Things Are Crumbling... Canada Market Update

[@wiseoldowlshow]

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[@miloradrabasovik7938]

Win Win situation is a 40 years mortgage amortization and lower interest rates.

[@Incognito-fe8cw]

CEO of a company = PM of a country ! When CEO's make mistakes, they get fired ! When PM completely destroys an economy, dictates bad policies, wastes billions of dollars, does not answer for any of these, he get a big pay raise !

[@redfo3009]

His boss is very happy with him as he was born and raised to destroy this country. When they are done with him they will dispose of him.

[@petert1692]

Part of the reasons housing prices are so high is the Real Estate Industry. The higher the price, the more commissions. To have this continue is to tell everyone it is always the time to buy property. If people just sat back and let things see where things will go, the prices may start to drop somewhat.

[@jwlafferty]

You act like realtors don't deserve such high commissions. Do you know how many years most realtors had to spend bartending and waiting tables to develop the expertise to sell houses? Not just anyone can do it.

[@tedebayer1]

@@jwlafferty 5-6% on a million dollar home is a pretty good payday....no? Lawyers work hard, not to mention schooling involved to be one, yet they make $1500 to close a deal. Something is terribly off.

[@jwlafferty]

​@@tedebayer1haha, I was being sarcastic. And I take your point on the lawyer's fees, but if you look at the property conveyancing lawyers it's a factory of legal assistants doing the work, not the lawyer. So I don't have sympathy for the lawyers here either (and I am one - not in conveyancing though thank God).

[@jcjc5702]

not if immigration is doubled like after the plandemic

[@RandyRanson-d5x]

Canadians should consider Saskatchewan in the very south near the US border near the Manitoba border. WHY? House prices are low and available, plus although it's rural, it's clean fresh air and the people are friendly along with reasonable rates. The only drawbacks are gasoline costs to drive to larger village centers, but they're minimal in the overall picture. Food prices are high everywhere, COOP prices are extreme, Walmart prices are much lower. Ontario, forget it, it's too high, Quebec the same, plus the french factor makes Quebec a NO, NO. British Columbia too expensive, Alberta high, Manitoba still within reason, although on the rise. NB and Nova Scotia run similar to Manitoba cost wise. Saskatchewan has the best rates in all of Canada. As for me, I bought my beautiful home with a free water spring well, plus large garage and huge lot, for $60,000.00 NO MORTGAGE and a monthly bill for gas, electric, TV, Internet, Mobile phone, and Food totalling around $700 to $800 if you include the price of the car's gas too. That's a staggering difference from being locked into a $500,000.00 to $800,000.00 mortgaged home, let alone the other monthly expenses and their higher costs in the big city. The insanity of the prices of big city homes, is killing purchases and construction renovation costs as well. So why not check out south eastern lower Saskatchewan for your future and family's lifestyle. If enough people make the move, big business of course will follow, so make the move and settle into a life of comfort, and leave the fears of high cost living in the big cities behind. Now I'm going to get in my XK8 Jaguar, go for a drive in one of the best parts of Canada, hardly ever considered. Hope this helps enlighten those that are struggling with the high cost of living! Check it out! All the best, Randy

[@robertduklus6555]

I can imagine this 60 000 mansions. Siding clad marvel of architecture?

[@RandyRanson-d5x]

@@robertduklus6555 I didn't claim my $60K home with no mortgage was a mansion, which tells me you're either joking, mocking or trying to put down my home, which, if you were to see it, it is much better built and designed than over a quarter of all the homes in Winnipeg. I can't imagine how or where you're living, but it must be a lot more expensive than mine, and I really don't care, not like you seem to. I'm trying to help Canadians find homes that won't cost them an arm and a leg, yet you with your smart comment contribute nothing!

[@robertduklus6555]

@user-uo7mz6es9x Randy. I looked a bit through listings in southern sask with prices up to 100 k. Hard to consider majority of them a housing fit for people in so called 1 world. How can a working age person survive in the middle of nowhere ? You proposing miserable existence not living. What town are you in or near?

