Vancouver & Toronto Real Estate Market Update July 2024

[@AndersonNoah-o6l]

Living in Oklahoma here and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[@campelm]

A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[@Turner_p]

Many people lack this kind of information, which is unfortunate. I understand why some people panic. It can be hard without enough information. I have been earning over $51k passively by investing through an advisor, and it doesn’t take much work. The economy’s performance doesn’t matter; good wealth managers always make profits.

[@williamsscott3303]

​That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@Turner_p]

“Jessica Lee Horst” , is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Taylor_m16]

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@KaylaAlexis.]

*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*

[@Russelbobby45]

That's awesome!!! I know nothing about investment and I'm keen on getting started. What are your strategies?

[@sanggu3423]

I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.

[@RobertDavid212]

People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.

[@BradleyRaiph]

If you are using really a good broker or account manager is easier to earn from the market

[@ChristineElliottt]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.

[@ydoIstillcare263]

I'd be ok if they taxed us our primary residences BUT ONLY IF we, like the US, we were allowed to write off our mortgages and renos. Not fair to go to grandma/pa and say pay up when you don't get the benefits of all those other write offs. And yes, I agree with Steve's viewpoint as well. We are already taxed enough and the taxes won't stop, there will always be something else. We don't have a tax problem, we have a spending problem at the government level.

[@2and20]

For sure let's do that. But then let's increase property taxes to match the US. States like Texas get it. They have high property tax, because they want to discourage people from being home rich and cash poor. They want business (real productivity) not land hoarding.

[@jtome84-91]

Not to mention only a 18% income tax in a lot of states .

[@gmarks1559]

The muppet boiler room condo flipping market is dead 😂. Unbelievable but true 😂

[@evhvariac2]

Absolutely true. That CLOWN SHOW is over

[@Landstalker1999]

Those clowns need to go back to flipping doge shiba inu coins.

[@benjaminva]

If you tax primary residence than you need to include inflation with that tax

[@hill4377]

Sopher the ceo of LePage said prices would explode and surpass the all time high. Said that on Feb. That would be 120 days ago. What gives??? Lmao😂 Please stop with the bs We are in a housing crash. Say it. Stop screwing around with these stupid wishy washy half assed word salad podcasts. It's A Crash. Say it.

[@user-vi8ci2bi6b]

There's no $ in saying it! Slimeballs, all of them

[@user-vi8ci2bi6b]

Just like Steve will never say his Chinese investors are mostly gone.

[@RhysHuntoffice]

Our economy is afflicted by uncertainty, housing troubles, foreclosures, global shifts, and the aftermath of the epidemic, all of which contribute to instability. To restore stability and drive growth, all sectors must urgently address rising inflation, slowing GDP, and trade disruptions.

[@ronniewilliams-g222]

The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.

[@RichardGeorge-uj9iu]

With my stressful career, I don't have time for investment analysis. For seven years, a fiduciary has managed my portfolio, responding to market situations, ensuring for effective navigation and informed decisions. Consider taking a similar plan of action.

[@RhysHuntoffice]

Do you mind if I ask you to recommend the coach you employed? It seems you've figured it all out.

[@RichardGeorge-uj9iu]

My CFA, 'Leah Foster Alderman', is a well known figure in her field

[@RichardGeorge-uj9iu]

I recommend looking into her qualifications further. She has extensive knowledge and is a treasure trove for anyone seeking to manage the financial markets.

[@LoriC-eb2jl]

You people do realize tenants are humans, just like you? It sure doesn't sound like it...."tenants are dirtier?" really?...this status issue around home ownership vs. tenancy is part of the problem in this country... part of what got us where we are now...home ownership does not a decent human make...seriously, people....and needing familial wealth in order to buy a home??? I think that's called "feudalism"....what a progressive country!

[@dirtlump]

Even dumber is the absolute falsehood of home 'ownership'..... these so called 'landlords' don't own a damn thing but a "Mort-Gage" ..... which loosely translated at latin intends a 'death-pledge' to pay a Bank for usage of an asset soon to be worth even LESS than they owe on it !

[@dman9416]

Take a shower.

[@lisala246]

💯 FACTS!!!!!!!!!!!!!

[@anasqmul2009]

He was saying if the condo is empty, it can be painted, staged and will look cleaner than if the tenant is still living in it cooking and children running around while viewing. It’s not condescending .. just facts!

[@markhoffman]

Landlords opting in to rent control, woooaaoaoah Steve don’t like the sound of that! 😊

[@LC-hv1qn]

Not only are you tax exempt in the US. But they can write off interest payments, renovations, and in many states they pay less in taxes. Furthermore. Lowering tax rates will only benefit the wealthy and multiple property owners. Taxing primary residence only hurts the average person.

[@bc5810]

Such an accurate insight from Steve. Decent houses in good locations are still selling because they provide a better quality of life and hold their value. Houses that need a lot of work, smaller lot sizes, locations that aren't spectacular...these risk losing even more value over time.

[@user-yb6zp3om4k]

ya as a renter the constant bs evictions every 6 months of rtebn years straight has almost ruined my life, so Steve, im a fan but please be quite your being cringe and I don't want to hear about the lack of landlord rights, its disgusting since you clearly don't know what we have been thru or get it, making me not like you man

[@xiaodongwu75]

Many states in the US do not have state level income tax, but they usually have higher property tax rate. I like that kind of approach, which rewards hard working young people to accumulate wealth faster.

[@markhoffman]

The gap will get bridged.

