Us model lead to trump. Lets follow germany and france that are often more productive per hour than the us, protect their middle class and families and provide 5 or 6 weeks off to prevent burnout. They are major us trade partners too and do ok despite treating workers fine. We can compete and be a better trade partner by treating employees with respect, just as we did with universal healthcare. Have a spine and believe in a better way forward Canada. We dont want trump, do we? Just my opinion.
@@abcdedfg8340 think we need to focus on our our so-called 'leader' and what he is doing is our own backyard before looking at our neighbours might not like Trump, but he will protect Americans and the American economy which is what a 'leader' is supposed to do-the priority should be his 'own' citizens and their well-being-shameful to stay but don't think the same can be said about our 'own' leaders
@@chelsey1izeAgreed and on the actions we can take at an individual and civil society level. We are not the unites states. We are canada and we can forge our own more life friendly way of work life balance. I think we can learn alot from France and Germany as they do well while providing a better environment for normal employees. Just my opinion.
Taxes are not the central problem. Its also the fact many of us are not paid fair wages. Thats not a huge problem in france or germany where unions protect the middle class where needed and help keep the economy productive by keeping workers generally satisfied. If we taxed the ultrawealthy more and delivered tax relief to the middle class and local business, that could also help fund more transit, better schooling, and better support for our businesses and families. What we need is good well funded services and infrastructure to build an employee and family friendly economy which will be more productive than our current rat race model which seems only to benefit the few and leaves everyone else financially strained and burned out. Just my opinion.
People lied on their mortgage applications to get the house. Nobody qualifies for these crazy prices. CRA income verification for mortgage applications should be mandatory
Exactly! I could not believe it when I first find out that income is not being verified through CRA for mortgage applications. It is not that difficult to do if the government would implement that, but they wont. It is by design and it rewards dishonest people to fraud their proof of income. Now that less people are buying or can afford to buy a house, its starting to show the symptoms of its crooked system. I hope this would not end up like the 2008 mortgage/financial crisis in US, but this time in Canada.
Us model lead to trump. Lets follow germany and france that are often more productive per hour than the us, protect their middle class and families and provide 5 or 6 weeks off to prevent burnout. They are major us trade partners too and do ok despite treating workers fine. We can compete and be a better trade partner by treating employees with respect, just as we did with universal healthcare. Have a spine and believe in a better way forward Canada. We dont want trump, do we? Just my opinion.
We pay too many Taxes for nothing in this country An rough estimate puts us paying about 30% each Month of our salaries on Taxes only And if you have debt, we are not touching principal yet
If we go by median Canadian salary and assuming you are taking your personal tax credits you should get 80-90% of that money back in your tax returns. The median salary doesn't put you that far off of the lowest tax brackets. If taxes are your largest expenses, you are privilege beyond the average Canadian's imagination.
@@kimbusogul9696 The average rent $1918 monthly to median income ratio is 32%. Did you ignore the fact you get most of it back? You don't get your rent back. Edit this is for single bedroom rent, more than double it for two bedrooms.
This news story about "the rising number of delinquencies" fails to mention any of those numbers? So much reporting on real estate in Canada is either lacking or manipulative. No wonder the market is bonkers.
Can't own a home without having a good job, if you can't get the education, then you need 3 mediocre jobs. Sorry, that's to live in a small apartment, to own a house, I can't even begin to imagine. Everything cost too much, putting food on the table gets harder every day, thinking about not having a place to wake up in is not something canadians, or anyone for that matter, should ever have to think about.
