Young People are Getting Screwed! What Will it Take to End This Housing Mess. 2024 Real Estate

Fola and I engage on another very informative and interesting discussion about Canada's housing market, the government's new housing plan and what it may take to change things in the future.
Full length video can be found here...
• Misguided Policies Kil...

[@Mathilda-Adele]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@Mathilda-Adele]

@festusmadidi2634 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@Mathilda-Adele]

@festusmadidi2634 I will give this a look, thanks a bunch for sharing.

[@martinzarathustra8604]

It is not just young people its also people in their 40-50's who are earning more now, but do not have enough saved capital to invest in housing.

[@jodiekohut9443]

It hurts everyone !

[@G_Ellis606]

Sadly, new home builders are cutting costs with poor quality. They look good in pictures but when you go view them, you can tell its very very poor/low quality. I can only imagine what's behind the walls etc...Kiinda like a couch being sold at The Brick. Looks good on TV then you go to the store and the quality is laughable...

[@huskavarnaband]

Do you think unskilled cheap immigrant labor are building homes in Canada yet? Or not yet?

[@jasonriddell]

@@huskavarnaband that has got nothing to do with it as the low skilled labour are NOT the ones choosing and buying the materials and designed the blueprints they would lead to bad finishing and down the road issues but NOT what we are getting out of new built houses

[@zamanwafasharefe1417]

Unfortunately no further for our children in Canada I agree with you jon greed is evils

[@johnwright6102]

I'm a senior who'd planned to sell my home and buy down. Along with a pension, I could then manage my living expenses. That plan is in shambles. There's no such thing as a middle class senior buying down. The price of small starter homes/condos/townhouses is the same as my old split level. I'm stuck in this house until I can no longer cut grass/shovel snow. Unless you cashed out of TO a few years ago, old people are getting screwed as well. I can't believe what's happened to the housing market. The problem began with Vancouver's sky high prices thanks to Asian money laundry. That problem eventually drifted over to TO. The final blow was the lucrative vacation rental gold rush. Half the homes in this country are likely tied up in investment. We've got a short-sighted, knee jerk federal government to thank including senior government officials heavily invested in property rentals and immigration increases. We have only ourselves to blame for voting in this high school student council to run our nation.

[@jasonriddell]

I left Vancouver where I grew up in 2010 for the prairies and DO OWN a home of my own even selling my home there is zero way for me to move back to help my parents as they age and it is FAR MORE then simply foreign investment money it also is the major LACK of houses that are NOT expensive apartments in towers OR LARGE detached family homes on 2 million dollar patches of land 25 years ago they needed to start allowing and BUILDING row homes in residential neighborhoods and LOW rise / midrise apartment houses that are "cheap" to build compared to a tower block

[@contagionisafraud]

Most of my friends have left Canada and are thriving. I'll stick around and fight. Hopefully, the Government's crimes are exposed soon.

[@747-pilot]

Yes, I have “left”Canada. But leaving does not mean you still cannot FIGHT!!! 💪 I am originally from the US (Commiefornia…., oops California), moved to Canada in 2019 and became a Canadian citizen last year. I moved right back to the US (Dallas, TX) and couldn’t be happier, but that does not mean I’m done with Canada!!! Not even close! As a Canadian citizen I can VOTE from anywhere in the world, and according to Elections Canada, my “district” will be the last place I lived in Canada, before leaving. For me that would be St. Catharines, ON (a very crucial SWING district for the next election!) I will crawl 10 miles over broken glass, if I have to, to cast my vote for Pierre Poilievre!!! I have no problem if people leave. But don’t abandon the fight, EVER! You never know when you may have to return!

[@Aitch-102]

LMAO, save yourself, spend some time looking into economics and don't waste your life.

[@jasperalberts7647]

I’m not a masochist - having 2 passports and resources to procure 1 or more additional residencies to go “where you’re treated best” is the only way to “fight” when your nation of origin is largely comprised of lemmings.

[@huskavarnaband]

Ditcher ​@@747-pilot

[@tedebayer1]

which ones? thats systemic... Federally, provincially, locally...left and right they're all scumbags.

[@dinoa.17]

100 yrs old criminal central banking dying Thk god

[@yehornaumov5893]

I agree i don't need my home to be 100k up if i just sell at more affordable price, and buy at affordable price.

[@vicmar4167]

I would never hire a realtor who wants to sell me “printed” home just so he can make a living. Painful is the only way to fix this bubble, domestic and international investors buying homes in a country lacking decent paying jobs and productivity, who are their thinking is going to rent/buy these homes?

