In 2025 things could begin to get 'really worrisome' in housing market: Royce Mendes
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- เผยแพร่เมื่อ 16 พ.ค. 2024
- Royce Mendes, managing director and head of macro strategy at Desjardins, joins BNN Bloomberg to discuss his view on Canada's new immigration policies. Mendes says demand for housing won't be growing anywhere near as fast as it did over the past 12 months amid new limits in population growth.
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Mass immigration isn't necessary if the Canadians here could have afforded to have a family
Hold on there you are starting to make sense
bromigo, born and raised canadian here.... I didn't see our fellow canadians have MOAR kids between 1997 and 2006 when the good times were still around... So that's a dumb assertion... Things were definitely affordable then yet we didn't see a population growth commensurate with the good times... So explain that bromigo.
Yeah, that's why the poorest countries have the most kids, and the richest countries have the fewest kids. Because people have more kids as they get richer and more educated!
@@kalebb7170 I'm talking about responsible family
You can’t afford to have a family in Canada with income below $100,000 and most jobs don’t even pay $35k
Driving GDP growth through a population boom without thinking about how to house, feed, or care for the new people is the most poorly considered policy I've ever seen. It was obvious to anyone with brain cells that adding people at a record pace during a historic housing shortage would be a catastrophe. Tent cities were the inevitable outcome and it'll get worse still. Add in that per capita GDP has been in free fall, and we can say we didn't gain real economic benefits. The anchor asked if we could've predicted these hardships, and the answer is yes--it was obvious. Everyday people can figure this out. Just had a kid? You're going to want more space. You're going to need to find a pediatrician, daycare, and buy baby food. In-laws moving in? You're going to need more space and maybe renovate it. Yeah... Going to add millions of people to your country, they're going to have some needs....
Well said
It makes sense if you view human beings simply as any other commodity.
When do we see the gdp growth lol! Canadas economy hasn’t grown in twenty years!
You’re assuming all immigrants are refugees. Many of these people are skilled and coming to Canada to fill jobs and they can actually afford to house and feed themselves and contribute to society.
@@seanmaj I'm talking at a system level, seanmaj. Middle-class and affluent immigrants also need places to live, doctors, daycares, senior homes, hospitals, and schools. If demand for all of these things already exceeds supply, adding additional demand faster than additional supply will worsen the problem. Intelligent policy has to understand the knock-on effects and prepare for them. The longer this government incompetence goes on, the worse the strain on public systems will get.
Immigration is broken. Our population grew too fast and we lowered our per capita GDP.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just looked up Melissa online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals.
Maybe we have to figure out how to be more innovative and productive instead of relying cheap dollar and cheap labour
The REAL reason we are not competitive is because Justin Vilify's the Oil and Gas sector. The FACT that ENERGY IS our economy, falls on deaf ears. He is literally willing to sacrifice our nation for a NON-existent threat is the height of stupidity. This clown can't leave fast enough.
Well i can think of one way. I know some companies already do this. Pay people fairly, dont burn them out, give them 5 or 6 weeks paid time off to burn off their steam so they can focus at work, but have very clear performance expecations.
Other thing is also from the housing perspective, we need to recognize housing is not like a luxury product. Its a basic necessity so stable labour is available for businesses. If it gets too expensive, businesses cannot build up their employees, and they cannot grow. Nor can their customers afford the products.
What i see happening across canada seems to be a case of every sector in the economy being sucked dry to support the real estate sector. But there are so many other sectors that could generate more jobs.
Tech, finance, manufacturing, and other industries are all being strangled by high housing prices as our best professionals flee the country. Just my opinion.
You need supporting infrastructure (schools, hospitals, teachers, doctors, etc) to grow in tandem with population growth by whatever means. The nation has failed at this so we need to pause.
Most of all you need jobs. Need to bring as many jobs as people in. Nothing wrong with immigration as long as jobs are available for them.
I really dont understand this idea of unregulated, non-selective immigration solving labor shortages. As if India, Pakistan, Somalia have such a surplus of lawyers, teachers and doctors. Skilled professionals will generally stay - except when the country is collapsing, like Ukraine 2023, Russia during the 1990s or Iran after the Islamic Revolution. But in normal times high skilled workers are not the most likely to emigrate.
Don't agree with him. Not sure he knows well enough to priortize which one is a bigger problem to address 1st. Throttling immigration is the right move given this is an immediate emergency . We just don't have the infrastructure to service these new immigrants. Getting jobs right now is already extremely difficult.
