I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices 2. They wanted to buy from long time and they felt the time was right So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation. So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
@@jonflynn Thanks Jon, since then I am following you as well. Would like to appreciate the time you are investing in educating everyone. I wish more People like you should be in this industry so people can understand home should not be vehicle of investment or retirement but actually for families who wants to grow !
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Personally, I can connect to that. When I began working with "Melissa Terri Swayne," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@Hectorkante I am looking at the stock market as well. The more I learn...the more I understand how volatile the current market is about to be. Timing is not great. Regardless, it's good to learn so you can teach your kids.....they aren't going to learn it on social media. Cheers and be well.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Insightful... I curiously looked up her name on the internet and I found her site, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I am mortgage free for the first time in my life and I actually hope the market adjusts so that my kids can afford a house. It has gone beyond sustainable when people with a 200K household income can't afford a home.
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Won’t take that long the majority of the country is living in debt an no landlord or complex can afford to sit empty for to long and the more that come out the less option other than lowering rents they will have
BINGO. Typical governments = Years creating the problems , and years pretending to fix the problems. $....sick. STOP all immigration NOW, for years to come. Too late, all lies, the damage is done. And it did not start under Turdo... For 150 years home prices went up and down in price properly, 2, 3, 4 % with inflation, job raises....reasonable, slight increases....sometimes minor decreases... all fair and affordable. Starting around the year 2000, prices started to spike up, 25, 50, 100, 200, 300% while interest rates went to almost 0. Same with rent price increases.....crazy prices over the last 10 years....25, 50, over 100% price increases......Over 20 years of kaos. And now look at the mess you greedy government parasites, unions, bankers have created. Mass immigration, major government growth - spending - debt - control..., super low interest rates, mass immigration = crazy housing, rental prices......poor Canada, what a mess created by all you greedy governments, all political parties.....The only way housing prices get back to where they should be is a crash...bring it on.....the sooner the better. Right now, it’s all grossly overvalued. STOP all immigration NOW.
The rent is still too damn high and has been for the last 30+ years. Can't help but observe the "average" monthly rent for a measly bedsit apartment cited here is still well beyond the reach of a pensioner with no retirement savings. Little wonder there are so many homeless old folks these days.
Good timing for this video…. Was just talking about this is my area. Last week for the first time in 9 years I have been here we got a door hanger asking” like living here? Refer your friends and when they move in get a 250 buck credit towards your rent”….. last year and every year for a long time the waiting list was 50 plus people…. According to my landlord. In Mississauga…. High rise apartment…. Also I asked the couple who manages the 2 buildings next to me…. They also said lots of empty units. Just unheard of in this area. Down by the water…. Walkable to most things…. Renovated units….. but the big problem…. 2600 for a 2 bed 1 bath unit…. Not a condo… old buildings. Just insane. A lot of us here have rent control so we pay about half the market rate….. thank god!
Desperstely seeking for apt in South East Mississauga..i live in TO, and asked my landlord for the price of a 2 and a 3 bedroom apartment. Two bedroom apts aee 3K, when i asked who s able to pay that amont of $ in this area, she pointed out a griup of 6 people with pots and pans in hands who were just moving into a 2 bedroom apt at the current cost. My small family stands NO CHANCE.😢
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
@@giuseppe4291 I doubt your logic. When prices reach insane levels, the pool of people who can and are willing to engage in the frenzy dwindles making home starts collapse. A sane market would enforce stability over speculation and bubbles.
It's hilarious millions of renters have decided its better to live with your parents and have your own place. a 1% drop is nothing. I couldn't end up in economic ruin. I fled the city and am back home with no rent.
Rent prices are determined by supply vs demand, not by need. In my building prices has declined steadily from a peak of $2600 to around $2100 for a 1 bdrm.
While it’s easy to complain about high rental costs, many overlook the factors driving these prices. Constructing a building involves skyrocketing material costs, labor expenses, and compliance with strict safety and environmental regulations, all of which significantly increase construction expenses. Once built, the financial burden continues with hefty property insurance premiums and steep property taxes. Ultimately, the only viable way to provide more affordable housing must be spearheaded by the government.
there are a lot of people who put their house on the market at inflated prices just to see if they could get real lucky and cash out ...lots of places like that pretty much everywhere
Thanks Jon rent is definitely down in my. Small town beautiful bungalow for rent since May the starting price was 2450 now 6 months later 2,100 still empty, i watching your podcast and was thinking about ideas for you content which is exciting to watch i love to read comments and wonder why people would love nonsense. Comments most of them never been involved in realstate, I'm Small investor since 89 i can thank you so much for your hard work nobody have Chrystal ⚽ excellent work keep going.
Landlords have a lot to worry about. New TFW rules just came in last month, foreign student enrollment has already collapsed, and the promised slashing of new permanent residents is set to crush rent prices. Before, most landlords were barely breaking even or sometimes losing money month-over-month thanks to high purchase prices. Now, with increased borrowing costs, many are losing hundres, or sometimes thousands of dollars just to hold on to their portfolio of rental properties. The Canadian addiction to housing speculation is prolific and dangerous.
I’m seeing a few for lease signs on houses in my neighbourhood. Those were sold about 6 months ago. They for lease signs have been around for 2 months and there are numerous cars in the driveway. My next door neighbor who is renting their basement is now renting rooms to Airbnb in their main floor where they live. This is a observation that folks out there are stressed by expenses and are renting their places out to more and more people.
Very few couples can afford to buy a house certainly single-family house if their first time buyers. But virtually every new home owner is renting out part of their home either to family or to strangers it's very simple economics You can try to shame people but personally I'd rather live in a detached home where I can control my maintenance to cost to some degree and choose my tenants to some degree And hopefully build some equity
@@timjkinney3472Brand new duplex rebuilds going in at $1M per side and they're now adding basement suites off the get go because no one can afford a half duplex at that price point in their own. Just ridiculousness at this point.
@@RMoss-jw7yn Canadian Healthcare may be "free" but we are taxed heavy for it, and when you go to use it your met with long line ups and appointments booked months ahead. It's a joke, the system is over run with homeless people taking alot of resources. It's far better to pay for health insurance.
@RMoss-jw7yn having lived on both sides of the border Canada wins the medical hands down. Anything out of the ordinary, the insurance companies refuse to pay and you have to fight them.
I live right downtown Toronto. A huge number of new purpose built rental buildings are about to become available, but the advertised rents are ridiculous, such as $2500/mo for a studio. I foresee them giving 1, 2, 3 months free, maybe more. No way that will be sustainable.
the building costs the same to build whether it is a PBR or a bunch of condos.... if you thought that PBR equals cheap then you got another thing coming..... they will be charging market rates if not above it to recoup high construction costs.
@@GreenBeanGreenBean But what happens when people can't pay the rent asked. They sit empty and the landlord losses thousands a month gives up and goes bankrupt. After all, if you think job lines and food bank usage are bad now, wait a year until Trump goes full throttle MAGA. His pass comments and actions infer he doesn't give a F about Canada.
@@TheTruth-cg8vj just like in Africa if they can't afford a porsche they stop making them, which is why you don't see those high priced cars there.... and supply goes down.
