Tridel CEO on GTA housing market

Jim Ritchie, president of Tridel, joins BNN Bloomberg to share his condo sales outlook for the GTA.
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[@cuervoblanco71]

What Tridel CEO could tell you? I can see he is sweating

[@DolfSmitler]

I am actually impressed with how fake everyone is and how they try to maintain the fake professionalism while spreading obvious misinformation ❤

[@Yelllowchild7]

Investors are the reason those prices went up 100% Now they will be the reason it drops 50%

[@donm2067]

My town has literally quadrupled since the pandemic. They don't sell many homes, but boy are there lots of hopeful idiots.

[@Eric-nd1vn]

And Tridel built condos specifically for those investors that are too small (

[@kaze-xo]

Some people might not realize a simple math, going up 100% and just dropping 50% (instead of 100%) actually brings the price to exactly where it was before.

[@chandrakanthreddy812]

Fake investors are panicking real bad 😂

[@chriswhynder8311]

why?

[@chandrakanthreddy812]

@@chriswhynder8311 coz they played casino with housing market and now it's all crashing down.

[@invictus9988]

Jim Richie if he wants ro sell more condos should jyst cut the price by 25%. How do you do that? Start by not overpaying for land.

[@Slickpete83]

*Ontario government should slap a 70% tax on investment properties like they did in the 1970's, if you want to invest in real estate go buy a REIT or an Apartment building, leave condos and single family homes alone*

[@CorporateShill66]

Based. This

[@zackoostrom9636]

Interest rate cut 1% or cut the 1/3 cost of building in taxes. Can anyone do math anymore?

[@prao4603]

This guy needs to focus on asking for less redtape and development fees rather than rate cuts from BoC. No one wants to buy over-priced homes and become debt slaves for life. Bring on the RE crash. The host is a liberal govt shill and keeps on focusing on how rate cuts would help but she doesn't talk about the negative effects of a devalued Canadian dollar. She never highlights how significantly the cost of redtape contributes to the high prices of homes in Canada.

[@HardKnocks-pi7pc]

Lol everybody is begging for rate cuts the Libs, Cons, the dems, repubs.Its a debt crisis fuelled by cheap money and poor fiscal management. I would like inflation at 1 or 2 percent and rates at 10 percent but first some good old fashioned austerity to really hammer those living beyond their means. Time too see who is swimming naked

[@butwhytharum]

All that leverage and no money oooo boy its gonna be a feeding frenzy for those who have money.

[@mattrath8535]

Did you notice his comment at 3:20? "Almost a third of the price of a condo is tied up in taxes and fees". That is outrageous!!

[@robb2959]

Cost to buyer 150% of actual value of condo . When you add up mortgage interest, taxes , closing costs etc etc . Condos aren’t worth it even if you paid cash when you facture in maintenance fees .

[@stephenfermoyle4578]

Tridel builds Condos = they will say whatever it takes such a dumb interview

[@dirtlump]

It's most definitively NOT up to BoC's Monetary Policy mandate to make any Real Estate product 'affordable' vis-a-vi median income servicing potential...... that is very strictly a function of the prior due diligence to the investment, in this case the many Condo developments that were initiated under low-rate fueled 'investor' speculative pre-sales now completely NON-viable in terms of both Interest rates in the foreseeable maintained positive on the real zero bound above the 2% inflation target..... and insufficient median servicing incomes(GDI Gross Domestic Incomes) deriveable from stagnant already 10+ years Canadian GDP into recession. The GTA Condo market is very simply headed into the toilet/receiverships/insolvencies and the Courts.

[@javiersantos4385]

The problem is not only interest rates, but affordability

[@mcphersonjohnathon]

Government takes one 3rd, bank takes one 3rd and developer takes one 3rd and customers get 10 percent of real value, they are all greedy and took it to far.

