! We may have to define what is a buyer's market
The national housing crisis will not be solved any time soon, expect at least a decade or even longer.
8 million units of shoe-box size rentals would cost taxpayers between $2.3 to $2.8 Trillion, a heavy debt load on the burden of at least 6 generations (130 to 150 years) to pay off. Any newborn in Canada will have between $100,000 to $120,000 in debt to start life.
More homes will be built and Home prices will finally go down to where they should be.
At least 66% Deflation in Home and Land Prices is a MUST, if not, there will be Serious and Dire Social, Economic, Political, and Security Implications for Canada in the years ahead.
Home is life's basic necessity and should never become an Investment Commodity.
I saw 75% losses in Arizona between 08-2012
I saw TV ads "Name your payment" (a.k.a. pay whatever you want even less than interest) in Arizona before 08. That is why it crash 75%.
Yup a lot of Canadian got into the market there Why because we had a smart Prime Minister and Canadian dollar was worth the same as US dollar Our current Doofus has it in the tank
Canada is different they do everything to force home prices higher even if no one can afford it.
@@parkerbohnn Yeah your right Canada is different we have idiot running the country that more worried about solving woke issues Instead of people being able to put food on the table and roof over their heads
😂 buyer’s market means looking for buyer .
can’t sell can’t buy market
Interest rates will not go down like we think it will. It'll go down by like 1 percent and park there for a while.
You definitely know more than Fed and BOC
@@jzou1030 haha that'd be cool. I probably don't, but my point is I highly doubt it'll be as low as it was in 2020 (which many people think will happen in a year or two) during our lifetimes. OUr children and grandchildren will see that again.
I love listening to Benny, he's such a straight shooter and always on point.
So wrong....interest rate jumped, now the prices need to come down quite significantly otherwise it is not making sense financially for the buyers. Realtors need to stop inflating the market.
Houses are 40% too high. How is the next generation going to buy? Government will keep on bringing immigration in and destroying canada
Prices can stay high in a bad economy, its called a third world. 🥲
Yes, we're in a big bad spot here.
Prices are way too high major trouble coming
realtors aren't forcing anybody to buy lol.
@@klnrklnr4433 By now by now by now that's what they're saying
This guy once said in an interview 1 or 2 yrs ago that house prices will never come down and Toronto will become like another New York. Now he is talking about prices being 40% down and calling it healthy correction. These economists say whatever.
lol prices in Toronto have risen. Until you stop mass immigration the prices will keep rising for houses. Condos not as much
Coconomics 😅
Both statements can be true. House prices have gone down from their overinflated peak in the last couple of years. But they will NEVER go down to the sane levels they were around 2016, mainly because waves of new people will be descending on the GTA over the next several years
I predicted this, however it has to actually happen first
The sad part is this, if you have been waiting for over 10 years to get into or back into the housing market, you will be sadly disappointed on a few fronts.
- Interest rates are high and you won’t be able to get the same mortgage as a few years back.
- Tighter credit rules means you most likely will not even qualify.
- people have a lot of money on the sidelines from inheritances as the war generation is passing on and those people will outbid on any all worthy homes to buy for their kids
- when houses fall, unemployment goes up and most likely, first time home buyers will be in that group
- if you lost much of your savings with the markets, you’ll have less for a down payment
- construction costs have skyrocketed and builders are very very sensitive to this so they won’t build unless it is pre sold at inflated prices to cover their risks
- construction workers have retired and there is a huge shortage so if supply dries up, it will take a few years to get back to normal labour equilibrium and even then, huge shortages are expected over the next 5-10 years
- environmentalists have pretty much ruined the available land for building and officials are more than happy to allow this knowing it will only cause shortages
Lastly, a buyers market will happen and yeah, there won’t be any buyers who already struggle to pay phone, car, heating, electricity, water billls, never mind food.
Perfectly summed up
thats not me, i struggle to justify speding 600k for a 800 sq ft 2 bedroom appartment. i can justify paying 2500$ a month mortage on the same appartment with a principal of 350k far more easy to justify that, and im just a dirty carpenter
in Penticton BC, my dad bought his house for 130k in 1990, it is now valued at 950k and my dad needed help for the down payment from my grandpa, he told me he cant afford to help me.
and people wonder why i dont want kids
Sales are down, but prices are not.
