RE TH-camrs are finally waking up to the reality that the lag effect is real. Some people on here a few months ago were saying that the fact there was little pain was proof that RE was gold. Here comes reality.
The fact that mortgage renewal is a step away which will even worsen the situation. Feel sorry for those who had contributed to this unrealistic bubbled market and now cannot afford to retain their own property. Unfortunately, it is too late and ppl should accept the consequences of their own decisions…
😮I dont feel sorry for them. People like this are partly to blame for our whole economy going into the toilet. An economy based on easy credit - a house if cards. Live within your means ( reality) and always have a plan B and C uf needed. And dont take advice from people like this: It was just three years ago that Trudeau was being asked about the cost of carrying all that extra debt when the PM interrupted the reporter, CTV’s Glen McGregor, to chastise him about how low interest rates were. “Interest rates are at historic lows Glen,” Trudeau said smiling smug
When they were speculating prices out of the reach of families(often, their children and grandchildren), they weren't feeling sorry for anyone. Then they didn't feel sorry renting out at exorbitant prices.
Here we're talking about dimes and pennies... We should look at the bigger picture, Inflation will be around as long as global geopolitical tensions/conflicts rise and national security remains a priority. Just yesterday, the COSTCO stores started selling "Food /Survival kits" due to the growing fear of WW III. Canada will start spending 2% of its annual GDP on defense as government spending and deficits are set to rise astronomically and that means HIGHER TAXES, HIGHER INFLATION, and cutback on government programs such as housing and social assistance. Bank of Canada is setting the economy for "WAR TIME mode", the BoC priority now, and not mortgage delinquency. The Canadian real estate casino is about to CLOSE for good and those good times for the past 20+ years will NEVER EVER come back again at least in our lifetimes. Realtors, Speculators, House Flippers, Mortgage Brokers, Developers, Investors, and Transnational Organized Criminal Organizations/ money launderers will NEVER see those GOOD DAYS in Canadian real estate again. BoC governor knows something that we, the public don't know, and that would be Geopolitical Instability, HIGH Inflation, and WAR TIME economy.
Toronto homeowner here. Not underwater. Not having problems making payments and do not know anyone who is. Folks having challenges likely bought in the last 3 years just prior to the rate increases. A very small minority owners.
Same. Since 2022 maybe only 5 people sold their homes in my subdivision of 300 homes. Doesn’t seem like many are suffering. There isn’t a fire sale in real estate. Rates WILL go down and things will start moving soon.
Looks like the news is saying BOC will cut 100 basis points this year. So 25 already and market is pricing in an 85 to 90% chance of another 25 basis points. Then another two. So perhaps next spring will be a bit better for sales. CMHC also doesn’t want house prices to drop 🤷🏾♀️
Toronto has a huge industrial base. The Greater Toronto Area is home to 3 automobile factories. Toronto has aerospace - corporate jets and satelites are manufactured in Toronto. Toronto has pharmaceutical manufacturing too. That's on top of Toronto being 3rd largest tech hub in North America, with over half the number of jobs as Silicon Valley.
I don’t agree with his points. Clearly, interest rates have peaked, and now it’s just a matter of how quickly they will decrease. In the video, he was referring to financially weaker owners. If you can’t afford to hold onto your property, then you have no choice but to sell it. However, if you can manage to keep it, it would be wise to sell it next year when interest rates are expected to be lower. These financially weak owners present a good opportunity for strong buyers. Remember: Opportunities are reserved for those who are prepared.
Sometimes downgrading is more expensive very bad ....why buy into something that is a bad deal in the 1st place? we are not going to bail u out u know stupid banks to be blamed too.
Don’t dump your garbage Toronto inventory and make Alberta real estate explode. This mind set ruined Ontario. On pace to ruin Alberta as onarians flee the province. I’ve never seen so many Ontario plates in Calgary in my life.
Great video. This reminds of the quote. “The market can remain irrational longer than you can remain solvent.” Or the come to Jesus moment of hey you’re “drinking champagne on a beer budget”
Everything rate cut is an opportunity for investors to spread FOMO to rally so that they can unload their inventories. But recession is here no matter what the price is end users won't touch RE for now.
Mark the mathematician…. Oh why did you not just pay cash fer ur home then all you pay is the crushing ever rising taxes, fuel, electrical and maintenance… your comment is something fraudland would say standing next to trudy the fruit…
Just say it !!! The housing market is screwed and if you follow the actual financial statistics from these professionals they are saying by the end of 2026 things might start getting better!!!!