@@jasonjamesbissonreally how is it ppl believe that P.P is going to be any different I mean, doesn’t he also get a pension? Why do people think he’s trying to help them? He comes from a wealthy background. He’s a conservative. He’s going to help his donors his investors people alike. I don’t think they’re gonna be saved like money is just gonna appear in their bank account, and they’re gonna be able to buy any house they want only if they vote the conservatives in power if you wanna know how great the conservatives are why don’t you just take a look at Ontario and how Ford is treating it the conservative sold the 401 express to route when they told everyone they wouldn’t. Ford is attempting to privatize healthcare. He’s trying to turn Canada into the United States, so we all have to go higher insurance company before you go. See your doctor for a headache. I don’t want the conservatives in power
It won’t, the point is that nobody wants prices to go down, they want income to catch up and supply to grow so that you’re not in a bidding war anymore
The Canadian govt discourages investors from investing in Canada, increases your property taxes, prints money to cause massive inflation that reached 9% or more, they forced boc to raise rates to 8% and they wonder why this happened! Canada is a socialist disaster under this Liberal govt. This govt doesn't want Canadians to be wealthy and they certainly don't want people being financially stable. Hopefully the conservatives change this environment as it's been completely negative and discouraging for most Canadians. Meanwhile Trudea's networth keeps rising every day while many Canadians struggle to put food on the table. Their solution is to tax you to death and raise prices for everything and increase the carbon tax even more next Apr. Congrats for destroying CANADA.
Some hard data would help. As of July 30 2024, only 9,881 mortgages of a total 5,028,200 total mortgages in Canada are in arrears. That’s 0.196 percent arrears to total mortgages. As of February 29 this number was 9385 of a total 5,032,163 mortgages, or 0.186 percent. Data is from Canadian Bankers Association.
@@Rhdlm-yo1tvYeah we have to support the billionares in buying yachts. Definitely nothing wrong with draining 99 percent of the population so the 1 percent can buy yachts.
This is why the BoC is furiously dropping interest rates. So the banks don't get slaughtered with defaults. The CMHC doesn't have the money to back it up.
GST removed on a new build doesn’t save anyone, you are still left with a big mortgage and bad interest rate…it’s all just taking from one pot and taking from another. TAXES, unless justified through extensive auditing should be lowered.
I've got £100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. Which ETF or investment would you recommend?
I remember when i first lived in canada i remember my family saying how poorly made the houses were made. Using the lowest quality of materials that needs to be repaired every few years with wood bits that’s compressed to make a wall 😂 something i have never seen before….. then seeing repeated strip malls that has a walmart, subway, mcdonalds that looks exactly the same where ever you travel in canada. You would be mistaken for being somewhere you thought you were but its exactly the same…. What i got was if you dont like it leave….. 😂 ok later! Somehow those same ppl are saying the same thing now.
Math. Inflation means people must choose between high housing costs and food. With the carbon tax rise in April the housing market will go into freefall.
The government raising interest rates on everything is crazy if you wanna slow the economy down, put higher rates on new mortgages not credit cards not lines of credit not people who have owned their house for 15 years☹️ this is going to create a homeless Canada 🇨🇦
People who bought 15 years ago had the benefit of purchasing at a time when prices were low for crying out loud…why should new home owners be the only ones being punished when they are already being forced into over priced housing to begin with? Renters are paying insane rents and will never own anything because they will never be able to save up because they are paying off someone’s else mortgage and the price to own now is insane. People who purchased 15 years ago have no idea just how privileged they are. Perhaps they shouldn’t have purchased something so expensive if they couldn’t endure interest rates rising. They won’t be homeless because they can sell and take that profit to rent. It’s renters and new home owners who are the ones at a bigger risk.
Oh please if rental or Mortgagees is almost 50 to 80% of your monthly income how you gonna pay. Your housing should only be 30 to 40% of income. Wake up the pay is not enough
It’s a double edged sword. As incomes go up, so do prices. As prices go up, there is a push for higher income. Eventually, the lower rung of the ladder gets further out of reach for another group. The real trick is figuring out how to get ahead of the curve before the curve gets ahead of you. Once the curve is ahead of you, it becomes just that much harder to catch up to it, let alone getting back in front of it.
there are no other countries where just the Tax and maintenance ( 550 sqf) fee are around $ 1000 monthly . both are just enough to see the picture of the situation . it is not just interest rate that is The problem
Remove the GST from new home builds will just allow developers to increase their margins. There is a minimum benchmark of $100,000 profit for developers to build a home. This will only increase.
