Bank Sales to the MOON, 2024 Canadian Real Estate Market

[@MarcoRivers-ov4tw]

I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations.

[@PeterFredrick-x5u]

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.

[@EllisWilliams-o5u]

Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…

[@SarahHHolland]

when someone is straight forward and good at what she does best. People will always speak for them. For me I can would say give Mrs Jenna Brooklyn of finance education a try and you be happy you did

[@Jeffersonhadr]

Started with 5,000$ and Withdrew profits 89,000$

[@rajaee201h46]

I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️ Can I start with as low as $1,000?

[@richardhudson1243]

A Bank crash has less of an immediate impact on people's standard of living than inflation or currency devaluation. That the market is so negative at the moment shouldn't be shocking. If we are to survive in this economy, we need assistance right away. The ETF and stock markets are still quite volatile, just like the property market. Now all that's left of my $370K portfolio is ruins.

[@ThomasLuke-u3v]

Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.

[@ThomasLuke-u3v]

I'm looking to give stocks another shot after staying on the sidelines since the pandemic. Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you can you advice me on stocks to pick?

[@JacobsErick-u8r]

Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.

[@DerraKormino]

Since the inception of my business, I've maintained contact with a financial advisor. In the current cultural landscape, the difficulty lies in discerning the opportune moments to buy or sell when dealing with trending stocks. This process, while seemingly straightforward, is effectively managed by my advisor, who handles entry and exit orders for my portfolio. Over the span of just a little over a year, my portfolio has seen substantial growth, exceeding $750k.

[@winifred-k9e]

I'm looking to give stocks another shot after staying on the sidelines since the pandemic. Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you can you advice me on stocks to pick?

[@brianponcelet3529]

What I like about your channel is data. Other real estate agents often put too much bias in their episodes. Can’t argue with facts.

[@austinbar266]

I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?

[@jcurdrayeric243]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@joshbarney114]

Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.

[@rogerwheelers4322]

Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.

[@FabioOdelega876]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@rogerwheelers4322]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@djdanb7215]

Just finished a build in East Port Weller (St.Catherines) and i priced to build the house at $420,000. We had 9' ceilings basement and main floor and 8' top floor. Thats with a finished basement as well, shoring one wall for concrete pour, 2 red oak staircases, custom kitchen from Oakville, 3.5 baths, laundry upstairs, engineered wood siding, black windows from Turkstra and metal cedar soffits. That was to build only. Lot was $350,000 with a tear down on it right across the street from the lake. Permits were extra, soil sampling and environmental fees were extra, architect extra. House was 2100 sqft and this was custom. I also have a buddy in Burlington building a 12,000sq ft and he says he's around 350 sw ft. These other numbers are insane. If you want a new home, buy an old house, tear it down but keep one wall up and its considered a renovation.

[@38snipshow]

Why bother retaining one wall? It just makes rebuilding more of a pain. Nearly every municipality allows for homes to be fully demolished and rebuilt. There are full credits for development charges and impact fees.

[@djdanb7215]

@@38snipshow if you leave one wall up its considered a renovation and also, if there any rebates, apprantly you can.apply for them. Lol. Insulation, window are.some rebates you can apply for. Also, if you do multiple of these and you are not a licensed builder, the HCRA (Home Construction Regulatory Authority) cannot come after you for new home construction. You can do as many as you want.

[@38snipshow]

@@djdanb7215 ahh I see. I guess it might be considered a Part 11 renovation, (if that's the preference). The added headache wouldn't be worth the savings for many. To each their own I guess

[@djdanb7215]

@@38snipshow i checked out your channel. I had a 86 iroc z with a 350. :)

[@macleanclassics]

​@@djdanb7215If you're under $100k a year income... insulation, heat pump replacing old appliances, windows and air sealing are free. So renovation can be way cheaper.