[@martincuda7947]

We are going to see nationalization of the developers as they are part of the problem that resulted in property development that has not benefited Canadian families. Developers have been building properties for investors. Now we have a huge number of condominiums that no one wants. Condominiums do not satisfy the needs of young families that need to grow and have yards for children to play. We will be taking back our lands and building affordable housing for our children to raise families so we do not need to large scale immigration. The time for changing housing development for Canadians is here! It's our country.

[@VarinderSingh-ho2um]

Buy when no one is buying (if you can ) recessions makes millionaires 💯

[@thetruedemocraticnorth]

a decentralized planned economy would remove the issue of supply and demand.

[@dsmlive3982]

Actually, I see so much fear in Him. God Bless TO

[@jackjanpour8532]

😂 Let's ask Chinese buyers to come back 🤣🤣

[@gmarks1559]

Real estate bubble crash 😂

[@butwhytharum]

Leveraged investment crash... Any person and business who has more debt than income is gonna be hurting reeeeealllly bad.

[@dwights1024]

tell me you have no clue about the real estate market without telling me you dont know, you'll go first :)

[@gmarks1559]

@@dwights1024 you're a muppet

[@gmarks1559]

@dwights1024 tell me you're a bagholder, without telling me you're a bagholder. You'll go first

[@miloradrabasovik7938]

What a useless talk from Zero Real Estate “Expert”. The Government policies since March 2022 crashed the Market in Ontario. -No foreign buyers - No corporate buyers - No student buyers - No Temporary worker buyers - Mortgage qualification is harder from 5 yearly incomes to 4.5 yearly incomes. Bank of Canada at March 2020 dropped the rates to 0.25 and promised no rates increases until end of 2023 which means first hike should be in January 2024. Since late 2020 through all 2021 until March 2022 we had crazy inflation 5,6,7,8 percent with explanation from Governor of BoC this is only Transitionary Inflation? Since March 2022 he increased 19 quarters interest rates and now one less is it any difference? All lies from the worst Governor of BoC ever. He must be fired immediately, period. My house is over $500,000 down since March 2022 in Oakville. And pay attention now after the crash Government wants even more 67 percent capital gain tax? Extra Carbon Tax? Extra 7 percent property tax? Extra 20 percent car insurances in Ontario etc? Temporary solution is 40 years mortgages with NO premiums.

[@HardKnocks-pi7pc]

My house has dropped from just below 5 in 22 to about 3.5 and I expect it will drop to about 2.6 by 2026 and stay stagnant for the rest of the decade. I could care less as i paid 1.3 about 19 years ago i expected in to double over 20 years. RATES NEED TO STAY ELEVATED and flush the system of pretenders. Those with real money like high rates and risk free returns. If rates stay in this spot for a few more years we can get back to having a real economy instead of this real estate ponzi scheme and home equity loans should be banned or capped at 30 percent of equity.

[@miloradrabasovik7938]

@@HardKnocks-pi7pc what you talking budy? Do you know we have more than 5 million immigrants since 2015 with this government? Do you know that our GDP per capita is flat since 2015? Do you know that since March 2020 on stock market doubled? Dow jones more than Doubled and Nasdaq tripled? Do you know bitcoin’s value from $15k went to almost $70k. Real estate prices in Calgary, Halifax more than Han 50 percent since 2022. ? Topic is interest rates

[@butwhytharum]

When did you buy your home? How much did it rise in value before 2022? Quit looking at your home as a ATM but where you live... Maybe sell some of those investment properties you leveraged your main home for...

[@miloradrabasovik7938]

@@butwhytharum ha I didn’t leveraged anything but most likely outcome for current government will be as 2017 Ontario election. Bottom line we have 2 “resolutions “on the government debt. Hyperinflation which means cash money will going in toilet or devalue the currency about 30 percent. It’s coming and both scenarios are Housing prices up.

[@HardKnocks-pi7pc]

Raise the rates to 10 percent that would put a big smile on my face

[@supermash1]

He thinks we need more cuts. What a dolt.