These journalists are so out of touch it's hilarious! There is no housing shortage, I assure you. I lived in a brand new building that had a twin rental tower and not even four people moved in there in two years. Canada doesn't need more housing... it need more affordable housing. Not to mention, we are in period 9. Less and less people are going to be interested in buying homes no matter what. People are tired of it. I love how the industry realizes it's not moving and then dials back 300% for the greedy CREA, employees and mortgage lenders.
Using your own anecdotal, personal experience and extrapolating that to a whole country is not how life works. Housing is supply and demand - if your rental tower had competition from nearby rental towers, then they would be forced to lower their prices. It may also be the case that the rental tower was built at a time when interest rates and the cost to build were higher, and the higher prices reflect that reality. This happened with a lot of condos that expected low interest rates and the cost of building to be low, only to realize after COVID there costs have skyrocketed 40% and they presold their condos too low. Again, your provide a very simple answer to a complex problem.
I live in a newly developed area. 8 out of 10 houses are new and empty. Before you jump into they are new and costly then why am I the only Canadian born neighbour here? They are all East Indians. If immigrants can work at Walmart and drive trucks and afford them there where is the line up of Canadian born people with no where to live..literally hundreds if not thousands of empty houses here in Essex county ontario. I agree there is no need for housing there hundreds if not thousands of empty homes here in southern Ontario. Builder and realestate agent greed at its best. Maybe a shortage of immigrants. Maybe we need more immigrants who apparently have more cash than the rest of us…😂😂😂
If you had saved $1000 a year you could have bought a house 20 years ago. You could have saved it in a RSP and received tax refunds on it so it cost you less than 20K to save 20K.
Change the home ownership rules based on status in Canada and how they treat our citizens for home ownership on their homeland. If their country doesn't allow our citizens ownership of home and land in their country, then we do the same.
House rental is so expensive in Canada. Buying a house is not a good idea if you don’t have enough downpayment. You will pay for the rest of life in Canada. The quality of the house isn’t the same as 20-30 years ago as many developers are coming from different countries.
This is not enough, not even close. It is but a drop in a bucket. Canada needs a mass expansion of affordable single family suburban homes, not just luxury sky-rises that are quickly bought out by foreign investors. Zone entire new neighbourhoods and build build build.
Okay but then what? The international corporations will *buy buy buy* the entire neighbourhoods… Only way it’ll work is with a BAN on the corporate cash that’s stealing those houses from Canadians.
Great they can sell more homes to people who can't afford them. Then when the bank changes the interest rate next time they renew their mortgages the bank can take back their houses. What a stupid idea. How about making houses more affordable in the first place. That bubble already burst in the USA!
Zoning smaller, less expensive single-family home lots might be helpful in solving the affordable housing crisis. Since rents and strata fees continually rise, and good standing, long-term tenants can ultimately be evicted, the secondary rental market is not defined as a secure housing option. As is evident, current wages are not going to rise to levels affording existing homes, and existing homes are not going to decrease to levels meeting current wages. This leaves lot price as the most significant cost that can be readily reduced when it comes to affordability, and the only way to make a lot cheaper is to make it smaller. Creating new subdivisions of 30 ft x 60 ft small-lots costing say $125 000 each for example would instantly reduce the cost of a typical mortgage by hundreds of thousands of dollars. Then, using a basic building cost of $300 per square foot, a modest-sized home can be built with the mortgage funds that remain. For example, using a 30% debt ratio standard of affordability, a BC couple earning a combined full-time minimum wage income of $5500 per month could qualify for a $275 000 mortgage with a $1500 monthly payment. Hence, a 500 square-foot home could be built with the remaining $150 000, and so on. This is also an economical approach to the housing crisis as no public funds are needed. The math seems to work or am I missing something?
Nothing about this changes the cost of the house though. Longer mortgage times just means they'll technically be even more expensive because you'd pay more in interest.
Step one, destroy housing with interest rates and taxes and red tape. Step two, blame conservatives. Step three, do n3xt to nothing and claim you fixed it.
To afford a condo in Toronto or Vancouver you need on average a yearly income of $360.000. happy days. Average median income in Canada. 2022 stats can. $42000+-
The figure was from a mortgage specialist. On a 1.4 million dollar condo in Toronto. Correction it was a 1.5 million Vancouver condo. $125000 down payment. But to meet the criteria you had too pass at a two percent higher rate. Got the flu so i wasn't quite paying attention. His name is Ron Butler.
