Immigration Cuts Could Push Canada into Hard Landing - The Loonie Hour Episode 129
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- เผยแพร่เมื่อ 28 มี.ค. 2024
- Immigration Minister announces big cuts to population growth. How will this slow the economy and rents? Rabidoux thinks the Bank of Canada will have to cut rates more than expected. OSFI keeps the mortgage stress test on lender switches. Trudeau announces renters bill of rights.
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I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
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Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Gotta turn up the TV so I can hear you guys over the sound of the homeless guy tweaking out and screaming outside my apartment. God bless this mess. 🇨🇦
These idiots aren't on tv man. What you talkin a bout
Homeless guy replaced a few immigrants lol
Ben's the best guest
1M+ young foreign men with no gf and no future. How can that possibly go wrong?!?!?
National security issue is right.
Thank soros et al...
@jameswilliams3304 I've met quite a few that have gone to the US or Mexico. Usually their somewhat well off and have capital. Their the smart ones.
The ones your talking about is shitty for you guys. Good for us I guess.
@@Iliinois18(
US national guard will have to come clean them up. We don’t have the military to do it.
JUSTIN T NEED TO RESIGN
Hi I listen to you guys every week.
I put you on in my truck and listen while I work.
Canada is in big trouble!
How big is your truck?
@@icecapassetmanagementlimit849Depends on the day. I drive all sizes Curbsides, 3 tonnes, Dump trucks, Tractors.
Love it
Angry Mortgage did a fabulous summary of the Renters Bill of Rights .. nearly fell off my chair laughing. Carolyn had some questions from the audience if she thought fiscal policies were contributing to the lack of productivity and she totally backed off. How, specifically, in her speech was she throwing daggers at the government?
So many great guests, Ben is one of my fav’s.
The excellent fireside chats continue 👊🏼
JUSTIN T NEED TO RESIGN. NEEDTO STOP REFUGEES AND STUDENTS
Used to dance in ethnic costumes abroad to attract immigrants lol and what a mess !!
@@jay1645 Best bet spend some time to aware people how bad are liberals and Justin T . Next election Canada can bounce back
Canada needsto de-ponzi the economy.. Like ripping off a band aid..
Get rid of the carbon tax and incentivize natural resource development and export.
Build LNG export infrastructure.
Big brain comment from Ben regarding immigration, right there. Masterclass.
Former international student here. The way the student pathway is advertised across the world is far from the real experience. Students are sold subpar education for a hefty price tag. But they don’t really care since they are working 60 hours a week on college weeks either way.
So here's my question, is the tfw or student coming over now complicit, and do they know how unethical it is? I've seen lmia fraud skyrocket, and I realized how pervasive immigration fraud is throughout society.
I can't figure out if the average student *wink wink* actually realizes they're using it for pr fast track and their education is a sham, or whether they're bamboozled.
What kind of work do these students do ? See some at a local grocery cashiers, stocking shelves etc
I feel ya man. I don’t have an ounce of blame for any individual int-student, I have seen the way immigration companies across the sea advertise Canada and its way to charitable.
@@jay1645 Anything they can get their hands on honestly, a lot of them do not have great language skills so they can get stuck in entry level warehouse or general labour positions but can not get out because of the lack of financial backing from their home country. Basically a great way to keep wages low for companies since they have a revolving door of new immigrants every few months.
@@carsondrover5028 True I am glad you're not quick to blame it on the people coming in. They wouldn't have been let in if policies were tighter. They could definitely do a better job at integrating once they're here though. Either way most people in an impoverished country will do anything to get an entry ticket to a better "first-world" country, should be up to the governance to protect the system from being abused.
50% cut in paper gains on housing should be the goal
JUSTIN T NEED TO RESIGN
And now we have rooming slumlords in Oakville
We didn't need any NPRs to fill the labour market, mega corporations needed NPRs to keep wage growth flat while filling roles. Also we need to lower the PR cap significantly to really get things under control.
Exactly, there was no labour shortage when all the jobs these fake student slaves are working are still minimum wage. They would’ve been forced to raise them if there was truly a shortage.
