We're in a crisis in Toronto and we need bold policymakers: Real estate expert
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- เผยแพร่เมื่อ 28 พ.ค. 2023
- John Pasalis, president and broker at Realosophy Realty, joins BNN Bloomberg to talk about the housing crisis in Toronto and what types of policy the city needs to see, including more high-density housing.
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You need policymakers to stop Real Estate Agents/Firms, from manipulating house prices.
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27000 this month. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve.
Even in this whirlwind, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@@africanboi4542 I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
@@bsetdays6784 It's best you do your due diligence, I have my portfolio overseen by “ELEANOR ANNETTE ECKHAUS” and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
This recommendation comes just in time because I'm literally grasping for straws right now! I looked her up on the internet and made plans to call her.
Another reason it's less likely to happen that way is that, despite how everyone is freaking out and declaring the crash, there is already an excessive amount of demand waiting to absorb it. Nobody, at least not the general public, predicted this in 2008, as I'll explain below. It was indicated in the previous reply that the ownership rate peaked in 2004. We previously peaked in the second quarter of 2020, and as of right now, we are at the median level. It dropped by 3% over a 4-year period, from 2008 to 2012, and will be 65 instead of 68 in the second quarter of 2020.
Since bull markets are what most people are used to, a downturn is difficult for them to take. However, if you know where to search and how to navigate, you can make a sizable profit. What matters is how you plan to enter and leave.
We are not used to such uncertain markets, therefore the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are possibilities if you know where to look, as you pointed out that it wasn't difficult for me to make over $780k in the last 10 months. Given that I knew I would need a reliable plan to get through these challenging times, I hired a portfolio advisor.
@@Igorstravinsky788 Because my portfolio has been performing poorly for the entire year, I tried researching new ways to make money in the market, but everything I attempted just seemed to miss the target. Describe your financial advisor's name in detail, if possible.
@@williamporter5333 A financial counsellor named "RUTH LORALANN BRENNAN" was mentioned in a CNBC show, so I set out to discover her. For the stocks I track, she has subsequently given me entry and exit points. If you need guidance, you may look her up online.
@@Igorstravinsky788 I should also point out that Ruth appears to have some knowledge, therefore I value the advice. I discovered her online and thoroughly read through her qualifications, educational background, and resume. I have to say that they were very exceptional. We have a session set after she replied to my message.
What we need is a new government that supports the middle class
So the CCP. And that's why the West is hating on China for the good job they're doing
@@handsomejustin
LOL. The middle class in China are just CCP employees. Not ordinary folks.
Bernie 2020
Thank you for the video, I found out that investing is not for everybody, you just need a strong stomach too see your portfolio go down. It might be wiser for a novice to start with copy trading investing, but it is not easy. To invest in growth stocks it is another level, definitely you need to know what are you doing.
From my own point of view, you need to invest smartly if you need the good things of life. so far i've made over $255k in raw profits from just 6 months into the market from my diversified portfolio strategy and i believe anyone can do it you have the right strategy, mutual funds takes long time but investing smartly is the key for short term. Most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
I've been solely investing in real estate. But with the recent hyper home pricing i've liquidated a few things and have $45k in cash laying around idle. Would love to get your recommendations, I'm in search of something lucrative in the current crazy markets, i will be glad.
@@mariaaguilar7076My portfolio is very much diversified so it's not like i have a particular fund i invest in, plus i dont do that by myself. i follow the trades of Mrs Karen Gaye Gray.
She is a popular broker you might have heard of. I can correctly say she's worth her salt as a financial advisor as her diversification skills are top notch, because i see that in her results as my portfolio grows by averages of 10 to 15% on a monthly basis, unlike i can say for my IRA which has just been trudging along, my portfolio just mirrors what she trades and not just on some particular industries of my choosing.
By following her trades do you mean copying her trades? I have heard about copying trades
How much money does it cost to build a condo ? The one I’m in I think had units sell for 150k in 1989 and now they’re 800k. There is no way it cost 800k to make this concrete box in the sky. Yes they have to make money but how much? What am I missing?
