Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I started out with Aaron Morgan Bell,great advisor. I got very lucky to have found him especially after my marriage crisis & consider him a good friend now.
It's heartening to hear about professionals like Aaron Morgan Bell who can offer expert guidance when it's needed most. I've been contemplating the importance of finding a trusted advisor myself.
Don't lower interest rates, raise them instead and not allow speculators more cheap loans to inflate home prices even more. Low interest rates got us into this mess so why in hell would we want to make it worse?
@@paulsilva4934 I have owned real estate most of my life. Not everyone that is against selfish investors are the so-called lifetime renters. There are still some people left that are not simply thinking about themselves. The ME-ME crowd is small compared to the majority.
Nevermind decrease! O’Vince. We need 10% prime rates to get this inflation to go negative. Who gives a shit about the housing market. It’ll follow the deflation trend. A 30-40 correction is needed on prices not 1% mortgage rates! For the Salam’s that borrowed to bury themselves too bad. Nobody complained about house prices into the millions when rates were at .25% prime. Housing is in a massive bubble. We need a 1988 event to bring kid Icarus down from flying too close to the sun! ☀️😂
This is going to get much uglier than what is described here. Buyers that took out mortgages they can't afford are screwed , period ! End of story !!! Bike lanes are a waste of tax dollars and only show govt.'s misguided priorities ! This is Chow's Toronto !!!
The real estate market is facing a lot of headwinds at this moment. #1:Too many renewals coming up with looming payment shock. Ton of borrowers will likely get pushed to insolvency due to inability to continue supporting their mortgage payment. This will in turn mess up their credit worthiness meaning they will not be able to take on more debt. #2: Investors are tapping out, buying RE for investment makes little sense due to negative cap rate/NOI. #3: New buyers' purchasing power has been demolished to shred. The buyers pull that qualify for new mortgage has been declining due to credit tightening. Easy borrowing is a thing of the past, Banks no longer give easy mortgage unless buyers can come up with sizable down payment and ton of proof with solid income and most buyers can't qualify. #4: Home valuation is way too high.
In the neighborhoods we're looking at in North York. We're seeing the sellers of detached houses A month ago they were listing at 999000 Virtually none have sold and they've all relisted at 1.1 1.2 1.3 so I promise I'm willing to wait longer than they are No guarantee that the prices will come down but the combination of having almost the highest prices in history combined with the current interest rates I'm certainly willing to wait In the meantime we're continuing to evaluate what we consider to be a preferred property.
The highest prices in North York was back in late spring/ early summer 2017 and Feb. 2022. OVERBIDDING was the real reason for the insane prices. I live in North York and unfortunately have to remain here. I'm still trying to sell my retirement dream vacant treed lots. I've noticed alot more rush hour traffic in that area.
I don't recall, there is a term for it. Basically two people with identical homes next to each other, each will be biased to think his/her property is better and therefore worth more. Neighbor one sells his home for 1.3 m when it may have been 900 pre-pandemic. Neighbor two, now has an 'anchor' price in his/her head and will find it very difficult to 'let go' at 1.1 m or less and may stubbornly hang on....like a gambler chasing the loss. Real Estate has for far to long been a speculative venture, we have gotten to the point where it represents almost 10% of GDP and all it does is house people and change hands amongst speculators. Wage growth has been stagnate so Canadians are spending more of their after tax earnings to pay for the 'privilege' of home ownership, falsely believing it will be worth more tomorrow than today. Like other assets, this is not a guarantee and when the music stops and you don't have a seat it won't be pretty. In a normal market, foreclosures are expected however, when there may be no buyers, even in power sales (not considering corporations with deep pockets buying them up), prices could be depressed significantly. How will people react when Sheriff's may be attending multiple evictions on a given street?...I think it would have been easier for Trudeau to try and take people's firearms than banks take their homes.
Talking about Bike lanes..City is building Bike lanes on Sheppard East from Yonge to Bayview too, reducing 1 line for drivers.. We have the stupidest and wokest City councilors..
Bike lanes are the biggest joke of Toronto! Everywhere you go! Destroyed traffic flow causing more carbon emissions! Long times to commute who’s running this city?? Needs to be fired yesterday!
