Why No One Can Afford a House in Canada

Why can almost no one in Canada afford a house? And what drove this country to have one of the worst real estate markets in the entire world?
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Host: / nickfreitasva

[@heeebeeegeeebeee]

As a Canadian living in the US, I cannot express how much I hate what they've done to that country.

[@alandodge6549]

They??? I think you mean Trudeau and his henchmen!

[@ironhell813]

Just wait until the US government has to deal with it….

[@Bobbyrealtalk369]

Same thing is happening here

[@dkBybee]

I am a dual citizen living British Columbia. Prices in my small town of 4000 are average 400-500 thousand dollars now. Moving back to Missouri is looking more and more appealing.

[@andycommonsincanada]

@@dkBybee We live in Golden B.C. and moved there 20 years ago from the UK when you could by a very nice single family home for $250,000, now that house is $700,000. If we were to move today I don’t think we actually could do it.

[@lovethguridi704]

You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life

[@ibrahimyusuf677]

Thanks for continuing updates 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.

[@swankydreams729]

I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.

[@PaulaEspinoza-js2tp]

How ..? Am a newbie in crypto investment, please can you guide me through on how you made profit?

[@cathrin_odeya_okelani]

Thanks to Mrs Maria Davis.

[@cathrin_odeya_okelani]

She's a licensed broker here in the states

[@ClayFalcon135]

I believe just like many similar problems in the US its very likely that this was actually the INTENDED effect. The less you own/less you are personally responsible for the more dependent you are on the government.

[@John_II]

That is certainly the goal of Canada's present left-wing government. But the problem predates them. It was made far worse with things like uncontrolled immigration, taxing us to hell and back, keeping interest rates way too low for way too long and printing money. However, housing was already hard to afford in May 2015 - 5 months prior to the current PM's election - when I bought my first (and so far only) property (sold it in 2018 and been renting ever since).

[@laikanbarth]

Exactly right!

[@dkBybee]

@@John_IICanada was able to escape the subprime real estate crash by having better banking regulations. But we are still in terrible trouble.

[@detective0532]

Nailed it!

[@va3svd]

“You’ll own nothing and be happy.” Half of that is true.

[@michaelman957]

"You will own nothing and be happy." -the World Economic Forum, i.e. an organization of people who want to own you.

[@raincoast9010]

Yes, you and i will own nothing but "someone" will own it and us too, maybe kind of like back the the surfs and lords days of jolly old England?

[@donman9154]

Neo-feudalism.

[@InitialPC]

WEF, also an organization that Trudeau and Singh are public supporters and members of

[@wrath98]

Lefties will call the 2030 plan a “conspiracy theory” like they do everything else (that turns out to be true just months later) until it’s too late

[@klnrklnr4433]

the entire western world is@@InitialPC

[@geraldinebarcelona6267]

In the City of Vancouver to buy a house you would have to make $435,000 per year to even afford to finance a house, yet the average family income is just over $69,000 per year. Only 0.25% of families make this kind of money, or one out of every four hundred families. The average house price is $1,800,000. Massive foreign money laundering by offshore investors who see Canada as a piggy bank for their foreign capital. Most of this money comes from China and yet our politicians deny that there is any link between the price of real estate and foreign influence. About 35,000 of these houses sit behind numbered corporations so no one even knows who the real owners are. Our politicians do not care.

[@briannicholls2628]

Wow!!

[@raincoast9010]

EXACTLY right !

[@avroarchitect1793]

It gets worse when you realise the entire Canadian Social Welfare and Pension system are dependent on the Real Estate market and keeping prices high/growing. For most of the country their hpuse is their retirement fund, if they have one.

[@BadThrusher]

Can you buy a house in China? No, they wont allow you to and that means you opened your country to everyone 😅

[@cleanlaundrys]

A lot of people and the media completely miss this ^^^^ and this is a huge contributing factor to the housing crisis in Canada. There is a "Foreign Buyer Ban" for the next 2 years, but there's still a loophole where if you have a student visa you are still permitted to invest in Canadian real estate.

[@JazzJackrabbit]

Not to mention the rapid population growth due to liberal immigration policies. More people demanding fewer houses = house prices go up.

[@john__lemon]

The fact he avoided talking about immigration is part of the problem. We are so scared to admit we are being invaded.

[@youngcapitalists9714]

Imagine blaming everything on immigrants because you were told to love your country, by your country.

[@john__lemon]

@@youngcapitalists9714 2 million people a year moving permanently to a country of 40 million.. lmfao

[@youngcapitalists9714]

@@john__lemon You do realise immigrants raise real wages? Don't get fooled by nominal values.

[@allananderson949]

​@@youngcapitalists9714 So wages have increased with the cost of living and the price of houses?

[@nathanenns7186]

I just read this morning our (Canada) population growth over the last 3 months was 430,000, representing a full 1.07% growth rate. Last years’ population growth was over 97% immigration-driven and just over 2% births (including first-generation Canadians). If this trend continues we will import more new Canadians in the next 6 months than we did all of last year, during which we smashed records importing over 1m people. This is absolutely unsustainable, and only possible through a highly concerted effort on many levels.

[@bernibeckmann9753]

The growth is sustainable. Northern Manitoba is empty. Imagine the labour force needed to build communities up there. Of course that would require a policy shift.

[@JB-wh6rp]

hell that's nothing, antarctica is empty we can move millions there, food may become a little expensive@@bernibeckmann9753

[@ironhell813]

That would work if you were importing ppl that wouldn’t flood into our cities to go on welfare instead of building. Oh wait, that’s what’s happening.

[@raincoast9010]

"You will own nothing and be happy" Their plan is to make us all equally poor and of course you will not be allowed to travel.

[@raincoast9010]

@@bernibeckmann9753 What exactly are people going to do in northern Manitoba?

[@sandystanley1237]

As a Canadian I approve this message.

[@blobofconsciousness]

Why is Trudeau in power for do long then?

