What Does Real Estate Look Like in Canada Over the Next 5-10 Years? with Steve Saretsky

On this episode of the Your Life! Your Terms! Show we sit down with Steve Saretsky. He is one Canadian who is not shy to share his opinions on price trends, cost of living, interest rates, government policies and we cover it all in this episode. It's rare to find someone so young who has as much experience and perspective as Steve. He's also one of the co-hosts of the Loonie Hour, a super popular Canadian podcast. You can find links to his Twitter, KZbin channel and the Loonie Hour by visiting linktr.ee/stev...
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[@WalksOfWonder-BC]

Great interview! I’ve been watching Steve’s KZbin vids since 2017. He was the only realtor making sense.

[@BC-sx2vo]

I love Steve, his content is incredibly useful to end users like myself. I notice many Vancouver realtors distorting facts in their content, but Steve is reliable and insightful.

[@FinancialFreedomLifestyle]

Steve is a wealth of knowledge, thank you for bringing him on. New subscriber, keep up the good work.

[@miaa7097]

I have been watching him since 2017. Bought my home 2021. I am forever grateful for his knowledge 😊

[@vatinlocin]

Really enjoyed this podcast! Keep it up 👁

[@simonsays3391]

7:45 respect for speaking the truth, it's refreshing. I'm subbed!

[@pierre-paulturgeon4015]

What a treat! Two of my favourite podcasters! Such an interesting conversation! Thank you!

[@pierre-paulturgeon4015]

Tom, you’re such a great interviewer! Amazing questions that gave us excellent insight into Steve.

[@joshfagan7947]

Thanks for saying it plainly, Steve: it doesn't matter what you do or how hard you work--without a Large Cash Gift, you're a renter.

[@theyoeman]

When you have 1M new arrivals in one year, interest rates matter little. Dont forget many immigrants are very family oriented and dont mind living with 12 relatives. When you have 4 or 5 people paying a mortgage, a family can handle the high prices and high interest rates.

[@dimitrychekov1136]

Loved this interview. Going to follow the show

[@janiceho6034]

Rich ppl are getting rich ; expensive cities are getting more expensive that is normal .

[@maldova0canada]

thank you for doing this one guys!

[@TimJonsson-b3f]

simple fix for real estate “ crisis “, just remove the tax incentive Make capital gains exemption only applicable after 20 years or eliminate it All money ours into Vancouver real estate because they can make money without paying tax It’s no wonder regular investment in productive industry’s are crippled and all money flows into speculative real estate The tax code depicts what economy you have My manufacturing and development business has an 800k cap on capital gains exemption after building the company up over 30 years The local developers where I live in west van simply buy a knock down then build it to “ lockup “ phase , leave it for long enough to qualify as principal residence , then sell it for a 3 million profit ..,,tax free Like I said it’s a no brainer that ALL money goes into real estate effectively ruining it for any body looking for shelter only aspect Tax it and the money leaves , look at Germany or other advanced nations that have actual industries This reminds me of the VSE speculation in the eighties , just buy something ....and it goes up

[@yourmainful]

BINGO. This has been going on for the past 30 years. EVERYONE KNOWS.

[@ethimself5064]

Big 5 and Big 6 Banks - national is #6 outa Montreal I believe. How much of the Canadian Banking do they have to be considered in the Big 6? Thanks

[@RC-fh2lk]

Great convo…subscribed!!

[@janiceho6034]

Ppl in Vancouver have cash and able to hold on the properties, it is very hard to drop . It is very different market compared to to other cities

[@pierre-paulturgeon4015]

One problem that’s not being addressed with infill and higher density projects is the infrastructure required to support higher density such sewer, roads , schools, roads, etc..

[@13odman]

Easier to support than sprawl

[@projectpete19]

About the housing not crashing yet like we all thought it would, I agree with what was said but maybe add that all the variable rate mortgages that should have gone belly up already are being saved by the banks changing the rules as we go. Appreciate all episodes on here and the loonie hour podcast

[@Aubatron]

I think with the raising kids and leaving them wealth if you have wealth, you have to be really careful. I think a good idea is to talk to them while they’re in high school and tell them how it is going to be. Something like saying you’ll contribute 50% of the money in the first event of a good financial decision that you agree with. 50% of the tuition in a degree you agree with them getting, 50% towards their first car that is used, 50% towards their down payment of a house. When they come to you to talk about the financial decisions, discuss it with them and show them how to make the decision. It forces them to manage their money, lets you educate them on financial decisions and still helps them get ahead. Also tell them they’re not entitled to an inheritance, and they’ll only get it if you’re happy with the person they turn out to be. Set the expectations early so they don’t think they’re entitled to anything.

[@shakilahmad9233]

great show! subscribed

[@drenalin_junkie]

I don't know why NOBODY is talking about this point; Canada depends so much on the US that it MUST MIRROR so much of the US" monetary & fiscal policies to stabilise trade & therefore jobs. Everything else like inflation, investors & real estate runaway prices etc are the symptom

[@CA06917]

No cuts this year.

