BUYERS.. Proceed With Caution! 2024 Canadian Real Estate Market

[@kortyEdna825]

The statement "How the Fed destroyed the housing market" is an oversimplification of the complex factors that contributed to the housing market crisis of 2008. While the Fed's policies may have played a role, it is important to consider the wider context and multiple factors that led to the crisis.

[@Justinmeyer1000]

A professional financial advisor can help you navigate the complexities of investing, provide tailored advice based on your individual goals and risk tolerance, and help you make informed decisions that align with your long-term financial plans.

[@Pamela.jess.245]

I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?

[@Justinmeyer1000]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Pamela.jess.245]

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.

[@Bill-r9z]

Unbelievable a realtor telling the truth about the market.

[@Joe-mz6dc]

He's probably shorting the market.

[@alexrubin5955]

LOL, how do you short the real estate market? @@Joe-mz6dc

[@I.H931]

@@Joe-mz6dcif he is, good for him, he’s made tons of money already. I also did the same thanks to this man. The neighborhood that I sold in is currently selling 200-250k less. It would have taken me 5 years of intensive savings to reach that.

[@RageandSig]

I call him honest Jon. Great guy for real.

[@Joe-mz6dc]

House prices in Canada have been unaffordable for decades.

[@frankyt101]

Ever since the CMHC MBS

[@CommentRedacted]

Probably because "people have houses they don't need"...that statement says everything right there.

[@kennordsfan1494]

Yes since the late 80’s early 90’s for sure. The Liberals under Chreitian did the same thing spend big and keep rates low. This has continued and people spent more than they could afford along with people buying multiple properties. Which drives up rents along with big corporations buying up rental properties. Without reasonable rates people made more money buying houses than investing in other products. And then end is coming I hope

[@psoneill813]

In Quebec, it's since Covid.

[@HVAC356]

Not really. I bought my house 11 years ago. It was affordable. A town house was only 120000.

[@pmorrison9758]

Pat yourself on the back ! I think you are not only a great real estate agent you are a great person. Rising above the others....Great Video Jon !

[@jonflynn]

Appreciate the support thanks

[@gardencity3558]

Yeah, Johnny is a good guy!

[@AshleyVanDeventer]

The recent surge in the U.S. housing market, marked by home builders liquidating their stock and a significant increase in new homes for sale, indicates a potential shift in market dynamics. This situation, highlighted by a 12.2% drop in new home sales and a decrease in median sales prices to $434,700, coupled with a substantial rise in housing inventory, suggests a possible cooling off in the real estate market. This development could impact financial investments in real estate, presenting both opportunities and risks, and underscores the importance of diversification, such as considering cryptocurrencies, which offer liquidity and a different risk profile compared to traditional markets like real estate...Amidst this, the insights of a knowledgeable guide like that of Tammy Brockman can be crucial. Her expertise in navigating the nuances of trading has been the key for Me understanding and making the most of these emerging financial trends.

[@karencrawford1]

Nice info, i appreciate your concern this will help a lot especially to the young bitcoin investors who have no or lesser knowledge on how bitcoin market works.

[@Helenakonanz1]

Tammy Brockman crypto knowledge is like a secret recipe for success!

[@Peterwalther83]

Best signal provider in the market. Knowledgeable, level headed (no loss like some other traders who recently jumped on the bandwagon).

[@dd-ss2lu]

Bitcoin is the way of the future, and investing in it will be the smartest decision you can do, especially with its present Price.

[@Amyscott9]

Bitcoin is the way of the future, and investing in it will be the smartest decision you can do, especially with its present Price.

[@pizzapiglet]

Not sure you are on the right path here? Rates will not be coming down much if at all. We are on the cusp of the largest inflationary run up in history south of the border as they get ready to print the debt away. Fixed debt and assets outside of the equity markets are the hedge as long as you are comfortable with your income or don't need one. Your first time home buyer will never be able to save relative to inflation once the debt is monetized.