There is too much Canadian wealth in their homes..upward of 60%. We don’t invest as much in TSX or opening businesses. So this can technically be a massive problem. Unfortunately though we do need a housing market crash..even with a 50% correction though, affordability will be difficult for a lot of people. Get rid of air bnb’s, short term holiday rentals, invest in more condo’s, townhouses, high density housing. Give tax breaks in smaller towns and cities so not everyone wants to go to Toronto,Vancouver or Montreal. This is very much possible and this is probably one of the most important issues for the electorate. Will our politicians wake up and come up with comprehensive plans?
Can't afford one, so not botherd by this fact. Why aren't they renting out single rooms for a thousand bucks a month or taking out a home equity line of credit, renovating and selling for three times the value of the property?
It doesn’t work that way. The moment someone is facing mortgage delinquency, they’re passed the point of anyone extending them that type of credit, regardless of what equity they may have. The time to secure a HELOC is when you have equity and can afford to carry it, but not actually using it. Very few home renovations ever exceed a 100% ROI. The ones that do are either relatively minor and cheap in the first place, or result in major overall changes to the home (ie. converting a single family into a multi family) that also change the demographic of the buyer.
I’m so glad and feel completely blessed that I did not decide to emigrate to Vancouver from the UK..every place has its good and bad but there’s no place like home 🙏 🇬🇧
People can't afford anything because there is to much taxes. There's 30 + million people in Canada, and they can't get it together. There's 30 million people in the New York state alone, and this is an entire country.
Stress test at 5.25% was there for a reason, big banks are offering 4.5% right now. If you went around it and can't afford it thats your fault. Anyone who renewed in the last hear got 5.25-7% and they didn't cry
In 2010, a house in TO cost an average of 300K; the same house is being sold at 1.5 million in 2022 why because politicians forgot to do simple math, but the economy will correct itself, which means “fragile financial state”
The bank told me I need a minimum income of $130,000 on my own (as a single person) to qualify for a mortgage of 200K+. What single person earns $130,000? Besides a lawyer or doctor?
Very simple solution. Lower the house prices . Control the builders and investors who bubble the market. Supply is not going to increase unless builders are willing to build homes. They want to creat scarcity and reap the benefits. Its a nexus.
Canada doesn’t have enough big employers or high paying jobs to warrant such overpriced average homes, Buyers and renters here can’t afford it working at Tim’s, Walmart and Uber.
Who would have thought crappy houses that uses the cheapest materials plus crappy land thats worth nothing the 2nd largest country in the world would be worth millions 😂 when its worth maybe 1/100th of it
the government shouldn’t dictate what to build. That’s why they should have eradicated single zoning laws in cities decades ago. This is absurd, we live in 2024 and bunch of cities build only single detached houses. Quality of life is going down with building suburbs everywhere.
Yay! Finally we can pop this accursed bubble and get it over with. Stop kicking the can and face the reality that houses can't cost this much sustainably.
Dear PP - how is housing stock the problem when there are multiple articles every week recently stating that condo sales are way down, nothing selling, etc. Also, municipalities are implementing vacant unit taxes - why would they need these? Because homes are sitting empty or are being rented out for short term. Cutting taxes on new builds simply puts more money in developer pockets - there is no trickle down effect. I haven't met any developers who are living pay cheque to pay cheque - unless they are shady. My home value is way up because it is desirably - not a huge mcmansion, but I have a yard where kids can play. Developers these days are building towns stacked next to each other with a 10x10 yard and no parks. I doubt if you get in power this issue will be solved - the only thing that will happen is that the developers will get richers.
Cutting the GST would only bring in 30,000 additional homes but cause massive deficits at all governments?!?!? How about lowering the land price, which is the root cause of unaffordable homes.
Hmmmmm where have we seen this before? Oh yes! When Pierre Trudeau was in office 40 years ago! I hope people out east are happy! You voted for these horrible 8 years!
the central interest rate cannot be zero if you think thats possible you don’t understand loans, what debt is, what a mortgage is, or how this whole economy is currently still existing. The central interest rate increases not because of the PM but because of the international costs of business in todays society, housing is impacted by that central interest rate because your mortgage is tied to it. Trying to build more homes wont magically make that central interest rate go down. “axing the tax” will only have a temporary effect in the short term on a rapidly inflating economy with a rising central interest rate thats being caused by external non-regulatory factors. All of us are powerless; pray if you observe the fairy in the sky cause not even the beloved conservative party can stop an eventual economic depression 😂 in ten years economists will say the bubble was caused by over lending by the banks, or some other 20/20 vision observation, but we’ll all still live in a capitalist society where the bottom of society has no influence, womp womp.
