I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
'Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
In Texas that gets you a massive McMansion plus a high paying job, in Canada 1.5 million gets you an old 3 bedroom shack, Jobs or wage rise not guaranteed. Outrageous is an understatement here.
@@VancouverVinceMuch better quality of life and peaceful, Vancouver traffic and overpriced old shacks and 90s condos nothing nice to look at downtown buildings wise just old condos for rows, and to boot the mountains lies outside suburbs like in Calgary, meaning overpriced average homes are not worth it in these two cities as one sees nothing nice for 10s of miles 😆
They should drop the insured down to $500,000 if you can afford a 1 million dollar house why should the Canadian citizens insure you. A big part of the housing prices being so high is that the banks hold no risk and it is all on the Canadian government. Banks do not care how much you pay as long as they get that Guarantee on the payment.
This is a good idea as it would incentivize building of sub-500k houses. Municipalities should also be limited in what they can charge for new builds. Increasing general property tax rates is preferable to charging so much for new construction. This is if the intent is to create more housing for people to live and not create “wealth” for people fortunate enough to have bought when prices were lower.
@TehPwnerer what is wrong with starting in a town house or a condo. If it is Toronto or Vancouver comute for a few years while you pay something down enough for a down payment on a bigger closer house
Banks hold some risk as sell mortgages as bonds (MBS) plus have to repo. and sell indv. properties but could lose in a falling mkt. ! Power of sales nos are up with losses to around 40% haircuts but need like 70%+ more ! Carney's appearance atm is more to bail the banks
This is so disheartening. My adult children work contract to contract with no job security. They cannot come close to owning a home of their own. My grandchildren, are still very young. I hope they will have more opportunity to own a home by the time they are adults. I think all three levels of government have failed. I have read articles that indicate up to one third the cost of new built homes goes to land transfer taxes and other fees. We’ve all seen Toronto change drastically as condo towers fill the skyline with tiny units that are too small to raise a family in. Governments that are addicted to the huge development fees they collect along with developers catering only to speculators and “investors” have created this mess. People need a place to live. Housing should not be treated as an item for speculators like bitcoin stocks. It has come to the point where my family and I are considering leaving Canada.
@joelepiano1657 it is worse then 1/3rd the developer has to pay a Team of lawyers accounts etc. To deal with all of the government regulations fees and licenses which adds a substantial price tag as well.
It has to collapse like in China .. and they were players here in the money laundering schemes from 2008-17. Pricing needs to get down to 3.5x median wage and will happen as speculators get cleaned out or new money launderers get in. Corp. landlords like Blackrock could also step in if no controls on them to put a floor but are like hawks will wait till a bottom is reached
They are never accountable after they leave office. They have lawyers, accountant and more lawyers reviewing their plan and it's approved by everyone. No accountability
I think they, and many provincial/local politicians, should be held accountable for causing this unsustainable price appreciation in real estate. Housing appreciating faster than general inflation is a policy failure. Note: I became a homeowner last autumn, I’d be okay with home prices falling 20-25% nationwide. Granted, were my house to fall 25% of the price of something comparable located in Toronto or Vancouver it would likely have negative value… I have a hard time feeling sorry for someone wealthy enough to qualify for a mortgage on a $1.7M+ home though.
@@dougpatterson7494you never hear Eby or Ford talk about the outrageous house prices in their GTAs yet take issue with higher interest rates, they see no problem for the average 3 bedroom costing $2 million in their cities.
@@robertguay3773All levels of governments in Canada bare some responsibility for current unaffordability in housing, they could simply lower taxes on builders and home owners, and enforce reasonable prices tailored to incomes in each particularly area of the city types of homes and so on, like it used to be less than a decade ago. Consumers are dumber now despite the prevalence of information on the worldwide web.
Why do we keep voting and participating in a system that is clearly designed against us? Doing the same thing over and over yet expecting different results is madness.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.
Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
30 year amortization was there for investors (20% down payment -Uninsured mortgage) since the beginning and many still have negative cash flow. It may help first time buyers for primary residence but you are adding more debt and it will make them more vulnerable if they have a job loss , divorce , relocation etc.
@faisal-ca they will never be able to move up into a bigger house. For 15 years they will pay almost nothing in principal. If prices go down even 5% it would crush them. With the insurance premiums to cmhc and 5% it would be over 10 years to get to even.
Thank you Mr. Flynn for doing the main stream media's job. You by the way are way better than they are so I never watch them. CMHC is going to be in world of hurt if we have a 1984 moment like we had in Albert then. Canadians are going to be some mad when they have to write the cheque for CMHC and the banks. Thank you again for what you do.
@@FullCircleTravis Not really the money laundering runs like the Chinese ran from 2008-17 were also a big factor now at a standstill ! Some other group needs to re-start it and flipping etc needs to come back as it's all going downhill ! Landlords are under water, no one to flip to, sales are at a loss etc
Real estate can be quite a rollercoaster, the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate my entire $700k liquidity value to my stock portfolio or just stay 100% cash?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, I'm in line with having an advisor oversee my day-to-day investing, cos my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio is well diversified and has just 5X in 5 years, summing up nearly $1m as of today.
@@chadgriffith1969 I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now.. mind if I look up the professional guiding you please?
I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now.. mind if I look up the professional guiding you please?
Annette Louise Connors is the licensed advisor I use. Just google the name and you'd find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
By a million plus it means an average aftersale 3 bedroom house, in a not so spectacular neighborhood. You can buy 2 massive brand new houses for a million dollars near Dallas taxes, arguably a better place for jobs than any Canadian city right now.
Absolutely shocking! Lets help first time home buyers by giving them an option to pay even MORE interest. LOL. How about a lower interest rate incentive compared to anyone else.
In the Mississippi national economy of Canada, no hill billy should be able to afford a million dollar or even the median 700k for a an average dwelling. The Liberals won’t admit or are totally clueless to the fact that Canadians are increasingly poorer and therefore should have a reality adjusted housing strategy or the whole thing will collapse anyway when buyers realize they’re not New Yorkers but instead are Mississippians the poorest state in the union 😆
2008 housing bubble in the US.all over again by getting another tranche of people who should not have a mortgage. We know what the results will be have we not learned from history ?
