What to Watch Next: Part 2 - To be released on December 23, 2022! Selling your home?👉 www.chamberlaingroup.ca/selling-a-house/ Buying a home?👉 www.chamberlaingroup.ca/buying-a-house/ Set up a call here:👉 calendly.com/chamberlain-real-estate-group/15-min-call Email us Directly:👉 info@chamberlaingroup.ca
This is a great video! I’ve been thinking about leaving Toronto for months but have been too afraid to make a decision because we’re leaving all that we know. I think this video has given me a bit of a push, because the strain is so real. It’s unbelievable, household income is almost 100K yet we have no ability to save money for a downpayment due to cost of living and no ability to buy anything as a consequence. We don’t have the privilege of the bank of mom and dad so here we are. What those realtors said is spot on, people don’t want to live here only to go bankrupt. It angers me so much that we have the privilege to make quite a bit of money but are still unable to live comfortably 🥺 i think it’s time to go ✌🏻
Sorry not trying to judge, myself immigrated too Canada. If we left our country and make this country home, doesn’t matter where you live. I live in Calgary, same feeling, most of the time you live in your house. It’s time for folks to decide if they want Shoe Box condo or small townhomes or Detached in Calgary. I lived in Toronto and Hamilton for 12 years, you need to have peace of mind rather than 10 different people who’s trying to satisfy themselves by keep borrowing.
Leverage on leverage, sub-prime with a different name. This is why Uber drivers are able to leverage a two Million dollar contract. The expectation is a 20% increase when the contract is ready to be assigned before completion. Everyone is in on it including the lender and the system works fine (like a Ponzi) until you run out of people to fill the bottom. Canada cannot support housing at the current prices because the average person makes less than $70,000 per year before tax.
No one is getting the point. There is no way we sustain this increase. I heard people are bringing money from overseas and investing it here. The way it's going it should be on Toronto Stock Exchange.
See you in Calgary! There is no future for young millennials in Vancouver 😪 First time home buyer in Burnaby (without the bank of M&D) and am pretty tired of shovelling out 65% of my income to housing costs every month. Can't afford a car. Would like to retire one day lol. Can't afford to do anything that this city has to offer. So why stay? Leaving here will let us live life again 🙈
Oh wow 😢 that doesn’t sound like fun. Please let us know how we can help… email at info@chamberlaingroup.ca or call us at 587-316-5400 and we can help create a strategy. Truly appreciate the comment and watching ❤️
@@RonsmooveTI thank you for the comment and watching. 🙌 As this may be true, sometimes moving to a whole new country isn’t as simple as just booking a flight!
Man, thanks for your job and your cool video! I look your channel from Moscow, and also I so like a Calgary! After time I think we go to live in Calgary.
Great video. Just to add the Ontario government announced plans to take 7400 acres away from the greenbelt to build 50000 new homes in the GTA with construction to start by 2025.
Right but it’s mostly still a proposal, it’s not cemented yet, and Ontario said they want to make other parts of Ontario land as restricted, so it’s like a land swap
Excellent stuff, truly. I'm always curious to hear about young families, with kids around 9 years old, instead of those starting out; much more difficult to move (across country).
@@jmela1370 back in 1996 I made 20 dollars an hour working canada post and our family home was worth 60k. 27 years later canada post still pays 20 an hour but that same house is 400k. I think the only people buying houses are people who already have houses lol
@@peteclarke A big part of the market was investors that borrowed from heloc to make down payments on their next home/investment. Though they’re getting worried now as higher mortgage rates are hitting them and prices are dropping. The investors/speculators investment plans are starting to turn on their head especially if they need large mortgages. The rents aren’t high enough. Since prices were too high for average Canadians the prices will need to drop and that’ll happen when the investors realize they can’t afford their mortgages, rates aren’t going down in 23 and they can’t afford the places and decide to start selling on mass. Once prices drop to precovid or even 2015 levels in a 2-4 years then the average Canadian will be able to afford a home again
It's really bullshit to say "we have to open up the greenbelt in GTA to meet the needs of increasing population" LOL I mean there are so many bare lands within the Green Belt and the size of many newly built houses are just tooo big in my view.. if you look south of 401 High way, that's the sustainable density of houses and condos and should be the direction moving forward to make GTA more livable...If keep building the huge houses like in the suburbs, and considering the goal of population growth from the government, the Green Belt will be wiped out in 10 years probably lol
I know someone who basically moved to Toronto to park his families money. He bought 5 condos and a house. Rented them all out to his friends. Apparently he has a cousin who’s doing the same in New York, and another one doing the same thing in London.
