Either salaries have to go up or costs have to go down. GTA has lost its way. Too many taxes, cost are far too high, incomes too low. Something's got to give.
My question is what happens in about 30 years when those glass condos start structurally falling apart? The special assessment to fix that stuff will be more than those units will be worth! This condo scam will eventually destroy most of our cities!
The Toronto Condo market is a one trick pony in that all the units are small, 500 to 600 square feet. That limits the market drastically and eliminates people downsizing. Turns out that all these young people are realizing that they do not want to live in an expensive closet.
Look at what is going on in Florida with HOA fees the same can happen here in the future. As someone who own a few condos myself it’s at more lost than gain to keep
The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies.
I began investing in stocks and Def earlier this year, and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it.
Good get lost investors. Nobody wants to live in a condo!! But they used to cost $250,000 with low condo fees.. that's why people lived in them, because it's affordable for the tradeoff of a crappy home. Now they are double the price because of investor loosers. Take em to court I say.
You can buy real estate on the TSX - via the XRE REIT ETF that yields 4.5%. No strata fees, property taxes, plugged toilets etc. And you can buy/sell it any day of the week.
toronto is one big traffic jam. going 2 miles to grocery store is hell. Half of all traffic lanes are now for bikes that people donot use. NO BIKES BUT HALF ROADS CLOSED TO CAR TRAFFIC
Hi Vince my wife (accountant) and I figured this out 10 years ago. We didn't buy, thankfully. Only thing we did miss out on was appreciation. But capital gain taxes would have had me angry.
In cities like Peterborough most new buildings lack balconies or decent windows. Profit over all incl air quality/fresh air. Recycling a bonus. Prob few $ parties involved would live in them. Why many rental units avail? Moving stress and lack of good quality/well managed units (buy/rent) why many owners not selling yet?
I agree with info and advice but the people like myself that are not dog crate condo give us a bad name in this market too. This is not fair to give us a bad name. I see it has two different markets. 1) investors downtown small condo and 2) I see reasonable sized condos outside of downtown for possible young couples and families for first time buyers ok. Don’t put us is in the same basket that condos are dead. A title like that is negative and puts people off buying a condo. The investor condo market is dead and brings us down. Condos can still be a good stepping stone to owning a house. Not fair at all to group us together. I would like to know your feelings on this please and how you can change the perception of bigger condos to still be a good place to call home.
To be clear, I specifically mentioned 1 bedroom condos. There are too many of them and anyone with 2 or 3 bedrooms have desirable units. Not intended for you.
I'm a believer in multi-unit properties that are primarily 2/3 bedrooms units. There are not enough of them and in short supply. I made it clear that 1 bedroom condos don't pencil out and this cohort will be a terrible investment at $1,000 per foot in the current market place. if you have any questions, don't hesitate to reach out.
There are a lot more 1 bedrooms in the market but also a lot of people looking to rent them so i think rent demand is there for a very long time. The problem is price, condos have to come down in price to where it makes sense or not many people will buy.
depend on neighborhood(school), maintenance fees and size. those sub 300 sqf in downtown can really just go piss off, no one in their right mind will pay 600k asking price for it.
Anyone making observations based on August numbers (always the lowest or 2nd lowest) is someone you definitely can avoid. Also if 1 bedroom sales take up a larger % of the data then of course the average is gonna go down......more 2 bedroom sales means prices go up.... which is why average is a bad metric
if it has to be real estate, then freehold is the only option. this essentially rule out condos. there's no reasons to invest in real estate if the purpose is not for own use.
😅🤣😂😂🤣😅🤣😂 The only people crying about overpriced Canadian real estate are the speculators and the real estate agents. I feel really sorry for them....🤣😂
Im 37, ive got 3 properties. By 45 they will all be paid off thanks to renters. 1 of them is a condo i bought for 650k in 2021. 2 are duplexes. At 45 years old once theyre paid off they will generate 150k income annually and will have large equity. I appreciate your take, but as a guy whobstarted with 0$, i disagree. Leverage is king if you dont have daddys $.
