@dirtlumpcan you elaborate with examples here…I’m interested to know where you feel he erred. Personally I find it hard to believe that gov’t Covid money spurred investors to do something they weren’t already doing or planning on doing. The market’s been barmy for decades.
Mark brings up a very good point. The same point that I tell all my friends who complain about housing costs. Canada skipped the 2008 GFC. We were fine, but we lowered interest rates to near zero in accordance with the US Federal Reserve. Why? Beats me, but it lead people to run out, load up on cheap debt and go on a buying frenzy that drove up real estate prices dramatically over the time frame of 2009-2020. Come 2020, we once again we lowered the interest rates to near zero, instigating the nations most radical buying frenzy ever witnessed that drove real estate to new heights. Beacuse of poor monetary policy it has caused real estate to reach heights that are unsustainable. In essence we need our 2008 moment to flush out all the degenracy and stabilize the market. Only after undergoing 3-5 years of financial pain and suffering will we see a return to affordability. Its going to suck, but people have to learn their lesson. There is no such thing as a free lunch.
Hey cybernate, Thanks for the great comment :) Unfortunately that's a pretty apt description - you can see what happened right in the charts - David Rosenberg has been singing that tune as well.
I'm killing myself repeating this over and over again every time someone talks about affordability.....my circle is college educated home owners that benefited from cheap money but somehow, the explosion is due to immigration. People just don't like to hear their part of the problem. I'm sure that kendra from western africa, 25 years old, single, renter and taking classes at university of Toronto is responsible for detached homes price hikes in another province. That's obvious when you stop thinking about it.
Very good interview Mark. What did your guest mean at 9:20 when he said "commercial values have already dropped by -60%?" What??? Assuming this is true, why isn't the main stream media reporting this and why haven't some Canadian banks and credit unions failed already?! Can you make a separate video about this? Thanks!
Because it would cause bank 🏃♂️ 🏃♀️. Mainstream media is in the banks pockets to keep the system intact/kick down the road. They'll just inflate like they always do. Why did we go ZIRP after 2008? No good reason.
Hey al, Thanks for the comment (as always) :) You know, I think that's probably true but can't say for sure - I don't follow the commercial space overly closely. I'll see what I can do :)
Hey Jason, Thanks for the comment :) Lol - I remember the argument - immigration was shut down but it was all supply (and not 0 interest rates) causing the price increases. Ludicrous.
There was a very good read on better dwelling yesterday. National bank of canada had some revised GDP numbers for 2021-2023. Basically GDP wasnt 5.3% in 2021, it was 6%. The economy was more overheated than we were told and we didnt raise rates untill 2022?? Also that the price of toilet paper, lysol, cannabis and liquor hold more weight in the CPI basket than transportation, recreation, gasoline and services. In a nutshell, every data point that the BOC used to base monetary policy on was either incorrect or massaged. They new housing would take off and did nothing.
No lessons have been learned, not a single one. There are so many "investors" that are just sitting and waiting. I will know lessons were learned when I mention RE investing and see fear in their eyes like they've actually touched the stove.
I questioned his opinion of what's order and what's chaos. Order is a level of fairness and that's what's happening, pricing is coming under order. Chaos is 800k fot 600sf
That scenario was order failing (process of failure) and chaos taking over, bidding up to $400k+ over asking price madness of the pandemic was for sure the beginning of the chaos!
Even though this sector is only 5 to 7% of the market it will put a negative spin on future sentiment. Like he says, it's not investors from China, it's local people who we pass on the streets. Real estate does not only go up.
4:30 if they are that greedy they deserve to go broke and loose everything I personally would not buy a property if I'm not willing to live there myself, shoeboxes dont cut it
Thank you this was by far the clearest explanation of what is happening. There is so much noise and hype in the balance of reporting on Toronto Realestate.
