Why You Shouldn't Buy A Home In 2024

[@Joe-mz6dc]

It's 2024. Whether you rent or buy right now, you're going to get ripped off.

[@NolanMatthias]

You might be right

[@muratkekec5994]

If you think it for long term buy makes sense specially if you are getting good discount and paying high rent.

[@Samgold23]

​@@muratkekec5994if one is able to AFFORD regardless of long or short ... There is no fun in paying hefty price for old home with maintenance as half of mortgage 😊

[@michaelkowalski]

Gross income or net income?

[@shakilahmad9233]

best time to purchase a house is when you are ready for it, doesn't matter what the market or interest rate is. Have an emergency fund of at least 3 months, have 20% down payment and your morgage payment shouldn't be more than 30% of your take home pay.

[@NolanMatthias]

Nice summary 😁 thank you.

[@sandeeptanjore1253]

A very good and ideal advise. But these days 20% down payment does not give you a good mortgage interest rate when compared to 5% - 15%

[@bobsibert1968]

You win the stupid comment of the day award, lol

[@pandude4717]

Nolan, If you are renting and you lost your job where are you going to get money to pay rent???

[@sandeeptanjore1253]

That's a tough call but certainly renting will give you the freedom to move to another city should you find a job in another city. If you buy a home that flexibility is gone.

[@shakilahmad9233]

apply for EI, do pizza delivery, uber eats etc until you find a job.

[@NolanMatthias]

I get what you’re saying. If you’re renting you’ve probably got less than a year of obligation, which means you can adjust quicker. If you own and are under water on the home after real estate commission etc, you may be stuck with a property you can’t sell, which means you can’t shift on the fly so to speak.

[@sandeeptanjore1253]

@@NolanMatthias Yes, correct. That's what I meant. I faced the above situation when I was living in Calgary bought high (382K 2016) and sold low (349K in summer of 2020). Regretted buying a home thereby losing all my savings.

[@DrSchor]

1. You totally contradict yourself. You were right when you said no one can time the market. No one can know if now or later is better to buy a home. No one can know how real estate or mortgage rates will change. You buy a home when you have a wife and baby. Notice the period. 2. You totally give yourself away when you said the most important reason is last; clearly you are shooting for more time on youtube, which means more income for you.

[@Matt.k864]

Made the news Brampton home someone Purchased a home for 2.3 million sold for 1.7 million two years later owner took a 640k loss. How not to invest Real estate

[@daniel_foch]

how'd you get that pic of me with the dart

[@NolanMatthias]

Copy and pasted from your website 🤣

[@hill4377]

I was paid $73,000 this year to live in my condo. Cash. It was worth $675,000 when I moved in. Its worth $574K now. I pay $3k a month with just $1700 going to the landlord. Rest is taxes and condo fees. Losing $8,416 a month.

[@NolanMatthias]

Nice! Careful with considering unrealized losses and gains as profit though.

[@gabriels335]

​@@NolanMatthiasthe original comment makes no sense and yours continues to add on. Lmao

[@hornedlobster]

Excellent video, Nolan. These videos are great to build trust with your audience. I feel like I can trust a real estate business that is totally honest and can tell me when it's not a good time to buy.

[@NolanMatthias]

Thank you 🙏

[@bobsibert1968]

Lol, says the expert.. Yes go buy in a 45% bubble fool

[@hulkincredible222]

Got it … Crux: Always buy a home but in underpriced markets

[@NolanMatthias]

Bingo

[@sandeeptanjore1253]

There seems to be no underpriced markets in Canada. Even winning a million dollars might not get you a home in big cities (Toronto and Vancouver specifically)

[@7966016]

Fantastic advice, Nolan!

[@NolanMatthias]

Thanks 🙏

[@sandeeptanjore1253]

"Economists can get it wrong". Certainly - Evan Sidall got it wrong. He predicted the housing will collapse by 30% during pandemic. Well, the opposite happened. So Nolan - you are also a trained economist (you had said that once upon a time on this channel), so are your predictions or summary wrong too? 🙂

[@NolanMatthias]

I think I’ve made it pretty clear that I don’t do forecasting for that very reason.

[@sandeeptanjore1253]

@@NolanMatthias Well you did back in 2021 when you said that if principal residences are taxed (towards capital gains) no one would sell their houses. When asked "how can you say that", you said "I am a trained economist". Perhaps you have forgotten that as it's 3 years ago. Anyways it does not matter. It is what it is.

[@avi71229]

@@sandeeptanjore1253 Ew. Do you talk to people like that all the time?

[@bobsibert1968]

The crash is coming is the number one reason!!!

[@NolanMatthias]

I don’t know. Not enough houses, to many people.