If the Canadian government decides to hike development fees by 10% a year, non stop, no cap, do you think Canadians will jump in and grab the deals right now?
I think all buyers should pause their plan for buying until there is not a single house that gets sold for continuous 6 months. And we wll will get our dream homes in half the price from the current. I am prospective buyer in GTA and I am going to put my plan on pause
2.99%?? FINANCIAL POST: Bank of Canada to cut interest rates deeper, faster over next year, economists say Will fall to 3% by next July from current level of 4.5%.
In 1981 everything stop in regards to REAL STATE because that time the INTEREST Rate WAS VERY HIGH but after only 5 years everything goes Normal ! The GST INTEREST AT THAT TIME IS 14 % !!!!???? Hahaha
Imagine watching this and you paid $650k for a condo in 2021 at the peak while all this is going on,,,holy shit I'd be losing sleep but the same people probably took turdeaus injections so the brain was already cooked,,,lol,,,
I’ve had majority of my holdings in tech stocks and irrespective of market changes, I’ve done pretty well especially with apple’s P/E(price to earnings ratio) gaining over 30% this past decade, now my questions is what stocks do you think will be the next apple in terms of growth for the next decade.
Because Apple has surpassed the competition, it may be difficult to locate the next Apple inside the tech stock industry. It is best to look beyond technology stocks.
Well things are different now, same market strategies applied over last decade wouldn’t apply to the current market, so to actually figure out how to outperform the market and stay afloat for the next decade, you should reach out to a financial advisor, that’s how I’ve managed to properly diversify across the right asset classes and gained over $450k in profit this past couple years.
Considering an investment of approximately $250,000, I seek your guidance on entering the market. I am contemplating mirroring the tactics of seasoned professionals rather than independently investing to mitigate potential financial setbacks and emotional strain. How do you view this particular strategy?
Exploring the option of diversifying your portfolio by blending stocks and stable assets could be a wise move. Consulting with a financial expert at this point may offer valuable perspectives and tactics to handle market uncertainties and safeguard your investments.
Indeed, my investment portfolio has been strategically diversified to weather various market conditions, resulting in a substantial 60% return from the beginning of last year to the present. Collaborating closely with my financial advisor, we are diligently navigating towards a seven-figure milestone in the investment realm.
Investors will stay away. Sales will erode. Rents will drop but they have a pretty high floor with the crazy prices and condo fees. The condo heavy areas of the city will deteriorate. This was all talked about 20 years ago. Greed never wins.
People buying on negative cashflow has been happening for a long time. People want capital gain. No longer there. It's like buying baseball cards hoping someone will pay you more. Never invest for capital gain, always invest for positive cashflow. Good luck.
You can invest in the Asia-Pacific rim and earm between 10% to 13% or higher with guranteed returns and low risk investments. Thats why Hong Kong has the most billionaired world wide.
Its not dead, but it has to drop back to average income affordability, and after canadians get taxed 70 percent of thier hard earned money, I think 250k is the number of old Canada, trudeau number is 1.25 mil
Either salaries have to go up or costs have to go down. GTA has lost its way. Too many taxes, cost are far too high, incomes too low. Something's got to give.
I find things cheaper on GTA, cars, helicopters even are free, if you know what you are doing.
PlayStation is best on.
Sucks because nobody can afford these, even if the owners would sell at a loss.
My question is what happens in about 30 years when those glass condos start structurally falling apart? The special assessment
to fix that stuff will be more than those units will be worth!
This condo scam will eventually destroy most of our cities!
Will they last 30 years? Normal home windows begin degrade after 15 -20 years.
The Toronto Condo market is a one trick pony in that all the units are small, 500 to 600 square feet. That limits the market drastically and eliminates people downsizing. Turns out that all these young people are realizing that they do not want to live in an expensive closet.