Lmao. Shocked realtor. Give me a break. Everyone with a brain could see this coming. Here is the next heads up. This will be a decade of drops. Minimum As each person takes the next loss. And next one......
For some people the larger challenge will be accepting that they are not as smart as they thought they were.
Lmao
Real talk
They bought into the hype of easy money
Following the herd is not smart. FOMO is not smart.
LOL....
Who could have seen this coming? What a shock. I'm absolutely stunned. Blown away.
you must be blind not to see what's coming
@@Lpmeffyou must be fun at parties
LOL
Sarcasm 👌🏻
Correction: Toronto home owners are bleeding the cash they don't even have.
RE TH-camrs are finally waking up to the reality that the lag effect is real. Some people on here a few months ago were saying that the fact there was little pain was proof that RE was gold. Here comes reality.
The fact that mortgage renewal is a step away which will even worsen the situation.
Feel sorry for those who had contributed to this unrealistic bubbled market and now cannot afford to retain their own property. Unfortunately, it is too late and ppl should accept the consequences of their own decisions…
😮I dont feel sorry for them. People like this are partly to blame for our whole economy going into the toilet. An economy based on easy credit - a house if cards.
Live within your means ( reality) and always have a plan B and C uf needed.
And dont take advice from people like this:
It was just three years ago that Trudeau was being asked about the cost of carrying all that extra debt when the PM interrupted the reporter, CTV’s Glen McGregor, to chastise him about how low interest rates were.
“Interest rates are at historic lows Glen,” Trudeau said smiling smug
When they were speculating prices out of the reach of families(often, their children and grandchildren), they weren't feeling sorry for anyone.
Then they didn't feel sorry renting out at exorbitant prices.
@MeMe-cz6pk great comment 100%
You have to remember the current rates are lower than the stress test qualified for years ago at pandemic rates
AI doesnt need houses
New jobs pay less than old ones
These houses have a way to drop
This is the last cycle
Here we're talking about dimes and pennies... We should look at the bigger picture, Inflation will be around as long as global geopolitical tensions/conflicts rise and national security remains a priority.
Just yesterday, the COSTCO stores started selling "Food /Survival kits" due to the growing fear of WW III.
Canada will start spending 2% of its annual GDP on defense as government spending and deficits are set to rise astronomically and that means HIGHER TAXES, HIGHER INFLATION, and cutback on government programs such as housing and social assistance.
Bank of Canada is setting the economy for "WAR TIME mode", the BoC priority now, and not mortgage delinquency.
The Canadian real estate casino is about to CLOSE for good and those good times for the past 20+ years will NEVER EVER come back again at least in our lifetimes.
Realtors, Speculators, House Flippers, Mortgage Brokers, Developers, Investors, and Transnational Organized Criminal Organizations/ money launderers will NEVER see those GOOD DAYS in Canadian real estate again.
BoC governor knows something that we, the public don't know, and that would be Geopolitical Instability, HIGH Inflation, and WAR TIME economy.
If you can't afford it, sell it.
Turns out RE doesnt always go up, and money isnt free.
Who knew?
What a stupid comment!
Toronto homeowner here. Not underwater. Not having problems making payments and do not know anyone who is. Folks having challenges likely bought in the last 3 years just prior to the rate increases. A very small minority owners.
Nice! Depends if the owners have refi-ed.
Same. Since 2022 maybe only 5 people sold their homes in my subdivision of 300 homes. Doesn’t seem like many are suffering. There isn’t a fire sale in real estate. Rates WILL go down and things will start moving soon.
good to hear, too much greed by so many people... push the mortgage rates back up to 21% like when I had to buy! this will level the field quickly.
It's a house of cards. Sellers use their property as a ATM under a HELOC until the property no longer goes up in value.
Some, but most didn't
You are so right !!! Using their home as a ATM and many and I mean many people have and still are doing today are so f*cking screwed. 🤣🤣🤣
Looks like the news is saying BOC will cut 100 basis points this year. So 25 already and market is pricing in an 85 to 90% chance of another 25 basis points. Then another two. So perhaps next spring will be a bit better for sales. CMHC also doesn’t want house prices to drop 🤷🏾♀️
We just got 1!