People got too comfortable with debt. I saw people paying 800k for 1.5 storey shitboxes. What kind of idiot would bury themselves that deep for a God damn 1.5 storey!?
In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX. PS: Keep up the good work! Good content as always💪
Reminds me of the wave of resets happening in 2007-2008 in the States. I don't think it'll get quite that bad, but I think it'll get ugly for sure. Buckle up Canada.
I agree, it won’t get “that bad”, it will get MUCH worse. This economy is in collapse and the propaganda media has been hiding the truth. This collapse will be epic, it will be far greater than the Great Depression. There is also a currency collapse in the mix, the world has dismissed the USA dollar inflation will go parabolic.
My variable rate with fixed payment went form 1.42 to 6.47 in one year. I went from $300 bi weekly to $600 bi weekly just cover interest and my amortization went from 29 yrs to 59yrs without asking for it. I knew I was in a pickle and had to do something radical. I emptied my savings and sunk in 100k toward principle as I am allowed 20% annually. Now my mortgage is manageable and on track to be done in 10 yrs. Key is not to have a mortgage too big
Thanks, great info. In Metro Vancouver houses are barely selling, prices haven't changed. I think realtors need to explain these factors to their sellers.
Before renewal, just put a lump sum payment towards the mortgage to offset the increased rate. This will keep your monthly payment the same as before the increase or lower.
Exactly what advise Stupid. If the person had a lump sum they wouldnt be worried This is the type of advise people give lost totally lost. And i am a person that has been in realestate and have many rental properties. But this is the comments people give lost really lost
Thanks Vince! Love your channel and no nonsense approach. It is getting ridiculous and I am wondering when the people will just upend the system as history has shown. I read an article the other day about a woman who didn't feel safe wearing designer clothing downtown! Eyes in the back of your head, people.
Love your content allot of negative news. can you provide solutions for people on the sidelines waiting to buy... and what should people renewing their mortgage what should they be doing?
Neighbours bought 10 yrs ago, fixed kitchen, bought 320k, asking 1,400,000. Bylaw complaint on neighbour( me). Same moment, not recomended, Asimetrical war declared and karma dealt out .Agent lost interest,too bad neihhbours not aware. Like a real proxie war in Canada
the only solution to this is for prices of these insanely highly priced prison cells fall....what is the cure for 'high prices'.......those high prices
I live near Chesswood and those bike lanes are more for future use. Just wait til the developers start building those condo buildings all over Downsview Park area and across Balmoral. The traffic is currently bad...wait about another 10 - 20 yrs. The total stupidty is BUILD THEM AND THEY WILL COME. Not overseeing all the social problems is what we're facing today? Those with the trillions of dollars don't give a f... and later the SHEEPOLE COMPLAIN!!
City of Toronto gets everything wrong, bike janes are not used because of bad drivers and most people don't ride bikes anymore. Some people still ride their bikes on the sidewalks instead of the lanes. What's up with the Streetcars? They're stupid why not use Electornic Busses instead ? They a lot cheaper.
Don't you yhink it's stupid as hell, to spend. what a million per mile for bike lanes when you have people living tents. What worse how many actually use the bike lanes. Thank you super wokes.
Dis you just say "Good for him" when you mentioned that JT was going to run again... What!!!?? did I perceive your meaning wrong ? we need to get rid of him asap
So much bull. There are some good rates around 4.5% and 1% more or less makes little difference even if you stay with the same amortization. But those who renew at (say) 5 years, can always increase their amortization back to what it was originally. So stop worrying so much about others. Now, how is YOUR budget? Can't be all that great with a few thousand views per video.
The best financial UA-cam channel for everyday people. Your advice has been a game changer for me and my family. Thank you!
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I'm getting worried about the rising housing prices. It seems like it's becoming harder to afford a home these days.
How do i find a good finance advisor? How do you know if they are trustworthy and competent.
I started out with Aaron Morgan Bell,great advisor. I got very lucky to have found him especially after my marriage crisis & consider him a good friend now.
It's heartening to hear about professionals like Aaron Morgan Bell who can offer expert guidance when it's needed most. I've been contemplating the importance of finding a trusted advisor myself.
It looks like they are getting ready to tax your principal residence. Northern Perspective lays it out quite well.
Never going to happen
It is political suicide
Will never happen
They have been talkimg about this for years.