[@Joey-c7x]

For anyone who does not understand, here is a lengthy explanation quoted from Learning Markets below. If US Treasury yields rise, Canadian bond yields will follow suite, leading to a rise in mortgage rates. At the bottom of the quoted explanation you will get to what the first bit and above comment implies - the US has a debt bubble and if it bursts, we will feel it north of the border. "1. Through the Primary Dealer Credit Facility (PDCF) and other measures the Fed is now able to loan directly to a larger pool of borrowers. 2. Through the Term Asset-Backed Securities Loan Facility (TALF) and other measures the Fed can accept new forms of collateral (like mortgage backed securities). 3. Through a number of other changes the Fed has extended the time frame on lending facilities. Some of these time-frames have been shortened but not all. These extraordinary measures are similar to the kinds of things happening during the housing bubble. Borrowers had to provide fewer and more flexible assets for collateral, terms were extended and requirements for eligible borrowers were relaxed. These measures were all taken by the Fed to help ease the blocked credit markets. Theoretically they can be reversed (to a certain extent) once the credit markets start operating more “normally,” however, things may not go as hoped. Through these measures and the Fed’s large Treasuries purchases a debt bubble has been created. In the case of the housing and mortgage market, these same strategies led to a bubble that popped and resulted in significant asset deflation. In this case, if the current Treasury debt bubble bursts, yields could rise dramatically because Treasury debt prices would fall. Rising yields and accelerating inflation can be good for commodity investors but it is tough on a variety of other assets like stocks and bonds. Prudent investors should be diversified and thinking about the effect of these risks, should they materialize, on their portfolio."

[@abdelkaioumbouaicha]

📝 Summary of Key Points: 📌 Sellers may want to consider selling their properties now, especially if they have extra houses or investment properties that are not needed, as prices are declining. 🧐 Factors that could impact the real estate market include rate hiking cycles and the potential for rate cuts, which could lead to a recession and higher unemployment. 🚀 Buyers are advised against buying at the current time, as the speaker shares an example of discouraging someone from buying a house by discussing the cost of the mortgage compared to their current rent and the potential for prices to go down. 💡 Additional Insights and Observations: 💬 "It's a good time to sell if you have an extra house or an investment property that you don't need." 📊 The speaker provides data to support the claim that prices are declining in the real estate market. 🌐 The impact of money laundering on the real estate market, particularly in Vancouver and Toronto, is mentioned. 📣 Concluding Remarks: The video advises sellers to consider selling now while prices are declining and cautions buyers against rushing into a purchase without considering the financial implications. It highlights the importance of analyzing the market and running the numbers before making a decision. Generated using TalkBud

[@emancipatedwarrior6756]

This sounds very Toronto centric (of course). Calgary is completely opposite of everything you say. Vancouver and Victoria make Toronto look as cheap as Edmonton. GTA people are so myopic lol

[@arlencarlson]

I agree…much of what his videos talk about are typical to southern Ontario.

[@raze5346]

Id still rather owna home than to rent. You never get ahead renting and paying someone elses mortgage

[@robbooth8059]

In Jon’s example $3500 mortgage plus taxes = $4k/month. Pay rent and save or invest the $2150. Hopefully prices fall as you add $24k/year to your down payment. That makes a whole lot more sense than giving the banks tonnes of interest. Rent vs Buy is a matter of timing and timing favours the renter right now.

[@raze5346]

​​@@robbooth8059dont use jon's example and buy something that makes sense. There are plenty of homes ypu can get into that are waaaayyy cheaper than 3500 a month. You will never get ahead renting. My parents just bought a home and they arent paying giving the bank that kinda interest. You can make any example fit the narrative.. use common sense

[@raze5346]

​@@robbooth8059im not paying 3500 a month. Just use common sense. You can get into a home without paying that kinda money to the bank

[@siriusfun]

We all learned that little saying decades ago but it just doesn't hold any water anymore. Watch Jon's breakdown for why.

[@raze5346]

​​​​​@@siriusfunJons example doesnt fit for me and it doesnt fit for everyone. Not everywhere in Canada is housing unaffordable, you need to find a place and a area that works for you job/life. Im not paying 3500 in my mortgage because i saved up for a big down payment and it works for me, im not paying someone elses mortgage and i can get ahead paying off my own house. Its common sense. The point is you have to live some where.. this isnt debatable. There is no way that renting is better than owning your own house.. would you rather pay 2500 in rent or get ahead yourself . Its not rocket science

[@john.a.gonsalves3731]

if you are selling then do so asap, if you are a first time buyer, dont buy and wait for prices to come down and they will sooner than you think.....