This country is a joke.
Huge joke
Us model lead to trump. Lets follow germany and france that are often more productive per hour than the us, protect their middle class and families and provide 5 or 6 weeks off to prevent burnout.
They are major us trade partners too and do ok despite treating workers fine. We can compete and be a better trade partner by treating employees with respect, just as we did with universal healthcare.
Have a spine and believe in a better way forward Canada. We dont want trump, do we?
Just my opinion.
@@abcdedfg8340 think we need to focus on our our so-called 'leader' and what he is doing is our own backyard before looking at our neighbours
might not like Trump, but he will protect Americans and the American economy which is what a 'leader' is supposed to do-the priority should be his 'own' citizens and their well-being-shameful to stay but don't think the same can be said about our 'own' leaders
@@chelsey1izeAgreed and on the actions we can take at an individual and civil society level. We are not the unites states. We are canada and we can forge our own more life friendly way of work life balance. I think we can learn alot from France and Germany as they do well while providing a better environment for normal employees.
Just my opinion.
Not Canada, just you.
Maybe stop taxing us to death
I have an answer the fresh air tax. Or the existence tax. You EXIIST don't you
Learn to pay less…
Taxes are not the central problem.
Its also the fact many of us are not paid fair wages. Thats not a huge problem in france or germany where unions protect the middle class where needed and help keep the economy productive by keeping workers generally satisfied.
If we taxed the ultrawealthy more and delivered tax relief to the middle class and local business, that could also help fund more transit, better schooling, and better support for our businesses and families.
What we need is good well funded services and infrastructure to build an employee and family friendly economy which will be more productive than our current rat race model which seems only to benefit the few and leaves everyone else financially strained and burned out.
Just my opinion.
@@TheJohnny220thats what the "carbon" tax is.
@@abcdedfg8340all taxes are theft, if you pay property on a so called owned home that’s by definition slavery
People lied on their mortgage applications to get the house. Nobody qualifies for these crazy prices. CRA income verification for mortgage applications should be mandatory
Is it possible? NOA and T1 are mandatory..
Exactly! I could not believe it when I first find out that income is not being verified through CRA for mortgage applications. It is not that difficult to do if the government would implement that, but they wont. It is by design and it rewards dishonest people to fraud their proof of income. Now that less people are buying or can afford to buy a house, its starting to show the symptoms of its crooked system. I hope this would not end up like the 2008 mortgage/financial crisis in US, but this time in Canada.
that's only for Canada, there's no way of knowing what's abroad when people leave the country to visit
It’s true people pay for someone to fix there score
@@sushi-loveEasy to fake documents. Lenders need a verification portal with CRA to verify those numbers. It’s done in the US and UK, so it’s possible.
Can we have a federal election please
hahhahahha 🫵🏻
you think pierres declining the 340000 dollars a year if he wins?
Us model lead to trump. Lets follow germany and france that are often more productive per hour than the us, protect their middle class and families and provide 5 or 6 weeks off to prevent burnout.
They are major us trade partners too and do ok despite treating workers fine. We can compete and be a better trade partner by treating employees with respect, just as we did with universal healthcare.
Have a spine and believe in a better way forward Canada. We dont want trump, do we?
Just my opinion.
That won't solve a thing with this problem. You're just giving desperate people false hope so you can get your preferred political party in.
@abcdedfg8340 look a germany government right now hahahaha. Sure follow them
We pay too many Taxes for nothing in this country
An rough estimate puts us paying about 30% each Month of our salaries on Taxes only
And if you have debt, we are not touching principal yet
If you’re smart you can easily lower your tax bill
If we go by median Canadian salary and assuming you are taking your personal tax credits you should get 80-90% of that money back in your tax returns. The median salary doesn't put you that far off of the lowest tax brackets. If taxes are your largest expenses, you are privilege beyond the average Canadian's imagination.
