My Brutally Honest Opinion on Canada's Real Estate Market

[@birdman1265]

"If you don't want to build any houses, don't bring in immigrants" I couldn't agree more!

[@trevorh3095]

We need to get this guy ellected!

[@samimtokhy9312]

Yes, we need more homes asap. However, I don't think he means to just stop immigration completely. Not a wise decision. We have labor and will continue to have labor shortages in Canada for years to come. There has to be a balance between the two.

[@wiseoldowlshow]

The political machine is ugly....

[@michaelgalanos981]

@@wiseoldowlshow They bring them for votes but in ten years when we have huge unemployment immigrants we become a burden we will not get much done housing is not going to be built as we need it this is government BS no matter who is in power.

[@birdman1265]

@@samimtokhy9312 Where is this labor shortage? All you see is lines of people applying to a couple of jobs. Plus a report came out that Statscan is under reporting the amount of non-permanent residents in Canada by 1 million people. Liberals broke the immigration system which is causing anti-immigration sentiment to grow in Canada. I agree with this video in the sense that "If you don't want to build any houses, don't bring in immigrants". We have to put Canadians first!

[@bilbobaggins4462]

"...Ya wanna protect the green-horned frog and some kind of bird..."!!!! Oh man that is GOLD! 😂😂😂😂😂

[@g-wagonsg-wagon3693]

😂😂😂 I subscribed after that

[@laurelstewart4264]

I have recently put 3 offers in on properties north of cottage country : 1-2 acre, not serviced, not waterfront, no well/septic and the sellers think their properties are worth $150-200K. All three refused reasonable offers. Real estate transactions are business transactions. It seems most vendors aren't living in the real world

[@GreenBeanGreenBean]

how about I buy your house for $1.........that seems reasonable to me............love it when people cry about submitting lowball offers and being the 30th person down the list.

[@dowoo5914]

Reasonable offer seems reasonable…no more over asking price…fueled by panicked buyers because of realtors

[@afs-drew9644]

BNN Bloomberg just recently described Canada's real estate bubble as the largest in history. Nice Trudeau resume builder. Prices are higher than Chinese spy balloons Recession is the dart gun. Asian money out of Taiwan and HK ( getting out while they still can) are even buying up summer places. One island north of Vancouver - I forget the name - is being bought up big time.

[@marcoprolo1488]

They have the time for them I guess 🙂. It costs near to nothing to hold a piece of land and wait for something to happen to prop the value up.

[@johnnycroat]

i would not even pay 150K.....the reason why our parents or grandparents could afford cottages they were dirt cheap

[@afs-drew9644]

Love your channel. You are the voice of reason !!!! Thank you for telling it like it is !!

[@Chibling]

Apartments used to be cheap enough no matter your wages. Now you need top wages for bottom apartments. All new builds will just be bought by Monopoly Lords. Unless the government takes on building things itself and bans scalpers from buying them.

[@supermash1]

Agreed.

[@sharkarkheart9085]

Blackrock.

[@pedroual]

Honest opinion indeed but prices have to drop significantly and we do have to build a lot more. When and if we get to a lot more built and prices are much lower then measures have to be applied to prevent what happened now. We cannot return to a this where only the rich and those with equity may buy homes. A home should be first and foremost to live as a primary residency and not to be used as a savings account. Too much work to be done but again prices have to drop by a lot and more. I know that this is what those who own really fear. We have a mess and I agree that nothing will be done although it should and could be done.

[@pedroual]

Also not a believer and agree with the reasoning and mentality of densification. Not in case of Canada particularly if outside of the city core.

[@apprenticephil649]

Good luck. Here come another million immigrants

[@Chibling]

Unchecked greed on all sides combined with very cheap credit is a recipe for disaster. We rewarded people taking out as much debt as possible, and then some. The bubble equity then went to inflate the bubble more! Debt on debt, delusion on delusion, greed on greed.

[@ArZ00765]

I would rather trust a thief along the highway rather then a realtor and that they will work for my best interest 🤣🤣.

[@afs-drew9644]

Smart builders are waiting for fed govt interest free loans. Sean Fraser - excessive immigration genius - now housing hero - last seen in Vancouver dropping 500 million in support ( ie ... free money) for building projects. Thank you. Blackstone must be salivating at upcoming profits in the Canadian Mkt. Somebody wake up Buffet who just went big on builders down south. Guess he doesn't read the Toronto Star.

[@DTrent-uy1wl]

Vince, paisan, keep up the good work

[@rickyb8636]

I'm a former lender of 25 years experience. You give some wonderful advice here about paying down debt and I agree you are right on the mark.