[@jcjc5702]

dont come to Quebec, we're french tell it to all the pajeets

[@RandyRanson-d5x]

@@robertduklus6555 Gainsborough near Carnduff.

[@m.b5777]

Canada is one of the smallest countries by land mass that is why land is so expensive here compared to Europe and the US

[@quintongreen9970]

What are you talking about? Lol Canada is one if the largest countries on the planet.

[@musicotensai]

@@quintongreen9970US actually has more land mass but less total area. Also most of Canada is inhabitable.

[@cornstar1253]

​@@musicotensai uninhabitable

[@jamierose4088]

Europe is higher than Canada. American big cities simular. Cities property taxes in America are double Canada's.

[@MarkWitzel]

You can't put new development charges on existing residents who already paid their development charges.

[@D4rkBl4de]

😢my rent already increased 500$ a month since 2020... come on... :( with a meagre 0.30 cent raise since then... I'm in New Brunswick. Super low wages. It's awful.

[@bat2275]

Ontario investors are buying in New Brunswick like crazy without ever even visiting the province. That's why

[@kubismatik2]

@@bat2275Same in Calgary, Alberta. Every single house around us was sold within 3 days on the market by someone not even coming to take a look, typically Toronto or Vancouver real estate owners who can sell anything there and buy 3 homes for it here with cash, making our city expensive for people living here in the process…

[@colbiecolbie6979]

I dont see prices coming down without a total economic collapse. I say this because im building a ouse in rural Ontario, myself with some labour , i dont include my labour and im at 400 per square foot…materials are not coming down. Cheaper to buy existing house , builders are not building.

[@MegaSnowman35]

Let's bring in more immigrants. Its the only solution, to build these cardboard boxes😢 Canada you're lost into chaotic situation

[@arronhopsburg8532]

The Bank of Canada does not have control of interest rates. Rates are set in the bond markets and primarily through treasury auctions. The BoC can only move rates within market set parameters. We may see a few minor drops ahead but the market driven trend is clearly for much higher rates.

[@KM-sr9cc]

The Canadian Real Estate Casino is FINALLY heading for a MAJOR CORRECTION (CRASH) in the coming years. Even with rate cuts that seem still on the horizon, the housing crisis will continue well into the coming decades. Affordability and Inflation will be the main sticky crises in Canada for years to come. The effects of the Bank of Canada's DESTRUCTIVE inflationary policies will be felt for decades to come, impacting the lives of entire future generations, by inheriting the trillions of dollars in household and national debt. Brace for bumpy rides shortly, starting in a few months! (After US Election) Massive life-changing geopolitical events would lead to massive global inflation and a RESET in the global economy, including Canada, which would burst the real estate/debt/asset bubbles. Warning: Massive Asset Deflation is on the horizon here in Canada, and even the BoC will not be able to save the assets and debt bubbles this time around. (1970 - 80's inflation is coming )

[@Samw55]

I hope so

[@TheNewSchoolGamer]

@@Samw55 Why?

[@Samw55]

@@TheNewSchoolGamer we need a reset every thing is out of control

[@TheNewSchoolGamer]

@@Samw55 I don't think that scenario would be as ideal as you would imagine...

[@ianjos5044]

Why don't you and other mortgage and real estate brokers finally admit that there'll never be enough inventory for at least a generation? You make the case that prices for new homes are made up of 30% tax. This can never be entirely reduced. For both new and resale residential real estate, there's BOTH a supply AND demand problem. Demand fluctuates by two factors - immigration and speculation. We're all aware of the outrageous immigration policy of the current Feds, but they (and you in the industry) never address the speculators. Too much business from this market perhaps? The solution, which you allude to but never commit to, is to reduce prices 30% by decreasing DEMAND. De-commoditization of residential real estate in the CMAs is the only practical way to address this issue over the next 2-5 years. Other countries do it. Why can't Canada? No one has the balls to address it, including anyone tied into the residential real estate market.

