6 Things You Must Know About Toronto Real Estate in 2024!

[@vzingerman]

Excellent video! I wish everyone working in this industry had at least half of your wisdom and integrity! Happy New Year and thank you so much!

[@realestategame]

There are actually a lot of good people in this industry many people just don't know them. They really do care about their clients and look after their best interests. Wisdom comes from decades of experience and making a lot of mistakes along the way so, I'm still on this journey. The key to integrity is truly caring about the client interest more than yours. I've also learned this through hard mistakes in the past. My integrity gets challenged every day of my life through the decisions I make. I wish you all the best in the New Year and appreciate you spending your time to watch the video and leave a comment.

[@DMP-1]

Tim, totally agree with you. Thank you!

[@realestategame]

Thank you for your comment and watching the video. I wish you all the best in 2024 for you and your family.

[@KyungHeeChung-o9k]

Agree1

[@katerina3623]

Great video Tim!

[@realestategame]

Thank you! I appreciate the comment and you watching.

[@1kirath]

Very well said…👍👍

[@realestategame]

Than you really appreciate you leaving the comment and watching the video.

[@Carolinapetroska]

Hi Tim. Welcome back.

[@realestategame]

Hi!

[@Lothkru]

"Foreign buyer ban" ... If you actually realize that there are plenty of foreigner investors buying real state in Canada through international students once becoming PRs, then you realize the problem does happen through foreigners, just not from them buying directly ...

[@realestategame]

Although I’m aware of this happening I personally have never done a transaction like this. I’m sure it’s more prevalent in some communities but I’ve never had to deal with this before so I’m sure it’s a small percentage. Most investors are all PR or citizens.

[@Carolinapetroska]

Good job !

[@realestategame]

Thanks for watching! Appreciate the comments.

[@oremember]

Nailed it!

[@realestategame]

Thank you for your kind comment!

[@Carolinapetroska]

You are reflecting the way foreign buyers feel very well. I doubt that with all this 'anti-foreigner feeling', they will ever come back and invest their money in Canada. They are going wheithey are treated the best and that's definitely not in Canada!!!

[@realestategame]

Canada is a country built by foreigners and if you actually look at the numbers they play a really insignificant role in the housing problem we have in Canada. In reality, this housing problem was caused internally and foreigners are just a scapegoat.

[@jayblair4344]

love alone prevails

[@realestategame]

Yes it truly does. That's the conclusion I've come up with during my short existence on this earth. I appreciate you watching till the end. Thanks for your comment.

[@varlan]

Almost all other countries have laws to protect their citizens from the issues facing the Canadian market. You think 25% foreign buyers tax is high? Singapore has a 60% foreign buyers tax. Some countries won’t even allow foreigners to buy property or restrict them to a particular type.

[@realestategame]

Yes this is 100% true. However, this is Canada, a land that prides itself on diversity. It's just ironic that they are banning the very people that they are encouraging to come here. Foreigners are the political scapegoat to our housing crisis. While the root causes is actually embedded in government bureaucracy, public ignorance and greed. If only the public knew the truth we wouldn't be having this issue. However, they are going to learn the hard way with the current interest rates as there will be a lot of collateral damage. Now they can't even blame the foreigners as they've scared them all away. Who will they blame next?

[@adamnarbeaux5898]

Yeah I also have 3 closings this year and unfortunately will be -1500 on each in negative cash flow…😢

[@realestategame]

That's terrible... with that much loss it's going to be negative equity as well given the rate. The downtown rental market is soft right now due to the season and an over supply. Hopefully it recovers during spring and summer to reduce your loss.

[@DMP-1]

👍👏👏👏

[@realestategame]

🙇

[@adamnarbeaux5898]

I’m with ya, buddy. The name of this video should be “I’M PISSED!!” =More views?

[@realestategame]

Lol, that's a good suggestion. I think I'll be pissed for a while so I think I can try that out in a future video. I appreciate you watching the full video and spending your time to leave a comment.

[@Carolinapetroska]

Maybe you could add a 7th thing we need to know about real estate in Toronto and Ontario in general, in your next video .That is, Canadians should expect a demand for real estate to plummet even more especially towards the last quarter of 2024, due to the cap on international students in the province of Ontario. Those people will stop spending their money in Canada since they won't be granted a work permit after their studies, except at a Master level or higher which means there won't be any reason at all for them to come to Canada to study. Given the fact that, outside Canada, Canadian degrees are pretty much useless and not recognized! That will definitely affect the demand for housing and prices will decline further. Some Canadians will be delighted to receive fewer residents, some less, like colleges and universities who rely on those international students to pay teachers' salaries and make it affordable for Canadian students to study.

[@realestategame]

Thanks for the suggestion but you know how I feel about predicting the future of the real estate market. You can't know what will happen by the end of this year because so it's too far away. If the bank of Canada drops their rates demand could pick up. So it's impossible to say for sure...