[@wiseoldowlshow]

Thanks!

[@branttrainstation]

Unfortunately there are no good real estate agent, I've been asking agent after agent to put low ball offer on homes that have been on the market for over 100 days, they tell me to bid over the asking price, I had one agent to schedule to showing of a house that was on the market for over 75 days plus it had been reduce in price twice I also told the agent we would like to try a low ball offer, my wife and I got into our car and was about to drive 45 minutes to go see this house, we call the agent to make share that we're seeing this home that day, when we got a hold of the agent he told us he cancel the showing just because we were not offer way over ask, you tell me if there any good agents

[@siddiqze]

Your real estate agent is representing u and the price u want to say instead of he suggesting you the over asking price. Worst case is that u may be outbid by someone but thats ok while u continue your search.

[@wiseoldowlshow]

Make sure your expectation matches reality. There are buyers that want to buy a $1 million home and only spend $750K because the property has been listed for a long time. In some cases, the listing agent has listed it low to gain attention with no intention to sell at that level which seems to have been a trend. It's these listing agents that have caused significant wasted time for buyers and buyer agents.

[@lapraxi]

@branttrainstation. If you were a real estate agent would you waste your time with cheapos who don't pay your bills?

[@sugadre123]

You have a great channel. One of the few logical and common sense channels in Canada. Only thing i disagree with is that I dont think the majority of problem is building houses. Its hoarding houses. That needs to be disincentivized. Or actually penalized. Thats what is creating the artificially "low supply". Lots of vacant houses sitting out there soo

[@GreenBeanGreenBean]

they are only vacant because dealing with tenants is more headache than they worth, tenants have more rights than landlords do..... Canada has the lowest # of houses per 100k people in the western world and new supply quickly going to 0 with these high interest rates/costs.

[@VinceGaetano]

With population growth running significantly higher than home building, investors will always take advantage of the opportunity.

[@PrinterGoBrrrr]

@@GreenBeanGreenBean I did not know that fact, good to know. thanks for pointing it out

[@terryevp4084]

Great information. Thanks Vince

[@doreen.rruvuza566]

D

[@CoconutPatel]

Thanks for great content! Appreciate you calling out the lack of "shovel in the ground" So frustrating

[@stukatz2445]

Trudeau must GO!!!!!

[@GreenBeanGreenBean]

how bout no, conservatives will only make it worse lol...............they don't have solutions for ANYTHING.

[@C-4-C]

My chin strap can't get any tighter anymore lol.. Great episode!!!

[@VinceGaetano]

Keep the helmet on!

[@KM-sr9cc]

Home is a "Life Necessity" and NOT an "Investment Commodity" and the coming Housing Crash in Canada will settle that reality in Canada once and for all.

[@pedroual]

If we are so lucky.

[@mikebowers7719]

Should not be able to 'INVEST' in the res housing, thats what the stock market is for.

[@JaBlanche]

Tiff said low rates for a long time...Trudeau too. These two should be feeling some serious heat. Anyways, Vince needs more subs for the great info he provides.

[@wiseoldowlshow]

Thanks for the kind words. Please share with friends and family!

[@Jancan20]

Do mortgage brokers fake income documents or how are people making 60K are getting 800k mortgages!

[@wiseoldowlshow]

Fraud does exist at both the mortgage brokerage and bank mortgage specialist level and is estimated to represent 5-7% of the market. It happens and these folks should be avoided like the plague.

[@citizenm9590]

I was in USA duinf last house downturn qnd it took around 4 years to bottom out here in Canada we have long way to go as price will fall. Realestae is lagging in indicator all those rate increase are jist starting to get felt it usually taks around 12 to 18 month for all thise rate increase to work its way into the system.

[@markz1013]

All the greenbelt will have is 1 million$ plus homes.

[@supermash1]

Just keep pumping that bubble! Just what Canada needs, a bigger housing bubble!

[@wiseoldowlshow]

Who's pumping???

[@beautanner8409]

Yes, indeed we do want to protect the green horned frog and 'some type of bird'. Finger-pointing at and blaming those who are partaking in unscrupulous behavior is an absolutely necessary part of keeping a democratic system alive. I'm not against density, and streamlining the process - but if unethical practices happen to align with a desperate need, it doesn't mean people shouldn't address it. We can both address unscrupulous behavior, and build houses... it's not one or the other.

[@VinceGaetano]

Fair. Where will we build? Municipal councillors are slaves to their NIMBY constituents. Ethics are a utopian thought with politicians in this country.

