I'm one of those Scotia customers. To touch on what Ron said about Scotia. Customers when trying to lock in were offered obscene lock in rates nowhere close to what other banks offered. Basically screwing their customers.
2 years ago I had a friend tell me buying a pre con condo and flipping it before taking possession is a no brainer, when I contested that and said it's not guaranteed he tried to make me out to be stupid.
Minor correction, New Brunswick double tax isn't just for out of province buyers. The tax is applied to any second none primary residence that is owned in NB. I had a second home and I had to list one as primary and one as secondary, the secondary was double taxed. It hurts pretty bad considering what our tax rates are lol they are already super high.
Whole population refinancing at much higher rates plus shallow or not so shallow recession coupled with millions more coming into the country will trigger seriously high unemployment. That will be the final straw. All we hear is build more condos. How does one raise a family in a shoe box?
Its true the biggest issue is the government. Ridiculous developmental fees and it takes 100 years to approve anything here. And yes the crosstown lrt is the most insane snd ridiculous project that will never finish
Housing in Canada is going to be a widow maker for about 10 years. Unless you really want to live in the house you're buying long term, or you like losing money, there isn't really a case for most residential purchases these days.
2023 had the largest listed supply in the GTA since 2008 mate. You're quite literally regurgitating realtor spew, the bubble is deflating and nothing can stop it.@@DummMoney-rr1fi
@@DummMoney-rr1fiUS unemployment 3.7% , GDP plus 4%. These are 2 huge reasons BOC will limit any cuts to 50bs points to not import inflation. Investors will not participate in spring market. These are a few reasons your wrong. I guess we will see by june
@@DummMoney-rr1fithe govt will also continue to change the rules to make housing not profitable to investors. BC outlawing airbnb New Brunswick double tax on 2nd property. CRA says no write offs on SRTs. Once investors are out u guys who got hooked on making money on real estate will be humbled. Writing is on the wall, pull your head out of the sand and read it. Lol
Attending this event was a real eye-opener into Canada's housing market. It's a bit of a rollercoaster, with prices and wages often mismatched and everything tied to the bigger economic picture. For anyone in Canada dreaming of owning a home, getting a grip on this intricate web of factors is key. It’s about making smart choices without getting overwhelmed, so you don't end up stretching your wallet too thin.
The retreat of speculative investors is a good thing for Canada. This will reduce real estate prices and over time will increase affordability. Ideally, the majority of real estate purchases is for people who are buying a home to LIVE IN.
Jordan, you peaked my interest. You said your client bought an Assignment at The Well for $1.2M and the original purchase price was $1.5M. You said when your buyer went to get financing, that property was appraised at the full &1.5M and their down payment only came to $95K-that is alot of instant equity! How can I get in on a deal like that?! Was that a lucky one-off deal or are there more distressed assignments like that? Only in Toronto or is Vancouver similar? Please let me know how I can find a deal like the one you described!!!!
Will you boys are forgetting the biggest upcoming stat which is 50% of Canadians mortgages still have not ruled over which is going to happen at the end of this year beginning of 2024 so that is the Canadians who had a fixed mortgage now let's see if they're able to renew can they afford to or is that additional 50% going to get dumped into the market that's suppressing and lowering housing Hugh boys could have got that important fact from Steve
Why do property taxes need to increase? Why does the existing buyer who already paid for the delivery of municipal services have to pay for the new development? You want a new house in a new subdivision, then YOU (the new buyer) should pay for the delivery of water, gas, hydro sewers etc and its on going upkeep. Or we have tiered property taxes for old vs new neighbourhoods.
With reducing development charges something else in the equation needs to be adjusted. Reduced municipal spending, increased property taxes, or a combination of both. Increasing property taxes should simultaneously reduce housing demand as well. Incumbents in the market have been the beneficiaries of low rates for a decade. It only makes sense that they also foot the bill to a recovery in affordability. Sorry to the recent buyers, but you made an irresponsible purchase. Let financially prudent people finally have their day in the sun.