[@lynnmacleod5005]

It will take house prices to drop to 2010 levels Or their wages to double.

[@xyz1663]

Wages would need to go up 5 fold to equate to 2010 prices. Not double.

[@althunder4269]

@@xyz1663 Yes because their income taxes would increase too.

[@robertguay3773]

more like 2001 prices or wages grow ten fold. then we would have housing prices similar to the USA

[@edubmf]

let's make boomers eat $10 bread!

[@jodiekohut9443]

Really? A secret wish of yours?

[@marcelmed4574]

Subscriber to your channel and look forward to your latest videos. Jon, not trying to be difficult here but I think you need to address something you said a year ago. I see its been mentioned by other viewers too. It might warrant a new video idea. You mentioned that we were headed to 2018 prices, that hasn't happened. In this video you mention we are headed to 2017 prices?

[@user-tr5zk8dj3t]

Instead, prices in certain parts of Ontario continue to defy gravity and go beyond the 2022 peak. Jon is pulling us by the nose and leaving his diehard fans sidelined for life with false hopes of a crash.

[@tacosdecamaron]

Forever in the Soviet Union most condo buildings were standardized and built from big prefab blocks. Those blocks were complete walls with windows and doors that came from a factory in trucks and installed in minutes o tbe new building. Permiting very easy. Building really fast.

[@mikechan1431]

In Hong Kong, our public housing use this prefab unit, it do reduce the cost, in circumstances that the quantity is large enough

[@tundralearner8648]

Hey Jon, I totally agree with speaking up! I believe the present government began to 'act' regarding housing when it began a topic everywhere. That's why you have my utmost respect. You never shy away from the truth.

[@tundralearner8648]

*became

[@zafarhussain9964]

Very well said, house prices should be lower. House is a place to raise your children and not should be allowed for investments.

[@vikaskhatter5629]

What is affordable house in numeric…how does government want to reach there.. for how many Canadian s…by when… ans this and the plan is ready…

[@CoconutPatel]

Love it!! 👌🏼 Thank you for bringing on the ground news!! Honest & reality based

[@tutorknights]

6:55 who should we talk to? We are hopeless? Talk to builders and listen to what they need even if you don’t like it.

[@shanesteele778]

I agree with most of what you say but we need 2013 prices to make housing and incomes equal sorry

[@rachelk8368]

We need to stop demand. We need to decrease immigration and TFW and international students by 40% at least for 2-5 years. We need to decrease how people over leverage and use massive debt to buy multiple homes for investments.

[@sukhuttam3502]

Just a suggestion- when you talk about average home price in Canada, we should be looking at different average prices depending on the Condo, semi condo, detached, semi detached etc. Because the market for all types of residential is very diverse. For example first time home buyers are more likely prepared to enter condo townhomes and freehold townhomes. They will stay away from detached and semi detached because of past fluctuations. Where detached and semi detached may not longer serve the purpose for investors because of the bullish market of 2022.

[@junkorbust9498]

Government stands in the way, don’t wait for government. 50 years ago many people planned and built their own homes, There is no good reason in my mind that people today can’t build a home for themselves. There is all kinds of information today to help us learn how to build ourselves. Labour costs to build a home are high enough that if a family were to take a year off work to build their home they will be money ahead in many cases. We need to work together as communities again and help each other. We need to simplify things and retake control of our own destiny.

[@Opinionated363]

Check USA. There are prefab homes there. Why not here? Prices are amazing there. I own a Park Model home which is 2 bedroom, shingles on the roof and a furnace to heat in he winter. It is worth $100,000 and will last 30-40 years. I rent the land. This is a summer place for us. Why can’t we have more of these? I am not trailer park trash, but a well paid professional who decided cottages are a rip off. These can house people comfortably. We do not need 3,000 square foot homes, but rather smaller homes similar to those built after WW2 or prefab. .

[@joeycmore]

Great discussion. Tell us what your suggestions are toward improving the housing situation for new buyers? Are you aware this scourge is affecting the entire western world? Why does it seem the Ontario Provincial Government is invisible during this crisis?