Mass immigration of cheap exploitable labor absolutely and utterly has ruined this country.
The insane amounts and insane pace of people coming in was not tied to housing, infrastructure, or even the economy.
We've got a Housing Crisis on steroids.
We've got a Healthcare and Infrastructure collapse.
And we've got a stagnating economy that per capita each quarter we keep getting poorer.
So along with massive competition for work the rental/ownership market also has massive competition. Which means the most affordable and basic rentals/ownership options are in high demand making them almost impossible to access or if you even get lucky to get your hands on one the affordability crisis kicks in. Canada is toast.
This year I tried cramming 14 people into my Toyota Corolla sedan to give them a ride home from work. It was hard, only 10 were able to squeeze in, and 4 had to walk the 35 kms home. Next year the company will bring in 14 more workers, and it is going to get 'really worrisome' in the Corolla when I try to squeeze all 28 people into my car. Now replace 14 workers and a Corolla with 1.4 million new immigrants and a limited supply of Canadian houses.
👏👏👏
Royce Mendez's job is to keep house prices high for Desjardins' clients and his bank's asset solvability. He is not on the side of buyers. To him and his counterparts, anything which hurts that narrative is a looming crisis.
The sad thing is that he probably knows people, including even his own friends or family, who may be struggling or losing out on chances to have a family thanks to high housing costs.
I cannot understand how some people can try to promote this housing crisis. Do they not understand the misery people are going through struggling to pay bills and having to put life plans like kids on hold or even cancel them?
Yet if he is trying to prop up the market, doesn't he know that one day he could be one of the struggling seniors or his children could be forced to skip meals just to make rent?
I dont mind capitalism, but let's not screw the people who make the success of our economy possible. They deserve that respect, too. Just my opinion.
You nailed it, he was completely biased on his assessment, mass immigration also brings tons of new clients to his banks.
@@abcdedfg8340 people like Royce Méndez have only one thing on their minds: keeping their well-paid, cushy jobs. Not easy to turn around and find a new job as a bank economist, especially if you betrayed the narrative.
Next, the mindset is: society managed with the Robber barons of lore, they will manage today.
Don't have a Ph. D in finance? Aren't a medical doctor? To them, well that's your own damn fault.
@@Daniel-ef7nk thanks. You will hear his spin in the news every few days or so.
Bloomberg always interviews finance people with heavy vested interest in all the views they express.
We are in a recession. It's just a per capita recession. We are all getting poorer as we bring more people in
It's been a great run for retirees and savers with these much higher interest rates the past couple of years.
@@parkerbohnn ?? paying double for your grocery and rent is a 'great run'?
@@alexg9727 Meanwhile my yearly income nearly tripled all due to much higher interest rates.
No doubt! A pre-made veggie or fruit platter is $45 in some places in Canada. 5 years ago, $15. Winning???@@alexg9727
@@parkerbohnn Not really, these interest rates we have now are still below historical average rates and inflation is eating them away.
"You're not going to have the population growth required to fuel that upward momentum on the housing market." Saying that as if it's a bad thing. What a sick freak.
Our immigration only got really out of hand over the last few years. Cost of housing has been an issue here for 15+ years. Relax. Cutting immigration from unprecedented levels is not going to decimate the housing market. The market will be just fine.
Investors fueled the rapid increase in Canadian RE.
Investors were all in because they knew the population growth would create a shortage.
Investors are currently not buying, look how slow it is.
Add this to it, RE in Canada has nowhere to go but down.
Give it 18 more months of the same, you will see
It's ALREADY beyond worrisome as of now ! We are in clown s*it show territory. Homeless tents & tent cities are already everywhere. We're too far gone as far as housing affordability.
If immigrants do all the jobs , where are the Canadian born kids gone get job , what job they gone get ????. How do you expect them to pay there bills , planning to buy there own house & setteling down .
Canadian born kids????
Their argument would be that "there aren't enough Canadian-born kids" to fill the jobs in a growing economy. The irony is, so many Canadians cannot afford to have kids precisely because of the costs being put on them through these massive immigration numbers. Those that benefit from it will just keep pointing out the one half of the issue.
@@beautanner8409 No their argument has always been "OMG why are you so racisss! Stop being a racisssst!!
