Larger land mass than USA is correct. But 50% of the population lives in southern Ontario. No one wants to live north in underdeveloped and colder climates. As for the prairies it's nothing but farms. So you're other option is Vancouver which is also a bubble lol
@@tudvalstone which rural areas are you referring to? Within a 100km radius around Toronto the average 4 bedroom fully detached house will cost you over $1M.
@@sonofagun00 The Green Belt around the GTA is really a protected area and hopefully will stay that way,, so yeah, detached houses will be in short supply always. I was looking at a luxury condo in Windsor which sells for $500,000, seems quite affordable. And you can buy a more modest detached for that price in Niagara (last I checked). Consider that only about 60 % of the population in most countries normally become owners, but in Canada it's more than 70% and they demand better than what a rental unit typically offers, but that may be unrealistic.
@@tudvalstone proved my point. Niagara is well over 100km outside of Toronto. It's also an area I've been looking into personally. I need to get the hell out of mississauga, it's turning into a shithole (excuse my language)
@@tudvalstone the most outrageously affordable homes in Ontario and in warm climates are near Leamington. 4 bedroom fully detached for $500,000. But you're more than 3 hours outside of Toronto.
Why do I work when nearly 50% goes to income, sales, provincial, and or carbon taxes, and the rest to bills. If we earn more, they take more. Our money is flaunted by politicians who say lockdown then go skiing or to Hawaii. Tax money doesn't go to infrastructure or charity, but to corrupt corporations that gamble and banks that bet against the very mortgages they lend in the form of a bailout. I am told it's my choice to become rich or stay poor but I don't see how when there is even a monopoly on high paying jobs, If I refuse, I get arrested but there is no refusal because taxes come off before we receive our pay. We never signed up for this. Imagine having double your income, getting to keep the money you earn.
Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Canada needs to let the housing market crash and place blame on the culprits who caused it and allowed it to happen. It's going to crash, we need someone to blame. Realtors, real estate corps and money Laundering criminals.
Global shortage of materials supply, that could not meet the housing demands than ever....causing many building sites were held. Price surging trend is global phenomenon.
I’m ok with the housing market crashing as long as the financial markets do as well. I own and paid off a million dollar home with limited RRSP investing. I chose to aggressively pay my mortgage over investing and shouldn’t be punished for it!
It won’t crash. It’s highly controlled and regulated. And if they want to increase the rates much higher they will do it only after bringing new influx of immigrants to push rent up , so that investment homes can stay afloat. All those people voting Troudo wants and ever increasing housing market . They will vote for him and he will give them what they want
@Thehomedesigner in a housing shortage, noone should be buying to rent when you have a line up of buyers looking for a primary residence. So yes, tax em hard. Aswell, why would you even want to be a landlord in Ontario beats me? The LTBA is one sided and it's not to LL.
There is a lot of money laundering, we have almost no laws that stop someone from laundering money in Canada. And its not just foreigners, there are Canadian citizens that do it as well. We need more housing supply and tighter laws against money laundering.
Empty living space tax should be able to fix the problem in the long term. In the short term, we will need to treat foreign/corporate buyers for 50% tax of the home's current market value.
Those foreign buyers main Chinese they use back doors they send thier kids for school or.they family member they put under thier name will buy pass foriegn taxation. We have local people can't afford or find good middle income jobs because we are going to be immigrating 400K people every year is a bit to much reduce it to 50K because we need take care those that are here already.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
agree - they are salespeople! of course they are going to paint a future of infinite housing growth! Canada will have a crash. We are not immune to bubbles - just wait!
BTW why are you even mentioning Singh, the guy will never ever be prime minister of Canada and the NDP will have more than a support role for a minority Liberal or Con government.
If restricting foreign investment is no big deal why would realtor be against it and point to interest rate policy that is impossible to change without bankrupting the country? We have to do all the "small" things especially when we can't touch the big one.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
No one "has" to buy anything if there isn't much to pick and choose from and at the right price. Obviously, that is being reflected in continued sales weakness. August will be the fifth consecutive month of sales declines here in Greater Vancouver; overall sales will be down 43% (52% for detached). Feel free to join the Metro Vancouver Housing Collapse FB group; now with 11,800+ members.
Canadians need housing period!!!now is the time for Canadians to impeach Trudeau period!!! God forbid who is the next prime minister? God help us all!!!