Thank you. It is still very lucrative to build while the price moves between $500 to 700k in 5 years, given most of the other parameters re-adjust and move with the price decline. It is possible only if $300k profit in one flipping, loop holes are eliminated. I know a 70 story condo where number of top units were set aside for insiders, family and friends and later flipped. In 2000s I noticed 100% cash transactions and buyers offered extra cash on top of all the buying costs (inflated prices) and many sketchy behaviors caused the today's prices. Stricter monitoring and enforcements would keep the entire sector sane.
Thanks Jon, I think you would also agree that two years ago you were forecasting much lower prices by now. Canada wide on average house prices have dropped say 10-15%. In the grand scheme of things on the insanely high prices of homes it’s peanuts. Interest rates have started dropping, home prices seam to be stabilizing. My guess home prices likely headed up in 2025.
I couldnt agree more, grateful for educated voices like you to add clarity. Great analysis of the platforms, it gets exhausting arguing this with folks so now I may simply refer them to this video :) Thanks for your service in helping educate folks!
Crazy uncontrolled spending and the growth of the public sector has fueled inflation. Builders are pintched out by high material costs, snail paced building departments, all the while personal debt is out of control... 30+% of low rate mortgages coming due in the next 6 months. Huge pressure on BOC to slash rates but the issue is price. Recent rate cuts have done nothing to the RE market. What do you think will happen when you keep printing $$ and throwing it into the economy? What a mess...
All their little programs and plans are baloney. Pre con sales in TO are YTD 70% below averages. As projects finish temporary foreign labor will lose their jobs in droves. They will head back to their home countries. Keep an eye on decreasing rents and construction job loses. I think the biggest problem in canadian housing market is (obviously other than too much immigration, obviously #1 problem) cmhc insurance. Promotes banks to give loans to anyone and everyone. Get rid of cmhc insurance and banks will start making loans more appropriately. Might as well add two other primary economic issues in society... municipalities should not be allowed to charge land transfer taxes or development charges. *** THEY HAVE BEEN FUNDING OPERATIONAL SPENDING WITH DEBT THAT MORTGAGERS TOOK ON?? You know what I mean? Municipal govts funding operational spending with borrowing? Off the books borrowing? Doesnt matter though does it?Osfi and the credit rating agencies are obviously complicit. Because their silence means they are not stepping in and enforcing proper financial management policies. No more deficit spending at any levels of govt! Spend within our means!
I was thinking the exact sane thing where is OSFI in all this? The 4.5x limit in 2025 should still keep a lid on further price gains as the income needed to buy a 1.5 home should be 333k a year and the portion of households with that income is less than 2 percent of canadians
Thank you for comparing these plans. It sure seems clear who is trying to correct the problems. I think we need more encouragement for the trades to provide labour.
Sounds like a lucrative offer by the Govt for a Long term slavery to the Banks with a minimal sign up fee 😢I may be wrong but Why doesnt the Govt come up with convenient rent to own policies or lower down payments or better Rent control to make it more liveable 😢😢 Jon , U r a Valuable Gem to be well preserved and taken care of❤❤❤Thank you for everything that you do
There are a lot of things the government could do that would actually improve the situation. The problem is, we live in Canada, and it's run by stupid and corrupt politicians who have absolutely no incentive to 'fix' anything, so don't hold your breath.
Assuming a $1.5M mortgage with 5% down. What they don’t tell you is that extra 5 years amortization will lead to homeowners having to pay $3.2M over the span of the loan. Just criminal.
Your assumption is well, an assumption. You assume these individuals dont advance in their careers and their incomes overtime. You also assume their inability to add another income in the household Assumptions to fit your narratives is what this is.
@@fjskj6529 .. possible.. but unlikely. However.. you nailed the ability to add income. There will be 10+ people living under one roof. Ding.. ding.. ding.. already happening.. EVERYWHERE!
@fjskj6529 we all can't be top 1% OF creators. Most Canadian households won't make that gross career lifetime. Guess we with have to adopt the Hatian diet to eat.
@@user-bp6fd9ve3o but there are actually high income earners there that can make the payments but just don't have enough down payment. Also multi generational families that can raise the money together You guys like to assume doom and gloom and everyone's over leveraged, but reality is there's people out there that have money, period. This wasn't designed to HELP Canadians. This is the Liberals buying votes and propping up the housing market
Jon! I put an offer on a house in Welland at $581k asking was $575. The seller's realtor said that the client is happy with our offer, a few hours later they took down the listing and re-listed at $650k and denied our offer. Only conditions we had we're financing approval and house inspection. People are greedy out here and not adjusting to what the market is now! The house was purchased back in 2014 for $254k (equity gained plus value increase would be $400k profit after expenses and 10 years of ownership!)😮
@@jonflynn after having this experience, I'm not even entertaining the idea of entering the market anymore! I'm just gonna continue saving a bigger downpayment as well as watching you and market mania bring great insight to us Canadians! You're right I should have offered $525k considering the games they played and the smack in the face I received LOL
I think the canceling of the GST on new housing is a good start. We also need to cancel all the crazy fees that the cities are charging on new construction. All we need is LESS Government.
Construction in Canada has stopped as investors stopped buying shoebox condos. Now the fed are attempting to replace investors with first time home buyers. If no one is buying condos maybe the price + carrying cost is too high? Increasing the length of term does not reduce the carrying cost, it increases it and all that extra debt is compounding over a longer duration.
I don't believe in coincidence with all this money being spent on gov' consultants. All this mess must be by design... That's my only logical explanation.
It is by design. McKinsey dictated unsustainable immigration levels that anyone with a brain knows would further manipulate "the market" by restricting "supply" and increasing "demand", artificially inflating property values, interest rates, mortgages, rents, and bankster profits. Paid very handsomely with taxpayer funds, and probably currently brainstorming how to sell us the ropes to hang ourselves with.