Keith said in a previous episode that the Canadian economy needs population growth to keep up the GDP facade, which is impossible to maintain anyway. Now due to polling they’re going to turn off the tap; this timeline couldn’t get any more hilarious and we still have almost 2 more years of Liberal policies to go! 😂
We believe this is creating better visibility for investment opportunities and allocation of risks.
The Canadian fundamental is completely unsustainable anywhere one looks by any metric applicable.... from immigration to Real Estate/Housing/Banking & Finance/Health Care/Education and on and on and on....
basically because it has all been fueled and maintained by unprecedened in history DEBT instrument growth.... that DEBT accumulation now entirely "debasement" predicated.... without the corresponding future economic/GDP/productivity growth that has NOT occurred !
That 'future' has now arrived.... and in a nutshell we are all now living waaaay beyond our 'means' with even current 'entitlements unsustainable within a collpasing/unsustainable DEBT expansion based economic GDP.
Yeah.... it's THAT Bad !
I thought the same a while back so I compared Canada's currency to every other country I could think of. With the exception of the obvious few countries like Turkey, Argentina etc etc, Canada's currency has not moved appreciably against other countries. Then I compared these countries to the price of gold. Again, gold was up approx the same amount in all currencies. Conclusion#1: all countries are debasing their currency in unison and inflation is a coordinated global plan. Conclusion #2: buy gold.
@@meddlehedd1194
Gold is fine... fantastic in fact.
That said, I would suggest that beyond 5-10% of anyone's portfolio.... Bullets become equally valuable at that point ?
@@dirtlump you don't have to blab about it. Nobody is going to believe you own it anyway. Nobody buys gold.
Which is why I cashed out at the CV peak in housing sold and left for a lower tax jurisdiction lol
Great episode. Minimum wage in Ontario is going up 3.9% - just announced. BC will likely be the same or higher. Property tax increases were double digit in many jurisdictions this years. Energy costs are rising. This (and other things) suggests to me that inflation will likely remain stubbornly high over time at +3%. This might make it hard for the Bank of Canada to cut too aggressively or too fast.
Pushing a million people a year into a nation that has a profound housing crisis, and a contracting economy thanks to deliberate deindustrialization that is hollowing out the economy is an absolute train wreck. Perhaps some interests are fine with this because they are more insulated from the consequences than others, but it’s terrible public policy.
😂 they don't care about the public. Did you wake up today
Pvt colleges no one has heard of, immigration consultants, airlines, slumlords etc are contributing to the eco on the backs of (mass?) immigration ? lol being re-configured ?
Ummm, Rich I'm pretty confident there's a lot of millenials and younger actually wanting housing costs to decrease in half. They nearly doubled in just what, 5 yrs, depending on he markets you're looking at? The fact is, a LOT of people have been left behind in the dust over the last 5 yrs, as the currency's been devalued against assets and basic cost of living (food,rent) inflation has skyrocketed, while wages haven't even remotely kept up for the working class. It was widely being spoken about even 10 yrs ago how millennials have been left behind in home ownership. It's way worse now.
Acreages in my area 4x since covid
@@donm2067 I've seen markets around me, on the west coast, go up 4x or more too, just since 2021
Avg. home price to wages is a joke 12x+ ?? lol
With change in immigration How will slumlords pay for their million dollars mortgage if they can't find 20 students to stuff their basements 😮😅😂
We should also diversify where these imigrants come from. Equal % of people from everywhere.
Gee ya think!
3rd world immigration leads to 3rd world country.
Yes it should be 0% from everywhere until we sort ourselves out. And then 100% from Europe.
@jameswilliams3304 better than all Indians
It has always been who can pay their way in here from Hong Kongers 2 decades ago as far as I can remember lol
This was amazing! Ben is always an awesome guest on the show!
Excellent show today! Thank you.
Loonie hour is one of the best drive and listen programs, thanks for keeping us informed on this stuff :)
Thank you for following!
Fantastic episode.
Thanks, Rob.
500k PRs a year is still way to high considering our housing crunch.
Keeping folks who benefit off renters happy ?
Great episode guys
Thank you, Maria.
I have a neighbour friend that just renewed. New payment is $1,000/mo higher. I showed him Tiff's clip from 2020. He was oblivious and not impressed.
Any idea of previous and new interest rates?
@@Rawdiswar Gold has been on a tear, so if gold knows, then I am guessing rates are coming down. But when?
