I am very much pro-immigration. But why not cap immigration numbers to the expected number of housing completions? For example, if we know that there will be 100,000 housing completions across the country in 2023, and we know that there are on average 2.5 people per household, then cap the total number of immigrants at 250,000 per year? Although even this would be too many, as it doesn't allow for the natural population growth of Canadians. Just an idea, because right now there seems to be no co-ordination whatsoever between the Department of Immigration and literally everyone else.
The reason that people cannot afford housing in Vancouver is not due to lack of inventory or too many immigrants... there are just too many investors. I know so many ordinary working class people have investment properties. Hopefully the higher interest rate can mitigate this problem and free up some inventory for people that want to find a place to live.
@@konkise Most people don't save enough money or even in a place to buy a property even if there was inventory to buy. Canadians lack financial education.
@@konkise out of interest, what do you think an investor does once they buy a property? Leave it empty? We know Vancouver doesn't have more empty houses and apartments than other cities its size in North America from the stats we gather from the empty homes declarations. Besides - its an unproductive asset at that point. Seriously - what do you think investors do with houses they buy? Do you think it's possible that they rent them out? All of the talk about investors is a distraction. It's nonsense. We need a ton of new housing to hammer prices down and the risk profile for mega-towers is wrong for luke-warm housing markets like the one we're in. We desperately need municipal zoning reform that would allow for small-scale townhouse and rowhouse construction.
3% cap rate is really good in the GTA. 4k rent on a 1.5 mil property is typical with 6k property tax. So 2.8% excluding all maintenance expense. But realistically u looking closer to 2% . Detached houses is more like an expense than investment
We are not near a bottom in the detached market. We've just hit a support level that will break as the mortgage costs/affordability stays high as interest rates stay high throughout 2023 going into 2024. Central banks won't drop their rates because historically they know that would bring inflation back quickly. I'm expecting 15-20% drop in 2023 after things break and maybe another 5% early next year. And yes, the condo market will follow the detached market this yr. So don't go running out and buying a condo early this yr. Rents will also be ground down as the central banks target this in the CPI.
Unlikely. Demographic changes to the labour markets will mean that central banks won't be able to get inflation down to 2% again for a long time, but by end of 2023 they will have realized that and will probably have begun lowering interest rates a bit to keep the economy from imploding. Combined with a new wave of immigration-driven demand, expect real estate prices to start creeping up again in March 2024.
@@CountSessine The economy is adjusting to the new rates. I see no substantial drop in rates in the near future. They might bump the rate up another 0.25-0.5% then drop that by the end of year but anything more and they will get into trouble again with inflation. They went through this in the 70s and 80s and that was their big mistake.
I m seeing hawks are getting greedy. Mr butler said he want to see 2012 prices as his rich clients will buy your savings at dirt prices and will sell you back at 100-200% profit in next few year. Butler and his rich finaciers are asking BOC governers now or never to become rich.
I do not believe them guy holidaysjoke for them I could care less about them guy HIgh cost not good they no how much money they get I do not believe them guys the price s are good for the rich people I am happy I do not own condos. The maintenance feel are stealing people money on condos maintenance strata feeling they steal our money stay away from them your losses are big
If governments (Municipal, Provincial, and Federal) care about people, they won't be so many social problems. The trend is that Canada is on the decline. The world is changing, are we adapting?
I always look forward to these talks!
I am very much pro-immigration. But why not cap immigration numbers to the expected number of housing completions? For example, if we know that there will be 100,000 housing completions across the country in 2023, and we know that there are on average 2.5 people per household, then cap the total number of immigrants at 250,000 per year? Although even this would be too many, as it doesn't allow for the natural population growth of Canadians. Just an idea, because right now there seems to be no co-ordination whatsoever between the Department of Immigration and literally everyone else.
The reason that people cannot afford housing in Vancouver is not due to lack of inventory or too many immigrants... there are just too many investors. I know so many ordinary working class people have investment properties. Hopefully the higher interest rate can mitigate this problem and free up some inventory for people that want to find a place to live.