Supply and demand.. and speculation driven by a small percentage of an investor class who buy up condos to resale them at a 20-30% profit.. all driven by 10 years of almost zero % interest rate policy. Not to mention records levels of immigration and letting foreigners park large aums of money in Canadian real estate.
Price of land has gone up. Small plots of land in downtown Vancouver can sell up for to 80 million
cost of building materials went up by over 50% since 2017, based on StatCan
Gonna need about 300k new units a year to keep up with immagration
Think it’s going to be more. 50% of our boomers are retired. We need even more immigration to help pay for all the boomers that are coming out of the work force not to mention the pensions.
I wonder if we will start to see corporations own the condos and do the rentals. I’ve seen some very nice 300 square foot micro condos snd feel that is a good step for the new generation.
@@davidrockefeller2007 Everyone dreams of living is a closet.
People also leave and die, bringing in 500k immigrants a year probably only covers the amount of baby boomers dying
Want to increase rentals .. easy, revamp the Landlord Tenant Act / Tribunal. Sitting on our local Municipal Planning Committee, we had three applications this month to convert apartments into short-term rentals. I have a basement apartment in my home and will never rent it out!
Exactly. You'd have to be insane to rent long-term, between rent control and the inability to get rid of problem tenants.
It’s too late. We needed this a few years ago. It’s game over!
If “real estate investors” are entitled to demand policy makers to protect them in the real estate market, so can “stock investors” demand policy makers to make sure their money in the stonk market are guaranteed to make positive returns.
The shift from pension plans to 401k style retirements that are based on stocks going up and paying dividends has already basically guaranteed the stocks market to go up and never truly crash for long again. I predict we will see this turn into a massive bubble before we retire.
Ottawa needs more density. We need Apartment style buildings in the suburbs as well as condos.
Unfortunately everyone wants to be in the Niagara region because of the amazing Greenbelt protecting us but they don't realize that's going to be gone thanks to our province being run by actual retards
Losing money!? They are the reason for this bubble. Housing shouldn't be used as investment, it should be a basic human right. With this market, owning a bachelor's apartment is only a dream for me.
Housing is not a right as even public housing have stipulations on who can get it.
We have a lack of density problem in Halifax. On South Park St for example which is a major street for transit most properties are capped at three stories.
Take that up with your Mayor and City Council.
Immigration levels are far too high. Increasing Canada population by a million people (about the total population of Nova Scotia) is way too much. The private sector can't keep up with building new homes.
The private sector is barely allowed to build new homes.
There are a multitude of different contributing factors that lead us to this housing affordability crisis. but the recent surge in immigration and international students is by the biggest contributing factor. We accepted 1 million new immigrants last year and struggled to build even 250,000 new houses. The numbers don’t lie.
@@mollyanderson4562 you must not have read or understood my comment. i said there is a multitude of different contributing factors...
@@mollyanderson4562
< ignore corporations/investors buying units as an "investment".>
They're the reason there's any new building of housing at all. The real problem is local zoning restrictions and NIMBY's which in turn make housing costly to build and own especially within city limits.
Toronto needs affordable apartment housing, not more condos.
That most people still wouldn't be eligible for anyway. Condos are being built, because thanks to zoning restrictions, that's the only high-density housing legally allowed to be built within city limits.
It's a good sign for some, who just want to own a first home.
What about 1 million immigrant in 2022.....
Density is not bold its the same old rinse and repeat cycle. If a building is derelict or plot of land in the core then yea put medium to high density there if its possible.