[@Joey-c7x]

Wrong, multiple offers are back I am seeing some crazy stuff again and as a buyer who has been trying to find a decent house for 2 years and no luck, I am not feeling too well about it. We intend to buy cash but with mortgage rates having come down a bit, it seems it has triggered a frenzy and people feel rich again. We will probably go back to the sidelines and wait and see if an abundance of listings comes onto the market as better weather arrives and brings us back to a buyers' market with plenty to choose from.

[@faisal-ca]

Enjoyed reading better dwelling article but the sad reality is the Vancouver market is still inflated. If same happens to Toronto and other cities then average buyer is doomed.

[@justindeseckrealtor]

These are the kind of conversations all Realtors should be having with their prospective and existing clients. There are agents however that need to make a mortgage payment of their own at any cost. As a buyer or seller you would be wise to avoid agents that have commission breath. Jon's breath smells minty fresh. Keep up the great work Jon!

[@jonflynn]

lol thanks Justin

[@Joey-c7x]

Very true but very rare... most only think about their commission. In a way it is understandable, they need to make a living, but when you are looking at houses one million and upwards and your agent keeps suggesting you add an additional $50-100,000, you know why. The last time I suggested how much I would offer for a certain property we are interested in, our agent immediately slapped an additional $50,000 on claiming it would be the right price. LOL - the math behind his suggestion is not that difficult. I bluntly replied that "yeah, I forgot that you and the listing agent want your fair share" and ever since I have a hard time discussing making an offer. Who wouldn't like making the sort of money RE agents make??? There should be a flat rate fee that should laddered like the tax system based on the property's value, not listing price. It would bring a clearer picture to RE value and bring prices back down to where they should be.

[@michaelt1535]

A lot of realtors don't want to shit where they eat. That's why they don't tell the truth!

[@mateofernando5066]

Jon, you are a credit to the industry. You put the client first instead of your desire for a sale to earn a commission.

[@parkerbohnn]

The only places that are still falling in price are the retirement cities like Niagara Falls, Peterborough and Kingston. Markham, Stouffville and Unionville are leading the upleg. Richmond Hill will follow as prices barely pulled back at all there. The rest of the Golden Horseshoe will follow he lead of these 4 cities.

[@universalsorrow]

you understand that real estate agents earn commissions regardless of how the market moves right? so long that people are willing to transact, agents earn money. so as long as they fearmonger up or down, ie sell now before crash, or buy now before rocket to the moon fomo, they earn money.

[@stevestojanovich3105]

Another problem is the psychology. People think if they don't buy now they will never be able to afford a house. BIG MISTAKE. They have no knowledge of economic history and economics. They don't know where to get a good forecast from a reputable economist (like David Rosenberg) or even to get a forecast. And they listen to friends and real estate agents. THIS IS THE WORST TIME TO BUY A HOUSE IN 100 YEARS!

[@pizzapiglet]

You will want to be in assets and and fixed term debt and not in the equity market if what Mr. Rosenberg says comes true. For avg person owning a home with a fixed mortgage that they can afford is exactly what they should be doing.

[@stevestojanovich3105]

And it's other economists as well Stephanie Pomboy, Michelle Di Martino-Booth, Dr. Lacy Hunt, George Gammon, and others @@pizzapiglet

[@stevestojanovich3105]

this is a problem because people who know nothing of economics ASSUME prices will go up. They don't have the knowledge to forecast yet they make an economic assumption guiding their decision.

[@susieschilling4009]

In Niagara region the last few weeks they have been listing at crazy stupid high prices. I look at these and think, are you out of your mind, good luck.

[@Carolinapetroska]

A lot of greedy Canadians out there. They try to screw you as much as they can

[@Joey-c7x]

Even within 200 km east of the GTA - prices are insane on new listings and I am just a shocked by the fact that someone is actually buying these dumps for the insane prices. My agent advised that we just "throw" $30,000 extra in to ensure we get a house we like. Like WTF? It's these sorts of agents that are promoting FOMO and managing tho get houses to sell over asking now.

