The Disaster in Canada's Real Estate Market... (ft. Al Sinclair)

[@wiseoldowlshow]

Hope you enjoyed this episode! Let me know who you'd like to see on the podcast next!

[@ValeriuBabi]

Al Sinclair over and over. You guys can do a Tube HotProperty show twice a month or so.

[@denesbastos2001]

@@ValeriuBabiPlease don’t

[@miloradrabasovik7938]

Well you got the worst Realtor in Canada . I listened him in March 2022 when he said the average house price in GTA will be over $2000 per square feet. Today in Oakville not even $700 per square feet for newer single house? And now we need help from government? Yes if they doing fairness with buyers and Corporate Developers, because CMHC secretly bailed out Corporate Developers with 55 years mortgages and for buyers 25 years only? All Circus and waste of time Good by

[@ValeriuBabi]

@@miloradrabasovik7938 So you bought in 03.2022?

[@Concerned.Canadian.Review]

Lying, crooked, stealing, pity-partying low life's who should be behind bars. Who is stupid enough to post this sick video? Please continue to make your millions off the sweat of hard-working Canadians while suppressing them and mocking them and preventing them from ever being able to purchase a house of their own. You should be ashamed of yourselves, but you won't, you'll just continue to pretend to be the victims. Unbelievable and disgusting!!!!

[@AProvocateur]

Tldr, two old guys reminiscing about the good old days with zero self reflection as to why the current market is so hard for first time buyers to get into

[@TheWhiteAfghan]

💯

[@juanaguilar4649]

Standard boomer mentality

[@giannigianni8292]

You’re completely clueless. Get informed ffs .

[@AProvocateur]

@@giannigianni8292 ok boomer

[@denesbastos2001]

@@giannigianni8292It looks like everyone is clueless but you 😂😂😂

[@AnthonyFrancella]

A correction on the old lady capital gains tax story which you talked about in the context of the capital gains tax increase. She gifted the property worth $270,000 and she was complaining that she had to pay capital gains tax at all because it was a gift. This had nothing to do with the capital gains taxes because it wasn't law at the time, it's still not in effect until June 25th. I am not arguing in favour of the capital gains tax increase, just pointing out that lady thought she could pay $0 in taxes because she gifted her property.

[@guyhickey3343]

Real estate joker,this guy also sells cars without tires..😂

[@matthewsday_in_a_life3217]

#1 Shyster - real estate license requires Grade 3 math and a nice shirt and tie - not waiter but real estate magnate

[@thejuice3819]

🤣🤣🤣

[@TheWhiteAfghan]

Omg the clown 🤡 realtor from cp24. "BUY BUY BUY !!!" 😂😂😂😂

[@nohandlegoldk]

Al was so arrogant on CP24, it was such cringe.

[@denesbastos2001]

Worst episode ever, not because the host thought. DONT list, we dont want buyers to have options. Buy buy buy, prices will go up in 2 months 🤣🤣🤣

[@robertnitti5895]

All ale Sinclair says it's a good time to buy! Wow!

[@mr.d4295]

This guest is a horrible market pumper 😂

[@caborama]

Having realtors on torpedoes your credibility. Having licensed criminals on loses you a sub.

[@wiseoldowlshow]

I have no issue bringing on guests that can provide perspective and share insight on the past. Personal attacks are not necessary and I appreciate your feedback. Take care.

[@caborama]

@@wiseoldowlshow Nothing about the specific guest was mentioned. Just about a group of people who are happy to profit from contributing to the deterioration of our standard of living and the destruction of our society.

[@markz1013]

The king of FOMO himself.

[@TheWhiteAfghan]

Hahhahahahah 😂😂😂 read my post above 😂😂😂😂

[@7966016]

Too funny! That's what my first thought was!! This guy is part of the problem!

[@nospm1244]

omg who is this guy inviting to these sheet shows.... get freaking lost

[@denesbastos2001]

Crazy dude with disturbing ideas, why does he want less options for first time home buyers? We should have more listings, not less

[@stevet9652]

All agents should be sued for manipulating the prices. Lets all get together to start the process

[@mycharles3340]

Biggest crook in real estate

[@giannigianni8292]

How so? You have zero clue what you’re talking about.

[@nospm1244]

yep. took about 20mins to realize that, still way too long.