“Nobody wants house prices cut in half”
I do. I want that. There’s a couple of angry generations that want it and will vote for anybody who can deliver it, regardless of the consequences. We will vote for somebody who promises to burn it all down.
It would be nice to have more of an adjustment downward, but aside from that it would be nice to see house value growth stagnate for a few years (that's what happened in 1990). The higher rates have helped the last year or so, but there is still a lot of pent up demand. It always comes down to supply vs demand. It will be interesting to see how immigration really plays out the next couple of years, we have had such high numbers under the present government I think even with low immigration it will take a long while to build enough rental residences and those to purchase to catch up. I ran into a guy I know last week that supplies construction material in the GTA, and he said the plan for most builders is to finish projects already started, but to back off on starting new projects right now. Aside from the prices to purchase, it is to me beyond obscene what rentals are going for today in most areas.
Yeah. There's no way a shack in Scarborough is worth over a million. At most they should be around 400k. Which is where they were a few short years ago.
Capital gains tax for prinicple.residents will do it. Seeing houses bough 10 yrs ago in van for 850k relisted for 2,600,000 it is vomit inducing.
Same house same crap 10 yrs older zero renos. 🤮🤢🤢🤢🤢
100000 percent because of 1 thing and only 1 thing. Immigration. Period.
with a 7% unemployment how can you justify this to Canadians
justify what?
@@meddlehedd1194 more immigration
@@meddlehedd1194 when close 1 in 10 Canadians are unemployed if you factor in gig economy how can you say we need immigrants
@@meddlehedd1194 we should be taking ZERO immigrants until that number is closer to 2%
@@meddlehedd1194 As long as there is any unemployed Canadians we should not even take a single immigrant
the first cut is the deepest, haven't heard that one since i was a child
Great guest guys!
What do you mean no one wants house prices cut in half? Look at southern Ontario? That would mean the average home price would fall to 700-800k, which is STILL not affordable for the average first home buyer.
Great channel.
Great subject matter expert in Ben.
the profit early buyers are taking or in their equity is the price late buyers have to pay. that’s just the business model of so called REI, US is like that, China is, and Japan too. in that sense, REI is like a ponzi scheme, the earlier(higher) people is in the chain, the more money they make. You need new buyers(younger generation or new immigrants) to keep the music on. will the music stop one day? definitely. will it be soon, no one knows. homeowners who got in before 2017 are definitely winners no matter what, even if price cut in half, but whoever still trust “now is always the best time to buy”, I think that’s gamble.
Only dumb foolish people would think that real estate will never go into a downturn. A cycle always start with legit reason, low debt, good productivity growth, population booming, then the craziest period which generate eye popping profit rate is always about leverage. Some people would always argue what do you mean by affordability? It has been unaffordable for decades, it's laughable to even talk about affordability. Well, the truth is when everyone is in a bubble for way too long, they think that is the new norm until the tide eventually turns. That is exactly what Warren Buffett mean by the quote "When the tide goes out, you see who's swimming naked." Interesting thing is if you ask someone in Canada would he/she buy a property even if it's so expensive comparing to income and need to borrow million dollars, they would likely say yes if they can borrow. But if you change the question to, if the probability of double your money and loss half of you money is 50/50, would you borrow 1 million dollar and make a bet, people would likely say no. The number is just made up, but my point here is, the recency bias Canadians have is so strong that they are probably not making rational decisions in terms of buying real estate property or not.
This is just an overall picture, it doesn't mean there is no good REI project in Canada. There is for sure, but generally speaking, a lot of retail buyers are just gamblers
1000000percent
Steve, the extra amount of interest you pay by extending your amortization back to 30 years and the increased size of the payment just basically negates any price appreciation that the house could make in the next few years. You should tell us just how much you're actually going to be in paying extra interest. So realistically, a button was pushed, but the problem wasn't solved your paying an insane amount of extra money in interest
That kind of thinking is what has turned our middle class into lower middle class. Inflation makes assets worth more and debt worth less. Run different scenarios and you'll always find that the interest on a mortgage is a drop in the bucket.
Sure that’s true. I’ve got a long run way and can always accelerate principal payments
@@saretsky
Thanks for the reply.
I do enjoy your shows.