Honestly, I personally don't see much change in the price of canadian cardboard houses. I live now in southern Ontario near simcoe. When I am checking the house prices in Brantford hamilton area, they are still unreal expensive, 10 times median household income. Everything is ok.
I loved this show and interview. Mark Morris rocks. He puts it in a real human perspective. Those investors are your neighbors, Co workers or relative, who bet their houses to get into the action or who were lured by over optimistic agents, brothers, friends or cousins to invest into the real estate. That was the only loan they were approved for. Also, how many people have formal financial education? Not many. Also, the Canadian mortgages are high-risk mortgages that can change dramatically every 5 years. You do all your numbers and buy within your budget, and in 5 years, all that is thrown out the window, as rates have increaed a 1000%. In the US, once you lock your rate, it's the same payment for 30 years, and you can sell without penalty. Here, a 5 years rate could mean a 45000 penalty if you choose to move to another city, or your circumstances change and you want to rent a cheaper place.
@sammavitae114 I will vote for whoever changes this part. Our Mortgages also have recourse against other assets. In the US you only have to lose that house. Here, you can lose even your RRSP and the car.
I know of 4 people that bought procon condo and now have closed. They all are about $1200-$1500 short fall every month. How long will they hold on? There’s a major crash coming. 😢
@dirtlump how would he have NO clue if he has boots on the ground seeing what is happening in regards to this topic day by day. If you had all the answers then what is it you do everyday to see the reality of this
Cosigners may be one reason, but I think the main reason is that Canada has been the go-to place for foreigners to park their money for at least two decades, either under their own name, the name of their student children in Canada, or a shell company. They simply have no desire or access to a better market to cash out, so they either rent it out or just leave it empty. That's why there are so many empty condos that were never rented out since project completion specifically in BC, they don't care if it goes down 10-20%, it will be back up in a few years with the immigration anyway.
@@BellaBella-jw9ef With the Trump victory the Chinese from China will be priced out of the Canadian real estate market due to the collapse of the Yuan. No new money will come in and who do they sell to when they can't pay all the mortgages?
Omg omg omg nooooo stop repeating the govt and big corp fed excuse like sheep. Didn’t you hear what the reason was for all this from the lawyer in the video?! M2 money supply! The central bank printed 25% more money and it flowed into real estate.
@@BellaBella-jw9ef that 60% non occupancy is non foreign buyers buddy c’mon?! It’s the local investor, who already has a home and buying 2nd 3rd 4th through heloc chains at 2%. They can’t live in 4 homes at the same time hence non occupancy
In 1990, my cousin sister and her husband had to declare personal bankruptcy due to a house purchase in Toronto. Obviously, they were the only ones whose name were on the mortgage document rather than today's list of extended family members.
tough challenges for the builder and the investor.. but not for lawyers - they do not deserve to be in that same sentence.. they are like govt - just charge a very hi fee - to increase the cost of everything
Bottom line is you need to know what to buy. And people do not know how. So for the people who say there is a crash coming. Is bull…..single family homes no crash. Good luck all
It’s funny when people make a prediction for 5 years out. The economy will be moving way faster (inflation) than we can see at present. Also housing supply is low and building permits very low. Maybe a year or two may be a plateau but not for long
Fo us it was scary. We sold the place in March 2022 just as interest rates were going up, and we borrowed from HELOC for a new construction house. Managed to sell our place at the last moment, after our unit nothing was sold in our complex and there were 2 more units with better prices and more square footage. Then we rented a house for a year and in all that time we were trying to lock something for our mortgage as interest rates were climbing up and up. They wouldn't lend us enough initially and asked for very high interest rates, none of which would work for us. At the last moment just as our house was finished there was a dip, they suddenly were willing to lend us more and even above what we were asking for and with a bit better rate. That year was the hardest for us, by far. I sympathize with those struggling at these times, stay strong and it will pass eventually.