[@sandystanley1237]

@@blobofconsciousness because lots of fearful and gullible, servile plebes who think more bureaucracy, rules and oversight means more fairness and kindnesses...

[@alandodge6549]

Very good explanation, but missing one important fact . At the same time that these policies were implemented by the Trudeau government, they also massively increased immigration to levels never seen before, this led to massive housing shortages both in owning and rentals. Low supply , very high demand doubled down on the already high prices.

[@createone100]

This is NOT the fault of the ‘Trudeau’ government. I am so weary of this Trudeau hate mongering. Federal governments for decades have failed to invest in affordable housing initiatives. If it weren’t for this government’s wise handling of the pandemic, many many people would not have been able to buy food and pay rent. Sorry to burst your mob pile-on but Trudeau is not single-handedly responsible for economic problems in Canada.

[@gsin311]

Jesus christ, if we just stop immigration i feel like most of you will just shut up. Immigrants are needed in canada to pay into the tax system.

[@kidsteach938]

There are three unmentioned reasons as well: Firstly, Canada brings in half a million immigrants every year, who need housing. second, Canada allows in about two million foreign students ( chi-ching $$!!) all of whom need housing, and many of them rent apartments, and finally, many rent able apartments are being used as Airbnb units, which can generate more money for the owners.

[@MelissaAuthority]

Well last stats showed almost half a million in just 3 months!

[@amanbhayani65]

I also heard that its a chicken and egg problem. Canada has a series of standards for workers in order to be qualified to build a home. Apparently to build a house you need a 4 year educational qualification of somesorts to be a carpenter. They are lacking these qualifications in the country, so they are getting more immigrants to come here to do that line of work. The fundamental system is flawed. Why does it need to take 4 years for someone to be "qualified" to build a house? Even people with 4 year bachelor degrees... do they really need to be that long? It's a bunch of bureaucratic BS.

[@alanjm1234]

Similar situation in Australia. The Greens won't allow land releases, while Labor is importing 600,000 immigrants per year. Where are they supposed to live? Add overeas investors to the mix and you have spiralling prices.

[@markc6714]

And Chinese are buying our houses

[@kaydenbailey3872]

All by design they want you completely dependent on criminal governments

[@flynnparish9833]

Situation in Canada, we are importing a million plus migrants and international students into a country per year. We are ahead of you into the abyss.

[@gsin311]

​@flynnparish9833 your numbers are wrong btw, in 2023 we added 400k immigrants and abt 600k international students so a million in total

[@Fractalis65]

To be fair, Australia barely has any land. ;)

[@nancywhitehead219]

The government doesn't want anyone to own property. 😢😢😢

[@McRemmyBaby]

For real

[@LEK-we2hh]

What about them ? ))

[@sergiolandz6056]

@@LEK-we2hh The Crown corporation controls the government, gov is just there as a extra arm for the crown. If you want to know who the politicians serve, well you can start there, and i cant say more or KZbin will ban me again for 24 hours for putting factual information so all i can do is say that your government dont care about you, never will and they have a agenda to take orders from, or else they end up on TV with some serious accusations made towards them... Go look at what Epstein was doing with powerful political figures and you will quickly figure out who the rotten egg of the world is. But i cant say it here or else i will get banned again, its the only type of people who you say their names and they get sooooooo mad ! They have a long nose and they love sheckles.

[@bluejackscanada]

Well the municipal government loves to take property taxes from me.

[@behcherry9815]

@@bluejackscanada they love to tax everything So when we all don't own homes, they will make a renters tax to still tax us Strange how there was less taxes before and the gov could afford to do things I just bought a house with my 2 brothers and now I get to pay property taxes now too

[@cliffkennell3854]

Thank you for your video. As a Canadian I'm absolutely disgusted what our Liberal government has done to Canada. Trudeau's government should be ashamed of themselves.

[@truckywuckyuwu]

You're a idiot if you think this was just the liberal government. Something like this doesn't happen over 5 years. 10 years. It happens over decades. Don't be so quick to forgive conservative governments. As they were the ones that set this in motion long ago. Everyone loves coming online and talking about how Pierre is going to save us. He's just as likely to make it worse. He's just as likely as corrupt. But if course the media wants you to think he's the good guy, and paints him in that light. Media that's owned by the government mind you. But hey, keep blaming all the problems on liberals. Not the people in power who laid the ground work for all this 30 or more years ago. Do you think we all became reliant on vehicles because they're the best solution here in Canada? Do you think suburban homes being the gold standard with city sprawl and cars... Might have a connection? What about minimum parking requirements for houses? I think if you actually started digging you'll see that even the conservative governments you hold so dear did more harm over the years to this country than you'd ever imagine.

[@hyzeronhisrizer]

Sadly, there aren't even close to being ashamed - they are extremely proud of what they are doing!

[@josephparrotta1159]

It's all parties. Doug Ford isn't exactly a liberal, but he has also screwed over the housing market.

[@BlackCanuckTO1970]

@@hyzeronhisrizerExactly. The Liberals have absolutely no sense of shame.

[@cav6929]

It’s not just Canada, in the U.K. housing is also incredibly unaffordable. A lot of the housing is poor too but your still looking at paying £200,000+ and with the majority of people earning less than £26,000 per year (before tax) buying a house seems like an impossibility

[@ironhell813]

It’s all and only British empire colonies, something to do with mass Indian immigration because the UK has diverted them from itself.

[@jumhed994]

​@@ironhell813 Indians are a better immigrant than their neighbours.

[@hirsch4155]

Nah the UK housing is much more affordable than Canada or Australia, not saying the UK is inexpensive but compared to those two countries it is.

[@jetsdude8]

Also destroyed by immigration from garbage countries

[@vincentalakija5515]

​@@hirsch4155You sure about that ? Because I've looked

[@puckrocker854]

You'll own nothing and be happy, eh hoser?