[@inthezoneeeechief]

People are still paying 50-100k over asking in my area (keep in mind the houses are already overpriced compared to the 2019 prices). I have also noticed with help from my real estate agent that when a house sells for over asking new similar listings are all priced at that over asking amount or very close, most with different real estate agents. I think my City is extremely corrupt with the real estate tbh, ie: price fixing and collusion. Its just crazy that people think it is a good investment to keep paying these over asking prices when just 6 years ago prices weren't anywhere near that for a similar home. I am trying to buy my first home but I am not going to throw my money away with these crazy people, i really hope things are able to return to fair prices.

[@jonflynn]

Which area?

[@inthezoneeeechief]

@@jonflynn Northern Ontario.

[@chriscartwright1971]

@@inthezoneeeechief yup ssm, just got beat out on estate sale, someone came in 50k over asking, its sault ste marie-not worth that much!! can't compete with crazy FOMO.

[@MentionBiscuit]

There is fixing any agent listing below fantasy will be blac_kballed other agents will refuse to show their listings. There are WhatsApp messages proving this level of collusion man knows about it just refuses to report on it

[@jonathanandrew2909]

@@inthezoneeeechieflol, northern Ontario?! Dude, check out south western Ontario and get back to me.

[@marcw4931]

Nicely laid out Jon. We need more in-depth videos on building and developing. Pulling back the covers to expose the profitability and potential gouging of new homebuyers could make a difference.

[@jonflynn]

You got it!

[@Peter-sz1sn]

Excellent point about taxes. I wonder if Freeland would call it "gentle tax" ...

[@therose5138]

Great broadcast Jon! Thank you for the informative analysis! We never miss you videos! 👍

[@geoffsmith7403]

Greed during the pandemic and we are still suffering. It should have never happened and there is no reason for it to continue except GREED

[@fillmorehillmore8239]

Supply shocks and higher demand created the floor on prices at that time. Remember $1200 LBR futures? That and all the garbage rules contractors had to follow on-site. Gov screwed the pooch by shutting things down and slowing things down. Logistics were also a time sucking nightmare.

[@donnicholson3170]

Good info as always! Until the house price to household income ratio gets back to even 2:1 people are screwed. When I bought my first house in 1984 the ratio was 1.2:1. My wife and I made about $55K/yr total and a 10 year old 1500 sqft house in stoney creek cost $65K. New serviced lots (also stoney creek) were $30-35K. We are so far away from that world now.

[@jasonman444]

That’s wild. You could’ve paid that off so quickly 😪 sad times.

[@donnicholson3170]

@@jasonman444 it took only 3 years to pay off. I put $30K down. It was easy to save for a deposit back then.

[@OffTheBeatenPath_]

Never coming back. Dollar is worthless

[@jasonman444]

@@donnicholson3170 wow that’s amazing. Good for you! Here I am trying to justify a 6:1 ratio. Heck my car was almost a 1:1 ratio after taxes/extended warranty/insurance 😂

[@jasonman444]

@@user-le2hu1ct4t yet I still use the mortgage calculator to double check the insanity on every single listing I look at 🫠

[@bman1990]

Fuck yeah Jon! Keep calling it as you see it!

[@Jjsjourney713]

You are absolutely right Jon. Canada is a big country with a lot of land and the land shouldn’t cost that much. Everybody and anybody should be able able to purchase the property without spending almost all or a huge chunk of the salary in housing costs. Houses/ housing is meant for living and providing us shelter, not speculation !

[@proudcanadian1837]

Yes, you are correct on land being abundant, but the problem is that governments at all levels hold the majority of the landbase with little to no option to buy. In Canada, the governments hold approximately a total of 90% of the land base, and in places like BC, it's a massive 95%. BC is a perfect example of crazy price property, and this includes land down a dirt road with no services and 30 minutes outside of a tier two city or town. Right now, the governments, mainly provincial, need to free up lands for existing communities, new ones, farms and ranches, and families and people that want to live semi and rural. They could easily free up 10s of millions of acres from the 54 ot 56 parallel to 49 and warch what happens. This should be done in all provinces, and for anyone who says the land needs to be protected, it still can and would be! Look at Texas, for example, from ownership and management of the lands. Also, provincial governments can't even properly manage their lands, and this would help people and communities manage and care for lands. Does that make sense?

