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Wealth Marathon
Canada
เข้าร่วมเมื่อ 4 ต.ค. 2022
Brighton is a mortgage broker, author, and founder of Wealth Marathon with over a decade of experience in finance and real estate. He has worked for some of Canada's largest banks, including Scotiabank and CIBC.
DISCLAIMER:
This channel provides videos and opinions for informational and educational purposes only. It is important to note that Brighton Gbarazia is not registered to provide investment advice, and therefore does not give recommendations. Please do not use this content as a basis for investment or mortgage advice. Brighton is not responsible for any investment or mortgage actions taken by viewers.
DISCLAIMER:
This channel provides videos and opinions for informational and educational purposes only. It is important to note that Brighton Gbarazia is not registered to provide investment advice, and therefore does not give recommendations. Please do not use this content as a basis for investment or mortgage advice. Brighton is not responsible for any investment or mortgage actions taken by viewers.
Why I'm Starting a Podcast: The Wealth Marathon Podcast
In this video, I share why I am starting a podcast and some of the reasons why TH-cam is starting to become a challenging platform for getting your message out. #podcast #youtube
Contact me for Residential or Commercial Mortgage👇🏿mortgage@wealthmarathon.com
Check out My Courses👇🏿
💰How to Create Wealth Like the Forbes 100- Free Course (www.wealthmarathon.com/courses/how-to-create-wealth-like-the-forbes-100/)
🏠How to Create Wealth While Renting Course (www.wealthmarathon.com/courses/how-to-create-wealth-while-renting/)
🏠How to Buy a Home the Right Way Course (www.wealthmarathon.com/courses/how-to-buy-a-home-the-right-way/)
🚘How to Buy a Car Without Getting Ripped Off Course: www.wealthmarathon.com/all-courses/
💰Access All Courses with One Time Payment with the Course Bundle Pro Package: www.wealthmarathon.com/product/member-pro/
📘Book📘www.amazon.ca/Master-Your-Mortgage-About-Buying/dp/1777949505/ref=sr_1_1?crid=89DX3C94XIRX&keywords=master+your+mortgage&qid=1670432360&sprefix=master+your+mortgage%2Caps%2C140&sr=8-1
🔗Website🔗 www.wealthmarathon.com/
🎥Other Videos You Might Like🎥th-cam.com/video/vG3aleDMF6c/w-d-xo.html
Don’t forget to subscribe to my channel: th-cam.com/channels/DkYfJE7PeY4ZMjXkfVJQcgSubscribe.html to my walking tour channel:th-cam.com/channels/AwyZqFs4uVebPioslp8e_g.html
Follow me on social media!Tiktok: www.tiktok.com/@wealthmarathonInstagram: wealthmarathon
Disclaimer: Information and content presented in this video are for educational purposes only. Information and content should not be taken as financial or mortgage advice.
Contact me for Residential or Commercial Mortgage👇🏿mortgage@wealthmarathon.com
Check out My Courses👇🏿
💰How to Create Wealth Like the Forbes 100- Free Course (www.wealthmarathon.com/courses/how-to-create-wealth-like-the-forbes-100/)
🏠How to Create Wealth While Renting Course (www.wealthmarathon.com/courses/how-to-create-wealth-while-renting/)
🏠How to Buy a Home the Right Way Course (www.wealthmarathon.com/courses/how-to-buy-a-home-the-right-way/)
🚘How to Buy a Car Without Getting Ripped Off Course: www.wealthmarathon.com/all-courses/
💰Access All Courses with One Time Payment with the Course Bundle Pro Package: www.wealthmarathon.com/product/member-pro/
📘Book📘www.amazon.ca/Master-Your-Mortgage-About-Buying/dp/1777949505/ref=sr_1_1?crid=89DX3C94XIRX&keywords=master+your+mortgage&qid=1670432360&sprefix=master+your+mortgage%2Caps%2C140&sr=8-1
🔗Website🔗 www.wealthmarathon.com/
🎥Other Videos You Might Like🎥th-cam.com/video/vG3aleDMF6c/w-d-xo.html
Don’t forget to subscribe to my channel: th-cam.com/channels/DkYfJE7PeY4ZMjXkfVJQcgSubscribe.html to my walking tour channel:th-cam.com/channels/AwyZqFs4uVebPioslp8e_g.html
Follow me on social media!Tiktok: www.tiktok.com/@wealthmarathonInstagram: wealthmarathon
Disclaimer: Information and content presented in this video are for educational purposes only. Information and content should not be taken as financial or mortgage advice.