The rent price of course determines who will rent the property. If your rent is priced that only a small percentage of the population can afford, then don't expect a large demand. It is basic supply and demand. My prior corporate building tried a massive AGI and lost a bunch of tenants, including myself
Apartment buildings in my nice neighborhood in North York some of them owned by Canada's largest renter are now offering current tenants $500 for a referral that signs a lease as well the first month's rent free. Last time I saw that around here was in 2021.
Absolutely NO free first month or referral bonus money in Vancouver ! Monthly prices are down about 150 bucks / month on some rentals - at most ! And walking around my neighborhood, sold stickers on realtor signs all around. Looks like a bubble that refuses to burst !
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
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.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’’Carol Vivian Constable’’ , 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.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Carol.
As a young person I actually have no desire to participate in this home buying game. I’m putting my money in the market, renting and going back to my mothers home country. Canada let a lot of us down. It’s like the sacrifices my family made for me amounted to nothing. Having children is culturally important and I also have no desire because the costs of a family is too high. My mother cries every night and regrets coming here. She thinks Canada has ruined her children and her family legacy as we don’t plan to continue it.
That particular realtor may just be talking about single-family homes (which may still be doing fine), not condos (which is crashing). Different markets experiencing different things.
I'm in Vancouver and I just saw a 2 bedroom apartment, about 800 square feet, plain but nice in a good part of town. The rent was over $4,000 per month plus parking, plus utilities.
@@martin2289 everybody is greedy. You own rental units, they cost money so you try to cover your expenses and make a profit. The irony is you collect rent but it's not passive income like holding dividend stocks and the income tax just eats away at most of the profits, because there is a mortgage to pay. Rent seeking is wanting money for having money to lend and not offer any value in exchange. I make more money trading stocks sitting on the toilet than what I collect in rent and then I have to pay 37% tax on the income you can deduct expenses and interest charges but not the whole mortgage
@@GreenBeanGreenBean The way a city works is to have a certain percentage of rentals available for ups and downs in the economy. i.e.: When even doctors can't justify the cost-to-value proposition for their investment in your community, you simply don't get an appointment. And this extends to all professions. It's always someone else "complaining", until of course it's your own injury going untreated, and other "quality of life"community factors are left unmet as supporting skills who can't afford rent there, move elsewhere, such as: garbage collectors, cops, servers, dog walkers etc... This continues until potential buyers no longer consider it desirable to live there. You take a bath when you go to sell because you can't find a grocery store nearby....all because you told someone to effectively "put out or get out."
I am in Montreal QC.........All my real estate rental property I owne was never advertise....deal direct with the sellers. Not everyone use real estate agent......only 30%...... 70% or real estate sale don't appear on statistics
@@juanesteban8938 Here in Quebec....people avoid the service of real estate agent.....to save $$$$$$ We use KIJIJI, MarketPlace.....and put a sign on the street...... May be this is why is cheaper in Quebec than the rest of Canada..... Who is enought stupid to pay $30 000 to a real estate agent......to sell your home
@@juanesteban8938 Another difference with Quebec......we had to use a Notary for the transaction.......that mean the Notary will do the research to avoid surprise This is why is difficult to steal you're property thru mortgage fraud.
Things are getting worse! Low-paying jobs, inflation, and insane rental rates prevent many from saving. Home ownership, a traditional retirement asset, is now out of reach for middle-class Americans.
I'm 62, and rising prices have derailed my retirement plans . I worry that today's economic conditions are more challenging than ever. The stock market's unpredictability, coupled with reduced income and soaring inflation, makes me anxious about having enough for retirement.
working with a. fiduciary advisor has been a huge help in managing market uncertainty. Their advise on risk management and hedging has played a key role in growing my retirement savings to nearly a million. I've learned how to diversify, manage risk, and adjust to market changes. Thanks to their guidance, i feel more confident about my financial future.
I have worked with a few financial advisors before now but i ultimately settled for Melissa Terri Swayne. She is SEC regulated and licensed in US. You can easily look her up
Found myself renting from Kingston SLUM LORD !! Lady is actually a highly placed corporate professional in Toronto ! Still .. I am forced to share a place at age 65 just to afford a rental at 2,000 per month . Ta boot.. my normal concerns are ignored . There are zero lights on outside of house ...my truck was vandalized within weeks . I enquired about lights . Was actually told straight up that the has zero interest in adding lights to exterior !! Gees I'll keep a injury lawyer on speed dial this winter !!
Property taxes up year after year, high mortgage payments, high utility & water bills, high insurance, high maintenance costs... high risk associated with high delinquency in rental payments with a system that takes months or more to get rid of anyone who simply doesn't pay often leaving with damage.... why does anyone want to rent anymore?
We’re hoping to buy a house in the Norfolk area, but we are starting to see houses are selling for over asking not by much. Most of the houses need to be updated. Most houses are two bedrooms. They are listed between 700-900k don’t know much about the housing market but it seems to be a bit overpriced for a small town area. Any advice would be appreciated! Thank you!!
@@johnnylongstocking128 That was before Trump got elected. Now with 60 percent tariffs on China, higher interest rates and the collapse of the Yuan no new money will come in from China so property prices will collapse then rents will collapse about 6 months to a year later. The base of the housing pyramid has been stripped away. Home prices could fall all the way back down to the locals income which would be about 60 percent lower.
I would consider the "decline" to be essentially just a baseline artifact with respect to the steadily-increasing rents that existing individual tenants will pay. Rents will only go up on an individual basis for each existing tenant. And incoming tenants will individually pay at least the same rate as the existing tenants. A 1.2% drop, even if applied to existing asking rents, is insignificant; for example a 1.2% drop on $2,500 is only $ 30. So what? "Asking rents" on some units could include large rent hikes for vacated suites and a "decline" is only relative to the unregulated hike. New units will invariably be of less square footage, which is an ignored dimension of rent increases. The government doesn't view increased rent cost to tenants in terms of replacing demolished affordable rental units with replacement units not only of smaller square footage but also of more rental cost per square foot; however the builders and landlords think that way from the outset on, so there is an unregulated source of increased rent per square foot by virtue of less space for more money.
Yeah seriously what did people think would happen. You can't pay 100% of your income in rent. You can only borrow so much more money before you have to move back in with your parents etc. This drop is because people are running out of money. People haven't regained their living standards. People are stuck sharing rooms etc. People are stuck living with their ex wives/children and parents.
Rents did not really fall, because all those statistics about rent prices do not reflect what people actually pay for rent. This oft cited 'average rent price' is merely posted rent prices in ads online. This does not reflect the rent which the majority of renters are paying because most renters have not moved to a new place in the last 3+ years. Since they have not moved, their rent has never gone up/down much and has never been anywhere near as high as the peak posted rent prices. Renters have seen the landscape and know it is in their interests to stay put and exploit rent controls provinces put on rent increases in most provinces. I had an employee like that - she sold her condo and rented a condo from her boyfriend for 1600 a month in 2020. Now the posted rents jumped to 2100 for similar places and I told her to stay put which she did, even though she split up with the landlord. 2/3 of the city is renters like that, still paying 500 less than the posted prices. The rental statistics need to find a way to measure ALL rents.
Then I'm ready to move back to Toronto before a lot of people moving back. A few months living in Alberta is too much. So cold and boring. Can't wait to get out and back to Toronto.
Toronto sales up 45% prices up two months in a row. Crickets from Jon about that. Just imagine what he would say if sales were down 45% and prices dropped. Then completely skip over any cities with sales and price increase. Jon, when is this big crash going to happen you keep predicting?
