There's More Homes for Lease than for Sale in GTA, 2024 Canadian Real Estate Market
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- เผยแพร่เมื่อ 18 พ.ค. 2024
- Speculators are in trouble and can't close on pre-construction homes, the market is flooded with rental properties and not many can afford to buy. Leases now outnumber sales in Canada's biggest region.
links/references:
www.cbc.ca/news/canada/presal...
Jon is the only one providing this info. Other realtors all hide it to hype the market.
Not true :) but he is a good one.
@@andrewcrook2240 He is good, I can tell he is honestly trying to help people. God Bless!
Nah I just don't think most of them know how to read or interpret stats.
@@andrewcrook2240who else is there do you have any recommendations?
I don’t feel bad for speculative buyers who naively thought real estate only goes up. Unfortunately actions have consequences.
Fortunately.
Historically it only goes up. Fact. It's a long term game
yep, the risk part of the equation is being realized as we speak
@@shawnabc9477
Did you calculate inflation in that long term game ?
When I calculate inflation in last 30 years , I lost with every property I bought .
Unfortunately government protects them
we saw this coming....no way prices could remain as high as they were in Jan/Feb 2022 and interest rates staying that low. We sold at the high in the Fraser Valley and moved to the Prairies....so glad we did as were close to retirement. We would be in a different, much worse situation now, if we didn't sell and stayed there....PHEW!!
Don’t forget all the empty homes in Vancouver and lower mainland. There is no supply shortage. Just people hoarding their vacation homes in lowermainland of BC.
I’ll walk downtown Vancouver in evening and see only 1/3 of lights on in apartments for all high rises downtown
Metrotown and Brentwood areas of Burnaby too.
The same units with the lights out always
Greed
I remember this happening in 1990. Investors didn't want to realize their capital losses, so they leased.
Yup
I remember too.
Was a different world back then.
People would pay there rent.
Now there are rules that say u can't kick them out, and they know it.
I'm guessing most of these people don't have the stomach for the landlord business.
interesting
We are being stripped of home ownership in this country,this is so sinister as corps are buying up houses left and right to lease.
There you go … well said … that is what the correct message - affordable is based on prices not interest rates
Thanks for the comment
Good thing i paid off my mortgage . Good luck to all during these tough times
Was it a million dollars
Screw houses they are overrated, government housing and tent cities are more affordable or free lodging in jail ❤❤❤
Me too!!
Good for you. What was it; 30% of your home's value today? At 2% interest? Luck in your timing. Luck in your generation.
Good for them. I have owned my house for 8 years and my property has tripled in value. I'm paid off too. Up until a year ago everyone had low interest rates and could pay tons down on their principal. @@andrewmccoll1582
Home prices are actually correlated to the M2 money supply. The more money they print, the higher prices go. This is in part due to low interest rates (easy money), but also the fact that printing money dilutes existing money. Investors snapping up homes, pushing the prices up over a protracted period of time is an excellent example of the Cantillon Effect.
FINALLY, someone involved with real estate who has put two and two together and pulled the data that answers the question, “where is the inventory?”. This is entirely a speculator driven price bubble. It’s only a matter of time when piles of speculators realise that the price of their asset is not moving in the right direction, and that being a landlord requires actual work and commitment. I expect we are going to witness a moment that will be a complete reversal of the run up of 2019-2022. The smarter speculators are getting out now. The not so smart ones will be amongst the herd running for the exits when the landslide starts, driving prices WAY DOWN. I give it 6-9 months.
Great comment. I think your timeline of fairly accurate.
I am SO glad I never invested in real estate. It has been tempting at times, but I could never bring myself to put all my eggs in one basket. And I hate debt/leverage. And I fear bad tenants and plugged toilets! So instead I stuck with regularly investing in boring low-cost global ETFs - and I have been extremely fortunate.
What is ETF-s ?