@@Rhdlm-yo1tvhow about Trudeau quit stealing from everyday working Canadians
@@JohnnyCageRocknothing else takes 30%😢😢
@@kimbusogul9696 The average rent $1918 monthly to median income ratio is 32%. Did you ignore the fact you get most of it back? You don't get your rent back. Edit this is for single bedroom rent, more than double it for two bedrooms.
This news story about "the rising number of delinquencies" fails to mention any of those numbers? So much reporting on real estate in Canada is either lacking or manipulative. No wonder the market is bonkers.
@@tonym8765 You're living in a social bubble if you think that. Try expanding your social circles a bit.
It is up .05%. An amount so small it isn't even worth mentioning
@@MrJabez89So you’re happy then with your overpriced 300k worth home and quality and 3 jobs to pay for it? Not delinquent but not wealthy either 😆
@@archimedes2261 It is up .05%. An amount so small it isn't even worth mentioning
1:12 Homes are for living in, not for making money from. The number one cost for a home is corporate ownership and REITs, not government or GST.
Can't own a home without having a good job, if you can't get the education, then you need 3 mediocre jobs. Sorry, that's to live in a small apartment, to own a house, I can't even begin to imagine. Everything cost too much, putting food on the table gets harder every day, thinking about not having a place to wake up in is not something canadians, or anyone for that matter, should ever have to think about.
Canada economy is a joke... No industrial base just house and real estates 😅
Welcome to the Liberal/NDP government
@@derek8564 PP and the Cons also want this
@@jasonjamesbissonreally how is it ppl believe that P.P is going to be any different I mean, doesn’t he also get a pension? Why do people think he’s trying to help them? He comes from a wealthy background. He’s a conservative. He’s going to help his donors his investors people alike. I don’t think they’re gonna be saved like money is just gonna appear in their bank account, and they’re gonna be able to buy any house they want only if they vote the conservatives in power if you wanna know how great the conservatives are why don’t you just take a look at Ontario and how Ford is treating it the conservative sold the 401 express to route when they told everyone they wouldn’t. Ford is attempting to privatize healthcare. He’s trying to turn Canada into the United States, so we all have to go higher insurance company before you go. See your doctor for a headache. I don’t want the conservatives in power
How does eliminating GST on new homes help those struggling with mortgage payments?
No it does not
Apparently that 5% will go back to my wallet after purchasing an overpriced home .
It’s supposed to help first time home buyers, not people who already own a home…
Only if you give the credit back to the buyer. Builders will take the $ and not lower the price.
It won’t, the point is that nobody wants prices to go down, they want income to catch up and supply to grow so that you’re not in a bidding war anymore
"interest rates will be low for a long time" Tiff Macklem 2021.
a banker lied. lesson learned?
If you judge by the number of high end cars on the roads, all Canadians are doing excellent
Ya they are crazy in debt for those expensive cars though. Most people that look rich are not at all.
I see mostly older cars on the road.
Axing the sales tax does nothing to current homeowners. Time to live in the basement and rent out the main floors. Nobody would know.
Until you make an insurance claim for something and they see you have an illegal unit and won't pay out.
What’s illegal about living in my basement and getting rental insurance separately for tenants
The Canadian govt discourages investors from investing in Canada, increases your property taxes, prints money to cause massive inflation that reached 9% or more, they forced boc to raise rates to 8% and they wonder why this happened! Canada is a socialist disaster under this Liberal govt. This govt doesn't want Canadians to be wealthy and they certainly don't want people being financially stable. Hopefully the conservatives change this environment as it's been completely negative and discouraging for most Canadians. Meanwhile Trudea's networth keeps rising every day while many Canadians struggle to put food on the table. Their solution is to tax you to death and raise prices for everything and increase the carbon tax even more next Apr. Congrats for destroying CANADA.
Some hard data would help. As of July 30 2024, only 9,881 mortgages of a total 5,028,200 total mortgages in Canada are in arrears. That’s 0.196 percent arrears to total mortgages. As of February 29 this number was 9385 of a total 5,032,163 mortgages, or 0.186 percent. Data is from Canadian Bankers Association.