[@user-tr5zk8dj3t]

Yes, the entire Western civilization has a housing affordability crisis, not just Canada. It seems to be all by design. Look at Oz, NZ, GB, France, Holland, and other EU countries - completely screwed by unaffordable housing. You cannot even call them bubbles anymore if they continue to inflate a floor is created that keeps prices from falling - corporations buying up single family homes are keeping prices elevated. They already own 25% of SFHs in the US, 30% of ALL residential real estate in the US. They started investing heavily in Ontario and BC 2 years ago. People here are forgetting that what they are bickering about (affordability) others are not and are continuing to buy and look forward to leasing that dream property back to you. Prices will never go back down to pre-pandemic levels do to the costs of mortgages.... Perhaps Jon is overlooking that fact intentionally to keep pumping his narrative and getting clicks.

[@PatrickNovotny]

Well, that was a lot about nothing.

[@user-tr5zk8dj3t]

Sure, but it got the two clowns a lot of clicks for doomsday sensationalism.

[@dapsolita]

I don't understand how Canadians can't understand how a large economic divide results in civil unrest. I am honestly asking. Is it because of our education system?

[@elai3147]

what gives you the impression that canadians don't/can't understand?

[@edubmf]

your education system is a complete sewer, however despite having next to no thinking skills Canadians still understand what is going on they just do not care I'm alright jack

[@user-tr5zk8dj3t]

Yes, younger generations have been groomed to be "compassionate" and "tolerant" at all costs without employing their brain cells and realizing that they are in fact destroying their own future with their overflowing compassion. Moreover, many aspects of history are no longer taught at school - convenient eh? Wokism has destroyed our future (youth).

[@cbarfoot8456]

Is it better to be middle age and not be able to afford a home or be young and not be able to enter the housing market!

[@user-hc3rs3vl7t]

When this house sells im out of canada

[@dirtlump]

Lower interest rates alone can not fix the affordability problem..... very simple because Real Estate valuations have exceeded GDI(Gross Domestic Income) serviceability under already stagnant GDP being maintained by no more than ever increasing DEBT driving debasement based inflation, Simply put.... if 'debt' is indeed no more than borrowing from future economic capacity.... we're run out of future capacity to borrow from at current valuations.... valuations now unserviceable without further Debt instrument expansion pulled directly from future 'currency' valuations that manifest in the immediate as cpi 'inflation' today ? Rates Must remain elevated into severe recession, demand destruction and a very painful deleveraging cycle as losses attenuate..... with all the Banking/Financial system and societal stresses entailed therein.

[@tedebayer1]

Supply means a developer has to buy the property, develop it, impact studies/permits/inspections roads-sewers-electrical-water etc then pay top dollar for material (seen the price of lumber?), add labour costs then marketing, lastly taxation on profit...how do you do that with profit when all those costs are already enormous? Unless you're building tiny homes new housing will still be unaffordable. It may bring existing house prices down a bit, but people will do what we did the entire 90s...stay put and sit on them. No one want's to sell at a loss, especially when inflation eats away at everyday living.

[@egc04]

my Gransdons university economics teacher to the class they will never be able to afford a home in Canada .......Canada needs an election

[@bat2275]

Young people need to smarten up and stop voting for politicians based upon their bathroom policies and green energy policies. When they start voting based on economics their lives might improve for a change

[@parkerbohnn]

Building more homes will just drive prices astronomically higher. Just look at Markham where they build more homes.

[@mikebowers7719]

Affordable homes are not being built in Markham ,(400K) is affordable but what they are building are $1.6 million +. Is not.

[@GianniVitucci]

The wheels of justice move slow ..... but they do move. Good work!

[@rosemaryflynn5289]

My view on elections and making meaningful change is , do not keep voting mindlessly for the same old same old just because , historically you are a Liberal / Conservative supporter. Think outside the box and vote for a candidate that reflects your values and if nobody fills that criteria , don't vote .

[@jasonriddell]

lots of voters vote to "block" a candidate they DONT WANT over the one they DO WANT IE VOTE conservatives to oust the Liberals when they dont want or like there policy

[@jfuite]

00:12:15 "Something is not right here . . . . 'happy my house is a million dollars' . . . . what about when your kids or grandkids want to buy a home, are you going to be happy?" Welp, just another symptom of cultural decay and unintended consequence of not being bothered enough to have enough kids to care about the future.

[@zomgoose]

Young people do not have enough stability to confidently have children because of the government's immigration crisis.

[@conniedav]

Some valid points in this short statement

[@nicolerose7639]

And alot of younger people are choosing to be child free. They won't care.

[@zomgoose]

They're not choosing when their options have been limited by bad government and central bank policy.