I am leasing a condo. Since I moved in a year ago its lost $100,000 in value. Or $8,333 a month. I can assure you, once the competition starts on the leases (trying to find a good tenant who pays) starts, the leases will drop, forcing many of those investing geniuses to dump and call it a day. Simple numbers will force it. If even 10% puke it will be large.
This is a really interesting take that I haven't heard anyone consider until now. What would force the rental market to decline? The only thing I can think of is unemployment, and even that's up in the air because of how difficult it is to evict tenants.
I understand your logic, I just don't see how rent prices would drop significantly enough to persuade investors to sell their properties.
Partially propped up by international students. That's why they are bringing them by hundreds of thousands.
@@alainsauve5903if your rental income isn’t covering expenses and the asset value is losing even more every month it can’t be a good investment. A lot of investors will try to get out, or sell off the biggest liabilities, which could tank the market even more.
It only becomes a nation of renters if those properties rent out. Lots of empty homes for sale and/or rent/lease. History check of many, show multiple failed attempts at leasing/renting/selling. Price can only be met by what the market can bear. Speculators still whacked out on hopium. Jan. 3 BOC stepped into the Repo Market to the tune of $30 billion in just 5 days. Someone has a liquidity problem? Info on their website. Not much media coverage. Higher for longer? Oh that hopium! Thanks Jon. Also, shout out to Mark Mitchell.
Thanks for the comment.
I'll tell you what realtors say now "in March the interest rate will go down and house price will go up again", my response "you don't have a brain anymore!"
I'm sure it's hard not to say "I told you so"? As house prices crash due to the glut, it's only a matter of time before rental values fall in-line too. For the first time buyers sake, I'm hoping for 2014 levels in both. Thanks for the good news.
That would be nice, would be ready to move myself at those prices.
Hard to find honest real estate agents these days, small percentage of them are really honest like him, like his videos.
thanks, much appreciated.
Not surprised by the subdivisions you highlighted in Niagara knowing who built there. It feels dystopian to drive thru some of them, maybe the trees just need to grow in..? Of course a big part of the problem is our immigrant investor class outbidding Canadians and driving up prices. They will overpay, overextend and overcommit. Public sentiment is finally turning on this crucial point but it’s way too late. Unnatural market forces create risky investing for everyone. It’s going to be an interesting year. Those lease data points are scary.
Thanks for the comment
I am not surprised to see Windsor/ Essex that high on the list considering you could buy a small home here for 60,000 15 years ago.
yeah lots of speculators in that area.
are you saying we will own nothing and be happy... reasonably happy... unhappy, despondent, outraged... I looked at 3 - $1.2M homes west of Brantford... all new, side by side beautifully done high end... 120 days listed... and nothing... these are small developers all over the place with $2 to $5m invested and they are all looking at taking a hair cut as carrying costs chew them up... good post Jon..
All new, looking great, yeah. Horrible quality of lumber, and rushed construction, all covered up by nice vinyl siding and posh roofs. These houses aren't good in any way. But, people have to live somehow and there's no alternative.
Great information as always, Jon. Many thanks for your awesome contents and helping people.
Nice video Jon. This Global real estate crash has just started and real estate prices across North America will plunge down to their 2012 levels in this downturn. Looking forward to a video on your channel showing this reality when it occurs within the next few years!
Price cant drop 50% since rent are so high.
Actually, they can and probably will drop 50% in some areas, since Canada and the rest of the developed world is in the early stages of rising unemployment which is highly deflationary. Its hard to pay rent when the average Canadian is maxed out on credit cards, auto loans etc., then shit-canned from their jobs.
Prices can drop wherever they want.
No body knows what will happen. We all want certainty, that’s why people buy houses in the first place. But you can’t tell me with a straight face that you *know* what’s going to happen. It’s a pretty easy bet to make, but “the market can remain irrational longer than you and I can remain solvent”. Lack of humility is what gets us into this trouble in the first place.