[@torontomunda]

Canada the next Venezuela 😂

[@markfair7648]

I live in a gated community it's called the green belt.

[@insanegixxerdude486]

A lot of distressed sellers right now and it’s going to get a lot worse. Keep your powder dry!

[@ks82624]

Where do you see distress sellers? Sells who don't get the price they want just don't sell

[@biancaleva]

The reason of not being enough rental units are in my opinion, Rent control. You buy building with your own money, then you become a slave to management of Government, they tall you that you have to clean and repair the building, all this rules, that you need to be a Lawyer to understand. This is my reason I don't want to build and buy more!. Government is dumping low earnings people on the arms of landlords. We are becoming socialistic city, to top it off, we have mayor with idea that will just tax people and build apartments. It is shit show, like you say!!

[@donm2067]

But Nolan Mattias told me I shouldn't pay it down as quick as possible. He assured me rates could never get above 3%

[@VinceGaetano]

When you owe nothing, you have no master. Always pay down debt as quickly as possible when making payments with after tax income.

[@philovance1940]

My wife has always done this - pay down your debt first.

[@matthewsday_in_a_life3217]

Can you please recommend a good lawyer in Mississauga for a simple purchase of new construction home and mortgage. What would be the market rate today?

[@wiseoldowlshow]

There are many and best to google search lawyers in Mississauga with high google reviews. Shop around.

[@individual2214]

Nobody wants to talk about high condo fees, like 700 per month wth

[@treaty8631]

Why do i feel like this is all going to explode globally at exactly a point where the percentage of middle class fall into the debt trap.

[@amandalittle459]

Pay down mortgage even when gic rates are so high? I'm torn there.

[@GreenBeanGreenBean]

you pay your mortgage with after tax dollars......................you buy a GIC you are getting interest which is 100% taxable..............so paying off mortgage is still far far far better. Even if you can put your GIC in a registered account to make it non-taxable....still not as good.

[@VinceGaetano]

YES!!!!

[@VinceGaetano]

$100,000 mortgage at 5% requires you to earn $8,000-$10,000 per tax that leaves you with $5k. $100,000 GIC at 5% earns you $5,000 which is taxed at the highest marginal rate of 30-50% depending on your tax bracket. You are left with $2,500 to $3,500. Pay down the mortgage and get rid of the debt. Once paid, save and buy a GIC

[@harism2001]

Mafias. Corruption 😊

[@1dbvvdb1]

You cant build affordable housing because wood and concrete and drywall arent affordable.

[@jsks76905]

How does new cheap land (to the developers) help with housing? The developers are canceling projects on lands that they already own and not building. Putting more land in the developer's coffers will only line their pocket with more money. Developers aren't going to lower the prices on new builts just because the land costs less, as a business they will charge as much as the market will bare. If the gov wants to give away cheap lands to help with housing crisis, they should give cheap lands to profits like habitat for humaity instead of their developer buddies who contributed to their political campaigns.

[@wiseoldowlshow]

Correct me if I'm wrong but the government is not giving away cheap land. The are changing the zoning.

[@jsks76905]

@@wiseoldowlshow The land was purchased for pennies on the dollar as the original zoning didn't allow for development, then they influenced the government officials to change the zoning, increasing the value of the land hundredful. Same effect. Corruption, and it stinks to high heaven.

[@rodgerdodgerlowe1838]

5% mortgage rates are excellent, when mortgages were half compared to now.

[@Relaxlifeisshort2]

Build build build, no red tape and density severe lots etc only way it will be ugly let things go with common sense.

[@stukatz2445]

Come on out to YYC, earn more and lower cost of living!!

[@pilotgirl5953]

You are correct about the green belt. Yes there is some corruption, but at least these guys will build! lessor of evils currently.....

[@markz1013]

Build what ? Affordable homes. Lol

[@pilotgirl5953]

homes. Affordable? Depends on what that means. For low income, probably not.@@markz1013

[@wiseoldowlshow]

There is no such thing as affordable housing. When 31% of the cost to build is input taxes, developers simply pass this cost to buyers. The government has created a revenue flow on housing and they have become addicts on the windfall. We have now hit a wall with higher rates, building costs due to input taxes and nothing will be built. Government went to far and it will be painful to fix.

[@isaiahsmith8523]

​@wiseoldowlshow even if that tax was waived, it would mean 31% more profit for the builders, not cheaper homes for young Canadians. Homes need to be affordable to be attainable. Otherwise it's a house-poor situation that can crumble with sickness, job loss, etc...