@@JonathanRogler up is up. Jon keeps saying the crash is coming and sales keep going up. I just want him to tell me when this crash is going to finally happen.
It’s not the mortgage but the increasing cost of maintenance, property taxes , utilities & insurance that will eventually wreck the market. Ironically it’s the municipalities & government who are responsible for this affordability crisis & driving away investors.
We're going to have to have a guy making daily corpse checking runs around all those tent cities that are going to pop up to collect all the people who froze to the point of their end overnight in the winter. Well, assuming things stay peaceful and orderly, at least.
Nice video Jon. This global real estate crash has just started and house prices across Australia, New Zealand, North America, Europe, China, Japan and Latin America will crash by more than -50% from current levels over the next few years. Caveat Emptor!!!
I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices 2. They wanted to buy from long time and they felt the time was right So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation. So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
Keeping some liquid assets (cash, gold, silver etc.) is a must imo. Even holding cash is good despite inflation if one buys assets during deflationary times at a bargain.
That's why all the sophisticated people have moved their money out of Canada. I'm about 10,% Cdn / 90% USD dominated stuff myself.The economy of Canada is so weak, your wasting an opportunity cost by staying here. Outside of Constallation SW or Shopify. what can you hold in Canada - chancy banks, a government constrained oil industry, overpriced low return mining shares ' there's far better return/risk holdings available in the US.
can you explain how (when houses were 40k in the 90s) and i was working ft with excellent credit and a realtor cosignor with 3/4 cash down my "qualified" mortgage" was turned down?? no because your not accounting for racketeering and laundering...i was financially targeted for decades, then they burned me out of my apt to raise rents, the landlord did i was told.
**sigh** please doing talk to me about stats that are supposed to represent the country and really only represent a few large cities that have their own specific dynamics. Rent costs are still out of control here in Halifax.
Don't worry the costs are still way out of control elsewhere, it's just so so many people have given up. Endless people like myself have fled Ontario to live back in with our parents etc.
These unrealistically high home prices have to fall about 50% from where they are to become somewhat reasonable again. Nobody in my generation can even dream of buying a home. I make 80k per year and I have no hope of owning a home.
10 years ago my condo could be rented for 875 a month , now I could rent it for 1575 that's almost double. Young people will stay living at home or move back in.peopke will find a roommate. People are now renting part of their homes , people are moving to a cheaper part of town. It's sad that major corporate landlords are overcharging people . People before profit
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
I am leaving in a very small appartment , i am paying 650$ by month. But in few years i will go to retreat and i will return to my country in Europe , i will buy there a house or an apartment . There are prices 6 or 7 times cheaper.
There’s a development on Niagara street welland that’s proposing twin apartments around 40 stories. Also , I believe near Marineland there’s another high rise starting soon. Rent will most certainly drop!
Prices wont pull back untill they build houses for which they r adamant in doing so.. in gta deals r happening at a higher price than previous years..doesnt make sense for individuals to shell that kinda capital but intresting to know who these buyers are..
We've had rampant inflation for years now only everyone was happy to see it being soaked up by real estate. And now that salaries can't keep up, they are complaining. Tough banana's, things are about to get real.
can't feel it here in the Prairies Western Canada. Sadly for prices for housing, rent, groceries and gas etc., to go down is a recession with high unemployment rate. As long as Canada or any Western Countries (+Australia and New Zealand) are avoiding a credit crisis and CB's tools can still kick the can down the road for until who knows when, we living in the present without assets will be poor.
Except companies or individuals who are loaded with money, otherwise nobody want to pay such a price for a house or an apartment. The system and the corrupt have made it difficult for all. First of all municipalities are responsible for providing affordable housing, they turned so corrupt, done nothing. The municipalities collected billions in taxes but people when homeless. The real estate agencies and the agents didn’t do less either they turned so corrupt as well. house owners were screwed by the housing authorities and the tenants, tents were screwed too. We need to indroduce an affordable housing act. Every family should the option to get an affordable house for very affordable house, but this house cannot be sold for investment it will only be for living. You can’t sell cannot this house for profit. If people own more then one home, tax should be should be double. Canada will die if affordable housing is not provided. We all have turned housing into stack market, it should be for living.
"They want people to buy houses, but the data is not on their side" Huh? If the property prices are lower, then more people are gonna buy houses. The data is _absolutely_ on their side
Think this spike in activity is due to the bond rates spiking. Those with preapproved 3.99% are all out shopping. They have 90 days so will see if my thesis is correct.
The media in Quebec keeps pushing the narrative that prices can only go up and you have people panicking and offering a gift to their kids so they can buy a house at all-time high prices. The language barrier is definitely a factor. Those who only speak French only rely on the Quebec media, which are sold to the real estate industry. Every time I talk with other Quebecers about real estate potentially coming down one day in Quebec, I get laughs. They don't seem to understand how a market works, but given the fact that Quebec has never seen such a bubble and a crash in real estate, it's understandable. However, with new immigration restrictions and rents already coming down in Montreal, things will become more interesting. Now add unemployment to that, which is showing signs of wanting to go up in Quebec, and the wave of incoming mortgage renewals and we could get a perfect storm.
craziness is not stopping anytime soon, let's get real, perfect example> woodstock ON just a couple of weeks ago, miles from a big city like TO, you put out an ad for rental you get between 200 and 300 applications same day and if anything stays on the market for longer than 2 or 3 days it's a miracle lol > again we are talking about the rental market people now think that X times in the bigger cities > craziness will be here for a long time, no joke
This is such a predatory way of looking at the issue. Rents are slightly declining off of their peaks. This is a good thing. Why state "GET OUT NOW"? If you only wanted to provide rentals just to extract maximum rent you should get out. The goal is to provide good housing at reasonable rental rates. I am so sick of people treating this as a money grab rather than an occupation. I assume you are just trying to sell homes, but think of the people that actually live in the rental property.
My message is to the speculators to get out now, many have been trying to jack up rents to cover their costs so should just get out and cut their losses while they still can
Just 1.5 hrs north of Toronto Ontario incr sale signs in last week vs few sold. More for lease/rental homes incl new build (not even trees yet.) Rental listings stagnant and more signs outside homes and multi unit buildings and deals avail. Just one city but interesting.
Hey don’t mistake the actual market conditions Rental rates will temper a bit The recorded declines are just not visible to renters this is a slowing in incredible pace of increases
Hey Jon, on the dollar value down from peak chart (as well as percent down from peak) can you include the date of the peak? I don't know if you are calculating how much each city is down from their individual peak or if you are calculating from when the national average hit its peak. And as a non real estate person, I can never remember when the national peak took place.
So... what is the "soft landing" pointing to, I wonder? Is it the Great Mortgage Reset? I have heard the term "stick the landing" from BoC Chair after last rate cut. I am guessing that it is deflation that is the most concerning to Macklin et al because of excessive indebtedness (households, gov't, corporations). Interesting post, thanks!
I hear you but theres 2.5 vacant acre lots going for 300000$ 3 hours north of Toronto. You cant even mortgage vacant land 😂 I've talked to many of the sellers in rural areas. The two things they have in common usually, is they are over 60 and everything is paid. In their minds they saw what things went for during cvid up here and they refuse to budge on price. Theres nothing you can do about this type of situation other than watch the clock.