@@elai3147 my household income is $275k which means we pay $100k just in income tax forget about anything else, at $120k a person will clear $80k a year take home and if they have a $4k mortgage which would be low on a house they are barely eating
more debt for longer! wonderful! get the visa people back home... and once the foreign investment leaves... pop goes the bubble, and the housing market will balance itself.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
These journalists are so out of touch it's hilarious! There is no housing shortage, I assure you. I lived in a brand new building that had a twin rental tower and not even four people moved in there in two years. Canada doesn't need more housing... it need more affordable housing. Not to mention, we are in period 9. Less and less people are going to be interested in buying homes no matter what. People are tired of it. I love how the industry realizes it's not moving and then dials back 300% for the greedy CREA, employees and mortgage lenders.
Using your own anecdotal, personal experience and extrapolating that to a whole country is not how life works. Housing is supply and demand - if your rental tower had competition from nearby rental towers, then they would be forced to lower their prices. It may also be the case that the rental tower was built at a time when interest rates and the cost to build were higher, and the higher prices reflect that reality. This happened with a lot of condos that expected low interest rates and the cost of building to be low, only to realize after COVID there costs have skyrocketed 40% and they presold their condos too low. Again, your provide a very simple answer to a complex problem.
I live in a newly developed area. 8 out of 10 houses are new and empty. Before you jump into they are new and costly then why am I the only Canadian born neighbour here? They are all East Indians. If immigrants can work at Walmart and drive trucks and afford them there where is the line up of Canadian born people with no where to live..literally hundreds if not thousands of empty houses here in Essex county ontario. I agree there is no need for housing there hundreds if not thousands of empty homes here in southern Ontario. Builder and realestate agent greed at its best. Maybe a shortage of immigrants. Maybe we need more immigrants who apparently have more cash than the rest of us…😂😂😂
@@EmporiumByTheShoreI guess people don’t want to move to Essex county. You know what they say, location location location.
Many Canadian citizens waiting for $250 groceries rebate so they can afford down payment $1 million dollars affordable housing
I've been paying rent for 45 years. never missed paying rent. But I can't get a mortgage.
You gotta figure out how to lie on your application
Have you tried gaining skills?
You could have bought a nice place 45 years ago. Hope you enjoyed your disposable income from not buying because now ur screwed 😂😂
If you had saved $1000 a year you could have bought a house 20 years ago. You could have saved it in a RSP and received tax refunds on it so it cost you less than 20K to save 20K.
Guys get the pop corn ready, lets see the greatest housing bubble burst in history of Canada.
You still have to be a doctor lawyer or make 250 thousand per year.
Bruh this government & journalists are really out of touch here. Wow…
THE BUDGET WILL BALANCE ITSELF!!!
If we are prepared to grow the economy, the budget will balance itself
Canada Governments = STUPID
Change the home ownership rules based on status in Canada and how they treat our citizens for home ownership on their homeland. If their country doesn't allow our citizens ownership of home and land in their country, then we do the same.
my family all left for mexico. been retired 14 years, and they own multiple properties over there.
I think he is referring to China 🇨🇳
AT LEAST WE DONT HAVE TO PAY GST ON GROCERIES FOR 1 MONTH
🤦♂️ useless
Will save for house down payment 😆
And if this is just the beginning of rolling back Mulroney’s folly, the GST, will you still pretend it’s not important?
Pmsl. I am saving every receipt. Going to post to media at the end of the 2 months just how much I save. Going to be one funny post!
@@mountriver1971lol bet ya don’t save enough for a welcome matt
House rental is so expensive in Canada. Buying a house is not a good idea if you don’t have enough downpayment. You will pay for the rest of life in Canada. The quality of the house isn’t the same as 20-30 years ago as many developers are coming from different countries.
What a great job the Liberals are doing, I'm going to go out and buy 6 with the deal I'm getting
Short the housing market
This is not enough, not even close. It is but a drop in a bucket. Canada needs a mass expansion of affordable single family suburban homes, not just luxury sky-rises that are quickly bought out by foreign investors. Zone entire new neighbourhoods and build build build.
