Buyers Defaulting On Pre Construction Condos Like CRAZY

[@supermash1]

It's a good thing that reality is finally hitting Canadian real estate. This is looooong overdue.

[@jomembawang]

Real estate agents are THE REASON Why these boxes sold so much higher than their market value....and now the same agents are saying they're shocked people overspent this much. So ironic.

[@tanveerrandhawa713]

You have good knowledge about the market. Thing is developers and realtors screwed whole market just to make easy crazy money but in reality very few can afford such condo based on the job market and over all economy in Canada 🇨🇦. Good job developers and realtors you did extremely well to fool around innocent hardworking Canadians

[@jamescameron204]

Canadians are mostly dumb though,,not many bright bulbs out there,,,

[@MrFanstar007]

You missed government as well. Developers fee has gone up more than a 1000 percent which eventually passed on to end users. The whole group is responsible for killing the construction industry.

[@HermanManndotcom00]

Investors were just hungry. Can’t blame the middle men.

[@thatagentkelly]

@@tanveerrandhawa713 ty for watching my friend!

[@lightwarrior963]

But realtors all say it just up and up from here in Vancouver.

[@jefftaylor844]

LOL 😂

[@Gabriel-l2j1r]

Yeah, I remember when they use to mock people for saying that this would end up badly.

[@AL-HitZ]

Trudeau has to go!

[@RyobiCEO]

So do about 15 million non Canadians.

[@TheDeepStank]

​@@RyobiCEO lol so all immigrants?

[@RyobiCEO]

@@TheDeepStank only the non Canadian ones.

[@TheDeepStank]

@RyobiCEO that's probably more like 1.5 million lol still alot but this country only has 40million people

[@RyobiCEO]

@@TheDeepStank no it's upwards of 10 million.

[@dmcneil6113]

The Trudeau years are a lost decade.

[@CorporateShill66]

Young idiots who voted for him learned a painful lesson

[@c00121314brave]

You can Blame the increased government developmental charges which have 4 x in the past 5 years you can also blame them for inflation.. GOVERNMENT DEFICT SPENDING IS ROOT CAUSE OF INFLATION!! JUSTIN THE MARKSIST NEEDS TO GO!!!

[@ratingstower556]

Not worth getting a mortgage and stay away from big cities!

[@KHAN-gg3xb]

Holy shit you’re the Indian realtor

[@thatagentkelly]

@@KHAN-gg3xb hunji

[@dman9416]

Turn the lights off with 25% tarrifs

[@CanadianRealEstateChannel]

Great explanation!

[@thatagentkelly]

@@CanadianRealEstateChannel Thx for watching!

[@jefftaylor844]

But, won't saving .05 cents on a bag of chips and 250 bucks help ?

[@thatagentkelly]

@@jefftaylor844 stop ruining the vibescession.

[@jefftaylor844]

@thatagentkelly ... will do ;) LOL !

[@manolaykhounviseth1864]

Buying a house is not as good as it used to Be. Can’t make money if you’re paying high interests on it, property tax, costs of utilities, and maintenance.

[@alexbek]

Show must go on

[@FreedomAtRisk]

If you are rich Chinese who have traditionally bought real estate in San Francisco and Vancouver, and you are looking at the evolving politics of each country, how those politics affect markets... on the margin, you are buying more in the US than Canada now.

[@mydressmemos]

I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

[@winifred-k9e]

The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.

[@MattsMkia]

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

[@HoskinsShanellNicole]

Mind if I look up your advisor please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now

[@MattsMkia]

I've been stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@LUCIASMITH-d1z]

Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Melissa Terri Swayne after inputting her full name on the web, she seems highly professional with over a decades of experience

[@tomacml5741]

So investors tell me they will hold on to their condo indefinitely and now they are in bankruptcy, what happened?

[@Gabriel-l2j1r]

I shared my perspective on what was likely to happen months ago when efforts were being made to boost this market. It seems there might be some gaps in your understanding of finance, politics, and economics, which could explain the difference in our views.

[@LarryNg-mx8qz]

Mostly offshore or investors

[@johnparsons3454]

What's with the backwards hat?