[@BellaBella-jw9ef]

The average detached family home was getting too big in the early 2000s and now too small…IMO

[@ab78001]

Housing is a human right. None of us want to see high levels of homelessness in Canada. Rent controls are an attempt to create a measure of stability in the lives of those who don't have the ability to get mortgage loans. So many factors can suddenly and dramatically increase the cost of owning a home: increased mortgage rates, increased home insurance, increased condo fees / HOA, property taxes. Small mom-and-pop landlords cannot bear these increases. But equally, if these increases are passed on to tenants, many tenants are forced to move. This is a major upheaval. It is said that moving is among the top three stressors in life, along with job loss and death of a loved one. So we don't want to co-create a world in which people who rent have no stability at all. This is why rental housing is a tricky investment to own, if you are a small mom-and-pop investor. I suspect we are entering an era of corporate landlords and a kind of capitalism in which only the biggest capitalists survive. That was in fact the thesis of Freeland's book "Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else".

[@anshumanSrivastavaHere_I_COME]

is John in pakistan or something? where is that

[@CaptainPopo]

he literally says in the first 20 seconds...

[@richardrichard9785]

He's in Paris doing some research on how the recent election will affect Toronto condo prices.

[@evhvariac2]

The price of condos is completely out of control. Too bad people won’t get together and boycott

[@jtome84-91]

True but those same end users are leaving the rental pool so it kind of evens out

[@TookAHikeNowWhat]

Gotta love REIT radio ads that espouse "No-contact with tenants!". It's like... do you want to be part of a community or not? Landlord-ism should be a leadership role, not parasite. If not, then you're in the same class as faceless corporations.

[@goldguilder9554]

Where it’s insulated is Steveston BC

[@abarrister1506]

wAIT FOUR AND A HALD MONTHS ONLY TO DISCOUVER THE TENANT WONT MOVE OUT.

[@sketchin6993]

I know two long term tenants in this situation. The property owner is saying they will sell (probably lying to try and get the tenant out to get higher rent) and I told the tenants to say they won't move and go through the rental board. I think a bunch of stupid people who thought they were smart buying investment properties they couldn't afford are about to find they were the stupid ones. 😂

[@GreenBeanGreenBean]

@@sketchin6993 except for the fact that those tenants probably won't be able to rent again as any landlord worth his salt can see the names of those tenants on LTB cases......they're basically 1 step away from tent city thanks to you.

[@2and20]

It is an unpopular opinion, but I believe that capital gains exemption on principal residences should be revoked or income taxes should be reduced proportionally. Housing is an unproductive asset and low taxation has three negative outcomes: (1) reduces incentive for Canadians to invest in business and productive assets; (2) encourages people to stretch themselves to buy properties; and (3) creates a compounding affect that is hard for younger generations to catch-up to given higher income taxation.

[@CaptainPopo]

more than 30% of the price of condo is already in taxes, and you want the government to tax even more? the biggest issue with canadian productivity is high taxes, younger generations will never catch up until taxes drop, social programs are cut, and freeloaders + drug addicts deported

[@user-vi8ci2bi6b]

We need to disincentify all borrowed money going into RE. When I was young and rates went down I borrowed to open a business, which created employment. I paid my house off in 10 years with the fruits of my business while 15 people also pulled a paycheck for 30 years. That's how the boomers really made it! This infatuation with RE has to stop for the economy to ever recover.

[@2and20]

​@@CaptainPopo you are missing the point. Real estate is a non-productive asset and will not improve Canada's productivity. Economies with heavy reliance on real estate (i.e. Canada) often have terrible economic fundamentals and eventually things catch-up. I am opposed to high taxation, but I am equally opposed to a system that incentivizes real estate investment because of the preferred tax treatment. I have benefited from this system. I have owned homes and paid lower taxes. But I would rather the government remove these incentives, and reduce taxes on personal income, business income and business capital gains. This is how you unlock productivity. Younger generations will benefit from a tax on housing capital gains because house prices will fall as those who sell their homes will have less liquidity to buy another. To simplify this principal: Current version: - Buy a home for $1m - Sell for $2m - Profit after tax: $1m (excluding principal pay down) - Buy another home and use the $1m towards the next New version: - Buy a home for $1m - Sell for $2m - Profit after tax: $500k - Buy another and only have $500k towards the next Outcome: House flipping becomes less attractive. The only type of housing investment that should have favorable capital gains policies is densification.

[@jg73]

@@2and20 No one would ever move by choice because they would have to settle for a lesser home (assuming the market has gone up). It’s bad enough now having to eat PTT and realtor fees just to move.

[@GreenBeanGreenBean]

@@2and20 real estate is the most productive thing you can buy.... next thing you are going to say is you shouldn't pay doctors because they don't produce anything. Housing is a location based service.....the closer to your job you are the more productive and valuable that service is. 90% of businesses fail.... next thing you are going to say is to buy lottery tickets because somebody wins.

[@smity25ca]

Guys like Paul are gonna find out 😉

[@simonjochlin7589]

You’re waaaayyyyy overthinking things. I watched a video recently and Justin says he has a plan. So we can rest easy.

[@DJRS2178]

Lol. There is obviously no demand... supply is up, sales volume down.

[@gibstr]

John and Urmi sound very sensible.

[@GreenBeanGreenBean]

demand has never been higher, it is bank qualification that is artificially supressing the demand.

[@evhvariac2]

Ho ho ho!!!

[@freddyferg]

Steve's smirks are so annoying. We always knew he put his short term personal financial interests above what's best for Canadians in general. He adds nothing to the conversation as to how we find a way out together from this government orchestrated, self-inflicted economic apocalypse.

[@dman9416]

And yet your still here

[@MrUntapishtim]

Is this woman drinking too much coffee or something...?

[@evhvariac2]

Yeah she keeps babbling about the weather as well. Who cares

[@jay1645]

See no $1 listings so the r.e mkts must be doing well lol . Am waiting for -0.5% prime and banks to pay me to take a mortgage like in EU some years back