I have never understood why investors would invest in real estate when you can instead buy stocks. I guess it’s mostly people who are bad at math or who don’t fully understand risk.
> most people don't have 400k to put into stocks but they can borrow 400k from fake Canadian banks who are "insured" by the government (organized crime mafia)
It is a very strange addiction to one asset class. Even current GIC's yield like ~4% interest with no maintenance, property taxes, strata fees, insurance, or dead-beat renters to deal with. You can only assume current investors are expecting another 2000-2020 style acceleration in equity to morph Canadian housing into a lucrative investment. Though I think they'd have much better odds at an actual casino at this point.
Precious metals are another easy way to protect wealth. Not as high a rate as the S&P or some other stocks in the past 25 years, but in some 10 year periods, gold outperforms the market. PM isn't really an investment anyway, it's more like insurance that pays you to keep it. It's also an easily-to-liquidate asset that can protect from inflation. In any case, unlike real estate and the stock market, gold will likely never go to 0--esp. now that the BRICS are going to back their new currency with gold. (Yes, RE can lose most of it's value if a disaster befalls you that your insurance doesn't cover. For example, many home insurance policies don't cover earthquakes. Living in BC, I have supplemental insurance for that peril. Many don't know that they're not covered for quakes.)
@@Dxn6alc03Belod7m1o We're not covered for anything. Insurance will nearly always hang you out to dry, especially when you lack the wherewithal to fight them. And if they do pay? Your rates now go up, because screw you, that's why. Pure evil. I've spent many tens of thousands, maybe over a hundred thousand on tool insurance, vehicle insurance, and home insurance. And anytime I've ever been crashed into, robbed, and even the time my neighbors house blew up, I've been hung out to dry. The latest is a rock through my daughters window, and between the 1k deductible, and the increased rates, it's cheaper to do it myself. Except I no longer have the money for that, as reinsuring my vehicles, work trailer and home have me out 7k this year, on top of all the other expenses. Hell, if i had back what I've been forced to pay them I would be able to rebuy all the theft and repair all the damage from accidents PLUS have some left over.
Always trust realtors. In a flat or rising market, they will say to buy before price get even higher. In a flat or rising market, they will say to sell before the bubble bursts. In a falling market, they will say to buy because things are being discounted. In a falling market, they will say to sell before the bubble bursts. No matter what the market conditions are, it is always an urgent time to buy or sell property of all types. Did I mention they work on commission?
We are from Woodstock we were priced out of the market there and forced to buy in chatham what is going to happen to people like us forced to buy west of London are we stuck here forever our budget is $400k
Chatham beats Woodstock IMO but southern Ontario is all kinda crappy at least in the cities and larger towns all suckish and are overpriced value is low
@stephey808 Woodstock is our home town we downsized to a condo in London than we wanted to go home to Woodstock and in a short time all prices there soared
I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices
2. They wanted to buy from long time and they felt the time was right
So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation.
So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
Great point, I think I'm going to use this comment on this weeks video
@@jonflynn Thanks Jon, since then I am following you as well. Would like to appreciate the time you are investing in educating everyone. I wish more People like you should be in this industry so people can understand home should not be vehicle of investment or retirement but actually for families who wants to grow !
Sir the video is about rent not buying a house I don't know what you are talking about
@@jonflynngood point... did tou listen to him the video is about rent not buying a house
Excellent 👌 coverage of topic.. Just and unbiased review
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Personally, I can connect to that. When I began working with "Melissa Terri Swayne," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
Try to live in tent in Canada 🤡 good luck
@@Hectorkante I am looking at the stock market as well. The more I learn...the more I understand how volatile the current market is about to be. Timing is not great. Regardless, it's good to learn so you can teach your kids.....they aren't going to learn it on social media. Cheers and be well.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Insightful... I curiously looked up her name on the internet and I found her site, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I am mortgage free for the first time in my life and I actually hope the market adjusts so that my kids can afford a house. It has gone beyond sustainable when people with a 200K household income can't afford a home.
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Still a long way to go for them to be affordable.
Nothing 10 years of nominal price stagnation can't fix.
Won’t take that long the majority of the country is living in debt an no landlord or complex can afford to sit empty for to long and the more that come out the less option other than lowering rents they will have
BINGO. Typical governments = Years creating the problems , and years pretending to fix the problems. $....sick. STOP all immigration NOW, for years to come. Too late, all lies, the damage is done. And it did not start under Turdo... For 150 years home prices went up and down in price properly, 2, 3, 4 % with inflation, job raises....reasonable, slight increases....sometimes minor decreases... all fair and affordable. Starting around the year 2000, prices started to spike up, 25, 50, 100, 200, 300% while interest rates went to almost 0. Same with rent price increases.....crazy prices over the last 10 years....25, 50, over 100% price increases......Over 20 years of kaos. And now look at the mess you greedy government parasites, unions, bankers have created. Mass immigration, major government growth - spending - debt - control..., super low interest rates, mass immigration = crazy housing, rental prices......poor Canada, what a mess created by all you greedy governments, all political parties.....The only way housing prices get back to where they should be is a crash...bring it on.....the sooner the better. Right now, it’s all grossly overvalued. STOP all immigration NOW.
The rent is still too damn high and has been for the last 30+ years. Can't help but observe the "average" monthly rent for a measly bedsit apartment cited here is still well beyond the reach of a pensioner with no retirement savings. Little wonder there are so many homeless old folks these days.
@@jarredsegal6842sitting empty??? did u see anyone leave Toronto???
about time. Those disproportionately affected by inflation are finally seeing some relief from the constant increases and dwindling purchasing power
Good timing for this video…. Was just talking about this is my area. Last week for the first time in 9 years I have been here we got a door hanger asking” like living here? Refer your friends and when they move in get a 250 buck credit towards your rent”….. last year and every year for a long time the waiting list was 50 plus people…. According to my landlord. In Mississauga…. High rise apartment…. Also I asked the couple who manages the 2 buildings next to me…. They also said lots of empty units. Just unheard of in this area. Down by the water…. Walkable to most things…. Renovated units….. but the big problem…. 2600 for a 2 bed 1 bath unit…. Not a condo… old buildings. Just insane. A lot of us here have rent control so we pay about half the market rate….. thank god!
There’s a new build apartment on Webber Rd welland that has an open house every weekend with one month free rent offered. Haven’t seen this for years
@@RC-fh2lk You live in Welland? My family is from there. Ross st. and Dauphine Crs. I miss 1980's summer nights in Welland.
Rent control sounds very much like free market rate.
-
Oh wait....
Desperstely seeking for apt in South East Mississauga..i live in TO, and asked my landlord for the price of a 2 and a 3 bedroom apartment. Two bedroom apts aee 3K, when i asked who s able to pay that amont of $ in this area, she pointed out a griup of 6 people with pots and pans in hands who were just moving into a 2 bedroom apt at the current cost. My small family stands NO CHANCE.😢
@Thebohemiangirl1 Remember at the next election, which organization made this possible and vote accordingly.
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
this is all new to me, where do I find a fiduciary, can you recommend any?
When ‘Stacy Lynn Staples’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
can we please stop calling them "investors" when they are in fact "speculators"
Those words are pretty meaningless, anyways.
they are actually investors and without them there is no way you will find place stay
@@giuseppe4291 I doubt your logic. When prices reach insane levels, the pool of people who can and are willing to engage in the frenzy dwindles making home starts collapse. A sane market would enforce stability over speculation and bubbles.