[@robd5257]

Monarch landlords... have fooled everyone...​@@proudcanadian1837

[@ericwhitlam7517]

There is lots of cheap land and houses in Canada but look where you have to go to to find them 40 below zero in bum fuck nowhere with no work

[@proudcanadian1837]

@ericwhitlam7517 bingo! That's why I'm saying if you free up a more lands around current towns and villages, as well as for families wanting to live rual, then you'd get a lot more land and homes and communities where people want to live and be living. In BC, say from Prince George down. As an example.

[@proudcanadian1837]

@robd5257 As long as you pay taxes, you own nothing! I have some ideas around this, but it will take a few hundred Canadians at a minimum in either the same area or different areas to challenge the taxes around real estate and ownership.

[@petervanhaeften]

Just beginning

[@SquarishLink]

Nicely laid out, looks like prices can dip by a good 20% still and developers will still turn a profit. It is insane we pay HST on homes as its a necessity. It is also insane how high land costs are.

[@ikocadcam1004]

Best way to save on land is to start a brand new "one million people city" on 1000sqkm in remote area. When we finish it will not be remote beacuse it is a big city. All communications including underground should be built before any house is built. Capital city of Brazil was built that way ...

[@CanadianRealEstateChannel]

Interesting to hear your perspective on more affordable building options!

[@mikehogan1827]

I really like this analysis, Jon. Well done. I’d like you to go a step further, and show the profit margin inherent in new builds being offered by developers. Am I wrong, or have they been making a FORTUNE on these homes? It strikes me (i) that competition is not alive and well, if developers can charge these kinds of prices, and (ii) there’s a lot of room for house prices to drop, even allowing for decent profits for developers. Can you please illuminate these issues further?

[@SigFigNewton]

Competition is very much not alive and well

[@antb533]

One of my favorite of your videos. There needs to be more nuanced discussion of this topic. I would have added some financing costs item as money isn't free during the building period (say 10 to 18 months). Speeding up this time would also reduce costs. Maybe another video on this topic?

[@garydarrah2686]

Great analysis. Thanks.

[@jonflynn]

Thanks for the comment

[@rge9857]

I'm just finishing up a house build in the Gananoque area. It is a small (1,250 sq ft) bungalow in cottage country. I paid $250K for the land with a lake view. It costs me $300K to build the house, so $240 per sq ft. I did 90% of the work myself and tried whenever possible to keep costs down. Building a house is expensive. It's easy to sit back and run the nmbers in a video but much different when yoi're actuallly building.

[@jonflynn]

Thanks for the info

[@stevenvanderheide6472]

Is the 240 per sq ft factor in your labour rate? Labour is 50% of any build. There is no way you built 90% of a home and it still cost 240 per square foot.

[@jadeluu518]

Wowww..awesome & incredible video ..very helpful ..great job!!:)))💕💕🙃🙃😎😎🎈🎈💕💕

[@jonflynn]

Thanks

[@tatianastarcic]

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?

[@BellamyGriffin19]

"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

[@PaulKatrina.]

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.

[@ScottKindle-bk3hx]

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@PaulKatrina.]

My CFA ’Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@ChristianKelv]

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.

[@leemainella7373]

Flynn, I like your indicators. Please keep them up to date. Employment rate came back down so you should reflect that. I agree longer term, perhaps even next report it goes back up, but them we can adjust the toggle back up again. Love your videos, long time watcher. Peace

[@jonflynn]

If it drops below 6.5% I will change the next level up will be 7%

[@leemainella7373]

Aw shit, I was thinking the US, my bad, thanks for responding. Just looking out for ya!

