Pandemic buyers are struggling to unload cottages: Muskoka realtor
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- John Fincham, broker at Re/Max Parry Sound Muskoka Realty, joins BNN Bloomberg to discuss the Ontario cottage market. He says that many cottage owners who bought during the pandemic are now struggling to unload those properties.
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I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA
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Angela Lynn Schilling is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
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Yay, speculators getting punished!!
How long until we taxpayers get punished by having to pay for bailouts?
JP you’ll be waiting a while. These won’t be CMHC insured properties for the most part, so there won’t be any bailouts.
I think it is other households who are sufferring more than speculators. Sp3culators made some money and can loose some but other household never made money but only loosing.
Taxpayers just got punished with higher capital gains tax @@JP77999
Looks good on people who live beyond their means. The life of the rich and famous is not for the broke and jealous.
100 %
I knew this was going to happen... We were in the market for a cottage in 2020, after years of saving and paying down debt. The buyers at that time were just insane with their valuations of cottage properties that we just didn't feel comfortable with the crazy high prices people were bidding for vacation properties. After being, essentially, bullied on every property we put offers on, we decided to step back. We knew that this time would come soon enough, where these idiots who were paying outrageous prices, were going to have to take a loss to offload.
We're still playing the waiting game, as some of these mortgage renewals are still a couple of years away, and the economy is tanking. We may just get that steal of a deal yet!
Wish you well. Hope you get the right property.
Best to wait 2-5 years and watch prices drop to 2015 prices
Patience is key whether for. A vacation home or even a primary residence now
Also with the upcoming recession, and CEBA deadline approaching in January the job market could collapse
Banks will tighten credit/lending and forced sales will spike
Best to watch and wait as prices collapse
It’ll soon collapse faster than they rose in 09/2020 to 03/2022
If you wait until 2075…oh, hang on.
@meethed you’re one of the few smart ones out there. Most of those people pushing the prices up couldn’t afford those properties even before the price hikes even though the banks continued them they could.
@@SuzukiKid400
Thanks. I’ve followed this in detail for over 4 years and had family and friends state I was crazy for thinking this. A few were willing to look at the stats and details with the debt and comparisons to the US in 02-07 leading to 2008 and a couple agreed with me the rest got depressed looking at the numbers and didn’t want to see it anymore
Though 90% of Canadians in denial and don’t even want to see the stats and comparisons so I figure they’ll learn the hard way.
This is even friends and family staying to me that there’s no way this could happen. I’ve gotten into debates with huge RE agents/brokers, builders, investors and mortgage agents and I can tell the 5% who tell the truth and those that are lying.
Main statement is with population growth it won’t end. I can counter that with 3 main points that the investors and agents can’t properly defend
it’s not just the banks and RE agents/mortgage brokers pushing people the Canadian government is pushing people as well
Canadian federal MPs are huge RE investors which is another reason why people don’t think RE or banks in Canada will fail
Though the US banks, RE agents and U.S. government did all they could to prevent the 2008 crises after prices hit their peak in early 2006, dropped in 06, rebounded in early to mid 07 and then all the fear hit the market in late 07 into 08 till Lehman brothers collapsed
I consider Canada is where the US was in late 2007 now and only a matter of time before a Canadian private mortgage brokerage goes belly up like Lehman brothers did in 2008
Nobody has a crystal ball but the info lining up keeps getting stronger and the truth and facts of what caused this will leak out in the next 6-24 months with detailed investigations lasting years
Some 2008 US investigations lasted till 2015
Its not that cottage life isn’t for them, its that their employers said get back to the office or you’re fired.
That's part of it but also the honeymoon has worn off.
When your mortgage is worth more than your property you start to feel pretty bad
It felt good when values went up and up but that can't continue forever
U either sound like a bitter employer who likes the power to condescend to staff or a person so jaded by our economic system u bash an inspiring new way to think abt work.
Psycho-social studies have been down on corporate culture & have exposed the pathological narcissism rooted in corporate hierarchy.
@@JEdwarrd I don't know how you got all of that from the OP.
he's not wrong though, many employers are forcing their employees back to the office.
@@JEdwarrd tell DGG I said hi
@@central3425 Then u clearly don't introspect abt how our economic system has been distorted by overt corporate corruption, and a major wealth transfer has taken place over the past 3 yrs. If we live in the land of "corporations do no wrong", then I can understand where your delusion comes from.
Please correct your title. Pandemic buyers are struggling to unload their cottages because they are NOT willing to drop the prices enough. If they do, unloading will be quick
True. But if they lower the price they will take a major loss which they probably can't afford.