[@parthppatel28]

One of ONLY Realtors telling the TRUTH! I'm on southern Ontario and I'll reach out to him for my primary residence purchase.

[@jonflynn]

Thanks for the kind words

[@PaulSun-b9m]

You should listen to what he said, sell not buy! Even if it is your landlord’s house,SELL!

[@karlroth7082]

Sound advice. Thank you.

[@John577]

How many homes does a billion in laundered trafficing money buy in Canada?

[@Joey-c7x]

I posted the following elsewhere because I am wondering what you are wondering, but nobody gave me their thoughts on it... either to lazy to read, reply, or too naive to believe it is even happening... it IS happening: Many of us have noticed houses are selling like crazy again, FOMO is back or appears to be back. Mark and everyone here, what do you think is the driving force? Rates have not come down. Rates will NOT come down for a while. Mortgages have come down but I was told by both the bank and my RE agent that it has not returned a substantial amount of buying power to those waiting on the sidelines and in need of a mortgages. Stress tests are the same. So you are only getting perhaps an additional $30,000 on $500,000. Please correct me if I am wrong. I personally can't believe there were this many buyers sitting on the sidelines, loaded with cash, waiting to jump in. I am not buying this theory. The amount of homes sold since the start of the year is overwhelming and as far as I know, people are cash-strapped and struggling. Soooooooooo this beckons me to question if an entity like Tricon/Blackstone could be behind this? Have people here encountered Tricon/Blackstone out and about scooping up homes? Has anyone ever had the "honor" of viewing a home and suspecting Tricon's "house-hunting agents" are also present at the open house? How does this sketchy, shady entity actually operate on the market? How do they make purchases? Do they even go to open houses or just call the listing agent and make an irresistible offer? I read somewhere that shady money is buying up everything in the USA - from farms, swine included, to decrepit shacks, to condos, to single homes, to whatever you can think of by means of high-speed, high-volume trading. I can't even imagine how that works but it's happening and it is foreign money. It was stated that the US should be very careful with who is buying up property as they might very well find out that Iranian terror...ts own half of Denver, or Putin owns hundreds of acres of farmland all under shell companies. Dirty money is ruining the world. How can an entity like Tricon/Blackstone even be allowed to operate? They are robbing us of homes and total idiots (our very own CPP too...) are invested in REITS!!! What are your thoughts folks??

[@jonflynn]

Around 1500

[@msingleton]

Excellent advice! Keep spreading the good word.

[@Ladonko2009]

That was a great example with the rent vs mortgage. My rent is very similar to that, and I find that I would he doubling my monthly expenses to get a place that doesn't even interest me. Doesn't make sense at all to buy in these circumstances. Such is life in the GTA. Having solid professional job, and explaining to family that you're not able to buy, when they were able to years ago, when they weren't anywhere near as far along as you are in your own career. What a time to be alive!

[@Stormshfter]

The world is completely different now. I bought a SFH in the lower mainland in 87 with minimum down and a single truck driver income. Difference back then was we were happy with just one HOME, no one had "INVESTMENT PROPERTIES" If people nowadays only owned 1 property each, then u would have the same chance now as we did then. Too much greed, not enough pride in our country and way of life.

[@MentionBiscuit]

Greed. Pure and simple. Great Canadian Ponzi scheme

[@stevestojanovich3105]

In 2022, 3 houses sold for $1.2M, 1 in Mississauga, 1 in Brampton, 1 in Aurora. All three sold in 2024 for $900,000. 25% drop

[@HVAC356]

That's a lot!

[@roncgc8428]

They were lucky to get that. Time will tell

[@robertmarsigliorealtor]

Another banger, Jon. There are a TON of costs that buyers don't consider when budgeting a home purchase and that lenders don't care about when pre approving. But it's all money that has to come from somewhere!

[@Carolinapetroska]

Yeah a lot of stupid buyers out there and time waster really.... I wouldn't waste my time as a realtor showing them what they can't afford. Waste of energy too. And there are so many curious who are not serious.

[@parkerbohnn]

Bidding wars and bully bids are back in Markham and Stouffville.