[@thatagentkelly]

@@johnparsons3454 Needed a haircut really bad

[@dirtlump]

Better to walk away from your $100K deposit than close on the deal and be down $400-$500-$600K upon the stroke of the pen ? ..... that subsequent 'ink" hurts worse than the initial $100K you already financed against your primary residence to make the initial deposit ! This is a Real Estate crash/correction.... and we're NOT even into the top of the 2nd inning yet !

[@GreenBeanGreenBean]

you have absolutely no clue how things work... like ever. If you walked away from the deal you wouldn't lose just the 100k but the difference in value of the selling price that you signed up for vs whatever the condo sells on the market (when the dev sues you)..... so the LAST thing you want to do is to back out of the deal.... because if you don't close your loss actually is far more than 100k. So you gotta close.

[@Mr.T-d9u]

Your comment can be a disaster for a lawsuit.

[@dirtlump]

@@Mr.T-d9u At any other time it would be.... but during a housing crash/correction let them sue.... get in line with literally Thousands of other Canadians gonna be doing the same thing.... eventually do a proposal or just plain declare Bankruptcy and move on !

[@dirtlump]

@@GreenBeanGreenBean No you don't... during a Housing Crash/Correction right away the Legal Costs begin adding up as the Banks stocks begin capitulating,.... and let be into a Housing Crash where literally THOUSANDS of Canadians are doing the same thing speaks to 'let them chase you in the courts' and eventually settle under a proposal.... if not ? ..... just declare outright Bankruptcy walk away and move on because LOTS of these so-called 'investors' are leveraged to the nutz anyways. In my view this ends badly.... we shall see

[@user-le2hu1ct4t]

I’m not a lawyer and this isn’t legal advice: but it is smarter to walk away. Agent Kelly makes it sound scary but 99% of the time it’s the smart /easy move. And right now you can just float away with the flood. You might get some angry letters and threats but blood from a stone etc. And even if you have established assets to go after, there are lots of ways to mitigate. If not via a clever lawyer, Google or chat gpt will give helpful suggestions Im sure.

[@2_Bike_is_Life]

Let me guess.. Surrey.

[@thatagentkelly]

@@2_Bike_is_Life wrong this time. But close

[@marekkurwa]

Rich c(u)nts losing money? Stop, I can only be so erect.

[@arthurcarr7364]

Poof!.... UP IN SMOKE!...

[@Theguys1]

Take the hat off. It looks silly.

[@thatagentkelly]

@@Theguys1 lesser of two evils. It’s either the stupid hat or my stupid hair. Pick your poison

[@PeterScheiber-pk6vg]

the hat needs to go

[@thatagentkelly]

@@PeterScheiber-pk6vg 😂

[@speedyfeint]

F J T

[@TheDeepStank]

Make a Bitcoin video?

[@sk8snwmx]

The whole market is over-valued. People from the GTA were purchasing houses in the London area sight unseen for double what they were worth a year before LOL. Citiots

[@jsccs1]

LOL 8 years from now avg home price will exceed 2 mil. Yeah, they're real stupid lmao.

[@sk8snwmx]

@@jsccs1 Oh no, someones feelings are hurt. Or are you just sad because your in over your head on your mortgage? LOL

[@jsccs1]

@@sk8snwmx LOL nope. We bought a 500k bungalow with 4 beds and attached garage. 70s build, so its not a POS pine and particle board shack for 1 million. We live in a metro. I was just pointing out you're absolutely wrong, and those investors will profit. Sucks for all the boners like you, though. LOL

[@jsccs1]

@@sk8snwmx Nope, we're good. We bought what we could afford. Which was a 4 bedroom bungalow w/ attached garage in a city of about 1 million. It was 500k when we bought. Sure appreciate you hoping and laughing at the thought of others having financial burdens though. You must be well-loved and a real treat to know in real life! Have the day that you deserve :)

[@sk8snwmx]

@@jsccs1 LOL good for you. I'm glad I don't live in a city with 1 million others! It IS actually kind of funny watching all these people like sheep paying double the value of things!