Such an excellent show!
Im a Canadian living in the States and I will likely make some cash offers on BC properties this summer to winter when the repos go up and prices fall. I'm also hoping for Cdn dollar weakness. I know that sounds awful but Canada has been just too tough for me do business in and live there full time anymore.
Love you guys. Can you post a link next week for Loonie Hour swag?
Googke it.
Ron Butler has a good rant on the recent renter legislation, but the gist of his criticism on the "rent applying to credit score" thing is: anyone who has the kind of money to buy a home in Canada almost by definition must have good credit - for someone who has the $100,000+ for a down payment and an income to support a mortgage in the hundreds of thousands at 5%, a low credit score probably isn't any sort of barrier
Listening to Steve it seems like the can just keeps getting kicked down the road. The next generation will be so jaded they will not take care of our wrinkly butts.
The immigrants and gov will take care of mortage debtors. Previous generations and gov sold out the prosperity of future generations for high home prices and to pay for pensions. Why would you care about someone who doesn't care about you?
I'm voting for whoever defunds OAS right now. Lower the maximum payout from 75k to 30k. But with premiers defunding healthcare like mad, maybe that will get y'all first.
Good to have Ben or someone similar in the show. You three guys are way too bearish and Ben was able to make some balance. Please consider making this change, people actually are getting influence by you
How worried are people about lone wolf terrorist attacks when the American and Canadian economy tanks? Did anyone read that RCMP report on unrest in the next 5 years. If I was middle class and lived in the suburbs I would be worried about home invasion and growing addiction.
Ben is going to be right.
On a personal note, the BoC should not diverge from the US but they prob will. The BoC diverging from the fed is what will keep assets stubbornly propped up and living standards subdued for a period of stagnation. I agree with Ben, no huge crash in prices. However it will be a crash in living standards instead. This could last for several years like Ben said.
BOC should diverge.. Unemployment in US is 3.8% while in Canada it's 6.1%.
Ben’s one of the best, always a pleasure hearing his thoughts.
The Loonie Hour needs to move to Toonie Two. I could listen for 2 hours. 😊
Is Steve capable of understanding that people who took out variable mortgages at 2% in 2021 still have to renew into a substantially higher monthly payment?
The money has to come from somewhere. This isn’t a “push a button” fix when the market goes no bid
The people you mention have been paying 7% on their variable rate mortgages for nearly a year now. So what's your point? Lol
I really enjoyed this episode. It was very informative. Your guest Ben was very interesting and I watched the full video. Much more information than FOMO-inducing crap you read in the media.
Thanks, Vee0.
Great Content Guys! Steve, quick question if you are comfortable sharing...if rates are most likely coming down what was your thought process for locking into 3-yr fixed? Will you not end up paying high IRD if you break the contract within a year? Thanks for Bringing Ben again on the show! thank you.
I think the BoC cuts but that doesn’t necessarily mean fixed rates are moving materially lower. Fiscal spending / new bond issuance could keep yields higher
Good episode
There are larger, more important , factors that are not being considered.
1. Sovereign debt crisis
2. Inflation
3. Debt overhang in all sectors
Historically the post crackup boom is ugly.
4. Stick market crash.
5. WW3
My base case is far worse than a hard landing.
House prices needs to be cut in half. We need massive number of homes built. Who cares if banks go under. Too much greed in RE industry.
Bro, there is no greed in any industry, things get sold at their market value, that's what a free market is. House prices literally ARE cut in half if you move to Saskatchewan, which you are very welcome to do. I don't get upset that I can afford a house on the coast in West Van LOL come on man.
@@thanks4that261 There is massive greed in RE in this country. This is not my opinion it is a fact. That is why so many homeless people and food bank is overwhelmed with people. I am not going to icebox Saskatchewan. Canada home prices is rated as one of the most overpriced in the G7. Just because you are not affected does not mean it os not overpriced. A young person just starting out in life and cannot afford to buy a home shows something is very wrong.
@@thanks4that261 ahahahahahahahahahahahahahahahahahaha
@@paulinebowen5170LOL at "greed". People sell their houses for as much as they can get. And you would too.
@@funkspinna and the idiots pay that price thinking home prices only goes up. Well they are coming down and people who bought homes they cannot afford will be going thru some pain in the next few years.
