The Canadian Housing Market Crash Is Only Just BEGINNING

The Canadian Housing Market Crash Is Only Just BEGINNING ‪@jonflynn‬
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#HousingMarket #RealEstate #Crash

[@MarketManiaPodcast]

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[@Aitch-102]

Having a Canadian condo is like playing 'pass-the-parcel' in an Irish pub. Canada has been building the wrong-sized houses for 20 years. The only thing I can't work out is how long the stream of sheep will last.

[@JS-jh4cy]

What size are they in Ireland 🇮🇪? In canafucked by rudea 500 sq ft is shitty small barely enough room for an house cat 🐈

[@Aitch-102]

@@JS-jh4cy I hear inflation is rocketing there too and everyone wants to leave.

[@jitheshl7037]

Clearly someone's a winner, where is all that money going.

[@vaqueroontario]

"Household income" so often reported by the government is very misleading and meaningless, without knowing whose income is being counted. In London ON there are many immigrant households with 10-12 people living at one address they are articfially inflating "household income" - as are multi-generational families.

[@MarketManiaPodcast]

TRUE!

[@DeWalt20V]

I bought a new home in London last year and over the course of 10 months the complex has become an immigrant ghetto. Multiple families and 6-10 students in a 3 bedroom townhome. Garbage everywhere and shitty drivers. I managed to get my home rented to a young family and am heading to Bermuda for the next year.

[@randyhuke3773]

Homeowners will have to continually drop their prcies just like Stormy Daniels !

[@buckculler108]

I sold to get ahead of the incoming mortgage nuke. I am downsizing so I can handle whatever they throw at us. Luckily for me I live in Alberta so my place got in a bidding war and I made out good. But now I will be camping until I take possession on my new house with less than half the mortgage. I seen this coming last year but procrastinated on getting my house ready to sell until this spring, luckily the Alberta market held.

[@daledobach4263]

Home ownership in most parts of Canada is a suckers game. After the costs of real-estate fees, interest, property tax, maybe condo fees, repairs and maintenance, refinancing, insurance and improvements, and upgrades on top of the principal, it is not an investment. It is a money pit that only makes the lenders and credit card companies rich. Being forever beholden and indebted to "your" house leaves little left for investment in industry, manufacturing, technology, and innovation, the real driver of a healthy economy. Crash engaged.

[@jmb9701]

I mean - that's looking at it through the lens of the lower middle class, or those who live above their means. If you buy a house that's the right price / income ratio you are going to pay it off very fast and then its a very cheap / secure place to live comparatively to renting.

[@terryevp4084]

Great information and eye-opening details. This all happening due to too much greed and FOMO. Many Thanks @Market Mania. Great Show Luke & John. Lets called it "Luke & Jon show" true facts, data and information.

[@MarketManiaPodcast]

Thank you for watching Terry appreciate you my friend

[@SpiderJerusalem-jb6jx]

Making 6 figures in Ontario nobody will even rent me an apartment

[@hbbstn]

I lived in a basement apartment during the last census and nobody knocked on my door or left a form for me. The landlord on the main floor likely filed the form and not even included me. I don't exist for Canada.

[@karenorgan6203]

3:20 yup, marriage was cracked, we still have 2 years before renewal, but it went live today. 1994 build, no differed maintenance, updated heating with heat pumps, here’s hoping it sells. I’m not looking to make money, I’m hoping to break even

[@TheTruth-cg8vj]

If anyone thinks that in the backward semi commy country of Canada RE should sell for multiples of US prices, where everyone makes multiples of Canadian incomes, , they deserve to lose everything.After all if you work 9 to 5 and dont need RE to laundry money what are you smoking?

[@praetor1369]

prices to the moon! up and up forever! 10 million dollar 1 room condos lets go!

[@jeffcindy3274]

Awesome show! Thanks to both of you.

[@MarketManiaPodcast]

Thank you for watching

[@vlado887]

I don't really see anything is happening with a house market in Southern Ontario around shit hole Brantford. House are still extremely expensive compared to people income. I have been following you guys for a very long time. Things that you are talking about make sense but I don't see they apply to Canada. Look for example prices in Saint Catherine area houses prices are insane where people are making money to buy these houses. I make at least 150k a year. To buy a 600k house to the south west of hamilton is impossible. How can you explain this?

[@johnwade3476]

Its turd stealing everyones houses 😢

[@stevekirouac7114]

Iam a drywall taper at niagarfalls and the basement are never finished they will be now

[@BellaBella-jw9ef]

A lot of people have cashed out and are migrating to greener pastures or waiting IMO.

[@vfc1860]

Averages always lie

[@jeffotoole4509]

Yep it’s starting to crack that’s for sure. My eyes are on all the Toronto condos. I think that’s where all the action is going to be. How will the government react to all this when it goes south will be the real show.

[@hbbstn]

Land is expensive, and municipalities push for higher density, so there you go, more cramped suburban homes.

[@Electric_economy]

You guys work great together

[@MarketManiaPodcast]

Thank you we enjoy working together which is why we keep doing it 💯

[@charlottetown4422]

This was predictable.

[@showandtell4265]

They will normalize 40 year mortgages

[@colebevans8939]

Im someone looking to buy my first home. My job allows me to live anywhere in bc/alberta/sask. I’d love to move to the bc interior but 600k for a condo seems like absolute insanity. Would the best bet be to keep working and renting in Edmonton for the next year or two and wait for interest rates and prices both to drop and then make the move with a nice down payment? It seems to me like price decline in the bc interior is inevitable as nobody can afford to move there unless they are a retired millionaire boomer.

[@BellaBella-jw9ef]

Prices are overinflated there too. Look at smaller cities outside of Edmonton and Calgary.

[@Kowsan824]

Love this, watching the interview now and well done!!!!

[@johnwade3476]

15 minute cities 😢

[@gmarks1559]

The muppet boiler room flipping market is dead. Good luck bagholders😂

[@johnmorelli3775]

Great video! Love the charts, very informative.

[@annakrowchuk5612]

Excellent info! Thank you both, great show as always!👍👍☀️🙏

[@MarketManiaPodcast]

Thank you for watching

[@bryankerr9174]

There should be downward pressure on house prices as Baby Boomers downsize. They won't mind if the price they get is down to $800K from 2022 hjghs of $1Million in their neighborhood. They bought their house in 1990 for $200K.

[@patriciabee4690]

Unfortunately most baby boomers are not moving. They are staying much longer in their primary homes. They are also generally fitter than previous generations.

[@johnwade3476]

How do you considate over 1 million dolars of debt lol

[@scallychad]

I will never be able to buy a home an im 42 lol

[@stevemurphy4831]

Coldnt see the figures..just sayin

[@donm2067]

Oh sh!t, nice

[@Pill-AI]

The Jon and Luke show … maybe?

[@MarketManiaPodcast]

hehe

[@barbraprosper9065]

❤❤

[@CristianEnacheRealtor]

CRASH MEANS WHAT? 20%? 40%

[@karenorgan6203]

I think it’s kinda like cars, your card depreciated, you paid too much much interest in your term was for too long, so you try to trade it in for the next new car, but you owe so much on the old car that you can’t get the new car even with the trade-in … we’re talking house money …

[@CristianEnacheRealtor]

@@karenorgan6203 In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.