@SarrumSaBabilim Really, so with interest rates having fallen for the last 30 years straight and now hitting the bottom there won't be a change? Possibly no meltdown, but prices have definitely peaked. Look at the statistics on worldwide housing. Canada is on top, and isn't a desirable place besides rule of law. If interest rates ever rise housing prices will drop verry fast because nobody will be able to get mortgages or pay high monthly costs
@SarrumSaBabilim I totally agree with you when it comes to immigration. But it will become a huge social issue. Just watch interest rates. Good luck to you
The American central bank will be raising rates 7 to 9 times over 2 years in order to try to kill off inflation (it won't be enough). 8 hikes x 0.25% per hike = a total raise in rates of 2%. That means mortgage rates will go up 2%. Right now a fixed 5 year mortgage is 2.5% and a variable mortgage is 1.5%. So that means that mortgages will go up to 4.5%(fixed) to 3.5%(variable), or a DOUBLING of rates. This means house prices will drop by 50%. This will occur over 3 to 4 years.
With house prices being around $750,000 , that means the average home owner will lose $375,000 over 4 years. If you are planning on holding your house for 10 years, that is the same as losing $38,000 per year. You can RENT a really nice house for $3,000 per month, and not have to pay all of those expensive property taxes on a typical house.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Increase carrying costs for housing. The property taxes for primary residence vs investment property should be different. Investment property should be taxed higher. And of course increase interest rates and increase supply. Benefits for first time buyers are still capped based on prices before this boom period which makes it difficult for people to enter the market. Canada seems to have the fewest homes per sq km if you compare with rest of the G7 countries.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
its not going to crush, as a renovator last year 2x4 lumber was 3$ each and today is 9 $ so other materials ,how can you drop the price of a home if the construction building materials gone up 3x,the gov. will slow the market and create a some kind of program to own a home for Canadians .
Ummm.....their are no shortage of buyers. A new program to help first time buyers just adds more competition and is a slap in the face to those that have been trying to purchase for sometime.
Clueless... What 30 yr bull market. There's bee plenty of 'corrections along the way... 1995 was a low point, then 2009, 2017. If you're looking for permanently falling prices, not gonna happen. It's been a 150 year bull market.
Not to worry folks, the Central Bank cocaine will have to stop sometime and then we can enjoy the depression that follows. Our governing bodies prefer boom and bust to sustainability so just relax and enjoy the ride.
It's the big corporations getting in to real estate is what drove the prices of the roof they do the same thing to the stock market they buy everything to drive the prices up then they start selling it but with real estate they are doing it differently they just rent it to you for twice the money it would of cost you if you bought the same house 2 years go to pay the mortgage on it...I think there long term goal is to drive everyone out of home ownership in to renting one of there appartment boxes. First they make it impossible to buy home then they will make it impossible to keep the house you already have, we are heading for cliff folks...
50 k house is woth 400 k next will 400 k housefor 4 millio n and then the taxes will kick in and all 400 k house are going to be 5 k a year in taxes so good luck you will own nothing and you will like it
A country thats larger than USA with a population of just 37 million. There is plenty of space and absolutely no need for this kind of price gauging.
Larger land mass than USA is correct. But 50% of the population lives in southern Ontario. No one wants to live north in underdeveloped and colder climates. As for the prairies it's nothing but farms. So you're other option is Vancouver which is also a bubble lol
@@tudvalstone which rural areas are you referring to? Within a 100km radius around Toronto the average 4 bedroom fully detached house will cost you over $1M.
@@sonofagun00 The Green Belt around the GTA is really a protected area and hopefully will stay that way,, so yeah, detached houses will be in short supply always. I was looking at a luxury condo in Windsor which sells for $500,000, seems quite affordable. And you can buy a more modest detached for that price in Niagara (last I checked). Consider that only about 60 % of the population in most countries normally become owners, but in Canada it's more than 70% and they demand better than what a rental unit typically offers, but that may be unrealistic.
@@tudvalstone proved my point. Niagara is well over 100km outside of Toronto. It's also an area I've been looking into personally. I need to get the hell out of mississauga, it's turning into a shithole (excuse my language)
@@tudvalstone the most outrageously affordable homes in Ontario and in warm climates are near Leamington. 4 bedroom fully detached for $500,000. But you're more than 3 hours outside of Toronto.
Why do I work when nearly 50% goes to income, sales, provincial, and or carbon taxes, and the rest to bills. If we earn more, they take more.
Our money is flaunted by politicians who say lockdown then go skiing or to Hawaii.
