Vancouver has highest ownership costs, Regina lowest: economist

Robert Hogue, assistant chief economist at RBC Economics, Royal Bank of Canada, joins BNN Bloomberg to discuss housing affordability amid interest rates cut.
Subscribe to BNN Bloomberg to watch more videos: / bnnbloomberg
Connect with BNN Bloomberg:
For the latest news visit: www.bnnbloomberg.ca
For a full video offering visit BNN Bloomberg: www.bnnbloomberg.ca/video
BNN Bloomberg on Facebook: / bnnbloomberg
BNN Bloomberg on Twitter: / bnnbloomberg
BNN Bloomberg on Instagram: / bnnbloomberg
BNN Bloomberg on LinkedIn: / bnn-bloomberg
--
BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets.

[@Joe-mz6dc]

Vancouver is the most expensive? No f-ing kidding

[@rh3108]

"Do we have a housing crisis in Canada or is it exaggerated?" LMAO

[@lawrencerobles6207]

Exaggerated. Most people could afford a home.

[@Martin-qm2lg]

Who is buying a home in Vancouver? Rich foreigners only?

[@Destorrrrr]

Or locals whose family already owned property there and can tap into equity as their mortgage has decreased and prices have skyrocketed

[@vancouverlife1]

Many well paid tech employees - Amazon, Microsoft, ...

[@pikachu-mx6hi]

Rich Canadians and foreigners who don't mind paying for the water and mountain view.

[@Lpmeff]

And drug dealers

[@Joe-mz6dc]

Drug dealers have played a huge part in pumping up the real estate economy out here.

[@8bit_paul]

1:40 you're just realizing this now? It's been like this for 20 years. EDIT: I'm living in an (admittedly nice) 2br 4th floor apartment in Coquitlam outside of Vancouver, around 900 sf, $2677 per month plus $100/month for parking. EDIT 2: Thanks for covering this, it's about time we take it seriously for future generations' sakes.

[@Joe-mz6dc]

This. And Bloomberg is supposed to be a business media company? How do they spend their time?

[@calvinwong365]

This greed from alot of people need to stop. Also the welfare system and people that come here and don't want to work at all needs to stop too. There's a neighborhood in Ottawa that governments gave up the government housing to investors, kick these lazy welfare people out and built a nice ass condo/apartment. They stopped construction I guess due to how expensive everything is. My buddy family of 9 under one house was paying like $900 / month. Got like 6 kids all under child benefit from government. Even til this. Of of those kids don't even work and they all 20 plus years old. Just literally milking off the welfare system and we need to continue to pay for these type of people living cost. Also marijuana needs to be illegal. Who the fuck legalize drugs and corrupta the country this badly

[@mikemiller6483]

Can we cut the BS? $75k median household income x 32% per RBC for a mortgage ratio = $24k / 12 months = $2k per month x 300 payments = $600k including interest and all banks fees over the term. Meaning where do you find a home that’s $300k??? This is simple math…. Stupid banks and economists. Get real and get a life.

[@isaiahsmith8523]

Housing wasn't affordable before the pandemic. Canada sold out to foreign investors and refused to regulate mortgages and rents.

[@zhouyou28]

But who the heck want to live in Regina

[@jasonday4658]

No one seems to say anything good about Regina. Seems slightly more popular than Winnipeg though haha

[@onemoretime734]

I just looked into this on Zillow. There are lots of homes on the market there for under 100k and they’re not condemned or anything. Never been there but might be the move lol.

[@FamilyCheung-kc1pw]

Bigger cities are more expensive and smaller cities are cheaper . Is it normal? Alberta has highest unemployment rate, look at Calgary has 8.8% unemployment rate , no job , where the income to support the house?

[@vancouverlife1]

Can sell a condo in Vancouver or Toronto and get nice home in Edmonton!

[@10mudpuppy]

Windsor Ontario has the highest unemployment rate.

[@FamilyCheung-kc1pw]

@@vancouverlife1 Of course Edmonton is way cheaper that depends on whether you can handle the extreme cold weather, boring and smaller cities with less opportunities in long run too.

[@johnedmond787]

Would it be alright if I built a tree house in the bush and lived there?

[@Joe-mz6dc]

Just put up a tent in any of the city parks. They're out there right now all over the place. And I'm not joking. Walk into any city park going to the woods and you'll find tents. They're all over the place.

[@wademacphee3924]

I hope they all stay out there

[@wc4109]

Canada’s 60% average pulled up by greater Vancouver or Toronto…. Take these 2 markets out, and Canada’s average should be closer to 30%…

[@babyjeero123]

Does Vancouver being on the top 10 most liveable cities have anything to do with it?? Im sure its been on that list for a while now

[@shauncameron8390]

And also 3rd most expensive place to live in the world.

[@babyjeero123]

@@shauncameron8390 Guess Vancouver houses prices will remain strong.

[@JessT-vg7ib]

vancouver has always been expensive

[@dn6127]

All talk

[@newworld6474]

HOW TO MANUAL IN CREATING slumlords, slum nation, IMMIGRATION UP CANADA?

[@jasonday4658]

Shocking news 😂. Vancouver is great to visit but horrible to live in..... way overrated. I currently live in Saskatchewan, and the weather is crap 9 months of the year.

[@Dam-a-fence]

Big deal. Let me know who has $50 000 1/4 acres with a house and connected utilities. $5 000/year in property tax, no biggie. $10 000, that's pushing it but okay. $15 000, I'll rent, thanks.

[@MayanksVlogs]

This is both right and wrong. If you look at vancovuer as in downtown and nearby areas then yes it is a tad bit more expensive that Toronto BUT if you compare GTA (greater toronto area) vs GVA (greatver vancouver area) then Toronto is more expensive than Vancouver. Taxes are much higher and the land size is costlier (per sq ft),

[@hchalz]

Aside from mass immigration, Trudeau and Freeland must build a mechanism to kick out these, who can't afford Canada. Canada is the best country on earth in human history. It's a privilege to live in this incredible country, not a right

[@Lpmeff]

Trudeau gone so we need a few years

[@nairnbaker7385]

Gone too far from fundamentals.

[@thetruedemocraticnorth]

the capitalist class doesn't care

[@shauncameron8390]

Neither do the limousine liberal or champagne socialist classes.

[@thetruedemocraticnorth]

@@shauncameron8390 the socialist class is the working class. liberalism is your right to personal freedom and civil liberties. don't be ignorant be critical

[@joebachmeier6747]

All bullshit. If you want you can buy a mobile home and its cheap. I know people that pay 200 a month. But nobody wants to do that. Lol

[@user-em8kn9xj7l]

ye, if you cant afford a home in Toronto or Vancouver then move to a smaller town where you can afford something. People want to live in world-class cities yet pay pennies. Also, buying a home isnt that big of a deal. it just needs a little bit of financial planning, but most people are lazy and would rather just blame it on someone or gov.