[@bobnas]

Another crucial point: Mass immigration. Growing number of people competing for same number of housing.

[@elim7228]

They are not competing. Most can't afford a mortgage. Where they do put pressure is on rental market.

[@bobnas]

So you’re saying that all the immigrants are unskilled toilet cleaners? That’s just untrue. Plenty of skilled immigrants cannot afford to buy because of the lack of supply. Otherwise you’re just saying it’s expensive because it’s expensive which is circular reasoning. Having units available only as rentals further restricts the housing supply as there’s less to buy, further exasperating the situation.

[@firstandforemost87]

@@elim7228 By driving up rental prices, and thus incentivizing others to invest in rental properties. I’m doing it as we speak. My lame condo is basically a goldmine now.

[@none4126]

​@@elim7228In Australia, we have many wealthy migrants and foreigners buying up housing. Even if most immigrants can't afford a home, it's enough to. change the prices.

[@AlexRussell-kd9pd]

Canada uses a point system for immigration, so most immigrants are skilled. The population of Canada would be going down without immigration. Still, even the Liberals have decided to slow immigration down a bit in an effort to let housing catch up. Also keep in mind, that most housing issues are local and provincial issues - not federal.

[@OutlawCaliber13]

I'm in the KW area of Ontario, I'm from Texas. They bringing in millions of immigrants, but not building homes/apartments. Taxes, monetary devaluation, etc make it worse. It's costing around $1,600-2,000 for a one-bedroom apartment.

[@ryguy9353]

Move back to Texas you’ll have a mansion for that price lol

[@OutlawCaliber13]

@@ryguy9353 We've talked about it. At the moment, I'm in school, wife's mom is here, etc. Once we get everything settled, we are talking about Texas again.

[@jameslaw3740]

I'm a hour and a half away from you ( grey \ Bruce county) the rent for a one bedroom is the same price....you would think that citidiots would pay more than country hicks....we have hired so many out of country people just to keep the factory running that we have passed our limit of foreign worker to Canadian worker ratio....its sad to see today's lazy computer wannabe children living in tents , instead of getting off their butts and getting a JOB. Many places are hiring but its to easy to get welfare (free money ) , go steal from others , and be a drug addict , mouching off the system......government has to wake up before its to late to save our countries...

[@OutlawCaliber13]

@@bryangillis1839 Oh, I'm aware, though I wouldn't write off all Canadians. I seem to find the rednecks everywhere I go. Here is no different. lol There are some solid folks, but there's a lot of flakes, too. I guess no different than the US. There's a fight for guns, right now. The Libs are trying to take all semi-autos.

[@cheriemonami]

I'm also in KW, been here since 2005. Originally from the bay area of SF. My daughter and her fiance recently bought a house. They both had lived at home and saved and saved and saved. It can be done but it's not easy. Takes planning. I repeat, it's not easy. Decide to only spend on needs, not wants.

[@VeritasOmniaVincit176]

Nice video, Nick, but another very important factor left out is foreigners (mainly millionaires from China protecting their fortunes from their government) buying property and inflating the market. I don’t remember the exact figures, but there are neighborhoods in Vancouver there almost of a 1/3 of homes were empty, bought mainly for market speculation. I remember there was also something about the federal government granting you a green card if you invested a relative small sum (compared to America) if you invested in real state in Canada.

[@none4126]

Same situation in Australia. 10% of houses empty because foreign speculators own them during a housing crisis.

[@AlexRussell-kd9pd]

While there may be a few places with 1/3 empty homes the overall foreign ownership is about 10% in BC, and most of these homes are not empty. But, there are a lot of investors buying up multiple condo's then renting them out at super high rents. The rental vacancy rate in the Vancouver area has been under 1% for many years. Also, developer fees mentioned of $350,000 would be for a medium sized high rise, not a single home which is more like $2 to $6k.

[@fermiticus4034]

In 95, I bought my house and 10 acres for $150K....today, it is "valued" at near $600K. That sounds great, but to see any of that profit, I'd have to drastically downsize and forget about the extra property. My county is still approving new sub divisions..."starter homes" are $350-450K. Meanwhile, our roads are already overcrowded and there's nowhere to expand them or add any new roads (lots and lots of lakes in our area).

[@bernibeckmann9753]

I can sell my house to buy something for half the cost where no right minded person would live.

[@fermiticus4034]

@@bernibeckmann9753 Right?! I could go 35-40 minutes in either direction and buy eleventeen houses in...Detroit...or Flint. No thanks!!!

[@linelamothe8727]

As a Canadian, I cannot applaud you enough for sharing this content. I am nearing the retirement age in about 7 to 10 years and it terrifies me to know that I won't be able to retire here. I am considering moving out of Canada to retire as so many others are doing now.

[@wyleecoyotee4252]

I retired here in Eastern Ontario with no problem at all and own my home. You might have to alter your lifestyle.

[@linelamothe8727]

@@wyleecoyotee4252 Thank you for sharing this! It's positive to hear.

[@ryanj357]

There's still some gems in Canada you just have to look. It's only the major cities that are bad like Vancouver and Toronto. Just search cheapest cost of living cities in ontario. Windsor for example, has condos right now listed for under 200k. For me personally I don't care where I live as long as I have a job and my own roof over my head.

[@linelamothe8727]

@ryanj357 Thank you so much for sharing this. I had heard and read that Windsor is quite a nice and affordable city. Still haven't completely given up on staying in Canada. I live in Alberta and would definitely consider Eastern Canada. It's where I am originally from.

[@ryanj357]

@@linelamothe8727 No problem! Where in Alberta are you? Edmonton has Condos for 150-200k. They're only 1 bedroom condos usually but hey if you're living on your own that's all you need.

[@petervdbnz2]

Similar story in New Zealand 😢

[@ironhell813]

Every British colony.