[@treaty8631]

Politicians have huge investments in real estate so God forbid prices go down...if I was in charge....no empty homes allowed and 50 % of all rentals have to be sold...starting today. This is all BS not having enough homes...so many empty and so many investors out there

[@adamhero459]

Depends on government policy over the next few decades. If the government really cares about the shortage and put in policies to get things under control. By greatly reduce unskilled immigration (basically to zero) alone could make things close to where we should be in about 15 years. But governments highly rely on high house prices and are always doing all they can to keep prices skyrocketing.

[@dougpatterson7494]

It wouldn’t be that hard to reduce taxes on new construction. It would probably require increased property taxes but would be more affordable for buyers. Ex. $4000 annual taxes on a $450,000 home results in significantly lower costs than $3000 property tax on a $600,000 home. The annual property tax rate in this example is 33% higher but with home purchase cost 25% lower it is more attainable and mortgage payments are lower.

[@lennyl6856]

The 30% in taxes and development fees on new construction CAN be reduced IF local governments were to raise property taxes on every property. But they won’t because the overriding goal of elected officials is to be reelected by not angering current homeowners.

[@firstandforemost87]

@@treaty8631 50% of all rentals have to be sold? Lol. And who decides who sells?

[@YokubouTenshi]

The biggest fallacy here is that people think interest rate is equal for all parties. Interest rates WILL come down, but only for government bonds. Q: "Why would people buy government bonds at a low interest rate when they are profligate spenders?" A:" The other fallacy is the assumption that government bonds operate in a free market, a portion of it does, but most of them are forced purchases via mandates to pension funds, bank reserves, etc." Basel 4 is coming this year, this will force banks to hold even MORE government bonds, artificially driving government bond rates down. What this means is that banks will have less discretionary lending capacity (in Canada, OSFI's new rule already limits high leverage borrowers starting this year as well), effectively raising the spread between gov't bonds and MBS. This is how you tackle inflation without the governments being unable to repay their debt, you raise the cost of capital for everyone BUT the government, financial repression at its finest.

[@jasperalberts7647]

Don’t forgot CBDCs tied to a social credit score

[@sherylsauder5579]

Yes, now take money out of your RSP and sink that into your house....as if Canadians aren't too heavily concentrated in real estate already. The Canadian economy and people's capital are so heavily weighted into residential real estate, that it's terrifying.

[@ronaldewalker3704]

Much respect to you sir👍.

[@glass8289]

they know what they are doing!!. It's just vote politics. they don't want to lose the votes of home owners and also want to manipulate the next generation, to make them think, government is doing something for them on housing. hope people don't fall for this and understand. thanks for the honesty!!

[@jodiekohut9443]

You are so right.

[@truthteller6743]

Uniparty rules us all.

[@Casey-qm1nd]

You are pretty good, followed.

[@ronaldewalker3704]

Feeding the algorithm with TRUTH (⚖'s of facts). Thank You again Sir✌❤Freedom.👍.

[@cliffm6566]

The Canadian Ruling class is completely insulated from the lives of ordinary people so they literally have no interest in making housing “affordable”. The revenue machine from new housing is critical to pushing more and more people into rental housing.

[@Chima4289]

Interest rate drop will immediately trigger price increases

[@tommynickels4570]

Immigrants !!! We need more !!! Diversity is our strength !!!

[@7HellBlade7]

great coverage

[@davehawkins5265]

Higher taxes, above average inflation and house costs rising. The sad truth is that today we are living beyond our means. Time to reduce expectations and build resilience into our finances.

[@shanesteele778]

Rates are not coming down and like you say demand side is rising quicker even a 1or 2 percent rate cut will only make the supply less they put us in a very precarious place

[@SeriousSam101]

Bring more migrants we need them for the economy to grow, tent city anyone...

[@tedebayer1]

Houses are worth what a market will bear. In the 90s prices dipped a bit then stayed even for the entire decade, and this will likely be no different. In 1981 when interest rates went up to 21% there were not a lot of homes selling, but prices didn't drop significantly. The problem today is wages have not kept up with inflation like previous eras. People are screaming house price, but not rent prices. If I sold tomorrow, I couldn't afford to rent.