100% ban on foreign investors. No one should be allowed to buy residential property if they are not a Canadian citizen. Houses had become investment properties similar to commodity stocks. This is a joke where Canadians are struggling to find a roof over their heads. The government should permanently ban non-Canadian from buying houses in Canada.
I hear you… but I don’t think that is the main source of the problem unfortunately. We’ll see how it plays out over the coming 2 years with the ban in effect, but I don’t think it’s going to solve the problem.
People that have Canadian citizenship or have PR card using money from their home country to buy Canadian real estate have much bigger impact than “foreign” investors. These people are not legally considered as foreign investors so they dodge all the loopholes.
Very informative video. Definitely help put things more into perspective. Thanks!
Thank you for watching and the comments!
What to Watch Next: Part 2 - To be released on December 23, 2022!
Selling your home?👉 www.chamberlaingroup.ca/selling-a-house/
Buying a home?👉 www.chamberlaingroup.ca/buying-a-house/
Set up a call here:👉 calendly.com/chamberlain-real-estate-group/15-min-call
Email us Directly:👉 info@chamberlaingroup.ca
That area you were in the Ontario suburb of gta, looks something like the homes in Mahogany , Yorkville, or Legacy in Calgary
@@starshiloh yes!!!
Great documentary!
Thank you… part two will come out on Friday!
Thanks for doing, it was really informative
You’re welcome! Thank you for watching and commenting
This is a great video! I’ve been thinking about leaving Toronto for months but have been too afraid to make a decision because we’re leaving all that we know. I think this video has given me a bit of a push, because the strain is so real. It’s unbelievable, household income is almost 100K yet we have no ability to save money for a downpayment due to cost of living and no ability to buy anything as a consequence. We don’t have the privilege of the bank of mom and dad so here we are. What those realtors said is spot on, people don’t want to live here only to go bankrupt. It angers me so much that we have the privilege to make quite a bit of money but are still unable to live comfortably 🥺 i think it’s time to go ✌🏻
It is crazy how $100k doesn’t go far. Let us know how we can help! Just reach out. Info@chamberlaingroup.ca thank you for the comment and watching!
Sorry not trying to judge, myself immigrated too Canada. If we left our country and make this country home, doesn’t matter where you live. I live in Calgary, same feeling, most of the time you live in your house. It’s time for folks to decide if they want Shoe Box condo or small townhomes or Detached in Calgary. I lived in Toronto and Hamilton for 12 years, you need to have peace of mind rather than 10 different people who’s trying to satisfy themselves by keep borrowing.
Great video guys. Great talking points
Thank you for watching and commenting! Part two will come out on Friday!
Best video of the channel so far in my opinion
Thank you for watching and commenting!
That's a nice Toronto hat. Too bad Calgary only have the flames
It’s true. Going to an NBA game was a real highlight on this trip.
Leverage on leverage, sub-prime with a different name. This is why Uber drivers are able to leverage a two Million dollar contract. The expectation is a 20% increase when the contract is ready to be assigned before completion. Everyone is in on it including the lender and the system works fine (like a Ponzi) until you run out of people to fill the bottom. Canada cannot support housing at the current prices because the average person makes less than $70,000 per year before tax.
No one is getting the point. There is no way we sustain this increase. I heard people are bringing money from overseas and investing it here. The way it's going it should be on Toronto Stock Exchange.
+Nick Johnston the expectation of a 20% increase just because you got in line for a home and could put down 5% is ridiculous.
