That's exactly how I bought my first condo - put my head down, worked full time while going to school full time, gave up awesome trips, going out, shopping, and saved as much as possible for 5+ years.
😀 It's the only way to do it! Anyone in Canada who can't save and buy their principal residence is because they didn't want to. They just didn't want to put in the work and discipline to make it happen.
Me too. I had to put my head down and work 7+ years while resisting to rent and live the bachelor's life during my best young adult life in my 20's. Now in my 30's and finally a homeowner. Recently broke up with my socialist gf because she believed in universal income and taxing homeowners. She is currently renting in a really nice condo by herself, and I always asked her why not rent something less expensive so that she could save up for a down payment.
If they remove the principle residence tax exemption then no one will sell their home for as long as possible, therefore decreasing supply. Housing prices will just go way up.
Just like in S. Korea. No one sells in Gangnam Seoul. Not that they don't want to sell it. They just lose too much wealth after paying all that taxes. People needs the freedom to sell and move to the area they want to live in.
Dude you nailed it !! i own a house and i just had the same thought while watching !!! i ll simply never sell ! and good luck finding a home listed on the market ... i ll either live in it or rent it .. but no selling the house will be locked for lifetime
I stumble into this video and Wow I can relate to what you are saying ... 100% Accurate I paid my fair share like everyone else but they better leave our homes alone and I always said that you cannot count on anyone but you and the hard work you put in!
I have been successfully involved in real estate for 20 years, it took me 15 to see the things the way you do but I am learning :) Keep up the great work and info.
Great video Owen & good points!! It’s very simple. If you look back at the last say 20 years, taxes have increased & services have decreased. Pay more taxes & get less in return. Just look at how much public university tuition fees have increased over the last 20 years. It’s sad!
Noone win a lottery i dont understand why people complaing about buying a house or condo you have to save money for down payment have 2 to 3jobs if ou dont make get professinoal help how to get there. Some people thing people own a house has high income. that s not true. mos people here come from another country with $0 they start working hard .2 or 3 jobs . they dont find money on the street.
If the primary residence exemption is taken away, I hope (but doubt) owners can write off all the expenses; hydro, cost of new paint, new roof, mortgage interest, insurance, etc!
i came to canada in 2007 as a pharmacist from another country i studied for years !!! to get the canadian licence .. i had some bad luck with the exams but ended up getting the licence in 2014 !!! after years of working in gas stations in 2014 i had zero $ in my pocket ... i worked 16 hours a day 7 days a week for 5 years !!!! no going out .. no entertainment .. no dating until i saved enough money to buy a house upfront with no mortgage even ! i own it with zero debt i paid half my income for these 5 years in taxes now the government wants to tax me on gains i make on that ?? which is actually inflation . mmmmmmm
it's time to head out to USA (land of opportunists) obliviously after Covid ends. any suggestion where is good place to live in USA? low taxes and high income.
I agree with your comments regarding Covid 19 being used as a scapegoat by the two parties, I believe we were heading into "choppy waters," months prior to the lock downs. I also agree that most people have worked hard for their homes, but not all people, I would love to know the true figures of how many people purchased real estate to laundry money.
Skip the petition!!! If they are serious about removing this, it is time to march! If they do impose a tax, will they implement a grandfather clause. Same for equity tax.
capital gains taxes are actually wealth taxes. Your house didn't go up in value. the currency devalued. You didn't make a profit. Your asset maintained its value. But you are then taxed on something that was not profits. It is preservation of value. It is a tax on wealth.
The housing market is the only left powerful engine for the canadian economy . it is also tied to immigration and foreign money many people come to canada with money from their countries back home to invest in the housing market which creates jobs and wealth you tax the houses then many things will crush along with the prices some political adventure here by some rookie liberals or ndps might cost the country a lot ! and the damage might be irreparable
if people want to buy a home in canada they need to work hard save some down payment then go o the ban for martgage if they need more income find second job you will get te mortgage for sure go with B lendres. we came to this country with $0 we work hard to buy a house as principal resident if we could do it you could do it too. but if you collecting social asistant your not allow to buy a house. you have show your yearly income.
Owen, Many good points. Too many to list! The guy who made good on his Kits home deserves his money. AC grounds crew at the airport make nothing (understatement), and they work like dogs. As much as he deserves laughing all the way to the bank, I reckon he worked too hard and humble to do so. In regards to gov't. Whats next? Are the feds going to take away the TFSA or reduce what we already have. What about taxing gas 3 times? in this video, I think the best point you made as a professional, and as a person, is to strive for progress, even if it means paying more taxes. Its healthier. Not many want to understand this.