Larger units are worth north of 1 to 1.5 million bucks. I keep hearing this argument, but small one bedrooms and bachelor suits sell and rent way faster statistically because they're more affordable. Is he saying if I bought a 1000 sq.ft condo at $1700 $/sq.ft, with an amazing layout, great developer/building/location at 1.7 mil, it'd be easy to sell now???
The buyers buying at 1600 per sq foot years in advance when fully built condos are available for less already deserve to loose money. But the builders that are selling them at this price deserves it even more because they increased the price not due to cost of construction, but they were trying to take a larger cut in the profits of the buyers that sell on assignment. So the fact that people are willing to walk away from thier deposits is an even better look on the builders because they are a decent influencer in the mess we are currently in when it comes to RE in canada.
i dont think there is a soft landing, i think there are ppl who can tolerate more pain aka have more savings than others ..but everyone is overall being rekt
Very good conversation, but I would just advise a quick correction so people don't freak out (as much). $1600/sqft down to $1000/sqft is a 37.5% reduction, not a 60% reduction
So many things wrong with what he said.. Why would investors hold onto property that's trading sideways at negative cash flow? While rents are dropping. Eventually, they will all start selling. This isn't going to be sideways. It's going to be a massive crash!
he's wrong about stable growth over the next 5-7 years. the issue is if hyper-inflation comes back within 24-48mo.... given the portion housing is of canadians incomes, housing will see a piece of this inflation first and most impactfully..
If the guest is going to talk about US Elections, maybe he should've explained all 34 charges and how they are all for just different admin mistaje of the same cost allocation. No one has ever been charged with this and no one will bevause this happens in every business.
Lawyer Mark’s office sounds like it need a Psychologist for the next couple of years. Besides offering a free initial legal consult, he could also offer a free initial psych. appointment. Box of Kleenex is free ; )
This crisis was brought on us by incompetence of the Government on all levels. From Federal to local. Investment is not the same as speculation. Balloon must explode, overwise current situation will continue to hurt Canadian economy and Canada will continue to loose competition with another countries which on a rise now. Productivity and investment into quality economy is on all times low. More qualified ppl leaving Canada. Housing is necessity not a privilege. Also, Canadians are in all time high debt. This is all the result of housing balloon. Banks are winning until ppl can pay! Then they will cry and beg Government (ppl) to ask for help. And Government will give them because they are too big to fall. So, we will expect increased inflation and decreased life quality. High housing and rental (both commercial and residential) prices damaging Canadian economy. Lawyers shouldn’t give you analysis, economists must. Economists and nobody else! Not politicians, not lawyers, not bloggers, not agents and etc. You don’t ask lawyer to perform heart surgery. Lawyer is a middle man, like an agent. Lawyer can help you if you are in legal trouble or avoid one in the future. No more
Like I should feel sorry for people who gambled and thought they would make a bundle. My condo neighborhood is dead at night. No lights on in the residences. No people actually live there. So…I’m suppose to feel sorry if the owners can’t sell their tiny little spaces.
It's not traditional first overpriced market by minimum 40 % must go down several percentage than start rising slowly up to inflation rate sorry I don't agree with your analysis very strong disagree.
Over 40,000 (and counting) condos for sale in the GTA. Oversaturated market. It would take 50 YEARS to clear current inventory at today’s pace. Can you wait 50 years to sale your now unaffordable condo(s). People are panicking. I don’t see the soft landing anywhere but he’s the lawyer. 🤷🏻
“Although we are coming down again”…. History will repeat itself when rates have to come down again, from the gic to real estate as that bubble implodes😂😂
I believe the traditional cash flow of an investment must come back into play and real estate will just rise steadily 5% average. But Toronto rents are so low, the landlords really need to band together and raise rents so people spend a healthy 40-50% of disposable income on housing.
Mark Morris is a stand up guy. I hope all my lawyers are as good hearted as him.
One can only hope!
@dirtlumpcan you elaborate with examples here…I’m interested to know where you feel he erred. Personally I find it hard to believe that gov’t Covid money spurred investors to do something they weren’t already doing or planning on doing. The market’s been barmy for decades.