According to Canada's Food Price Report for 2023, a family of four are spending almost $1,400 a month on groceries (groceries only) That's besides all the other bills and utilities and taxes. There is no FAQIN extra money to buy a home or afford the ones they're in. It's over the real estate collapse is real and about to explode. 😢 Unless everyone wins the lottery 😮
FORGET IT.... BoC rates are NOT going down anywhere even remotely close enough.... to stave off significant Mortgage Payment increases as ~900,000 Mortgages begin renewing 2024 thru 2026 . They(BoC rates) very simply can NOT be lowered sufficiently without exacerbating debasement based cpi inflation .... given, Canadians still record high amounts of DEBT to disposable income(180%) and forming ever greater percentages of GDP/GDI now reliant therein. Very simply.... if DEBT is borrowing from future capacity.... the future is arriving 2024 thru 2026 and there is now insufficient capacity left to service the already accrued $3 Trillion combined Mortgage/Consumer DEBT from within the barely $2 Trillion Canadian GDP/GDI's (Gross Domestic Incomes) derived therein... because TOO big a percentage of that GDI is already SPENT ! THIS.... is a Real Estate Crash/Correction.... and no amount of Real Estate professional(LMFAO) "panels" .... is going to change actuarial based analysis of the Canadian Financial System fundamentals/Global FX and Bond market valuations.... FULL STOP !
Lol bro you need to calm down and keep dreaming. You need to start paying attention to politics and forget this other mumbo jumbo word salad your spewing
each percentage point drop is a savings of 30,000,000,000 a year for Canadians on mortgages. Look for a 2% drop so Canadians will have an extra 60 billion a year to slosh around
Around may is my guess. Spring market will come in April, b hot for a few weeks. Since the investors will be out, Inventory will outpace the number of buyers and prices will begin to drop. By next November there will be a 10% drop across the board. Will happen again in spring 2025. Steady decline for 5 years minimum.
IMHO, Ron Butler is a presumptuously arrogant "flavor of the day" debt pusher with very little or no economic and monetary policy acumen. Only a few short months ago he was advising everyone to go long fixed.
Canadians are going to buy guns, take land. Build a house for their families and protect their land. We don't need to be tricked into thinking we have to BUY a house. We are born in Canada , it's our land. Says in our constitution. Just go find a spot nobody uses and build. We don't need these investors making houses for us.
Mild recession it will be. It may seem for few months getting worse but RE will pull it out quickly at least in prices to trend up as other parts of the economy slow.
Yeah sure they customers will pull back for a year, maybe two. But when they see that ALL their income is going towards a mortgage payment that isn't paying down ANY PRINCIPAL, they will start to panic. Right now, the house is still new, they are in love with their recent purchase. But let some time pass where their recent purchase is now causing them to miss out on trips to visit family or buying that new car, or saving up for anything really they will start to resent their "dream home". That's when the nightmare starts. People can only tighten up for so long before they decide to say "f**k it" and let's move out of this "quickly turning into a hell-hole" of a country. This could all get sped up of course if unemployment starts to tick up in any meaningful manner.
![BOWKYLION - วิงวอน (ex-change) [Official MV]](http://i.ytimg.com/vi/cLdnZWDaO-w/mqdefault.jpg)
Thanks for having us on Steve! Really enjoyed this discussion. Too bad Jordon didn't wear his Bull Hat.
Awesome intro
ill wear it after the first rate cut
I hope all Canadians see this.
I'm one of those Scotia customers. To touch on what Ron said about Scotia. Customers when trying to lock in were offered obscene lock in rates nowhere close to what other banks offered. Basically screwing their customers.
The hand that gives is above the hand that receives.
The bank is not your friend
@@donm2067 Yes, I never thought we we were friends, but I have mortgages with other banks, Scotia was the worst.
2 years ago I had a friend tell me buying a pre con condo and flipping it before taking possession is a no brainer, when I contested that and said it's not guaranteed he tried to make me out to be stupid.
That's Canada
Ron is the Boss thank you for sharing
At 24:40 you guys ask "what happens now? "..
A MASSIVE bubble popps and speculators get wiped out...
That already happened
Minor correction, New Brunswick double tax isn't just for out of province buyers. The tax is applied to any second none primary residence that is owned in NB. I had a second home and I had to list one as primary and one as secondary, the secondary was double taxed. It hurts pretty bad considering what our tax rates are lol they are already super high.
Thanks for clarifying!
Whole population refinancing at much higher rates plus shallow or not so shallow recession coupled with millions more coming into the country will trigger seriously high unemployment. That will be the final straw. All we hear is build more condos. How does one raise a family in a shoe box?
This was great BTW
Should be noted everything Ron talks about always Benefits “Ron!”.