Had a buddy tell me he signed in for a 35 yr mortgage, around 2008 ish. I said you'll never pay that off (he was around 50 at the time), his reaction was he didn't care. It was such a low monthly rate, once you factored in yearly taxes, insurance etc he could never rent for that low. He had bought a new house for around 230k I recall, and he had retired around 2016.
You can be the Housing minister in the Poilievre government. Looking forward to a 10 percent flat tax across the board, personal and corporate, elimination of all the other taxes, especially the capital gain tax and handouts. The Coomon Sense budget !!
From 300k to 1.6 million in 10 years…. Wages stayed flat and Covid made your other costs skyrocket….. where does the government figure in quadruple the price….. I know you have builders scream about slow starts
Despite not liking NDP it sounds better than Freeland telling everybody to keep taking on more debt on unspectacular average homes. Of course i will never vote for either party this coming election.
Thanks so much for the valuable videos. Do you have any insights about where the Ottawa/Orleans RE market is heading? Prices do not seem to be bulging at all. Townhouse prices are still double what they were pre-pandemic!
It seems Ottawa is a bit more resilient than the rest of Ontario. Most likely due to the massive increase in government employees with their secure well paying jobs keeping things propped up.
Infrastructure is behind and undersized in some towns already. Collingwood had to have a development moratorium for a while until they increased the water plant. Town of blue mountain having same issue, needs upgrade.
@@TT-fq7pl im not talking about the supporters. Im saying the plans have zero substance, commitment or actionable aspects. At least the conservatives plan has had some thought behind it. Im not interested in getting made fun of for wanting a pathway to being able to afford a house and a life in Canada. I dont believe you should pick a side and be a d**k about it. I’ll make my mind up based on the suggested policies to fix the current issues. Seems like you’re probably not open minded enough 👍🏼
@@Riderdownn Picking a side is what YT comment threads are all about. I only join in when the right-wingers get my blood boiling too much. As with the Conservatives and their plans, what they say to get elected and what they do in power are never the same thing. If you want to be able to afford a house, don't vote for the party that loves corporations and banks even more than the Liberals do.
@@Riderdownn Just going on the evidence. I see spelling mistakes, no punctuation, racism, misogyny, all sorts of dumbness and hatred from Conservative supporters. Don't see as much from supporters of other parties. Also, there are educated people who will vote Conservative out of greed, yes.
Jon called a bubble burst months ago. Wrong again. Every week he’s slowly understanding that the can keeps getting kicked on the endless road. As I said, prices will pick up again and be more expensive in a few years than they are today. Make more or move.
@@jonflynn you’ve called a crash for years and hasn’t happened. You said bubble would burst a couple months ago. Technically you’re never going to be wrong if you keep saying a crash is coming. Eventually you have to admit that the time has come and gone on this. Prices have corrected and no reason for them to crash.
Hey John when I first herd about the 30 year amortization I was actually a little bit excited cause I knew it would make it easier for me to qualify for mortgage is there anyway people like me are able to take advantage of this by just getting into the market then switching to an open mortgage or just hammering down money on the mortgage when you can to pay it off sooner?
No, only boomers... Trudeau and Freeland will only promote rental builds, protecting boomer retirements pegged to their housing wealth and keeping Gen Z and Millennials renting for life.
The target group of Canadians are multi-generational families. The biggest problem is collecting rent from your 40 year old kids. All good, taxation must never decrease! Government must continue to grow at any cost!
Місяць тому
Home builders say in the investor meeting they wont build because they don;t make enough of a profit. Mush different than how you phrased it.
Here in Welland, I am seeing a lot of new construction with fewer buyers and renters.The political plans will all crash when the market crashes because of over supply.
I live in northern ontario. Lots of empty virgin land here. Ease up on how people live on it. They can put an RV on the land, a yurt a temp insulated little room or two. The only regulation would be sewage. If people can build is stages over the years that makes borrowing a lot more affordable.
Hi Jon, I'm still renting and would like to by a home. I really am interested in those Single Family Midget Homes on the screen behind you. What are they listed $ for? I'm not a midget and will have to sleep with my feet out of the window, but if the price is right, I'll get used to it.
15% compounding housing completions? That seems like a pie in the sky dream. Also, this would incentivize urban sprawl like crazy. The easiest and fasted approvals can be given to greenfield developments and the long term sustainable solution of infill and creative mixed use development will be set aside in order to achieve myopic incentives. I'm no Liberal fan....but at least their plan mentions development close to services. This type of development will allow cities to flourish rather than creating suburban tax money pits that cost more for Cities to maintain than the revenue they produce
Increasing the insured mortgage max to $1.5M does nothing to help anyone. Instead of allowing Canadians to go 50% deeper into debt, why not address the issue with income to price ratio ? When we arrived in Canada 15 years ago the price of a decent starter home in Toronto was $400-500k , which was for a couple each earning about $60K ( $120K total) was 3-4x annual salary. Now the same home is $1.2-1.5M or 9-12x salary. Who on earth benefits from this ? Well, certainly the realtors with big commissions, the province gets massive amounts to land transfer tax and property tax, and the banks do very well ... What about the new "home owner" or should I say "debt owner" ? Housing needs to fall at least 20-30% and wages need to rise ... Anything else is just kicking the can
Conservatives meddling with bcTransit scares me!! The buses already suck and are cut back as much as possible here in Nanaimo, last thing we need is to take more money out of it!! What a purely dumb idea!!
80 year mortgages coming soon in your neighborhood ! and in case you all didn't know the word "mortgage" is french for "death pledge " , i 'm french and i know the word "mort" means death, so think about that !
I was shocked 15 years ago talking to people in Hawaii who had mortgages they only paid the interest. Now 90% of people here I talk to have a line of credit mortgage and only pay the interest.
That average price will have to break below 600 on that chart to confirm the head and shoulders. Our house is paid off in a year and a half, but I'm being a dad worrying about all of the next generation wanting to buy. We need to fix this. And I will tell you right now, increasing supply will not drop prices because the developers only want to build at very inflated building costs. After letting the industry run away for 20 years, they have to repeat the 90s which saw a big drop in housing demand while pushing investors out of the market. This would take another 5-7 years. So yah, a quick fix is not around the corner. The only short term solution would be to drop land transfer taxes and massively lower development fees. Also hiking investor property taxes to commercial levels. They also need to streamline the development process. Re the NDP.... when they say coops, non profit they really mean public housing paid for and run by the tax payers. We have a so called coop close to our home and the residents don't do anything. They don't own anything. They have zero accountability.