[@elim7228]

​@@leemainella7373LoL

[@augustodasilva268]

Very informative. Much enjoyed and appreciated Jon. Thanks

[@Humam105]

I wouldn't call renters "Not hardworking". A vacant land tax would go a long way.

[@robd5257]

Logic

[@lawrencehalpin6611]

Thank you Mr. Flynn for that excellent report. A good deep recession will fix a few of the high costs. It did in the eighty's .

[@OnedayclosertoFI]

Slowest correction in history….. I hope these years of waiting will be worth it.

[@rosatipicks]

You answered your own question.

[@jonathanandrew2909]

There won’t be a nominal decrease in prices. Only a real decrease, perhaps.

[@sovereignty14]

There will be no substantial correction if worldwide mass-immigration (& foreign-money laundering) does not end… and Pierre Poilievre will not stop it.

[@Naeem50]

Thank you for your honest reporting based on facts.

[@SlayR1101]

This is not even including the how much material costs are dropping right now. The whole supply chain for building anything was so highly inflated the last 5 years, and it is rapidly coming down, both prices on lumber and sheetrock have been steadily dropping over the last year.

[@vesc1389]

Thanks for all the info, have always wondered about these details and how to put them all together. Why on earth would Canadian land all of sudden take off like that? Was it all low rates and now people are unwilling to sell for less? Can't be just that. Any better ideas out there??

[@mrMacGoover]

If you get into prefab modular design, it gets considerably cheaper.

[@markz1013]

Yeah and probably taxed like cigarettes.

[@archimedes2261]

Cheaper and nicer looking than many of the overpriced Vynl siding junks.

[@sovereignty14]

7:47 A three-bedroom bungalow in Campden, Ontario, for $1M. Absolutely insane.

[@aiqueenla2786]

Jon, can you please do one for pros vs cons for buying from the banks?

[@jehsennaflor]

Hey, Jon! There's a long section at the end of your video that's just a black screen. You can easily chop it off using the embedded KZbin video editor (so you don't need to delete/reupload it). I suggest you do so, as it'll probably reduce your % retention stats, and it can be misinterpreted by KZbin's algorithm as a lack of interest in the topic and ultimately lessen the video's reach.

[@jonflynn]

Hey thanks for the notice, just edited. YT editor was kinda finicky so would due to end screen so still a little black screen, will try to edit it again in a bit.

[@dabig_guy2204]

Great channel and information without all the RE agent glimmer.

[@jonflynn]

Much appreciated!

[@biancaleva]

Great news John, Maybe you should mention about rent controls, this is a reason nobody does rentals. Now Government wants to build houses with people borrowing money up to 2M and then you can have an extra unit on back yard or Basement apt. Ones you build an apartment, could be that tenant stop paying you and then, who is paying that mortgage, while your tenant is destroying your house? Waiting time to go to Rental Tribunal is for ever!! And if you finally make any capital gain, government will tax you 66% of your gain on top of you other incomes. This Governments are out of touch, in my opinion, time to trow those as...ho,. out!!!

[@AndreInThe416]

The land cost discussion would be a minimum 4 hr video. A acre is 43000 sqft. Some lots in growing suburbs are 1600-2500 sq ft. So if

[@AndreInThe416]

Remember the original green belt? And so close to expanding areas.

[@michaelt1535]

I just watched the show Hot Property, and they're saying you better buy now because in February, prices are going to go up, and you're going to see bidding wars.

[@jonflynn]

Just like every spring. I wonder what would happen if there were no bidding wars in spring?

[@Lefty28Lefty]

Buy High, Sell Low - welcome to the real world for the average person haha

[@JS-jh4cy]

Just like our stockmarket

[@archimedes2261]

Home investors are average people. They ain't stock market billionaires or millionaires, and the majority are now debt slaves.