Can't wait to make those videos
Honestly, I can only hope the gov't doesn't step in and pump the market again at this stage. And I hope the BOC keeps rates higher for longer or we are going to see a crazy jump in home prices. Inflation in the real estate sector has been out of control for 2 decades esp after 2008 when they didn't allow the home prices to correct. And for anybody thinking supply will solve this problem, I say study NYC. They had a huge push in home supply and because of the oligopoly in construction and on the buying side prices hardly dropped. (ie big investors buying up properties, foreign buyers parking their money in real estate)
What the gov't needs to do now is clamp down on investors and flippers. Charge these investors commercial taxes. And the govt should also start building to sell to private coops to keep pressure on home prices produced by builders. Will we see this? Honestly, I doubt it. So sad. This situation really is historic.
Great info Jon, thanks!
Any non primary property, 2nd or additional , should be taxed for property 40%
Primary residences keep tax rates lower
What year was the NYC housing stuff?
Not that a government agency would look but I'd like to see for my own self interest.
@@mr2_mike let me see if I can find the exact documentary I saw talking about this topic.
Just curious, I'm not really educated in any of this but when wages are low and cost of living is high, I know products don't move off of shelves and this causes more lay offs. People don't pay bills on time. So how does this end? If you say prices can go up again. Or even if they don't, how does this play out? I know they're bringing in lots of immigrants to work for shit money in the box stores, but they have no money either?
@@angelawalton3162 it’s a complex problem because on the one hand, higher interest rates eventually make consumption or borrowing more expensive and slows the economy but it also pushes inflation higher as well. Eg mortgage costs and as a result rents start rising because landlords are trying to cover their costs. These are stubbornly resilient to correcting. So what do people do? They either break and move into a much smaller accommodation or they try to hold. Longer term, what has happened for immigrants is they move into rooming house type situations. In Brampton, a real estate friend has told me about some horror stories about the cramped situations.
In the last 20 years people’s standards have been crushed. In 2003 a young couple could buy a semi detached home for 350-400k right downtown Toronto. 2000-2200 sq ft. Double that price and cut the space to 700sq ft. That is a staggering drop in living standards.
The bank of Canada has blunt tools. That’s all they have. And it results in layoffs, and very painful consequences for everybody. Companies can’t take expensive loans, people stop spending, some people will lose their homes. This situation has been created by 20 yrs of horrible govt regulations constantly allowing people to take bigger and bigger loans, extending them from 25 yrs to 40 yrs. And now everybody wants to get bailed out again? Which in turn will continue to erode what people can buy.
At this stage, the only real solution is a brutal correction in real estate by higher rates, govt regulation targeting flippers and hoarding investors, and massively increasing housing supply while dropping immigration.
I’d love to see changes in the tax code to level the playing field between end users and investors similar to the changes made for AirBNB properties. Unfortunately many of our politicians are also real estate investors.
It doesn’t make a difference. Investors increase the rent to offset the costs. In New Brunswick, we pay 2x property tax for any residence that is not your primary home. It’s the only province in Canada that does this. Because of this, our rents are much higher than comparable provinces.
No one will be going on vacation once they lose their job or the recession finally hits hard.
Honestly I don't know much. Very confused. I don't even feel good about Canada anymore. It's like the country has been highjacked by criminals. You just can't TRUST anybody and or anything these days. I would prefer to rent than buy. Prices whether rent or buy are insane and out of reach for lots of Canadians. Thanks for making great awareness videos 😊💯👍🙏
Thanks for the comment, I hope things change for the better soon.
Excellent report!
Can the realtor be sued for bad or misleading information? After all, they do have errors and omission insurance for the customers when unexpected or misleading things happen?
Great video! Solid analysis, thoughtful and common sense statements, and useful insights. Thanks for sharing all this!
Thanks for watching
Thanks Jon. Appreciate the data and your honesty
My pleasure!
I actually live in Durham Region, which according to the chart in this video, experienced the highest drop in prices since the peak.
Considering how much property values have dropped here since the peak, im not surprised Durham was at the top of the list.
Unfortunately Durham has a ton of housing speculators who tried getting rich off of buying houses and hoping their value would keep growing exponentially.