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All mortgages should be NON Recourse forcing the banks to give less rope than they have been giving. No insurance to bail out the banks. This way banks will only loan 4-6X incomes resulting in buyers not being able to hang themselves with huge debt. And tax non primary residences so it is unprofitable to create and continue this system of inequity. Most people had they not bought 10 years ago they would never be able to afford today. The house of cards is being purposefully maintained, why do you think we need 2 million immigrants every year?
You are Nigerian. Right? Why don't you promote your continent? Maybe you are ignorant about Africa, according to your accent, like most westerners.
Portugal the City lol - Can’t seem to find that on the Map😂
😂neither can I but I hear it's a great country😂
Great video! Very informative
Good advice
Simplii or EQ bank. which is your favorite?
I personally prefer Simplii. I tend to like EQ for savings only deposit but for a bank to be able to use day to day I prefer Simplii over EQ as they have more of a complete banking suite in my opinion then EQ.
Best place to retire is Russia 🇷🇺 Canada is liberal garbage
I went with tangerine because there are more Scotia bank atms around. And for Simplii there is a hold on your money if you make deposits. Like if I deposit 1000$ into my account there is a 4 day hold on most of it.
Good point you bring up regarding the hold. I find if it's direct deposit there's usually not hold but if I'm depositing a large cheque then there's the standard hold most banks have. But if you have a hold and it's from an employer you can talk to the bank and after couple of deposit they usually will increase capacity hold or remove it completely. Glad to hear Tangerine though working for you!
What kind of card do these accounts use? Is it a prepaid credit card or debit card? Can I make mortgage payments with these?
The chequing account use debt card same card you would see at the larger banks. You can make all your payments as normal. So options include having payment come out of your account directly, setting up online banking, telephone banking. Pretty much all the options you have at the big banks. So if you have a mortgage, most lender will direct debt the account for your mortgage payment, which you can do with either of these account option.
Your content is amazing, I like Every video, you can do better on youtube. Dear I saw some problem in your channel, that's why your video is not getting views, you need to fix it, we can talk about it if you want.
*Hello sir, I was analyzing your* youtube channel Wealth Marathon and are your struggling with subscribers and video views for monetization. I can help you grow your youtube channel *Below we found your channel issue* watch time audience retantion audience engagment Thumbnail issue video title not friendly Channel Tags Video tags video seo problem keyword research not friendly channel optimization not friendly
Does it work for non-canadians?
I’m shocked you have no comments! This is a little outdated now but is very valuable information. I recently purchased a home in a relatively affordable Alberta city (not Calgary) and I am glad that prices are falling in the Vancouver and Toronto areas. People need to spread more across this great country rather than being so clustered around a few (particularly two) major metros.
Thanks for your comment and I'm glad you found the video helpful!
@@thewealthmarathon would you encourage anyone considering Canada to move to Vancouver or Toronto? I wouldn’t. Vancouver is a great city and nice to visit but living there on less than a top-5%-income (over $162k/year) would be a struggle. I’ve only been to the Pearson airport but I’ve heard and read that Toronto is a nice big city too. The costs in most cities and many towns are wild though. Even Calgary is getting overpriced. For big cities I’d say Winnipeg and Edmonton are the only “affordable” ones left in the country when it comes to housing.