Outside of that, increasing density by re-using land will keep things convenient for the status quo in Toronto. Bold is shifting some of these corporate jobs to another city and creating density at the core as well as a diversity of jobs allowing Canadians to live elsewhere vs being tethered to Toronto because that's the only place they can find quality jobs. On top of that create tax incentives for corporations for setting up these new Offices is this city designated to be another hub of commerce. You can choose a city 2-4hrs from GTA to Ottawa (a capital that sleeps by 9pm, give your capital more life). People don't care if they have affordable homes, apartment condos, and they can enjoy life including not being limited to Govt jobs. Or go west 2-4hrs GTA to Windsor (e.g. Cambridge, Kitchener, Guelph and more or even Windsor move it from being a place for insurance jobs primarily). Tons of cities there to develop and they are 1 hr or less from the US border. Ramp up programs to channel people into construction to elevate house production from 240K to 350K annually as 1st target then 450k. Hold the BoC accountable for monetary policy as they are part of the reason people could throw money into the RE during 2020-2022 as money was record cheap.... this how you adjust for the immigration policy. Immigrants biggest step is moving to Canada, going few hours out after that pales in comparison.
Home owners without cash flow issues, are loving the tight supply, despite the temporary negative net income
Increase density! Are you kidding? It's already insanely dense now with city council never met a developer they didn't like.
‘Crisis’ is the right word. It’s way past the best strategy. The only option now is a crisis strategy. It’s too late for anything else.
90% of Canada's population is concentrated in cities within 150 miles of the US border. 95% of Canada is crown land and city zoning laws restrict where you can build residential homes. Most people prefer to live where all the major cities are because that's where all the jobs are. You can find cheap real estate 2-3 hours away from the city center but nobody likes driving 2-3 hours everyday to work.
How come! Investors are loosing the money on rental buildings WITH THE CURRENT INSANE RENT PRICES???? Something fishy... very fishy behind this statement!
Rental prices increase is way above any materials or labour cost rises. So, who creates this situation, trying to get deeper into people pockets?
Man Canada is so eff'd. How do you policy out greed?
We need to use bunk beds to increase density and help the economy with immigrants.
I immigrated to Canada in 1996, things have gone downhill steadily. I believe we should halt immigration until we get our act together. So many new immigrants are disappointed once they arrive. And if we don't have sufficient resources to adapt them into Canadian society, we'll have much bigger issues than housing and the economy.
The foreign engineers policy will hopefully help folks in Ontario.
“I got in and I’m good screw everyone else who wants to come in now “
Have you tried returning to where you’re from instead ?
The last time I checked “investment” means you know exactly what you’re getting yourself into and you should be okay if you lose 100% of your investment. RE is a commodity not a cash flow investment product at least not in the way it’s revered here in the GTA.
RE is the best investment. Just look at 2016 prices till now. Forget about losing 100%, people have been doubling or tripping their initial investment. That's why it's so popular.
I totally agree with sticking as many people as possible in the cities. It makes sense!
They will own nothing and they will be happy!
A Bungolow in Toronto just goes for 1 million and I never understand way people want to buy a house so close to downtown toronto of course the house will be more exspensive. There was a house a very small bungow 2 bedroom and 2 bathrooms selling for $799,000 now let that sink in I would never spend my money on a small house like that its better just to go some were thats more affordable Toronto usto be great not anymore. people making all these policy could make the houses affordable but they just care about what is good for them. house fliipers just made the houses more out of r how are people paying for these huge monthly payments is beyond me and meal while they keep bringing in more people.
Condo buyers are not very clever people and semse like we have alot of them .
Ireland 2007 2008 Buy to Let Fiasco, Canadian Version.
Let's reimagine eminent domain and civil asset forfeiture to seize the vacant, luxury condos. We can literally just take them. They are ours. Don't be fooled into "building affordable housing." The stock is here, it's move-in ready. Let's eat!
Increasing density will make Toronto impossible to live and drive. Just like many US cities. Its short term thinking. Really short term. Reducing red tape (i.e. city hall bureaucratic unethical costs to develop), opening better transport inside and out of the city, and cleaning up our streets will allow people to move behond the downtown core and expand horizontally. Los Angeles is a great example of this, minus their Highway system which is deeply broken. LA is a beautiful city which was designed for people, not developers, and should be looked at mors closely than NYC where its impossible to feel like you're living, more like a rat in a concrete cage. Density wipp destroy our city, to benefit a few developers who rather build up than out, and obviously this guy whos a condo realtor.