For the past nearly two years ive been leasing a home in a newer subdivision.
Using House Sigma, I found houses that were purchased in the 2022 peak lose over $500K in value.
Currently there are 26 homes for lease and 20 for sale, which is consistent with the info from this video.
My landlord is ridiculously over- leveraged and has lost over $500K.
We don't have a housing shortage in Canada! The problem is speculators/investors buying houses they don't need which significantly reduces supply, increases demand, causing prices to rise.
As long as the government is also participating in this fiasco, nothing will change.
If rates keep rising, the investors may be forced to sell which could drop prices.
What a mess they've created!
A major multi-million dollar reno on a large Niagara heritage home led to an overly optimistic $4.5M listing a year ago. A few months ago it got relisted at a saner $3.3M, but evidently the move has been too late in our falling knife market. With obviously little current home buyer appetite, it has been just listed as a short-term rental .....
The high end market isn’t moving very fast at all.
Absolutely true , realtors most of them biased only to the commission , this why they called "salespeople" they sale what makes them commission . Client comes second . Most of realtors are not like you John. P.s it is the system , crea treb brokerage if all would say the truth and the right things most would be bankrupt.
Thanks for the comment.
Excellent point, for lease vs for sale #s , thanks for all the data Jon
You bet
I had an acquaintance who with a couple others bought a pre build condo back before the 1990 crash. By the time they were to take ownership the prices had dropped. They ended up leasing the condo for around 10 to 15 years before they were finally able to sell the place for more than they originally purchased it.
yep, many will learn this lesson.
Another informative video, thanks honest Jon!!
Glad you enjoyed it
Would you be able to include Winnipeg or Manitoba in your Canadian updates?
Great content jon... you tell the truth
much appreciated thanks
Jon, great video,thank you,I live in the Montreal area and I think it appears more stable because a large portion of the island and the area is still quite affordable unlike the GTA, I thought it was interesting that on island SFD median prices from Nov to Dec fell around 8 per cent this month......(740 to 680 thousand )duplex's and condos were stable.its odd because the highest inventory is in condo and duplex/multi dwellings?
Foreshadow or head fake?Also we noticed a local home bought and immediately turned into a rental,I'm in the ndg area,thanks again for the great videos
Thanks for the info and for watching
I’m seeing a lot of these new constructed homes for rent on the mls.
yep, lots of assignments too
"Get it NOW or it'll be too late!!"...yeah, how's that working out for ya now...
I've got neighbours so far underwater, they're trying to rent their basements for $3100 a month LOL, good luck friends! I may not own an overpriced shoebox or a "high-quality" million-dollar home that gets it's roof blown off every fall, but then again I'm not lining up at a food bank weekly so I think I'm good.
it's crazy, they actually thought prices would never come down.
I love your channel - been following it for a couple of years - great information.
As someone who has owned several homes, in several cities in this country, and am now renting.... yes, it is cheaper to rent right now, but not just due to interest rates. I think it is more than that - utility costs for a detached house are MUCH higher than for an apartment. I live in a 2 bedroom, 800 sq. ft. apartment, and my utilities are maximum of $100/2 months. I only pay hydro, as it is electric heat and water and all other utilities are included in the rent. I would love to see something that compares that part of home ownership, and not just the rate/kw hour.... as most utilities have additional fees added to their bills (delivery and infrastructure fees). As someone who is looking at retirement soon, and am considering several provinces, it would be nice to find some accurate data on the "actual utility costs" not just the rates.
Thanks for the comment. Don’t move to Alberta as they’re having rolling blackouts due to supply and demand issues because of how cold it is.
Housing market sounds like Bitcoin speculation until it go down ...
If you own bitcoin or xrp now you will be on the winning end in the next 2 years....
Christmas 2022 my uncles and brother in law wanted to question my real estate actions and why I sold my primary residence and all my rentals. I told them housing will correct to roughly 2013 levels in coming decade. They accused me of being a doom and gloomer and basically said real estate always goes up. This Christmas I told them about my nice little rental but not surprisingly they sheepishly avoided real estate conversation.