[@thomastweedel6876]

Don't forget demand driven by foreign investment

[@krishnayogi]

this is actually a myth , even 10s of trillion dollars from china will not increase avg house prices in CAD, and here's why , lets say the chinese want to invest $5 trillion dollars , first they need to buy CAD to invest isn't, when they do the CAD value relatively goes up and so avg Canadian house price will not go up, the real reason is govts supply constraints and permit fees

[@justinmayfield6579]

@@krishnayogiif the Canadian dollar goes up, that affects inflation (buying power, especially with imported goods) but when they take those CAD and buy houses with them, that affects housing prices, all the same. I’m no economists but it seems the best you could say is that the average family could save money on other bills allowing them to better afford a mortgage but then the mortgage would be significantly higher. Either way, it seems the government has a big part to play.

[@thomastweedel6876]

If the Chinese are buying x% of the houses for investment purposes then that's greater demand on the existing supply (which isn't expanding), thus prices go up.

[@krishnayogi]

@@thomastweedel6876 again the chinese cannot push the average candian house prices as explained , they will end up pushing the CAD higher if they want to bring the Chinese money to Canada. the Avg house price cant go up coz of Chinese ,that's only because of excessive money printing , however as immigration swells people and no new houses are built , people are forced to stay in smaller homes or spend a large portion of their paycheck on housing ( blame govt for not building more homes )

[@rollinsomethingbutiforgot]

​@@krishnayogikeep lying for China there, bud. There's a Chinese mainland national in Vancouver who's registered as a student and owns 32 million dollars worth of properties in one province. It made the news. Chinese nationals are buying up Canadian real estate en masse which drastically skyrocketed home prices. This is all verifiable, unlike your anecdotes and opinions.

[@geraldholt2755]

Canada loves Castro's son too much to do anything. I'd love to be proven wrong though.

[@marklittle8805]

Most of us know he has to go. Just too many people are stupid to what his dad did and keep thinking Justin isn't that stupid. He is that stupid . He defeated the best PM we ever had but alas, Harper was around too long and that is enough for stupid people to turn on you

[@erikuu96]

Is not that they love him, but just like his dad (Castro) you can't vote him out

[@s.patrick6136]

You’re not wrong

[@Doug-zl8nb]

Castro son is a snake...wears a dress

[@debclair822]

Eastern Canada. There isn't 1 representative in Alberta.

[@PL-jm8ew]

On a lesser scale, the same corruption is taking place here too. Government licenses to build, inspection fees, codes, etc. are big wealth generators for big government.

[@Doug-zl8nb]

Government of canada the snake at the top only want corruption scams vehicles theft...in canada...and criminal s to live in canada

[@Hooftimmer]

These politicians are protected, and IF ousted then another one just like the other one gets installed. The political systems have all been co-opted.

[@ironhell813]

Yep, only solution is another system.

[@aaykay4060]

@@ironhell813what kind of new system?

[@dootdoot1867]

48% of all canadian land is owned by provinces. 41% is owned by the federal. 11% is owned by the private citizen. When they announced 30,000 homes, it was the fed releasing land packets in metropolises. They created a problem to which they have the cure. But they own a property in their riding, ottawa and a vacation home. So they are personally incentivized to make those go up.

[@cleanlaundrys]

Great video, but a key point is missing here. Money laundering within real estate across Canada. Foreign investors are to blame and this is a huge issue in BC, specifically those from mainland China and Iran who see our real estate market as a great place to dump their dirty money and build equity off of it. "Expert Panel estimated that more than $7 billion in dirty money was laundered in B.C. in 2018, and between $800 million and $5.3 billion was laundered through the real estate market, raising housing prices by an estimated 5%." - Bc Government Website. This review was in 2018, so 5 years ago, it's much worse now.

[@yashpatel261]

No one is going to mention the obvious money laundering elephant in the room. It is what keeps the economy going. If that money laundering gravy train stops kiss goodbye to 30% of the GDP of this entire country. Canada, UK and Australia are hooked on the same drug called easy money.

[@SaltyShaman]

So what you're saying is, we shouldn't feel bad for squatting in those empty houses? ;)

[@notyourbestie]

And take note, money laundering only applies if their money is from dirty source which most investors doesnt do. They legit have money but buy as much real estate and nobody is paying attention to it and always blame immigrants - those poor immigrants and skilled workers.

[@briannicholas2757]

My mother's family is from Northern New Brunswick Canada. My cousins tell me, and i have a lot spread all over Canada, that the country is unlivable. They are bled to death with taxes, with huge percentages of that going to care for Canada's enormous immigrant population, who simply come to Canada for the generous welfare. I literally have cousins who work what used to be good jobs who now need to use food banks to eat each week. What Trudeau and his marxist party have done to Canada, is exactly what the Democrats want to do here.

[@TheMistyBlueLounge]

Yea I'm in Nova Scotia and it's rough, it's the highest taxed province with some of the lowest wages. In the last 5 years I went back to school and went from making $14/hr (an insanely low wage for an apprentice electrician with experience as an apprentice carpenter, as everyone cries that no one wants to do that kind of work lol) to making about $31/hr. I would never friggen guess I'm making DOUBLE what I used to. The additional taxes combined with food and housing prices literally doubling in that time has destroyed any gains, I went from imminently homeless to house poor. I mean sure, that's an upgrade and all, but even 5 years ago making $31/hr I would have been living the freakin' dream compared to this, even with most of the same absurd taxes 5 years ago... but as prices go up the taxes just get ridiculous. A flat 15% sales tax on everything as inflation ruins people is an act of cruelty, then the city raises property taxes 10% year over year because they're "not allowed to have a deficit". The province of Nova Scotia makes DOUBLE the tax revenue they did just last year, up beyond 42 billion from 20 billion or so, and only managed a surplus of 120 million-ish while bleeding its population dry. People are not nearly fed up enough so it just gets worse.

[@wayward03]

​@@TheMistyBlueLounge I've doubled my income from 2018 and yet I'm barely any better. And I was already outside of getting government assistance.