[@kimaschenbrenner7483]

What a sad thing for Canadians. Absolute federal government incompetence

[@shawnabc9477]

My renewal is in 3 years and I'm upside down with my variable. Waiting for the rates to come down and lock it in. Can't believe my broker advised me to do variable on a rental property.

[@jero_me]

Many brokers and bank advisors earn commissions for each variable-rate mortgage they sign up, often included in their annual targets…

[@MrMatdech]

not a scam …it’s by design

[@paranoidandroid9825]

Mortgage means ( Mort=Death Gage=Pledge in French)

[@wanmanki9311]

Just buy land not a house or townhouse from developer

[@lulabloom4636]

Is it too late to go back to the olden days ways I ask myself? My Grandma bought a beautiful piece of land in the Kootenays BC, view of Syringa river...grew her own food, sold strawberries, had a freezer full of homegrown produce and baked her own bread. I am lucky to have those memories. Currently 'living the dream' in Vancouver right now...not. Shuttered my small shop after a second lousy retail year...If I could afford to get outta here I would.

[@bjtowns9554]

Why are they building such large houses how about smaller homes less cost and taxes!

[@Tassonebeats]

dont buy in canada come to europe theres wild deals here!

[@ArturioR]

we dont have a housing shortage.. we have over immigration.

[@PatrickNovotny]

There is zero evidence of a housing shortage. Straight up parroting politicians and complainers. 😂

[@francoisgermain5580]

The title was interesting, but you started off imo. You are not losing compound interest when getting a home. that will appreciate 5 to 10% per year and compound there too. Now I agree about the burden of saving, but saving there or saving elsewhere, people have to save.

[@barrybrand2970]

INTEREST RATES SHOULD ONLY BE LOWERED FOR BUSINESSES NOT FOR THE OVER PRICED HOUSING MARKET..

[@musicotensai]

Problem Is home builders are businesses too. They want their cut too.

[@2maw1wrimike]

If i have 10 kids and they all buy a home, but only 2 homes are new builds, why do only 2 of my kids pay these extra costs for just these 2 new homes via development charges? Should these costs be spread over 8 of my kids or all 10? Asking for a friend

[@joei4ever]

how do we have housing shortage, if 35% of properties for sale are unoccupied???

[@nospm1244]

You forgot about the 5 year grace period to start repaying, inflation and indexation of personal tax credits. I think it's much better to spread taxation of these $60k over 20 years, assuming you are somewhere between $130-200k annual income. If you make 80 or less, it may make less sense.

[@aaronsullivan1628]

Did you read the whole government paper? As well as the withdrawal of your RRSP there’s a new provision of submitting your first child to be thrown into a volcano to appease the god of finance.

[@murrat]

I'm solving my own housing problem in an unorganized township in Northern Ontario. No building permit. Screw the city tax. The City taxes and permits are non starters for me. Work online from home or bring your skills up north.

[@irishcanuck9489]

Yes great ideal if a person works from home or pensioned, only recently heard about unorganized land in Ontario, no building permuts can live in an RV, no taxes etc.

[@murrat]

@@irishcanuck9489 I tried staying in an RV the last two winters and it sucked. High humidity and poor insulation. I had an attached insulated shed that was my primary living spaced while I build a home on my lot. I used the RV for cooking and shower. Heated to 10 C to keep pipe from freezing.

[@irishcanuck9489]

@murrat ya, Canada's winters suck for RV living. I'm in BC up north, we don't have the humidity, so there are a few brave souls who rough it in a RV all winter. They insulate well and skirt them. Still more freedom on unorganized land, even living in an insulated garden shed. Can't do that anywhere else. Good for you! Keep well!

[@rrusselljr67]

You have no choice but to deal it straight. I'm in the market to buy and I've pumped the brakes HARD....... This is going to get much worse for a long time. If my math is correct given the current data. Banks are going to gradually raise the fixed rate 6-6.40% on fixed rates for the next 3-5yrs.

[@bathtubrenew]

At this point agents and brokers must be starving.