Only 5 Mil mortgages.. so rest of properties are owned outright, no mortgage?? Huh.. interesting
Thousands of. Criminals coming into. The country
What would be the bank's role once we end up in a new global financial system, with CBDC's being the backbone of it. Will bank's still have a role, or wouldn't it all be through CB's, a consolidated even more Centralized system.
How will the banks choose which mortgages to take to reach their quota?
One of the best, most concise interviews I’ve heard in months.
Anyone who says “I’ll just rent it out for a year, and sell when the market is better”, needs to understand the tenancy laws and risks of being a landlord! It isn’t that easy to boot your tenant out when you feel it’s a good time to sell!
This is a misleading comment. All you need is to give 2 months notice to vacate if you “rent out for a year, and sell when the market is better”. Unless you signed a multiple year lease, you can give notice to the tenants to vacate after the one year tenancy is up when someone buys the property and plans to move in.
@@evangoode9685 lol, you need to learn about the horrible system
@@blobtv7444 I live the horrible system. I’ve been a realtor and a landlord for over 12 years. I manage my own properties and have dealt with dozens of this exact scenario on my listings and working with buyers. I’ve also sold a few of my own rental properties and have experienced it first hand.
> oh no rents are going to fall
Canadian "values" are so skewed.
Cheaper rents == more productivity
> nobody wants house prices to be cut in half
many people want this
The only people who don’t want lower house prices are speculators or those who bought near and at the peak.
@@tiffany.Elizabeth. so these guys
@@tiffany.Elizabeth. that's the dumbest assumption I've ever heard. No offense.
@@thanks4that261 ever? Wow thanks.
Lol more than 0.75% cuts. Guess we will see hyperinflation then. That should be exciting. Thank God these guys don't make any of the central banks decisions. Clearly Ben and Steve are massive bag holders
Yeah you're right, Tiff and the bank of Canada members are awesome, they're always right, and super trustworthy too. 🤡
Lol wouldn't be talking to you clowns. That's harsh humor I like it 😂
Lol at the 12 min mark. Totally left out his payment now is 75% interest now lol. Guess that piece of advice is glossed over.
Have you guys reached out to Carolyn Rogers to see if she would come on the podcast? I'm not sure if there would be rules against that but she seems like she would be an interesting guest. I watched the speech she did in Halifax and it was very interesting.
I doubt she would join but we will ask
@@saretsky yah worst case scenario she says no. One podcast you might find interesting is the Pirate Wires Podcast. The guy that runs it just did a podcast with the people planning that California Forever project down in California where they want to build a brand new city. I figured it would be some tech utopia project but they actually want to build it more like an early 1900's city. After listening to that I am thinking that is what needs to happen in Canada. We are trying to fix already built cities when maybe the answer is to build totally new cities.
Another deficit budget is coming up with higher taxes and a growing national debt. Kick the can down the road and bring 1.3 million people on board to put on more pressure.
“… and for the government to have efficient execution of its plan.” I LOL’d as well being a municipal government employee and seeing how disgustingly mismanaged just my department/organization is let alone “the government” as a whole. Helps mold libertarians. God help us 😂
Oil isn't the main source of plastics, most plastic is made with natural gas. Also electricity in Canada comes primarily from nuclear and hydro.
I literally own a place outright, and I want house prices to go to half so I can move up.
And I hope every realtor goes homeless and every boomer is poor af in their retirement. God forbid rentals should be less than a full time minimum wage or some old person has to stop buying a new car every 5 years and two cruises a year. God forbid millenials should have real savings.
The main ingredient in most plastic material is a derivative from crude oil and natural gas. You sir, are incorrect.
Canada is the second largest producer of hydroelectricity in the world. Hydroelectricity accounts for 59.3 per cent of the country's electricity supply. Other sources include coal, uranium, natural gas, petroleum and non-hydro renewable sources.Jun 15, 2020.
Electricity comes primarily from hydro snd coal. You 2 for 2.
Different polymers are made with different components often including oil derivitives, 90%+ of plastic comes from natural gas, the derivitive you are speaking of is a form of natural gas. natural gas is the state of most simple hydrocarbons which are the building blocks for most plastics. You sir are incorrect.@@philipclift7205
You guys should make a shirt with, "the economic fantasy land commonly known as Europe" - not sure if this is 100% the right quote but you get it. Some women's sizes would also be great if possible.
