Canada Is In SERIOUS TROUBLE | WOOP Episode 6
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- เผยแพร่เมื่อ 11 ก.ย. 2024
- From the affordability issues in Canada, particularly concerning immigration policies and their impact on housing and education, to the lack of housing supply and the unintended consequences of past policies, such as investors targeting student housing and more. All in todays WOOP episode!
Tune in, share your thoughts, and don't forget to hit that subscribe button to stay updated with the latest episodes!
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📱 (416) 613-5363
📩 vince@owlmortgage.ca
www.owlmortgag...
/ vincegmortgage
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I'm young and even i want things to go back to what it was just 15 years ago. This country is a total joke now. I've never actually considered moving to another country until now.
Living hell hole... 🇨🇦🕳️👀
All my friends who work in the government only need to work for about 2 hours to finish their daily job when they work from home.
Attrition time.
Sad but not surprising…
and some have 2 even 3 jobs simultaneously at home online...
@@CatherineLarocque-be7pd 😂😂😂😂
They don’t want us affording anything or owning anything. Nobody is even talking about the 200-300% increase in insurance rates for your home. 5 years ago we were paying $135 bucks a month for home insurance. We have been claims free since 2008 yet my house insurance thru cooperators is now $378 bucks a month. When I ask why oh they say it’s because of the climate crisis. What a crock of bs. I am insured thru the Co-Operators. Good company to deal with but expensive like they all are now
It's all about money. You are a kind and pure person but you have to be vigilant of people around who want to strip the last penny from you. The power to propel the World, including Canada, forward is greed for money.
Wow, I was told to pay more than 3,000 a year for my second house on my property because I wasn't going to bother renting it out
That was 3 years ago, I just told them no and left it uninsured
It is a shocker. I believe that what it comes down to is that insurance companies, which exist to make money for their shareholders by offering a service, have seen higher costs. Those higher costs have to be paid out in the form of claims and that means that every policy holder is going to be hit with higher premiums. Something else that plays into this is that the shareholders receive dividends and that also means that the insurance companies have to be able to work that cost into their revenue (what we pay for our policies).
There is another factor here. Most insurance companies deal with re-insurers, large insurance companies that take on the policy that you have with your insurer and in turn your insurance company pays part of your premium to the re-insurance company. These re-insurance companies can have in their portfolio policies from hard-hit areas and relatively safe areas and so they have to average out what they charge and that goes back to your insurance company and, you guessed it, you pay a higher premium. One such case of higher risk is not directly related to damage caused by storms and fires but it is the assumed risk of dealing with energy companies. This is because it is assumed that the use of fossil fuels cause environmental damage and large-scale climate changes that leads to more insurance claims.
At the heart of it, insurance is based on the concept of shared risk. Insurance companies, like casinos, always win. If they didn't, they would be out of business.
Some cultures have less hangups about insurance fraud. There, I said the quiet part out loud.
The problem is houses have out paced incomes and nothing will change till incomes and prices are equal
They do this purposely
Two absolute LEGENDS, one podcast. Yes please.
We both appreciate the compliment. Thank you.
There should be term limits on all government employees
And they’re so useless too 😢😢😢😢
Make this a weekly show boys!
That would be interesting and prompt some government intervention….
Lol, that is so true, as a carpenter building homes in bc lowermainland since 2008, its a fight to get local governments to do thier job.
It's even more difficult to push them to work when they are getting bigger and bigger.
The story about the truckers is even worse. They were the only company applying for that grant and had submitted two applications on their own already. Rejected. All the while MMP was calling them offering to do the application for them.
And beyond that, I think it was 2 million the grant. They a home grown Canadian company was rejected. At the same time a company in Taiwan got a grant for 238 million. In Taiwan. Madness.
These two are my favourite mortgage and financial guys on TH-cam. They are excellent at highlighting why your government is actively making this worse!.