University and college students used to work well-paid farm jobs during their 4-month summer breaks. Noe so much farming is massive corporations, and they don't want to pay proper wages, so they want only foreign workers. Colleges and universities are still full, so the workers exist, although 60% now foreign! 😅
If you want cheap labour in Canada then bring manufacturing here as well and stop outsourcing... this guy is not concerned about the public at large, rather investments he is holding...he shud go and talk to people who are jobless and struggling for housing and survival..
He probably has some income properties and wants hundreds of potential tenants out bidding each other.
Canada is an un unaffordable country I’m early fifties but out of work and educated in McGill accounting and mgmt but no one hiring? Why not help those who are looking for work to get work instead
Go to Alberta.
Unfortunately, our accounting and management sector is glutted with all these talk show guests. We need to make farm jobs and other essential services jobs good-paying Canadian jobs for Canadians. Then, people can make a living doing necessary work and we won't need foreign workers. A big part of the problem is corporate agriculture wanting low-paid workers who aren't seeking good pay for a life in Canada. That should be outlawed.
No expert is credible when the argument centers ONLY on ONE side of the economic equation. This guy is typical of that. The benefit of human resource led supply growth must be balanced with the demand induced cost increases of everything else in order to argue for a net benefit.
It is shocking. It's like a company hiring as many people as they possibly can to boost productivity under the simple notion that more workers = more output without considering the Marginal Value of Labor or the cost of each employee. That's what Canada's inept government just did on a grand scale.
This guy doesn’t know that he is talking about . 1 million people in 1.5 yrs.. Insanity
Productivity is tanking, innovation is slowing, our economic growth is flat and the only way this government has addressed this issue is to increase population which then artificially increase GDP but in reality we have been left with this affordability crisis. Canada is broken and it will take decades to fix.
stricter immigration is needed to fix housing affordability
Our birth rates would not be similar to some european countries. If our cost of living was more affordable, there was equality in the family courts and Canadians (multiple races) would have more children.
A change in mainstream culture is needed too. A sexually driven culture with a reliance to birth control. No desire to have children but just focused on dating and having a fur baby. Family values have changed because it's practical.
Our government always seems to do things without modeling what will happen in the future. I wish our policy makers could think 😢
What about access to services and out of control crime?
Please leave all your money by the front door with a sign saying, "take it, its yours". Thank you
Bringing or allowing entry to a lot of young men (as TFW, students or migrants) rather than families or couples is a little different than what the government has done in the past. Unfortunately, I was not able to find the gender breakdown for temporary residents.
Note: Certainly most of these young men are just here to work and only a small percentage of people turn to crime.
Avoided a recession….ON PAPER. Real people have seen such an increase in financial stress these past few years, what’s the point of “growth” if it doesn’t benefit citizens?
Hahaha blaming the housing crash on diminished population growth. What will he say when unemployment starts sky rocketing even though immigration is throttled.
The housing market is over. A doubling of home prices in 2 years was the blow off top.
Watch Richmond Hill, Markham and Vancouver if interest rates fall as predicted in 2025. Double digit gains forcing rents substantially higher.
Dream on @@parkerbohnn
My house I bought in Edmonton new almost 12 years ago is still worth the same. This is a GTA GVA problem.
@@MustyBastard as it should be. Were full up. New Canadians and unskilled people think they have a right to live in canada and not deal with -40 and/or ice storm. Think again people!
@@MustyBastard No, it's a problem across the board... my parents home in Calgary is through the roof. Atlantic Canada used to be a haven of affordable prices...no longer. There may be pockets, but it's a major problem all over the country now. Though, even if it were only in the major population centers of the country, it'd be a problem the whole country should be interested in.
Cities are also contributing to the high price housing problem by rezoning residential lots from single older houses (1000-1500sqft). These houses are worth $500,000-$700,000 in Calgary. If these lots are rezoned to allow infill houses, now you're competing against developers to buy a house on a 50ft lot (pushing up there prices) or the infills they will build are well over a million dollars each. It's more like we're housing livestock, in feedlots, than building a livable community.
GOOD. We’re in dire need of a supply/demand rebalancing. The only people who benefit from the current equilibrium are the financiers who win from cheap labour and high asset prices.