2 bedroom apartments at 3700 a month! Come on man, rent prices have to fall like crazy.
It's hilarious millions of renters have decided its better to live with your parents and have your own place. a 1% drop is nothing. I couldn't end up in economic ruin. I fled the city and am back home with no rent.
@@dixonhill1108 yes, we all have to survive in this horrible economy.
I would live in a car or rv before I paid that
One bedroom $2300...very small...1 parking spot....no amenities
Rent is not going to decrease as long as property taxes continue to rise at a rate of 10% annually.
Good point
Rent prices are determined by supply vs demand, not by need. In my building prices has declined steadily from a peak of $2600 to around $2100 for a 1 bdrm.
While it’s easy to complain about high rental costs, many overlook the factors driving these prices. Constructing a building involves skyrocketing material costs, labor expenses, and compliance with strict safety and environmental regulations, all of which significantly increase construction expenses. Once built, the financial burden continues with hefty property insurance premiums and steep property taxes. Ultimately, the only viable way to provide more affordable housing must be spearheaded by the government.
I was looking at some decent houses on 5+ acres in small towns and several have been on the market for 200+ days.
Suicide rates are higher in these “small towns” for a reason.
there are a lot of people who put their house on the market at inflated prices just to see if they could get real lucky and cash out ...lots of places like that pretty much everywhere
Thanks Jon rent is definitely down in my. Small town beautiful bungalow for rent since May the starting price was 2450 now 6 months later 2,100 still empty, i watching your podcast and was thinking about ideas for you content which is exciting to watch i love to read comments and wonder why people would love nonsense. Comments most of them never been involved in realstate, I'm Small investor since 89 i can thank you so much for your hard work nobody have Chrystal ⚽ excellent work keep going.
Landlords have a lot to worry about. New TFW rules just came in last month, foreign student enrollment has already collapsed, and the promised slashing of new permanent residents is set to crush rent prices. Before, most landlords were barely breaking even or sometimes losing money month-over-month thanks to high purchase prices. Now, with increased borrowing costs, many are losing hundres, or sometimes thousands of dollars just to hold on to their portfolio of rental properties. The Canadian addiction to housing speculation is prolific and dangerous.
If a person buy a home to live in I think they will be fine but those who are renting to students will definitely feel the heat
@@pauls5819 If you live there, the value doesn't really affect you, you just need to afford the payments.
Heh good
Students could be replaced by the illegal migrants fleeing US
everything you said was wrong... like it always is.
It's about time. Difficultfor me to be too sympathetic to the plight of real-estate agents.
I’m seeing a few for lease signs on houses in my neighbourhood. Those were sold about 6 months ago. They for lease signs have been around for 2 months and there are numerous cars in the driveway. My next door neighbor who is renting their basement is now renting rooms to Airbnb in their main floor where they live. This is a observation that folks out there are stressed by expenses and are renting their places out to more and more people.
Whoring out their home.
Very few couples can afford to buy a house certainly single-family house if their first time buyers.
But virtually every new home owner is renting out part of their home either to family or to strangers it's very simple economics
You can try to shame people but personally I'd rather live in a detached home where I can control my maintenance to cost to some degree and choose my tenants to some degree
And hopefully build some equity
@@timjkinney3472Brand new duplex rebuilds going in at $1M per side and they're now adding basement suites off the get go because no one can afford a half duplex at that price point in their own.
Just ridiculousness at this point.
Oil and gas salary texas 57k usd, calgary 42k usd, houses texas 370, calgary 570, fuel 2.60, calgary
6.40. Fuel
Rents 1150. , calgary 2150
Thoughts on heslth care
Crazy here
@@RMoss-jw7yn Canadian Healthcare may be "free" but we are taxed heavy for it, and when you go to use it your met with long line ups and appointments booked months ahead.
It's a joke, the system is over run with homeless people taking alot of resources.
It's far better to pay for health insurance.
@RMoss-jw7yn having lived on both sides of the border Canada wins the medical hands down. Anything out of the ordinary, the insurance companies refuse to pay and you have to fight them.
Calgary is an hour drive to Canmore and access to kananaskis Rocky mountains fantastic outdoor playground
I live right downtown Toronto. A huge number of new purpose built rental buildings are about to become available, but the advertised rents are ridiculous, such as $2500/mo for a studio. I foresee them giving 1, 2, 3 months free, maybe more. No way that will be sustainable.
the building costs the same to build whether it is a PBR or a bunch of condos.... if you thought that PBR equals cheap then you got another thing coming..... they will be charging market rates if not above it to recoup high construction costs.
@@GreenBeanGreenBean But what happens when people can't pay the rent asked. They sit empty and the landlord losses thousands a month gives up and goes bankrupt. After all, if you think job lines and food bank usage are bad now, wait a year until Trump goes full throttle MAGA. His pass comments and actions infer he doesn't give a F about Canada.
@@TheTruth-cg8vjlike he should ... Our clowns in power should do the same too ... Stop sending our tax payer money to foreign countries
@@TheTruth-cg8vj just like in Africa if they can't afford a porsche they stop making them, which is why you don't see those high priced cars there.... and supply goes down.
Rent needs to come way way way down. It is ridiculously high.
Yep
Yes yes yes
The rent price of course determines who will rent the property. If your rent is priced that only a small percentage of the population can afford, then don't expect a large demand. It is basic supply and demand. My prior corporate building tried a massive AGI and lost a bunch of tenants, including myself
Apartment buildings in my nice neighborhood in North York some of them owned by Canada's largest renter are now offering current tenants $500 for a referral that signs a lease as well the first month's rent free. Last time I saw that around here was in 2021.
Absolutely NO free first month or referral bonus money in Vancouver ! Monthly prices are down about 150 bucks / month on some rentals - at most ! And walking around my neighborhood, sold stickers on realtor signs all around. Looks like a bubble that refuses to burst !
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
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.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’’Carol Vivian Constable’’ , 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.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Carol.
As a young person I actually have no desire to participate in this home buying game. I’m putting my money in the market, renting and going back to my mothers home country. Canada let a lot of us down. It’s like the sacrifices my family made for me amounted to nothing. Having children is culturally important and I also have no desire because the costs of a family is too high. My mother cries every night and regrets coming here. She thinks Canada has ruined her children and her family legacy as we don’t plan to continue it.
Yes, that's the best thing to do. Why bother. Land will never be yours, the house also won't be yours. Feels like you are renting it from the bank.
"My mother cries every night and regrets coming here." Same.
I was just watching another Toronto based realtor who said: "Real Estate is back baby!" Sales explode 44% YOY. I don't know what to say.
Look up the definition for a "Bull Trap" in investments, in particular the stock market.
Hoping for a 2nd lottery ticket is normal; expecting one is delusional.
Both parties sell fear and hope, do your own research. Jon and others are never right.
Say: bullll
That particular realtor may just be talking about single-family homes (which may still be doing fine), not condos (which is crashing). Different markets experiencing different things.
I'm in Vancouver and I just saw a 2 bedroom apartment, about 800 square feet, plain but nice in a good part of town. The rent was over $4,000 per month plus parking, plus utilities.
SICK.
Completely insane. But if you criticize the greed of rent-seeking, price-gouging landlords, you're considered a communist.