Smart money
What do you think about housing in 2024 ?
I was working for a flipper and I told people in Nov 22 its over sell now or take a bite... nope I was just talkin trash....
@@queen544
2024 is when the crash starts.
50% decline from current prices
I warned my sister in law she didn't sell.
She's sitting on 4 properties.
Sold my house, luckily at my asking price, now renting, I chose take the money and run. Real estate is equity, not guaranteed, but always sold as such. Good luck on future values, interest rates may come down a little but I hear people expecting huge drops, again good luck. So glad I am out.
Thanks for the comment.
Great video. Can you do one on where to invest in your home for the best roi?
Great suggestion!
But wait, what percentage of escalating rental listings are people emigrating, adult kids returning home, people sharing space? I may have missed the data determining that rental listing increase was due mainly to speculators. For example what is the impact of collages and universities ramping up their student rentals then turning to virtual classrooms? Maybe a future show will go deeper into the rental listings details since its now a historic situation. Thanks for presenting this topic.
I believe the public deserves to know if hedge funds have bought these detached homes, or small investors that's the million dollar question.
In Canada is all small investors from what I’ve seen. Hedge funds buy residential in the states though.
Brampton realtors are still saying RE prices go up up n up only, just wait for interest rates to come down 😅
wouldn't house prices increase if interest rates come down?
@@ehahaproductions680 it’s a tough bet. The speculators have peaked. Most mortgages were obtained using fraudulent/fake incomes. Even if the rates go down and prices remain the same , the real incomes and the real mortgage payments don’t math up. The govt is borrowing too much money upto $1 Tr in the form of bonds, so chances of interest rates going down are slim. Real Inflation is still too high. CPI is a cooked up number.
can't wait for rates to start coming down, that's the next step in my recipe
@ Jon Flynn: WHAT? No pre-construction home fires last week 😅?!
wait till April there will be suspect fires abound...
What I would like to know is, how is the pie split between the various types of owners of all those rental properties? Large institutions vs small investment groups vs private owners who are diversifying their portfolio with real estate. Additionally, of that private owners group, what is the split between private sector vs public sector employees?
I'd like to know too
Another excellent clip with value. I don't wish anything negative upon people mentioned in the video but I have 0 sympathy for them, they should have educated themselves better and not listened to the hysteria.
Well said
Sale to lease ratio similar in smaller cities north east of Durham. Many homes for rent since this summer incl new builds by same developers. Your video shows maybe it’s a trend. Thx
Thanks for watching and commenting
great article...any idea of how leveraged real estate investors are? Are they holding on because their mortgages were financed pre 2022 when rates were low and if so when do most of them have to renew their mortgages?
2025-2027, but rates won't be as high by then. Many have real variable rates and HELOC's though so are already hurting
I always found it crazy to think that house prices would go up endlessly because wages dont go up endlessly. We've just gone from single income being able to buy a house and car in the 1950s to today where dual income can't even buy a condo.
Too many don’t realize this and just accept this as normal.
Great vid
Thanks
I keep seeing properties listed on MLS both for sale and for rent. Agents are recommending sellers hold, and rent out for a year. So adding rental supply, which is pushing rents down. Renters know they'll be kicked out as soon as prices start rising, so should be careful.
Half of properties in Ottawa are now sold vacant. The cost of holding a vacant 600k property at 5% is 30k per year, that's 2.5k every month the property is not sold. Either lost opportunity (you could put the cash in a GIC), or cost of debt (you're still paying the mortgage).
Speculators are still gambling on prices rising enough to cover their growing losses.
Newish problem is that a property fore sale with existing tenants is less desirable with all the stories about tenants refusing to leave.
Buyers are going to be asking the seller to absorb the cost of getting the tenants out.