600k for 1 bedroom with maintenance fee of like 800 yeah. no one is biting that shit amigo
$500 maintenance fees I don’t think so. Try more like $700 and up.
And it gonna keep going up for sure stagflation is here
500 are you serious! A lot more then that !
We pay $815 a month in a freehold town house complex near Old Mill.
I pay 300
Look at what is going on in Florida with HOA fees the same can happen here in the future. As someone who own a few condos myself it’s at more lost than gain to keep
condo fees may explode due to how some of these condos are built (lack of quality or durability in finishes such as windows).
Also factor in realtor costs to sell your investment.
600k for 1 bedroom shoe box crate it’s guaranteed to depreciate over the next years good luck
The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies.
I began investing in stocks and Def earlier this year, and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it.
What opportunities are there in the market, and how do I profit from it?
You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
I would really like to know how this actually works.
All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
Good get lost investors. Nobody wants to live in a condo!! But they used to cost $250,000 with low condo fees.. that's why people lived in them, because it's affordable for the tradeoff of a crappy home. Now they are double the price because of investor loosers. Take em to court I say.
You can buy real estate on the TSX - via the XRE REIT ETF that yields 4.5%. No strata fees, property taxes, plugged toilets etc. And you can buy/sell it any day of the week.
We need a story on the criminal strata fees and their sky rocketing nature.
toronto is one big traffic jam. going 2 miles to grocery store is hell. Half of all traffic lanes are now for bikes that people donot use. NO BIKES BUT HALF ROADS CLOSED TO CAR TRAFFIC
Hi Vince my wife (accountant) and I figured this out 10 years ago. We didn't buy, thankfully. Only thing we did miss out on was appreciation. But capital gain taxes would have had me angry.
Not smart. You will be paying rent after you retire.
@write2nick LOL... ya i'm gonna starve to death.... with my union pension
You wouldn’t have been taxed if you claimed the primary residence exemption
@@RoronoaZoro-nt5dl it was for investment. Not to reside in.
In cities like Peterborough most new buildings lack balconies or decent windows. Profit over all incl air quality/fresh air. Recycling a bonus. Prob few $ parties involved would live in them. Why many rental units avail? Moving stress and lack of good quality/well managed units (buy/rent) why many owners not selling yet?
❤thanks for revealing the truth.,
Propaganda is everywhere to swindle young peoples money..
Great to see you enjoy them.
Your videos never let us down Vince! Nice work!
I appreciate that!
I agree with info and advice but the people like myself that are not dog crate condo give us a bad name in this market too. This is not fair to give us a bad name. I see it has two different markets. 1) investors downtown small condo and 2) I see reasonable sized condos outside of downtown for possible young couples and families for first time buyers ok. Don’t put us is in the same basket that condos are dead. A title like that is negative and puts people off buying a condo. The investor condo market is dead and brings us down. Condos can still be a good stepping stone to owning a house. Not fair at all to group us together. I would like to know your feelings on this please and how you can change the perception of bigger condos to still be a good place to call home.
To be clear, I specifically mentioned 1 bedroom condos. There are too many of them and anyone with 2 or 3 bedrooms have desirable units. Not intended for you.
What about the risk of not getting your rent, deliberate damages to your condo by tenants and waiting for LTB.
You’re saying that investing in condos isn’t working out, but I saw on TV that you’re recommending real estate investment. What’s the current advice😪
I'm a believer in multi-unit properties that are primarily 2/3 bedrooms units. There are not enough of them and in short supply. I made it clear that 1 bedroom condos don't pencil out and this cohort will be a terrible investment at $1,000 per foot in the current market place. if you have any questions, don't hesitate to reach out.
Thanks for being honest
Always!
You are very honest
Very good point
625K for a box in the sky ! LOL.
Back in the day, my parents bought a 4 bed, 3 bath, two level, large yard for 119K !
back in days? 1909?