[@Lefty28Lefty]

@@archimedes2261 was referencing the large developers who own all the land noted in this video. Personal opinion here but if you already own a home and bought an INVESETMENT property during this period....YOU took on that risk.... no one forced you to do so...

[@SpreadSeva]

I built a 6800 sqft home, metro vancouver, total custome, everthing in with high end finishes and luxury options and appliances, $200sq ft

[@vaqueroontario]

Great analysis!

[@jasonvansoelen8202]

We are building a 2650 square ft bungalow in Niagara,the estimate is 300 per sq ft from our designer with an unfinished basement. If a builder were to do it he said expect 350.

[@jonflynn]

Does that include development fees and project manager?

[@tahaaziz4961]

No it does not. That is the cost per square foot for within the four walls only. The following are all extras: Taxes, Architect, development charges, forestry, water service/sanitary if upgrade needed, appliances, driveway and yard, fences, road damage deposits. Not sure what else im forgetting.

[@michaellebreton4294]

Same size here . I came in at 250 but I built the whole house myself except furnace , electrical , drywall , insulation and cabinets .

[@JS-jh4cy]

With power of sales, the previous buyer takes the hit and lost on the difference in money? Am i correct? The loan company passes the lost onto the borrower of the loan?

[@tedebayer1]

While city lots a high, a new subdivision needs electric, water, sewage, storm services, roads-curbs-sidewalks, clearing and grading, etc... the problem I see is the town lots where you have a county road and not much else... yet those lots are almost as much if not more than the cities.

[@o2kala649]

Hey Jon, keep in mind that when a municipality waives DCs they still need to make up the loss. Typically this is done by drawing from reserves or other accounts to make DCs whole. Not collecting these DCs means that roads get shabbier, parks get less equipment and maintenance and replacement, rec fees go up etc.. the loss need to be made up in someway.

[@PlantLover008]

They are giving our money to immigrants who don`t have jobs, all those free rebates. Middle class has no perks in Canada, suffering.

[@JS-jh4cy]

Yes real estate agents push prices up, almost instantly if anything in the neighborhood goes over asking but very slow to reduce prices if anything get sold just below asking price

[@Chibling]

It's like a mass hallucination incentivized by percentage based commission corruption.

[@SigFigNewton]

Used house salesmen are decreasingly useful now that it’s so easy for buyers and sellers to find each other online.

[@tcmazz]

Ah here you go, I just found a lot that came up for sale 115B MAIN Street St. Catharines But guess what the lot is 50x80 barely legal. And the price is only $650K for bare land - Maybe readjust your figures to include realistic numbers.

[@jonflynn]

You found a significantly overpriced lot that came up for sale and isn’t sold. I’m using actual sale data

[@surprisek3918]

The bank sales, can you show more history on that, like take the data further back then chart it? Thanks!

[@gregoriousmaximus1873]

$460,000 for a starter home is still not affordable for overwhelming majority of Canadians. These prices are insane. We need deflation.

[@joserego9210]

I myself have no idea how they can build anything today. It’s crazy to build in Mississauga. Every situation is different but crazy for sure. Even to cut a tree can be a nightmare unless you cut it without permit. Every office still in lockdown and can’t talk to anyone. I give up and sold the lots.

[@smity25ca]

So are you paying HST on all your building materials and on the total house after completion?

[@jonflynn]

All materials, all contractors, most likely the land too, and the drawings

[@AndrewMikel-js7qb]

Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️

[@chesterstanley8487]

I'm 37 and have been looking for ways to be successful, please how??

[@AndrewMikel-js7qb]

Sure, the investment-advisor that guides me is..

[@AndrewMikel-js7qb]

Mrs Kathy lien

[@ghazanferfazli7335]

Same, I met Kathy lien last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Kathy lien

[@henrymartin9168]

Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!

[@highthereguys]

Hey dope we got a shout out down here a nice one too, wow

[@gabrielladots5990]

Good job -reporting

[@butwhytharum]

its almost as if they relied on an ai algorythm to tell the buyers "ticker only go up" and bought in anticipation of big money.