LA actually has some land to expand. NY doesn't. And originally, LA was designed for sprawl because its founders wanted nothing to do with NY and Chicago's ways of doing things.
canada's largest city is unaffordable, what a new and strange concept
Vote for Chris Sky, and not a Politician if you want real change.
We can't have a real long term dip. 500,000 immigrants per year. About 150k of them into Ontario. Then many of them move from the slower provinces into Ontario.
Its allso part of the strategy to have medical insurance and private medicine replace social provisions.
One tower....for 1000 people......we need 1000 tower to accomodate 1 million people
What about the years before and next year when another million come.
What about all the infrastructure needed?
@@scottblackburn2969 and the maintenance.
People have this delusional idea that we live in some post labour world and have no idea how hard men are working out there to keep everything running and to get those new buildings up in the air.
The world isn't being run by people on laptops who do 2 hours of work in an 8 hour day.
@@scottblackburn2969all these Liberal government policy makers pushing ridiculous immigration levels of 1 million a year need to be thrown out. They are not suffering the consequences of unaffordable housing and lower wages that these levels and type of immigration result in.
Maybe the solution is to stop immigrating people here.
If there is any 'Expert' , we won't be up this shit creek without a paddle🤔
Too many investors buying up all the inventory for rentals
I hate when these analysts use words like "improve" and "worsen" to describe price trends, they're only ever talking about it from the perspective of an investor who makes money when housing becomes more expensive for those who need it. Housing becoming more expensive is not an "improvement", and investors losing money on housing means housing has become more affordable for normal people. The investor paradigm has broken these conversations, we can't even agree on whether a fundamental need being met for millions of people is more important than the financial gains of self-interested parasites who made elective investments.
By land mass, we have one of the largest countries in the world...and yet we need to push for 80 storey condo towers in the center of urban cores that cannot handle any more traffic. Mind boggling.
90% of Canada's population is concentrated in cities within 150 miles of the US border. 95% of Canada is crown land and city zoning laws restrict where you can build residential homes. Most people prefer to live where all the major cities are because that's where all the jobs are. You can find cheap real estate 2-3 hours away from the city center but nobody likes driving 2-3 hours everyday to work.
@@Observer168 i guess crown land should be rezoned. This is a democracy isn't it?
@@Ynalaw Canada is a common wealth country so no…
@@Observer168 So, Canada is categorically not a democracy?
@@Ynalaw
Over the federal and provincial government's dead bodies.
We need more immigrants to help the economy, which will help us increase density.
600k for a 400sq ft, beyond beyond insane
There are many moves policy makers can make. But one bold move they should make as an addition to incentivizing smaller players/developers to create more housing supplies is to put large taxes on every $100k profit from speculator/ flippers and overly priced houses. Sellers these days with the help of their agent/s is able to pull out of the market after one week, and reprices their home multiple times with 150k more or less with zero consequence. Yes, they can do it because no one is watching, no real law preventing them from doing so. No penalty. In my opinion, lawmakers should go back to re-tax the system from when housing prices were clocking 3 percent higher per month back in 2021/2022 and start back tracking with large taxes for every houses sold at that time. This would certainly scare the crap out of potential bad players in the housing market. Instead, lawmakers choose to stay in the sideline and let everyone such as real estate agents, sellers set their own price, make their own decision. The consequence is that new prices become the new precedent in every neighborhoods, forcing new buyers with no choice, but abide to new price rules created by the same people who's interest is to profit from high housing prices in the first place. Non intervention by lawmakers indirectly resulted to a LAWLESSNESS ENVIRONMENT in the real estate market (everybody do whatever they want). Meanwhile, the middle class and an entire Generation of Canadians are completely banned from the real estate market and completely crushed financially for the rest of their live despite working very hard with large savings. Hard working young men and women in this country are now forced with zero option, but live in rooming houses and parents basement with nowhere to go. What a shame!!!. Listen to me folks, you will not see your T4 income magically creates an extra $100k. Everyone knows it including the policy makers. Anyhow, this whole overpriced housing market is built on a house of card based on speculation and will most certainly crumble into pieces when reality sets in.