Probably 1980's
@@wiseoldowlshow ... as I said, back in the day ;) ;)
Bought my house for $80000 cash just 8 years ago....moved to the country and never looked back ..
@@yummymommy4717nevertheless, today is crazy.
But prices will keep going up right?… Haha what a joke, no other way to describe this circus haha.
Investors were buying any cheap condo the last many years. Of course the devs have 0 incentives to build good condos.
I'm not paying for a shoe box!!!!!😂
You didn't even mention the potential that your tenant doesn't pay or is demanding/difficult or destroys your condo.
condo market is not dead, flipping and speculation is. All these so called investors were actually gamblers and turned real estate into a casino.
There are a lot more 1 bedrooms in the market but also a lot of people looking to rent them so i think rent demand is there for a very long time.
The problem is price, condos have to come down in price to where it makes sense or not many people will buy.
depend on neighborhood(school), maintenance fees and size. those sub 300 sqf in downtown can really just go piss off, no one in their right mind will pay 600k asking price for it.
Vinny in the YT game now? Hell yeah. I saw enough Hot Property I KNEW who it was hahaha.
Thanks for the shout out! If you are ever in the neighbourhood, drop in for an espresso to chat about the Hot Property decades!
My boys are big fans and gamers. They are their 20’s now but were big fans of your old gen COD Easter eggs! Your comment made me hip in my household!
$ 625 000 for a one bedroom condo is profitable for a builder/developer ??? Greedy developer / builders are gouging prices I have no pity for them.
Your lighting looks a little darker now. Not sure what happened but did you change cameras?
Thanks for the heads up.
Anyone making observations based on August numbers (always the lowest or 2nd lowest) is someone you definitely can avoid.
Also if 1 bedroom sales take up a larger % of the data then of course the average is gonna go down......more 2 bedroom sales means prices go up.... which is why average is a bad metric
Condos are only old good for retirees who can buy with no mortgage . Price, maintenance fee not worth it even?
if it has to be real estate, then freehold is the only option. this essentially rule out condos. there's no reasons to invest in real estate if the purpose is not for own use.
😅🤣😂😂🤣😅🤣😂 The only people crying about overpriced Canadian real estate are the speculators and the real estate agents. I feel really sorry for them....🤣😂
Im 37, ive got 3 properties. By 45 they will all be paid off thanks to renters. 1 of them is a condo i bought for 650k in 2021. 2 are duplexes.
At 45 years old once theyre paid off they will generate 150k income annually and will have large equity.
I appreciate your take, but as a guy whobstarted with 0$, i disagree. Leverage is king if you dont have daddys $.
If the Canadian government decides to hike development fees by 10% a year, non stop, no cap, do you think Canadians will jump in and grab the deals right now?
I told yall the muppet boiler room condo flipping market is dead 😂
Condos=avoid at any cost emergency maintenance cost are rising very quickly condos flipping market is dead solid lolll
I LIKE THIS VIDEO... IT'S THE TRUTH...
THANKS VINCE
I think all buyers should pause their plan for buying until there is not a single house that gets sold for continuous 6 months. And we wll will get our dream homes in half the price from the current. I am prospective buyer in GTA and I am going to put my plan on pause
Vince.... you're better off investing 600gs in bank and utility stocks and get over 5-7% annually
Investors got greedy in recent years and now they’re paying the consequences. I don’t feel bad for naive greedy people.
2.99%?? FINANCIAL POST: Bank of Canada to cut interest rates deeper, faster over next year, economists say Will fall to 3% by next July from current level of 4.5%.
