Politicians are misleading you! Federal Government PUSHING 30 Year Amortization!

[@wiseoldowlshow]

Thanks for watching! Comment your thoughts below!

[@C2Cats]

If you keep voting for the goof that's spends $6,000 a night, for five nights on a hotel room, or $220,000 for a week of airplane food, this is what you get, a complete disrespect for the taxpayer, I don't know what Canadians are thinking, their obviously not paying any attention to government doings, and it will only get worse until they do.

[@davidperri8862]

30 years ammorts are the worst thing they can do. If anything they should be compressed to 20 years

[@robertguay3773]

or go back to 15 so you actually pay principle off each year.

[@deantoronto2685]

30 yr ammorts means the banks win huge. No wonder the new CIBC building in TO is fancy.

[@joeg2942]

How do you know when a politician is lying? They're lips are moving.

[@johnnyboyvan]

Their lips 💋

[@jz12390]

Who in their right mind is going to buy a house at these prices..? Steer clear..

[@quixomega]

With all the major media talking about rates, some people might get suckered as they come down.

[@Relaxlifeisshort2]

Thsi is the same shit i have been hearimg for 30 years oh prices are too high i will wait for them to come down. Well of i took that advise i would never have gotten to having my properties. We are in another transition. Condos will come down but single family homes in good locations near transit will not be going down or at least to the prices people want them at. Good luck

[@jz12390]

@@Relaxlifeisshort2 $1.5 million for a small junk house.. Do you think they could be worth 2 or 3 million? Get a grip.. its a huge scam.. young families starting out shouldnt be paying these prices to raise a family.. You are getting holiday Inn accomodations for Ritz Carlton prices..

[@Relaxlifeisshort2]

@@jz12390 these are the same thoughts at 450 k back when, so if you think these are expensive Keep renting and you will see how expensive that is going to get Good luck

[@robertguay3773]

If you just moved here from another country would you know any better.

[@jsks76905]

30 year amortization is a scam. If the price is too high and people are not buying then let it correct

[@Bittersweet721]

@@jsks76905 seems like it's a double scam to favor the lender and the new construction developer on the expense of the consumers.

[@shanesteele778]

30 year amortization just goes to show home prices are way over priced like 8x income

[@robertguay3773]

was 40 years under Harper he lowered it when rates went to zero but under Harper it was 40 years and my mortgage rate at the time was 4.5% so still a lot less

[@garyfrancis6193]

Why not 1000 years? Very easy payments.

[@quixomega]

Why not just up the amortization to 40 years or 100 years, let's do generational debt!

[@robertguay3773]

in Hawaii you can get only interest mortgages

[@DrivingPhilippines]

30 year amortization is only great for increasing cash flow. Another way to do it is get a HELOC at floating prime. Will the average family ever fully pay off their home? Nope. If house prices keep rising, you'll only profit when you sell years down the road. It became unaffordable for us, even when we made really good coin in Vancouver. We don't see house prices going down at all, maybe a brief dip, but will either stagnate for years or rise. Taxes in Canada are insane especially if you own a detached house, own vehicles to drive to office, etc. We left for a while. Watching from warm and sunny Philippines. Miss the poutine though! 😅

[@farrukhnormuradov1372]

👏🙏🫠

[@timelesstruths]

Great post, I like the part about credit card cancelation an importan step for those who don't know.

[@VinceGaetano]

Thanks for the comment.😊

[@philippickles693]

It's hard to fathom how uninformed buyers are when it comes to how much interest they are paying over the life of a mortgage. Financial literacy is lacking in our education system

[@robertguay3773]

they know but if it always goes up they do not care. as they go down things will change.

[@ladyjade6446]

I bought a new car and they wanted me to finance it. I did the math and it would have been $20,000 in interest. I said no thanks I’ll pay cash.

[@murrat]

Wow. My wife wants to move to Toronto. She obviously doesn't watch this content. Great episode.

[@randyhuke3773]

The vast majority of people do not know what they are getting into when they take out a mortgage today !

[@robertguay3773]

most of them just got here from another country and are just going with the flow.

[@randyhuke3773]

@@robertguay3773 So they brought disaster with them, and now we will have to clean up the mess

[@robertguay3773]

The easy fix, 50% of the price of a new build is taxes. then they throttle back building new places with silly rules like 30% of a new outskirt area needs to be apartments. Take a drive across Canada and you will see endless land and endless water. Government is the problem not the solution.

[@MrGrimsday]

Luckily I just found a room to rent 1 hour outside the city for $1,400 a month Yay😢

[@robertguay3773]

why would you even live there. I really hope you love your job I would tell them triple my pay or F off I am moving.