[@denesbastos2001]

Yep

[@spicoli4217]

The highest mortgage rate ever in Canada was 21% not 24% and houses were cheap as shit relative to income, as opposed to today

[@krzysztofkowalski2816]

they are all schmucks. and i am sick of them

[@TheNewSchoolGamer]

To be fair, detached houses in the 80's were $100-$200k not $1M-$2M

[@wiseoldowlshow]

Interest rates were 16-20% as well. Different times for sure.

[@krzysztofkowalski2816]

People today are selling for the intention of getting your money, banking info and killing you afterwards.

[@lookanabeauti9386]

This guy should be selling used cars..buy buy houses are a zillion dollars buy buy..itll take you a million years to pay off buy buy..I just unsubscribed.

[@wethenorth269]

I understand that Al is saying that in 89 he was paying 24% interest but he’s forgetting to mention a critical part of that. He even said that he was buying a house for 75-80 thousand dollars. The average house price today is near a million. That’s 10 fold more. So 5-6% is extremely high considering the home prices.

[@nothing9259]

You guys created the housing crisis in the first place. Home should never be a business opportunity.

[@seang3538]

What a great episode bringing back those memories. I'm in NS and watched Hot Property every week and nice to hear both of you here. The comments, OMG people, if you rely on One person to make a decision to buy a property, that's on you and nobody else. People these days with no accountability, yeah that's you in the comments. I recently found this channel, it just popped up and I was like oh that's Vince. I enjoy the content and although I may not agree with it all, it's a source of information like other sources we all use to make informed decisions or ways of thinking. We can't all agree. I find it informative and entertaining, keep it up. edit: And it's interesting, I was my early 20's from 89-94 and just started my career, I hustled, didn't complain about how hard it was (unlike the comments here) and blaming everyone for how it is today. Bought our 1st home in 96 and paid it off in less than 15 years, mainly because of the finance aspect of Hot Property and others. So many people under 30-35 just want it all handed to them and blame everyone else.

[@HardKnocks-pi7pc]

This guy thinks alot of himself thats for sure .

[@christopherkelly4256]

You BoomBoys need to get real. Nice walk down memory lane. question: is it ok for a 19 year old to work as hard as you have worked in your life but have no assets nor a family. It’s just not my vision for Canada. I believe the cap gains 60% over $250K tax should only apply to investment real estate. Cap Gains derived from the market should stay at 50%. Let’s not forget the inclusion rate in Canada was 66% in 1988 and 75% in 1990. As much as I can’t stand Justin the current cap gains tax is needed (and the conservatives won’t change if they form parliament). What they do need is to get rid the red tape so 1/3 of the cost to build a house does not go into the pockets of municipalities.

[@wiseoldowlshow]

One has to assess how we got here. Municipal governments have avoided increasing property taxes at the levels needed to pay for the pet projects and instead have continued to charge input taxes (development charges, park land dedication fees, education levies, permit fees, zoning review fees, etc) for new development to the tune of 31% of the cost of a new home. So, if you are buying a $750,000 home, 31% of the cost of that home is input taxes ($232,500) which is passed on to the new buyer, in many cases, the first time homebuyer. The costs that the developer pays get passed through to the end user. This home would be $517,500 instead of $750,000 because municipal counsellors don't have the courage to increase property taxes to the levels they should be. Toronto and Vancouver have some of the lowest property tax rates in the country. These city counsellors should have term limits and not crater to NIMBYism that has created a problem that will take generations to reverse.

[@christopherkelly4256]

Great point … Totally agree with you

[@jodiekohut9443]

But you want seniors to give up their homes ? It’s never a problem until it affects “me”. Yes regular people can relate!

[@fikaboojohn5713]

Didn’t enjoy this episode one bit! When talking about interest rate previously discuss prices then, cost of living etc.. just seems all about you two!

[@Gillz34]

Ah get with the times… not every American can live in New York City. Toronto is a world class city and if you ain’t keeping up with times just move to another city or province. Canada has a lot of choices

[@debbielockhart7762]

​@Gillz34 Bullshit. The whole country is overpriced. And Toronto should not even be spoken in the same sentence as New York lol. And New York has affordable housing within a fairly short drive unlike Toronto.