In 1981 everything stop in regards to REAL STATE because that time the INTEREST Rate WAS VERY HIGH but after only 5 years everything goes Normal ! The GST INTEREST AT THAT TIME IS 14 % !!!!???? Hahaha
I'll rent a garage out and make better return
I’m
Surprised this is new to people
Imagine watching this and you paid $650k for a condo in 2021 at the peak while all this is going on,,,holy shit I'd be losing sleep but the same people probably took turdeaus injections so the brain was already cooked,,,lol,,,
I’ve had majority of my holdings in tech stocks and irrespective of market changes, I’ve done pretty well especially with apple’s P/E(price to earnings ratio) gaining over 30% this past decade, now my questions is what stocks do you think will be the next apple in terms of growth for the next decade.
Because Apple has surpassed the competition, it may be difficult to locate the next Apple inside the tech stock industry. It is best to look beyond technology stocks.
Well things are different now, same market strategies applied over last decade wouldn’t apply to the current market, so to actually figure out how to outperform the market and stay afloat for the next decade, you should reach out to a financial advisor, that’s how I’ve managed to properly diversify across the right asset classes and gained over $450k in profit this past couple years.
That’s impressive, have you always had a financial advisor?
Google “Jessica Lee Horst” and do your own research. She has portfolio management down to a science
She seems to be well-educated and well-read. I ran a Google search for her name and came across his website; thank you for sharing.
I believe Rent in Ontario should increase 5000% Ontario and Quebec put Canada into this mess. They should have to pay for it
625k with a good chance of another 20% hair cut
Considering an investment of approximately $250,000, I seek your guidance on entering the market. I am contemplating mirroring the tactics of seasoned professionals rather than independently investing to mitigate potential financial setbacks and emotional strain. How do you view this particular strategy?
Exploring the option of diversifying your portfolio by blending stocks and stable assets could be a wise move. Consulting with a financial expert at this point may offer valuable perspectives and tactics to handle market uncertainties and safeguard your investments.
Indeed, my investment portfolio has been strategically diversified to weather various market conditions, resulting in a substantial 60% return from the beginning of last year to the present. Collaborating closely with my financial advisor, we are diligently navigating towards a seven-figure milestone in the investment realm.
Your financial advisor sounds top-notch, Wehrine. Is it cool if I ask if you're still rolling with the same advisor and how I can reach out to them?
Desiree Ruth Hoffman is the individual in question.
Thanks for sharing. I just Googled her name and her website came up right away. It looks impressive so far.
Investors will stay away. Sales will erode. Rents will drop but they have a pretty high floor with the crazy prices and condo fees. The condo heavy areas of the city will deteriorate. This was all talked about 20 years ago. Greed never wins.
Over built, over priced, over taxed and under sized. Buyers beware.
People buying on negative cashflow has been happening for a long time. People want capital gain. No longer there. It's like buying baseball cards hoping someone will pay you more. Never invest for capital gain, always invest for positive cashflow. Good luck.
My realtor told me I could make 300k$ a flip
@@donm2067 Ask why he isn't buying right now. Good luck.
pretty sure people buy Tesla or Amazon stock all day long, that has no divvy only capital gains..... same with gold or bitcoin
Time to jump back in and be a debt slave
@GreenBeanGreenBean I have physical Gold, but I don't treat it as an investment. I see it as an insurance policy.
That’s what happens when money hungry developers build pigeon hole apartments.
Wait till you see what else is coming down the pipe. Buckle up Canada
You can invest in the Asia-Pacific rim and earm between 10% to 13% or higher with guranteed returns and low risk investments. Thats why Hong Kong has the most billionaired world wide.
Respectfully, ain't nobody I know worth their salt is buying a 600K condo in Toronto just to have garbage dating prospects and massive debt.
Marxism
Condo fees should be capped at $250 and include property tax and electricity, for starters !
i agree condo fees hitting almost 1k in a 500 sqft shoebox is insane.
Its not dead, but it has to drop back to average income affordability, and after canadians get taxed 70 percent of thier hard earned money, I think 250k is the number of old Canada, trudeau number is 1.25 mil
JustCallTheGuy to do some painting and cleaning and make it look more appealing to buyers.. remember .Ca after the name JustCallTheGuy