[@winchangkou]

Oh Steve please, do people have to agree with you all the time

[@davefair2969]

I was thinking similar about how people that own real estate are becoming a lot richer than those that don't. Especially now that a detached house owner can build a 4 or 6 plex. I'm fortunate to have bought my east Van house 16 years ago. I bought it just on a self employed carpenter income, but now I'm doing better than some doctors it seems. If I end up building a 6 plex as I'm on a major bus route, I'd be doing really well.

[@vikaskhatter5629]

Logical Reason for High Prices in CANADA is only justified by Supply-Demand Gap. Lets assume in sometime to come if this gap is filled because in History all gaps have been filled in longer term...Will the prices come to USA levels ever? why not? I am curious to understand this?

[@teashdrinks714]

I had help buying my first home during the pandemic, I don’t make enough to afford it but I rent out rooms to help burden the cost. I’m just glad I’m not paying rent that I would never get back in the long run even tho I’m broke right now

[@Relaxlifeisshort2]

OMG exactly correct Steve

[@ohcanadaeh]

At the end of the day the Canadian real estate is dictated by the country 's economy. Without a vibrant and growing economy to support high real estate prices. Just wait till the Canadian economy takes a dive and unemployment goes up, and people are losing their jobs. When people don't have job security, low interest rates will not motivate people to buy. Ask yourself how the Canadian economy is looking now and in the next few years, this will give you an idea about the future of Canadian real estate.

[@JS-jh4cy]

It looks fucked fucking expensive

[@kevinlee2959]

can anyone summarize the podcast so i don’t need to watch the one hour video?

[@Alloballo123]

Currency devaluation isn't the problem it's the symptom. The problem is not having an economy that makes anything worthwhile. Tell me, who is buying high value added Canadian shit? The only thing we have is real estate and natural resources. We don't have thriving tech companies, we don't have major manufacturing, we got shit all. All we have is debt servicing because we have zero productive enterprise. When you have an economy that doesn't make anything anybody wants, the only thing you're left to do is keep making money for free to try and keep up until shit catches up with you and your currency is so devalued that no one can afford shit. Easy solution is to bring back manufacturing, but that won't work if cost of living is too high cause that means wages need to go up. So you need to literally fix prices and higher wages. Jus good old wartime intervention.

[@simonsays3391]

go on..

[@yourmainful]

The median house hold income in areas in Austin, or Dallas Texas that has a GDP larger than the entire country of Canada, is around 150k and beautiful homes in great neighbourhoods with a pool go for 400 to 500k max and ppl live their lives. In the crapiest parts of BC like WHALLY a detached home is 1 million, where the median houshold income is 70k and you will get BREAK AND ENTERED. This province is disgusting.

[@maxamillion8384]

honestly renting has many advantages inflated real estate valuations is just that not real value

[@janiceho6034]

Once US rate cut, Canada will cut the rate ,

[@Picklemedia]

Question: what is the historical average of mortgage rates in Canada?

[@b-rare]

We’re at all Time lows lol

[@simonsays3391]

35:00 - teach them traditional family values, let them take autonomy and face real challenges; don't spoil your children, dont shelter them, don't give them money; save money yourself, lead by example. don't be a degenerate. that's how you raise good kids.

[@hill4377]

Rates were dropped in Canada for no reason in 2008. Cause of USA.. Well, now you will see the opposite. Tied to USA. 85% of all mortgages in USA are 30yr fixed. That was 15% in 2008. Get ready for deleverging.

[@indreamx]

Steve is 32?! wow. i thought he is like 38+

[@b-rare]

I’m a Steve fan and I’ve said forever that a home owner isn’t an asset. If you pay your mortgage it’s not an asset. Just like a car isn’t an asset. My brain works like this. If you have cash out of pocket each month it’s a liability . That’s how my small brain works. It’s nice to hear Steve said the same about being a home owner. It’s a liability man. You’re better off renting your basement and having someone else pay the majority or all of the mortgage

[@baseline6786]

Asset when prices go up. Which normally home values almost or do double every 10 yrs.

[@b-rare]

problem though is you have maintenance, mortgage interest, land taxes, home insurance, all have to be accounted for when running your calculations. Banking on appreciation as your only 'win' is not wise when you could have bought the same asset and done it in a way where you have less risk and more upside (rentals).@@baseline6786

[@blakeacheson9387]

Comparing a house to a car is a terrible comparison to justify a story that makes little sense and takes a turn in the last sentence

[@b-rare]

@@blakeacheson9387 ThTs okay you don’t have to agree with me saying a home and a car is a liability. Stay broke

[@blakeacheson]

@@b-rare google me ... not broke

[@hill4377]

It's interesting. The entire real estate indutry is based on 0% interest rates. Just absorb that. Then the next time someone speaks about real estate remember that. Why is that important? Cause they are projecting. It's not reality. Here is what is going to unfold. Deleverging. Big time.

[@simonsays3391]

I'm a lay man, if I may ask... Over what timeline? What does deleveraging entail? What consequences will it have?

[@JimmyProLLC]

Steve is 32?

[@blakeacheson9387]

😬

[@Carolinapetroska]

Dead ! Nothing else but boring .....