Why the capital B, why the quotations
@@kqh123
Ron is aBout Ron.
Ron is about the swearing. @@bathtubrenew
@@DummMoney-rr1fi
That too…lol
None of these guys will own up to being part of the problem.
Its true the biggest issue is the government. Ridiculous developmental fees and it takes 100 years to approve anything here. And yes the crosstown lrt is the most insane snd ridiculous project that will never finish
Excellent !!
these guys rock.
Housing in Canada is going to be a widow maker for about 10 years. Unless you really want to live in the house you're buying long term, or you like losing money, there isn't really a case for most residential purchases these days.
a huge undersupply, increased rents, more buyers every year, lower rates....I could come up with more reasons why you're wrong
2023 had the largest listed supply in the GTA since 2008 mate. You're quite literally regurgitating realtor spew, the bubble is deflating and nothing can stop it.@@DummMoney-rr1fi
Only been hearing this for 26 years now
@@DummMoney-rr1fiUS unemployment 3.7% , GDP plus 4%.
These are 2 huge reasons BOC will limit any cuts to 50bs points to not import inflation.
Investors will not participate in spring market.
These are a few reasons your wrong.
I guess we will see by june
@@DummMoney-rr1fithe govt will also continue to change the rules to make housing not profitable to investors.
BC outlawing airbnb
New Brunswick double tax on 2nd property.
CRA says no write offs on SRTs.
Once investors are out u guys who got hooked on making money on real estate will be humbled.
Writing is on the wall, pull your head out of the sand and read it.
Lol
Attending this event was a real eye-opener into Canada's housing market. It's a bit of a rollercoaster, with prices and wages often mismatched and everything tied to the bigger economic picture. For anyone in Canada dreaming of owning a home, getting a grip on this intricate web of factors is key. It’s about making smart choices without getting overwhelmed, so you don't end up stretching your wallet too thin.
The retreat of speculative investors is a good thing for Canada. This will reduce real estate prices and over time will increase affordability. Ideally, the majority of real estate purchases is for people who are buying a home to LIVE IN.
Jordan, you peaked my interest. You said your client bought an Assignment at The Well for $1.2M and the original purchase price was $1.5M. You said when your buyer went to get financing, that property was appraised at the full &1.5M and their down payment only came to $95K-that is alot of instant equity! How can I get in on a deal like that?! Was that a lucky one-off deal or are there more distressed assignments like that? Only in Toronto or is Vancouver similar? Please let me know how I can find a deal like the one you described!!!!
just because you get approved for 1.5 doesn't mean bank hands over the delta, they would want to see how much buyer purchased the unit for
Developers don’t want to put a dog in the fight, they want no risk, well too bad the casino is closed.
Great session. Thanks for sharing Stevo
Thank you 🙏
18:57 Straight to the point
Will you boys are forgetting the biggest upcoming stat which is 50% of Canadians mortgages still have not ruled over which is going to happen at the end of this year beginning of 2024 so that is the Canadians who had a fixed mortgage now let's see if they're able to renew can they afford to or is that additional 50% going to get dumped into the market that's suppressing and lowering housing Hugh boys could have got that important fact from Steve
Are you going to give up your house? 😂
You can just extend your amortization. Might be paying less on principal however you keep your home and still save money on a monthly basis
Why do property taxes need to increase? Why does the existing buyer who already paid for the delivery of municipal services have to pay for the new development? You want a new house in a new subdivision, then YOU (the new buyer) should pay for the delivery of water, gas, hydro sewers etc and its on going upkeep. Or we have tiered property taxes for old vs new neighbourhoods.
With reducing development charges something else in the equation needs to be adjusted. Reduced municipal spending, increased property taxes, or a combination of both.
Increasing property taxes should simultaneously reduce housing demand as well. Incumbents in the market have been the beneficiaries of low rates for a decade. It only makes sense that they also foot the bill to a recovery in affordability. Sorry to the recent buyers, but you made an irresponsible purchase. Let financially prudent people finally have their day in the sun.
Gatekeepers and Trudeau must goOOOOOOOOOOOOOOOOOOOOOOO!