@dirtlump Give us a couple examples?
Fantastic interview you won't get anywhere else in Canadian media. Thank you Mark(s)
Thanks frank!! I really appreciate that :)
Mark brings up a very good point. The same point that I tell all my friends who complain about housing costs. Canada skipped the 2008 GFC. We were fine, but we lowered interest rates to near zero in accordance with the US Federal Reserve. Why? Beats me, but it lead people to run out, load up on cheap debt and go on a buying frenzy that drove up real estate prices dramatically over the time frame of 2009-2020. Come 2020, we once again we lowered the interest rates to near zero, instigating the nations most radical buying frenzy ever witnessed that drove real estate to new heights.
Beacuse of poor monetary policy it has caused real estate to reach heights that are unsustainable. In essence we need our 2008 moment to flush out all the degenracy and stabilize the market. Only after undergoing 3-5 years of financial pain and suffering will we see a return to affordability. Its going to suck, but people have to learn their lesson. There is no such thing as a free lunch.
Hey cybernate,
Thanks for the great comment :) Unfortunately that's a pretty apt description - you can see what happened right in the charts - David Rosenberg has been singing that tune as well.
I'm killing myself repeating this over and over again every time someone talks about affordability.....my circle is college educated home owners that benefited from cheap money but somehow, the explosion is due to immigration. People just don't like to hear their part of the problem. I'm sure that kendra from western africa, 25 years old, single, renter and taking classes at university of Toronto is responsible for detached homes price hikes in another province. That's obvious when you stop thinking about it.
there were stealth bail outs in 2008 in canada, but ofc it was nowhere near as bad up here as it was down there
i dont think the govt is gonna let the flush out happen, its gonna destroy the economy. so im afraid real estate might never normalize again
Very good interview Mark. What did your guest mean at 9:20 when he said "commercial values have already dropped by -60%?" What??? Assuming this is true, why isn't the main stream media reporting this and why haven't some Canadian banks and credit unions failed already?! Can you make a separate video about this? Thanks!
Because it would cause bank 🏃♂️ 🏃♀️. Mainstream media is in the banks pockets to keep the system intact/kick down the road. They'll just inflate like they always do. Why did we go ZIRP after 2008? No good reason.
Hey al,
Thanks for the comment (as always) :) You know, I think that's probably true but can't say for sure - I don't follow the commercial space overly closely. I'll see what I can do :)
Thank you for being one of the few to say it was the M2 money supply and not supply chain disruption that made housing prices sky rocket.
Hey Jason,
Thanks for the comment :) Lol - I remember the argument - immigration was shut down but it was all supply (and not 0 interest rates) causing the price increases. Ludicrous.
Excellent interview, this channel is a gem for understanding Canadian market.
Thanks Jose!! I always appreciate the comment :)
Ironically most dog crate condos don't allow pets
I literally LOLd. Thanks Linda!!
@@MortgageBrokerLondonOntario Whether you own a dog or one of these units, you're walking around holding a bag 😛
@@MortgageBrokerLondonOntariomy too. Very funny 🤭
I guess Canadian's never took Warren Buffetts advice.
Never leverage your primary residence, and never trade on margin.
And don't make any single market more than 20% of your portfolio.
I wish I knew this years ago! You are wise!!
Great advice! Agreed - many have not followed.
The truth is that real estate high prices harm Canada more than real estate crash.
Hi! Mark
Is there a way to back out before closing on a preco house.
Hey jrantoday,
Not that I know of without breaking the contract.
There was a very good read on better dwelling yesterday.
National bank of canada had some revised GDP numbers for 2021-2023.
Basically GDP wasnt 5.3% in 2021, it was 6%.
The economy was more overheated than we were told and we didnt raise rates untill 2022??
Also that the price of toilet paper, lysol, cannabis and liquor hold more weight in the CPI basket than transportation, recreation, gasoline and services.