Liberal Plan: State the problems they created Conservative Plan: Download the issue onto the cities NDP Plan: Keep things vague and non-specific Green Plan: Declare a national emergency
I bet the appraisers walked off with lots of money... how do homes get 3-4-5 times the actually value.. so the bankers have all made rampant profits and now the public is gonna get the bill... central banking 101
Francine goes deeper than just looking at surface-level trends. she explores technical, fundamental, and sentiment analysis, offering a comprehensive perspective on the market..
Buy a house when you're 30 and it's paid off by the time you're 60! If you don't borrow against your mortgage that is. I was screaming at Freeland when she made this announcement. Just ridiculous thinking. They're trying to keep housing as our GDP
“Outside of Toronto and Vancouver $1.5M buys you a luxury home in Canada,” GTA broker John Pasalis comments, sagely. “So the solution to Canada’s housing crisis is to allow people to buy luxury homes with 10% down & have our government insure those mortgages? You can’t make this stuff up.”
Trudeau only wants to build rentals, keeping the boomers houses high and forcing the rest of the country to become renters for life. ELECTION TIME!!!!!!
We're living in a time when choosing to avoid crippling debt is a controversial decision. Even gen z chinese citizens are aggressively saving their income. I don't need a crappy overpriced mcmansion with a 30 centimetre space between its neighbouring houses. The imagw you use as your background is so cathartic. It is very nice to know there are other people who are seeing reality for what it is.
The housing bubble with artificially inflated price evaluation must continue so they can get more property taxes. It’s a scam happening in the USA also.
I thought houses would just lose half their value a year ago. If you are waiting for the government to make houses affordable, don't hold your breath. Save a down payment and get in as soon as possible it will only get harder later.
No one is looking at the realestate companies and investors that are sitting on a ton of homes and not letting them be sold for anything less than crazy prices.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
Finding financial advisors like Sophia Maurine Lanting 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 appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
'Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
A starter home price is 1.5 millions. What a joke !!
ghalti kis kee? ye to batao
No, that is just for the kindling-fire-starter ... to burn it down when the mortgage renewal hits. 😂
Move to Saskatchewan
In Texas that gets you a massive McMansion plus a high paying job, in Canada 1.5 million gets you an old 3 bedroom shack, Jobs or wage rise not guaranteed. Outrageous is an understatement here.
@@VancouverVinceMuch better quality of life and peaceful, Vancouver traffic and overpriced old shacks and 90s condos nothing nice to look at downtown buildings wise just old condos for rows, and to boot the mountains lies outside suburbs like in Calgary, meaning overpriced average homes are not worth it in these two cities as one sees nothing nice for 10s of miles 😆
They should drop the insured down to $500,000 if you can afford a 1 million dollar house why should the Canadian citizens insure you. A big part of the housing prices being so high is that the banks hold no risk and it is all on the Canadian government. Banks do not care how much you pay as long as they get that Guarantee on the payment.
So true. Banks have no risk now and they get to raise the price for even more easy money with no risk. What a scam with them and the government.
This is a good idea as it would incentivize building of sub-500k houses. Municipalities should also be limited in what they can charge for new builds. Increasing general property tax rates is preferable to charging so much for new construction. This is if the intent is to create more housing for people to live and not create “wealth” for people fortunate enough to have bought when prices were lower.
Exactly we should not be subsidizing unproductive overpriced housing
@TehPwnerer what is wrong with starting in a town house or a condo. If it is Toronto or Vancouver comute for a few years while you pay something down enough for a down payment on a bigger closer house
Banks hold some risk as sell mortgages as bonds (MBS) plus have to repo. and sell indv. properties but could lose in a falling mkt. ! Power of sales nos are up with losses to around 40% haircuts but need like 70%+ more ! Carney's appearance atm is more to bail the banks
This is so disheartening. My adult children work contract to contract with no job security. They cannot come close to owning a home of their own. My grandchildren, are still very young. I hope they will have more opportunity to own a home by the time they are adults. I think all three levels of government have failed. I have read articles that indicate up to one third the cost of new built homes goes to land transfer taxes and other fees. We’ve all seen Toronto change drastically as condo towers fill the skyline with tiny units that are too small to raise a family in. Governments that are addicted to the huge development fees they collect along with developers catering only to speculators and “investors” have created this mess. People need a place to live. Housing should not be treated as an item for speculators like bitcoin stocks. It has come to the point where my family and I are considering leaving Canada.
@joelepiano1657 it is worse then 1/3rd the developer has to pay a Team of lawyers accounts etc. To deal with all of the government regulations fees and licenses which adds a substantial price tag as well.
boomers killed us
It has to collapse like in China .. and they were players here in the money laundering schemes from 2008-17. Pricing needs to get down to 3.5x median wage and will happen as speculators get cleaned out or new money launderers get in. Corp. landlords like Blackrock could also step in if no controls on them to put a floor but are like hawks will wait till a bottom is reached
@@sebastiencarre2416 Yup we have been sold out
@@sebastiencarre2416 no liberal and progressive voters killed Canada!!
Agree totally. Ottawa needs to be held accountable for the financial pain it will cause if the real estate market turns. It’s criminal.
They are never accountable after they leave office. They have lawyers, accountant and more lawyers reviewing their plan and it's approved by everyone. No accountability
I think they, and many provincial/local politicians, should be held accountable for causing this unsustainable price appreciation in real estate. Housing appreciating faster than general inflation is a policy failure.
Note: I became a homeowner last autumn, I’d be okay with home prices falling 20-25% nationwide. Granted, were my house to fall 25% of the price of something comparable located in Toronto or Vancouver it would likely have negative value…
I have a hard time feeling sorry for someone wealthy enough to qualify for a mortgage on a $1.7M+ home though.