If Americans get sick, they get bankrupt. For professional middle class workers, finding a country nowadays with least economic damages, the best way to go if Canada become unsustainable. The problem there are too much fraud in every industries in Canada. Europe has the least corruptions among the world, its abt mentalities after all for a place to be.
I have no problem with the ultra doom and gloomers that write blogs or make videos here locally about the real estate and stock market. The real estate and stock market bears make markets efficient. We need people from both the bearish and bullish camp in order for an efficient market. When people like Mike Martins and the native guy with long hair finally switch and become bullish on the real estate or stock market, that's when we know we should be cautious!!!
Canadians need to learn, very quickly, how to get angry and motivated. Draw a damn line in the sand people. They have no right to take this exemption off us. If they you manage a budget they wouldn’t need to even contemplate half the taxes they charge let alone the PR exemption. Get some spark people. Don’t take this crap anymore.
So if they move the Cap gains tax threshold, then why would I invest in Canadian instruments? As usual, leftist politicians are experts at one thing and that’s destruction. Someone name me one thing leftist governments have ever built, they only take and destroy.
I disagree and I'm voting with my dollars, 3 houses sold in last 6 months. Renouncing residency going to panama and doubling up what i'll make on my dividends.
Can you please post where I can see the plans to remove the tax exemption? I'm trying to find it but can't... I'm seeing a lot complaining about the "radical left" but I can't find the facts. I come here for news and updates, not for rants.
I agree with you on many points and I generally enjoy your videos and watched a lot of them. I also bought my first home in Vancouver this year and my plan is to invest in some companies next. Where I disagree in your video here is how you use the word Socialism as if it is a bad word and that you say you don't need the government at all. I moved here from Europe and I am coming from a rich socialist country. Austria. Did you know that the happiest people on earth live in Scandinavian countries, where people pay the highest taxes and therefor get the best services provided by their governments? Our tax money goes into: Infrastructure like streets, pipes, electricity lines, schools, police, hospitals, services like medicare, teachers etc. We all need these services and buildings in a functional society paid with tax money. We need a government that works for us. Again socialism is not that everyone is equal, but that everyone gets a chance. I had free education my whole live and I didn't need to pay for any doctors in Europe. I got three degrees and I have friends from poor families who were able to study, because of a healthy mix between socialism and capitalism. They now were able to make something out of their lives. We have many rich people in Europe, where socialism is part of our culture. We also have plenty of poor people and of course they get a lot less. I am happy to pay taxes. Of course it should be reasonable. But paying high taxes is nothing bad I feel. I can live a good life here in Canada and earn pretty well as a tech worker. I am not against capitalism at all, but a healthy mix works well I find. Especially when you look to Scandinavia and Europe. Thanks a lot for your videos. I am learning a lot about the market here in Vancouver and I love the optimism you spread. I definitely want to follow your advice and also thanks for all the information also on taxes.
Austria is a democratic republic and hasn’t been socialist since 1966 . Europe is completely bankrupt and on the verge of ruin and the Scandinavian country have been slowly depleting their reserves.
When Bernie Sanders kept using Norway as an example of Socialism working they came out and in no uncertain terms declared they are NOT socialist, but are a capitalist country, which is true. Look, what Owen is saying is that you need a thriving free market place to pay for those services you talk of. If you tax the productive too much, they flee, it’s really that simple, then what? There’s a reason Apple moved to Ireland and the benefits of that for Ireland is massive.
My wife and I live in Tennessee. We live in a 2400 square foot home. Probably $450000 home. My tax on my home is $1189 a year! Not to shabby!
That's exactly how I bought my first condo - put my head down, worked full time while going to school full time, gave up awesome trips, going out, shopping, and saved as much as possible for 5+ years.
😀 It's the only way to do it! Anyone in Canada who can't save and buy their principal residence is because they didn't want to. They just didn't want to put in the work and discipline to make it happen.
Me too. I had to put my head down and work 7+ years while resisting to rent and live the bachelor's life during my best young adult life in my 20's. Now in my 30's and finally a homeowner. Recently broke up with my socialist gf because she believed in universal income and taxing homeowners. She is currently renting in a really nice condo by herself, and I always asked her why not rent something less expensive so that she could save up for a down payment.
If they remove the principle residence tax exemption then no one will sell their home for as long as possible, therefore decreasing supply. Housing prices will just go way up.