We have so much fk land.. it’s fk sad that our real estate is so high.
Tax cut on new homes will not help the middle.lower class when wages are 🧻 😂
Come on let’s all chip in to buy millionaires a house…seems fair
@@Rhdlm-yo1tvYeah we have to support the billionares in buying yachts. Definitely nothing wrong with draining 99 percent of the population so the 1 percent can buy yachts.
Yachts, today your rich if you own a home.
This is why the BoC is furiously dropping interest rates. So the banks don't get slaughtered with defaults. The CMHC doesn't have the money to back it up.
GST removed on a new build doesn’t save anyone, you are still left with a big mortgage and bad interest rate…it’s all just taking from one pot and taking from another.
TAXES, unless justified through extensive auditing should be lowered.
I've got £100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. Which ETF or investment would you recommend?
How do I reach out to a financial advisor, my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.
Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.
@Guillermina-w8dthere is no way to cooberate this, no evidence. Youre a bot
Thank a NDP/Liberal voter for this!
Affordability should be the only concern for canadians right now, time to cut away the ♋️
Who knew that buying a house at 2% and then saying JUST KIDDING 7% PLEASE would cause issues?
I remember when i first lived in canada i remember my family saying how poorly made the houses were made. Using the lowest quality of materials that needs to be repaired every few years with wood bits that’s compressed to make a wall 😂 something i have never seen before….. then seeing repeated strip malls that has a walmart, subway, mcdonalds that looks exactly the same where ever you travel in canada. You would be mistaken for being somewhere you thought you were but its exactly the same….
What i got was if you dont like it leave….. 😂 ok later!
Somehow those same ppl are saying the same thing now.
So... this is not a conspiracy theory too?
Don't forget, all conspiracy theories came true. Truth is called crazy and lies are good.
DONOT BUY 2 HOUSES, SOLUTION SOLVED
Leave Canada and you’ll live comfortably… many other countries have affordable living, Canada is dying.
Your solution is for everyone to leave Canada? To where? Lol
You can't have a society without affordable living, period. 👏 Well done politicians.
Math. Inflation means people must choose between high housing costs and food. With the carbon tax rise in April the housing market will go into freefall.
CAD is losing its value and will continue to do so if interest is cut sharply and inflation will rage in.
The government raising interest rates on everything is crazy if you wanna slow the economy down, put higher rates on new mortgages not credit cards not lines of credit not people who have owned their house for 15 years☹️ this is going to create a homeless Canada 🇨🇦
😘💋
The government doesn't decide which rates go up and which don't. It doesn't have that reach.
People who bought 15 years ago had the benefit of purchasing at a time when prices were low for crying out loud…why should new home owners be the only ones being punished when they are already being forced into over priced housing to begin with? Renters are paying insane rents and will never own anything because they will never be able to save up because they are paying off someone’s else mortgage and the price to own now is insane. People who purchased 15 years ago have no idea just how privileged they are. Perhaps they shouldn’t have purchased something so expensive if they couldn’t endure interest rates rising. They won’t be homeless because they can sell and take that profit to rent. It’s renters and new home owners who are the ones at a bigger risk.
Yeah… it’s very bad… too many people, not enough homes 🏠
Oh please if rental or Mortgagees is almost 50 to 80% of your monthly income how you gonna pay. Your housing should only be 30 to 40% of income. Wake up the pay is not enough
It’s a double edged sword. As incomes go up, so do prices. As prices go up, there is a push for higher income. Eventually, the lower rung of the ladder gets further out of reach for another group.
The real trick is figuring out how to get ahead of the curve before the curve gets ahead of you. Once the curve is ahead of you, it becomes just that much harder to catch up to it, let alone getting back in front of it.
there are no other countries where just the Tax and maintenance ( 550 sqf) fee are around $ 1000 monthly .
both are just enough to see the picture of the situation .
it is not just interest rate that is The problem
Canada=Done
Good thing the BOC just lowered interest rates so Canadians can pack on more debt with the out of control spending. 😂
We are seeing Canadians prioritizing these expensive, new, car payments.