You bring up a good question and I think I will be good Q&A video for me to do. But I agree with your assessment. Ontario and BC get a lot of immigration and that creates too many people chasing few homes. Calgary is far better on affordability but it's likely to face similar pressures as more people move there. So if it's can increase supply then possible to avoid affordability trap but with data showing cost increasing there, I think it might be same as ON and BC but just relative less affordable when compared to those market.
You gotta own land new hi interest rate has 6300 mortgage earning 3k per month in rent brutal but you still have to buy
Yes i knew that long time Ago
Good for you, some people don’t
🤩🥰😘
I'm glad we own our home.
Great video as always mate👌🏽
Thanks! Appreciate the support!
We need rent control in Canada ❤
This is Trudeaus legacy.
Hi darling! Can u make a video on different banks and benefits of each such as nova scotia, rbc and td bank. Thanks!
Can I edit your TH-cam videos?
'PromoSM'
Like many things in life, it all depends. You are going to pay for shelter one way or another. So consider the long term costs, and that isn't just financial. If you buy you still have to pay property tax, insurance and maintenance. Plus you are tied to a location. If you rent then you pay your landlord and that cost can go up and down whether you move or not. Keep in mind that if you include your house in your net worth, your monthly expenses should then factor in not owning a home when planning for retirement. I see too many people include their house in their net worth but still calculate their monthly expenses as if they owned a home. You can't have both.
Thanks for this! point 1 on rent vs buying is a good point to highlight for people to consider before acquiring a mortgage.
Great advice.
Great content
Thank you!
Useful. You favourite term is "basically" .
Anybody who tells you not to buy is paid by a hedge fund.
Canada is a fascist country. It looks like it is falling apart and is run by people who all studied under the WEF which is a fascist organization..( Mussolini's words not mine). I honestly sir would be very very careful. Credit is gonna dry up. Theclast time i saw canada looking this bad Trudeaus father was in office. It ended with 22% interest rates and dont for one second think its not about to happen
At the end of the day, i think Thailand is number 1. 2500 cad as monthly income will be comfortable
It's on my list to check out as I hear a lot of positive about Thailand. A lot of Canadians retire there and like you said the cost savings is huge.
@@thewealthmarathon Your Canadian dollar goes a long way here. Stable country, excellent healthcare and 1cad =about 26 bath. My rent here in Surat Thani at a luxury condo including electricity and water is 420 cad. Food is relatively inexpensive and world renowned. 3 star Micheline street food. Now back home in Canada you might be able to rent a single room for that. Affordable housing is key. Its not the one time expenses that get you, it's always the re occurring ones that add up. And rent is a big the biggest of them all.
Mexico has changed their rules, The minimum required is not for someone at the low end of income anymore. Also Ecuador is based on the US dollar. so canadians will loose nearly 30% of the value with the canadian dollar.
I find a lot of Central/ South America seems to tie a lot of US dollar, which for Canadians for sure can reduce the purchasing power depending where it is compared to US.
@@thewealthmarathon thats a red flag for me when their dollar is based on the Yankee green Back. The US Dollar is loosing it's value by the minute. Totally in debt and the dollar is not based on Gold reserves, its based 9n debt and they have way too much of it. Almost at a trillion dollars annually just on their interests payment on their debt alone. Not GOOD
As of June only 4 institutions in Canada actually have this account ready to open. RBC, Questrade, Fidelity and National Bank of Canada. Most other banks say they are working on it but don't have it fully ready yet.
I need new parents, my think if I work really hard I could buy a house.
Haha your parent are correct it should be based on hard work but sadly it's increasingly not the case. Work hard and smart but more smart when it comes to housing.
@@thewealthmarathon My plan A is save $50,000 and My plan B is save enough money and buy out my siblings my aunt, grandma and father all have a house in Ontario.