@@martin2289 everybody is greedy. You own rental units, they cost money so you try to cover your expenses and make a profit. The irony is you collect rent but it's not passive income like holding dividend stocks and the income tax just eats away at most of the profits, because there is a mortgage to pay. Rent seeking is wanting money for having money to lend and not offer any value in exchange. I make more money trading stocks sitting on the toilet than what I collect in rent and then I have to pay 37% tax on the income you can deduct expenses and interest charges but not the whole mortgage
@@martin2289 or you can find somewhere else to live.... nobody is forcing you to rent there.
@@GreenBeanGreenBean The way a city works is to have a certain percentage of rentals available for ups and downs in the economy. i.e.: When even doctors can't justify the cost-to-value proposition for their investment in your community, you simply don't get an appointment. And this extends to all professions. It's always someone else "complaining", until of course it's your own injury going untreated, and other "quality of life"community factors are left unmet as supporting skills who can't afford rent there, move elsewhere, such as: garbage collectors, cops, servers, dog walkers etc... This continues until potential buyers no longer consider it desirable to live there. You take a bath when you go to sell because you can't find a grocery store nearby....all because you told someone to effectively "put out or get out."
I am in Montreal QC.........All my real estate rental property I owne was never advertise....deal direct with the sellers.
Not everyone use real estate agent......only 30%......
70% or real estate sale don't appear on statistics
70%? That seems high.
@@juanesteban8938
Here in Quebec....people avoid the service of real estate agent.....to save $$$$$$
We use KIJIJI, MarketPlace.....and put a sign on the street......
May be this is why is cheaper in Quebec than the rest of Canada.....
Who is enought stupid to pay $30 000 to a real estate agent......to sell your home
@@juanesteban8938
Another difference with Quebec......we had to use a Notary for the transaction.......that mean the Notary will do the research to avoid surprise
This is why is difficult to steal you're property thru mortgage fraud.
Things are getting worse! Low-paying jobs, inflation, and insane rental rates prevent many from saving. Home ownership, a traditional retirement asset, is now out of reach for middle-class Americans.
I'm 62, and rising prices have derailed my retirement plans . I worry that today's economic conditions are more challenging than ever. The stock market's unpredictability, coupled with reduced income and soaring inflation, makes me anxious about having enough for retirement.
working with a. fiduciary advisor has been a huge help in managing market uncertainty. Their advise on risk management and hedging has played a key role in growing my retirement savings to nearly a million. I've learned how to diversify, manage risk, and adjust to market changes. Thanks to their guidance, i feel more confident about my financial future.
Can i get a recommendation on who you are working with?
I have worked with a few financial advisors before now but i ultimately settled for Melissa Terri Swayne. She is SEC regulated and licensed in US. You can easily look her up
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
Found myself renting from Kingston SLUM LORD !!
Lady is actually a highly placed corporate professional in Toronto !
Still .. I am forced to share a place at age 65 just to afford a rental at 2,000 per month .
Ta boot.. my normal concerns are ignored . There are zero lights on outside of house ...my truck was vandalized within weeks . I enquired about lights . Was actually told straight up that the has zero interest in adding lights to exterior !!
Gees I'll keep a injury lawyer on speed dial this winter !!
Noone's forcing you to live there...
@@schafer240 ... Are you sure about that? This was clearly not their first choice.
Property taxes up year after year, high mortgage payments, high utility & water bills, high insurance, high maintenance costs... high risk associated with high delinquency in rental payments with a system that takes months or more to get rid of anyone who simply doesn't pay often leaving with damage.... why does anyone want to rent anymore?
I had the same problems. I sold my properties and bought Bitcoin. What a wonderful relief.
@@Larry.Robertonbitcoin? Lmfao
We’re hoping to buy a house in the Norfolk area, but we are starting to see houses are selling for over asking not by much. Most of the houses need to be updated. Most houses are two bedrooms. They are listed between 700-900k don’t know much about the housing market but it seems to be a bit overpriced for a small town area. Any advice would be appreciated! Thank you!!
That's over price.
I’d be curious to see stats on ‘WHO’ is buying the homes. Corps? Young fams? Immigrants?
Immigrants rich and corrupt politicians from abroad No one is buying in Canada for the obvious reason...
I can't believe those high priced markets haven't collapsed. Where on earth are they finding buyers?
Honestly I think it's got to be fraudulent mortgage papers.
No avg person would qualify for the avg home.
More and more demand.. no offer. Here in Québec is still good!
Drug money. Vancouver is a giant money laundering front. No normal person can afford it.
it's called plenty of people with high paying jobs want a place to live.... incomes of the top earners is growing faster than everybody else.
@@GreenBeanGreenBean Nonsense. Vancouver is half empty. I was in construction.
Wait for massive jobs cut in Canada......
Cutting rate = Cutting Jobs
That will happen under Poillievre as he lets the air out of the bloated government
Thanks to JT, the only things Canada competes in on the world stage is money laundering and selling false dreams to potential immigrants
so we have a glut of rental housing, a glut of tenants unable to afford rents, it sounds lose-lose here.
Yep
sorry Jon, this one was a bit of a stretch. Just a few percent down on average, doesn't mean all hell breaking lose.
Notice how he completely ignored Toronto sales up 45% and prices up two months in a row. He has a narrative and is sticking to it.
@@johnnylongstocking128 That was before Trump got elected. Now with 60 percent tariffs on China, higher interest rates and the collapse of the Yuan no new money will come in from China so property prices will collapse then rents will collapse about 6 months to a year later. The base of the housing pyramid has been stripped away. Home prices could fall all the way back down to the locals income which would be about 60 percent lower.
@@parkerbohnn hahahah a 60% decline. You are as delusional as Jon.
I would consider the "decline" to be essentially just a baseline artifact with respect to the steadily-increasing rents that existing individual tenants will pay. Rents will only go up on an individual basis for each existing tenant. And incoming tenants will individually pay at least the same rate as the existing tenants. A 1.2% drop, even if applied to existing asking rents, is insignificant; for example a 1.2% drop on $2,500 is only $ 30. So what? "Asking rents" on some units could include large rent hikes for vacated suites and a "decline" is only relative to the unregulated hike. New units will invariably be of less square footage, which is an ignored dimension of rent increases. The government doesn't view increased rent cost to tenants in terms of replacing demolished affordable rental units with replacement units not only of smaller square footage but also of more rental cost per square foot; however the builders and landlords think that way from the outset on, so there is an unregulated source of increased rent per square foot by virtue of less space for more money.
Rents are still going to be overpriced for at least the next 2 to 3 years barring a total economic collapse.
At some point, renters simply can't pay rising rents. Those who are minimum wage workers, seniors on limited pensions etc.
Yeah seriously what did people think would happen. You can't pay 100% of your income in rent. You can only borrow so much more money before you have to move back in with your parents etc. This drop is because people are running out of money. People haven't regained their living standards. People are stuck sharing rooms etc. People are stuck living with their ex wives/children and parents.
@@dixonhill1108 They just keep squeezing people dry. Then whine about how hard it is for them.