Not going to happen. The cost is too high
zoning only single family suburban homes are the reason why we have a housing shortage
Okay but then what? The international corporations will *buy buy buy* the entire neighbourhoods…
Only way it’ll work is with a BAN on the corporate cash that’s stealing those houses from Canadians.
Big deal! This isn’t gonna help very many people
THEY ALL NEED TO GO BACK NOW!!
Let’s send you back first bro and don’t tell me your Canadian because you’re not
@@JatinderSingh-uv2zwTake it easy pa jeet, Singh Hortons is searching for new workers!🤣👍🏻
@@JatinderSingh-uv2zw I agree 100%
Buckle up for another bubble 🙂
I don’t think so specially when people don’t have jobs
@@JatinderSingh-uv2zw most Canadians have jobs, what do you even mean?
That's it housing crises solved ..what's next ?
BIG SHORT 2
UNACCEEEEEEEEEEPTABLE
30 year mortgages lol
Good luck ever paying that off 🙄
Great they can sell more homes to people who can't afford them. Then when the bank changes the interest rate next time they renew their mortgages the bank can take back their houses. What a stupid idea. How about making houses more affordable in the first place. That bubble already burst in the USA!
Zoning smaller, less expensive single-family home lots might be helpful in solving the affordable housing crisis.
Since rents and strata fees continually rise, and good standing, long-term tenants can ultimately be evicted, the secondary rental market is not defined as a secure housing option.
As is evident, current wages are not going to rise to levels affording existing homes, and existing homes are not going to decrease to levels meeting current wages.
This leaves lot price as the most significant cost that can be readily reduced when it comes to affordability, and the only way to make a lot cheaper is to make it smaller.
Creating new subdivisions of 30 ft x 60 ft small-lots costing say $125 000 each for example would instantly reduce the cost of a typical mortgage by hundreds of thousands of dollars.
Then, using a basic building cost of $300 per square foot, a modest-sized home can be built with the mortgage funds that remain.
For example, using a 30% debt ratio standard of affordability, a BC couple earning a combined full-time minimum wage income of $5500 per month could qualify for a $275 000 mortgage with a $1500 monthly payment. Hence, a 500 square-foot home could be built with the remaining $150 000, and so on.
This is also an economical approach to the housing crisis as no public funds are needed.
The math seems to work or am I missing something?
We are not able to buy a house as a first time home buyer
These don't seem like news channels; to me, they look more like ads for overpriced houses.
Everytime the Bank of Canada lowers interest rates each month. They raise housing costs and new home prices in Edmonton, Alberta.
Nothing about this changes the cost of the house though. Longer mortgage times just means they'll technically be even more expensive because you'd pay more in interest.
Let’s inflate this further. So first time buyers will take on bigger debt and stay in debt for longer.
What an achievement even US cant achieve this level.
Step one, destroy housing with interest rates and taxes and red tape.
Step two, blame conservatives.
Step three, do n3xt to nothing and claim you fixed it.
Now people who can’t afford a home will be able to get one. They still won’t be able to afford it though. This should be interesting.
To afford a condo in Toronto or Vancouver you need on average a yearly income of $360.000. happy days. Average median income in Canada. 2022 stats can. $42000+-
where did that 360k figure come from? 120k is more like it
$360k or 120$k is that Chinese currency or canada???
@@elai3147 120k in the Yukon, not for the rest of Canada. Maybe that number in the 20th century, Welcome to the 21st century.
The figure was from a mortgage specialist. On a 1.4 million dollar condo in Toronto. Correction it was a 1.5 million Vancouver condo. $125000 down payment. But to meet the criteria you had too pass at a two percent higher rate. Got the flu so i wasn't quite paying attention. His name is Ron Butler.
@@elai3147 my household income is $275k which means we pay $100k just in income tax forget about anything else, at $120k a person will clear $80k a year take home and if they have a $4k mortgage which would be low on a house they are barely eating
Don't let this beautiful real estate bubble pop !
Congrats Canada. These loans are predatory. 👏
Great
Can't wait to become the 51st state with some 2a support to end the drug crisis
Ah no.
soufflé
more debt for longer! wonderful! get the visa people back home... and once the foreign investment leaves... pop goes the bubble, and the housing market will balance itself.