[@jwg9338]

Basic Beaver home kit is $129k Double that price for services, basement, etc. Only thing left is permit and land.

[@CarlAcevedo-sc3bl]

It’s crazy how power of sale listings keep piling up! The real estate market is splitting right in front of our eyes

[@NelleHummell]

Yeah, Bank sales to the moon is right. 2024 has been rough, especially in Ontario. What’s concerning is how quickly the listings are growing. It feels like everyone’s defaulting on their mortgages

[@LoydJohnson-kp3jv]

And then you have builders and developers saying they can’t build at these insane prices. I’m not sure I buy that. Sure, prices are high, but I think there are ways to build more affordably, if people are willing to innovate

[@John-vf8qe]

Well, it’s not just about the prices, though. There’s this huge gap between what buyers can afford and what homes cost to build. I’ve seen some developers trying to cut corners, but the real issue is the disconnect between demand and what the economy’s doing

[@cherylhills3227]

And with the way the economy's going, we're seeing this split happening. You’ve got people who are doing just fine, while others are in serious financial trouble. Ontario’s market is almost becoming two completely separate worlds

[@AliciaCrone]

Right, and it’s leaving a lot of people in the dust. I think a lot of people are unprepared for how quickly the market can shift. Power of sale listings are a clear signal that something’s broken in the system

[@dennysnowden9418]

I own 66 acres in ns and cant build my house for less than 760000$ i already have architecture plans for this. The price before covide was 386000$ . I live in my cottage as this price is ridiculous.

[@D4rkBl4de]

I hate that houses are not treated like basic necessities

[@earthwormjim6962]

Building is one of the least of expenses when buying a home. It's the land that matters most.

[@eyeofthetiger6002]

Just import one of those high tech prefab capsule homes from Aliexpress,I saw one advertised for around £15k for a 2 bedroom with all mod cons included. That should solve the housing crisis at a stroke. 😅

[@jonflynn]

Soon

[@macleanclassics]

Land and development charges in the gta start at $400,000 per acre and $125,000 for development. We are $525,000 before we even stick a shovel in the ground.... speaking on an individual home build. If we eliminate all foreign ownership of residential land, limit the amount of residential land or homes any 1 individual canadian or corporation can own and institute a rule where any new citizen to Canada must remain a citizen, renting and contributing a minimum to the tax base for a period of 10 full years before they are allowed to buy a home or land...it would solve every issue we have.

[@BotBot-y5c]

You can import portable home from the US and just stick on a land. It costs $100K.

[@kevinn1158]

The federal gov't is massively dialing back the new permanent residents by 20%. This story is going to keep unfolding for the real estate industry. In fact, I won't be surprised if this gets dialled back even more in the coming years.

[@Danevils]

Honestly, John for PM!

[@tcmazz]

Good luck in buying a piece of land that is big enough to build a bungalow and a pool for anywhere near $400K I been looking to relocate by Lake Ontario within either the Port Dalhousie or Port Weller area. North of Lakeshore Wanting to buy or build a bungalow 1500 to 2000 sq feet. Oh by the way I have my R.E. License Most of the homes in this area are small 50's - 70's poor layouts ie. side splits and backsplits. You won't find many true sprawling bungalows with double garages and an inground pool in this area, if you do let me know!

[@MrBojo-jv4qq]

It would be nice if the government would give some return on the cost of building material for the first time owners, like 10 or 15%, like they do with solar panel systems. It would help further.

[@blair1026]

Also nobody really owns the land they purchase. Don't have absolute title. Allodial Title

[@chriscruciat2469]

I’ve been in land development for more than 20 years and I can tell you that not including land and not including soft costs you cannot build a single detached home for $200/Sq Ft in GTA in 2024. In fact it is over $250/Sq. Ft. Even outside GTA I doubt it would be as low as $200/Sq ft and certainly not less than that

[@tahaaziz4961]

100%. And that just the four square walls. This is some speculative bs.