If prices come down, buyers will come back. There is a huge housing demand
has to come down at least another 30% for this to happen
Yep... it is called price adjustment. The market was undervalued for the last 6 years. It only took interest rate to be low and a bit of money available for people to buy housing during the pandemic.
Lol
Prices are way down. I sold my house in the GTA 8 months ago. My neighbor (same house) just sold his for 200k less. Have a look on house sigma. So many houses selling for huge losses. Mostly people who bought in the past few years abd can no longer afford mortgage
@@SnackSavvy they could afford a mortgage if they got it honestly with proper stress tests and showing true incomes. But if you do fraud then you can't cry victim. Mostly Realtors and scam brokers pushed these guys down this path. They should be blamed and held accountable. Greasy thugs..
Tal must be investor himself, how come it’s a buyer’s marker when prices r still going through the roof
Too much demand created by investors, cut their cash( un-insured mortgages) to reduce the demand!!!!!! How about increase the down payment for single home up to 55% and Condo up to 50% for investors!!!! Adjust the down payment according to the market!!!
That's called a bubble.
*You simply can't build a 2000 sq/ft house for less than $400k in Canada. ....and that's if you do the majority of the labour yourself. Permitting costs, code requirements, taxes, mandated professional services (environmental assessments, engineering requirements, etc.), requirements for trades, builders insurance, warranty premiums, etc. makes for expensive housing regardless of how many times we demand "affordable housing".*
Fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Lynne Maris Stella is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Until and unless INVESTORS stop bulk buy and sell houses or products not only housing market will suffer but the entire economy will go back to zero. ZERO nil nada.
So for someone in a position to buy a property with cash, this is going to be a good time to do so?
Why is no one building affordable / subsidized Senior's Condos and apartment buildings so that Boomers and their PARENTS the builders will move out of their oversized four bedroom houses, that they cannot remain in safely but Retirement Homes at $3500 per person $7000 per couple simply cannot afford. Make a safe Senior friendly supportive place and you will free up TWO generations of housing. Widows can't afford these huge underutilized houses.
Excellent suggestion, Carol! The feds are looking at the solution to the housing shortage problem from the wrong perspective. Please message Sean Fraser ASAP. He obviously needs some wise and practical direction.
Because that would require common sense which is somethng Canadian government hasnt had in a looong time
Wait. Interest rates drop which is inevitable, buyers will return. Prices will go up.
Why does a home design need to be approved? The wiring and plumbing need to be inspected, and the guys building a home know what the standards are. Needing approval for a design is simply a government cash grab especially since the people doing the approving are bureaucrats who know nothing about building design and the entire process is paper pushing.
My favorite expression from before " Real Estate is a sure bet, you can never lose money".. All those people are now eating crow or have had to sell at cost or at a loss (Power of Sale)
Yeah, sure... My home value doubled since 2015...
And now I use my mortgage repayment as credit margin at 1.7% to purchase 125 000$ of GIC at 5.5% average. The bank will eventually pay me around 15 000$ for having a mortgage. I feel the Damocles Sword over my head indeed /SARCASM
All those ppl? We've pretty much reset back to 2021 prices. There are a lot of ppl who own a home that bought it before 2021. And prior to that it was still a good investment. So ur kinda wrong there
sure bet if, you can afford the place through the inevitable dips
Must be a Ontario thing because here in Alberta most houses move within a couple of weeks
Look at older countries, eventually you have to start building 3-4 bedroom apartment buildings without all the fancy amenities, just nicely designed simple apartments as people want to be close to groceries and work..we have 1 bedroom condos and 1.5 million dollar houses, build $600,000 apartments..the model is out there, Europe, Japan/Korea
It’s a zoning issue. The missing middle that are still in many parts of the city from decades past was zoned out so only single family homes could be built. This effectively made it so those homes only go up in value and those home owners like it that way. We need the gentle density of mid rises but too much public objection from the existing home owners in the neighborhoods they can be so effective. So we have what is the disaster of city planning where we have very tall towers on transit routes and low rise homes meters away.
too many foreign students coming into the country !!!