Good point
Rents did not really fall, because all those statistics about rent prices do not reflect what people actually pay for rent. This oft cited 'average rent price' is merely posted rent prices in ads online. This does not reflect the rent which the majority of renters are paying because most renters have not moved to a new place in the last 3+ years. Since they have not moved, their rent has never gone up/down much and has never been anywhere near as high as the peak posted rent prices. Renters have seen the landscape and know it is in their interests to stay put and exploit rent controls provinces put on rent increases in most provinces. I had an employee like that - she sold her condo and rented a condo from her boyfriend for 1600 a month in 2020. Now the posted rents jumped to 2100 for similar places and I told her to stay put which she did, even though she split up with the landlord. 2/3 of the city is renters like that, still paying 500 less than the posted prices. The rental statistics need to find a way to measure ALL rents.
Great update!
Then I'm ready to move back to Toronto before a lot of people moving back. A few months living in Alberta is too much. So cold and boring. Can't wait to get out and back to Toronto.
Alberta is nice but I don’t think I could take that much cold weather
Toronto sales up 45% prices up two months in a row. Crickets from Jon about that. Just imagine what he would say if sales were down 45% and prices dropped. Then completely skip over any cities with sales and price increase. Jon, when is this big crash going to happen you keep predicting?
Up from record lows😂
He talks about sales increases starting at 6:30 maybe actually watch the video rather than trolling.
Still below historic sales
@@JonathanRogler up is up. Jon keeps saying the crash is coming and sales keep going up. I just want him to tell me when this crash is going to finally happen.
@@althunder4269 that is Vancouver. Maybe actually read my comment rather than trolling.
It’s not the mortgage but the increasing cost of maintenance, property taxes , utilities & insurance that will eventually wreck the market. Ironically it’s the municipalities & government who are responsible for this affordability crisis & driving away investors.
Probably a good idea to start investing in Home Depot sheds. That's for most Canadians will be living in the next 5 to 10 years.
Yep
Home Depot Shed... even that'll be too expensive... $100 walmart Tent special... comes with sleeping bags and 2 chairs... lol.
We're going to have to have a guy making daily corpse checking runs around all those tent cities that are going to pop up to collect all the people who froze to the point of their end overnight in the winter. Well, assuming things stay peaceful and orderly, at least.
Nice video Jon. This global real estate crash has just started and house prices across Australia, New Zealand, North America, Europe, China, Japan and Latin America will crash by more than -50% from current levels over the next few years. Caveat Emptor!!!
Bond holders beware
I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices
2. They wanted to buy from long time and they felt the time was right
So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation.
So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
Absurd amounts of cash in the bank and risk bail ins or buy a house now? Seems to me if the RE market tanks it could take the banks down with it.
I bought a house about a year ago for that very reason
Keeping some liquid assets (cash, gold, silver etc.) is a must imo. Even holding cash is good despite inflation if one buys assets during deflationary times at a bargain.
That's why all the sophisticated people have moved their money out of Canada. I'm about 10,% Cdn / 90% USD dominated stuff myself.The economy of Canada is so weak, your wasting an opportunity cost by staying here. Outside of Constallation SW or Shopify. what can you hold in Canada - chancy banks, a government constrained oil industry, overpriced low return mining shares ' there's far better return/risk holdings available in the US.
@@TheTruth-cg8vj Smart. I'm not afraid to hold CDN dollars. It will bounce back. It's backed by vast untapped natural resources that the world needs.
@@TheTruth-cg8vj I've seen the CDN $ under $0.60 US. We'll survive Trudeau Jr. the same way we survived Daddy Pierre :)
Where are the resources to ccuoy these remtal assets. There is no enough GDP and productivity
Rents have not come down at all in Vancouver.
Tchc is high jaked by city management! Empty apartments are for sale
When d house crash done you r d one first call for buying house
You r honest
I don’t know what this guy is talking about. I like in Toronto, Canada. Rent has not dipped at all. It’s ridiculously high than ever before.
Buying a house in Canada is a complete liability at this point
When I see at least 25% I would agree
can you explain how (when houses were 40k in the 90s) and i was working ft with excellent credit and a realtor cosignor with 3/4 cash down my "qualified" mortgage" was turned down?? no because your not accounting for racketeering and laundering...i was financially targeted for decades, then they burned me out of my apt to raise rents, the landlord did i was told.
**sigh** please doing talk to me about stats that are supposed to represent the country and really only represent a few large cities that have their own specific dynamics. Rent costs are still out of control here in Halifax.
Don't worry the costs are still way out of control elsewhere, it's just so so many people have given up. Endless people like myself have fled Ontario to live back in with our parents etc.
These unrealistically high home prices have to fall about 50% from where they are to become somewhat reasonable again. Nobody in my generation can even dream of buying a home. I make 80k per year and I have no hope of owning a home.
John, when do you expect the BIG capitulation?
I think what you're saying is that the realtors are engaged in "Trade Puffery".
10 years ago my condo could be rented for 875 a month , now I could rent it for 1575 that's almost double. Young people will stay living at home or move back in.peopke will find a roommate. People are now renting part of their homes , people are moving to a cheaper part of town. It's sad that major corporate landlords are overcharging people . People before profit
Don't work for money; make money work for you. Invest wisely today to create the freedom you desire tomorrow.
Many new tra-ders face challenges without proper guidance. I found success by learning from James Clark's expertise.
@@TammyLapalmeexactly that's why I always seek Mr J Clark's guidance in all I do 😊
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
I am leaving in a very small appartment , i am paying 650$ by month. But in few years i will go to retreat and i will return to my country in Europe , i will buy there a house or an apartment . There are prices 6 or 7 times cheaper.
There’s a development on Niagara street welland that’s proposing twin apartments around 40 stories. Also , I believe near Marineland there’s another high rise starting soon. Rent will most certainly drop!
Is it a good time to buy single family home for rental purposes? In cities where young families are.
Nope
Prices wont pull back untill they build houses for which they r adamant in doing so.. in gta deals r happening at a higher price than previous years..doesnt make sense for individuals to shell that kinda capital but intresting to know who these buyers are..
Can we relate gdp per capita to house prices and rental price?
I mean... GDP per capita roughly correlates to average incomes, and average income is the main determinant of what rent prices do.
Which version? The real one or the one stats can was just told to fake? 😂 3 yrs of wrong data?! C'mon.
Could you cover data from lambton county? Housing prices skyrocketed during covid and it looks like inventory is rising a lot now
We've had rampant inflation for years now only everyone was happy to see it being soaked up by real estate. And now that salaries can't keep up, they are complaining. Tough banana's, things are about to get real.
Great stuff, keep it up! 🔥🔥
Thanks 🔥
can't feel it here in the Prairies Western Canada. Sadly for prices for housing, rent, groceries and gas etc., to go down is a recession with high unemployment rate. As long as Canada or any Western Countries (+Australia and New Zealand) are avoiding a credit crisis and CB's tools can still kick the can down the road for until who knows when, we living in the present without assets will be poor.
Except companies or individuals who are loaded with money, otherwise nobody want to pay such a price for a house or an apartment. The system and the corrupt have made it difficult for all. First of all municipalities are responsible for providing affordable housing, they turned so corrupt, done nothing. The municipalities collected billions in taxes but people when homeless. The real estate agencies and the agents didn’t do less either they turned so corrupt as well. house owners were screwed by the housing authorities and the tenants, tents were screwed too. We need to indroduce an affordable housing act. Every family should the option to get an affordable house for very affordable house, but this house cannot be sold for investment it will only be for living. You can’t sell cannot this house for profit. If people own more then one home, tax should be should be double. Canada will die if affordable housing is not provided. We all have turned housing into stack market, it should be for living.
