I live in the Waterdown area in Ontario , it's disgusting how high the prices are and they wonder why ppl aren't buying , if born Canadians knows they can sell their property and retire in another and better country trust me we would lose half the population, I know some friends who paid their homes off yet they work passed the retirement age to keep up with property tax's and living expenses , it's honestly sad to see , Canada is waaaaaaay too inflated and truly sounds to the rest of the world like fake news once they get here and find out the true living situation, plus in North America you never own as you still pay property taxes ( it's the biggest scam in history )
I never bought into the craziness of Canada my govt in the Caribbean is giving out house lots why enslaved yourself when you can buy and live debt free mind you I already have two properties sitting over in that country.Work here in Canada build in the Caribbean
No one wants to buy a 350-450ft concrete box for half a million dollars. Investors loved these because they were being bought up by Short Term Rental Slumlords. However with the switch against Short Term Rentals they're now dead investments. Sadly, they're also WAY TO SMALL for families to spend that kind of cash to buy. These condos are worth 70,000$ CAD at most. But they want half a million. It's no wonder why sales dropped by nearly 90%.
Sales are not down. The speculators who scooped up 90% of the new condos to create a shortage and drive the prices up are gone. Many have given up their down payments, and some couldn't even qualify for the mortgage. Many genuine buyers refused to be part of the rat race, so they rented out. Simply did not want to overpay. Who pays that kind of money for a shoe box.
Speaking of bad sentiment, it might be useful for you to walk us through what happens in the following scenario; Builder completes the building and is now looking for buyers to close. Builder is confronted with a a pile buyers who can't (or won't) close... Builder puts the units back on the market.. at a lower price (and sues the original buyers) . But sales are slow and builder keeps bleeding cash with inventory. What happens if the builder of an almost finished building becomes insolvent? What happens to those who have moved in... those who are waiting to close but haven't yet and, those who have defaulted on their agreement of purchase and sale. I see this as more than a remote possibility in 2025... and it may become a wee bit of a mess....
Let it plummet, the government can pay 30 cents on the dollar to on these to solve the homeless problem. They need to publish data on how many families that are living in apartments under rent control, no can afford these realistically.
Agreed, might as well wait. The price will appreciate some day. Until then, investors have negative cashflow of at least $1,000 per month (if the property was purchased in the last 4 years), They are subsidizing tenants until 2028 or 2029 in hopes that prices appreciate 10-20% (provided there are shortages in the future). Seems like a great investment. 🤔
@@jamesimcb alternatively you can throw in 2 bunk beds in each room and rent out to 8 people working at Tim Hortons for $500 each. In order to be compliant with insurance, simply give a discount to one of them to carry the entire lease.
Hi Zen, pls enlighten. Is the FHB program where you can put 5% down & 30yrs amortization and so on, is this Only for new built & pre con? Or can also be for existing homes purchase? Thank you.
@@Jackjackc in 2019, i started saving money for a condo in Surrey,BC. The prices don't make sense anymore. It's cheaper to rent where I am now and I can use the money to buy 2 lots in the Philippines and build a house there later. It would not cost me more than $200k by doing this.
It honestly amazes me Zhen, with the fantastic educational content you provide, and nonetheless the vast majority of the comments here are totally stupid!
@@djdanb7215 add in the land and it's an easy 500+ Plus, let's factor in 300$ will get you the cheapest humans possible to do the work, which means you will have a badly built house.
@@donm2067 i just said not including land. I just built one by the water full permits, ESA everything, 9' ceiling basement and main floor and 8' ceiling top floor. All inspections passed. 24 yrs experience. I know what i did.
🎯 Interest and mortgage rates have nothing to do with real estate markets now. It's now the matter of 'recession' that Canada enters into. Fear of tomorrow unemployment, fear of tomorrow stock/finance market collapse, fear of tomorrow condo market collapse, etc. No one to buy anything. No one to invest into anything. Cash is the savior and king. Winter idle markets coming soon also as to snow from Nov. 1st. New condos to flood next year as well. Stronger buyer's market ahead to last for a long long time. No big price cuts, no sell.
Condos should be much cheaper than homes like the old days
I live in the Waterdown area in Ontario , it's disgusting how high the prices are and they wonder why ppl aren't buying , if born Canadians knows they can sell their property and retire in another and better country trust me we would lose half the population, I know some friends who paid their homes off yet they work passed the retirement age to keep up with property tax's and living expenses , it's honestly sad to see , Canada is waaaaaaay too inflated and truly sounds to the rest of the world like fake news once they get here and find out the true living situation, plus in North America you never own as you still pay property taxes ( it's the biggest scam in history )
By this time next year average condo prices will be 50% less than current prices.
Be patient buyers, sit back and watch prices decline....
It will turn to government housing one big ghetto
dude said he doesnt expect any movement either way LMAO
No one is paying 700K for a two bedroom condo. Might as well move to the U.S. Pre construction condo prices are like $1600 per square foot.
In Vancouver $700k can get u only 1 small bedroom, its nuts😢😢
It's not a condo, its a dog or cat crate..
I never bought into the craziness of Canada my govt in the Caribbean is giving out house lots why enslaved yourself when you can buy and live debt free mind you I already have two properties sitting over in that country.Work here in Canada build in the Caribbean
@@pauls5819what country
No one wants to buy a 350-450ft concrete box for half a million dollars.