Stop trying to sugar code to many Indians in our country with bad hygiene. We need more diversity im an immigrant to from Europe but I'm tired of seeing Indians everywhere I go smh
🎯 Key Takeaways for quick navigation:
00:05 🏡 *OSFI maintains minimum qualifying rate for insured residential mortgages.*
01:04 🏠 *Ottawa plans to launch a catalogue of preapproved home designs to speed up home building.*
01:35 📈 *Housing market activity in Canada may deteriorate until early to mid-2025.*
04:00 🏠 *Housing market is slowing down, becoming a buyer's market with few buyers.*
05:42 🏗️ *Supply of condos under construction is rising, potentially leading to oversupply in the future.*
Made with HARPA AI
I can confirm that right now, I would rather buy a house cash in the United States and work there than buy a house here at overinflated prices. My US stocks keep going up and up and I hate bad investments.
Its absurd.. politicians and mainstream are always going on about the housing shortage and more houses need to be built. Yet they completely ignore housing affordability. There's no point building more homes if no one can afford them. Why?: affordability is not what they care about its all about profits and revenues
Just keep building. We're not (or shouldn't be) in a rush re-fill demand
No buyers because it is still unaffordable with Canadian income even without interest.
Every last person that could get in, already got in.
If you look at monthly payments instead of total price we are in the greatest sellers market ever seen in history. Monthly payments on houses is up 30%
It hasn't hit yet wait hang on for the ride
This guys so good on nailed it
With a current now ~$3 Trillion combined Canadian Mortgage/Consumer DEBT metric..... under a barely $2 Trillion Canadian GDP/GDI (incomes) derived therein.... OSFI is wise to retain the Mortgage Stress Test.... FULL STOP !
Benny Tal is a 'skin in the game' Bank Economist.... 'nuff said !
What do you mean? BlackRock, Vanguard, and all these other Private Equity firms about to buy everything in sight haha
😂 they're the only ones that can afford it
All the stress testing is stupid. Just lower the TDSR from 44% to qualify to 35%, or 38%. That would solve the problem easily.
The first buyers market in history where no one can afford a house.
No one can afford with the current interest rate plus stress test, I really think they should remove the stress test and allow the buyers slowly enter the market, rather than keep building up the pressure on the buy side which will eventually drive the price crazy again like the past few times.
BOC smirking “did we do this”? Banks asking for federal bail outs 🤕
Sellers start throwing keys at Bank 😳 “DUCK”
Canada's National Sport is Housing and not Ice Hockey.
Pre-approved home design is a good idea to speed up construction... but it does have the underlying feeling of communism. Once the program starts to succeed, at what point will the government say "This is the only way you can build"?
I dont think your anaolgy makes sense, this just speeds up the horrible wait time to get stuff built..if anything its less communism
@@Canadian_Eh_I Correction. It speeds up the horrible wait time to get *pre-approved government designed homes* built. The wait time for every other type of building is due to red tape by the government. It's still there. So they are creating the problem, and then selling you back the solution. How is that not communism?
This type of news will be a norm for 3 quarter in FY24, stress in housing, bringing some possible lowered price and stress to those who holds more than one house for the purpose of investing / speculation.
Houses in Toronto went up 7% last year. Condos no
Even if prices fall 30% from the peak of 2022. The average home in Canada is 800000. In Kelowna the average is 1 million. So depending on where you live the minimum of a single family home will be 650000-700000. Even at those prices individuals need a massive down payment to make the mortgage somewhat affordable. Again what am saying is people who are buying homes going forward are only the privileged ones. If you have 30000 saved you will be good to go for an entry level condo. People need to start small and build over time.
My parents bought a 5 bedroom house in the heart of toronto in the late 90s for $200K. Now that house is worth $1.5 million. That's just insane
@@kuruptzZz Yes and nothing like that will ever happen to you or me, we werent born in the 'golden years' like the boomers lmao
Thank you Justin and the Liberal cabinet
And Chow has to go
Housing prices haven't fallen for years and don't expect house prices to fall anytime soon. as longest the liberal government is in power nothing will change .Canada needs new leadership to fix housing affordability.
Definitely not a buyers market. It’s hardly a survival market out there. House prices are way over priced
Buying a house at these price aren’t worth it. Builders and agents are just gauging
does this man even blink?
Nope
Building prefabricated homes in factories would take days instead of years.
No talk about building more and more non-profit market rental housing co-ops on city leased lands. This was done back in the 60's and 70's and was extremely effective at providing dignified housing to families who became members of these rental based housing co-operatives.