@@Scotiak alot of the problem is at the municipal level with taxes, licenses, levy Etc. Building the house is the easy cheap part.
@@dougpatterson7494you never hear Eby or Ford talk about the outrageous house prices in their GTAs yet take issue with higher interest rates, they see no problem for the average 3 bedroom costing $2 million in their cities.
@@robertguay3773All levels of governments in Canada bare some responsibility for current unaffordability in housing, they could simply lower taxes on builders and home owners, and enforce reasonable prices tailored to incomes in each particularly area of the city types of homes and so on, like it used to be less than a decade ago. Consumers are dumber now despite the prevalence of information on the worldwide web.
30 year amortization won’t save the condo market, just do the math and figure out how much interest payments. Absolutely stupidity
condo fees is the true thing stopping most people
@@alexg9727 $500+ a month in strata fees. That's nuts.
Rates will drop at least 1% by Christmas, they need to kick this can to the next election.
Nothing will save the condo market
@@alexg9727 if condo fees were lower prices would be higher. It would even out. That's why you see the cheaper condos with higher maintenance fees.
Why do we keep voting and participating in a system that is clearly designed against us? Doing the same thing over and over yet expecting different results is madness.
Shame on us.
@charlesponzi9608 don't vote and you will end up with comunisism or monarchy over us.
Yeah we swap one set of grifters with another Libs for Tories same old stories !
Someone has to lead us, and people aren't ready to accept God as our leader yet.
@@milhouse8166 Who wants to go back to the Middle Ages? Oh yeah, the Conservatives.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.
Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
Thanks Jon, 👍🏼 yeah it’s falling apart .. they’re desperate and it’s showing BIG TIME!
The new canadian citizens will fall for buying a $3500 a month condo for 30 years.. plus condo fee plus tax.
And just wait for jobs erosion. Next.!!
Only the stupid as rates have to fall to 0 at least or -0.5 and mortgages to -0.75%
Are you suggesting that we can’t do math or we don’t understand the situation here?
@@MbonezaMbonezaWhat is the reason?
30 year amortization was there for investors (20% down payment -Uninsured mortgage) since the beginning and many still have negative cash flow. It may help first time buyers for primary residence but you are adding more debt and it will make them more vulnerable if they have a job loss , divorce , relocation etc.
@faisal-ca they will never be able to move up into a bigger house. For 15 years they will pay almost nothing in principal. If prices go down even 5% it would crush them. With the insurance premiums to cmhc and 5% it would be over 10 years to get to even.
This is all to keep investors coming. Limp this to the Nov election and spend a decade making it the Conservatives fault.
OR if home prices don't go up. Which is looking REALLY likely. Speaking of negative cash flow...
Thank you Mr. Flynn for doing the main stream media's job. You by the way are way better than they are so I never watch them. CMHC is going to be in world of hurt if we have a 1984 moment like we had in Albert then. Canadians are going to be some mad when they have to write the cheque for CMHC and the banks. Thank you again for what you do.
That was an oversupplied market. It's currently undersupplied. With the amount of immigration planned, the undersupply is chronic.
@@FullCircleTravis Who do you know that can afford a house? Supply don't matter if no one can afford one.
@@FullCircleTravis Not really the money laundering runs like the Chinese ran from 2008-17 were also a big factor now at a standstill ! Some other group needs to re-start it and flipping etc needs to come back as it's all going downhill ! Landlords are under water, no one to flip to, sales are at a loss etc
Real estate can be quite a rollercoaster, the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate my entire $700k liquidity value to my stock portfolio or just stay 100% cash?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, I'm in line with having an advisor oversee my day-to-day investing, cos my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio is well diversified and has just 5X in 5 years, summing up nearly $1m as of today.
@@chadgriffith1969 I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now.. mind if I look up the professional guiding you please?
I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now.. mind if I look up the professional guiding you please?
Annette Louise Connors is the licensed advisor I use. Just google the name and you'd find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
There's moral hazard all over the place now.
9 years of Trudeau and Freeland. ELECTION NOW!!!! PLEASE!!!!!
If you make enough money to afford a $1 million+ home, you should have to have a 20% down payment
1 million won't seem as much in a few years after we experience more inflation.
By a million plus it means an average aftersale 3 bedroom house, in a not so spectacular neighborhood. You can buy 2 massive brand new houses for a million dollars near Dallas taxes, arguably a better place for jobs than any Canadian city right now.
@@chadpescod-realtor3308 it's indexed to inflation
Absolutely shocking! Lets help first time home buyers by giving them an option to pay even MORE interest. LOL. How about a lower interest rate incentive compared to anyone else.
Agreed, there's more levers to pull and this current decision isn't the right one.
I believe the USA had similar changes before it finally collapsed?
In the Mississippi national economy of Canada, no hill billy should be able to afford a million dollar or even the median 700k for a an average dwelling. The Liberals won’t admit or are totally clueless to the fact that Canadians are increasingly poorer and therefore should have a reality adjusted housing strategy or the whole thing will collapse anyway when buyers realize they’re not New Yorkers but instead are Mississippians the poorest state in the union 😆
1. Turn off immigration
2. Let market sort out prices
3. Stop fucking with it
Yep
Almost new 4 million units to reach the need for the populous as is...at this moment....this is a tall order.
Immigrants are buying dozen of homes?
Who dictated the prices to this point?
STOP BENDING OVER!!!
2008 housing bubble in the US.all over again by getting another tranche of people who should not have a mortgage. We know what the results will be have we not learned from history ?
History is not taught
This is part of why Canadian housing is so expensive: we didn’t have a significant correction in 2007-2009.