[@aaykay4060]

Please elaborate what generous welfare is going entirely to immigrants? Because as an immigrant myself no one gave me generous welfare, I can guarantee that.

[@SaltyShaman]

I think he means 'refugees'. You likely came here the right way and are getting shafted like the rest of us who were born here.@@aaykay4060

[@mr2_mike]

​@@aaykay4060typically low income earners get bulk of the benefits. Half of Canada pays little to no taxes. That is the freeloader populous.

[@beadblaster9508]

A lot of the problem in canada was the money laundering that the goverment turned a blind eye to and also allowing rich foreigners to buy up everything.

[@notyourbestie]

This should be highlighted. It's this reason!

[@Kededian]

In the Netherlands 20 years ago the price for a cheaper average family home was 125k. Now for the same house you have to pay 400k or more depending on what city or neighbourhood. Also to get a mortgage is very diffucult with the rules they implemented after the housing market crash of 2008. Its insane. Children are forced to stay with their parents.

[@woodb51]

I visited a friend in Markham, Ontario in 1973 and they told me then that housing prices had escalated so much that my friend who was about 30 thought he had no chance of ever owning a home. I have had much contact with him since then but I wonder if he ever was able to.

[@bmoshareholderappleshareho855]

If he could not afford a home back then, that means he can't possibly afford a house now.

[@KeepItSimpleSailor]

Those government charges are so ridiculously expensive 😮 Here in Australia we have a similar housing market with stupid prices to buy or rent. I honestly don’t know how people cope.

[@Yukimaru0]

I'm almost 40 and there is zero chance of me ever owning a home at this point. It's just not possible to ever have enough saved up for a down payment when food and rent are so expensive and down payments are $100k plus with zero option to get a loan for it as banks will see you took out a loan for a mortgage and just auto deny you as you aren't allowed to use a loan for a down payment.

[@deadhouse3889]

Sure you could. Just move out of the west.

[@rollinsomethingbutiforgot]

​@@deadhouse3889it's more expensive west. Average price of home is 1.2 mil w/ bidding wars for crappy run down houses

[@Maxmulham]

Everything you said is correct but you forgot to touch on immigration. We let in 430,000 immigrants in the last 3 months. That is sickeningly high for a country of 35 (now 40) million not too long ago. And yet schools, hospitals, and police stations etc. remain the same roughly. The government is doing this to prevent the housing bubble bursting (because it should have bursted way back) so they can earn money from property taxes and mortgages, paying off pensions due to our lousy economic money printing policies as you stated, international student tuition money which is far higher than domestic student tuition, and to get more votes after doing so badly in the polls.

[@glennryzebol4472]

This is pretty much spot on although house ARE being constructed. Just not anywhere near the number that is needed nor are they affordable.

[@ryandubyah2345]

As a born and bred Canadian who has also lived in the US, I can very sadly confirm almost everything said here. I bought my first house before the bubble began in 2008. Sold 2 years ago for 1/2Mil, bought in ‘08 for $93.5k. I did about $100k worth of work myself, but that’s still an enormous markup. I put $400k into my current house, which we had to pay $151k over asking @$851k. 7 years prior this house went for around $270k. Our property taxes alone are over $6k a year, mind you we do have a nice property but we’re still at almost 1/2mil on mortgage whose rates are skyrocketing to a point where it’s purely the percentage that’s pricing folks out of the market. Groceries are now between $300-$600 per trip and gas is almost equivalent to $7/gal. All these changes that our laughable government is making is exactly what’s making life unaffordable here even making decent money. And we desperately need that twat TruDOPE out of the way, that’ll be huge step in the right direction

[@mikecanton9147]

Your videos are great! Please keep them coming. 🇺🇸

[@selohcin]

Nick is completely missing the China issue. Rich Chinese bureaucrats and their children go to Canada and park their money there through real estate. There is much more money going into the Canadian real estate market than any mainstream source is acknowledging.

[@JulieDeuxFois]

Exactly! Rich Chinese speculators own more than 20 BILLION dollars worth of real estate sitting empty in Canada

[@barnzstorm2036]

Just like here in Australia with foreigners buying and holding and not even renting everything…

[@digitalwild1]

Foreign investors buying up property as speculative assets is only one of the symptoms, not at all a cause, and therefore is not an issue in the grand scheme of things. Without the cause, that symptom simply wouldn't exist. The cause is that the governments and bank of Canada undermined its citizens' livelihoods by debasing their own currency further at an unprecedented rate within just a few years and at the same time made sure that we have no new homes to buy because homebuilders are not allowed to build new homes. This is an intentional plan to make homes unaffordable for the majority of the population, especially for those who have not yet lived for most of their working lives already. I shudder to think of what they're doing this for, but one thing's for sure; Canadian citizens will do nothing as usual.

[@TinyGoHomes]

I build a tiny home trailer for 9000$ which is over 100x times less than average home costs in Canada. That math is bonkers 😂

[@McBurger29]

Well explained and clear voiced video.

[@Recubs0608]

It's a shame that American nurses can afford buying a new home in the US, but Canadian nurses cannot afford here in Canada. The housing prices is ridiculous.

[@OldCanuck1867]

And through the pandemic, foreign investment, mostly Chinese, further drove home prices through the roof. Ridiculous bidding wars, upwards of 300k to 500k over asking, certainly didn't help.

[@user-ig7mx1xs7i]

Wow. It’s so bad here that we’ve become the global model for what not to do. Thanks Justin! These bloody sociopaths have to go. Self aggrandizing narcissists. Pierre for Prime Minister

[@klnrklnr4433]

This is more accurate. Self aggrandizing narcissist Pierre for Prime Minister.

[@althunder4269]

But PP won't be any better.

[@ianstuart5660]

​@@althunder4269 Exactly!