[@nickcheema907]

excellent advice to your friend Jon! The Canadian real estate pumpers and CREA will have you believe that now is the best time to get into more debt.

[@Apollobay1]

Hi Jon, Thank you very much for the info.

[@abahub6772]

Rare breed this guy.

[@DR-nw7xn]

Crazy supply shortage and insa e demand. We need to ensure Trudeau is elected again and the country continues to flood with new immigrants to synthetically drive up demand.

[@TruuthMan-1]

Very good video! Refreshing to see a real-estate agent speaking logically and giving sound advice to their clients. Your integrity will bring you more business.

[@samanthak5301]

Thank your for your honesty and integrity Jon! You speak sound and common sense.

[@jonflynn]

Thanks much appreciated

[@rickyou1358]

Hello Jon, I bought 2 weeks ago an older house livable but needs some updating, tho it fits my needs and live style at an affordable prices (good deal), no more renting or storage rent, but I kind agree with you and I don't mind if prices goes down a bit, if we can stop/slow down the inflation it'll be fine with me, thanks for all your info and data Jon.

[@parkerbohnn]

Good timing at least where I live home prices will rise double digits this year and next but knowing who lives here its already a foregone conclusion.

[@kevinbarr9933]

Never mind the negative feedback you maybe getting. Let's remember David Rosenberg said 100 basis point rise would Pop the bubble now it's 500basis points. In addition, Rosenberg called the housing bubble "the biggest bubble in the Universe"

[@jonflynn]

very true, thanks for the comment

[@althunder4269]

Anybody asking a commissioned sales person if it's a good time to buy something must have rocks in their head. What do they think most salesman will say?

[@charlesponzi9608]

Like a bald man asking a hairdresser if he needs a hair cut.

[@cconwayott]

Agreed, Making 3 - to 6% off your sale...

[@nickcheema907]

Inflation isn't coming down, don't be surprised to see not rate cut from the BoC in 2024 unless we have mass layoffs. I wouldn't be surprised to see another 25 basis point increase in the key rate in 2024. IMO.

[@parkerbohnn]

Everything in America is 100 percent rigged and 2024 is an election year.

[@parmveergill7539]

Rates aren't going up. GDP data for last quarter justifies a rate cut by june/July. Otherwise, entire market crashes.

[@mr2_mike]

Next Election will manipulate this, that's the only wild card.

[@HVAC356]

​@parmveergill7539 and what makes you think it will not crash? Is there a law or heavily protection?

[@HVAC356]

​@parmveergill7539 and what makes you think it will not crash? Is there a law or heavily protection?

[@Igneousplutonic]

Curious about your thoughts on big corps buying up single family dwellings.

[@usalol2588]

Thank you sir for your honesty! I wish more real estate agents will be honest ( especially Ukrainian and russian speaking). Hello from Ukraine 🇺🇦

[@gp7910]

Maybe stop saying Camada when you're only talking about the Gta. Alberta is a different story

[@jonflynn]

ok thanks

[@CorporateShill66]

Layoffs havent started yet. Housing will tank when they do

[@jonflynn]

I agree

[@parkerbohnn]

There are no layoffs the rise in the unemployment rate is coming from the vast number of immigrants emigrating to Canada skewing the unemployment rate higher.

[@venesafecteau6158]

Look at increase in EI - layoffs in full swing. New immigrants are not eligible for EI.

[@HVAC356]

What honest info and advice. I was about to submit an unconditional offer. I think i am going to wait for now. As you said the numbers don't add up. I will be paying 40k in interest so that i will pay off just about 4000 dollars in principle in a year. Even if prices go up in the next four years i won't gain since i would've paid almost 200k in interest! This was an investment property i thought!😂

[@jonflynn]

Best of luck!

[@Alex-dw9im]

House prices are up because supply is low, only way for houses become affordable is to tax the capital gain and drive away foreign investors. Even china government invested in Canadá housing. houses are for people to live in.

[@davidbradley2023]

Oakville is up more than 200,000 since November. Kitchener is up quite a bit too. The only product that isn't rising in price is condos. All single detached averages are trending upwards

[@jonflynn]

for now, thanks for the info

[@antoniodethomasis2583]

Well said Jon. Looking out for the sellers and buyers interests first.