Considering that the actual definition of infrastructure from the Oxford dictionary is “the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise” it would seem rather strange that infrastructure expansion wasn’t sufficiently considered when pursuing a population surge through rapid immigration. Seems almost like an unelected citizen who doesn’t receive a salary to plan and address these issues can see what is glaringly obvious. Immigration, when combined with sufficient infrastructure expansion, could be brilliant. Could be enormously enriching and beneficial for everyone. Cramming everyone into an unplanned and insufficient housing supply seems, well, rather crude and shockingly blind.
The debates we are having are wrong ….. we need people but good quality people…. We want more students in bachelors, Masters, and PhDs…. We do not want more refugees, uneducated visitors who buy work permits via LMIAs, and diploma students.
Naw we need to get rid of Justin commie dictator trudeau if you don't think so your part of the problem
Diplomas can be fine, but it depends on the diploma. If it's one in a field that has a lot of openings, then allowing some diploma students to study and stay would be helpful.
Why call it population growth? call it as it is overwhelming influx of immigration without housing planning for them! It us to obvious that economic planning favored speculative real estate treated not as a shelter but as commodities subjected to windfall profit for hedge fund investment firm!💰
This guy always makes bad faith arguments and BNN love him. Desjardins suck.
I think it is a good idea to curtail immigration numbers until we get the million undocumented people here figured out. We did just find before the increase.
Why are we unable to produce enough jobs for Canadians
We have no industry anymore.
All we do is build houses and sell houses to each other and manifest mortgages for each other to buy houses and clean each others houses and renovate each others houses.
Just because people are leaving workforce they don't vanish in thin air. They still need homes and other services. How do you accommodate all new people without building infrastructure around it
It's astonishing that our government failed to take this one little detail into account. Then again, a lot of people have become fantastically wealthy from the current situation, so maybe it was by design.
They will vanish in thin air soon enough when the MAID program becomes mainstream.
Airports, sports arenas, public transportation, roads needs huge investment to meet the growing demand. Why is it that large population growth still using the same old infrastructure built 50 yrs ago?
True...and also provincial parks. It used to be easy to get a last minute campsite 2 or 3 hours from Toronto --either going north or east. Now, we have to book well in advance. And beaches like Sandbanks are so crowded, even if you get there early. People play music loudly, litter. It used to be a peaceful place.
We need more provincial parks
If you don’t have enough infrastructure in place don’t bring millions of low skilled sheeps here to graze the pasture has no grass to feed
Where are the new immigrants suppose to live and are we going to actually use their skillsets or are they going work low wage jobs causing multi billion dollar companies keep wages stagnated.
The basements of Brampton and Scarborough are at full capacitary leaving garages and tents in backyards as the next place for renters. Richer renters can live in a trailer on the driveway if they supply their own trailer or motorhome. I've heard of renters living in a closet but not too many of them.
Sharing bedrooms is not too bad, no? 😄
In my city on the west coast, the new immigrants live wherever they want: Those that are arriving are often millionaires who are able to easily outcompete anyone earning an income locally. The federal, provincial, and municipal governments all shrug their shoulders and say, "so what?"
@@parkerbohnn There are renters living in pantries in Vancouver. This is highly illegal but nobody reports because this benefits both the landlord and the renter (only because they can't find any new place for under $2500 a month and not because they like living in a broom closet). And no this is no exaggeration. This actually happens.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
The growth has been profoundly chaotic. Is this guy suggesting we should keep growing like a malignant cancer?
This director is speaking only on one side and viewing it in a negative side. However, once the immigration population goes down, the company will consider changing their policy to match the job hiring and increase their salary offer and catch more talents that already existing in Canada.
Things could get "really worrisome" in 2025? It's an emergency right now, and has been for years. The historic level of immigration has been a massive contributor to this. Massive immigration isn't (and has never been) the main cure for our aging population.
Mr. Mendez and his organization have finally grasped the actual narrative of the market. It’s preferable to be late than to never catch up at all. Thanks
Speaking of curtailment, resource companies are doing exactly that to keep prices for goods artificially high
Don’t forget to check under your bed tonight for resource company executives
@@gcc8584 look no further than companies like west Fraser timber co.
Airport expansion, more competition in telecommunications, banking, technology, roads, all need to be built
What is “really worrisome” for businesses, homeowners, investors, realtors, etc., should be good news for everyday people, if prices of everything drop because there will be less demand for everything. Everything is too expensive right now.
Do “businesses, investors, realtors and homeowners” not employ and provide service to regular people?
@@gcc8584 When there are too many people, there is too much demand for everything, driving up prices, and it keeps wages low, because there is over-supply of labor. Both of those are good for businesses and upper class people, but bad for others.