[@Chris-se3nc]

I understand he’s an old friend. Fun to bring him on and reminisce. Al though is the definition of a FOMO realtor and his ideas on controlling demand to keep price appreciation is wrong for society - good for realtors of course. I think if there are listings it IS BECAUSE people need to sell. Rates are no joke and these debt levels with inflation to boot. Wake up! It is rhyming like ‘89 ‘90 in ‘25 ‘26

[@krzysztofkowalski2816]

its clear dunkaroos, fruit rollups and trix are this guys choice of meals for the day

[@thomasboucher4633]

I was hoping to hear a conversation with a grounded realtor. Then at 7:37 he claims that poor people sometimes own secondary properties, LOL. Just proving that real estate agents are as much part of the problem of affordability, just complete and utter delusion

[@hedgehog_fox]

What a crook. You just lost all respect from me.

[@Concerned.Canadian.Review]

When I first started watching this channel, I thought he was sincere and helping. He is the problem, selfish and greedy stealing the youth and unfortunate. Disgusting!!!

[@praetor1369]

Prices to the Moon! 100 million dollar houses soon!

[@trevors1410]

Remember when our Canindian prime minister let anybody with $1mil in assets a free pass to get in our country. Do you really believe that the people who came had legitimate assets

[@fawadkarimzaad9016]

According to your guest the government has to stay away from real estate. If government did stay out, you would be broke. Housing went up because of the government intervention.

[@ScientistsRus]

The building code has become more complex because of new technologies and dealing with older infrastructure. This is not roadblock created by the government to hamper construction rate. Development fees and approval times are the big things.

[@sherylsauder5579]

A real estate agent who thinks the market is going to really get going soon... get ready to buy 😂😂

[@matthewsday_in_a_life3217]

Real estate Joker

[@alexhakimi7642]

Great video, thank you

[@wiseoldowlshow]

Glad you liked it!

[@dazzler662]

This was insufferable, I’ll happily stop watching this now and won’t return.

[@dougiep2769]

Laundered money is about to vaporize to replaced by massive tax liability

[@thejuice3819]

LOL The Wolf of Queen Street

[@mgdubya27]

Starts @ 6:23

[@geraldbrowne]

JESUS .. when you want to yack on about your past relationships do it on your own time. not interested in your personal relationship history.

[@wiseoldowlshow]

No need to bring Jesus into this. Just don't watch!

[@geraldbrowne]

@@wiseoldowlshow your right. nothing to see here that you cant get on tik tok

[@johnnycroat]

so someone who is now in their 20s or 30s what retirement will they have? will they even have one home that they own out right at retirement

[@debbielockhart7762]

And these guys bitch about a bit of capital gains increase on secondary properties. Boo frigging hoo.

[@seang3538]

with that attitude, nothing and that's on you!

[@deltaskyhawk]

This is SO BORING!

[@johnniemitchell-gz7ei]

You guys are doing analysis on everything except external pressures. The direction things go in real estate also depends on what happens outside of Canada. You guys didn't mention anything about Ukraine and Israel

[@Andrew-xw4zj]

For Canada RE, China is the most important piece of the puzzle (as most of the outsized bids on the margins where prices are set came from Chinese money launderers) and I'll tell you because I doubt there's much reporting on it in Canada, things in China are bad, I mean really bad, GFC and 1997 Asian Financial Crisis bad.

[@DebbieCWellness]

Always enjoy your videos, thank you for taking the time to educate us what’s going on in Canada 🇨🇦

[@wiseoldowlshow]

Thanks for watching!

[@RubanSiva]

Seller needs to provided VTB mortgage to mitigate or lower this capital gain tax.

[@johnnyboyvan]

Good for the government on Capital Gains.

[@giannigianni8292]

Effing poverty case. Must really suck to walk in your shoes

[@Tom-zu1ss]

Why so much hate here? Brokes can’t handle this type of conversation lol

[@markz1013]

The brokes you speak of are your future buyers, if they can't afford to buy them you have no demand. You can guess what happens next.

[@Tom-zu1ss]

You seem like the type wishing for a housing correction so that YOU can get some skin in the game, then secretly wishing the prices go up after you buy. I’ve seen it before, rince and repeat.

[@markz1013]

@@Tom-zu1ss So your telling me that what's going on in the Canadian housing market is a good thing?

[@Tom-zu1ss]

I’m saying life isn’t fair and quit whining about high prices. There are other rural places in Canada to move too. I hear Thunder Bay is affordable

[@adamkimball5510]

Vince I like this video, it was great to see you both on the same screen once again. I've never seen Al like this outside of the hot property show. I was waiting for him to take advantage of it and drop a curse word or two, an occasional "F" bomb here or there. 😁

[@angelaevans1300]

Inside man. Not for me. I know my place in Canada