Great work guys! Keep it up
Thanks for the kind words and support. Vince
Hastings highlands Ontario 8 percent property tax hike this year! No sewers no water no garbage pick up wtf
That's for the cost of living wage increase for the municipal staff
To ensure that going forward they can continue to not pick up garbage, so they can continue to not supply water and sewage
Lol
Many people cannot sustain this high living.High cost of ownand the young generation has been destroyed immigration has taken over canada
The BoC is in a tough spot. They are literally in a check mate position, or as others would call it, the perfect storm. If they do not increase rates or if they increase them, both scenarios will cause people to start losing their homes. This is because not increasing rates, will result in importing inflation from the south due to the fall of the cdn dollar. If the cdn dollar does not fall due to lower rates, it is because the price of oil has skyrocketed, which in the end will bring broader inflation to the larger economy. If he goes the higher rates route, it will be problematic when 60 percent of mortgages will need to be renewed in the next year and a half. All scenarios will result in job losses in the economy, and or increases in inflation. This will further exacerbate already stretched budgets. The BoC is in a position where they must pick their poison. I am not confident that there is acurate modeling out there with a 95 percent confidence interval which can forcast which of the above scenarios will result in the least amount of pain.
You forgot to add the fact that we have the highest consumer debt in the G7.
Lol
They will do whatever the B.I.S. bank tells them to do regardless of consequences .
@@winstonskafte5505What is B.I.S.?
It depends on what role you want BoC to play. BoC, as per my opinion, is a gatekeeper to control money supply and inflation. It's not its role and honestly they don't have ability to regulate economy growth
They have to sacrifice the housing market eventually. You can hear it in all their communications it’s affecting their decision making. Libs want to make extended amortizations a fee free option so we could see this as the way to avoid people defaulting. More importantly jobs and the currency need to be preserved over housing. Housing is taking down this nation as you can see in our poor productivity.
Totally agree that these green belts need to go. It’s ridiculous. We are so over governed in this country. Federal, Provincial, local and if you live in Ottawa a fourth government the NCC.
We only have so much good farmland, if you stop eating go ahead and do it.
Green belts need to go? Are you absolutely nuts? It's getting harder to breathe the air every year now as it is.
In the early 2000's I needed to build a 10000 sq ft single story commercial building for my business. The only suitable lot availabile was a city owned property. In august 2001 I made an initial offer to the city. Time was of the essence, as the lease on my current facility expired in Aug 2022.
To make a long story short, it took from August 2001 to May of 2022 to be approved TO BUY THE PROPERTY! This was even after having a conceptual drawing down along with a floorplan by the architect designer. THAT wasn't good enough - they required a plot plan - BEFORE I EVEN BOUGHT THE PROPERTY!
Ultimately, it took 9 months to BUY the property, and 8 months to BUILD the building. Because the city fucked up/around for so long, I was unable to get a complete set of plans done in order to get competitive bids from contractors. I was just lucky I chose a good one.
In Kelowna BC we have 20 000 students at 1 College and 1 university. 21.6% are international which is 4320 students. Say they double up in apartments that is 2150 placed that are not for locals. That is a lot for a town of 140 000 people.
Ron property tax is already ridiculously high. 5k a year for a average house in Orangeville.
Therw is always room to grow. Ineficiencies and theft in municipal burocracies must be paid up somehow :)
5k a year here in Edmonton for a basic house. They are fighting to increase property tax by almost 10 percent this year while real estate prices have been flat for the better part of two decades.
I moved from there 8 years ago, I'm trying to convince my parents to leave.
Calculated at 7-10% they will be 10k$ a year average.
That sounds cheap. It’s that sort of amount that makes our real estate so attractive to foreigners who want to park their money and leave them empty.
@@sharinglungs322610k$ a year is cheap for crappy services?
Watching this reminds me of my dad talking. Good content.
An idea: Every time you ask a question the guest takes a shot. With each shot being stronger than the last. The guest will tells us how they really feel
That’s an interesting idea.
@@VinceGaetanoare you the guy in the white dress shirt? You gotta get on more podcasts, you seem blunt and straight up, giving value
This discussion should be renamed: The bureaucracy is expanding to meet the needs of the expanding bureaucracy.
Great discussions on this one, so many things wrong with the government red tape hopscotch. Every one of these regulations are made because someone somewhere abused it and made the government look bad or lost an election.
Two wise old owls! We need more Ron - super knowledgeable and hilarious
I like both of you guys and I watch both of your videos consistently but I'm going to have to play The Advocate of the devil here. You can point your fingers at the government all day but there's a lot of greed and fault within the real estate industry itself, realtors, brokers, lenders, lawyers the whole enchilada. There's no one entity that has taken us into this fucking pit we now reside. It's the totality of individuals and industries that have combined to fuck over Canadians.