They were well designed and as the members paid down the debt to the banks on the construction of these co-operatives their housing charges went down overtime and the maintenance and up keep of the co-ops was kept up as each member held a sense of "pride in membership" similar to home owners who hold the "pride in ownership" attitude.
There will always be a certain sector of society who serve the intelligentsia and upper class of cities who need the working class services of people who live near and around them. It is idiotic to drive lower classes further and further out into the wastelands of suburban sprawl, who have to travel hours on shotty public transit to get to work and earn a living. BUILD MORE HOUSING CO-OPS IN THE URBAN CENTRES OF CANADIAN CITIES. IT IS NOT THAT COMPLICATED.
“SOLD UNDER ASKING” “NOT COMING SOON” along with bidding wars and all the shady tactics, snooty attitudes realtors used is a nice sign.
Niagara region has some affordable homes. 🏡
I got a mil. Is it worth it to move there for a family? Looking for pre con only
ill be a buyer. fucking rights i will, ive been saving for this moment lmfao, ive known canadas housing market more specifically vancouvers housing market will crash. hard. no matter how hard the government trys to keep prices high with low housing supply prices will crash due to unaffordable mortages forcing astronomical amount of housees going for sale with no one able to afford to buy them except people who have been hoarding liquidity and or precious metals waiting for this moment
So the actual drawing and getting a permit for a house is actually quick quick and short... the issue is the zoning approvals... having the city allow the house... not whether the house meets building code... just wish the liberals would do some research
Original French meaning of mortgage is death pledge.
Make real estate great again
pump those rates!
Is this akin to Wall st " Over exuberance"? Lending out easy money, only later to do rate hikes? This sounds like it.
The guys that will later come to seize up in bulk in the bottom part of the crash?
Blackrock!
You wishful thinking big mortgage holders better act fast ---- more systemic layoffs to come and new immigrants are desparately working food delivery and driving for uber (not paying for your pipe dream rent income expectations)...
Oh no, real estate agents won’t be able to make insane commissions off of over-inflated house prices. What will society do without these essential thiev… I mean essential workers?
Oh no a buyers market with no buyers
blackrock and vanguard : Well I guess we could buy property to keep the ecnonomy even tho its been our plan the entire time.
Politicans : Omg We are shocked!!!.... that our accounts havent been updated with more bribe money
blackrock and vanguard : Oh... no.... that wont happy anymore because we own everything now, get rekt kid.
Proceeds to make cost of living and food more expensive.
/yay capitialism and a free market...
Congratulations on building more Homes in Canada 🇨🇦 in its Provinces And Territories and other Municipalities across Canada 🇨🇦 for the first time ever in its history.
oh no, won't someone please think of the investors.
GEN Z AND MILLENIALS. WE NEED TO TREAT THIS LIKE AMC AND GAME STOP. DO NOT BUY HOUSE OR CONDO FOR 1-2 YEARS. DRIVE THE PRICE DOWN!!!!
Population is rising and there won’t be the jobs to support the influx. So you can discount that factor right off the hop. 😂
Homeowners are sitting on so much cash they can afford to ignore the laws of supply and demand and not drop prices when there is low demand.
to help with housing affordability, just let low income earners deduct mortgage interest on their tax return, it will help...
You’re joking? A buyers market? Not just about price.
Why early next year? Why not now? Always later…
lmfao the houses they are building in ottawa are all 1M+ !!! WHO TF is going to buy those houses ?????
A Depression is long over due. Super correction on its way.
The best solution would be to develop smaller towns that can be easily connected by super fast trains to downtown Toronto. By toll free highways with automatic charging roads.
This will create new jobs in infrastructure development, ease over burden on cities like Toronto and Vancouver. Real estate will be under control.
The ne pre Fab housing plan is a great idea BUT also provide kits that are super energy efficient in design and construction. If developed under Passive house standards that consumes less energy and Net Zero ready. So the carring cost is bear minimum. Like the only bill are mortgage and utility bills. Well water, Septic system, right orientation so naturally het and cool the house. Etc.
A lot can be done and achieved if the RIGHT people are selected for long-term planning.
All suburbs need to be developed.
Bums on the streets? That's nothing. Canadian housing market is the real pathology. Let's bail out the homeowners again.
This dude sounds like a cartoon character
I love how they talk about Canada as one big market . So misleading he should know better . Do we talk of the USA as one big market ? Is New York City the same as Shreveport Louisiana ?