Economic FantasyLand called Europe!
@@icecapassetmanagementlimit849 conspicuously absent from the swag shop is the NO CBDC Tee lol
@@meddlehedd1194 great idea/suggestion. Let's see what we can do.
@@icecapassetmanagementlimit849 perhaps open a financing division to assist with the $35 lol
Ben Rabidoux: they're going to do what they said they would do
You're sitting ducks for fraud guys.
We need to drill baby drill! Can’t have an economy based on RE only
> pull a couple of strings
Scamada
Do you have a theory where its possible not to have a negative outcome?
To much immigration last year and that wasn't good.
To little immigraiton this year and that wasn't good either.
Basically it's just never good lol.
"Nobody wants to see home prices cut in half" I do.
Good
Ah, OSFI finally implementing some window guidance.
The twinkie bet LOL I think the boc will be proactive and cut 25 points.
The boc if they are reactive they will probably cut 75
Canada needs a ‘great housing reset’.
If you can't make "a single penny" on a $35 tee shirt, don't quit your jobs as money managers, real estate agents and analysts LOL.
Need some Loonie Hour snap backs, they'll sell like downtown Vancouver condos.
End of dates for Rich...lol 😊 The t shirt dooms you.
I would literally accept a 50 year great depression if it meant my country could stop being invaded.
Countries have borders for people and capital.
Lol winner of the dumbest comment of the year goes to..
So what you’re saying is that you hate immigrants so much that you would sacrifice any sort of prosperity in your life to keep them away from you? Did I read this right?
So this is not a case of closing our borders to protect our economic prosperity for you. This is more about you not liking them?
@@SzymonStas this is about the fact that the people of Canada have a culture that we are entitled to KEEP, and we are not just some economic zone free-for-all for every third worlder who wants to wander in.
i wonder how many people complaining about buying a house got an education in a field that is in demand vs how many are mired in student load debt with a Sociology or Business degree. Also how many can buy a fixer upper because they learned DIY skills vs how many need a turn key home because they didn't take shop class in high school. It's always someone else's fault.
@jameswilliams3304 yeah well I know a teacher that gave it up to be a real estate agent a few years ago. He's back to teaching part time. I agree with you though....why would anyone start a business with all the govt regulation that we have to through and all of the BS rights that employees have. Most laborers aren't worth $25/hr....($17.20/hr + CPP + EI + vacation pay + paid "sick" days + paid "sick" days without a note).
UH OH BANKS
Steve, did your mortgage payment go up? What’s that changeover doing to your personal balance sheet?
Thanks
Great guest.
Never bring back Erin the tool back.
Thank god I got permanent residence in Mexico for my family during covid.
This shit would NOT fly here.
Mexico has a great next 50 years coming
Hahahha steve getting it from the banks. Lolol bought in 2021. Lolol...
Go on
They offered you 5.3 same with me and then I negotiated to 5.2% within a second lol. But I’m not going to do week long processes like you did. Going from 5.2 to 4.9 is what 30 bucks a month .
Just refinanced with a 1 year fixed over 30 years/80%+ equity. High rate but worth it/reduced my mtg by 40%. Can't wait till a 5 year fixed is 4% or less.
Ben's enthusiast projection about population growth dropping to 0.6% seems naive. Looks like he has not thought through the numbers. Consider following....
Current population of Canada is roughly 41 million
Current population of Non-Permanent residents in Canada is about 2.6 million
If the population of Non-Permanent residents needs to drop by 600,000 in three years then it needs to drop by 200,000 each year 2024, 2025 and 2026.
That implies that Canada needs to ask 200,000 non-permanent resident living in Canada to leave the country. ON TOP OF THAT we need to have ZERO non-permanent residents coming into Canada.
How is that possible when Miller has already announced that 360,000 study permits will be issued in 2024 and 2025 each? On top of the study permits, new work permits will also be issued in 2024 and 2025.
If Canada issues 360,000 study permits in 2024 and lets assume another 300,000 work permits in 2024 then the total non-permanent residents intake in 2024 will be about 660,000. Then to achieve net reduction of 200,000 non-permanent residents in 2024, we will need to ask 860,000 non-permanent residents to leave Canada in 2024!!