Just like in S. Korea. No one sells in Gangnam Seoul. Not that they don't want to sell it. They just lose too much wealth after paying all that taxes. People needs the freedom to sell and move to the area they want to live in.
Dude you nailed it !! i own a house and i just had the same thought while watching !!! i ll simply never sell ! and good luck finding a home listed on the market ... i ll either live in it or rent it .. but no selling the house will be locked for lifetime
Having money requires frugality, sacrifice, patience, so at its essence money is the choices we make.
I stumble into this video and Wow I can relate to what you are saying ... 100% Accurate I paid my fair share like everyone else but they better leave our homes alone and I always said that you cannot count on anyone but you and the hard work you put in!
That's the truth.
The 7 dislikes must be Paul Keshaw and his students
I have been successfully involved in real estate for 20 years, it took me 15 to see the things the way you do but I am learning :) Keep up the great work and info.
Great video Owen & good points!! It’s very simple. If you look back at the last say 20 years, taxes have increased & services have decreased. Pay more taxes & get less in return. Just look at how much public university tuition fees have increased over the last 20 years. It’s sad!
Please provide a weekly update on how many people signed the petition!
Noone win a lottery i dont understand why people complaing about buying a house or condo
you have to save money for down payment have 2 to 3jobs if ou dont make get professinoal help how to get there.
Some people thing people own a house has high income. that s not true. mos people here come from another country with $0 they start working hard .2 or 3 jobs . they dont find money on the street.
Great video here Owen, thank you!
Everyone, sign the petition!
If the primary residence exemption is taken away, I hope (but doubt) owners can write off all the expenses; hydro, cost of new paint, new roof, mortgage interest, insurance, etc!
Telling it like it is! Love it!
Owen gets down to the nitty gritty. 😎
With that federal grant, maybe Paul can finally afford to get into the housing market 🤪
i came to canada in 2007 as a pharmacist from another country i studied for years !!! to get the canadian licence .. i had some bad luck with the exams but ended up getting the licence in 2014 !!! after years of working in gas stations
in 2014 i had zero $ in my pocket ... i worked 16 hours a day 7 days a week for 5 years !!!! no going out .. no entertainment .. no dating
until i saved enough money to buy a house upfront with no mortgage even ! i own it with zero debt
i paid half my income for these 5 years in taxes
now the government wants to tax me on gains i make on that ?? which is actually inflation . mmmmmmm
I like your work ethic! Hard work and discipline pays off.
@@OwenBigland thank you sir :)
thanks
it's time to head out to USA (land of opportunists) obliviously after Covid ends. any suggestion where is good place to live in USA? low taxes and high income.
You should look at Texas, Idaho and Nevada.
Great video Owen.. Petition signed!
Wexit. SK Alberta and BC.
I agree with your comments regarding Covid 19 being used as a scapegoat by the two parties, I believe we were heading into "choppy waters," months prior to the lock downs. I also agree that most people have worked hard for their homes, but not all people, I would love to know the true figures of how many people purchased real estate to laundry money.
I have always been a Liberal supporter. But with the recent WE Charity scandal and now this, they have lost my vote. Can’t wait for the next election.
Skip the petition!!! If they are serious about removing this, it is time to march! If they do impose a tax, will they implement a grandfather clause. Same for equity tax.
capital gains taxes are actually wealth taxes. Your house didn't go up in value. the currency devalued. You didn't make a profit. Your asset maintained its value. But you are then taxed on something that was not profits. It is preservation of value. It is a tax on wealth.
What is going on with Vancouver....?????? Oh Jesus!!
simple, the mob of poor and NDP are in charged
It's not Vancouver, its the Canadian govt.
The housing market is the only left powerful engine for the canadian economy . it is also tied to immigration and foreign money
many people come to canada with money from their countries back home to invest in the housing market which creates jobs and wealth
you tax the houses then many things will crush along with the prices
some political adventure here by some rookie liberals or ndps might cost the country a lot ! and the damage might be irreparable
if people want to buy a home in canada they need to work hard save some down payment then go o the ban for martgage if they need more income find second job you will get te mortgage for sure go with B lendres.
we came to this country with $0 we work hard to buy a house as principal resident if we could do it you could do it too.
but if you collecting social asistant your not allow to buy a house. you have show your yearly income.