[@jonflynn]

Thanks

[@megand888]

Absolutely agree Jon, I am renting after divorce and the numbers just don’t favour buying here in the gta! As always, thanks for the savvy advice 😊

[@jonflynn]

No problem, thanks for the comment

[@Carolinapetroska]

Don't worry about being sued, especially when you speak the truth. As long as it's not in writing, nobody can do anything to you. You are giving your honest, humble opinion. Who cares about ignorant people.

[@jonflynn]

True, thanks

[@llhpark]

The only advice worth taking is that concerning personal debt. Get out of it fast.

[@Joey-c7x]

Yuppers.... the Great Taking is coming and the recent retaliation against Iran by the US will escalate the war and give reason to trigger the next step to making the Great Taking happen.

[@jonflynn]

Good advice

[@truckguy6.7]

The rates need to stay at 6-7% for a healthy economy. It should ONLY be dropped in case of emergencies to stimulate the economy. If you abuse it the chances of a major crash are too risky

[@jonflynn]

I agree

[@Kadmos]

FOMO makes people do strange things. But one thing everyone should consider is what happened last year. Rate paused and housing prices went back to the peak. BoC had to step in and hike rates again. If everyone FOMOs and market heats up, we can easily see a repeat of inflation spiking and another rate hike.

[@jonflynn]

Great point, thanks for sharing

[@HVAC356]

Exactly. Some talk as if any thing is certain

[@Ben_Stewart]

Could end up with a two speed real estate market across the country where Toronto is lagging and Vancouver is ripping. See who has the better weather and who is sucking on the forest fire tailpipe.

[@jonflynn]

haha, good point

[@LC-hv1qn]

Sell now? This one could come back to bite you long term. Rents are at an all time high. Why sell? I sniff an alterative motive.

[@jonflynn]

Sell now before prices drop further, take your profit now before it disappears before your eyes.

[@Peter-sz1sn]

Raw facts and just common sense! Thank you John.

[@Pill-AI]

Thank you for your calm collected advice… thanks for that awesome reality check.

[@stevestojanovich3105]

Real estate agents are the worst people to ask about forecasts. At least Jon is waking people up! A forecast must include GDI, GDP, MONEY SUPPLY, VELOCITY of MONEY, CPI, PPI, DEBT CYCLE, INTEREST RATE CYCLE, EMPLOYMENT/ UNEMPLOYMENT. ABOVE ALL THE HOUSE PRICE TO INCOME RATIO! It is way out of whack. Incomes cannot catch up to prices. Prices will FALL.

[@Joey-c7x]

From what I see today and have read elsewhere, FOMO has taken over again. Multiple offers again. Sigh. Mortgage rates have come down too much it seems and triggered a buying frenzy. Where is this heading????

[@Wds__99]

I’ve been hearing Canadian real estate is going to drop everyday for 20 years. Ain’t gonna happen. The market will slow but not go down much.

[@jonflynn]

we will see, thanks for the comment

[@Wds__99]

I just sold my place, 2 days after listing at 99% of asking. There is simply not enough housing available for Canadians. Supply and demand will over ride interest rates, recessions etc. @@jonflynn

[@bobgio90]

John, is properties tax still being calculated by the municipalities at the purchase price? A million dollar home is $16k annually according to all the municipal websites in Niagara. I'm assuming you can appeal the decision and ask that the amount is comparable to others in the neighbourhood. What's your experience?

[@marcelmed4574]

Thanks for the videos as always. Tiff mentioned today that real estate prices are not related to interest rates. The issue is supply shortage. It’s unlikely that even if rates stay high prices will continue to drop. There are buyers in the wings waiting to snap up properties,

[@DR-nw7xn]

These prices are the new normal.

[@scottrusty5804]

Of course it’s rates. That’s literally all it is. That’s why CBs control the bond market behind the scenes.

[@ad03dh]

The best time to buy a home is when you can afford it.

[@dslboiz]

No one can afford it

[@lakdev6297]

@@dslboiz 👍👍😂😂🤣🤣

[@parkerbohnn]

Everyone who bought when they could afford it in Alberta lost their shirt over all the decades from 1980 to present day.