Canada is a dead country
Born here and im planing on leaving
2030 and beyond will be dark
Remove the GST from new home builds will just allow developers to increase their margins. There is a minimum benchmark of $100,000 profit for developers to build a home. This will only increase.
There is too much Canadian wealth in their homes..upward of 60%. We don’t invest as much in TSX or opening businesses. So this can technically be a massive problem. Unfortunately though we do need a housing market crash..even with a 50% correction though, affordability will be difficult for a lot of people.
Get rid of air bnb’s, short term holiday rentals, invest in more condo’s, townhouses, high density housing. Give tax breaks in smaller towns and cities so not everyone wants to go to Toronto,Vancouver or Montreal.
This is very much possible and this is probably one of the most important issues for the electorate. Will our politicians wake up and come up with comprehensive plans?
No keep air b n b regular Canadians make good money doing that. If you pay for a property it’s your right to do what you want with it .
Can't afford one, so not botherd by this fact.
Why aren't they renting out single rooms for a thousand bucks a month or taking out a home equity line of credit, renovating and selling for three times the value of the property?
It doesn’t work that way. The moment someone is facing mortgage delinquency, they’re passed the point of anyone extending them that type of credit, regardless of what equity they may have. The time to secure a HELOC is when you have equity and can afford to carry it, but not actually using it.
Very few home renovations ever exceed a 100% ROI. The ones that do are either relatively minor and cheap in the first place, or result in major overall changes to the home (ie. converting a single family into a multi family) that also change the demographic of the buyer.
Curious .. where is he going to make up for the missing tax funds?
More carbon taxes obviously
I’m so glad and feel completely blessed that I did not decide to emigrate to Vancouver from the UK..every place has its good and bad but there’s no place like home 🙏 🇬🇧
People can't afford anything because there is to much taxes. There's 30 + million people in Canada, and they can't get it together. There's 30 million people in the New York state alone, and this is an entire country.
maybe if they got rid of the taxes all together we will have more money to save in first place !
And what, exactly, would then fund infrastructure and support services?
Stress test at 5.25% was there for a reason, big banks are offering 4.5% right now. If you went around it and can't afford it thats your fault. Anyone who renewed in the last hear got 5.25-7% and they didn't cry
It's "year" genius. And whether you like it or not the prices of housing are outrageous and i make a 6 figure income.
In 2010, a house in TO cost an average of 300K; the same house is being sold at 1.5 million in 2022 why because politicians forgot to do simple math, but the economy will correct itself, which means “fragile financial state”
The bank told me I need a minimum income of $130,000 on my own (as a single person) to qualify for a mortgage of 200K+. What single person earns $130,000? Besides a lawyer or doctor?
No one can stop the drop.
Very simple solution. Lower the house prices . Control the builders and investors who bubble the market. Supply is not going to increase unless builders are willing to build homes. They want to creat scarcity and reap the benefits. Its a nexus.
It’s the banks…you know the record profits banks?
The market controls the price of housing silly.
The government should let people fall. Tax payers cannot bail out everybody.
Right they bailout multi billion dollar companies, hedge funds, and banks instead
Canada doesn’t have enough big employers or high paying jobs to warrant such overpriced average homes,
Buyers and renters here can’t afford it working at Tim’s, Walmart and Uber.
JUSTIN doesnt care about any of this
Interest rates are at an all time low, Glenn.
If that happens I want a refund
No INCOME TAX ON SENI9R BENIFITS
Wealth inequality! Tax the rich!
Trudeau and Singh should leave politics. The federal NDP has kept the liberals in power for 5 years by voting with them.
Who would have thought crappy houses that uses the cheapest materials plus crappy land thats worth nothing the 2nd largest country in the world would be worth millions 😂 when its worth maybe 1/100th of it
Freebird didnt tell us this would happen.
Whats going on?
the government shouldn’t dictate what to build. That’s why they should have eradicated single zoning laws in cities decades ago. This is absurd, we live in 2024 and bunch of cities build only single detached houses. Quality of life is going down with building suburbs everywhere.
Finally, maybe prices will come down
Why wouldn't they have distance family rent a room to meet those payments? Or perhaps it's too small even for that...