Owen, Many good points. Too many to list! The guy who made good on his Kits home deserves his money. AC grounds crew at the airport make nothing (understatement), and they work like dogs. As much as he deserves laughing all the way to the bank, I reckon he worked too hard and humble to do so. In regards to gov't. Whats next? Are the feds going to take away the TFSA or reduce what we already have. What about taxing gas 3 times? in this video, I think the best point you made as a professional, and as a person, is to strive for progress, even if it means paying more taxes. Its healthier. Not many want to understand this.
Trudeau getting some wild ideas from North Korea
Tax me more to make it rain money in DTES.
This concept was on Liberal campaign collateral pre election. Ironically I saw it when I got back from voting. #neveragain
If Americans get sick, they get bankrupt. For professional middle class workers, finding a country nowadays with least economic damages, the best way to go if Canada become unsustainable. The problem there are too much fraud in every industries in Canada. Europe has the least corruptions among the world, its abt mentalities after all for a place to be.
I have no problem with the ultra doom and gloomers that write blogs or make videos here locally about the real estate and stock market. The real estate and stock market bears make markets efficient. We need people from both the bearish and bullish camp in order for an efficient market. When people like Mike Martins and the native guy with long hair finally switch and become bullish on the real estate or stock market, that's when we know we should be cautious!!!
If they do this, vote Liberals out ‼
Canadians need to learn, very quickly, how to get angry and motivated. Draw a damn line in the sand people.
They have no right to take this exemption off us. If they you manage a budget they wouldn’t need to even contemplate half the taxes they charge let alone the PR exemption.
Get some spark people. Don’t take this crap anymore.
So if they move the Cap gains tax threshold, then why would I invest in Canadian instruments? As usual, leftist politicians are experts at one thing and that’s destruction. Someone name me one thing leftist governments have ever built, they only take and destroy.
I disagree and I'm voting with my dollars, 3 houses sold in last 6 months. Renouncing residency going to panama and doubling up what i'll make on my dividends.
Is this for real?
Those who live in big houses make the rules; there will be a dilution of the exemption, but the rule makers will somehow still be exempt......
Can you please post where I can see the plans to remove the tax exemption? I'm trying to find it but can't... I'm seeing a lot complaining about the "radical left" but I can't find the facts. I come here for news and updates, not for rants.
You're ranting, in the comments section.
Canada doesnt have a 50 % tax bracket
Lol.. Sorry how about 48.89% that's the top combined rate in BC on income over $220K
I agree with you on many points and I generally enjoy your videos and watched a lot of them. I also bought my first home in Vancouver this year and my plan is to invest in some companies next. Where I disagree in your video here is how you use the word Socialism as if it is a bad word and that you say you don't need the government at all. I moved here from Europe and I am coming from a rich socialist country. Austria. Did you know that the happiest people on earth live in Scandinavian countries, where people pay the highest taxes and therefor get the best services provided by their governments?
Our tax money goes into: Infrastructure like streets, pipes, electricity lines, schools, police, hospitals, services like medicare, teachers etc.
We all need these services and buildings in a functional society paid with tax money. We need a government that works for us.
Again socialism is not that everyone is equal, but that everyone gets a chance.
I had free education my whole live and I didn't need to pay for any doctors in Europe. I got three degrees and I have friends from poor families who were able to study, because of a healthy mix between socialism and capitalism. They now were able to make something out of their lives.
We have many rich people in Europe, where socialism is part of our culture. We also have plenty of poor people and of course they get a lot less.
I am happy to pay taxes. Of course it should be reasonable. But paying high taxes is nothing bad I feel. I can live a good life here in Canada and
earn pretty well as a tech worker.
I am not against capitalism at all, but a healthy mix works well I find. Especially when you look to Scandinavia and Europe.
Thanks a lot for your videos. I am learning a lot about the market here in Vancouver and I love the optimism you spread. I definitely want to follow your advice and also thanks for all the information also on taxes.
Check out Venezuela and see how Socialism is working out for them. Pure socialism ensures everyone is equally poor.
Austria is a democratic republic and hasn’t been socialist since 1966 . Europe is completely bankrupt and on the verge of ruin and the Scandinavian country have been slowly depleting their reserves.
When Bernie Sanders kept using Norway as an example of Socialism working they came out and in no uncertain terms declared they are NOT socialist, but are a capitalist country, which is true.
Look, what Owen is saying is that you need a thriving free market place to pay for those services you talk of. If you tax the productive too much, they flee, it’s really that simple, then what?
There’s a reason Apple moved to Ireland and the benefits of that for Ireland is massive.
@Go Live Socialists are lazy. They don't want to strive, they want everything provided for them. LAZY!