Then the lawyers are involved, extra costs
Thanks for the info. I’m guessing agents are telling sellers to hold out because they sold them the overpriced property and feel guilty and trying to save face
Guy gets straight up called out for not selling any houses and instead of just answering the questions he goes on a rambling diatribe. That sure answers the question of how many deals Jon actually does in the year. The real answer is almost none.
lol, thanks for the comment. I'll read it to my family when I'm at the food bank getting groceries.
@@jonflynn why don't you just answer the question?
Looking into the claim that real estate will always go up. For Canada, it makes sense since supply is limited with fewer builders, so they can call the shots. Building your own involves lots of red tape. The population is booming, including lots of non-residents who want to rent. You also have many speculators, investors (buy and hold), investors (short-term rentals) etc. Over-investment, exhausting inventory, and forcing prices to go up look normal in Canada with no insight into solutions.
There's only one problem with what you're saying. People can't afford to pay the rent and are squatting by the thousands across the land. From a CBC article: tenants are now demanding $100k from landlords to vacate the property.
Logic says this makes sense. But, in reality RE hasn't been going up since Feb. 2022. That's two years and counting. So, at least something is wrong with your line of thought.
@@rjkrjk8344The other issue is there's no real reprocussions for renters refusing to pay up.
If their wages got garnished and/or jail time, maybe there wouldn't be as many problem renters.
Price needs to go down to be affordable, for now, it is affordable for people who are making 200k+ per year.
Not for single people making 200k+ a year.
Congrats Jon, you've finally shown the data to support my comment here months ago. At that time I stated that after the 1982 principal residence tax exemption change, that no subsequent Federal government continued the process to restrict the commoditization of residential real estate. Additionally the MURB program for rentals was disbanded. The comment you mentioned from a viewer that if investors weren't allowed to purchase residential real estate, developers wouldn't build housing is blatantly false as prices would fall to allow more renters to purchase. In the end, it's all about federal tax policy and the priority of society. Should Canada funnel billions of dollars into unproductive real estate investing or to productivity within companies to grow GDP per capita? The OECD in its projection for the next 40 years screams the later.
Thanks for the comment and info. Unfortunately our government is blind and greedy and only doing what they think will keep them in power, they're desperate and it shows. Sad situation
Avoid places like London, Ontario… big homes with tiny rooms inside. You pay 60 per cent more for a status ..
There are no jobs in London, and there's nothing to do. That's why you want to avoid it.
On last months video you said Ottawa was down 25.8% from peak, here you have it down 16.5%. Which one is accurate?
Someone corrected me and I issued a correction in the description. The most recent 16.5% is correct. Ottawa changed how they report their monthly stats and I pulled the wrong data. Unfortunately almost every board in Canada has their own reporting method and I have to pick through it every month to get this data.
Jon, you sound like an truly honest & sincere guy. What would say about Sun (Mal.4:2) appearing to move Westward vs. Adam & Eve going Eastward after Sin ? Thomas
this guy is honest and sleeps sound at night
haha, thanks
Not to forget that there are good number of leases that happen over marketplace. But sales don’t. So the gap could be even bigger
I agree, good point
How many of these new rentals are people who are landlords by necessity? Ie. People who want to sell but can't because they're underwater, so they're onlynoption is to rent it out.
Those are the worst ones since they're trying to drive rental prices up to cover as much of the payment as possible
Starved myself and bought cash at bottom of last crash 1990.The sleeping is amazing.
People who bought in 1990 got wiped out the market didn't bottom until 1997. Alberta was the worst of all provinces during those 7 years.
Its crazy, im 27 have a well paying job and cant even come close to buying a house. My parents left to florida 3 years ago and bought a 2 bedroom condo for 240k. Canada has become a joke, its overcrowded everywhere now, so many people are living paycheck to paycheck
yes, standard of living has declined a lot in recent years
the only thing that always goes up is cost of living :D
True
Even more bigly so if we add renters who self identify as "owners" (30+ year mortgage amortizations) to the tally
good point
There are so many Realtors that have just moved in Canada recently and have no knowledge of the Market but have taken the realtor course and have got their license and they are the ones that have screwed their own community members in to selling them properties at the peak of the market.