[@Mrjones1905]

Dumbest thing I did as a first timer is the homebuyers rrsp bs

[@deltaskyhawk]

This happened to me ... the buyer wanted me to replace the furnace. Claimed it was leaking gas ... I got a gas inspector to check it out and nothing was wrong. There are scummy buyers out there ... seller beware!

[@priuss6109]

Too many scummy, greedy sleazy sellers

[@deltaskyhawk]

@@priuss6109 Real Estate is a dirty business!

[@justinaldrich1719]

I fucking love the T-Shirt!

[@jwlafferty]

Umm, if you have $60k allocated for a house, put that $60k into an RRSP first and then withdraw for a house. Get the tax refund and put that in your RRSP as part of the $60k repayment. What am I missing here?

[@wocookie2277]

Who’s paying for the infrastructure for these new homes, present home owners in the area through tax levy’s. I already support a for profit trailer park through my utilities, let’s add more, as well as inflation and carbon tax. I will be needing the affordable housing because I can’t afford the house I worked my whole life for.

[@bobsheldon5015]

I would say that there is a shortage of affordable housing

[@johnnycroat]

theres a shortage of affordable homes , but a surplus of unaffordable homes

[@bat2275]

Tiff caused this s-show

[@bobsheldon5015]

Housing is taxed like tobacco and alcohol

[@praetor1369]

you don keys in the GTA voted for this government, enjoy the consequences of your actions, dont expect rate cuts till late this year oct nov.

[@dinoa.17]

Toronto Vancouver house prices ll go down %85 imminent

[@tomaga5856]

Please dont spook Tiff with martek drop predictions anymore!

[@cindybrown9898]

an insane idea. especially today

[@John-u4l9y]

Hold you cash and keep your passport current

[@michaelurban1937]

People who wish for interest rates to drop soon are foolish. The market follows the U.S. federal reserve. If Canada gets ahead and tries to beat the U.S.going rate, it will import higher inflation for the country. Which in turn will destroy the cost of living.

[@garyfrancis6193]

So Canada Crumble is not like apple crumble.

[@vichysaho2135]

60k X 2 incomes =120k as a down payment that’s only makes 10% down on the median sale price which is 1M +but if you have 5 wives lol yes you potentially have 300k , what a shit show !!

[@goldguilder9554]

We need titles of landowning Ladies and Gentlemen to be Lords

[@canadianpatriot9044]

Fed to 17%

[@petermoss6355]

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[@KSTTN]

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[@KSTTN]

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[@Fredaboone]

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[@cindybrown9898]

its madnes. just rent and bank your money

[@mikesnyder7961]

“The federal Government needs to stop spending!” Oh Vince, Trudeau has an election to win in the next year and a half; consequences be damned…

[@cj1613]

The last question sounds like and indian buyer trying to scam the seller..

[@John-uc4he]

All these guys that provide content know how to complain but they don’t have the solution. Keep complaining we need more right immigration similar to the 1950’s and 1960’s where we would get trades people coming in so we can build more homes. The people coming in today couldn’t hold a shovel or hammer how we going to build these homes you keep harping about 😂😂😂

[@Evilslayer73]

Tax are the problem at every level socialism and communism is failing

[@baits9301]

Mass migration is the reason .

[@chrisT16161]

It's worse.

[@thenatural5668]

Trudeau must go!

[@digital_refugee]

I occasionally watch this channel. Every time I hear this guy crying about taxes, fees, and government. I don't understand why everybody waits until the government fixes this mess. The only way to get it fixed is to make it crash badly. For this reason, people need to leave this country as soon as possible. Remember, the more you stay there, the more you will pay in the end.

[@MD-tp5zy]

we are tax cattle.

[@John-u4l9y]

Only unions get job security

[@jonathankr]

Why swear? You lose credibility.

[@tylerpeck8047]

People have woken up and the anger is building.. If this continues any further people are going to hit the streets and the civil unrest is going to be ugly. One way or the other this circus side show is going to end and we will see some real change. Either get this under control or the government will face a severe backlash and this country will become a poorer, business fleeing, anti immigration, cesspool.

[@bjtowns9554]

About time Canadians show ur anger hit the streets get off ur apathetic butts!