Nevermind what others say
Trudeau is set to destroy Canada.
Make them all pay for their foolish mistakes! 😮
You're pleasant. Lol
buckle up people. adjusted canadian house prices are going back to early 2000 levels.
Yeah, if that happens say good bye to Canada... We will really become a 3rd world then.
@@JasenMacTurdsen yeup. gonna be scary/sad.
2018 pricing is most likely but if it gets really bad it will be 2015 pricing
@@HardKnocks-pi7pc why 2015?
I sure hope so
Too bad so sad. You shouldn’t have dug that deep of a debt hole. Just to look like you have money.😅
Or to have a roof over your head (?). Inb4 "plenty of cheap places i Canada" most jobs are in city not everyone has a wfh job
Don't lower interest rates, raise them instead and not allow speculators more cheap loans to inflate home prices even more. Low interest rates got us into this mess so why in hell would we want to make it worse?
Cant wait til rents rise even higher
You're saying this because you don't have a mortgage.
@@paulsilva4934 I don't anymore. I sold my home less than a year ago. I might buy another after the crash.
@@paulsilva4934 I have owned real estate most of my life. Not everyone that is against selfish investors are the so-called lifetime renters. There are still some people left that are not simply thinking about themselves. The ME-ME crowd is small compared to the majority.
Nevermind decrease! O’Vince. We need 10% prime rates to get this inflation to go negative. Who gives a shit about the housing market. It’ll follow the deflation trend. A 30-40 correction is needed on prices not 1% mortgage rates! For the Salam’s that borrowed to bury themselves too bad. Nobody complained about house prices into the millions when rates were at .25% prime. Housing is in a massive bubble. We need a 1988 event to bring kid Icarus down from flying too close to the sun! ☀️😂
Banks will extend and pretend… crash, probably not… fed imposing will and banks laughing
This is going to get much uglier than what is described here. Buyers that took out mortgages they can't afford are screwed , period ! End of story !!!
Bike lanes are a waste of tax dollars and only show govt.'s misguided priorities !
This is Chow's Toronto !!!
The real estate market is facing a lot of headwinds at this moment. #1:Too many renewals coming up with looming payment shock. Ton of borrowers will likely get pushed to insolvency due to inability to continue supporting their mortgage payment. This will in turn mess up their credit worthiness meaning they will not be able to take on more debt. #2: Investors are tapping out, buying RE for investment makes little sense due to negative cap rate/NOI. #3: New buyers' purchasing power has been demolished to shred. The buyers pull that qualify for new mortgage has been declining due to credit tightening. Easy borrowing is a thing of the past, Banks no longer give easy mortgage unless buyers can come up with sizable down payment and ton of proof with solid income and most buyers can't qualify. #4: Home valuation is way too high.
If you were maxed out on a fixed rate, a 30% increase in payments will be a killer !!!!
You thought Truedau would step down ??😂 He is driven by his EGO
Trudough needs to be voted out along with his ego
Just remember our eardrums when you cut to some gnarly cockrock music. Make the point, don't blow our eardrums
In the neighborhoods we're looking at in North York. We're seeing the sellers of detached houses
A month ago they were listing at 999000
Virtually none have sold and they've all relisted at 1.1 1.2 1.3 so I promise I'm willing to wait longer than they are
No guarantee that the prices will come down but the combination of having almost the highest prices in history combined with the current interest rates I'm certainly willing to wait
In the meantime we're continuing to evaluate what we consider to be a preferred property.
The highest prices in North York was back in late spring/ early summer 2017 and Feb. 2022. OVERBIDDING was the real reason for the insane prices. I live in North York and unfortunately have to remain here. I'm still trying to sell my retirement dream vacant treed lots. I've noticed alot more rush hour traffic in that area.