It's happened a lot for sure
I don't know around me all my friends bought few properties hoping I'll go up now it's not so I don't feel sorry for them
They were either naive, greedy or both
A lot of investors are just in it for a flip one lot i was looking at was bought at 65 on an estate sale was up the next day at 99 so if you dont see investors drive up prices i dont know how else to show it, it used to be they at least did some up grades to justify it being more
@2:05 "real estate always goes up"
That's a misguided opinion to call Canada a Nation of renters.
Around 63%-67% of the residential dwellings in Canada are owned by their occupants. It fluctuates in that range depending on interest rate. Higher interest rate, the ownership percentage would swing into low 60%. Lower interest rate, the ownership percentage would swing close to or right into 70%.
Renters are the minority across the country. The stats shows something very similar in the US as well. But I won't digress further.
I can understand how you have formed that opinion if you work in GTA. Toronto's home ownership percentage is around 50%. But many neighbourhoods in cities and towns across the country have an ownership percentage in the range of 80% - 99%.
The data you are focusing on doesn't give you the full understanding of the housing market.
I bet if they did a survey right now we would see the biggest drop in home ownership rates ever recorded. I think we were around 69% last time it was reported.
@@jonflynn I don't doubt your conviction to serve people Jon. But I think sometimes people's judgements are negatively impact by their bias because they rely too much on their conviction instead of facts, evidence, and a more comprehensive perspective.
You are mentioning prices are down. Are these on an apples to apples comparison? What I mean is it the same house? If it isn't based on the same house, could the numbers be down because with the higher interest rates people are buying the less expensive houses, not necessarily houses that dropped in price but ones that are less costly than the ones that sold a few years ago. If you were approved for $1.5M during the peak then you would look at houses in that price range, but if you are now only approved for $1.2M, then you would only look at houses in that price range. They may not be the same houses. Just a question. I believe prices have come down, I'm just not convinced that all of the drop is attributed to the same house dropping in value and some of it is people purchasing houses in the value range they can afford.
I usually reference average prices.
Thanks @@jonflynn
Isn’t the video title, “CANADA IS NOW A NATION OF RENTERS” a bit disingenuous and misleading Jon? According to the 2021 census, 1/3 of Canadians rent and 2/3 own. Yes, I’m sure the number of renters has increased over the past 2yrs but I don’t think your headline is accurate.
It's typical of Jon. Clickbait garbage followed by a video of doom and gloom predictions that never come true.
I guarantee that has changed a lot since then. How many of the 2 million residents do you think own? how many 20-30 year olds own? why is there more rentals and reported leases in the GTA than sales for the first time on record?
@@jonflynn I agree that there must be more renters now than there were in 2021, however, I don’t think we went from 33% renting to, say, over 50% of people renting.
@@GabeBridges you are never going to get an answer from Jon
Losses in value mean… they were never really worth that much yo begin with. People bought because everyone was buying. Herd .
very true
Montreal…. Som many have left there.
why?
Real estate prices always go up and down with supply and demand. Part of the reason there is high demand and low supply is due to Trudeau allowing more immigrants to enter Canada than we are making new homes. Until we level off demand or increase supply, unfortunately prices WILL continue to be high - however if nobody can afford the cost, nothing will sell, and sellers may panic and lower prices. It will level off to an amount that balances everything. If sellers are in an ok position to hold and wait, then unfortunately you will still have to pay more. Look for the deals, try negotiating - some may bend a bit or a lot. Everyone is different and has their own reasons and thoughts on future prospects.
Good comment, thanks for sharing
Montreal and Quebec are the most stable because nobody wants to go there and the francophones rarely leave. Maybe if the province allowed english that would change.
Thanks for the comment
Great video...I hope on your next video, you'll make comment on Federal Gov't were warned 2 yrs ago about high immigration will cause high housing prices. We can't let the Liberals and NDP shirk off responsibilities for them to cause this high housing/rental market.