[@alexray6084]

A society grows great when old men plant trees in whose shade they shall never sit.

[@proudcanadian1837]

There is a path forward, but it will ne a house of pain for a bit. If done, it will be by definitions shirt term pain for longer term gain overall. We need a full tax reform, reform of fees at all levels from municipal to provincial, freeing up massive amoints of the 90%+ of lands coast to coast held by governments to communities and Canadians (families, farmers, rachers, etc), and getting out of the way of the people to be and build.

[@dougiep2769]

Capital punishment of a select few

[@janiceho6034]

3 D print home is cheap quality , they are mostly for rental only , if I want to buy, I will buy better quality one.

[@jasonriddell]

how do you know have you seen a 3D printed home? the ones I have "seen" are printed concrete outer structure then normal finishing procedures

[@user-hc3rs3vl7t]

Higher prices means more tax for trudeau

[@jasonriddell]

not really as there is no national property tax higher values would give municipal governments MORE TAX money

[@quintongreen9970]

For everyone leaving Canada, where do you go? The US isn’t much better

[@jasonriddell]

and with the 2 "choices" next fall it will likely get FAR WORSE

[@Brian-dg3gh]

Less new Canadians, less Canadians on welfare, less government, less taxes, more building. In other words, less progressivism.

[@timothyirwin8974]

More fourplexes rental and purchase. Other than small families in mansions in The Bridle Path I cannot think of a more inefficient way of housing then single family houses and the associated urban sprawl and additional costs that go with that. This system is not working well.

[@jasonriddell]

worst is places like Vancouver where it is near as impossible to build anything NOT a McMansion OR a tower even the "praised" density increase BC enacted only applies to NEAR transit hubs so MOST single family neighborhoods are staying that way with ZERO apartment houses OR semi-detached or Montreal style "plex" homes Winnipeg a LOW density city with NO shortage of buildable farm land allows increased density on R1 zoned land and there are lots of plexes replacing single family homes

[@supermash1]

What you mean modern monetary theory isn't working? Say it ain't so Joe.

[@janiceho6034]

Rental units is ok for ppl to live. I used to live in Hong Kong. Rich ppl or high pay job ppl can buy a condo , but poorer ppl can live comfortably in government rental house for their whole Life. Inflation is high. Do not think house price will go back in few years ago. Look forward to accept to live in rental unit that is not bad .

[@jasonriddell]

is OK till you get priced out of the rental unit due to landlord raising rents when they feel like it as the Government does NOT run ANY housing for the public at all

[@carlsapartments8931]

Any government official stating, this is how business should be done, is talking out of his hat... show me your expertise that demonstrates how successful you have been building profitable businesses... also if it was profitable BUSINESS WOULD HAVE DONE THIS ALREADY.... lastly government needs to keep their nose out of business and let business do the thinking!

[@jasonriddell]

great till you realize "business" is why we don't have affordable housing and the USA does NOT have affordable medical care businesses ONLY focus is return on capital spent and preferably someone else's capital while they reap the profits

[@dougiep2769]

Hate to tell you.. get ready for a historic depression. Itcisnt just the housing market

[@mr.d4295]

2009 prices are coming

[@parkerbohnn]

New highs are coming later this year.

[@jasperalberts7647]

@@parkerbohnnhow many bags?

[@parkerbohnn]

@@jasperalberts7647 Bags of money to buy them with. Real estate always doubles every 2 to 3 years in Vancouver.

[@vicmar4167]

How can prices go down when the loonie is on its way to 0.50USD, the less your money represents from the state of the economy, the more paper you need for the same house.

[@parkerbohnn]

Material costs will certainty rise.

[@user-tr5zk8dj3t]

Jon does not want to hear this - it goes against his narrative. If the BOC cuts rates before the FED or makes a move that does not bode well with investors, the CAD will plummet and asset values will rise, i.e. RE property values will increase as well.

[@nicholasdjurdevic4941]

😢 citizens do not have a choice about climate change ppl of Canada cannot vote our way out of climate change initiatives. It is a global thing. Not even the conservatives can change that. Invest in the algorithms that track co2 emissions and individual and corporate carbon emissions.

[@dinoa.17]

#1 public enemy bank of canada

[@parkerbohnn]

Interest rates are far too low which doesn't help cash buyers.

[@susanclark9143]

Stop promoting negative thinking.

[@dinoa.17]

Only way out decentralized crypto currency bitcoin litecoin theta