I don't recall, there is a term for it. Basically two people with identical homes next to each other, each will be biased to think his/her property is better and therefore worth more. Neighbor one sells his home for 1.3 m when it may have been 900 pre-pandemic. Neighbor two, now has an 'anchor' price in his/her head and will find it very difficult to 'let go' at 1.1 m or less and may stubbornly hang on....like a gambler chasing the loss. Real Estate has for far to long been a speculative venture, we have gotten to the point where it represents almost 10% of GDP and all it does is house people and change hands amongst speculators. Wage growth has been stagnate so Canadians are spending more of their after tax earnings to pay for the 'privilege' of home ownership, falsely believing it will be worth more tomorrow than today. Like other assets, this is not a guarantee and when the music stops and you don't have a seat it won't be pretty. In a normal market, foreclosures are expected however, when there may be no buyers, even in power sales (not considering corporations with deep pockets buying them up), prices could be depressed significantly. How will people react when Sheriff's may be attending multiple evictions on a given street?...I think it would have been easier for Trudeau to try and take people's firearms than banks take their homes.
1.6 Trillion = 1 600 Billion. You've missed a zero.
Nope, a trillion is 1,000 billions.
@@wiseoldowlshow
1,6 trillions $= 1 600 000 000 000 $= 1 600 Billions $
0,16 trillions $ = 160 000 000 000 = 160 Billions.
Unemployment needs to go up period....
If only we could have somehow seen this coming a mile away. lol
I’m looking forward to getting into the market in 2/3 years.
The muppet boiler room condo flipping market is dead 😂
😂
I've been waiting 20 years for this moment. Ahhhhh
Flipping has destroyed existing homes. Buyer beware !!!!
@@huskavarnapunkbandwhy? How are you benefiting?
Vince, can you please do a video on Reverse Mortgages for those 55+
Just sell it and move somewhere nice
Very sad that Reverse Mortgages are even allowed in Canada.
He already did. I would avoid them at all costs.
Talking about Bike lanes..City is building Bike lanes on Sheppard East from Yonge to Bayview too, reducing 1 line for drivers.. We have the stupidest and wokest City councilors..
There's major criminals in the government not too bright
Bike lanes are the biggest joke of Toronto! Everywhere you go! Destroyed traffic flow causing more carbon emissions! Long times to commute who’s running this city?? Needs to be fired yesterday!
Our only hope is change of leadership
Rate cuts to drive affordability are not coming. Any rate cuts will cause home prices to rise and more inflation in general.
People got too comfortable with debt. I saw people paying 800k for 1.5 storey shitboxes. What kind of idiot would bury themselves that deep for a God damn 1.5 storey!?
In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.
PS: Keep up the good work! Good content as always💪
Politicians pocketing money
All this unnecessary spending comes from the top down, need a BIG government change, federally and provincially. ASAP!!
Reminds me of the wave of resets happening in 2007-2008 in the States. I don't think it'll get quite that bad, but I think it'll get ugly for sure. Buckle up Canada.
I agree, it won’t get “that bad”, it will get MUCH worse. This economy is in collapse and the propaganda media has been hiding the truth. This collapse will be epic, it will be far greater than the Great Depression. There is also a currency collapse in the mix, the world has dismissed the USA dollar inflation will go parabolic.
Theyll be at 25 years not 20. People mostly amortization over 30 yrs if they had put 20 % down
My variable rate with fixed payment went form 1.42 to 6.47 in one year. I went from $300 bi weekly to $600 bi weekly just cover interest and my amortization went from 29 yrs to 59yrs without asking for it.
I knew I was in a pickle and had to do something radical. I emptied my savings and sunk in 100k toward principle as I am allowed 20% annually. Now my mortgage is manageable and on track to be done in 10 yrs. Key is not to have a mortgage too big
LOL at the Freebird clip! 😅😅
Thanks, great info. In Metro Vancouver houses are barely selling, prices haven't changed. I think realtors need to explain these factors to their sellers.
You can budget all you want Vinny, the Agenda is 'you'll own nothing and be happy'. Get it?!
Or nah
LRT not yet open? This is just shocking incompetence.
Thanks for you input! Next time let’s say « …Gong show! »
Ok next time
Like I said , lock up the government all of them
Too good of a treatment
Before renewal, just put a lump sum payment towards the mortgage to offset the increased rate. This will keep your monthly payment the same as before the increase or lower.
Laugh out loud, if you have money that could work for you. Most of us don't.
Exactly what advise
Stupid.
If the person had a lump sum they wouldnt be worried
This is the type of advise people give lost totally lost.
And i am a person that has been in realestate and have many rental properties.
But this is the comments people give lost really lost
When you leave your parents basement and drop the Xbox controller to look around you'll understand...