Don't forget the wealthy speculators they cater to. Nothing is kept for first-timers, nobody considers seniors or families. It's all about hoarding as much money as they can before the music stops. And it's stopping.
Well said Joe.
Importing more victims for them to take advantage of certainty doesn't help, cut off their supply. Without the constant flow of victims to prey on all these people you mention would be DONE. Realtors, brokers, lenders, lawyers the whole enchilada would all have to find other jobs without mass immigration.
There is also no point in speculating when there isn't a constant stream of other people speculating. There is no longer a line of greater fools.
Many are to blame but government can’t get out of their own way. The Feds continued to drive GDP growth with immigration and created a tsunami of pressure on infrastructure. They control the immigration turnstile - it starts at the top.
If I were to pick one group to blame it would be the real estate industry. Yes the government allowed them free reign, but are they really such blood sucking vipers that they would willingly lead their country into economic destruction being so short sighted to not realize that it would blowback to them also. The answer to that question unfortunately is yes
Good show tonight Vince ,you guys really need to go after the local gov.on these things.Try and get local councillors on (if possible) and take them to town on all the red tape. Keep the shows coming.👍
Any help to get them on would be appreciated. Not sure they would want to come on to face tough questions…
Excellent duo. It would be great to see more collaborative videos of you both.
Maybe one day!
A country full of career driven pros who make minimum 150k a year to afford the 5-7k monthly payments, OH CANADA!
Great common sense conversation,. Thank you Gentlemen
Schools should have a hard cap of around 30 percent and all the strip mall schools should be closed. If you cant afford it then close down shop.
Good discussion and I enjoyed the anecdotal situations Vince faced from the city. This is like how the Fed government wants 3.9m homes by 2031 where we have to triple the amount of homes we build each year until that milestone. It’s not going to happen with all the bureaucracy in the way. Maybe if the fed gov handed out tents just maybe they could do it but even then I can see that getting delayed. We’re so screwed.
The mystery is asking where the money is going. We know Canadians are paying the most taxes and highest prices for things around the globe. Rich people complain they are not making anything, there is no money for funding government departments, funding for public infrastructures... where is all this money going? Someone is making money, and someone is lying for sure.
We can privatize the building department and planning department FYI .
Like they did in some USA states .
The middle class is vanishing either your wealthy or get government subsidies and support till you get old this applies to GTA
I’ve been renovating/building over 30 years in gta and Ontario . Who can venture to do rough calculation on all those development fees that went into nonsense ( unchecked wages ,consultancy fees and thin air ) , the end of the subway stations have circa 1950’s on the structure (warden station)
Condo fees are roughly 2000 per year ! In other countries not every month like gta.
I had to leave gta as it was not functional regarding driving to job sites and delivery of materials , equipment etc . Sad !
Toronto was a pretty good place up to about 2010 .
GTA needed multiple grand TTC , Train and bus hubs in centralized locations orbiting gta so people can access all 3 , directing out north east and west , Oshawa , Barrie and Hamilton could have become gta with the 24 hour subway boring machine making its journey north east and west with little disruption to traffic . The government would have actually become wealthier if all that money wasn’t squandered.
Cultural invasion.
If we went to their country and took their jobs and brought our rules and bad habits to their country.What would you think would happen to a canadian
Canada is a third world country because of immigration and the snakes at the top.They have caused all these problems.And this is only the beginning
Wild Wild West brampton has been destroyed.Kitchener will be next
No. Invitation is more accurate. If you think immigration is the biggest factor (a big "if"), you have to ask yourself which wealthy capitalists are most benefiting from the situation.
@TT-fq7pl Break down society makes it easier for governments to make way for capitalist, WEF.
Love these two debating the shit out of things! Great podcast
Thank you.
The insane temporary population increase is the root cause of the problems to Canada, not the public sector or local government. The cautious planning and approval is reasonable because you have to think about the long term local community development. Born in China I can tell you that fast growth of housing is not as good as it might appear to some people. The 996 working pressure will be the real nightmare. Trust in Canada government people.
Houses in east Vancouver were built in 36 hours in 1946. Hand mixed cement, nails hammered, all done by hand.