@@seanyoung5397that's how the free market works, sometimes you win and sometimes you lose.😊
@@seanyoung5397 I bet they can, they just don't want to.
I feel so bad for those people that can’t afford to keep their second home or holiday properly, meanwhile, I am struggling to house my family in a rental that is forever increasing!
And by the way, if you can’t tell, I’m being very sarcastic !!
Those same hive minded morons can always slap on some heavy eye makeup and tight nylons and sell their assets on the street corner to make up the difference. Their mouths are really beautiful from what I understand. Cheers!
@@tommcd8471 Anyone who voted the Liberal government into power can take responsibility. People who totally abandoned all basic economic fundamentals and common sense. Now we see the results of the Liberal dreamers policies. Currency run on credit and now the payment is due. The worst is yet to come.
This is their third home. The second one has always been in Scottsdale for the winter. Please.
Glad to know you really aren’t struggling.
@@ryanarch9934 really? this has been coming down since BEFORE Harper was in power. you know NOTHING.
It is no surprise that over 3 million are still good - people who can afford 3 million are not worried about interest rates.
cash buyers
My first cottage cost $1,700 for the land and $1,200 to build. Today cottages are the purvey of only the rich, kids today will grow up never knowing the pleasure of sitting on a dock and fishing. So many things have been ripped from the hands of the "middle class".
I hear you. Nowadays it’s better just to drop a few $grand to rent a cottage the short period of time you actually use it than to pay $100,000 in mortgage interest.
Don't need a private house to sit on a dock in a lawn chair and fish every lake i know has a dock.
@@santaclause7676 exactly. Sunsets by the beach don’t cost a thing.
That's incredibly 'Well said' Terry!!! It's "Very sad"!!!
wait till 2025 when the 5 year fixed start rolling over from ones that bought in 2020 , that is when the real deals will happen.
By then rates are back under 4%
@@baseline6786no they won’t. We’re doomed!
Rates will stay high of 5-6% as this is the historical rate.
@@baseline6786 lmao not a chance!
@@jjnich4915 says the people just wanting to buy a home.
'It's rough for the average cottage owner" Nobody feels sorry for any of them, that's what happens when you are living beyond your means and what to play rich and act irresponsible, sell your investment that you could'nt afford in the first place😕😕
Cottages were already way overvalued before the pandemic!
Wow. The definition of a "cottage" sure has changed since I was a kid. I'm really out of touch I guess.
sadly the era of a small shack basically on the lake the parents once owned is dead. Its a mini mansion or swanky rental villa for tourist trash to soak up.
these are mansions on lakefront property
So the people who had FOMO during the pandemic and helped cause prices to go through the roof by paying the outrageous prices, are now trying to find some other sucker to pay as much or more for the same property. Good luck with that! I’m sure many of these people also watched way too many TH-cam videos about making millions on AirBnB. It’s hard to feel sorry for these people
HGTV property brothers
Yup, it's called the *Greater Fool Theory* of investing. Prices go up because people are able to sell overpriced securities to a "greater fool," whether or not they are overvalued. That is, of course, until there are no greater fools left. --Investopedia
LOL I am laughing so loud at those dumb people.
Thinking emotionally gets you in trouble when it comes to money.
I am from muskoka and am back home from Vancouver for a visit. I am genuinely worried for my friends that are cottage builders. they grew very fast in 5 years and have told me work has slowed significantly, while the loans they are paying on heavy machinery and spec properties are going way up.
I wonder how this environment will impact prices on BC mainland and the Island?
@@lorak3079 they are lowering as well.
I think Scott McGilvrey’s show about cottages as short term rental income greatly increased this volatile market. He still spews the dream of cottage ownership for retirement and makes it look so appealing, and his numbers are never truthful. Ever.
He’s greatly to blame for speculation investing in Canada and now is on Instagram and FB advertising his real estate investment income program. They offer a weekend free course and I took it…highly predatory and uses the same tactics as MLMs to get people sucked into buying “the program “ and even pressuring people to use their RRSPs etc for real estate investment…..in his own “private and exclusive projects “! He needs to be investigated.
I mean thats the risk you take running any business.
theres always lean times.
@@lorak3079 old money, laundered money, stolen money. no impact at all. retirees from all over Canada want to retire or base their boat on the Island. Vancouver? International destination See "City-Data"....posters have been calling for the "coming Armageddon" for four decades now. Isn't going to happen.
banks used to do 3 foreclosures a month now over 200 a month tons of properties abandoned
source?