In a nutshell, every data point that the BOC used to base monetary policy on was either incorrect or massaged.
They new housing would take off and did nothing.
Hey Stormshifter,
I didn't see that article (though it doesn't surprise me). I'll take a look :)
No lessons have been learned, not a single one.
There are so many "investors" that are just sitting and waiting.
I will know lessons were learned when I mention RE investing and see fear in their eyes like they've actually touched the stove.
I questioned his opinion of what's order and what's chaos. Order is a level of fairness and that's what's happening, pricing is coming under order. Chaos is 800k fot 600sf
That scenario was order failing (process of failure) and chaos taking over, bidding up to $400k+ over asking price madness of the pandemic was for sure the beginning of the chaos!
Even though this sector is only 5 to 7% of the market it will put a negative spin on future sentiment.
Like he says, it's not investors from China, it's local people who we pass on the streets.
Real estate does not only go up.
Hey Storm,
Thanks as always for the comment :) Yep - 100% agreed - despite popular opinion, it can stagnate (or even fall).
Excellent interview! Nice to hear from the trenches. Makes so much more sense. Thx Mark
Hey pilotgirl,
Very welcome :) Agreed - its always helpful to hear things first hand.
4:30 if they are that greedy they deserve to go broke and loose everything
I personally would not buy a property if I'm not willing to live there myself, shoeboxes dont cut it
Thank you this was by far the clearest explanation of what is happening. There is so much noise and hype in the balance of reporting on Toronto Realestate.
Thanks Kevin!! Mark did a great job :)
I like this guy.
Really great guest - knows his stuff!
Interesting insight on the challenges investors are facing!
One of the best interviews. good work.
Thanks fairport!
Honestly, I personally don't see much change in the price of canadian cardboard houses. I live now in southern Ontario near simcoe. When I am checking the house prices in Brantford hamilton area, they are still unreal expensive, 10 times median household income. Everything is ok.
Thanks Mark (and Mark 🙂)
Good stuff 👍
Lol - Thanks Maureen!!
Such an insightful episode. Thank you
Hey Wale,
Very welcome :) Thanks for watching!
The Mark brothers! Fantastic interview!
lol thanks Ron!!
"Never spend the money you don't have". "If you control debt you can control people, nations, etc." As usual good one Mark. Good Day!!
Thanks DA! Great advice :)
Nice........😊
Omg what a perfect combo. I remember seeing one of his videos before, I will always remember his "hot stove" analogy. Great guest, great host.
Thanks Casey! Lol I will too : )
Thank you great information .
Hey Mr46Robert,
Very welcome :) Thanks for watching!
Great guest and very informative interview
Thanks fawad!
Excellent interview and information 🎉
Thanks Lifeisaparty :) Definitely a very knowledgeable guest!
@@MortgageBrokerLondonOntarioyour channel is my favourite Mark!! 🎊 💃
Yin and Yang is NOT from Japan...
Another great guest!
Thank you Mark x2
Thanks trixies! I really appreciate that :)
It is educational to listen to Mark Morris
Very - he definitely knows his stuff!
Thank you both Marks
Lol very welcome :)
I loved this show and interview. Mark Morris rocks. He puts it in a real human perspective. Those investors are your neighbors, Co workers or relative, who bet their houses to get into the action or who were lured by over optimistic agents, brothers, friends or cousins to invest into the real estate. That was the only loan they were approved for. Also, how many people have formal financial education? Not many. Also, the Canadian mortgages are high-risk mortgages that can change dramatically every 5 years. You do all your numbers and buy within your budget, and in 5 years, all that is thrown out the window, as rates have increaed a 1000%. In the US, once you lock your rate, it's the same payment for 30 years, and you can sell without penalty. Here, a 5 years rate could mean a 45000 penalty if you choose to move to another city, or your circumstances change and you want to rent a cheaper place.