[@mikeawesome9212]

​@@althunder4269yes he will actually. Trudy is the worst PM in Canadian history so it's not hard to be better. Pierre getting rid of the nonsense carbon tax alone already makes him better. He can certainly speak better than Trudy. Canada has always done better under conservative governments.... FACT!! No matter what you say you can't save Trudy so you can go cry now.

[@mikeawesome9212]

​​​@@ianstuart5660"EXACTLY" as in you're an idiot??.... EXACTLY!! You can bring the tissues for you and althunder's crying session.

[@CanadaMath]

In 2004 I wrote a somewhat famous article called 'Top 8 reasons not to immigrate to Canada'. In short, the Canadian authorities tried to destroy my life. They made it so that I could not be employable in Canada. So I moved to the U.S. in 2005 and then some years later I moved permanently to the Philippines. I am happy that so many years later videos like yours are saying essentially the same things that I did. I was ahead of my time. I will never go back to Canada. Not to live, not to visit, not even a connecting flight. Too cold, too expensive, taxes are astronomical, no freedom, no jobs, no opportunities, xenophobic people, too depressing. It has become the North Korea of the western world. Their are many reasons why Canada has fallen apart. But the number one reason is ‘multiculturalism’. My friends, multiculturalism simply does not work. Different cultures do not come together and mix, different cultures come together and clash. The world is divided into different countries for a reason: because people hate each other and only want to be with their own kind. The number two reason for Canada’s demise is ‘socialism’. In this modern era of aging populations, it is mathematically impossible for socialism to continue. The government does not have the money to take care of old people and provide healthcare, pensions and the various other benefits, even with the astronomical taxation that burdens hard working Canucks. Well Canada, you had a good run. Time for Canucks to move to an emerging country. We welcome you here in Southeast Asia.

[@kellyevans3254]

I hate to say that I agree with everything you said. I’m not in a position to move away, so I’m doing everything I can to fix the country and we will see what happens with time.

[@mrsandreadstavson]

The only way to save Canada is to stop mass-immigration.

[@SaltyShaman]

That's my plan. Canada has a tiny population in the 'greater scheme of things'. We could all just melt into the woodwork of other countries and not even make a ripple. Leave the freeloaders behind wondering how to run the snowplows ;)

[@envynoir]

@@SaltyShamanSo you want to become parasites, the thing you people hate the most and your reason for moving? The irony.

[@kentokyo]

I just searched on Google and read the article you wrote. I wholeheartedly agree with everything you've wrote, and I don't think many would disagree. It’s so impressive that you wrote it more 15 years ago, and also, it causes aching in my heart to hear that you don't even want to visit Canada again... because that's particularly understandable. Aside from that, when considering multiculturalism, Canada could unite its people in a manner similar to the U.S., which operates more as a melting pot, rather than Canada's mosaic approach that tends to keep diverse groups separate. While it's appropriate not to force visible minorities to assimilate, this approach doesn't reward those who actively engage and foster a sense of unity. Take U.S. professional sports like football, basketball, and baseball as examples; there's a rich blend of athletes and fans from diverse backgrounds, and this has been the case for a considerable time. It was conscious effort of Americans people. In contrast, Canadian hockey doesn't reflect that same level of diversity at all. You see, many non-white Canadians don't partake in traditional Canadian cultural events like Thanksgiving or Canada Day BBQs; instead…they cross the border to the US for shopping, and that’s after many of them took a lots of time, energy and money to obtain Canadian citizenship. For immigrants/new Canadians, emotional ties to Canada are essential. However, witnessing numerous new Canadians eagerly leaving the country for good suggests that our nation-building efforts falling short…big time. This weakens Canada economically, socially, and culturally; that's political destruction.

[@tillygirl7450]

Has anyone studied the correlation between mass migration from Hong Kong to Canada because of HK’s reverting back to China’s ownership? The amount of money that that came with this migration was staggering influence on Canada’s housing market. This same correlation happened in the USA and even started BEFORE the transfer to China’s ownership by the massive increase in international students coming into the States as early as 1990. Follow the money and timeframes.

[@yezok01]

This immigration rate and goverment printing money is the major reason for inflation and cost of living and unemployment rate.

[@chadparsons50]

Let's not forget the added pressure of immigrants competing for the same housing, driving up the price further.

[@sergiolandz6056]

lucky for them banks and corporations have all kinds of incentives for them ! Heck if they want a new car guess what? They will pay less than you and me ! Fkn BS !

[@aaykay4060]

@@sergiolandz6056I guarantee you that isn’t happening. Immigrants don’t get some special lower interest rate magically.

[@KrakenUmbra]

@@sergiolandz6056 not sure where you learned immigrants get special loans or interest rates from the bank. As an immigrant I would love to have that, if you can link me to that, I would love to apply.

[@GeorgeDutch]

Canadian here. More and more people are trying to find ways to get out of Canada asap. If you’re thinking of moving to Canada, don’t, it’s bad here. Extremely high cost of living, high taxes while NONE of the social services work properly and I could write paragraphs on how bad it is but the bottom line is don’t come to Canada and if you’re here you’d be wise to have an exit plan in the works.

[@VortekStarling]

It does not cost $350K to get Government permission to build a house in Toronto. A zoning applicable law certificate costs $595.77, and building permits don't cost hundreds of thousands of dollars either. Official plan amendments cost a lot, about $130K for some reason, so just don't get your official plans amended I guess. Zoning bylaw amendments also cost a lot, close to $50K. It's getting things amended that costs a lot, everything else is not particularly costly.

[@InitialPC]

it's almost as if all these expenses add up.

[@richarddaigle8777]

Now add the land, the property taxes. Here if you don't build within a certain time limit, they won't even sell you the land.

[@rollinsomethingbutiforgot]

It's almost as if there is expensive delays that involve ammendments

[@VortekStarling]

I don't know, maybe, I never tried to build a house in Toronto, did you? It does seem a tad high to amend a plan, $130K.@@rollinsomethingbutiforgot

[@Dan-od6zx]

It's almost as if there are consequences for bad policies.