Yay! Finally we can pop this accursed bubble and get it over with. Stop kicking the can and face the reality that houses can't cost this much sustainably.
I don’t know it’s good news for people that have no home good time to pick up a failed house
how are you going to cover the government overspending if every tax is cut according to Pierre?
Buzzing noise all day or do you hear something else no one does all day?
@@ZenCorvusThe voices give me really good bad ideas.
Start with the 40% increase in the civil service.
Dear PP - how is housing stock the problem when there are multiple articles every week recently stating that condo sales are way down, nothing selling, etc. Also, municipalities are implementing vacant unit taxes - why would they need these? Because homes are sitting empty or are being rented out for short term. Cutting taxes on new builds simply puts more money in developer pockets - there is no trickle down effect. I haven't met any developers who are living pay cheque to pay cheque - unless they are shady. My home value is way up because it is desirably - not a huge mcmansion, but I have a yard where kids can play. Developers these days are building towns stacked next to each other with a 10x10 yard and no parks. I doubt if you get in power this issue will be solved - the only thing that will happen is that the developers will get richers.
Oh come on developers say they made more in the early 2000s selling brand new homes in the 200,00s they do today selling them for 900,000
Cutting the GST would only bring in 30,000 additional homes but cause massive deficits at all governments?!?!?
How about lowering the land price, which is the root cause of unaffordable homes.
Land prices are not the biggest drivers. Material costs and labor inflation are the issue and it will not get any better amid international conflicts
Vote Pierre
Hmmmmm where have we seen this before? Oh yes! When Pierre Trudeau was in office 40 years ago!
I hope people out east are happy! You voted for these horrible 8 years!
No tax on homes under a million dollar? How would that work In Vancouver area? Almost all the houses are over 1M lol
Keep voting Liberal and NDP… your mortgage will pay itself.
The more pain the better for those paying the bills. It’s survival of the fittest and if you can’t survive well I guess your out. It’s that simple.
Trudeau: we just need to communicate better
You will own nothing and be happy
This is the government you elected😂
Anyone see this coming? Anyone, Bueller?
It’s Starting….. just like the Party of 2007 US housing market
Justinder Trudie to the rescue
sunnyways sunnyways my freinds your wallet will balance itself
Canada needs to raise taxes up to 80%
If only we can have the election sooner
Thanks Trudeau..!!!!
Market crash is here
You can thank your elected federal government for this…..🤬🤬🤬🤬🤬
I just want raw land
the central interest rate cannot be zero if you think thats possible you don’t understand loans, what debt is, what a mortgage is, or how this whole economy is currently still existing. The central interest rate increases not because of the PM but because of the international costs of business in todays society, housing is impacted by that central interest rate because your mortgage is tied to it. Trying to build more homes wont magically make that central interest rate go down. “axing the tax” will only have a temporary effect in the short term on a rapidly inflating economy with a rising central interest rate thats being caused by external non-regulatory factors.
All of us are powerless; pray if you observe the fairy in the sky cause not even the beloved conservative party can stop an eventual economic depression 😂 in ten years economists will say the bubble was caused by over lending by the banks, or some other 20/20 vision observation, but we’ll all still live in a capitalist society where the bottom of society has no influence, womp womp.
Own nothing be happy. Build back better. 666
Thank captain black face.
The Canadian dollar is not much better
US mortgage rules are way better, Canada should follow
“All things being equal, the simplest solution tends to be best one”
I’m 100% to vote ☑️ Poilievre!!
💯
Only one third of all households have mortgage. Most Canadians are wealthy
Blame NDP and liberal voters. They’ve had 9 years to mess things up.
Some can't manage their money very well or live beyond their means.
😢😢😢😢
i mean homeowners are millionaires, they can just cash out
Nobody is buying now
@@charlenefrench5404lol Calgary says you’re lying
Are you millionaire lol! I am not…
And where will they live at some apartments are $3000, $4000, $5000 a month for one bedroom? In 15 years, they will have no money left…
Jagmeet/ Justin working overtime for the middle class.
cant afford a mortgage so im good