FL had rows of condos with 1-3 residents rest were bankrupt, houses were avail. from $250 '08 in the US
Thank you. It is still very lucrative to build while the price moves between $500 to 700k in 5 years, given most of the other parameters re-adjust and move with the price decline. It is possible only if $300k profit in one flipping, loop holes are eliminated. I know a 70 story condo where number of top units were set aside for insiders, family and friends and later flipped. In 2000s I noticed 100% cash transactions and buyers offered extra cash on top of all the buying costs (inflated prices) and many sketchy behaviors caused the today's prices. Stricter monitoring and enforcements would keep the entire sector sane.
the money laundering runs like the Chinese ran from 2008-17 need to come back has disappeared atm
Thanks Jon, I think you would also agree that two years ago you were forecasting much lower prices by now. Canada wide on average house prices have dropped say 10-15%. In the grand scheme of things on the insanely high prices of homes it’s peanuts. Interest rates have started dropping, home prices seam to be stabilizing. My guess home prices likely headed up in 2025.
I couldnt agree more, grateful for educated voices like you to add clarity. Great analysis of the platforms, it gets exhausting arguing this with folks so now I may simply refer them to this video :) Thanks for your service in helping educate folks!
Great! More debt! Being in my early 30s, my generation will have to pay mortgage until the day we die i guess ha
Crazy uncontrolled spending and the growth of the public sector has fueled inflation. Builders are pintched out by high material costs, snail paced building departments, all the while personal debt is out of control... 30+% of low rate mortgages coming due in the next 6 months. Huge pressure on BOC to slash rates but the issue is price. Recent rate cuts have done nothing to the RE market. What do you think will happen when you keep printing $$ and throwing it into the economy? What a mess...
So.. we actually need 5 year maximum amortization to bring house prices down.
John...every Liberal in Canada doesn't want to hear the truth, or they'd be what they call, a Conservative. Thanks for the facts, everytime!
All their little programs and plans are baloney. Pre con sales in TO are YTD 70% below averages. As projects finish temporary foreign labor will lose their jobs in droves. They will head back to their home countries. Keep an eye on decreasing rents and construction job loses.
I think the biggest problem in canadian housing market is (obviously other than too much immigration, obviously #1 problem) cmhc insurance. Promotes banks to give loans to anyone and everyone. Get rid of cmhc insurance and banks will start making loans more appropriately.
Might as well add two other primary economic issues in society... municipalities should not be allowed to charge land transfer taxes or development charges. *** THEY HAVE BEEN FUNDING OPERATIONAL SPENDING WITH DEBT THAT MORTGAGERS TOOK ON?? You know what I mean? Municipal govts funding operational spending with borrowing? Off the books borrowing?
Doesnt matter though does it?Osfi and the credit rating agencies are obviously complicit. Because their silence means they are not stepping in and enforcing proper financial management policies.
No more deficit spending at any levels of govt! Spend within our means!
I was thinking the exact sane thing where is OSFI in all this? The 4.5x limit in 2025 should still keep a lid on further price gains as the income needed to buy a 1.5 home should be 333k a year and the portion of households with that income is less than 2 percent of canadians
Thank you for comparing these plans. It sure seems clear who is trying to correct the problems. I think we need more encouragement for the trades to provide labour.
Thanks for the comment
I thought the PM stated months ago that Housing wasn’t a responsibility of the Federal government of Canada.
Sounds like a lucrative offer by the Govt for a Long term slavery to the Banks with a minimal sign up fee 😢I may be wrong but Why doesnt the Govt come up with convenient rent to own policies or lower down payments or better Rent control to make it more liveable 😢😢
Jon , U r a Valuable Gem to be well preserved and taken care of❤❤❤Thank you for everything that you do
Thanks for the comment and kind words
There are a lot of things the government could do that would actually improve the situation. The problem is, we live in Canada, and it's run by stupid and corrupt politicians who have absolutely no incentive to 'fix' anything, so don't hold your breath.
Assuming a $1.5M mortgage with 5% down. What they don’t tell you is that extra 5 years amortization will lead to homeowners having to pay $3.2M over the span of the loan. Just criminal.
Your assumption is well, an assumption.
You assume these individuals dont advance in their careers and their incomes overtime. You also assume their inability to add another income in the household
Assumptions to fit your narratives is what this is.
@@fjskj6529 .. possible.. but unlikely. However.. you nailed the ability to add income. There will be 10+ people living under one roof. Ding.. ding.. ding.. already happening.. EVERYWHERE!
What single income household can afford a $1.5M house at the initiation of the mortgage?
@fjskj6529 we all can't be top 1% OF creators. Most Canadian households won't make that gross career lifetime. Guess we with have to adopt the Hatian diet to eat.
@@user-bp6fd9ve3o but there are actually high income earners there that can make the payments but just don't have enough down payment. Also multi generational families that can raise the money together
You guys like to assume doom and gloom and everyone's over leveraged, but reality is there's people out there that have money, period.
This wasn't designed to HELP Canadians. This is the Liberals buying votes and propping up the housing market
Jon! I put an offer on a house in Welland at $581k asking was $575. The seller's realtor said that the client is happy with our offer, a few hours later they took down the listing and re-listed at $650k and denied our offer. Only conditions we had we're financing approval and house inspection. People are greedy out here and not adjusting to what the market is now! The house was purchased back in 2014 for $254k (equity gained plus value increase would be $400k profit after expenses and 10 years of ownership!)😮
I would’ve offered $525k lol
@@jonflynn after having this experience, I'm not even entertaining the idea of entering the market anymore! I'm just gonna continue saving a bigger downpayment as well as watching you and market mania bring great insight to us Canadians! You're right I should have offered $525k considering the games they played and the smack in the face I received LOL
I think the canceling of the GST on new housing is a good start. We also need to cancel all the crazy fees that the cities are charging on new construction. All we need is LESS Government.
well said
Construction in Canada has stopped as investors stopped buying shoebox condos. Now the fed are attempting to replace investors with first time home buyers.
If no one is buying condos maybe the price + carrying cost is too high? Increasing the length of term does not reduce the carrying cost, it increases it and all that extra debt is compounding over a longer duration.
I don't believe in coincidence with all this money being spent on gov' consultants. All this mess must be by design... That's my only logical explanation.
It is by design. McKinsey dictated unsustainable immigration levels that anyone with a brain knows would further manipulate "the market" by restricting "supply" and increasing "demand", artificially inflating property values, interest rates, mortgages, rents, and bankster profits. Paid very handsomely with taxpayer funds, and probably currently brainstorming how to sell us the ropes to hang ourselves with.