[@douglaspianta4187]

Seems to be getting bad in so many places. Canada, but also Australia, UK and even the US.

[@donelmukiza2357]

I have been binge watching your videos 😆

[@Sc00terNut]

This is a great video. He describes the situation as it is. This started decades ago. Things never had to be this way and they don't have to stay this way. But I doubt anything will really change anytime soon.

[@robwhitehead9602]

None of this will change unless we change our style of government. This has been coming for decades. There has to be strict rules for corruption and severe penalties that stick or nothing will change.

[@va3svd]

One other thing needs mentioning, because it hinders the potential for recovery: we don’t have enough skilled trades to build enough housing to even come close to satisfying the demand for new housing. Good job, government education system!

[@wishteria234]

Then why are Central American illegals working illegally in Vancouver for the developers. I have first hand knowledge that thousands work under the table.

[@va3svd]

@@bryangillis1839 I don’t know, man. We depend on immigration to fill a lot of important jobs because Canadians won’t do them anymore. Truck drivers and agricultural workers, namely.

[@rollymayola363]

Subscribed!

[@dbiedler]

Wow. Thank you.

[@CaveFreediving]

The politicians in power are not going to punish themselves, especially since this is the situation they want: a rich ruling class over the poor peasant workers.

[@cathryneallen9257]

They won’t fix it. This is on target for 2030 The Great Reset where there will be no private property ownership. It’s the same here in Australia. Buying a house under 1 mil is just about impossible. That means most of the people are renting which means the rental prices are sky high due to demand.....and you’re lucky to find a rental.....

[@t.8936]

That's not going to happen. Too many extremely wealthy paying taxes and will pull strings to make sure it stays that way.

[@Krypto121]

It isn't just house prices. It's rent as well. If you want a 1 bedroom unit in my building, you're paying around 2400 per month. To put things into perspective, the same units 15 years ago were around 900 a month. The only reason I still live where I do is because of rent control. Without that, I'd be in a shelter somewhere. To make matters worse, Metcap, the property management company, wants to sue us, the tenants, for repairs that were desperately needed such as new elevators, roof fixes, new balconies. Things that were deemed "hazards" by professional inspectors are considered expenses that we should be paying for. If you work a minimum wage, full time job here in the city, you don't make enough per month to cover rent in the vast majority of locations, and have enough left over for other necessities such as food and laundry. Welcome to Toronto in 2024. Don't come here. It's no longer desirable.

[@AlexRussell-kd9pd]

Yes, rent is just as bad or worse in BC. And not just in the big cities.

[@Stardust475]

It would be great if you did an overview of the conflict in Sudan. Thank you!

[@Mr_G_in_Alba]

Problem isnt limited to Canada, or even North America; we are experiencing the exact same issue across Europe. Even egalitarian Norway, where traditionally 85% of people can afford to own their home, has seen the stats dip by upto 5-6% since C19. A common benchmark used to judge market temp and affordability in the same country is called the "Nurse Index" (or something similar) where they look at how many properties currently on the market, a typical nurse could afford to buy. Its now the lowest its ever been, at only 1.7% of the properties advertised. In some cities, (although relatively small) a nurse could not afford any of the houses on the market. Biggest difference between Norway and the US may be, they dont have to compete with fund managers and billionaires buying up all the affordable housing projects before completion.

[@Soldier-yu2ml]

Trudeau needs to go

[@drmonster6357]

NOW !

[@josemarcassoma255]

Same in Portugal

[@SilentZyko]

solutions: 1. remove height limitations 2. allow mixed-use buildings 3. allow multi-family buildings. 4. streamline and simplify construction permits and construction related paper work such that a high school student can finish the whole process in less than 3 hours straight 5. abolish contradictory regulations

[@AlexRussell-kd9pd]

In BC the left leaning provincial government is forcing cities to do just that - kick and screaming. And make it faster to get the permits. Ridiculous to take two years to get permits approved.

[@SilentZyko]

@@AlexRussell-kd9pd dude I want BC to go full East Asia mode and just start building insane density

[@chinmay6249]

Lesson: Small governments for infrastructural and political issues are the best. Less crap to deal with.

[@bryan81584]

"If you happen to own a home in one of these areas, you're technically a millionaire" And I bet the government wants to somehow tax that "wealth" that you "have" to punish you for having something valued that much.

[@wishteria234]

Watch Trudeau and his buddies bring in an inheritance tax like UK and the Netherlands, you will own nothing and be happy.

[@leahfinney4905]

Same down here in Australia 😢

[@Bikerbob59]

Thank you.

[@darinfonder1388]

All done intentionally. I wonder why they outlawed your guns?

[@noahwail2444]

The politicians went woke, the country went broke... You aught to do something very unpleasant to the litle substitude dramateacher.

[@justinvanburen8259]

WOW!! That’s crazy!!

[@rosstowers1122]

Same in Australia !

[@ericgarcia4745]

Trudeaunomics and Bidenomics are working 😅

[@Pan_Z]

It's pretty amazing how well the Canadian government managed to use taxpayer money to *increase* housing prices. That's some advanced level of incompetence.

[@winstonmiu]

Vancouverite here, and I can absolutely relate to this video.

[@matthewmurdoch6932]

Do more on 🇨🇦 🙏

[@thogevoll]

I guess Canada is really taking to heart, "You will own nothing and be happy."

[@ironhell813]

This insanity won’t last, revolution is coming.

[@donman9154]

Trudeau&Co. are evil conspirators, happy to enslave Canadians to the UN & WEF Global Agenda...

[@erikuu96]

Trudeau is Schawbs favorite puppet.

[@wyleecoyotee4252]

Plenty of people own houses here

[@abe-brown]

As a very loyal Canadian, this is all true. Canadians have been lulled to sleep and are finally waking up. The Trudeau government and their policies are mostly responsible. They have set the table and tone for governments that take far more than give.