And we are stuck with that type of mortgage because the federal government allowed our 5 bank cartel to make the financial rules in their favor.
@sammavitae114 I will vote for whoever changes this part. Our Mortgages also have recourse against other assets. In the US you only have to lose that house. Here, you can lose even your RRSP and the car.
Thanks Mark and Mark, great interview and insight , indeed tough time most of us a going through now .
Hey naipaul,
It is - but as Mark says, it will be better long-run.
I know of 4 people that bought procon condo and now have closed. They all are about $1200-$1500 short fall every month. How long will they hold on? There’s a major crash coming. 😢
The most important thing is that these people take the loss and don't dump it on the rest of us. They need to take their L.
Hi Bill,
Thanks for the comment :) Ouch - I can't even imagine that kind of a monthly loss.
Interesting. Thanks. toronto
Very welcome! Thanks for watching :)
Great interview Mark! My take away… “Sky IS Falling” (in every segment 🤫but don’t tell anyone) .. why is this the vibe I’m getting?
Hey dina,
Thanks so much! I don't get an overly-great vibe either - despite what October's numbers say. We'll see how the spring goes!
@@user-le2hu1ct4twell said!
@dirtlump how would he have NO clue if he has boots on the ground seeing what is happening in regards to this topic day by day. If you had all the answers then what is it you do everyday to see the reality of this
@dirtlump you can even see the rage deep in him. He's an investor possibly a landlord.
Great interview and great insights
Thanks be!!
That was some good stuff. Insightful and eye-opening. Thank you 🙂
Hey neil,
Very welcome :) Thanks for watching!
Great interview Mark, Mark is a great contrast to your normal content.
Thanks quixomega! Definitely has a wealth of info!
Cosigners may be one reason, but I think the main reason is that Canada has been the go-to place for foreigners to park their money for at least two decades, either under their own name, the name of their student children in Canada, or a shell company. They simply have no desire or access to a better market to cash out, so they either rent it out or just leave it empty. That's why there are so many empty condos that were never rented out since project completion specifically in BC, they don't care if it goes down 10-20%, it will be back up in a few years with the immigration anyway.
I agree. White rock, bc. Massive luxury apartment buildings right in the city center with 40% occupancy. All units are sold.
@@BellaBella-jw9ef With the Trump victory the Chinese from China will be priced out of the Canadian real estate market due to the collapse of the Yuan. No new money will come in and who do they sell to when they can't pay all the mortgages?
Omg omg omg nooooo stop repeating the govt and big corp fed excuse like sheep. Didn’t you hear what the reason was for all this from the lawyer in the video?! M2 money supply! The central bank printed 25% more money and it flowed into real estate.
@@bilsid so 60% non occupancy doesn’t affect the retail businesses below?
@@BellaBella-jw9ef that 60% non occupancy is non foreign buyers buddy c’mon?! It’s the local investor, who already has a home and buying 2nd 3rd 4th through heloc chains at 2%. They can’t live in 4 homes at the same time hence non occupancy
when a lawyer starts with “…look it’s not illegal breaching a contract..” LMAO 🤝
Yin and yang is Chinese in origin, not Japanese. Great interview though.
He got wabi sabi correct, that one is Japanese. Though he didn't name it.
lol thanks KrikitKaos!!
Thanks for clickiiiiiiiing!!!
lol thanks Brandy!!!
I hadn't realized Fredrich Hegel was actually named Georg
Ever wonder what functionally medicated ADHD looks like? This guy is bonkers, and i love it
Hew puts on a brace face but tells no one what will really happen.
Thx
Very welcome :) Thanks danl!!
Great guest Mark.......
As a rental owner multiple property can-usa......always avoid new build contruction....
Thanks Christian! Definitely risky!
Haha this guy was great to listen to
Hey lordalmightyjr,
Agreed - he definitely has a wealth of knowledge!