Had a buddy tell me he signed in for a 35 yr mortgage, around 2008 ish. I said you'll never pay that off (he was around 50 at the time), his reaction was he didn't care. It was such a low monthly rate, once you factored in yearly taxes, insurance etc he could never rent for that low. He had bought a new house for around 230k I recall, and he had retired around 2016.
Going to buy a Raptor R outright and continue renting my room with adjacent private 4pc bath. I will not be house poor.
Nice truck.
You can be the Housing minister in the Poilievre government. Looking forward to a 10 percent flat tax across the board, personal and corporate, elimination of all the other taxes, especially the capital gain tax and handouts. The Coomon Sense budget !!
From 300k to 1.6 million in 10 years…. Wages stayed flat and Covid made your other costs skyrocket….. where does the government figure in quadruple the price….. I know you have builders scream about slow starts
The NDP with its "Housing Emergency" confirms its goal of putting all Canadians under the guidance of Indigenous Services Canada.
Damn ndp is no damn pissbrains
Despite not liking NDP it sounds better than Freeland telling everybody to keep taking on more debt on unspectacular average homes. Of course i will never vote for either party this coming election.
Thanks so much for the valuable videos. Do you have any insights about where the Ottawa/Orleans RE market is heading? Prices do not seem to be bulging at all. Townhouse prices are still double what they were pre-pandemic!
It seems Ottawa is a bit more resilient than the rest of Ontario. Most likely due to the massive increase in government employees with their secure well paying jobs keeping things propped up.
I always look forward to your videos cause you put lots of research (charts/stats/etc) and facts into them.
Great video Jon, we appreciate your content and effort you are putting into these videos.
Infrastructure is behind and undersized in some towns already. Collingwood had to have a development moratorium for a while until they increased the water plant. Town of blue mountain having same issue, needs upgrade.
Everyone should collectively boycott houses. And bring down the price. The power is in the people.
It's kind of hard to boycott houses in one of the coldest countries on planet Earth. Good luck with that.
Great review, Jon …and I love the picture of one of the ‘ministers’ on the way to work !
Liberals and NPD statements sounds like something I wrote for homework when I was 13
But the Conservatives and their supporters have usually left school before that age. How did you last so long?
@@TT-fq7pl im not talking about the supporters. Im saying the plans have zero substance, commitment or actionable aspects. At least the conservatives plan has had some thought behind it.
Im not interested in getting made fun of for wanting a pathway to being able to afford a house and a life in Canada. I dont believe you should pick a side and be a d**k about it. I’ll make my mind up based on the suggested policies to fix the current issues. Seems like you’re probably not open minded enough 👍🏼
also Im a mechanical engineer. If you really think that only people who left school at 13 will vote conservative you’re in for a shock unfortunately.
@@Riderdownn Picking a side is what YT comment threads are all about. I only join in when the right-wingers get my blood boiling too much. As with the Conservatives and their plans, what they say to get elected and what they do in power are never the same thing. If you want to be able to afford a house, don't vote for the party that loves corporations and banks even more than the Liberals do.
@@Riderdownn Just going on the evidence. I see spelling mistakes, no punctuation, racism, misogyny, all sorts of dumbness and hatred from Conservative supporters. Don't see as much from supporters of other parties. Also, there are educated people who will vote Conservative out of greed, yes.
Jon called a bubble burst months ago. Wrong again. Every week he’s slowly understanding that the can keeps getting kicked on the endless road. As I said, prices will pick up again and be more expensive in a few years than they are today. Make more or move.
Neither of us are right since neither has happened
@@jonflynn you’ve called a crash for years and hasn’t happened. You said bubble would burst a couple months ago. Technically you’re never going to be wrong if you keep saying a crash is coming. Eventually you have to admit that the time has come and gone on this. Prices have corrected and no reason for them to crash.
Hey John when I first herd about the 30 year amortization I was actually a little bit excited cause I knew it would make it easier for me to qualify for mortgage is there anyway people like me are able to take advantage of this by just getting into the market then switching to an open mortgage or just hammering down money on the mortgage when you can to pay it off sooner?
If that’s the plan then just do a 25 year.
One of your best updates yet. You need to do a Netflix documentary on the housing market.
Wait till it busts and people are dumbfounded asking "what happened?!" 😂
A 1.5 million dollar home for everyone.
No, only boomers... Trudeau and Freeland will only promote rental builds, protecting boomer retirements pegged to their housing wealth and keeping Gen Z and Millennials renting for life.
This is gonna end up really bad.
The target group of Canadians are multi-generational families.
The biggest problem is collecting rent from your 40 year old kids.
All good, taxation must never decrease!
Government must continue to grow at any cost!
Home builders say in the investor meeting they wont build because they don;t make enough of a profit. Mush different than how you phrased it.
Here in Welland, I am seeing a lot of new construction with fewer buyers and renters.The political plans will all crash when the market crashes because of over supply.
Rates have to crash to 0 or -0.5% first
Won’t crash for 20 more years
Good informative video! I look forward to following this scam with you.
I live in northern ontario. Lots of empty virgin land here. Ease up on how people live on it. They can put an RV on the land, a yurt a temp insulated little room or two. The only regulation would be sewage. If people can build is stages over the years that makes borrowing a lot more affordable.
Extrapolating a trend line that begins in 2005 is IMHO a big mistake, it's the trend line of a bull run.
The budget will balance itself !
Unless med price drops, nothing will help to revive res. RE market.
Hi Jon, I'm still renting and would like to by a home. I really am interested in those Single Family Midget Homes on the screen behind you. What are they listed $ for? I'm not a midget and will have to sleep with my feet out of the window, but if the price is right, I'll get used to it.
Real estate market is crashing. House on Martingrove north of highway 7 sold for 1.2 million below asking
What a mess we are all in ! We need massive protest across Canada.