Tax money doesn't go to infrastructure or charity, but to corrupt corporations that gamble and banks that bet against the very mortgages they lend in the form of a bailout.
I am told it's my choice to become rich or stay poor but I don't see how when there is even a monopoly on high paying jobs,
If I refuse, I get arrested but there is no refusal because taxes come off before we receive our pay.
We never signed up for this. Imagine having double your income, getting to keep the money you earn.
It ends when we end it. Freedom isn't free
@@alexguolo5872 no it sure isn't, it cost a buck oh five
@@alexguolo5872 and remember...put your mask and take your shots. Obey!
Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
37 likes ! great advice Brielle !
Canada needs to let the housing market crash and place blame on the culprits who caused it and allowed it to happen. It's going to crash, we need someone to blame. Realtors, real estate corps and money Laundering criminals.
It's going to make the 2008 crash look like a joke.
Global shortage of materials supply, that could not meet the housing demands than ever....causing many building sites were held.
Price surging trend is global phenomenon.
I’m ok with the housing market crashing as long as the financial markets do as well. I own and paid off a million dollar home with limited RRSP investing. I chose to aggressively pay my mortgage over investing and shouldn’t be punished for it!
It won’t crash. It’s highly controlled and regulated. And if they want to increase the rates much higher they will do it only after bringing new influx of immigrants to push rent up , so that investment homes can stay afloat. All those people voting Troudo wants and ever increasing housing market . They will vote for him and he will give them what they want
Let's get rid off Trudeau. House price skyrocketed in the last 6 years under Trudeau's watch
Restrict foreign investment, increase interest rates and capital gains tax on investment properties . Housing should not be treated like a commodity!
NDP?
@@alexguolo5872 I was going to commend you on something well said, until I read it over...naa
@Thehomedesigner in a housing shortage, noone should be buying to rent when you have a line up of buyers looking for a primary residence. So yes, tax em hard.
Aswell, why would you even want to be a landlord in Ontario beats me? The LTBA is one sided and it's not to LL.
Wages are flat that is my biggest concern
Wages are negative once the real rates of inflation is taken into account.
There is a lot of money laundering, we have almost no laws that stop someone from laundering money in Canada. And its not just foreigners, there are Canadian citizens that do it as well. We need more housing supply and tighter laws against money laundering.
Empty living space tax should be able to fix the problem in the long term. In the short term, we will need to treat foreign/corporate buyers for 50% tax of the home's current market value.
Not a bad idea tbh
Aren't they already taxed 50%?
Hopefully The Bubble Pops And All The Yuppies Are Left Holding The Bag.
What percentage of those houses (that didn't resell in 24 mths) turned into rental units?
A house which is 3000 sq ft is for 1.1 million CAD in Burnaby. A house in an average locality in Mumbai which is 1000 sq ft is 1.1 million CAD.
Yup, and Mumbai is a horrible place to live
@@timber543 Absolutely but it's richer than Toronto.
@Thehomedesigner Yeah, if you could afford the housing out there 🤣.
I'd still like you to show me a 1.1m house in Burnaby... more 1.4+
Vote Justin Out!
Those foreign buyers main Chinese they use back doors they send thier kids for school or.they family member they put under thier name will buy pass foriegn taxation. We have local people can't afford or find good middle income jobs because we are going to be immigrating 400K people every year is a bit to much reduce it to 50K because we need take care those that are here already.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Realtors' opinions are worthless.
And so is yours!!
agree - they are salespeople! of course they are going to paint a future of infinite housing growth! Canada will have a crash. We are not immune to bubbles - just wait!
Find work in the USA it aint worth slaving here
BTW why are you even mentioning Singh, the guy will never ever be prime minister of Canada and the NDP will have more than a support role for a minority Liberal or Con government.
If restricting foreign investment is no big deal why would realtor be against it and point to interest rate policy that is impossible to change without bankrupting the country? We have to do all the "small" things especially when we can't touch the big one.
most of the market is inflated because of money laundering and foreign investment
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Raise prime rate.
@Thehomedesigner Low demand lowers price
No one "has" to buy anything if there isn't much to pick and choose from and at the right price. Obviously, that is being reflected in continued sales weakness. August will be the fifth consecutive month of sales declines here in Greater Vancouver; overall sales will be down 43% (52% for detached).
Feel free to join the Metro Vancouver Housing Collapse FB group; now with 11,800+ members.