Have been waiting for the real estate sector to get washed out but has not happened yet lol
@@jay1645 Well, I guess the government starts to realize how big of a problem this housing crisis has become. They are now slowly implementing taxing policy to curb speculation. It remains to be seen what the outcome will be.
Owners losing some money and renters oozing blood through noses...given up hope on having own houses ...whose fault is this? Country with biggest land pool and easy lumber all over!
The good lumber is gone, were left with pecker poles
Never gonna happen. The entirety of Southern ontario is a lost cause when it comes to affordability
What will be interesting is when they solve the supply problem and the insane values people are currently paying mortgages on drop like a stone.
The Supply problem will never be "Solved"
@@ricardo9013 I hope not, I like my current home value, it’s my entire retirement plan…
YOU ARE ALL LATE
Some think it is done on purpose
Prioritize popping the bubble. Stop protecting the over valuations, it’s smothering the economy.
HaHa looks good on idiots that drove prices up for the rest of us by throwing money around buying anything at any price. I hope most of these people lose their shirts.
🤡
Any policy that gets more supply built is the way to go.
Cut red tape on zoning and permits.
Cats are talking, The last thing is to trust and listen to them.
🤡
😂
Lol
Density is absolutely a horrible objective. Canada is the second largest geographical country. Cram more people into smaller spaces? For what good reason? WEF goals? Have fun raising a family in a high density environment.
I guess if you are an established family and you have a spacious property already, who cares if working people have to cram in to smaller spaces.
Its unhealthy to live in crammed little apartments like in the USSR. Bed bugs, rats, roaches, noisy neighbours etc. And try mixing diversity with density. You'll drive people insane that can't escape from horrible obnoxious neighbours. Smelly cooking, smoking, stinky people. Let's cram everyone together until they are totally unhappy.
Didn't we just go through a pandemic where people were forced to lock down and increase distancing? Density means the opposite.
Is that what you want for youself? Higher density? Not likely. So, why would you wish that on other people?
But the vast majority of the population live in the cities and metro areas.
@@shauncameron8390 It doesn't meam we have to keep building high density.
Matching tie and pocket square, dude? Come on...
This is not a fashion channel my dude.
@@esparda07 Doesn't matter. You should know how to not look ridiculous when your job is being in the media.
Good. We want them to lose money.
Where will all the punjabi people live? Heavens to Betsy. We need to ensure the future of 1 billion Indian people.
You voted for the politicians that made these policies possible.
@@jerrylee3887 Jerry, you are incorrect to smear the average Canadian voter who would never consent to that. Its not really a democracy, so stop blaming voters. The voting choices are inferior, and gov bureaucracy always remains in place no matter the hood-ornament political party is.
@@Ynalaw
Yet they happily voted for Trudeau Sr. who laid the foundation for what you're seeing now.
Moronic idea
AI will save this.... Nvidia 😂🎉
Definitely not getting bold real estate policies out of liberals.
So, we, the citizens, should agree to have our sunlight blocked & to live in dystopian concrete jungle? What do we gain from it? Or, we should cover up for generations of incompetence to develop wider Canada & its smaller cities equally, by building connectivity & making them more attractive for all...
Found the NIMBY
so are you anti immigrant then? where will pancheet live?
i agree with having a laneway house mandatory in your backyard with 10 temp workers living in it. Only fair
How do you solve the growing population problem without density?
What are you talking about, normal big cities have only big buildings. Toronto still look like a village.
I invested in 2 condos besides my primary residence and now cannot carry them to the profits I envisioned due to rising rates and rents (need 8-10K from each) .. need help lol Time to short the banks ?? lol
1200$ for a single room