Ohh yeah that makes sense, how come other ppl couldn't come up with this? Like everybody have couple hundred grand kicking out there...😂
If the bank of Canada is paying any attention they should drop rates .50 in July. Unless this collapse is by design…
The collapse is by design..
It’s by design. Only true way to get inflation down and teach over spenders a lesson.
Nope.leave rates as is.....if any, increase them by 4%..
Thanks Vince! Love your channel and no nonsense approach. It is getting ridiculous and I am wondering when the people will just upend the system as history has shown. I read an article the other day about a woman who didn't feel safe wearing designer clothing downtown! Eyes in the back of your head, people.
Crazy some deals can close because sellers have to much debt and are stuck now
genius idea to just close the credit card, never thought of thar
Share this idea with your friend...look like someone who knows what they are doing! ;)
Love your content allot of negative news. can you provide solutions for people on the sidelines waiting to buy... and what should people renewing their mortgage what should they be doing?
Be patient before you buy and understand that there will be more blood in the streets before its time to buy.
@@wiseoldowlshow ok Warren Buffet🤣🤣🤣🤣
Hot property show on CP 24 think home prices will never drop . Monster mortgage says that too .
Well, prices have dropped and could drop some more. Just trying to be real and honest!
Neighbours bought 10 yrs ago, fixed kitchen, bought 320k, asking 1,400,000.
Bylaw complaint on neighbour( me). Same moment, not recomended,
Asimetrical war declared and karma dealt out .Agent lost interest,too bad neihhbours not aware.
Like a real proxie war in Canada
In Brampton a detached house sold for 2.3 million in 2022 sold in January 2024 for 1.7 million a 600K loss
Hang on for the ride.It's gonna get bad.Government has destroyed canada forever
the only solution to this is for prices of these insanely highly priced prison cells fall....what is the cure for 'high prices'.......those high prices
Bro, upgrade your microphone.
lower interest rates doesn't affordability
I live near Chesswood and those bike lanes are more for future use. Just wait til the developers start building those condo buildings all over Downsview Park area and across Balmoral. The traffic is currently bad...wait about another 10 - 20 yrs. The total stupidty is
BUILD THEM AND THEY WILL COME. Not overseeing all the social problems is what we're facing today? Those with the trillions of dollars don't give a f... and later the SHEEPOLE COMPLAIN!!
Sounds like you’re talking through a radio
This shit won't get better until the end of this decade.
Canada has been destroyed forever
City of Toronto gets everything wrong, bike janes are not used because of bad drivers and most people don't ride bikes anymore. Some people still ride their bikes on the sidewalks instead of the lanes. What's up with the Streetcars? They're stupid why not use Electornic Busses instead ? They a lot cheaper.
Don't you yhink it's stupid as hell, to spend. what a million per mile for bike lanes when you have people living tents. What worse how many actually use the bike lanes. Thank you super wokes.
Dis you just say "Good for him" when you mentioned that JT was going to run again... What!!!?? did I perceive your meaning wrong ? we need to get rid of him asap
You know the plan, you own nothing and "you'll be happy" "happier than ever" lmfao
I heard Toronot condos are a great investment
The carnage will likely carry on for five years or more.
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker.
I'm not here to converse for her but to testify just for what I'm sure of, she's trustworthy and best option ever seen.
She is active on the
TE LE GRAM
@MrsNicoleFriedmann
So much bull. There are some good rates around 4.5% and 1% more or less makes little difference even if you stay with the same amortization. But those who renew at (say) 5 years, can always increase their amortization back to what it was originally. So stop worrying so much about others. Now, how is YOUR budget? Can't be all that great with a few thousand views per video.
The city’s construction projects need to open to non-unionized companies. This will help to save taxpayers’ money
And projects will get completed
Bin in construction 30 years and all you get is shit work and takes longer. Union is much better for civil work anyway.
@@jasonashby9875 says the guy who is union.
Union projects are filled with high school drama, incompetency, and over priced.
You are not insured to work on my property.
@@donm2067you have know fucking clue keyboard warrior lol how's your electric car running simple Simon lol
Thanks.
ive been sitting on my ass for years and waiting... people told me that im crazy... cant wait for the sell of to begin