@@kq124some power of sale/foreclosures are posted by realtors on Facebook groups like Toronto real estate condo assignments etc
@@kq124 bank employees will tell if ya ask
Source: Trust me bro
Where? Source?
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to build generational wealth and cultivate financial knowledge, you must be in the market......
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@sheilajensen This is the Fourth time I'm seeing someone talking about Gary as there are lot of testimonies about him on Facebook. Do you know him ? if yes , did you work with him?
Because they bought the cottages at inflated pricing, and now they are trying to sell them in a flooded market. They need to take a loss or get stuck with them. I don't feel bad for them. They weren't even suppose to be travelling to them in the pandemic anyway. It was just a way for people to get out of the hellhole that is anywhere in the GTA during the pandemic.
I’ve lived downtown all my adult life, and the pandemic was one of the best times of my life; peaceful and quiet, no crowds or loud cars and Harley’s. It was relaxing.
The pandemic/vaccines was the biggest scam of all time and I lied to authorities to travel back and forth to my cabin every week and couldn’t be more proud of myself.
So they weren’t supposed to be isolated in their cars and travel to a cottage that is isolated away from people during Covid? Wow Ontario had retarded rules!
Kind of hard to feel bad for all the people that made me feel like a POS because I rent.
Your risk is minimum, and a good position to be in. The hive minded brainwashed morons who confuse 'buy' with 'finance' will be using [their] mouth in the back seat of an SUV to earn enough for a cheesy burger. Oh well.
no one made you feel like a POS because you rent, you put that in your own head. That being said they took a gamble and lost, tough for them but thats the way it goes sometimes.
@@tommcd8471cottages prices went up 100% it seems so falling 30% is still good return.
@@tommcd8471vote liberal if you want to see the economy keep getting worse
People called me dumb for renting. It is a cult in Canada.@@tommcd8471
Remembering the early eighties: rural cottage and farm areas were the LAST to go up in price, and the FIRST to start coming down. What a surprise. Hit me in the face with a cold walleye.
in what world are those enormous $3m houses "cottages"?
It’s not the cottage life that’s the problem. Once money isn’t cheap the toys and extras get dropped first.
A lot of people in the under $3 million in the Muskoka cottage market will be losing their shirts. Just have to accept it and unload due to high interest rates, which will only get worse and worse for both buyers and sellers due to the lag time. It’s usually about 2 years after rates are changed that the effects are felt, and the effects of the dramatically risen rates are yet to be fully felt.
No problem.
some of them wont be able to sell though because they over payed with a loan
Then banks can take them. That's what happens when you make misguided purchases.
@@chriswhynder8311somethings got to give.
Rates are finally normalizing to pre 2008 great financial crisis levels. Normalcy = 7-9%. Recorded from 2000 years ago.
I attended a seminar by the Royal Bank in Vancouver a decade ago on the new Code for "Laneway" homes. The bank was going to give 100% financing IF you and your spouse rolled over ALL your debt into the existing house and lot. ALL debt: cars, credit cards. THEN???? The bank was going to GIVE BACK to your spouse all the cards with ZERO balance. Anyone see where this is going??? The bank has your tangible improving asset by the fangdangoes, you go DEEPER into debt. and they can't lose. You can.
Buy bank stocks
Real estate agent admits foreign buyer restrictions do have an affect on housing markets. Good to hear.
All you have to do is enroll at humber/seneca/ for one semester and you get out of the foreign buyer tax
Funny how this is looking exactly like the market for pets. People bought cats and dogs left and right during corona, but after people had to return to work, people started getting rid of them. Now its cottages and at the moment young people are getting houses because theres a lot of corona-babies. I believe that we are just getting past a hurdle. Right now people are willing to buy because they need a house for their family.
takes a special kind of lowlife to abandon their pet.
What do you mean that "People are getting rid of their pets???" You don't mean "Abandoning them", do you??? You don't mean that "People are driving their now unwanted pets" out of their neighborhoods, and, letting them out of their cars in some ravines, do you???
@@iansisberg5745 all i know is that shelters and sites lile craigslist were getting flooded with pets.
My generation can’t afford a starter home so I have ZERO remorse for investors.
You should try having richer parents
Get of your ass and try a real job that doesn't include having to stock shelves in some Walmart.