15% compounding housing completions? That seems like a pie in the sky dream. Also, this would incentivize urban sprawl like crazy. The easiest and fasted approvals can be given to greenfield developments and the long term sustainable solution of infill and creative mixed use development will be set aside in order to achieve myopic incentives. I'm no Liberal fan....but at least their plan mentions development close to services. This type of development will allow cities to flourish rather than creating suburban tax money pits that cost more for Cities to maintain than the revenue they produce
Great analysis
They should have lowered CHMC to 750K insured ones. They brought this to save builders ass, banks, who can afford coffin type condos. Good luck.
To pay off debt they will introduce digital currency in the house to reduce emission. Less emissions less monthly payments... just my opinion
Increasing the insured mortgage max to $1.5M does nothing to help anyone. Instead of allowing Canadians to go 50% deeper into debt, why not address the issue with income to price ratio ? When we arrived in Canada 15 years ago the price of a decent starter home in Toronto was $400-500k , which was for a couple each earning about $60K ( $120K total) was 3-4x annual salary. Now the same home is $1.2-1.5M or 9-12x salary. Who on earth benefits from this ? Well, certainly the realtors with big commissions, the province gets massive amounts to land transfer tax and property tax, and the banks do very well ... What about the new "home owner" or should I say "debt owner" ? Housing needs to fall at least 20-30% and wages need to rise ... Anything else is just kicking the can
Conservatives meddling with bcTransit scares me!! The buses already suck and are cut back as much as possible here in Nanaimo, last thing we need is to take more money out of it!! What a purely dumb idea!!
Socialist's meddling in common sense scares most people.
80 year mortgages coming soon in your neighborhood ! and in case you all didn't know the word "mortgage" is french for "death pledge " , i 'm french and i know the word "mort" means death, so think about that !
I was shocked 15 years ago talking to people in Hawaii who had mortgages they only paid the interest. Now 90% of people here I talk to have a line of credit mortgage and only pay the interest.
Yikes. That does not sound good.
Thanks Jon for a very good info
That average price will have to break below 600 on that chart to confirm the head and shoulders. Our house is paid off in a year and a half, but I'm being a dad worrying about all of the next generation wanting to buy. We need to fix this.
And I will tell you right now, increasing supply will not drop prices because the developers only want to build at very inflated building costs. After letting the industry run away for 20 years, they have to repeat the 90s which saw a big drop in housing demand while pushing investors out of the market. This would take another 5-7 years. So yah, a quick fix is not around the corner. The only short term solution would be to drop land transfer taxes and massively lower development fees. Also hiking investor property taxes to commercial levels. They also need to streamline the development process.
Re the NDP.... when they say coops, non profit they really mean public housing paid for and run by the tax payers. We have a so called coop close to our home and the residents don't do anything. They don't own anything. They have zero accountability.
Liberal Plan: State the problems they created
Conservative Plan: Download the issue onto the cities
NDP Plan: Keep things vague and non-specific
Green Plan: Declare a national emergency
I bet the appraisers walked off with lots of money... how do homes get 3-4-5 times the actually value.. so the bankers have all made rampant profits and now the public is gonna get the bill... central banking 101
Debt train going off a cliff.
In my opinion
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The definition of insanity 🤷🏽♂️
The US extended amortizations in 2008 during the housing crash. Was the crash averted?
I'm not paying 1.5 for a house. And I own a house. What so my taxes more than double? Get loss...
I thought I knew someone had 30 years amortization mortgage, is 30 years amort new?
Harper a,lowed 30 year mortgage way back. It was canceled by the Liberals but I guess they are bringing it back.
Buy a house when you're 30 and it's paid off by the time you're 60! If you don't borrow against your mortgage that is. I was screaming at Freeland when she made this announcement. Just ridiculous thinking. They're trying to keep housing as our GDP
“Outside of Toronto and Vancouver $1.5M buys you a luxury home in Canada,” GTA broker John Pasalis comments, sagely. “So the solution to Canada’s housing crisis is to allow people to buy luxury homes with 10% down & have our government insure those mortgages? You can’t make this stuff up.”
These liberal, ndp and greens are such a joke…. No thank you woke politicians… Will vote Conservative forever
Trudeau only wants to build rentals, keeping the boomers houses high and forcing the rest of the country to become renters for life. ELECTION TIME!!!!!!
Hey! Thanks for mentioning the Greens. Love to see that they've entered the conversation again.
We're living in a time when choosing to avoid crippling debt is a controversial decision. Even gen z chinese citizens are aggressively saving their income. I don't need a crappy overpriced mcmansion with a 30 centimetre space between its neighbouring houses. The imagw you use as your background is so cathartic. It is very nice to know there are other people who are seeing reality for what it is.
30 year mortgages .... the banks are desperate.
Prices to the MOON! buy buy you donkeys! 300 ft condos for 10 million soon! buy buy!
We're probably gonna fast track 50 years amortization, then 100 years amortization, then wake up in Argentina.
The housing bubble with artificially inflated price evaluation must continue so they can get more property taxes. It’s a scam happening in the USA also.
I thought houses would just lose half their value a year ago.
If you are waiting for the government to make houses affordable, don't hold your breath.
Save a down payment and get in as soon as possible it will only get harder later.
JT is joking with Canadian.
It doesn't matter who in running, they are all the same shit.
Which one?
No one is looking at the realestate companies and investors that are sitting on a ton of homes and not letting them be sold for anything less than crazy prices.
15:11 If you want to live in a tree … 🤣
No, they won't allow that. They care about trees more than they do about people. Trees are sacred to these loones.
3rd innings of r/e collapse as a lot of mortg. holders will have to re-fi at higher rates. Will take 1-3 yrs to clean out this mess
No, the government has skited the ressession and kicked the can down the road by twicking the policy. Canada housing 😊
Wonder how much home appraisers walked off with.. I mean really how do they get priced 3-4-5 times the actual value
a realtor telling you real estate is a ponzi scheme is shadier than a realtor telling you it's time to buy
Thanks for the comment
Can't afford the month by month payments? Don't worry just pay us back over 5 more years! "What about reducing the prices instead?" - "No."
Debt bubble trap
Yep
Excellent
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Finding financial advisors like Sophia Maurine Lanting 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 appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
30 year AMORTIZATION for a starter home for dual income homes. No way lol