Investors loved these because they were being bought up by Short Term Rental Slumlords. However with the switch against Short Term Rentals they're now dead investments.
Sadly, they're also WAY TO SMALL for families to spend that kind of cash to buy.
These condos are worth 70,000$ CAD at most. But they want half a million.
It's no wonder why sales dropped by nearly 90%.
Sales are not down. The speculators who scooped up 90% of the new condos to create a shortage and drive the prices up are gone. Many have given up their down payments, and some couldn't even qualify for the mortgage. Many genuine buyers refused to be part of the rat race, so they rented out. Simply did not want to overpay. Who pays that kind of money for a shoe box.
My detached home in the GTA, with a large lot and pool, is $585/sq ft(not including a finished basement). Why would anyone buy a condo.
Exactly! I’ve done over 2000 deals and never sold precon condos couldn’t sell what I don’t believe in
Its because a old junky home in Vancouver or Toronto start around 2 million...😢😢
Brampton?
Speaking of bad sentiment, it might be useful for you to walk us through what happens in the following scenario; Builder completes the building and is now looking for buyers to close. Builder is confronted with a a pile buyers who can't (or won't) close... Builder puts the units back on the market.. at a lower price (and sues the original buyers) . But sales are slow and builder keeps bleeding cash with inventory. What happens if the builder of an almost finished building becomes insolvent? What happens to those who have moved in... those who are waiting to close but haven't yet and, those who have defaulted on their agreement of purchase and sale.
I see this as more than a remote possibility in 2025... and it may become a wee bit of a mess....
Depends on amount of unsold units remaining and whether you can form the condo Corp. Builders can get a certain amount of inventory loan as well.
Gov will step in and give them to all the homeless folks..
Let it plummet, the government can pay 30 cents on the dollar to on these to solve the homeless problem. They need to publish data on how many families that are living in apartments under rent control, no can afford these realistically.
“If you don’t have capital appreciation “ the whole point is to have capital appreciation!!! Might as well rent otherwise
Agreed, might as well wait. The price will appreciate some day. Until then, investors have negative cashflow of at least $1,000 per month (if the property was purchased in the last 4 years), They are subsidizing tenants until 2028 or 2029 in hopes that prices appreciate 10-20% (provided there are shortages in the future). Seems like a great investment. 🤔
@@jamesimcb alternatively you can throw in 2 bunk beds in each room and rent out to 8 people working at Tim Hortons for $500 each. In order to be compliant with insurance, simply give a discount to one of them to carry the entire lease.
Sales are down but are prices up?
Prices down sales will be up..
Valid thinking
this is good not bad! who tf cares about investors anyway??
Condo Wong is in trouble !!!
Hi Zen, pls enlighten. Is the FHB program where you can put 5% down & 30yrs amortization and so on, is this Only for new built & pre con? Or can also be for existing homes purchase? Thank you.
Currently on precon. But will change to resale after Dec 15 as well.
@@PrimePropertiesTO thanks!!
Buckle up the ride is just starting 😂
Great headline lol
Canada’s real estate is a joke. If you can move to the USA, best to leave ASAP.
It's almost like people were only buying them for speculation purposes, not to live in. lol.
Nailed it lol
Condo market collapse is near
Screw Canada. I'd rather buy 2 properties in the Philippines.
it's overinflated too... once you buy it would be hard to sell without a big discount.
@@Jackjackc in 2019, i started saving money for a condo in Surrey,BC. The prices don't make sense anymore. It's cheaper to rent where I am now and I can use the money to buy 2 lots in the Philippines and build a house there later. It would not cost me more than $200k by doing this.
Dont buy in Toronto now. Wait. Prices headed much lower.
It honestly amazes me Zhen, with the fantastic educational content you provide, and nonetheless the vast majority of the comments here are totally stupid!
Kind words like yours makes dealing with the negativey easier 🤗🙏
Condo prices crashing back to reality, now an average joe might be able to afford one.
Sooo Chinese investors ruined the market….Thanks again guys
R w still in g7 counties list ? 😂
According to our deputer PM, I think so lol
The Canadian Dream for first-time home buyers is... dead.
I can build a house at $300 sq ft. Probably even cheaper.Niagara Falls area.
No you can't. Not including land
@@donm2067 Obviously not including land but structure yes you can. Done it.
@@djdanb7215 add in the land and it's an easy 500+
Plus, let's factor in 300$ will get you the cheapest humans possible to do the work, which means you will have a badly built house.
@@donm2067 i just said not including land. I just built one by the water full permits, ESA everything, 9' ceiling basement and main floor and 8' ceiling top floor. All inspections passed. 24 yrs experience. I know what i did.
@@djdanb7215 so you built a portion of it, saving on labor?
🎯 Interest and mortgage rates have nothing to do with real estate markets now. It's now the matter of 'recession' that Canada enters into. Fear of tomorrow unemployment, fear of tomorrow stock/finance market collapse, fear of tomorrow condo market collapse, etc. No one to buy anything. No one to invest into anything. Cash is the savior and king. Winter idle markets coming soon also as to snow from Nov. 1st. New condos to flood next year as well. Stronger buyer's market ahead to last for a long long time. No big price cuts, no sell.