I love hearing fellow millenials and people younger complain about how they cant buy a house, when they go out every weekend to bars and restaurants, buy fast food all week, have subscriptions to 5 different streaming services, have to live downtown in the "heart" all want to drive audis and bwm and lexus lol, spend money on expensive clothes, then they are like i cant afford a house. LOOOOL
@@leagueaccount6254 lol ok boomer.
I look forward to you going into the old folks home, where the nurse won't change your diaper
@@donm2067the arrogant boomers will greatly regret their decision to saddle future generations with debt when they realize we’ll care as much about them as they did about us.
Imagine that...a whole raft of folks who left the cities to live in cottages are now faced with the reality that their work from home future isn't at all what they were hoping for. We all knew it wasn't gonna stay that way. We all knew that eventually more and more places would be on the "return to office or else" trail. A large portion of those outfits that sent everyone home own or lease their fancy offices and all that space comes at a huge cost. There was no way that they were gonna keep people working from home while sitting on tens of thousands or hundreds of thousands of square feet of space that wasn't being used but still being paid for. They have too much tied up in those spaces to ever consider allowing their workforce to remain at home for longer than absolutely necessary.
It sucks. Don't get me wrong. Society in many MANY sectors proved that they could be just as productive if not moreso by working from home. That doesn't matter however. If not for those spaces sitting empty but still needing to be paid for...most of us would still be working from home indefinitely.
This is more about ppl buying property to fit a luxury mindset. What is more ironic is that with climate change being very real, cottage country will not be a relatively safe investment. These same ppl voted for politicians that keep making the problem worse while complaining. Doug Ford & the Green Belt is exact proof of the type of normalized corruption.
"A lot of people bought on a line of credit", showing how much the banks fuel such things through lax lending in the good times. Primary house goes down in value so line of credit gets yanked/reduced, but the cottage is now underwater! Just crazy.
Good real estate speculators are particularly odious
No problem. [You] can make that up with volume.
you are just a tenant to the banks at the end of the day.. the banks are laughin... 'hat in hand' that's for sure. rates need to go higher to correct to normalcy.
The banks are complicit by offering enormous lines of credit against principal residences which encourages speculation. When the flip doesn’t materialize, the bank can just foreclose on your investment and take a chunk out of your principal residence. Realtors behave no better by spreading fomo during the hype and panic selling to maintain high volume sales.
100%
Negative amortization = housing collapse
no they are not.
Its YOUR problem if you can't control yourself or your debt load.
Only an idiot would purchase properties they know they can't afford and not do their own due diligence.
Nope environment was created in which you dont react you will get burnt as well. Realtors do play dirty role for sale and push people to take on more debt
Exactly, the Big Five and Bank of Canada CAUSED the early eighties recession/depression and I'd LOVE to see an analysis pre-tech on the young job creators they WIPED OUT, leaving the old money to come in and scoop up the pieces. Along with the divorces and suicides and life changing events!
Banks are complicit but ultimately these people made a very poor decision and it's their responsibility. I'm very sorry for all involved and wish everyone well.
How many buying agents are telling clients that prices are gonna tank? Probably not many of them. Real estate agents are bottom feeders on par with lawyers.
pure cottage owners. it must be so devastating for them to lose their 2nd or 3rd property.
llol
Same with all the people that bought invest properties like condos!
The only people that benefited were real estate agents and real estate lawyers!!
A lot of these families are middle class and were struggling mentally being locked inside. Cheap money made them make bad decisions, and now they will likely lose their house and cottage. It is absolutely devastating. Imagine if it were your own parents or grandparents.
@@Partizan-one I am upper middle class and just simply don't have money to buy a cottage. Are you kidding me?
@OlegScherbina then you are not upper middle. Which is fine, but does that mean that it is ok for families to lose their years worth of work because of poor government policies and the lack of education in the financial system offered to kids as they grow up.
Let's play them a song on the world's smallest violin.
The lower priced average cottages have a really hard time selling and people are taking a loss on them.
~“BUT” the very high priced cottages in the millions of dollars are selling easily and the market is strongly robust for them because wealthy rich people just pay cash, do not have to borrow any money, and they do not have to worry about interest on loans.
This could go in the bag holder's hall of fame
Really? Neighbours home was sold in 3 days. Easy. I see things go very fast and high prices.
Don’t worry about these people. If they were able to invest in a cottage in Muskoka, they should have been rich… The cottage in Muskoka is not a regular people’s thing… Why to worry about?
Realtors and lawyers, about as trustworthy as used car salesman
Realtors have done nothing to the market. It’s the buyer and seller. Try to wrap that around your head. Realtors only follow the instructions of the customer.