[@rge9857]

I just built and totally agree. The cost to build a home starts at $250 per sq ft anywhere in Ontario.

[@jonathanandrew2909]

A lot of that is red tape and taxes though, is it not?

[@FJKWood]

Just a minor point. SHELTER is the basic human right. That's how the government defines it, hence the elimination of HST on purpose built rental. HOME OWNERSHIP is not actually a basic human right since it's not necessary to OWN a house if you can rent shelter. That being said, I agree that taxes & fees should be significantly reduced because we all need more shelter of all types available, so if people CAN buy land & build, they free up rentals for those who can't (or don't want to own) and just need basic shelter.

[@2john149]

You be stu...to buy a house this days with those ridiculous overblown prices.

[@charronfamilyconnect]

If it's so profitable for home builders with this decline in land costs recently then why are they not building more homes for more profit?

[@jonflynn]

Because they bought the land when it was more expensive, many also paid peak prices for materials too

[@tahaaziz4961]

It was a great question. The right question.

[@menguardingtheirownwallets6791]

All I want is an insulated 10ft x 10ft storage shed, simply so I don't have to sleep in my car, that's all I really want and need in my life right now. It needs to have electricity, water, sewage, and heating (like a normal house, just a lot smaller).

[@kbenk108]

what canada websites can I go to if I want to purchase one of these bank sales?

[@jonflynn]

Which area? You’ll need a realtor to set it up and they need to know how to do it

[@aiqueenla2786]

I am not a realtor but I think there is pro cons buying from the banks

[@kbenk108]

@@jonflynn gta

[@dawnmageenovascotiarealtor]

I think the Halifax Nova Scotia numbers are way off!

[@johnwade3476]

Don't forget the municipality gets average 1 percent a year in property taxes so higher prices equals big dough for them hence they over value the price of the homes it's all such a scamola 😢

[@kevinn1158]

Development fees for a single family in Toronto is 145k I believe. Add in that huge HST charge, then the land transfer taxes of 4.5% on a million dollar property. 45k. The city will drag you through the mud so you will also be paying interest for over a year.... You are pushing 300k just in gov't BS. And I cannot believe that you could find a builder who will build for you at under 300 dollars a sq ft. ie a higher quality home, not cookie cutter. Land prices? Who knows. It's all over the place now. Having said this, lumber prices are at 2020 levels now. Builders are just like any other business. To become more competitive they need to put pressure on their suppliers to lower prices. That's capitalism.

[@everydazetuesday]

the current trends of badly designed tract homes on these teeny suburban lots isn't in improved by lower prices anyways. the cost of materials has to be way lower too.... or canadian incomes have to grow. the systems broken.

[@Gameless]

I priced out a build w/o land, and it's ~400K for Toronto. If fees were removed, it'd be sub 300s lol

[@ademadem-zh9se]

Land in Canada is way too expensive Taxes are Insanely high!

[@dtownssqwe]

Where do you find bank sales? Are they solely on MLS?

[@jonflynn]

Yes, you need an agent to search them for you. Which area?

[@dtownssqwe]

​@@jonflynnOakville

[@dtownssqwe]

@@jonflynn Oakville

[@jagengineering1]

Niddle saxkville nova scotia can u help

[@fawzi6477]

I am sorry Jon you are being very optimistic with $175/sq foot to build a home.

[@jonflynn]

That’s ok since I’m usually called a doom and gloom pessimist

[@josephlim8941]

Owning an asset like Vancouver Real Estate is a debt trap. Unless you’ve got a small mortgage or none, it’s best to rent until prices come down where a 20% down result in a manageable mortgage. We’ve become so disconnected with real estate. Whenever you buy anything, price is all that matters. Low interest rates or flexible payments are just the incentives to buy. Not the reason to buy.

[@coomerthedoomer]

I like houses, they keep you warm.

