Global Housing Crisis: Surging Housing Prices Threaten the Middle Class (Toronto & Vancouver Too!)

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Global Housing Crisis - Top 10 Most Unaffordable Cities in the World
n this video, we dive deep into the alarming rise of housing prices in Toronto and Vancouver, now ranked among the top 10 most unaffordable cities in the world. Discover how the global housing crisis is reshaping the middle class, making homeownership a distant dream for many.
🌍 Global Perspective: We zoom out to provide a bigger picture of what's happening worldwide, examining how the pandemic, remote work, and urban planning policies are driving this crisis.
📊 Key Findings: Learn about the latest research from Chapman University on international housing affordability, and see how cities like San Francisco, Sydney, and Hong Kong compare.
💡 Middle Class Definition: We explore what it means to be middle class today and how the traditional concept of homeownership is being challenged.
📉 Housing Affordability: Understand the underlying reasons why housing prices have escalated far above household incomes, and why it's so difficult for affordability to return to previous levels.
🤔 Discussion: What do you think about the current housing market trends? Share your thoughts in the comments below!
🔔 Like & Subscribe: If you enjoy in-depth analysis and discussions on real estate and housing markets, don't forget to like this video, subscribe, and hit the bell icon for notifications!

[@CameronFussner]

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

[@leojack9090]

Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.

[@hasede-lg9hj]

You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.

[@LucasBenjamin-hv7sk]

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[@hasede-lg9hj]

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[@fadhshf]

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[@hungwinter2696]

Could you make an episode to analysis why condos management fees in Toronto is expensive than Vancouver? Thanks!

[@reginaldng3775]

Great analysis Mr Wong. This trend will not reverse itself easily, unless we enter a true recession that will wipe off some housing wealth. A lack of social housing is also a problem

[@Ricardo-gs2ce]

Is easy solution, income needs to increase.

[@xyz1663]

Downtown Toronto MOI is 15.6! Only 1.5% of condos listed for sale are selling.

[@catherineto]

Hi, your receptionist kept hanging up on me when I called to book a showing at 115 McMahon yesterday. So rude. She sounds very rude and unhelpful. Pick up the phone once and hung up immediately. I wasn’t rude to her. Just tried to rebook a showing to afternoon. What is that ? She was working at 11am on Jul 13. Please speak to her and do not do that to agents again or change her job if she doesn’t like us.

[@nadeemhassan9019]

Good analysis. Just a typo on your chart on the "Top 10 Most Livable Cities in the World". The first country is Austria not Australia.

[@JimmyHeight]

I think the government should give the land back to the indigenous people. Then the indigenous people can sell the land to Canadians at a reasonable price!

[@annettefennell7724]

Awesome ❤❤❤ nice to know ❤❤❤

[@robert7737]

Study currency devaluation.

[@jayborg28]

good show

[@garychow8421]

Hey Daniel, good video. I agree with most of it. But it's unaffordable not because of remote work. If you look at your top 10 cities, the minor majority population in each of those cities are Asians. Aka Chinese lol. Majority of the Asian culture doesn't believe in putting their money into stocks but real estate instead. We invest and drive up the prices. We all want to be lay ga sing. Lol

[@mbe55itb]

Perhaps consider the geography of the cities listed. Most of these cities are land locked - restrained by shorelines or mountain ranges. There are a few benefits of real estate over stocks - cash flow from tenancy, leverage using mortgage, relative price stability due to demand and intrinsic value. Of course, one drawback is liquidity and versatility. For those that can pick out the next NVidia, real estate investment is truely a waste of time. But, for those who cannot, diversification between real estate, bonds, equity, crypto, and futures is important. Truth be told, modern investors who own a portfolio of real estate properties (residential or commercial) also own a solid portfolio of “stocks” - Asian or not.

[@anastasiaromanov3737]

Great video! I feel sorry for the younger generation. It's difficult for them to accumulate wealth for a down payment. No short cut solution. To Start with, Liberal government needs to go 😂😂😂

[@PercyY-ib2vx]

Don't you think the dollar's value has decreased after printing trillions of dollars? This, combined with high interest rates, significantly impacts affordability. Why is the middle class punished without benefiting from the trillions printed? Where did all that money go, and who is responsible for printing it and then punishing the innocent by raising interest rates? I believe you know who the villains are. Why would house prices remain low while our dollar depreciates? Does this make sense? The Bank of Canada is losing the battle with inflation, and the CPI numbers aren't accurate. To be fair, I would suggest lowering the interest rate and devaluing the dollar.

[@miloradrabasovik7938]

That is coming but AFTER this government. Since 2020 the retail prices went up more than 50 percent but salaries NOT. Still the single houses in GTA are NOT expensive but we are Underpaid since 2015.

[@Pearl-girlca]

Excellent food for thought, thank you. There are development opportunities as close as Yonge & York Mills and east & west of the core. The GTA is an ever expanding pancake. If the cost to develop is too high due to land tax, materials, and poor supply chain and lack of qualified people then building will stall. And if buyers cannot swing owning the existing Toronto stock, then individuals are not making enough money to live in the city which is a huge wake-up call for employers (& everyone). Trends seem to be pushing people to live further away, remote work is more desirable and everyone will adjust hopefully ~ however I think it will be a long painful adjustment forced on us by shortsighted bad leadership at every level. The cost of basic food is so. hight, it's another encouraging reason to exit as Ontario is in trouble.

[@johnoa1146]

The "increase density" resulting lifestyle is a path to bad quality of Life! Kids raised in apartments; no yards to play in, no trees to climb, no "tooling" around the neighbourhood on your bicycle.....sardine can living. Housing unit size shrinking as the densitification trend persists. What if remote work really takes off? Why live in crime ridden GTA? Head out to the "country" or at least to a suburb where you can buy a single family home. Disclosure: i live in Ottawa in a si gke family home. My kids had the life style i describe as they grew up... As i did in small down northern Ontario... But maybe quality of life does not matter.. look at history.. WEF will take care of you... Just ask Freeland and Trudeau! As an after thought... What Is the definition you reference for the word LIVABLE? That is key!!! Our politicians, like trudeau and freeland, are rich... The definition they have for livable likes has at least two meanings... Livable for them likely includes multiple " homes" with at least one of them being a large lot single family house.