No property for you
You got that right😅
@@Outdoorswithmikey 👎👎👎👎Realtors were creating the hype leading to multiple offers.
My idea of a cottage is just that...5 or 600 square foot, where the screen door slams, and should be paid with cash. Borrowing on a weekend place just seems opposite of a relaxing getaway. I dunno....maybe i'm a product of the dirty thirties.
Leveraging a cottage purchase is just plain stupid in a market like that. No tears here for anyone who was short sighted enough to make such a horrible financial decision.
lol on a line of credit? all the best. lmao
If you could choose one section of the housing market to be hit that would have the least affect on people. This would be it!
Are Russian oligarchs allowed to buy luxury cottages in Muskoka?
😂😂😂
LOL WINTER IS COMING! We knew y'all were crazy and I remember laughing when I heard all of this was going on. It is very difficult to live up north... no one has pity for the rich, especially those who contributed to madness of the pandemic and profited of the backs of others.
Its unfortunately what needs to happen in Canada. the prices are too far gone and they have to come down.
There is someone responsible for this, and we know who it is.
Can't believe the price of condos and on top of it monthly fees!
2nd home is not practical for 99.9% population. Using it to vacation rental is hard to break even after all costs are factored in. Personal use unless you go there every weekend and holiday (the holding cost still outpaces value from use). The only bragging right is “we have a cottage in the lake mountain beach etc).
I mean, my retired aunt and uncle seem to spend more time at their cottage than their primary residence, but the keyword there is retired. They don't have to wait for the weekend.
Funny part is that on these canadian renovation programs they show people the potential income of a cottage once you buy and fix it up .
If that income stream stops those people are doomed!!
what's really funny is 40 years ago you could get a hundred acres with a lake for 10/20 thousand
The worst crime here? People in Ontario insisting on calling any house or cabin a cottage. Its pretty nauseating
Interest rates were low for so many y years that’s the. Only reason most people were even able to buy a house even with not so good jobs. My friend bought a house during the pandemic know with rates so high dont know how they are even affording the payments considering what they do for a living . One person works at a gas station the other works at a meat packing plant. Even with high mortgage rates people think they will
Just sell the house in a few years and make there money back out normally when people
Do end up selling they all
Ways buy a bigger house that ends up costing more . Homes were really made for the banks . If you really want to make money there are better ways to do it then buying a house. Live on rent and buy a business at the end of the day at least the business will make you money and when you have a business you get tax right off the rich play the money game differently from the rest. If you are going to buy a house buy a apartment rentals that have at least 8 units and live in one of the units for free the tenants pay of your mortgage that’s smart . One of my friends did
Multi units are the best, tenants pay the mortgage and you aren't relying on one tneant.
Buying a second home on a credit line?! If you need a financial advisor to tell you that a second home purchased with debt is a bad idea, then you are the architect of your financial destruction. Caveat emptor.
Back to picnics in the park.
Sell them for less. Problem solved.
"I'll buy *THAT* ...for a dollar!"
Every realtor I know owns MANY houses. On average they own 5 properties. I think realtors should not be able to buy homes when someone is in foreclosure or when people are desperate to sell fast. I'm sure people are licking their lips when the crash happens.
Wow beautiful cottages
You buy on the line of credit then convert it to a mortgage with fixed interest rate. Once the rates started increasing, that was a sign to lock into fixed. Amateurs
Not all of those homes CAN be mortgages. You need to obtain things like fire insurance if you want a traditional mortgage. Not available? No mortgage permitted. Only LOC.
There so much "kash" around in the Columbia Valley in BC most "cottages" and third/fourth homes are selling for "kash". That group is not affected by interest rates.
These prices are ridiculous.
Let them cook.
looks good on them
Luxury market is north of 3m ? So what is 0.5-3m ?
Sounds like Bancroft, everyone is asking a million dollars. Real estate agents are partially to blame.
Looking forward to the drop. Prices are still dropping a lot. Love it.
Cottages! All those pics look like homes to me lol
Would that the Anchor's voice was as easy on the ear as she is on the eye.
That's 100% their fault. Buying a cottage for 3 years is kind of stupid to begin with especially their decision to buy just based on a temporary situation such as a pandemics. I really don't feel sorry for those dumb sellers who are now struggling...
Oof! That's a punch in the gut for some people. It must be so stressful. I feel for them.
Saw it coming sold my house in 2021 Oct, nearly tripled my investment.whew!
Sold my cottage in 2021. 8x what I paid for it. I miss it, though.