A 3 bedroom house in Guelph Ontario is 3 to 4K/month plus utils. GUELPH!!!!...it's a nothing town. WTF?
"They want people to buy houses, but the data is not on their side"
Huh? If the property prices are lower, then more people are gonna buy houses. The data is _absolutely_ on their side
Why are sales still below historical averages then?
@jonflynn The prices have to go down more. It's still unaffordable for people who are actually looking for a place to live
Would love if you could get Sarnia/Lambton on there.
Think this spike in activity is due to the bond rates spiking. Those with preapproved 3.99% are all out shopping. They have 90 days so will see if my thesis is correct.
Way to ignore the largest market between Toronto and Calgary.
Rents are still high, the rate of decline is nowhere close to the rate at which they went up. Sadly, this is the new normal.
Good god I hope so. This sounds like fantastic news!
That's a big chair. How many stores tall is it?
Sir it broke about 3 years ago where have you been
The media in Quebec keeps pushing the narrative that prices can only go up and you have people panicking and offering a gift to their kids so they can buy a house at all-time high prices. The language barrier is definitely a factor. Those who only speak French only rely on the Quebec media, which are sold to the real estate industry. Every time I talk with other Quebecers about real estate potentially coming down one day in Quebec, I get laughs. They don't seem to understand how a market works, but given the fact that Quebec has never seen such a bubble and a crash in real estate, it's understandable. However, with new immigration restrictions and rents already coming down in Montreal, things will become more interesting. Now add unemployment to that, which is showing signs of wanting to go up in Quebec, and the wave of incoming mortgage renewals and we could get a perfect storm.
craziness is not stopping anytime soon, let's get real, perfect example> woodstock ON just a couple of weeks ago, miles from a big city like TO, you put out an ad for rental you get between 200 and 300 applications same day and if anything stays on the market for longer than 2 or 3 days it's a miracle lol > again we are talking about the rental market people now think that X times in the bigger cities > craziness will be here for a long time, no joke
This is such a predatory way of looking at the issue. Rents are slightly declining off of their peaks. This is a good thing. Why state "GET OUT NOW"? If you only wanted to provide rentals just to extract maximum rent you should get out. The goal is to provide good housing at reasonable rental rates. I am so sick of people treating this as a money grab rather than an occupation. I assume you are just trying to sell homes, but think of the people that actually live in the rental property.
My message is to the speculators to get out now, many have been trying to jack up rents to cover their costs so should just get out and cut their losses while they still can
@@jonflynn Ok fair enough. thanks for clarifying.
This is a good thing the less ppl spend on rent the more disposable income they have to purchase goods a services pay off debts and save
Just 1.5 hrs north of Toronto Ontario incr sale signs in last week vs few sold. More for lease/rental homes incl new build (not even trees yet.) Rental listings stagnant and more signs outside homes and multi unit buildings and deals avail. Just one city but interesting.
Hey don’t mistake the actual market conditions
Rental rates will temper a bit
The recorded declines are just not visible to renters this is a slowing in incredible pace of increases
Hey Jon, on the dollar value down from peak chart (as well as percent down from peak) can you include the date of the peak? I don't know if you are calculating how much each city is down from their individual peak or if you are calculating from when the national average hit its peak. And as a non real estate person, I can never remember when the national peak took place.
So... what is the "soft landing" pointing to, I wonder? Is it the Great Mortgage Reset? I have heard the term "stick the landing" from BoC Chair after last rate cut. I am guessing that it is deflation that is the most concerning to Macklin et al because of excessive indebtedness (households, gov't, corporations). Interesting post, thanks!
I hear you but theres 2.5 vacant acre lots going for 300000$ 3 hours north of Toronto. You cant even mortgage vacant land 😂
I've talked to many of the sellers in rural areas. The two things they have in common usually, is they are over 60 and everything is paid. In their minds they saw what things went for during cvid up here and they refuse to budge on price.
Theres nothing you can do about this type of situation other than watch the clock.
Not in Vancouver buddy. I hope it’s true
I have never understood why investors would invest in real estate when you can instead buy stocks. I guess it’s mostly people who are bad at math or who don’t fully understand risk.
> most people
don't have 400k to put into stocks
but they can borrow 400k from fake Canadian banks who are "insured" by the government (organized crime mafia)
It is a very strange addiction to one asset class. Even current GIC's yield like ~4% interest with no maintenance, property taxes, strata fees, insurance, or dead-beat renters to deal with. You can only assume current investors are expecting another 2000-2020 style acceleration in equity to morph Canadian housing into a lucrative investment. Though I think they'd have much better odds at an actual casino at this point.
Precious metals are another easy way to protect wealth. Not as high a rate as the S&P or some other stocks in the past 25 years, but in some 10 year periods, gold outperforms the market. PM isn't really an investment anyway, it's more like insurance that pays you to keep it. It's also an easily-to-liquidate asset that can protect from inflation. In any case, unlike real estate and the stock market, gold will likely never go to 0--esp. now that the BRICS are going to back their new currency with gold. (Yes, RE can lose most of it's value if a disaster befalls you that your insurance doesn't cover. For example, many home insurance policies don't cover earthquakes. Living in BC, I have supplemental insurance for that peril. Many don't know that they're not covered for quakes.)
Because it feels real and you can actually see what you are buying rather than just numbers
@@Dxn6alc03Belod7m1o We're not covered for anything.
Insurance will nearly always hang you out to dry, especially when you lack the wherewithal to fight them.
And if they do pay?
Your rates now go up, because screw you, that's why.
Pure evil. I've spent many tens of thousands, maybe over a hundred thousand on tool insurance, vehicle insurance, and home insurance.
And anytime I've ever been crashed into, robbed, and even the time my neighbors house blew up, I've been hung out to dry.
The latest is a rock through my daughters window, and between the 1k deductible, and the increased rates, it's cheaper to do it myself.
Except I no longer have the money for that, as reinsuring my vehicles, work trailer and home have me out 7k this year, on top of all the other expenses.
Hell, if i had back what I've been forced to pay them I would be able to rebuy all the theft and repair all the damage from accidents PLUS have some left over.
still need may more units to further adjust prices
There can never be decrease. Increase or stagnation.
I Don't See Any Changes To Rental Cost.
Always trust realtors. In a flat or rising market, they will say to buy before price get even higher. In a flat or rising market, they will say to sell before the bubble bursts. In a falling market, they will say to buy because things are being discounted. In a falling market, they will say to sell before the bubble bursts. No matter what the market conditions are, it is always an urgent time to buy or sell property of all types. Did I mention they work on commission?
We are from Woodstock we were priced out of the market there and forced to buy in chatham what is going to happen to people like us forced to buy west of London are we stuck here forever our budget is $400k
Chatham beats Woodstock IMO but southern Ontario is all kinda crappy at least in the cities and larger towns all suckish and are overpriced value is low
Where u trying to go?
@stephey808 Woodstock is our home town we downsized to a condo in London than we wanted to go home to Woodstock and in a short time all prices there soared
@@iEtthy home to Woodstock Ontario from Chatham Ontario
No they will cut rates. Be patient it will recover. Don’t sell. HODL
I saw a corporate offered a couple months free rent for rental apartments in near Yonge Steeles 😅😅😅
If rental market breaking means affordable rents then bring it on!