@@konkise Most people don't save enough money or even in a place to buy a property even if there was inventory to buy. Canadians lack financial education.
@@konkise well no one wanna invest if there is shit load of housing and keep dropping in price and not enough renter.
@@konkise out of interest, what do you think an investor does once they buy a property? Leave it empty? We know Vancouver doesn't have more empty houses and apartments than other cities its size in North America from the stats we gather from the empty homes declarations. Besides - its an unproductive asset at that point.
Seriously - what do you think investors do with houses they buy? Do you think it's possible that they rent them out?
All of the talk about investors is a distraction. It's nonsense. We need a ton of new housing to hammer prices down and the risk profile for mega-towers is wrong for luke-warm housing markets like the one we're in. We desperately need municipal zoning reform that would allow for small-scale townhouse and rowhouse construction.
Preston's Manning and the reform party suggested this many years ago and were labeled a racist party.
3% cap rate is really good in the GTA. 4k rent on a 1.5 mil property is typical with 6k property tax. So 2.8% excluding all maintenance expense. But realistically u looking closer to 2% . Detached houses is more like an expense than investment
Great discussion
Everyone save for 2 years , then pay with cash, don't get a mortgage, and the prices will be down 80% in 2 years
Why not 90% ?
No no they will be free in 2 and a half years pppfffhahhahahappsssssss
@@adamhalldorson5016
Eventually they will pay you to buy their house. My mind is blown
With sudden deaths on the rise and investors getting caught with there pants down.... I forsee a wave of inventory inbound.
Why not they pay you to live like in ukraine or russia.
We are not near a bottom in the detached market. We've just hit a support level that will break as the mortgage costs/affordability stays high as interest rates stay high throughout 2023 going into 2024. Central banks won't drop their rates because historically they know that would bring inflation back quickly. I'm expecting 15-20% drop in 2023 after things break and maybe another 5% early next year.
And yes, the condo market will follow the detached market this yr. So don't go running out and buying a condo early this yr. Rents will also be ground down as the central banks target this in the CPI.
Unlikely. Demographic changes to the labour markets will mean that central banks won't be able to get inflation down to 2% again for a long time, but by end of 2023 they will have realized that and will probably have begun lowering interest rates a bit to keep the economy from imploding. Combined with a new wave of immigration-driven demand, expect real estate prices to start creeping up again in March 2024.
@@CountSessine The economy is adjusting to the new rates. I see no substantial drop in rates in the near future. They might bump the rate up another 0.25-0.5% then drop that by the end of year but anything more and they will get into trouble again with inflation. They went through this in the 70s and 80s and that was their big mistake.
I m seeing hawks are getting greedy. Mr butler said he want to see 2012 prices as his rich clients will buy your savings at dirt prices and will sell you back at 100-200% profit in next few year. Butler and his rich finaciers are asking BOC governers now or never to become rich.
I do not believe them guy holidaysjoke for them I could care less about them guy HIgh cost not good they no how much money they get I do not believe them guys the price s are good for the rich people I am happy I do not own condos. The maintenance feel are stealing people money on condos maintenance strata feeling they steal our money stay away from them your losses are big
These guys are such jokes. Don’t know how Steve got that bnn gig.
Has anyone seen Richard Diaz and John pasalis in the same room? I'm convinced they are the same guy working 2 WFH jobs to collect 2 checks.
LOL
32,000 will NOT hit the market. Big difference between being completed and hitting the market. Deceiving headline
@steve is the darkness in your room symbolic for the gloominess in the Canadian real estate?
Yes 100% 🤣
If governments (Municipal, Provincial, and Federal) care about people, they won't be so many social problems. The trend is that Canada is on the decline. The world is changing, are we adapting?
When you mess up in your job like Trudeau and Tiff have..u get fired and walked off the job. Thats what needs to happen.
They are servants of the Royal family
But irony is they are rewarding themselves through dirt cheap steal deals.
Make a separate channel for your longer videos and shorter updates
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The Mandela effect will soon hit