Canadians need housing period!!!now is the time for Canadians to impeach Trudeau period!!! God forbid who is the next prime minister? God help us all!!!
Prices will run hot again next year, and slow down as they hike rates to around 2% by end of 2023. 2% + Prime Rate is going to be 5.5%.
We need deflation.
I CANT WAIT FOR THE EVENTUAL MELTDOWN
No meltdown or crash with 2% rates
@@tuul75 inflation is the only path forward
@SarrumSaBabilim Really, so with interest rates having fallen for the last 30 years straight and now hitting the bottom there won't be a change? Possibly no meltdown, but prices have definitely peaked. Look at the statistics on worldwide housing. Canada is on top, and isn't a desirable place besides rule of law. If interest rates ever rise housing prices will drop verry fast because nobody will be able to get mortgages or pay high monthly costs
@SarrumSaBabilim I totally agree with you when it comes to immigration. But it will become a huge social issue. Just watch interest rates. Good luck to you
@SarrumSaBabilim Also they are banning non-resident and non citizens from buying for 2 years
Its called mortgage defaults and home slaes tax.
The American central bank will be raising rates 7 to 9 times over 2 years in order to try to kill off inflation (it won't be enough). 8 hikes x 0.25% per hike = a total raise in rates of 2%. That means mortgage rates will go up 2%. Right now a fixed 5 year mortgage is 2.5% and a variable mortgage is 1.5%. So that means that mortgages will go up to 4.5%(fixed) to 3.5%(variable), or a DOUBLING of rates. This means house prices will drop by 50%. This will occur over 3 to 4 years.
With house prices being around $750,000 , that means the average home owner will lose $375,000 over 4 years. If you are planning on holding your house for 10 years, that is the same as losing $38,000 per year. You can RENT a really nice house for $3,000 per month, and not have to pay all of those expensive property taxes on a typical house.
Downward pressure ahead yes. Crash unlikely. From 2016 Canadian mortgage debt data, ~40% of homeowners in Canada have no mortgage.
this did not tell me absolutely nothing I did not know...a load of realtor waffle...
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Increase carrying costs for housing. The property taxes for primary residence vs investment property should be different. Investment property should be taxed higher.
And of course increase interest rates and increase supply. Benefits for first time buyers are still capped based on prices before this boom period which makes it difficult for people to enter the market. Canada seems to have the fewest homes per sq km if you compare with rest of the G7 countries.
This man is a salesman, so his opinion is very biased.
Will interest rates make a difference. Earlier it was just Shell companies, Corporations and Realtor Investment trusts buying up real estate , but now even students and people on work permit have been brain washed by our Realtors and are buying multiple properties and renting them out. Reality is that the middle class has been priced out of Canadian Real Estates as now prices are going crazy in small towns too.
Hi I’m inside my house now there’s a thunderstorm and we have COVID-19
its not going to crush, as a renovator last year 2x4 lumber was 3$ each and today is 9 $ so other materials ,how can you drop the price of a home if the construction building materials gone up 3x,the gov. will slow the market and create a some kind of program to own a home for Canadians .
Ummm.....their are no shortage of buyers. A new program to help first time buyers just adds more competition and is a slap in the face to those that have been trying to purchase for sometime.
Clueless... What 30 yr bull market. There's bee plenty of 'corrections along the way... 1995 was a low point, then 2009, 2017. If you're looking for permanently falling prices, not gonna happen. It's been a 150 year bull market.
Who is lending Canada this money? Who is buying their bonds?
Not to worry folks, the Central Bank cocaine will have to stop sometime and then we can enjoy the depression that follows. Our governing bodies prefer boom and bust to sustainability so just relax and enjoy the ride.
It's the big corporations getting in to real estate is what drove the prices of the roof they do the same thing to the stock market they buy everything to drive the prices up then they start selling it but with real estate they are doing it differently they just rent it to you for twice the money it would of cost you if you bought the same house 2 years go to pay the mortgage on it...I think there long term goal is to drive everyone out of home ownership in to renting one of there appartment boxes. First they make it impossible to buy home then they will make it impossible to keep the house you already have, we are heading for cliff folks...
50 k house is woth 400 k next will 400 k housefor 4 millio n and then the taxes will kick in and all 400 k house are going to be 5 k a year in taxes so good luck you will own nothing and you will like it
Best Investments are AVAX, SOLANA , SAND and MANA . Sold my place
this guy has no clue. DEFLATION IS COMING and HOUSE PRICES WILL crash