[@jonathanandrew2909]

Oh, look at mister fancy pants whose house keeps him warm!

[@TruuthMan-1]

What would happen if you cut all the Government taxes and fees by 50-60% what would the cost be? We don't need all those taxes. It's unessecary fat. Funny, i typed thuis comment part way through the video and you actually took care of it in the second half of the video. lol

[@dev4statingx90]

I feel like I'm living in a clown world. Are GenX upper managers incompetent or are acting upon schadenfreude because they were beat to hard as kids.

[@Pg-kf7vz]

But why aren’t prices falling?

[@highthereguys]

Developer pays 350 to build it, sells it for 700 and you want to strap the infrastructure cost on the existing property tax owners by knocking down development fees. NO bad real estate agent bad.

[@zahadoom4488]

Yeah they've already done that in most Municipalities, new builds should pay for sewers, parks, schools, police and libraries, NOT EXISTING residents

[@cbarfoot8456]

$130-$350/sqft. Oh man a lot of ppl are screwed, cause they have been buying at $750+/sqft. How come you price a new build by the sqft price but a resale is based on comparison. Let's keep square foot price for everything. Oh and property tax should be billed per sqft of land NOT the value of homes.

[@ruthgl2650]

tiny home lots should be available or even tiny home neighborhoods.They built them for vets in ww2.They should also sell them for owner only and they can't sell or rent for 5 yr minimum

[@Sandeep14736]

FJT has converted the real estate to a competitive market … 3.5 M people were brought into Canada over 3 years since 2022 … Canada makes 200k houses every year

[@infillvaluecreation]

good luck to build at 150$ a square foot. maybe if it had 1 door, 1 window, and vinyl siding and all the cheapest parts from a wholesaler. on a 1000 square foot house you could be paying 20$ per foot just for the utility connections, leaving you 130$ to start digging the basement. who comes up with this crap.

[@ikocadcam1004]

337000 what is labor price and material price?

[@jonflynn]

That’s both, usually 50/50 or somewhere in that range

[@TehPwnerer]

If housing is a human right like food it shouldn't be taxed by HST just like many food products. I'm sure some charter of rights and freedoms argument could be made for this

[@ElectronicWasteland-p2x]

Yeah once the inefficient/overpaid builders go out of business, new ones will step in to capitalize on lower labor and material costs, and likely lower government fees/taxes. Construction costs can and will go down eventually.

[@rge9857]

Wishful thinking.

[@ElectronicWasteland-p2x]

@@rge9857 "Prices always go up" is wishful thinking too. At least my wishful thought has some grounding in possible reality.

[@AnnoyinglyCharming77]

It's all a racket!

[@hl8150]

Your number are wrong. Im a GC in Montréal and bulding a 1000 sqf house cost 500-700k. 3000 sqf lot in Montréal Around 400k. Add permit, légal fees, plans….. your projets will cost atleast 1M.

[@jonflynn]

Maybe custom built high end

[@shanemac590]

@hl8150 @jonflynn yes real build prices are much higher in reality, looking at $350-450/sq to build decent custom, these prices you’re quoting would be in a large scale subdivision if you’re lucky, not sure those are the houses you’d want to buy

[@LawrenceWinterburn]

You can't actually build a house for those numbers... Speak to an architect for more accurate numbers. It's like pricing a composite deck online... Internet says 5-10 k... reality, 25-50k

[@jonflynn]

I can build a 1500 sq ft bungalow for 750k

[@LawrenceWinterburn]

@jonflynn right... 466/sq' Not 200. Everything went up over covid, and, none of the costs came down except lumber-- but that's temporary. Lumber is spiking due to curtailment. Good builders will not work cheap... we'd rather close shop than lose money. If you want to build low bid-, you will quickly learn. Ford and Dodge are learning that lesson now. Code prohibits affordable housing too. You should build a house...worthwhile exercise.

[@tahaaziz4961]

Right on!