Its more than worrisome now! Population growth is just putting more pressure on housing prices that most can't afford anyway!
4 million Canadians live outside of Canada, 1 million have packed up and moved to the USA.
Bloomberg, please, please stop interviewing biased people who are slinging lobbies. Are new immigrants unemployed and living in tents and hotels, or are they filling important jobs? Given the rising unemployment rate this week, CLEARLY immigrants are increasing our employment problems. Stop hiring foreign workers to do jobs young Canadians used to do - many of us worked farm jobs in the summers during university.
Just dont' build, easy, if I were a developer I'd invest elsewhere, ONtario is terrible .
Great points. Smart man. Humans for the most part truly have short term memory. All these news and we forget some of the problems we already had and have forecasted years ago - Aging population rapidly being replaced by cheap labor resulting in less capable workforce & more expensive healthcare. Impending mortgage rate renewals from record low rates.
No talk about building more and more non-profit market rental housing co-ops on city leased lands. This was done back in the 60's and 70's and was extremely effective at providing dignified housing to families who became members of these rental based housing co-operatives.
They were well designed and as the members paid down the debt to the banks on the construction of these co-operatives their housing charges went down overtime and the maintenance and up keep of the co-ops was kept up as each member held a sense of "pride in membership" similar to home owners who hold the "pride in ownership" attitude.
There will always be a certain sector of society who serve the intelligentsia and upper class of cities who need the working class services of people who live near and around them. It is idiotic to drive lower classes further and further out into the wastelands of suburban sprawl, who have to travel hours on shotty public transit to get to work and earn a living. BUILD MORE HOUSING CO-OPS IN THE URBAN CENTRES OF CANADIAN CITIES. IT IS NOT THAT COMPLICATED.
Not from this guy. Only the new Toronto mayor had opened up this possibility of using city land to build coops.
Levered players in real estate will crash but will it be systemic remains to be seen but good chances are likely. GDP growth is scant overall and adding to the population if not in targeted areas where there is actually a shortage could be another disaster. Excess population in unneeded areas will be a drag on the eco. imo
Business benefited and now most Canadians can't afford housing, and owning a house is out of reach
People that worked for 20 years have been layoff n yet r still unemployed n are residents in canada but yet they rather allow more immigrants to come n not hire residents instead they r hiring for less the new immigrants n leaving residents unemployed but say that they don't wNt to work😮😮😮
I wonder if Canadians know what the "Century Initiative" is, and that it is supported by Trudeau and the Liberals: "The Century Initiative (originally the Laurier Project Foundation)is a Canadian lobby group and charity that aims to increase Canada's population to 100 million by 2100. This includes increasing the population of megaregions, which are interlocking areas with more than one city centre and a typical population of 5 million or more (e.g., the Greater Toronto Area, Greater Vancouver, and the National Capital Region)."
It's unfortunate that governments don't allow markets to go through normal recessionary patters like they used to during older generations' time. We've been putting multiple band aids (money printing) onto already inflated asset prices which has priced out an entire generation of first time home buyers.
Congratulations 🥳 on Building homes in Canada 🇨🇦
Royce Mendes is horribly unintelligent.
Currycel
Mr. Mendez and his organization have finally grasped the actual narrative of the market. It’s preferable to be late than to never catch up at all.
False; it's ahead or dead@@user-kv4kp4co1r
As the poet says, wealth is nothing but the absence of people.
Or the absence of love
@@dj-nr8nm Dogs.
At least life is affordable for the citizens in those European nations. People are working full time and living on the street here!! Do you realize that the job of the Canadian government is not to bring down wages through immigration so business can increase their profits but to increase the standard of living of Canadians!
Although I agree thatn immagration is a big portion of inflation. We have to remember that during COVID when immigration were at an all time low, Shelter cost have increased significantly. We thus have more than one component of this issue
During Covid, a lot of people who were renting in the city left. Rents in my building actually went down. Property prices to buy homes with backyards in the suburbs and rural areas skyrocketed due to the low interest rates and desire to leave the city since WFH was made possible.
Absolutely rubbish we have sky high housing costs and inaccessible health care, only business benefits
All these BNN interviews seem like hot air to me... a random person, with a random title, saying random things.. could be right, could be wrong... I can't tell
GDP should not be the ultimate measure of prosperity. Chasing GDP at the expense of almost everything else is extremely destructive and detrimental.