[@schmo7777]

Ready to leave Canada after being born here and contributing for decades to make it a better place.

[@zebatov]

Here’s some more perspective: in 2015 I was in Alberta making $20/hr. In 2016, I was making $25/hr with daily OT and where weekends were straight OT. I unfortunately had to move back to BC, and I’m currently looking at $17/hr. This is just stupid.

[@AlexRussell-kd9pd]

$17.50 is the min wage now in BC. I'm surprised that you couldn't get better work in Alberta, must have been during one of the oil price down turns.

[@christaverduren690]

How much to live in those apartment high-rises that look quite communist era? I've been to Toronto and for decades they looks so off putting just sprouting up out of the ground like angry warts, then I lived in Calgary for a while and there too, those gray looming high rises. It was only this year in another Why Minute episode ( not certain which one) When Nick said communist style housing, it hit me that Toronto and Calgary both have so so many of these high rises that look like that. perhaps they just want to let everyone live in a pod that looks like some miserable gray prison that looks like every other building so everyone has the same thing and it all feels rather lugubrious ( to maybe break the spirit?) idk.

[@fancynancy2888]

Average rent for a one bedroom condo (average size is 500 sq. ft) is approximately CAD $2,600-2,700 per month in Toronto now.

[@christaverduren690]

​@@fancynancy2888 Thank you!

[@freakerss]

I'm not a millionaire and I own a house with no mortgage at 35 years old.

[@gerardbryant1445]

Have a look at the situation in Australia!

[@scottyates5758]

That is exactly the same as what’s happened in Australia, heaps of land but the government charges and fees add on close to 50% of the cost of a new build in a housing estate.

[@fartmechanic8903]

I’m from West Vancouver and the average price for a standard detached home here is 4 million dollars and rising! This is the result of a lack of development, coupled with hundreds of thousands of new immigrants who are putting an immense pressure on our rental market (its more than doubled within the last decade).

[@althunder4269]

WV is home of the wealthy Chinese and their dirty money.

[@DeadMarsh]

I love this format for videos. Also…everything he’s saying is 100 percent true. I lived on Vancouver Island for 7 years.

[@lavaughnrannow879]

It isn't just the cost of the home. All of us in rural areas know that the influx of people from urban / greater wealth regions, drive up price. In Canada, ALL home loans are adjustable. Isn't that damn skippy

[@kaydenbailey3872]

Also worth looking at the quality of the new homes being built, ridiculous prices and terrible quality

[@christinaserpa3306]

This is primarily true in the popular areas, GTA greater toronto area, Vancouver area and Montreal area. Other bigger cities as well- we have uprooted and made sure both or jobs are remote with a 1 year emergency fund. We are in a 50000 inhabitant town in Ontario near the border. We bought a duplex for 285000$ ( very livable) and kept the rent for our renter the same - increasing stability… it depends how you set up your life. Same concept why LA and San Diego inhabitants moved to the Gulf of Mexico in Texas towns like Corpus Christi etc… you have adapt and search for your needs…

[@thebambinofan]

Nick on Canada! Coooool!!!!

[@Michael-uo4jj]

i love how i have a friend in NY area, not NYC and they tell me its hard there yet i see my city in the top 3 of that list and we don't even make Toronto money or NYC money + our currency is less

[@joecrocker794]

I sold my house last year in a smaller town a few hours outside Toronto for over a million dollars. Never in my life would I ever think I would do that as a blue collar worker.

[@joebloggs6131]

As an Accountant, they made me do economics. I could see housing and wealth disparity (including an increasing average age) becoming real issues, even 20, 30 or more years ago. I wrote about it in a school paper at around 15 or 16 years of age. Sadly, this is the world we'll know, and we best adapt, and fast. Have industry drive the tiny home / modular / kit home type of thing - that can be built in a factory very quickly, flat-packed onto a truck, and transported out to a site (even if the occupant doesn't own the land but has landowner approval). And Voilá, rapid housing that the Government failed to administer AND the occupant has reduced debt / overhead / carbon footprint, by buying a tiny home instead of an existing one.

[@kyle0091000]

Correction, if you don’t live in BC or Ontario, you can still own a house but with expense of convenience that is.

[@GrantLylick]

Amen to you brother for pushing the truth.

[@drtyboy]

In that time, rents also skyrocketed and are in many cases higher than a mortgage on a monthly basis. That’s helped make it even more difficult to save enough to buy a home.

[@markadler8968]

If you think it is bad now wait another 10 years. It will be at least double what it is now. There are several reasons like the one mentioned in the vid but the main reason today for the shortage is massive migration. Canada has had over 2.2 million people (Slightly higher than 5% of the population) come into the country in just 2 years. We have to be building at least 400 - 500K homes a year and are only building around 200K this year with that number forecasted to be lower for 2024.

[@PixelVillain]

Oh its way worse than that. I live in vancouver. And many properties are bought by overseas investors, so often they will buy a house in rough shape in a good neighborhood, demolish it, rebuild a Giant mansion, and then sit on it. There are streets with houses with no one living in them, no cars in the driveway, automated timers at night, and Most of the Builders, are Chinese Builders, wanting to put in as much housing in a small area as possible for the most return, so you see ALOT of Apartments, some Very thin, very tall Town houses, and some condo buildings. We have yearly government documents we need to sign to say we live in the house and its not foreign owned. So you have housing thats unaffordable, empty, or further out of the city bounds where it is less prominent, and people are leaving cuz Cost of Living is astronomical based on housing prices Yet the government refuses to stop foreign buying/building of Canadian land, and there is nothing we can do to stop it. It hurts more than it helps and thats cuz they dont understand the problem, so they dont listen.

[@jayflock7446]

Same going on in the US

[@mariaocean2165]

???? From Newfoundland Canada here, many of my new co-workers fled mainland Canada because of the insane prices. Only to discover mortgage payments are half (or less) the price of apartment rental on the mainland.