Can Canada ask 860,000 non-permanent residents currently living in Canada on study permits and work permits to leave Canada in 2024? If it can, it would be a good thing in my opinion for Canada. But that is another topic for a separate discussion.
God Rabidioux - who is going to buy Canadian debt at a lower rate than the Fed rate.
Canadians
@@meddlehedd1194 Freeland was talking about forcing pension companies to buy more underperforming Canadian stock.
This would basically amount to capital controls.
@@edubmf that's coming i would bet....it used to be that way in our RRSP's so a move back to that is not a stretch. They will also demand that canadian pension funds hold an increasing amount of canadian bonds. that's what I meant above when I said canadians will but the govt debt
24:36 "overwhelmingly renters"
45:15 "Supply Supply Supply" Peak irony
First!
62nd
First!
🤣🤣🤣@@icecapassetmanagementlimit849
Ben has a second-hand understanding about how immigration works in canada.
Complaining that real estate in one of the best places on earth is too expensive is like complaining that a Ferrari is too expensive. Things that are premium come at a premium price. I cant afford a Ferrari so I drive a Kia, if i couldn't buy in beautiful Vancouver then I'd just buy where i could afford, like the other 90% of the country which is affordable. Anyone who doesn't use that logic is just being silly.
Hi my name is Don, I'm based in reality.
MLS is a wonderful tool, you can go ahead use it to see 90% of Canada is completely unaffordable.
@@donm2067Anywhere outside BC and Ontario is completely affordable. Your reality is very sad if you think differently. Even most of BC and Ontario is affordable outside of most desirable areas. Supply and demand is a simple thing. Most people want to live in the nicest places, prices go up. If you can't afford a Ferrari then buy a kia, don't blame Ferrari.
@@thanks4that261 jump on MLS and take a look. You know we're in trouble when Shelburne Ont is a million dollar town.
I don't think you comprehend how society works, everyone needs housing.
Right now only the top 10% of people can afford a home.
@@thanks4that261 ok my reply was shadow banned, but here it goes for round 2.
When Shelburne Ont is a million dollar town, we have definitely made a huge mess.
Only 10% of society can afford a house right now.
Where should the other 90% live? Past Edmonton?
I think for a young single guy it might work to move somewhere else. Trying to start a family without the support of your friends and family is rough.
Also I wouldn’t consider Vancouver to be a Ferrari. There’s human poo all over the streets, homeless people, addicts and theft is rampant. Still it’s $1000/sqft minimum for apartments downtown. It’s not so much that demand is incredible for homes here, it’s just that public policy has destroyed supply. Developer get taxed to death here. Same story in every city with R1 zoning. Detached homes don’t pay enough property tax to justify what the city spends on infrastructure to support those homes. It’s bankrupting all of our cities all across North America.
Are people opposed to oil because they think oil isn't useful? Also we all know that oil is in everything, but saying that's a sign of hypocrisy gives real "you have problems with society yet you LIVE in a society" vibes. You guys are strawmanning and you're better than that. Fact is oil is cheap because it's not priced correctly since its production and use don't price in the consequences of its production and use. Like, me dumping my trash in a river is useful and cost effective so long as I'm not on the hook for the lost of economic output from that river nor the costs incurred in its cleanup. Sorry, guys, but that's jumping off on a really weird take.
Honestly I think the average person thinks things are made using oil, but they don’t realize how many products actually contain oil, but they just know it is bad for the environment and that’s all they know, so they are opposed to oil. People also don’t have any education on energy. Canada’s options are to stay on fossil fuels, dam up every single river for hydroelectric, or put modular nuclear power plants everywhere. Most Transportation of raw material and goods needs fossil fuels, there is no alternative. Everything is just based on political narratives and lack of education.
"We all know that oil is in everything..."
Not even close to the truth. Your average Canadian thinks food comes from grocery stores and electricity grows on trees.
Poor analogy. oil is the useful product. Trash is not.
I also complain about oil on my smartphone
You throw trash in a river , you create a job for someone yo clean it. You save money, they make money lol
Nova Scotia basically looking like New Dehli with Old Rich Ontarians to service.....