Thanks for the feedback, will look into that. I know a couple of other people have made videos on that lately.
Well, if that is true, rents will come down
Let’s get rel…. All leased places were once sales. Tell the truth here. Investors are still buying and sellers are still selling and the number of renters are still renting.
Jon doesn't like the truth. He only talks about how the crash is coming.
I'm sitting in Mexico with a bunch of old rich guys.
8 airbnbs between them.
6 are going for sale in the spring market.
2 are going to be leased.
There all in BC
Also
There are no Realtors here this year.
Last 2 years they were everywhere
Sad 😢 how? Who’s fault?
greedy people and the government
The whole idea is to have only renters , you then only have to jack up rents , to get more tax dollars from a landlord , rents already cost as much in one year , as it use to cost people , to buy a house , you figure that out .
The renters will stop paying rent at some point
Agree , like people can not afford houses and they are torn down, to build condos , and when people can not makes the payments on those , then people with rents on apartments, will have the same problems, everything is becoming unaffordable, you had better find a cave a lay claim to it now . @@jonflynn
I am moving from Canada, I am not a renter and I am refusing to become one. I am selling my house and will get something in Central America, where the sun is shining and life cost much less to live. Canada is becoming a third world country and I won’t be part of it. By the way, Canada becoming a third world country, I prefer to live into a another third world where the sun is shining and life much more affordable.
It’s sad and you’re not the only one. We went from a great country with a high standard of living to this in a very short time.
Translation…you can’t afford it here. Hey man, no shame in that, Canada isn’t for everyone.
Translation…you can’t afford it here. Hey man, no shame in that, Canada isn’t for everyone.
Translation…you can’t afford it here. Hey man, no shame in that, Canada isn’t for everyone.
Translation…you can’t afford it here. Hey man, no shame in that, Canada isn’t for everyone.
For as long as "investors" can hold it , they will, and that's unfortunate for those expecting a total meltdown
My buddy's pulling all the stops despite losing money on year 1 and 2 being a mom n pop. Not sure how long he can hold but he's determined. Im sure some are thinking and doing the same
Exactly. The market will not react as people predict because most investors can outlast the tough times, or else they will find a way to do so. They have the long view in mind and can't be shaken loose.
I disagree
Investors have limited emotional attachment.
I know of 12 airbnb condos in BC that are going on the spring RE market.
All are expecting to take a loss.
And I'm just an old guy with a few rich friends.
There will be many many more. @@andrewmccoll1582
Most investors I know just jumped on the bandwagon because it was there!
There already talking about what there putting their $ into next, after there airbnbs sell.
More people who own 5 or more than u think.
And it's back to investing in companies on the stock exchange for all of them
the peter schiff of real estate
haha, thanks
Nope. That is when we became a nation of "savvy real-estate investors". :)
some savvy, some reckless
The people are moving to Calgary.
how's the electrical grid out there.
If you are buying your first house, don’t overthink, it’s your only house, not an investor property don’t worry
Sorry can’t agree about not overthinking.
Why would u buy anything that will be worth so much less in 2 years?
Wait to buy at the bottom
Would be a horrible feeling in 2 years to owe more than it's worth
For now..
yep
i bought my acres for 4500 bucks held onto it hehe
lucky you
If you have any ethics issues, talk to turdeau, he will give you advise on how to constantly get away with it.
Thanks
Welcome to BIG F**K. What else to expect when everyone is a realtor and or a real estate investor 😂😂😂😂
unfortunate and true
abolish parasitism in housing
landlords belong in feudal europe not here
good point
The greedy are being roasted. Bye bye 👋
yep
Lol😂...rent too cheap, that is why
haha, not
Housing is up 5% last year. Housing will go up.
Where did you get the numbers?
Some year over year numbers are up, but as far as month over month goes, down EVERY month since June.
Sounds like we need another million immigrants to soak up this mess
how's that working out