In 1990, my cousin sister and her husband had to declare personal bankruptcy due to a house purchase in Toronto. Obviously, they were the only ones whose name were on the mortgage document rather than today's list of extended family members.
Hey richard,
Thanks for the comment (and the info) - Definitely risky business!
tough challenges for the builder and the investor.. but not for lawyers - they do not deserve to be in that same sentence.. they are like govt - just charge a very hi fee - to increase the cost of everything
Where ever Mark Morris has an interview, I always watch till the end. Good knowledge and logical analysis always.
He does a great job!
Bottom line is you need to know what to buy.
And people do not know how.
So for the people who say there is a crash coming.
Is bull…..single family homes no crash.
Good luck all
Great video. I miss the clips though!!
Thanks robin! Lol - next time :)
It’s funny when people make a prediction for 5 years out. The economy will be moving way faster (inflation) than we can see at present. Also housing supply is low and building permits very low. Maybe a year or two may be a plateau but not for long
Fo us it was scary. We sold the place in March 2022 just as interest rates were going up, and we borrowed from HELOC for a new construction house. Managed to sell our place at the last moment, after our unit nothing was sold in our complex and there were 2 more units with better prices and more square footage. Then we rented a house for a year and in all that time we were trying to lock something for our mortgage as interest rates were climbing up and up. They wouldn't lend us enough initially and asked for very high interest rates, none of which would work for us. At the last moment just as our house was finished there was a dip, they suddenly were willing to lend us more and even above what we were asking for and with a bit better rate. That year was the hardest for us, by far. I sympathize with those struggling at these times, stay strong and it will pass eventually.
Hey Jupitereye,
Wow - sounds very stressful! Thanks for the info :) Glad it all turned out okay!
Larger units are worth north of 1 to 1.5 million bucks. I keep hearing this argument, but small one bedrooms and bachelor suits sell and rent way faster statistically because they're more affordable. Is he saying if I bought a 1000 sq.ft condo at $1700 $/sq.ft, with an amazing layout, great developer/building/location at 1.7 mil, it'd be easy to sell now???
The buyers buying at 1600 per sq foot years in advance when fully built condos are available for less already deserve to loose money. But the builders that are selling them at this price deserves it even more because they increased the price not due to cost of construction, but they were trying to take a larger cut in the profits of the buyers that sell on assignment. So the fact that people are willing to walk away from thier deposits is an even better look on the builders because they are a decent influencer in the mess we are currently in when it comes to RE in canada.
i dont think there is a soft landing, i think there are ppl who can tolerate more pain aka have more savings than others ..but everyone is overall being rekt
Hey ange,
I think that's probably a good way to look it - inflation is getting everyone, some are just better prepared.
Very good conversation, but I would just advise a quick correction so people don't freak out (as much). $1600/sqft down to $1000/sqft is a 37.5% reduction, not a 60% reduction
True - Thanks alex!!
Mark Morris gave some amazing insights. So glad I watched this! Wished I had more likes to give. However, Yin and Yang is of Chinese origin...
Hey Dokdo,
Definitely - he sure has a wealth of knowledge!
I don't agree with the pandemic money going to the real estate market, because those investors were most likely ineligible for cerp.
Hey Sarah,
I think he means the money supply that was increased via easy liquidity and 0 percent rates.
They said two Marks in the same video would shatter space-time
Lol :) I knew it was risky!!
Analogies with M&M ...... eh?
Lol!!
So many things wrong with what he said.. Why would investors hold onto property that's trading sideways at negative cash flow? While rents are dropping. Eventually, they will all start selling. This isn't going to be sideways. It's going to be a massive crash!
The Chinese leverage everything to the hilt so any price drop and they've got no one to sell to.
he's wrong about stable growth over the next 5-7 years. the issue is if hyper-inflation comes back within 24-48mo.... given the portion housing is of canadians incomes, housing will see a piece of this inflation first and most impactfully..
Hey vert,
Thanks for the comment :) Very true - if inflation comes back during the renewal wave then we could see a whole lot change.