[@drumecho]

ALSO, not mentioned, is lost income their own money would generate if they drop it to bank as down-payment.

[@pinavescio8937]

Great sound advice John! Speaking the truth will get you far! If only more realtors took their job in a more honest manner!

[@jonflynn]

Thanks for the support

[@radek4827]

if you want to be extremely poor very unhappy live in canada

[@jonflynn]

it's unfortunate that we're headed that way

[@sz632]

The Vancouver model started after the Olympic games i believe and there are many ways for illegal money to be launder into Canada not only via the Casino. Mike Martins from Mike in the night is talking about this for years now. Sad part is everyone knows knows about this money ,mainly from 'large Asian nation' and nithing is done.

[@KeepUp101-j1y]

It’s a breath of fresh air hearing a realtor call it what it is. Fomo will and has wrecked many.

[@Wink_Dinkerson]

Wish I could give this a thousand thumbs up.

[@jonflynn]

Awesome thanks

[@stephanienguyen6992]

Dirty Laundering Money = YES Vancouver Casino (on CBC News)

[@jonflynn]

I remember that story well

[@izzy2116]

Good for you Jon, keeping it real! Not as many of us that have good values and a conscience unfortunately.

[@jonflynn]

Awesome thanks

[@danh1532]

Everyone in Canada needs to take there money out of the country.

[@jonflynn]

most likely

[@Joe-mz6dc]

5:47 "right now house prices are unaffordable". I'm not sure where you've been for the past two decades my friend but house prices have been unaffordable in Canada for a long, long time.

[@cashmeoutside.]

Whoosh

[@thomaslonergan9420]

Very hard to be optimistic about our future in Canada in the short term. Gut feeling says not to buy right now.

[@jonflynn]

well said thanks

[@RobMartinRE]

John, when you talk about the cost of home ownership in Canada, I never hear you discuss the tax benefits of being a home owner. In San Diego, USA, we have the benefit of taxes because the government would like people to be a homeowner. Is it not like that in Canada? That is to say, is there no personal tax benefit in owning a home. Is the only benefit that you own your home versus being reliant on a landlord?

[@parkerbohnn]

The capital gain is tax free on a principle residence (that isn't rented out) if there's a capital gain but its not indexed to the inflation rate in Canada.

[@Stormshfter]

RBC economics released its 2024 forecast today. They say even with a rate cut in July, RE prices will continue to decline for the entire year. J Powell said no cuts in March to stop the wall street rumors. I agree with u jon

[@parkerbohnn]

The entire Golden Horseshoe follows the lead of the 4 cities Markham, Richmond Hill, Unionville and Stouffville. RBC is wrong home prices will rise this year. I'd bet my last dollar Markham and Stouffville will rise double digits in prices this year.

[@Stormshfter]

@@parkerbohnn realtor?

[@parkerbohnn]

@@Stormshfter No but I live in Markham so I already know what will happen.

[@rally_chronicles]

​@@Stormshftermost likely. I had a realtor come into my work and said rates are going down in March. I laughed. It's not what you want to happen, but will actually happen.

[@truckguy6.7]

Housing has been an investment opportunity in Canada and many other places for far too long now. Once the market even starts to stabilize, it will draw those greedy "investors" away. This hopefully will make homes more affordable for our kids.

[@igor-Light111]

Appreciate your work Jon i wish you were here in BC :)

[@cbarfoot8456]

Money Laundering has been HUGE in Canadian real estate for the last 10yrs.... No one listed to me and many rural agents are just worried about making commission and not actually thinking about a realistic transaction. Crooks.

[@michaelanthony3776]

Glad you’re looking after your clients Jon.

[@jonflynn]

Thanks for the comment

[@vitaliebruma5886]

I can see in BC now homes started to sell faster. Some houses are selling for a loss from a pick in 2022. In this respect Jon is right depends why to buy and can you afford to buy to keep it long term.

[@jonflynn]

Thanks for the comment and info

[@jimbentein6337]

Yup. Jon has some serious balls!

[@dtownssqwe]

Powell in US just said today his mandate is price stability and employment growth and not housing prices. This to me says house prices can go up and they won't cut.