@@MinnieOnCam Good for you on the high savings goal. Ontario is an expensive market similar to BC. Keep me posted!
@@thewealthmarathon Financial journey progress is on my youtube channel - this is the name for it. I figure if I have $50,000 and I can't get into a condo or a rent to own, there is a problem.
Good video 👌🏼
Thank you!
I LOVE your book! Please create more educational TH-cam videos on real estate investing in canada, that’s the only way to stay relevant in this industry going forward, thanks.
Here is the thing about money: IT'S A SCAM! All the economy as a giant fraud, all currencies ALWAYS return to their intrinsic value, which is 0, and all economic systems ALWAYS collapsed, not one exception in recorded history, and before that too.
Just to bring you up to speed with rentals. A two bedroom in Vancouver that is similar to the condo listing is going to cost at least 4000 per month.
money can solve a LOT of problems
That home doesn't cost 1million ...it costs 2million or more with mortgage payments But on market will sell for 1 million.......
Haha yep, knowing the complete and total cost of homeownership is critical to ensure you know what you signing up for.
I did the reseach and anaylsis but I couldn't confirm the result is valid until I watched your video. I rather put my cash into other investment or even put it on my business instead of put in a 2 bed room CAD 70-80k apartment.
Would you suggest to buy home in Brampton,approx purchase price is 600k? Only would be living for 3-4 years in Canada then moving out to diff country. Btw thanks for the informative video👍
Thanks for the question! I do not know the Brampton market, so I cannot speak to that, and with regards to what you should do, I think a lot need to be known before I can speak on specifically what you should do for your situation. However, from what you said, it seems to me you've got some big life events in the next few years. I would caution against speculating on real estate with such a short time horizon. If you're planning on leaving the country, then perhaps investing is a better option to consider. In doing so, this asset will stay with you regardless of where you move next and can be utilized where ever you go since it's more liquid than real estate. But yeah, hopefully, that helps, and I think I would focus my effort on preparing for the next chapter and doing the things that will help me in the next phase. Real estate cycles are generally 10 years. Hope that helps!
Good video!! I currently have 1 rental property, but I’m moving across Saskatchewan, and am debating renting or buying my next property for my primary residence. Thanks for the insight :)
Thanks for the comment! Good luck with your search too! SK is one of the more affordable places in Canada so the buying option might be better there. All the best!
I used to be a fan of “rent-vesting”. But I was wrong. Doesn’t account for risk that comes with having no control over my own living circumstances. Also, consider a different way to calculate costs. Rent….versus • just the interest payments (not including principle repayments) • council rates and taxes • insurance • 0.2% house cost in repairs The purchase costs (taxes, stamp duty, deposit), plus principle repaid during ownership, and sale costs are all recouped if the property goes up 3-4% in value. Not each year. But total. There is opportunity cost of not investing that principle and closing costs, but if that’s the difference between retiring early and never retiring, this means that the home is too expensive for the wage being earned.
Tax System favors home ownership over renting. Homes are more likely to have a family in it so they get more protections and tax advantages. Rentals are usually seen as having singles living in it. That’s why there’s no tax benefits and the recent Covid protections sucked compared to what homeowners got. If Rentals were known to have more families in it, renting would be financially beneficial and tax favored.
Good point. Also recent show study shows homeowner vote more compared to renters, therefore, makes political sense for policy to favor those who vote. We need a shelter policy rather than a homeowner or renter policy.
And be ready for a $25,000 roof or HVAC system.
Pay rent when you try to retire? Home ownership will always win in the end.
Absolutely true.
Thanks for watching!
Here two things are missing: 1) Rental price keep going up but on the other hand your mortgage payment goes down over the period of time 2) Peace of mind of being evicted after 1 or 2 years down the line and then again you end up paying more 3) After the end of 25 years, a owner having a house for his retirement but on the other hand rental have to work even after retirement just to paid the rental income and obviously at 60 you are not able to earn like you are earning now