This Market Turned Many Dreams Into Nightmares (Toronto Real Estate Market Update)

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In this episode, we look at the current Toronto Real Estate Market specifically the detached home prices and market trends for the week ending Jan 22, 2025. We also discuss how not saving beyond your home could be disastrous.
This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
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*This video, nor any of the other videos on the Team Sessa Real Estate KZbin channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.

[@MikesGoogleAcct]

Old adage: The best pension plan is a mortgage free home. New adage: The best pension plan is living in a low cost city.

[@fmelvis]

So the problem is not the market. It's the people.

[@samben8915]

They are so stupid that they contribute to keep the market high

[@freddyfinance6671]

The problem is always the people, the market can seduce but ultimately cannot force anyone to make dumb decisions.

[@zevc3591]

Everything that was said here is wise, true and could help many, if they would listen...

[@annaizrailova6261]

First time I'm listening to something smart !

[@steveplays5408]

I dont understand how you could have bought a home 8 years ago and not have a boatload of equity in it prices have double or trippled in the last 8 years. It's impossible you don't have a ton of equity

[@416XYZ]

People oevr buy get in a biding war and over pay, they can marginaly afford it so they set the mortgage payments to as low as possible. Proably took mortgage deferals during covid and now with prices sliding and now here they are in a perdiciment.

[@deezed150]

Simply many treat the equity in their home as an ATM machine whether it be increasing the mortgage an a yearly basis or taking on 2nd and 3rd mortgages until the music stops

[@ladyluck5248]

I bought my home which closed December 2016 so about 8 years ago. I have equity now. How could this happen ? … and I renovated … unless they kept borrowing home equity loans (?)

[@freddyfinance6671]

People need liquid assets in order to achieve financial security. A home is for putting a roof over your head, it should never be used as an ATM machine.

[@lennyl6856]

Some people obtained variable interest rate mortgage products with *static* payments. When interest rates rose and the static payment wasn’t enough to cover the principal and interest, the lender just added the unpaid interest amount to the mortgage balance! Thats one way you end up owing more than you originally borrowed. Another way is pulling equity through a home equity loan or line of credit, spending that money, and being unable to pay it back.

[@bitpuff]

We also need to detach from the idea that you "own" your home once your name is on the title. If you carry a mortgage, the home is not really yours. People are too used to thinking that you own the whole asset, but view the associated liability as nothing more than a monthly subscription fee.

[@TehPwnerer]

Not to mention you still pay rent to the government in the form of property tax

[@ceasarwright7567]

Ive been saying this forever LOL

[@POVwithRC]

Who is We? Is there a mouse in your pocket?

[@bitpuff]

@@POVwithRC Me and your mom.

[@PropertyTurkeyCom]

Hi @bitpuff, that's an interesting perspective! It's true-until the mortgage is fully paid, the bank technically has more claim to your home than you do. This illusion of ownership can be risky, especially in volatile markets like Toronto’s. If you’re looking for a more secure and profitable investment, have you considered the Turkish real estate market? With lower entry costs and higher rental yields, you can actually own your property outright much sooner. Plus, Turkey's strategic location makes it a hot spot for rising property values. It’s a smart way to truly own your asset without the burden of a hefty mortgage hanging over you. Let me know if you’d like more info on how to get started!

[@alil2005]

Majority of folks who bought in are probably new to Canada and sold into free healthcare and quick ROI turnaround. Well, they found out now and probably thinking of leaving after being milked. Watching the Assignment Sellers competing to sell at a loss.

[@Prediculous]

I sold my condo last year and have been living in my car ever since. I now have 750k in cash sitting in tbe bank. I will stay like this until housing bottoms and people accept a deseration bid.

[@Triggerman2505]

Are you parked in Rosedale?

[@Prediculous]

@Triggerman2505 no I'm parked by the lake. I occasionally go fishing for my food to reduce expenses as well

[@Triggerman2505]

@@Prediculous have you thought of my oving to Thailand or Equator.... You could comfortably retire there with that kind of money.

[@Prediculous]

@Triggerman2505 never. I work remotely and I can shower and wash my clothes directly in the lake as well. I will be buying a house beside Santos soon in cash.

[@sugadre123]

Lol if you can work remotely there are many paradise you could be living comfortably in while you wait for prices to go down.

[@JeffreyLee-u8i]

well said….. asset diversification is important….. putting all your capital into a single non liquid asset is not prudent

[@bryankerr9174]

The bull market killed my dream of having a larger house...and I consider myself lucky.

[@deezed150]

Was that larger home a legitimate need or a want ?

[@TehPwnerer]

Plenty of unprepared cosigners out there waking up their own nightmare

[@F90M5]

I just closed on another unit near square one. Ripping the entire thing out with new appliances washrooms kitchen etc for 70 grand. Getting a new unit for the price of used.

[@hughgodau]

Schools should teach kids how to walk into a bank and know what to do. Personal finance is critical.

[@Carolinapetroska]

How can the mortgage be more than when they purchased 8 years ago ?

[@keithiverson6687]

HELOC, credit card debt and fixed payment variable rate mortgage are a few examples. If they roll consumer debt into a remortgage thinking the value goes up…

[@venomfang8560]

Fancy new kitchen and/or basement didn't pay for itself.

[@Anxiousb]

How. HOW???!!!

[@homehub4361]

You didnt explain it right. Look at the comments below. What happen is that they and others refinanced (probably even more than one time) so every time the mortgage increase with house appreciation (you were aloud around 80% of refinance value) BUT this is the most stupid thing to do, markets go down too and NEVER refinance unless you invest this money in another profitable business or asset. What most did is taking vacations and buying nice new cars. Now they bear the consequences.

[@leinad5243]

I bet they had nice furniture and two new cars...my guess

[@ceasarwright7567]

And instagram pics 4 times a week at glamourous restaurants

[@redeye1773]

csnt take your money out 90 % over valued and intrest is destroyed the remsining vslue millions of foolish suckers in trouble

[@Michaelme-de8zz]

Well for crissakes here.... just WTF did anyone think would happen when you encourage people to 'gamble' by providing cheap money to speculate and BET with ? I mean most weren't Buying a Home to live in.... they were BETTING to get rich !

[@parthppatel28]

This market is okay, the BOOM MARKET turned a lot of dreams into ticking bombs and nightmare that are exploding now. Night mare for end user = lot of profit for some greasy professionals.

[@IvansBikesBmws]

Yeah we been told lots propaganda!

[@vert911]

You will never see prices this low ever again. The next time the market bottoms, it will be above where we are now.

[@muzaffar9503]

Are you trying to sell.

[@jamesmartindale8783]

The market will go lower everyday for the next two years

[@johnnycroat]

@@jamesmartindale8783 and will not bounce back or go up for at least 10 Years

[@sugadre123]

Lol imagine coming from all the fomo of the 2020-2022 to now saying you will never see prices this low again😂. 6 months time you're gonna be saying this is the lowest of the lowest low and I mean it this time i was playing before😂

[@vert911]

@@sugadre123 nobody listens to renters, or people living with their parents. go study economic cycles.

[@leinad5243]

Redux 1990 to 2000 2020 to 2030......

[@leinad5243]

Did they have an apartment in their house? Or did they suffer from the All Mine disease? Eeew a renter....