[@jason19872011]

I am paying 638 a month rent. I have been saving and waiting for the last 10 years. I have enough to buy the bottom of the barrel house cash right now in my area.

[@parkerbohnn]

Rural New Brunswick? Edmonton?

[@Wds__99]

I’m selling. And buying.

[@jonflynn]

you're ok then

[@CherylHarpercompulsivespinner]

Jon your such a smart man. Thanks for all you do.

[@DavidBarnowski-fe7nl]

I agree on your thoughts for markets in Toronto & Vancouver. The pricing there is incredibly unsustainable but I still don’t see this drop you’ve been speaking of in Ottawa. We had the original drop when rates went up and then we got increases in prices again. I don’t expect the market to bull rush when interest rates drop but there will obviously be added pressure on prices to go up based on homes not being built fast enough. Supply and demand. Maybe this is just what I see in Ottawa which is my home market.

[@peterrazny5718]

You would think that everyone looking to make the largest purchase of their lifetime, would want to know the details of where their money is actually going(interest vs principal), but that's often not the case. So many people are just renting their homes from the bank by paying absurd interest amounts, just so they can say they are a home owner. It's built into the Canadian culture to turn a blind eye, because real estate always saves itself. Thanks for taking the time to share your experiences with us all Jon!

[@jonflynn]

Hey, great comment, thanks

[@Doug-zl8nb]

There's a lot of homes on the market. When you look at the inside with no furniture wonder what that tells you

[@lovechild9258]

Thank you for speaking the truth

[@ChrisvP]

Subscription earned

[@jonflynn]

Awesome thanks

[@James-tk9oy]

The further back your videos go the worse the predictions

[@t-bonesteak1502]

In victoria only the bad areas have been reducing, the good areas are still moving quickly

[@tarikselaiwa7433]

Good advice numbers never lie

[@JAB0909]

Great video! Can we get an updated buying timeline?

[@jonflynn]

Yes, soon. Just waiting for one more piece of data

[@crowndroyal]

Sound advice

[@jonflynn]

Thanks for the comment

[@sergeyc5528]

So. How to you buy a house with a Casino chips?

[@jonflynn]

go back in another day and exchange back for cash and it shows as casino winnings

[@sergeyc5528]

@@jonflynn I see. and its tax free...

[@joebazooks]

flynn for the win!

[@Carolinapetroska]

You did well, unfortunately too many foolish and irresponsible buyers out there who just want to pretend they can afford to buy the big property but they are not able and will end up selling sooner than expected at a loss. That's so typical of Canadians, pretending, pretending and showing off. No point to even look at properties if you don't have any money. That's quite dumb but I wouldn't waste my time on those people unless I am sure they qualify.

[@jonflynn]

Thanks for the comment much appreciated

[@timshammm]

Great analysis Jon!

[@toti35]

Jon, I consider you a very decent and honest person but are you taking in consideration immigration? Canada in number 1 in the world with most number of new immigrant per year. Until this change, I consider prices will stay where they are.

[@jonflynn]

Our high immigration just adds more victims to the housing crisis.

[@Whatsthis1do]

Do you think the new Mortgage Back Security purchase scheme will allow a divergence between the 5yr and what banks offer? this financial eng will most likely end horribly but could prevent the downtrend in the short run? ... I don't know. Thoughts? Great Vid ❤

[@parkerbohnn]

The GIC purchasers will vanish and buy long term corporate bonds. The Bank of Canada is playing a losing game. They're pushing down mortgage rates and GIC rates but corporate bond rates have actually risen at the longer end.

[@Mr.Wonderfull]

too late

[@jonflynn]

maybe

[@CallPaula4RealEstate]

I’m a great realtor, hence the reason I’m hurting bad.

[@TaiChan-m3r]

Thank you for being so honest. The # 1 honest real estate broker in Canada.

[@sylviaswiderski5133]

Great, sound advice, thank you! Subscribing now.

[@jonflynn]

Awesome, thank you!

[@ketan.x]

Honestly how do you make money,Jon.?😅

[@CallPaula4RealEstate]

I’d like to work in a field that r & d’s this issue