The way I clicked fast. My favourites
LOL this guy swears more than a sailor... luvin' it!
If you want to open up housing convert all those empty commercial units. I was in that wilson heights area yesterday and there are a lot of them.
What fun you guys are. We have to have some humour to get through this.
Pleased you enjoyed it. Everyone deserves a smile.
Each permit in bc has to be made, and as you do each permitted work you have to contact the planning department and wait for someone to finally come over to the build site look things over and if passed they sign off that permit, then you have to go back to the planning department and get the next permit filled out and arrange for the work and again it has to be inspected and passed before the next permit can be filled out
I've been saying it on here it's over in this country I don't think people.realuze how bad it's going to get
Must be a lot of fun staring into your dark crystal ball and spreading your findings around everywhere. What possible benefit to others does your negativity provide? Zero. Even if you're proven right. Still zero.
I went to Fortinos yesterday and there were three "homeless" people asking for $$ one by the liquor store, another one at the entrance to the grocery store and another infront of the dollar store. I agree it IS getting worse. Sorry for my negativity but its reality
@TT-fq7pl because I live in reality and the reality is this country is going down like never before in history, all men should grabb there tampons from the men's bathroom, stick them up your ass and get ready
@@ivobiancucci4528 It's only getting worse for the poor, as always. What did the pandemic result in besides death? More billionaires. As long as the wealthy are fine, then everything will be considered positive.
Loved this, loved Ron.. hilarious and true.
This country is soft as fuck.
Thank you again!
Happy to hear you enjoyed it.
Love that Jerry Lewis T-Shirt. “It’s Only Money” was one of my fav movies when I was a kid. Great episode. Cheers 👍
❤
Wow what a fantastic session with great insight into how our bureaucracy in a huge obstacle to what "they" say they are trying to do
Thank you, Sal.
I listened to that guy making electric rigs. It’s so ridiculous
It not just Ontario screwed up by planning papers stacking and make up work delays, in rural bc it can take over an year to get enough permits to build an house on raw land
Try working with the TNRD, you will get counting salamanders, or be like the unlucky schmuck who bought in our town that needs 80 dump trucks of approved fill to bring their elevation up.
excellent team up two heavy weights
Ron, you really should come out of your shell, bud! Tell us how you really feel, and don't be so shy!
Immigration is important! The thoughtful government could have and should have considered where we would find a home for these folks to live. Remember the tagline, "He's just not ready"? Well, it's been eight years. How many first-time home purchase schemes have come and gone without any real improvement to the housing situation?
Like the seasons, change is in the air!
soo glad i found your platform.....amazing..PLS KEEP EDUCATING CANADIANS!!!!👏🏼👏🏼👏🏼👍👊🏻
Thank you! Will do!
You can bet your ass on that subheading. lol
You interested in the finance minister job?
I think either of us would do a better job.
What restaurant is that and where is it, it looks like an awesome location!
Speducci Mercato
potty mouth lol haaaa😂😂😂 love it however a candid conversation about reality it is time to stand up against all the BS and get our Canada back
Ron seems to be honest and
Great episode, Vince!
Thank you, Rob!
Weird seeing an old guy in a shirt and tie swearing.
This conversation is just outing the truth that Canada has monetized housing beyond normal need. They are arguing over the failure and decline results that were created by governments, banks, realtors, developers. Allowing investors and off shore money into family real-estate is the cause of this mess. With Canadian governments financially broke, there is no way to fix this without massive spiral to the reset.
Well done
Thank you
I love this guest 😂
Ron is a legend.
Wow. What’s a great informative video. So many gems in this , enjoyed it
Thanks
Glad you enjoyed it!
Unbelievable chaos 😢
Whatever happened to training Canadians for the jobs of tomorrow ?
Chatter, chatter talk about it until the cows come home nothing will change because of WEF. Housing is only part of the problem.
They're wondering why we're so slow to build anything!
Cause we're supposed to be depopulated ffs. DUH
Too short... Ron was just getting warmed up!
Food was getting cold….
We’re all getting beat up not just first time home owners. Increase in taxes while our communities are full of litter
Remember now.Canada will be a third world country.Remember now what i'm saying
I think the criticism about the handling of the eclipse was not warranted. As someone who was 150km away from a total eclipse in 1999 when I was a kid, and missed it, I really appreciated that there was no school this time. So my kids were able to see the total eclipse. No cloud coverage either in Fredricton.