I feel bad for the greedy as much as they felt bad for the renters and savers. 😂
If the guest is going to talk about US Elections, maybe he should've explained all 34 charges and how they are all for just different admin mistaje of the same cost allocation. No one has ever been charged with this and no one will bevause this happens in every business.
First: Thank me for clicking!
Lol - consider yourself thanked :)
Mom and dad 😢
"Acute Areas of Pain" i.e. the entire country of Canada thanks to Justine Trudeau.
Lawyer Mark’s office sounds like it need a Psychologist for the next couple of years. Besides offering a free initial legal consult, he could also offer a free initial psych. appointment. Box of Kleenex is free ; )
CENTRAL BANK DIGITAL CURRENCY IS COMING TO CANADA very very slowly ..key word "SMART " ...GOD HELP US
I like the metaphysics
Really interesting wasn't it?
Yin Yang is Chinese, not Japanese.
You are writing a book and yet you don't know Ying and Yang is Chinese philosophy not Japanese? It's so basic.
Japanese, Chinese, Tomato, Potatoe. Its all the same.
@lazerhawk2192 i know just like how europeans are the same and all Africans are the same, I mean they all look the same to me just white and black
This crisis was brought on us by incompetence of the Government on all levels. From Federal to local. Investment is not the same as speculation. Balloon must explode, overwise current situation will continue to hurt Canadian economy and Canada will continue to loose competition with another countries which on a rise now. Productivity and investment into quality economy is on all times low. More qualified ppl leaving Canada. Housing is necessity not a privilege. Also, Canadians are in all time high debt. This is all the result of housing balloon. Banks are winning until ppl can pay! Then they will cry and beg Government (ppl) to ask for help. And Government will give them because they are too big to fall. So, we will expect increased inflation and decreased life quality. High housing and rental (both commercial and residential) prices damaging Canadian economy. Lawyers shouldn’t give you analysis, economists must. Economists and nobody else! Not politicians, not lawyers, not bloggers, not agents and etc. You don’t ask lawyer to perform heart surgery. Lawyer is a middle man, like an agent. Lawyer can help you if you are in legal trouble or avoid one in the future. No more
Like I should feel sorry for people who gambled and thought they would make a bundle. My condo neighborhood is dead at night. No lights on in the residences. No people actually live there. So…I’m suppose to feel sorry if the owners can’t sell their tiny little spaces.
Hey Theguys1,
Thanks for the comment (and the info!) :) So are they just sitting empty? Did anyone buy them?
I don’t fee sorry for them. But it has to affect you
Did i just watch torontos BIG BANG THEORY
Mark is hard to listen to he thinks so highly of himself there's no room left to enjoy him.
It's not traditional first overpriced market by minimum 40 % must go down several percentage than start rising slowly up to inflation rate sorry I don't agree with your analysis very strong disagree.
Over 40,000 (and counting) condos for sale in the GTA. Oversaturated market. It would take 50 YEARS to clear current inventory at today’s pace. Can you wait 50 years to sale your now unaffordable condo(s). People are panicking. I don’t see the soft landing anywhere but he’s the lawyer. 🤷🏻
Good interview but if he was a half decent lawyer he would realize that the charges against Trump were bogus and not make that stupid comment.
“Although we are coming down again”…. History will repeat itself when rates have to come down again, from the gic to real estate as that bubble implodes😂😂
bitcoin fixes this. store your wealth in digital money, not real estate.
BC has one week left before the big correction.
I believe the traditional cash flow of an investment must come back into play and real estate will just rise steadily 5% average. But Toronto rents are so low, the landlords really need to band together and raise rents so people spend a healthy 40-50% of disposable income on housing.
Is this sarcasm or are you just evil?
more stupid soft landing :sideways" talk. Nothing in Canada will get better without CORRECTION. Period.
Short answer: Japanese style lost decades and value destruction through stagnation and inflation.