According to Canada's Food Price Report for 2023, a family of four are spending almost $1,400 a month on groceries
(groceries only) That's besides all the other bills and utilities and taxes. There is no FAQIN extra money to buy a home or afford the ones they're in. It's over the real estate collapse is real and about to explode. 😢 Unless everyone wins the lottery 😮
hmmm I hadn't realized Jordon and Steve were not the same person. I just thought sometimes he had a hat on haha. Guess I'm a bit faceblind.
Lol, I thought it was Steve too
I spoke with them both this evening but never at the same time 🤔
Lol
FORGET IT.... BoC rates are NOT going down anywhere even remotely close enough.... to stave off significant Mortgage Payment increases as ~900,000 Mortgages begin renewing 2024 thru 2026 .
They(BoC rates) very simply can NOT be lowered sufficiently without exacerbating debasement based cpi inflation .... given, Canadians still record high amounts of DEBT to disposable income(180%) and forming ever greater percentages of GDP/GDI now reliant therein.
Very simply....
if DEBT is borrowing from future capacity.... the future is arriving 2024 thru 2026 and there is now insufficient capacity left to service the already accrued $3 Trillion combined Mortgage/Consumer DEBT from within the barely $2 Trillion Canadian GDP/GDI's (Gross Domestic Incomes) derived therein... because TOO big a percentage of that GDI is already SPENT !
THIS.... is a Real Estate Crash/Correction....
and no amount of Real Estate professional(LMFAO) "panels" .... is going to change actuarial based analysis of the Canadian Financial System fundamentals/Global FX and Bond market valuations.... FULL STOP !
Lol bro you need to calm down and keep dreaming. You need to start paying attention to politics and forget this other mumbo jumbo word salad your spewing
each percentage point drop is a savings of 30,000,000,000 a year for Canadians on mortgages. Look for a 2% drop so Canadians will have an extra 60 billion a year to slosh around
Cant wait for gravity to kick back in
Boss Hog
Imagine moving to Saskatchewan for a real estate advantage. 🤦🏻♂️
Sorry greenbelt
Sorry citiots?
@@donm2067 yeah that too
Yes Jt is Castros kid
Price change is must only down
not happening, check list below for reasons.
Agreed
Around may is my guess.
Spring market will come in April, b hot for a few weeks.
Since the investors will be out, Inventory will outpace the number of buyers and prices will begin to drop.
By next November there will be a 10% drop across the board.
Will happen again in spring 2025.
Steady decline for 5 years minimum.
When rates go down housing prices will rise due to lack of supply. The time to buy is now!
Be very careful what you ask for when talking about China …even with the pre qualifier statement.
IMHO, Ron Butler is a presumptuously arrogant "flavor of the day" debt pusher with very little or no economic and monetary policy acumen.
Only a few short months ago he was advising everyone to go long fixed.
sorry, but justin is castreau's kid
Ron loves Christia Freeland too, the meth’d up wicked witch of the west.
🤣
He needs a DNA test for sure
Yeah, I checked out and stopped watching at that point
Bye bye
Justin and Obama are actually time travellers from Stalingrad. They’re here to increase flag sales throughout North America. Commies, I tell ya.
Canadians are going to buy guns, take land. Build a house for their families and protect their land. We don't need to be tricked into thinking we have to BUY a house. We are born in Canada , it's our land. Says in our constitution. Just go find a spot nobody uses and build. We don't need these investors making houses for us.
😂
Yeah as long it’s in the forest with zero services go get it
kooks are everywhere. Regular Canadians will continue to pay the bills and eat poutine at Costco every Sunday
🤡
They search for and rip down cabins.
I am a former forest person, although I wasn't one long I know enough about how it works
Mild recession it will be. It may seem for few months getting worse but RE will pull it out quickly at least in prices to trend up as other parts of the economy slow.
39.5 million people in Canada . 14 million homes in Canada these guys probably need 1 home for each person 😂😅😊🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
Yeah sure they customers will pull back for a year, maybe two. But when they see that ALL their income is going towards a mortgage payment that isn't paying down ANY PRINCIPAL, they will start to panic. Right now, the house is still new, they are in love with their recent purchase. But let some time pass where their recent purchase is now causing them to miss out on trips to visit family or buying that new car, or saving up for anything really they will start to resent their "dream home". That's when the nightmare starts. People can only tighten up for so long before they decide to say "f**k it" and let's move out of this "quickly turning into a hell-hole" of a country. This could all get sped up of course if unemployment starts to tick up in any meaningful manner.
23:45 lmfao
Oops 😅