[@rustyscrapper]

Let me guess your in Hamilton and work in Toronto. I used to live in Hamilton. I moved to alberta. My sister is getting an extra floor built onto her house in Hamilton to add 2 bedrooms its going to cost them over 100k.

[@MrGrimsday]

@@rustyscrapper spot on

[@MrGrimsday]

@@rustyscrapper that's ridiculous 100k for an add on It's just astronomically insane

[@JohnMelaries]

Property taxes are outpacining inflation in Calgary! Our provincial and municipal mob is forwarding thinking!🤔

[@shanesteele778]

When it comes to homes there is enough blame to go around homebuilders, bankers, real estate agents and governments but in the end it's the working person who pays for everything in the end

[@donm2067]

Huh, seems like we're pretty fvcked. Who knew?

[@Tw-mo3ne]

That’s like buying a whole other house for the bank!

[@dougpatterson7494]

What?? So you’re saying the salesman at the car dealership was misleading me when he said financing the Land Rover I’d like over 84 months is more affordable than the basic Civic over 24 months??? :P

[@rustyscrapper]

Oh my God I hope a salesman didn't tell you that. I get upset at salespeople when they treat me like I am financially illiterate.

[@rustyscrapper]

Unfortunately most people only care about one number. What is the monthly payment. This is true for everything including mortgages. Nobody asks what the amortization schedule is. Nobody asks what percentage is principle. They see a lower monthly payment number and thats as far as they look into it. And thats how I know most people think buying a house is just alternative renting and tgey will ONLY EVER buy a house if the monthly payment is lower starting the first month, ignoring maitenance costs and utilities. Then those people sell their houses the first time an air conditioner or furnace breaks down and act like the entire society lied to them and they got ripped off because they bought a house with a 22 year old Air conditioner and it stopped working.

[@ladyjade6446]

I just bought a new car. Paid cash. They wanted me to finance. $20,000 in interest if I had to go that route. Fortunately I had cash.

[@dougpatterson7494]

@@rustyscrapper oh no. I haven’t had this particular experience but I have heard “how much for car payments are you able to spend per month” from a salesperson. Not “what are you looking for” but “what’s the most we can get you to spend monthly?”

[@kennordsfan1494]

@@rustyscrapperSo true.

[@rl00668]

Subscribed

[@Bittersweet721]

Okay let's say the intention was good. The question I have is why new construction only? For some kick back from developers?

[@VinceGaetano]

One has to wonder…

[@mycharles3340]

If you need a 30 year mortgage term, dude, u can't afford a home.

[@robertguay3773]

if you need a loan on a car you can not afford it. However we want it and it is less painful to pay every check.

[@ediddysmith2500]

Cities should not allowed to up your property taxes unless you have made improvements, they up the value so they can tax you more, the only thing you can do is leave your yard a mess to bring down taxes

[@mrbbqlvr4274]

Why not go all out and go all in with multi-generational mortgages?

[@robertguay3773]

Most new comers have 8-12 people in a house right now, we are already there.

[@randomstuffman01]

It's not Farking Affordable, Folks. @7:20 I'm amused.

[@gskills]

Our goverment is stupid. Purchase price is what matters not interest.

[@philippickles693]

Municipal government has the same development charges for infill as they do for new green field builds.. in Hamilton, there is a huge opportunity for filling in empty lots and they should be making it easier, not harder..

[@laurarose6829]

Depending on which province you’re in taxes vary. I’m in Nova Scotia. It’s higher here than any other province

[@Eric-cq1bt]

I build houses and they are not worth a fraction of what you pay! 😞

[@randyhuke3773]

Wait til Sept. and a whole new set of taxes !!!!

[@Steve-gc4lr]

You need to add the urls when you say it some people Under stand.

[@rustyscrapper]

30 year mortgages are amazing if your interest rate is below 2.5% If interest rates are above 5% a 30 year is just ripping you off because too much of the payment is interest.

[@regm81]

I can't find parking at Premium Outlet 😂

[@clarencelee8852]

Note: There is a 20-basis-point premium surcharge on the insurance. For example, with a 5% down payment of $500,000, the default insurance premium would be 4.20% for a 30-year amortization request. The 30-year amortization program for new construction for first-time home buyers will not hurt. However, it will take time to measure its success. Several liberal affordability schemes have not achieved the expected results. A 30-year amortization will cost more for a first-time home buyer. The choice for consumers is: Do I pay more for a 30-year amortization, or do I find another way? Remember folks... Liberal sunny ways, right! Sunny ways, my ass!