@@madelainepetrin1430 that's so dope good for you❤❤
Wow!!! You're one of the 'Very few smart and lucky people' in Toronto, or, Ontario, or, somewhere in Canada'!!! You really are. P.S. There are some people saying during the last several years, that 'The inevitable correction or crash' will bring down "Home Prices all across Canada" back to the "Early to mid 1980's"!!!!! Is that "Dire prediction" actually possible???!!! And, wouldn't that be called "A country-wide Depression"???!!! Just asking.
I have no sympathy for you if you speculated. You took a risk whether you understood it or not. Either way it was reckless
Listings are down broadly because people cannot qualify for a new mortgage when they move. A picture of what is to come for the rest of the market when listings start to rise when folks are forced to list in the coming years.
yea but wouldn't that bring more buyers that can afford to buy once more houses are available?
@@chriswhynder8311 That is the million dollar question. There is a large number of folks priced out. However lets say prices start do drop, buyers are now forced to catch a falling knife. Do you bite the moment the home is affordable? Or maybe you pay yourself to wait a little longer. With rents exploding, folks might jump the moment they can so then it is really a simple supply/demand tug of war. A good bit of mortgages renew in the next two years, so the question remains are there enough sideline buyers to absorb the supply that will come?
A lot of real estate investors bought with Ceba loans now they want those loans erased.
So it begins.
Very good
Isn’t greed a comical factor !
Debt is pied piper of pain . It is never a good idea to think because you were willing to pay a price for something ,
Someone else is willing to do the same thing .
The whole banking is based on your willingness to bet the house on something..
And wait for the odds to
Play out . In the mean time they get virtual money to help you get there .
to improve sales you put interest rates up
First, it's the job, than the cottage than the RSSP than the house - one after the other Saw it firsthand in the states 2008 - 2010.
Thats why they were saying "When you have nothing to lose, you lose it".
too bad this guy missed on calling out the greatest pun ever when he said a lot of them are under water.
Good!
Got a nice fire going at my place in QC 😊
Well, since this article first appeared, 500,000 more people have arrived here and in a year from now, another 1.2M will arrive. Cities will sprawl with the population increase, but you know what won't grow? Waterfront property.
Who is going to buy these old woods 🪵
what is the scrap value for these old wood shacks so sad 😭 so sad 😭
Cottage ??? Freekin huge mansions. Good grief.
Can you buy a line of credit??
You can buy what ever you want on a line of credit
You are not supposed to buy real estate on a line of credit. At least not in the USA. But, I agree you can buy whatever floats your cottage--errrrrrr I mean boat….
Who is buying these crap homes anyway. Canada is too cold to have a vacay home. If you are going to buy a lake house you don’t buy it in a country that you can only use one or two months a year.
Cottage culture is Canada is massive
@@nicksmith9 I don’t believe that at all. If it was a massive thing people wouldn’t be selling at a loss. Canada is a terrible place to invest and it’s showing more and more.
People that impulse buy and pay too much are just not too bright or financially literate and really do deserve what they get. Same for the people still buying cars for insane prices off dealer lots. Cottages are NOT a basic need 😂🙄
if you pay 20% downpay and the value drop 30% you just lost all your money and bankrupted.
Most people won't qualify for an expensive house or cottage over 3 million with 20% down payment, you need a lot more down payment at least 50% I would say.
Not if you used money from increased equity on another house that went up a million dollars. Most people might just be coming back to reality but reality still won’t be too bad for many.
The feel good video of the day
Good. Can't wait for the prices to drop and them sell the house at a loss so I can pick it up. Their fault.
There's no guarantee in investing, so why is this news?
The broker who is on the show was probaby also involved in selling those overrated cottages to some people and made good money.
Hasn’t affected the luxury market because the very wealthy are very rich. They have tons of assets
Rates are STILL below historical norms and speculators are losing their shirts. Real estate in Canada is the new bitcoin, haha.
Most Canadians want to live a certain lifestyle now it’s backfiring on them.
I know people in villages a few kilometers from a lake that have a cottage on that lake. They drive or walk 2 km to their cottages. Why should only the rich have access to nature? A small cabin near water shouldn't be costing millions.
why would anyone buy a shack in water for $1m 🤷🏻♂️
Just buy a fiber optic line. And have super fast connection. Rich streamers will pay to relax and game.
Who gave a line of credit to these people, first of all. Banks throw money 💰 everyone is approved. Speculators can go bankrupt very good, time to teach a lesson.
Good. No sympathy for these people who ruined canadian real estate