These experts are best This guy just said It's helping us to avoid a recession, a recession we've been in for about 3 years at this point. We'll done
GDP growth is not what matters, what matters is GDP growth per capita which is not achieved by flooding the country with immigrants, any first year economics student knows that except this guy.
Not true, you need to do his research properly
people have used their homes as ATM machines and are now crying?? LOL Let the real estate train wreck begin
this expert guy is fake
What does that mean ?
Like he is a hologram and not real or like an AI generated image ???
@jtome84-91 means did he even qualified whats he saying sudden population growth is good? how so without proportionate increases in relatuve services like housing and Healthcare seems like he is getting paid for this kind of reports 🤔
Nah as in he's a complete fraud!
He’s a president at Desjardins and used to work at BOC. Super fake expert.
The real worry is that it’s bullish
government will just allow 50+ year amortizations. politicians own homes too so they will just do whatever it takes to bail people out.
The banks could be forced to only allow 4X median income - this way people arent given so much rope. Then tax the hell out of non primary residences forcing investors out and into progressive instead of regressive housing and social deteriorating housing speculation. Then cut immigration by 95%. Housing will then reflect the longer term averages of 4-6X median incomes and citizens have housing.
Less people emigration to Canada in 2025 but lower interest rates. Home prices will still go up forcing rents higher.
No it won't mr. realtor or landlord 😂😂
Not unless renters decide to grow a backbone and be clear on their need to be able to afford to live and not fear being one or two paycheques from the street. But renters need to make that choice. Oh and dont forget to vote.
Business owners, boomers, and even the slumlords do, and there are way more renters than slumlords. So if you want this crisis to end, start participating in our democracy please.
Too many students.
This guy probably owns property and rents it out to those exact same people he says the country needs.
Of course everything is different after a year or so . I do not need you to tell me.
Canada needs a Workplace Culture Change in Order to Retain Talented Immigrants. Discrimination needs to be eliminated and Productivity needs to be allowed.
AI is already replacing lots of jobs which makes the case for massive immigration weak, no mention of that on this interview.
Canada population is increasing by 1.3 million per year
Canada is building houses 50,000 per year
It's not about population. It's about building more houses or more condos or more apartments affordably
The amount of immigration to canada will prop up real estate till 2030
I think you mean “so many people that can work, for next to nothing.”
Its called decimating the existing culture.
Temporary workers are not the ones out bidding me on a home. We need major house building, and a lack of workers isn't going to help Trudeau
The problem being they can't afford a doghouse.
Dude…. Which means interest rate will go down if your argument holds.
I think 100,000 is sufficient for immigration a year if we relocate the 1.9 million Palestinians then thats our immigration and refugee /asylum quota for 20 years
Labour crime pool.
Immigration is still too high even with these measures
I love how he’s framing that population growth is both one of the main problems, but also the solution to paper over our other problems. Classic right-wing econ pundit nonsense where you don’t actually get to any root cause of any problem, and you just talk about things that get people fearful and angry and then end the conversation with “that’s all we have time for.”
Pop!
Wrong Royce, illegal immigration did not fuel the growth (bubble) you speak of. Money rinting did it. Think about it. What are these people who are coming eith nothing, spending? Printed money.
Too many immigrants we cannot accommodate. Look at the housings, schools, etc.
What he says make sense. It's like if more eggs then chickens not needed but if chickens are removed then eggs reduced by multifold. The ratio is not same. Basic issue is Canada is not digitized supply chain to banking still feel so outdated. Nothing moves quickly except amazon delivery. Fix food supply problems, increase domestic manufacturing, reduce refugees they don't contribute anything to economy and Canada planning for 1 million afgans and 1 million Ukrainians how that will change population demographics?? What's the hell they are trying to do. They can support them by giving temporary visa till war is over and let all naturalise through a proper PR pathway.
Source for 1 million Afghans?
If housing is treated as a shelter for family then it is not supposed to be profitable! What a douche!
Castro Jr. see them as votes, what happens after is not relevant...
Wow...the presenter could leave and go for lunch..when he returns, the talking head would still be talking:)
This is crap. GDP is flat. More people no growth.
whyt do we always have to import? why not breed new canadians? and tell third worlds to stop spawning
vote the Liberals out to start fixing the country!
When a house is occupied by 2 families, the price of the house should double.
Thus we need population growth, no? 😍
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!