[@CristianEnacheRealtor]

REAL ESTATE CHANGED A LOT IN CANADA. DO ALWAYS WHAT YOU NEED TO DO. LISTEN AND READ MORE. INFORMED DECISIONS ONLY. NOT READY TO BUY? WAIT. NOT READY TO SELL? WAIT. NEVER WORK WITH OR TRUST AMATORS. NEED MORE REAL ESTATE ADVICES? REAL ONES?

[@insanegixxerdude486]

The average person understands this math and doesn’t stretch their mortgages out this far because of it. Some do because they want their home now and they are willing to throw money away. But what do you expect from a journalist turned finance minister! 😂. She knows this too but she needs to spin it so that she can look like the government is doing something even though this makes houses even more expensive.

[@steflynn7772]

They started that eglinton line in 2011 with an opening date of 2020. Then it was extended to 2024 now it’s at 2030/31 ( we have a war that’s about to touch Canadian soil so we have that 5 year rebuild/recovery to deal with hence 2030/40 for everything now)

[@saroginidevithambapillai3640]

Why don’t we demand all three levels of government to open up the taxes where they spending money what services essential what services we can live without.

[@doordude1980]

Budd ease down on the folks folks folks you making us loose concentration

[@MrMatdech]

High prices are by design …..the system will implode otherwise

[@merevial]

Extend and pretend.

[@lawrencerobles6207]

Extending amortization is crazy. It will just push home prices even higher.

[@cindybrown9898]

this is why we rent. with a higj income. we will never give the banks all our money again

[@sharinglungs3226]

Come on if people were looking at total home costs instead of mortgage payments we wouldn’t be in this mess where a junk house in Toronto is over a million dollars. All people want is lower mortgage payments. People don’t even hold on to their homes like they used to.

[@robertguay3773]

well they think it will always go up which means any price you pay is better today then yesterday. As it drops they will save more and choose better terms.

[@saroginidevithambapillai3640]

Listen Christia Freeland u can’t even afford the room.

[@bc5810]

Great ideas. Instead the Liberals are introducing a primary residence gains tax in their budget early 2025, but only on homes over $1 million. Not a great idea, but it will bring in the funds they need.

[@iconicrocket]

I use the 30 years amortization to lower my mortgage payments, so I can re-deploy the savings to investments or HISA.... so when I renew I can pay more of the principal, so effectively reduce my overall balance that I will borrow and reduce the time that I'm going to payoff the mortgage and overall interest I would have to pay. Am I missing something here?

[@robertguay3773]

That is a lot of work. I did the 25 year then added 10% to my monthly payment. Incredibly easy and mortgage free in 14 years.

[@jefftaylor844]

So you think road taxes on repairmen/contractors entering Toronto is a good thing ??? Question: Who do you think will actually pay this tax ? HINT: over taxed homeowners ! You might want to revisit your love of increased TAXATION.

[@robertguay3773]

if you park in a EV charging spot without charging should be a $5000 fine and same if you park in front of a gas pump. could you imagine waiting to pump gas and a guy parked there to go sleep at the hotel or eat at the restaurant.

[@Evilslayer73]

30 years=more interest and it dont help you with the cash down lolll

[@jodiekohut9443]

Are you still blaming seniors for staying in their homes?

[@YokubouTenshi]

Bike lanes isn't the issue, paying a contractor hundreds of millions to paint some concrete is the issue.

[@robertguay3773]

Bike lanes is the insanity when it is empty almost 90% of the time. Only the poor or stupid want to ride a bike. so they try to make you poor to like the lanes. Or fluoride the water to dumb you down.

[@kennordsfan1494]

Yes bike lanes are a waste of road ways for growing cities! How are they funded? Who pays for the roads that are used? ALL programs need to be funded instead of this borrowing and debt of these socialist’s!

[@randyhuke3773]

The govt. is the taxpayer !

[@robertguay3773]

almost we are approaching 40% of Canadians working for the government or a government industry.

[@randyhuke3773]

Force cyclists to pay tax, insurance and licencing fees

[@robertguay3773]

put up toll roads for them and a $115 license plate yearly renewal

[@randyhuke3773]

@@robertguay3773 Nice touch !

[@brettlongfield3291]

😂😂😂😂

[@manolaykhounviseth1864]

By the time you own your home, your dead duck and banks making billions from home owners. Why live to pay for your mortage. Housing is a necessity that human needs, it shouldn’t be a money making thing.

[@kennordsfan1494]

What is the alternative Venezuela? We are headed there with this liberal gov. Low interest rates which I believe the liberals did on purpose to fuel their spending. Has come to roost for everyone! Debt financing isn’t the answer, if you can’t afford it then oh well! Time to realize that the governments are out to steal your money not help you