There was no state of emergency. Kids were sent/kept home so those who want to see this quite rare phenomenon can, without parents notes flooding school administration, or the kids fallong behind.
Sounds like both you guys need to get into politics. Lead the change we need. The frogs 🐸 gotta go
Frogs? What does that mean?
We would be both censored. 😂
@@VinceGaetano Why? Is this some kind of racist or sexist slur?
@@TT-fq7plIt means Francophones.
@@Rawdiswar So it's an open racist slur. Why doesn't Mr. Kania explain to the rest of us what he has against Francophones? Their language? Their religion? What makes him dismiss people based on their origins?
Well done !!! the inmates are indeed running the asylum
Weekly show!!!!
Is the OPPI (Ontario Professional Planners Institute) contributing to this problem?
Ron's got a great sense of humour.
Visas or no visas they do get in. They come to "vacation" supposedly, and never leave ! We have know idea who is entering the country.
excellent discussion keept your socio economic political commentary going!
Great and honest podcast love it!
Thank you
Glad you enjoyed it!
Well said fellas
I think they should just close the damn border no one comes in this country till we can house all Canadians till then we are sick to death of paying for this total incompetence.
Very true
In bc the only permit you don't need yet is an farting outside permit
Love the format, well done
Thank you
Glad you like it!
Beautiful!!
Thank you! 😊
A nation is in trouble when more than 25% of workers are government workers.
Isnt the increase in mortgage papers by design? Banks dont want competition. They want small lenders to have the administrative burden so they cant afford to be in business. They have to hire more and it takes longer. So the bank wins. Administrative burden is a barrier to entry.
Banks have the same document requirements.
@@wiseoldowlshow thats the point. They love beauracracy because it becomes a barrier to entry.
Ron sounds like Trudeau 'it will fix itself'. he lost my respect. NOTHIING fixes itself
All true, lol Cities take too much and make developing over complicated.
I agree with most everything here except the farmland once it's gone it's gone they want all this population and industry in Canada put it where you can't farm like Northern Ontario or out on the prairies What is produced by farmers in Southern Ontario can't be produced anywhere else except Quebec
Is Ron affiliated with Butler Mortgage in BC?
Yes, thanks correct. Butler Mortgage operates in BC, Alberta and Ontario.
@@VinceGaetano well he may want to rectify what's going on in the BC branch. I am up for renewal and one of the refinance calculators recommended Butler mortgage, I googled it real quick and the reviews are not great with a 2.8*.
Some people don't like it when he swears. ;)
Why bother talking about issues that are at least 90 % to 100 % political issues in terms of origin and solution ,if your not going to call it like it is ?
Vince at 21min are you saying lending is getting tighter ?
Yes
When you vote for Trudeau and Chow.....
New subscriber here
Welcome!!
Why shouldn't buyers (which are primarily just investors) in new home developments pay for the new development through development charges? Don't put that on the already overtax existing property owners that already forked out for their development costs when they bought new.
Meh, blaming civil servant's and saying they dont care is not fair. You admitted the volume is nuts so how can they step back and see whats wrong to make recommendations. Still...The politicians set the rules. It sounds exactly like everyone saying developers are greedy. Its a lazy argument. policies are written in blood. Developers would kill their workers if it was cheaper than paying insurance.
Bizarro world can’t be helped!
Lol too many things to fix
Toronto Vancouver house prices ll go down %85 imminent pls wake up people dont buy homes
Hey gents. Show is great. But what's with all the "garbage" comments about degrees and schools above strip malls. Lots of them are legit.
What is your definition of "Legit"? Many as simply cash cows and a backdoor to permanent residency.
@@wiseoldowlshow What's your definition of "many"? Put a number to it. Otherwise, it's just a hot take.
Only way out decentralized crypto currency
Bitcoin litecoin theta
New immigrants from developing countries are in for a surprise how long it is going to take for them save for that DOWNPAYMENT. for the. house they DREAM OF!! Median range for GTA house is $700,000 to $1,000,000, $400,000 to $700,000 in Calgary ! Vancouver, ARE YOU DREAMING?😢