Great video - that is the hard truth ppl need to hear.
It sure is
Kings deal in gold!
Rich people deal in currency!
Poor people deal in debt!!
Stupidest comment award. Congratulations
Unfortunately Toronto Canada has non-industrial base...
I believe Toronto is full of champagne socialites
Toronto has a huge industrial base. The Greater Toronto Area is home to 3 automobile factories. Toronto has aerospace - corporate jets and satelites are manufactured in Toronto. Toronto has pharmaceutical manufacturing too.
That's on top of Toronto being 3rd largest tech hub in North America, with over half the number of jobs as Silicon Valley.
You know nothing.
Some good news 😎
lol
What makes anyone think that they should get back their money on a property they overpaid for at the height of real estate exuberance
Drowning in debt and water
Please listen to realtors!!! It has been a flawless financial decision so far, let's see how much worse we can make this.
I don’t agree with his points. Clearly, interest rates have peaked, and now it’s just a matter of how quickly they will decrease. In the video, he was referring to financially weaker owners. If you can’t afford to hold onto your property, then you have no choice but to sell it. However, if you can manage to keep it, it would be wise to sell it next year when interest rates are expected to be lower. These financially weak owners present a good opportunity for strong buyers. Remember: Opportunities are reserved for those who are prepared.
The "financially weaker owners" will sell in panic and bring prices down. Its very easy to comp condos.
If you are new to Canada NOW is the best time to buy the home of your Dreams! 🤣😁
Define "dream"
Sometimes downgrading is more expensive very bad ....why buy into something that is a bad deal in the 1st place? we are not going to bail u out u know stupid banks to be blamed too.
Similar in Vancouver, homes aren't selling.
Yea the two big canadian cities
The muppet boiler room condo flipping market is dead 😂😂😂
good
Don’t dump your garbage Toronto inventory and make Alberta real estate explode. This mind set ruined Ontario. On pace to ruin Alberta as onarians flee the province. I’ve never seen so many Ontario plates in Calgary in my life.
Great video. This reminds of the quote. “The market can remain irrational longer than you can remain solvent.” Or the come to Jesus moment of hey you’re “drinking champagne on a beer budget”
LOL
80% of people think they are above average
How did you arrive at that stat? curious lol
Everything rate cut is an opportunity for investors to spread FOMO to rally so that they can unload their inventories. But recession is here no matter what the price is end users won't touch RE for now.
Depends on hard this landing is
@@PrimePropertiesTOthe largest debt bubble in the history of debt bubbles leads to only one landing.
Let’s be honest… Everyone got greedy. Prices were going up 30% a year. Most made money, the last to enter got screwed.
sounds like a ponzi scheme lol
You can put a lump sum payment towards the mortgage and that reduces the monthly payment.
What if you've eaten through all your reserves and don't have anything for a lump payment?
@@Jo-mf2vu then like lumpchunks who made such idiotic comment you eat the lump in your throat instead..
Mark the mathematician…. Oh why did you not just pay cash fer ur home then all you pay is the crushing ever rising taxes, fuel, electrical and maintenance… your comment is something fraudland would say standing next to trudy the fruit…
@@Jo-mf2vusomeone was financially irresponsible. A person should only ever spend 30% of their NET income on shelter.
The monthly payment remains the same. The term gets reduced.
Excellent Video, Zhen!! Too bad so many broke annoying keyboard warriors post here…
LMAO!
Just say it !!! The housing market is screwed and if you follow the actual financial statistics from these professionals they are saying by the end of 2026 things might start getting better!!!!
Lmao. Shocked realtor.
Give me a break. Everyone with a brain could see this coming.
Here is the next heads up. This will be a decade of drops. Minimum
As each person takes the next loss. And next one......
Lol silly Realtors will always say it's a great time to buy when in reality majority of them have no clue about anything. Bunch of grifters
Purchased mine 9 years ago. Price has more than doubled. Mortgage is being paid 2x over rent. I'm good.
Only one??? you good???
@@stephenn88 only one what?
@@Prediculous one mortgage
@@stephenn88 3. But only one condo
@@Prediculous property tax, condo fee and special assessments will destroy you. You good?
Haha
BOC cut rates to 4.5% but still too high need -0.5% .. banks have to pay me to take a mortgage or real estate prices too high lol
u hardly getting any posts... but u can afford to delete a few though lol... unsubbed..