See you in Calgary! There is no future for young millennials in Vancouver 😪 First time home buyer in Burnaby (without the bank of M&D) and am pretty tired of shovelling out 65% of my income to housing costs every month. Can't afford a car. Would like to retire one day lol. Can't afford to do anything that this city has to offer. So why stay? Leaving here will let us live life again 🙈
Oh wow 😢 that doesn’t sound like fun. Please let us know how we can help… email at info@chamberlaingroup.ca or call us at 587-316-5400 and we can help create a strategy. Truly appreciate the comment and watching ❤️
Raleigh, Charlotte, Minneapolis in USA is more affordable
@@RonsmooveTI thank you for the comment and watching. 🙌 As this may be true, sometimes moving to a whole new country isn’t as simple as just booking a flight!
Man, thanks for your job and your cool video! I look your channel from Moscow, and also I so like a Calgary! After time I think we go to live in Calgary.
Thanks for watching from Moscow. If you’re coming this way let us know!!!
@@ChamberlainGroup Deal) Necessarily!
Great video. Just to add the Ontario government announced plans to take 7400 acres away from the greenbelt to build 50000 new homes in the GTA with construction to start by 2025.
Yes this is true... but in doing so, I don't think this is going to solve the problem at hand! Thank you for watching and commenting!
Right but it’s mostly still a proposal, it’s not cemented yet, and Ontario said they want to make other parts of Ontario land as restricted, so it’s like a land swap
Excellent stuff, truly. I'm always curious to hear about young families, with kids around 9 years old, instead of those starting out; much more difficult to move (across country).
It’s true. Moving a family vs with no kids is very different!
Everyone I know that "purchased" a home in the last 3 years did so with their parent's money
😮 wow….
Curious how many got their parents to co-sign their mortgages as well?
@@jmela1370 back in 1996 I made 20 dollars an hour working canada post and our family home was worth 60k. 27 years later canada post still pays 20 an hour but that same house is 400k. I think the only people buying houses are people who already have houses lol
@@peteclarke A big part of the market was investors that borrowed from heloc to make down payments on their next home/investment. Though they’re getting worried now as higher mortgage rates are hitting them and prices are dropping. The investors/speculators investment plans are starting to turn on their head especially if they need large mortgages. The rents aren’t high enough.
Since prices were too high for average Canadians the prices will need to drop and that’ll happen when the investors realize they can’t afford their mortgages, rates aren’t going down in 23 and they can’t afford the places and decide to start selling on mass.
Once prices drop to precovid or even 2015 levels in a 2-4 years then the average Canadian will be able to afford a home again
@@jmela1370 I really hope so! I already see court ordered sales popping up on MLS... have a successful 2023!!
Build more to house people
+MG356_Playz true… if it was only that easy
It's really bullshit to say "we have to open up the greenbelt in GTA to meet the needs of increasing population" LOL I mean there are so many bare lands within the Green Belt and the size of many newly built houses are just tooo big in my view.. if you look south of 401 High way, that's the sustainable density of houses and condos and should be the direction moving forward to make GTA more livable...If keep building the huge houses like in the suburbs, and considering the goal of population growth from the government, the Green Belt will be wiped out in 10 years probably lol
I know someone who basically moved to Toronto to park his families money. He bought 5 condos and a house. Rented them all out to his friends. Apparently he has a cousin who’s doing the same in New York, and another one doing the same thing in London.
That’s crazy!!! But also doesn’t surprise me.
Lol all markets are unaffordable, no one ain't buying anything 🤣
Great to see you’re here commenting on this video too Billyt! Merry Christmas!
100% ban on foreign investors. No one should be allowed to buy residential property if they are not a Canadian citizen. Houses had become investment properties similar to commodity stocks. This is a joke where Canadians are struggling to find a roof over their heads. The government should permanently ban non-Canadian from buying houses in Canada.
I hear you… but I don’t think that is the main source of the problem unfortunately. We’ll see how it plays out over the coming 2 years with the ban in effect, but I don’t think it’s going to solve the problem.
People that have Canadian citizenship or have PR card using money from their home country to buy Canadian real estate have much bigger impact than “foreign” investors. These people are not legally considered as foreign investors so they dodge all the loopholes.
@@UragilWorld So the Canadians are doomed. How are they getting the money without paying taxes?
What about people who live, work and pay taxes in Canada but they aren't citizens? Those people shouldn't be allowed to own a home?
@@MrDarkchipmunk They are here on a work visa and they can buy it after applying for permanent resident status.