[@Carolinapetroska]

And now, it gets better, one more tax on those poor 'foreign buyers' if they still dare to buy in Toronto, they will be hit with an additional 10% municipal tax in 2025, on the top of the existing 25% plus some other fine print, which would amount to approximately 38%.. So based on an entry level price of around , $600 000 more or less for a one bedroom that would be about $228 000 thrown in the garbage in discrimination taxes. Who, in the right mind, will waste all that money ? Wow....They don't even dare to say who came up with that idea, probably Chow and her colleagues. They just said 'the Staff's so they can hide behind this generic name. Anyway, I still don't get why this relentless attack on potential foreign buyers. If they were really serious about bringing more money, why don't they start taxing Canadians who own, let's say more than 7 properties with a progressive tax rate. There are many of them. That would bring more money to the broken/mismanaged city.

[@SS-kg8qw]

I think most of the new rules are healthy for the Canadians who live and work in Canada.

[@realestategame]

It may seem healthy for Canadians for now but you give the governments an inch and they’ll take a mile. They’re just creating regulations after regulation without actually fixing the root problem. Before you know it we’re paying millions in more taxes to have the government oversee these rules and the costs start outweighing the benefits. Then it actually becomes unhealthy for Canadians. This is completely my opinion but I think the government shouldn’t interfere with the free market. They have some many other huge issues they could focus on like going after criminals who launder money or removing the red tape so development applications get processed faster. Also maybe educate the public on real estate purchasing at an early age so people don't get caught up in FOMO to make the price appreciation go crazy!

[@ikexkim]

We need to get Canada back to #1. First, get rid of Trudeau and get to work with real smart and practical policies.

[@realestategame]

I wholly agree.

[@Carolinapetroska]

I agree but the problem is that Trudeau has already done so much damage with all his discrimination taxes based on a myth, of course, that the liberals have created to get more votes, that now the market is really screwed up and stuck, and it may take years to recover. Many people's lives have also been messed up because of all the bad decisions he has made and now with Chow, things are only going to get much worse. I wonder if those politicians have ever attended a Macroeconomics class ? I doubt it. That's why Trudeau is being totally ignored and at all his G20 meetings because he is so mean and incompetent, even if he hides behind his commercial smile, while he is screwing you. Canada had an attractive and fun real estate market when owners could do whatever they wished with their property, just like in a real democratic country, but now everything is a headache and many don't want to have anything to do with it anymore and maybe it's better that way. By the way, I saw a bunch of Canadians buying real estate in Mexico, Europe and other countries, running Airbnb like crazy funny on how, now they don't care at all, about invading other countries and they could also be accused of 'ruining the local market, making it impossible for locals to get accomodations, just.like they have been blaming foreigners to snap all the properties in Canada!!! But no other countries are nice and welcoming them. Maybe they should apply the same trudo 's rules ? And ban Canadians from their real estate market to see how it feels ? But that would lower their level to that of the liberals. So much hypocrisy in Canada, unbelievable.... Fundamentally the NDP=liberals=same sh--. We need an entire new political party in Canada that is business friendly and not a dictatorship. In the meantime, bad karma is just playing its role.

[@slee6593]

Only beginning of Cloward Pivon....will get worse off course? No comment.

[@realestategame]

Glad you're awake to the reality of what's going on in Canada. Unfortunately, that's exactly where it seems like we're heading.

[@Carolinapetroska]

Did you notice how all those new condos downtown Toronto coming on the market have such a hard time selling ? That is if they are selling at all, even after several price reductions. 'Desperation and anxiety' is the name of the game for sellers now, but CANADIAN BUYERS have plenty of choices. But hey, I don't understand, they were complaining that there wasn't enough supply but now there is plenty of new supply so why aren't they buying ? Lol, they all follow whatever the other is doing, like 🐑🐑🐑🐑🐑.Just watching.....The question is, how can you really be friend with someone that voted for Trudo and approved everything he has done, every law, every discrimination tax and so on....? Smart investors don't want to operate in such an unfavorable business environment that penalizes them.

[@realestategame]

Everyone in Canada has been lied to. Although people have the freedom of choice when you're being brain washed by propaganda you're really a victim. I feel terrible for the people who are going to lose their hard earned savings. Hopefully people wake up to the reality and can see the truth of what's going on around them.

[@jooky87]

This guy looks like he belongs with the Wolf of Wall Street crew

[@realestategame]

Been there, done that. Never again will I go back to that life. That type of lifestyle is emptiness and leads to self destruction.

[@somneonfs]

You should run for office

[@realestategame]

Lol, you really want to see Canada in ruin? I'm definitely not qualified for that position. I still have a long way to go in my own personal journey. Thanks for the kind comment and appreciate that you watched the video.

[@somneonfs]

@@realestategamelol I guess you might be more qualified that our current options 😂